Prospectus - Investment Objective
N-CSRS false 0000035315 N-1A Fidelity Salem Street Trust 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iso4217:USD xbrli:pure xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-02105


Fidelity Salem Street Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Nicole Macarchuk, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

April 30



Date of reporting period:

October 31, 2024


Item 1.

Reports to Stockholders






 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity Flex® Mid Cap Index Fund
Fidelity Flex® Mid Cap Index Fund :  FLAPX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity Flex® Mid Cap Index Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity Flex® Mid Cap Index Fund 
$ 0 A
0.00%B
 
A Amount represents less than $.50
B Amount represents less than 0.005%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$458,809,372
 
Number of Holdings
816
 
Portfolio Turnover
29%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
17.5
 
Financials
16.2
 
Information Technology
12.5
 
Consumer Discretionary
10.6
 
Health Care
9.7
 
Real Estate
7.9
 
Materials
5.9
 
Utilities
5.7
 
Energy
5.2
 
Consumer Staples
4.9
 
Communication Services
3.6
 
 
Common Stocks
99.7
Preferred Stocks
0.0
Short-Term Investments and Net Other Assets (Liabilities)
0.3
ASSET ALLOCATION (% of Fund's net assets)
United States
98.7
Brazil
0.5
Korea (South)
0.3
Canada
0.1
Bermuda
0.1
United Kingdom
0.1
Belgium
0.1
Puerto Rico
0.1
Japan
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Palantir Technologies Inc Class A
0.8
 
Digital Realty Trust Inc
0.6
 
Williams Cos Inc/The
0.5
 
Arthur J Gallagher & Co
0.5
 
AFLAC Inc
0.5
 
Hilton Worldwide Holdings Inc
0.5
 
ONEOK Inc
0.5
 
Bank of New York Mellon Corp/The
0.5
 
Simon Property Group Inc
0.5
 
United Rentals Inc
0.5
 
 
5.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915087.100    2920-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Series Large Cap Growth Index Fund
Fidelity® Series Large Cap Growth Index Fund :  FHOFX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Series Large Cap Growth Index Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Series Large Cap Growth Index Fund 
$ 0 A
0.00%B
 
A Amount represents less than $.50
B Amount represents less than 0.005%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$1,488,228,107
 
Number of Holdings
399
 
Portfolio Turnover
43%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
48.7
 
Consumer Discretionary
14.1
 
Communication Services
13.1
 
Health Care
7.5
 
Financials
6.6
 
Industrials
4.6
 
Consumer Staples
3.5
 
Materials
0.6
 
Real Estate
0.6
 
Energy
0.4
 
Utilities
0.2
 
 
Common Stocks
99.9
Short-Term Investments and Net Other Assets (Liabilities)
0.1
ASSET ALLOCATION (% of Fund's net assets)
United States
99.7
Brazil
0.2
Korea (South)
0.1
Mexico
0.0
Puerto Rico
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Apple Inc
12.0
 
NVIDIA Corp
11.3
 
Microsoft Corp
11.1
 
Amazon.com Inc
6.4
 
Meta Platforms Inc Class A
4.5
 
Alphabet Inc Class A
3.7
 
Alphabet Inc Class C
3.1
 
Broadcom Inc
2.8
 
Tesla Inc
2.6
 
Eli Lilly & Co
2.5
 
 
60.0
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915091.100    3222-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Large Cap Growth Index Fund
Fidelity® Large Cap Growth Index Fund :  FSPGX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Large Cap Growth Index Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Large Cap Growth Index Fund 
$ 2 
0.03%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$28,433,616,039
 
Number of Holdings
399
 
Portfolio Turnover
13%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
48.5
 
Consumer Discretionary
14.1
 
Communication Services
13.1
 
Health Care
7.5
 
Financials
6.6
 
Industrials
4.6
 
Consumer Staples
3.5
 
Materials
0.6
 
Real Estate
0.6
 
Energy
0.4
 
Utilities
0.2
 
 
Common Stocks
99.7
Short-Term Investments and Net Other Assets (Liabilities)
0.3
ASSET ALLOCATION (% of Fund's net assets)
United States
99.7
Brazil
0.2
Korea (South)
0.1
Mexico
0.0
Puerto Rico
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Apple Inc
12.0
 
NVIDIA Corp
11.3
 
Microsoft Corp
11.1
 
Amazon.com Inc
6.4
 
Meta Platforms Inc Class A
4.5
 
Alphabet Inc Class A
3.7
 
Alphabet Inc Class C
3.0
 
Broadcom Inc
2.8
 
Tesla Inc
2.6
 
Eli Lilly & Co
2.5
 
 
59.9
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915084.100    2826-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity Flex® Small Cap Index Fund
Fidelity Flex® Small Cap Index Fund :  FLXSX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity Flex® Small Cap Index Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity Flex® Small Cap Index Fund 
$ 0 A
0.00%B
 
A Amount represents less than $.50
B Amount represents less than 0.005%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$423,819,778
 
Number of Holdings
1,982
 
Portfolio Turnover
15%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
18.6
 
Health Care
17.2
 
Industrials
17.0
 
Information Technology
12.6
 
Consumer Discretionary
9.7
 
Real Estate
6.3
 
Energy
5.1
 
Materials
4.6
 
Utilities
2.9
 
Consumer Staples
2.7
 
Communication Services
2.6
 
 
Common Stocks
99.3
Short-Term Investments and Net Other Assets (Liabilities)
0.7
ASSET ALLOCATION (% of Fund's net assets)
United States
97.1
Canada
0.6
Thailand
0.3
Puerto Rico
0.3
Argentina
0.3
Norway
0.2
Brazil
0.2
Cameroon
0.1
Monaco
0.1
Others
0.8
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
FTAI Aviation Ltd
0.6
 
Vaxcyte Inc
0.6
 
Sprouts Farmers Market Inc
0.5
 
Insmed Inc
0.5
 
Mueller Industries Inc
0.4
 
Fluor Corp
0.4
 
Applied Industrial Technologies Inc
0.4
 
Ensign Group Inc/The
0.4
 
REVOLUTION Medicines Inc
0.4
 
Jackson Financial Inc
0.4
 
 
4.6
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915088.100    2921-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Large Cap Value Index Fund
Fidelity® Large Cap Value Index Fund :  FLCOX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Large Cap Value Index Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Large Cap Value Index Fund 
$ 2 
0.03%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$9,285,824,297
 
Number of Holdings
876
 
Portfolio Turnover
27%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
22.0
 
Health Care
14.9
 
Industrials
14.7
 
Information Technology
9.0
 
Consumer Staples
7.8
 
Energy
6.8
 
Consumer Discretionary
6.1
 
Real Estate
4.8
 
Utilities
4.8
 
Materials
4.5
 
Communication Services
4.3
 
 
Common Stocks
99.7
Short-Term Investments and Net Other Assets (Liabilities)
0.3
ASSET ALLOCATION (% of Fund's net assets)
United States
99.8
Canada
0.1
Bermuda
0.1
United Kingdom
0.0
Belgium
0.0
Brazil
0.0
Puerto Rico
0.0
Japan
0.0
Luxembourg
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Berkshire Hathaway Inc Class B
3.4
 
JPMorgan Chase & Co
2.6
 
Exxon Mobil Corp
2.2
 
UnitedHealth Group Inc
2.0
 
Johnson & Johnson
1.6
 
Walmart Inc
1.5
 
Procter & Gamble Co/The
1.3
 
Bank of America Corp
1.2
 
Chevron Corp
1.1
 
Wells Fargo & Co
1.0
 
 
17.9
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915085.100    2830-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Small Cap Index Fund
Fidelity® Small Cap Index Fund :  FSSNX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Small Cap Index Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Small Cap Index Fund 
$ 1 
0.02%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$26,857,343,200
 
Number of Holdings
1,983
 
Portfolio Turnover
19%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
18.7
 
Health Care
17.4
 
Industrials
17.1
 
Information Technology
12.7
 
Consumer Discretionary
9.7
 
Real Estate
6.3
 
Energy
5.2
 
Materials
4.6
 
Utilities
2.9
 
Consumer Staples
2.7
 
Communication Services
2.6
 
 
Common Stocks
99.9
Short-Term Investments and Net Other Assets (Liabilities)
0.1
ASSET ALLOCATION (% of Fund's net assets)
United States
97.0
Canada
0.6
Thailand
0.4
Puerto Rico
0.3
Argentina
0.3
Norway
0.2
Brazil
0.2
Cameroon
0.1
Monaco
0.1
Others
0.8
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
FTAI Aviation Ltd
0.6
 
Sprouts Farmers Market Inc
0.6
 
Vaxcyte Inc
0.6
 
Insmed Inc
0.5
 
Mueller Industries Inc
0.4
 
Fluor Corp
0.4
 
Applied Industrial Technologies Inc
0.4
 
Fabrinet
0.4
 
Ensign Group Inc/The
0.4
 
REVOLUTION Medicines Inc
0.4
 
 
4.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915076.100    2358-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Mid Cap Index Fund
Fidelity® Mid Cap Index Fund :  FSMDX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Mid Cap Index Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Mid Cap Index Fund 
$ 1 
0.02%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$36,339,516,503
 
Number of Holdings
814
 
Portfolio Turnover
28%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
17.6
 
Financials
16.2
 
Information Technology
12.5
 
Consumer Discretionary
10.6
 
Health Care
9.7
 
Real Estate
7.9
 
Materials
5.9
 
Utilities
5.7
 
Energy
5.2
 
Consumer Staples
4.9
 
Communication Services
3.5
 
 
Common Stocks
99.7
Short-Term Investments and Net Other Assets (Liabilities)
0.3
ASSET ALLOCATION (% of Fund's net assets)
United States
98.8
Brazil
0.5
Korea (South)
0.3
Canada
0.1
Bermuda
0.1
United Kingdom
0.1
Belgium
0.1
Puerto Rico
0.0
Japan
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Palantir Technologies Inc Class A
0.8
 
Digital Realty Trust Inc
0.6
 
Bank of New York Mellon Corp/The
0.6
 
Williams Cos Inc/The
0.5
 
Arthur J Gallagher & Co
0.5
 
AFLAC Inc
0.5
 
Hilton Worldwide Holdings Inc
0.5
 
ONEOK Inc
0.5
 
Simon Property Group Inc
0.5
 
United Rentals Inc
0.5
 
 
5.5
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915075.100    2352-TSRS-1224    
 

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies




Fidelity® Mid Cap Index Fund
Fidelity® Small Cap Index Fund
 
 
Semi-Annual Report
October 31, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Mid Cap Index Fund

Fidelity® Small Cap Index Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
A fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of a fund or the underlying data.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Mid Cap Index Fund
Schedule of Investments October 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 3.5%
 
 
 
Diversified Telecommunication Services - 0.2%
 
 
 
Frontier Communications Parent, Inc. (a)
 
770,258
27,521,318
Iridium Communications, Inc.
 
246,223
7,221,721
Liberty Global Ltd.:
 
 
 
 Class A
 
638,322
12,645,159
 Class C
 
464,748
9,583,104
 
 
 
56,971,302
Entertainment - 1.5%
 
 
 
Electronic Arts, Inc.
 
829,607
125,146,216
Liberty Media Corp. Liberty Formula One:
 
 
 
 Class A (a)
 
80,198
5,953,900
 Class C (a)
 
631,427
50,413,132
Liberty Media Corp. Liberty Live:
 
 
 
 Class C (a)
 
144,313
8,422,107
 Series A (a)
 
63,256
3,589,145
Live Nation Entertainment, Inc. (a)
 
489,905
57,387,472
Madison Square Garden Sports Corp. (a)
 
57,660
12,840,882
Playtika Holding Corp.
 
250,756
1,963,419
Roblox Corp. Class A (a)
 
1,599,699
82,736,432
Roku, Inc. Class A (a)
 
401,450
25,724,916
Take-Two Interactive Software, Inc. (a)
 
534,913
86,506,130
TKO Group Holdings, Inc. (a)
 
244,712
28,575,020
Warner Bros Discovery, Inc. (a)
 
7,687,805
62,501,855
 
 
 
551,760,626
Interactive Media & Services - 0.3%
 
 
 
IAC, Inc. Class A (a)
 
264,488
12,682,200
Match Group, Inc. (a)
 
697,955
25,147,319
Pinterest, Inc. Class A (a)
 
1,890,225
60,090,253
TripAdvisor, Inc. Class A (a)
 
181,261
2,907,426
Trump Media & Technology Group (a)(b)
 
181,064
6,398,802
Zoominfo Technologies, Inc. (a)
 
705,176
7,792,195
 
 
 
115,018,195
Media - 1.5%
 
 
 
Charter Communications, Inc. Class A (a)
 
291,894
95,627,393
Fox Corp.:
 
 
 
 Class A
 
691,077
29,025,234
 Class B
 
433,347
16,883,199
Interpublic Group of Companies, Inc.
 
1,168,861
34,364,513
Liberty Broadband Corp.:
 
 
 
 Class A (a)
 
46,942
3,766,157
 Class C (a)
 
350,218
28,304,619
News Corp.:
 
 
 
 Class A
 
1,173,625
31,981,281
 Class B
 
359,208
10,431,400
Nexstar Media Group, Inc.
 
98,275
17,288,538
Omnicom Group, Inc.
 
600,477
60,648,177
Paramount Global:
 
 
 
 Class A (b)
 
34,724
760,108
 Class B (b)
 
1,901,805
20,805,747
Sirius XM Holdings, Inc.
 
772,555
20,596,316
The New York Times Co. Class A
 
498,628
27,843,388
The Trade Desk, Inc. Class A (a)
 
1,371,114
164,821,614
 
 
 
563,147,684
TOTAL COMMUNICATION SERVICES
 
 
1,286,897,807
CONSUMER DISCRETIONARY - 10.6%
 
 
 
Automobile Components - 0.3%
 
 
 
Aptiv PLC (a)
 
844,675
48,002,880
BorgWarner, Inc.
 
733,327
24,661,787
Gentex Corp.
 
719,339
21,803,165
Lear Corp.
 
188,501
18,050,856
QuantumScape Corp. Class A (a)(b)
 
771,487
3,973,158
 
 
 
116,491,846
Automobiles - 0.2%
 
 
 
Harley-Davidson, Inc.
 
399,604
12,767,348
Lucid Group, Inc. Class A (a)(b)
 
3,428,307
7,576,558
Rivian Automotive, Inc. Class A (a)(b)
 
2,202,041
22,240,614
Thor Industries, Inc.
 
168,175
17,503,654
 
 
 
60,088,174
Broadline Retail - 0.7%
 
 
 
Coupang, Inc. Class A (a)
 
3,592,847
92,659,524
Dillard's, Inc. Class A (b)
 
10,430
3,874,954
eBay, Inc.
 
1,570,070
90,294,726
Etsy, Inc. (a)
 
286,842
14,755,152
Kohl's Corp.
 
403,576
7,458,084
Macy's, Inc.
 
891,439
13,674,674
Nordstrom, Inc.
 
319,829
7,231,334
Ollie's Bargain Outlet Holdings, Inc. (a)
 
192,067
17,637,513
 
 
 
247,585,961
Distributors - 0.4%
 
 
 
Genuine Parts Co.
 
434,450
49,831,415
LKQ Corp.
 
849,499
31,253,068
Pool Corp.
 
117,086
42,342,981
 
 
 
123,427,464
Diversified Consumer Services - 0.4%
 
 
 
ADT, Inc.
 
901,034
6,487,445
Bright Horizons Family Solutions, Inc. (a)
 
178,819
23,866,972
Duolingo, Inc. Class A (a)
 
114,613
33,578,171
Grand Canyon Education, Inc. (a)
 
90,731
12,440,127
H&R Block, Inc.
 
430,572
25,718,066
Service Corp. International
 
442,542
36,133,554
 
 
 
138,224,335
Hotels, Restaurants & Leisure - 3.4%
 
 
 
Aramark
 
812,160
30,724,013
Boyd Gaming Corp.
 
213,089
14,764,937
Caesars Entertainment, Inc. (a)
 
667,096
26,717,195
Carnival Corp. (a)
 
3,107,593
68,367,046
Cava Group, Inc. (a)
 
234,007
31,253,975
Choice Hotels International, Inc. (b)
 
86,613
12,083,380
Churchill Downs, Inc.
 
216,162
30,284,296
Darden Restaurants, Inc.
 
369,307
59,096,506
Domino's Pizza, Inc.
 
107,878
44,632,365
Draftkings Holdings, Inc. Class A (a)
 
1,421,491
50,207,062
Dutch Bros, Inc. Class A (a)
 
346,849
11,487,639
Expedia Group, Inc. Class A (a)
 
392,298
61,320,100
Hilton Worldwide Holdings, Inc.
 
762,217
179,006,662
Hyatt Hotels Corp. Class A
 
135,867
19,761,855
Las Vegas Sands Corp.
 
1,098,361
56,950,018
Light & Wonder, Inc. Class A (a)
 
280,535
26,308,572
Marriott Vacations Worldwide Corp.
 
68,586
5,283,180
MGM Resorts International (a)
 
737,787
27,202,207
Norwegian Cruise Line Holdings Ltd. (a)
 
1,203,842
30,505,356
Penn Entertainment, Inc. (a)
 
467,234
9,227,872
Planet Fitness, Inc. (a)
 
270,057
21,204,876
Royal Caribbean Cruises Ltd.
 
735,454
151,760,933
Texas Roadhouse, Inc.
 
206,802
39,523,998
Travel+Leisure Co.
 
213,033
10,185,108
Vail Resorts, Inc.
 
122,070
20,225,778
Wendy's Co.
 
571,186
10,915,364
Wingstop, Inc.
 
91,026
26,187,270
Wyndham Hotels & Resorts, Inc.
 
238,582
21,071,562
Wynn Resorts Ltd.
 
318,581
30,590,148
Yum! Brands, Inc.
 
874,171
114,656,268
 
 
 
1,241,505,541
Household Durables - 2.0%
 
 
 
D.R. Horton, Inc.
 
921,113
155,668,097
Garmin Ltd.
 
480,365
95,280,398
Leggett & Platt, Inc.
 
236,803
2,841,636
Lennar Corp.:
 
 
 
 Class A
 
737,348
125,570,364
 Class B
 
39,686
6,362,460
Mohawk Industries, Inc. (a)
 
140,026
18,801,291
Newell Brands, Inc.
 
1,363,338
11,997,374
NVR, Inc. (a)
 
8,914
81,588,148
PulteGroup, Inc.
 
641,413
83,082,226
SharkNinja, Inc.
 
205,273
18,928,223
Tempur Sealy International, Inc.
 
531,855
25,481,173
Toll Brothers, Inc.
 
320,529
46,938,267
TopBuild Corp. (a)
 
101,166
35,750,041
Whirlpool Corp.
 
176,201
18,238,566
 
 
 
726,528,264
Leisure Products - 0.2%
 
 
 
Brunswick Corp.
 
226,563
18,066,134
Hasbro, Inc.
 
432,521
28,386,353
Mattel, Inc. (a)
 
1,067,618
21,758,055
Polaris, Inc.
 
177,828
12,431,955
YETI Holdings, Inc. (a)
 
161,320
5,680,077
 
 
 
86,322,574
Specialty Retail - 2.3%
 
 
 
Advance Auto Parts, Inc.
 
208,337
7,435,548
AutoNation, Inc. (a)
 
80,910
12,579,078
Bath & Body Works, Inc.
 
596,115
16,917,744
Best Buy Co., Inc.
 
668,732
60,473,435
Burlington Stores, Inc. (a)
 
196,721
48,741,562
CarMax, Inc. (a)
 
500,201
36,204,548
Carvana Co. Class A (a)
 
335,664
83,013,064
Dick's Sporting Goods, Inc.
 
173,692
34,000,209
Five Below, Inc. (a)
 
176,581
16,738,113
Floor & Decor Holdings, Inc. Class A (a)
 
330,859
34,095,020
GameStop Corp. Class A (a)(b)
 
1,168,009
25,906,440
Gap, Inc.
 
636,595
13,222,078
Lithia Motors, Inc. Class A (sub. vtg.)
 
85,933
28,561,551
Murphy U.S.A., Inc.
 
57,494
28,082,944
Penske Automotive Group, Inc.
 
57,473
8,653,710
RH (a)
 
48,311
15,365,314
Ross Stores, Inc.
 
1,020,656
142,606,056
Tractor Supply Co.
 
334,609
88,842,036
Ulta Beauty, Inc. (a)
 
149,567
55,187,232
Valvoline, Inc. (a)
 
402,430
16,209,880
Wayfair LLC Class A (a)(b)
 
219,988
9,422,086
Williams-Sonoma, Inc.
 
395,555
53,055,792
 
 
 
835,313,440
Textiles, Apparel & Luxury Goods - 0.7%
 
 
 
Amer Sports, Inc.
 
189,553
3,383,521
Birkenstock Holding PLC (a)
 
127,308
5,856,168
Capri Holdings Ltd. (a)
 
182,513
3,602,807
Carter's, Inc.
 
122,161
6,682,207
Columbia Sportswear Co. (b)
 
103,972
8,366,627
Crocs, Inc. (a)
 
185,598
20,011,176
Deckers Outdoor Corp. (a)
 
470,508
75,700,032
PVH Corp.
 
178,638
17,588,697
Ralph Lauren Corp. Class A
 
124,714
24,684,642
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)
 
410,451
25,226,318
Tapestry, Inc.
 
711,244
33,748,528
Under Armour, Inc.:
 
 
 
 Class A (sub. vtg.) (a)
 
470,032
4,018,774
 Class C (non-vtg.) (a)
 
819,266
6,472,201
VF Corp.
 
1,107,034
22,926,674
 
 
 
258,268,372
TOTAL CONSUMER DISCRETIONARY
 
 
3,833,755,971
CONSUMER STAPLES - 4.9%
 
 
 
Beverages - 0.3%
 
 
 
Boston Beer Co., Inc. Class A (a)
 
29,667
8,635,174
Brown-Forman Corp.:
 
 
 
 Class A
 
186,501
8,127,714
 Class B (non-vtg.)
 
514,062
22,634,150
Celsius Holdings, Inc. (a)(b)
 
563,075
16,937,296
Coca-Cola Consolidated, Inc.
 
18,719
21,045,023
Molson Coors Beverage Co. Class B
 
542,892
29,571,327
 
 
 
106,950,684
Consumer Staples Distribution & Retail - 1.6%
 
 
 
Albertsons Companies, Inc.
 
1,296,124
23,459,844
BJ's Wholesale Club Holdings, Inc. (a)
 
409,124
34,665,077
Casey's General Stores, Inc.
 
114,797
45,232,314
Dollar General Corp.
 
694,213
55,564,809
Dollar Tree, Inc. (a)
 
570,403
36,870,850
Grocery Outlet Holding Corp. (a)
 
348,300
4,980,690
Kroger Co.
 
2,058,236
114,787,822
Maplebear, Inc. (NASDAQ) (a)
 
542,709
23,933,467
Performance Food Group Co. (a)
 
474,088
38,519,650
Sysco Corp.
 
1,545,389
115,826,906
U.S. Foods Holding Corp. (a)
 
710,475
43,800,784
Walgreens Boots Alliance, Inc.
 
2,409,348
22,792,432
 
 
 
560,434,645
Food Products - 2.1%
 
 
 
Archer Daniels Midland Co.
 
1,484,419
81,954,773
Bunge Global SA
 
437,976
36,798,744
Campbell Soup Co.
 
595,737
27,791,131
Conagra Brands, Inc.
 
1,491,350
43,159,669
Darling Ingredients, Inc. (a)
 
509,694
19,934,132
Flowers Foods, Inc.
 
581,674
12,930,613
Freshpet, Inc. (a)
 
144,359
19,133,342
General Mills, Inc.
 
1,732,249
117,827,577
Hormel Foods Corp.
 
779,795
23,822,737
Ingredion, Inc.
 
203,226
26,980,284
Kellanova
 
813,238
65,587,645
Lamb Weston Holdings, Inc.
 
454,644
35,321,292
McCormick & Co., Inc. (non-vtg.)
 
781,513
61,145,577
Pilgrim's Pride Corp. (a)
 
127,919
6,196,396
Post Holdings, Inc. (a)
 
153,196
16,730,535
Seaboard Corp.
 
844
2,334,512
The Hershey Co.
 
451,854
80,240,233
The J.M. Smucker Co.
 
321,801
36,527,632
Tyson Foods, Inc. Class A
 
872,498
51,119,658
 
 
 
765,536,482
Household Products - 0.4%
 
 
 
Church & Dwight Co., Inc.
 
756,815
75,613,387
Reynolds Consumer Products, Inc.
 
168,614
4,544,147
Spectrum Brands Holdings, Inc.
 
89,582
8,028,339
The Clorox Co.
 
385,144
61,064,581
 
 
 
149,250,454
Personal Care Products - 0.5%
 
 
 
BellRing Brands, Inc. (a)
 
404,316
26,616,122
Coty, Inc. Class A (a)
 
854,212
6,355,337
elf Beauty, Inc. (a)
 
171,186
18,017,327
Kenvue, Inc.
 
5,966,186
136,804,645
 
 
 
187,793,431
TOTAL CONSUMER STAPLES
 
 
1,769,965,696
ENERGY - 5.2%
 
 
 
Energy Equipment & Services - 0.7%
 
 
 
Baker Hughes Co. Class A
 
3,096,738
117,923,783
Halliburton Co.
 
2,735,193
75,874,254
NOV, Inc.
 
1,221,261
18,941,758
TechnipFMC PLC
 
1,330,630
35,514,515
Weatherford International PLC
 
223,931
17,690,549
 
 
 
265,944,859
Oil, Gas & Consumable Fuels - 4.5%
 
 
 
Antero Midstream GP LP
 
1,051,266
15,106,692
Antero Resources Corp. (a)
 
900,060
23,293,553
APA Corp.
 
1,122,340
26,487,224
Cheniere Energy, Inc.
 
712,445
136,347,724
Chord Energy Corp.
 
191,724
23,984,672
Civitas Resources, Inc.
 
325,158
15,864,459
Coterra Energy, Inc.
 
2,301,279
55,046,594
Devon Energy Corp.
 
1,952,134
75,508,543
Diamondback Energy, Inc.
 
585,102
103,428,481
DT Midstream, Inc.
 
301,183
27,151,647
EQT Corp.
 
1,828,375
66,808,823
Expand Energy Corp.
 
702,147
59,485,894
Hess Corp.
 
866,673
116,550,185
HF Sinclair Corp.
 
489,985
18,918,321
Kinder Morgan, Inc.
 
6,014,210
147,408,287
Marathon Oil Corp.
 
1,734,705
48,051,329
Matador Resources Co.
 
364,754
19,007,331
New Fortress Energy, Inc. Class A (b)
 
260,726
2,192,706
ONEOK, Inc.
 
1,810,272
175,379,151
Ovintiv, Inc.
 
816,998
32,026,322
Permian Resource Corp. Class A
 
2,030,427
27,674,720
Range Resources Corp.
 
735,613
22,090,458
Targa Resources Corp.
 
681,656
113,809,286
Texas Pacific Land Corp.
 
58,250
67,919,500
The Williams Companies, Inc.
 
3,775,650
197,730,791
Viper Energy, Inc. Class A
 
314,217
16,307,862
 
 
 
1,633,580,555
TOTAL ENERGY
 
 
1,899,525,414
FINANCIALS - 16.2%
 
 
 
Banks - 2.9%
 
 
 
Bank OZK
 
360,900
15,789,375
BOK Financial Corp.
 
70,358
7,474,130
Citizens Financial Group, Inc.
 
1,400,729
58,998,705
Columbia Banking Systems, Inc.
 
686,563
19,573,911
Comerica, Inc.
 
420,272
26,775,529
Commerce Bancshares, Inc.
 
369,495
23,093,438
Cullen/Frost Bankers, Inc.
 
182,398
23,228,385
East West Bancorp, Inc.
 
427,894
41,715,386
Fifth Third Bancorp
 
2,118,324
92,528,392
First Citizens Bancshares, Inc.
 
37,165
72,001,613
First Hawaiian, Inc.
 
407,258
10,075,563
First Horizon National Corp.
 
1,707,218
29,586,088
FNB Corp., Pennsylvania
 
1,114,534
16,160,743
Huntington Bancshares, Inc.
 
4,478,569
69,820,891
KeyCorp
 
2,659,621
45,878,462
M&T Bank Corp.
 
515,511
100,359,681
Nu Holdings Ltd. Class A (a)
 
9,871,725
148,964,330
Pinnacle Financial Partners, Inc.
 
235,067
24,787,815
Popular, Inc.
 
221,208
19,738,390
Prosperity Bancshares, Inc.
 
278,234
20,366,729
Regions Financial Corp.
 
2,849,882
68,026,683
Synovus Financial Corp.
 
446,635
22,273,687
TFS Financial Corp.
 
183,832
2,362,241
Webster Financial Corp.
 
543,433
28,149,829
Western Alliance Bancorp.
 
332,984
27,707,599
Wintrust Financial Corp.
 
201,242
23,321,935
Zions Bancorporation NA
 
448,529
23,350,420
 
 
 
1,062,109,950
Capital Markets - 5.0%
 
 
 
Affiliated Managers Group, Inc.
 
97,280
18,862,592
Ameriprise Financial, Inc.
 
310,840
158,621,652
Ares Management Corp. Class A,
 
567,706
95,192,942
Bank of New York Mellon Corp.
 
2,292,726
172,779,831
Blue Owl Capital, Inc. Class A
 
1,556,131
34,795,089
Carlyle Group LP
 
680,517
34,046,266
Cboe Global Markets, Inc.
 
327,219
69,884,162
Coinbase Global, Inc. Class A (a)
 
614,210
110,097,143
Evercore, Inc. Class A
 
111,247
29,388,120
FactSet Research Systems, Inc.
 
117,964
53,562,734
Franklin Resources, Inc.
 
945,575
19,639,593
Houlihan Lokey Class A
 
162,579
28,088,774
Interactive Brokers Group, Inc.
 
327,390
49,953,166
Invesco Ltd.
 
928,681
16,103,329
Janus Henderson Group PLC
 
400,842
16,558,783
Jefferies Financial Group, Inc.
 
541,377
34,637,300
Lazard, Inc. Class A
 
339,473
17,988,674
LPL Financial
 
230,915
65,159,595
MarketAxess Holdings, Inc.
 
114,567
33,157,981
Morningstar, Inc.
 
82,785
27,157,619
MSCI, Inc.
 
238,358
136,150,090
NASDAQ, Inc.
 
1,277,791
94,454,311
Northern Trust Corp.
 
618,322
62,153,727
Raymond James Financial, Inc.
 
586,531
86,935,625
Robinhood Markets, Inc. (a)
 
2,060,002
48,389,447
SEI Investments Co.
 
309,912
23,169,021
State Street Corp.
 
934,984
86,766,515
Stifel Financial Corp.
 
307,888
31,903,355
T. Rowe Price Group, Inc.
 
680,508
74,760,609
TPG, Inc. Class A
 
260,591
17,636,799
Tradeweb Markets, Inc. Class A
 
360,036
45,724,572
Virtu Financial, Inc. Class A
 
251,813
7,796,130
XP, Inc. Class A
 
1,293,669
22,587,461
 
 
 
1,824,103,007
Consumer Finance - 0.8%
 
 
 
Ally Financial, Inc.
 
853,413
29,912,126
Credit Acceptance Corp. (a)(b)
 
19,601
8,330,425
Discover Financial Services
 
775,725
115,140,862
OneMain Holdings, Inc.
 
359,550
17,858,849
SLM Corp.
 
669,697
14,753,425
SoFi Technologies, Inc. Class A (a)(b)
 
3,260,498
36,419,763
Synchrony Financial
 
1,224,288
67,507,240
 
 
 
289,922,690
Financial Services - 2.0%
 
 
 
Affirm Holdings, Inc. Class A, (a)
 
727,797
31,913,898
Block, Inc. Class A (a)
 
1,731,179
125,198,865
Corebridge Financial, Inc.
 
792,883
25,189,893
Corpay, Inc. (a)
 
211,828
69,843,928
Equitable Holdings, Inc.
 
1,013,381
45,946,695
Euronet Worldwide, Inc. (a)
 
134,185
13,213,197
Fidelity National Information Services, Inc.
 
1,743,810
156,472,071
Global Payments, Inc.
 
793,213
82,264,120
Jack Henry & Associates, Inc.
 
224,953
40,925,699
MGIC Investment Corp.
 
797,836
19,977,813
Rocket Companies, Inc. Class A (a)
 
445,502
7,172,582
Shift4 Payments, Inc. Class A (a)(b)
 
192,500
17,409,700
The Western Union Co.
 
1,048,607
11,283,011
Toast, Inc. (a)
 
1,376,135
41,325,334
UWM Holdings Corp. Class A
 
386,743
2,490,625
Voya Financial, Inc.
 
314,410
25,247,123
WEX, Inc. (a)
 
126,991
21,918,647
 
 
 
737,793,201
Insurance - 5.2%
 
 
 
AFLAC, Inc.
 
1,731,109
181,402,912
Allstate Corp.
 
814,925
151,999,811
American Financial Group, Inc.
 
222,605
28,700,463
Arch Capital Group Ltd. (a)
 
1,119,083
110,296,820
Arthur J. Gallagher & Co.
 
669,595
188,290,114
Assurant, Inc.
 
161,320
30,925,044
Assured Guaranty Ltd.
 
161,322
13,463,934
Axis Capital Holdings Ltd.
 
240,798
18,844,851
Brighthouse Financial, Inc. (a)
 
209,122
9,891,471
Brown & Brown, Inc.
 
740,837
77,521,184
Cincinnati Financial Corp.
 
474,895
66,879,463
CNA Financial Corp.
 
68,075
3,261,473
Everest Re Group Ltd.
 
133,473
47,464,334
Fidelity National Financial, Inc.
 
804,899
48,430,773
First American Financial Corp.
 
310,047
19,889,515
Globe Life, Inc.
 
275,508
29,093,645
Hanover Insurance Group, Inc.
 
110,681
16,417,313
Hartford Financial Services Group, Inc.
 
907,654
100,241,308
Kemper Corp.
 
187,861
11,698,104
Kinsale Capital Group, Inc.
 
68,304
29,241,625
Lincoln National Corp.
 
527,640
18,335,490
Loews Corp.
 
555,467
43,859,674
Markel Group, Inc. (a)
 
39,826
61,412,090
Old Republic International Corp.
 
770,913
26,927,991
Primerica, Inc.
 
107,173
29,666,558
Principal Financial Group, Inc.
 
712,694
58,725,986
Prudential Financial, Inc.
 
1,115,109
136,578,550
Reinsurance Group of America, Inc.
 
203,730
43,003,328
RenaissanceRe Holdings Ltd.
 
159,120
41,753,088
RLI Corp.
 
128,472
20,037,778
Ryan Specialty Group Holdings, Inc. Class A
 
317,348
20,903,713
Unum Group
 
572,937
36,771,097
W.R. Berkley Corp.
 
911,478
52,109,197
White Mountains Insurance Group Ltd.
 
7,736
13,902,675
Willis Towers Watson PLC
 
317,070
95,815,383
 
 
 
1,883,756,755
Mortgage Real Estate Investment Trusts - 0.3%
 
 
 
AGNC Investment Corp.
 
2,290,798
21,327,329
Annaly Capital Management, Inc.
 
1,552,096
29,505,345
Rithm Capital Corp.
 
1,590,113
16,839,297
Starwood Property Trust, Inc.
 
975,520
19,256,765
 
 
 
86,928,736
TOTAL FINANCIALS
 
 
5,884,614,339
HEALTH CARE - 9.7%
 
 
 
Biotechnology - 1.7%
 
 
 
Alnylam Pharmaceuticals, Inc. (a)
 
392,177
104,550,466
Apellis Pharmaceuticals, Inc. (a)
 
205,539
5,602,993
Biogen, Inc. (a)
 
455,931
79,331,994
BioMarin Pharmaceutical, Inc. (a)
 
591,462
38,971,431
Exact Sciences Corp. (a)
 
573,390
39,523,773
Exelixis, Inc. (a)
 
887,806
29,475,159
Grail, Inc. (b)
 
114,087
1,548,161
Incyte Corp. (a)
 
493,509
36,578,887
Ionis Pharmaceuticals, Inc. (a)
 
509,567
19,562,277
Natera, Inc. (a)
 
351,044
42,462,282
Neurocrine Biosciences, Inc. (a)
 
312,216
37,550,218
Repligen Corp. (a)
 
178,390
23,952,425
Roivant Sciences Ltd. (a)
 
1,319,387
15,238,920
Sarepta Therapeutics, Inc. (a)
 
281,698
35,493,948
Ultragenyx Pharmaceutical, Inc. (a)
 
294,487
15,015,892
United Therapeutics Corp. (a)
 
135,452
50,654,984
Viking Therapeutics, Inc. (a)
 
326,184
23,661,387
 
 
 
599,175,197
Health Care Equipment & Supplies - 2.8%
 
 
 
Align Technology, Inc. (a)
 
235,402
48,264,472
Baxter International, Inc.
 
1,594,441
56,921,544
Dentsply Sirona, Inc.
 
468,828
10,862,745
DexCom, Inc. (a)
 
1,251,564
88,210,231
Enovis Corp. (a)
 
200,193
8,261,965
Envista Holdings Corp. (a)
 
619,542
12,991,796
GE Healthcare Technologies, Inc.
 
1,369,400
119,617,090
Globus Medical, Inc. Class A (a)
 
347,244
25,536,324
Hologic, Inc. (a)
 
709,327
57,363,274
IDEXX Laboratories, Inc. (a)
 
256,046
104,190,238
Inspire Medical Systems, Inc. (a)
 
92,148
17,972,546
Insulet Corp. (a)
 
217,862
50,441,589
Masimo Corp. (a)
 
133,467
19,220,583
Penumbra, Inc. (a)
 
117,338
26,855,148
QuidelOrtho Corp. (a)
 
96,114
3,657,138
ResMed, Inc.
 
451,092
109,376,277
Solventum Corp.
 
431,549
31,321,826
STERIS PLC
 
305,775
67,836,184
Teleflex, Inc.
 
146,073
29,369,437
The Cooper Companies, Inc. (a)
 
605,512
63,384,996
Zimmer Biomet Holdings, Inc.
 
634,478
67,838,388
 
 
 
1,019,493,791
Health Care Providers & Services - 2.2%
 
 
 
Acadia Healthcare Co., Inc. (a)
 
294,186
12,558,800
Amedisys, Inc. (a)
 
99,391
9,402,389
Cardinal Health, Inc.
 
755,572
81,994,673
Cencora, Inc.
 
515,243
117,516,623
Centene Corp. (a)
 
1,631,670
101,587,774
Chemed Corp.
 
46,039
24,872,109
DaVita, Inc. (a)
 
156,391
21,865,026
Encompass Health Corp.
 
306,939
30,528,153
Henry Schein, Inc. (a)
 
398,865
28,012,289
Humana, Inc.
 
375,706
96,868,278
Labcorp Holdings, Inc.
 
260,774
59,526,881
Molina Healthcare, Inc. (a)
 
180,412
57,951,943
Premier, Inc. Class A
 
369,331
7,442,020
Quest Diagnostics, Inc.
 
344,374
53,319,426
R1 RCM, Inc. (a)
 
487,206
6,947,558
Tenet Healthcare Corp. (a)
 
294,976
45,727,180
Universal Health Services, Inc. Class B
 
179,562
36,686,312
 
 
 
792,807,434
Health Care Technology - 0.3%
 
 
 
Certara, Inc. (a)
 
225,727
2,302,415
Doximity, Inc. Class A (a)
 
383,468
16,005,954
Veeva Systems, Inc. Class A (a)
 
459,752
96,010,010
 
 
 
114,318,379
Life Sciences Tools & Services - 2.2%
 
 
 
10X Genomics, Inc. Class A (a)
 
383,844
6,153,019
Agilent Technologies, Inc.
 
908,738
118,417,649
Avantor, Inc. (a)
 
2,103,796
47,061,917
Azenta, Inc. (a)
 
115,106
4,729,706
Bio-Rad Laboratories, Inc. Class A (a)
 
62,079
22,236,077
Bio-Techne Corp.
 
481,767
35,530,316
Bruker Corp.
 
343,846
19,465,122
Charles River Laboratories International, Inc. (a)
 
158,423
28,291,179
Fortrea Holdings, Inc. (a)
 
320,077
5,383,695
Illumina, Inc. (a)
 
496,747
71,601,113
IQVIA Holdings, Inc. (a)
 
559,193
115,093,103
Medpace Holdings, Inc. (a)
 
78,842
24,773,733
Mettler-Toledo International, Inc. (a)
 
65,469
84,569,581
QIAGEN NV
 
693,275
29,186,878
Revvity, Inc.
 
381,615
45,255,723
Sotera Health Co. (a)
 
480,653
7,531,833
Waters Corp. (a)
 
182,849
59,080,340
West Pharmaceutical Services, Inc.
 
225,750
69,515,198
 
 
 
793,876,182
Pharmaceuticals - 0.5%
 
 
 
Catalent, Inc. (a)
 
561,339
32,894,465
Elanco Animal Health, Inc. (a)
 
1,233,635
15,593,146
Intra-Cellular Therapies, Inc. (a)
 
323,172
27,388,827
Jazz Pharmaceuticals PLC (a)
 
195,066
21,463,112
Organon & Co.
 
817,084
15,344,838
Perrigo Co. PLC
 
299,146
7,667,112
Royalty Pharma PLC Class A
 
1,213,869
32,774,463
Viatris, Inc.
 
3,735,138
43,327,601
 
 
 
196,453,564
TOTAL HEALTH CARE
 
 
3,516,124,547
INDUSTRIALS - 17.6%
 
 
 
Aerospace & Defense - 1.8%
 
 
 
Axon Enterprise, Inc. (a)
 
222,730
94,326,155
BWX Technologies, Inc.
 
282,766
34,426,761
Curtiss-Wright Corp.
 
118,311
40,812,563
HEICO Corp.
 
133,809
32,776,515
HEICO Corp. Class A
 
255,694
49,095,805
Hexcel Corp.
 
256,862
15,075,231
Howmet Aerospace, Inc.
 
1,257,029
125,350,932
Huntington Ingalls Industries, Inc.
 
122,484
22,654,641
L3Harris Technologies, Inc.
 
587,502
145,389,120
Loar Holdings, Inc. (b)
 
32,869
2,832,650
Spirit AeroSystems Holdings, Inc. Class A (a)
 
372,110
12,045,201
Textron, Inc.
 
579,679
46,617,785
Woodward, Inc.
 
186,446
30,593,924
 
 
 
651,997,283
Air Freight & Logistics - 0.3%
 
 
 
C.H. Robinson Worldwide, Inc.
 
360,183
37,113,256
Expeditors International of Washington, Inc.
 
437,881
52,107,839
GXO Logistics, Inc. (a)
 
378,677
22,648,671
 
 
 
111,869,766
Building Products - 1.5%
 
 
 
A.O. Smith Corp.
 
372,768
27,994,877
AAON, Inc.
 
211,807
24,192,596
Advanced Drain Systems, Inc.
 
217,436
32,589,308
Allegion PLC
 
271,270
37,877,430
Armstrong World Industries, Inc.
 
134,745
18,803,665
Builders FirstSource, Inc. (a)
 
372,244
63,802,622
Carlisle Companies, Inc.
 
142,782
60,286,844
Fortune Brands Innovations, Inc.
 
381,911
31,824,644
Hayward Holdings, Inc. (a)
 
443,146
7,205,554
Lennox International, Inc.
 
99,422
59,908,715
Masco Corp.
 
682,599
54,546,486
Owens Corning
 
267,590
47,307,236
Simpson Manufacturing Co. Ltd.
 
131,444
23,632,317
The AZEK Co., Inc. Class A, (a)
 
445,246
19,590,824
Trex Co., Inc. (a)
 
340,923
24,154,395
 
 
 
533,717,513
Commercial Services & Supplies - 0.8%
 
 
 
Clean Harbors, Inc. (a)
 
157,933
36,523,586
MSA Safety, Inc.
 
114,779
19,047,575
RB Global, Inc.
 
567,937
48,126,981
Rollins, Inc.
 
866,749
40,858,548
Stericycle, Inc. (a)
 
285,882
17,573,167
Tetra Tech, Inc.
 
826,493
40,398,978
Veralto Corp.
 
766,120
78,289,803
Vestis Corp.
 
438,840
5,933,117
 
 
 
286,751,755
Construction & Engineering - 1.1%
 
 
 
AECOM
 
420,981
44,960,771
API Group Corp. (a)
 
705,379
24,081,639
Comfort Systems U.S.A., Inc.
 
109,007
42,626,097
EMCOR Group, Inc.
 
144,202
64,324,186
MasTec, Inc. (a)
 
194,324
23,880,476
MDU Resources Group, Inc.
 
629,917
18,173,105
Quanta Services, Inc.
 
450,597
135,913,573
Valmont Industries, Inc.
 
61,728
19,239,383
Willscot Holdings Corp. (a)
 
572,790
18,982,261
 
 
 
392,181,491
Electrical Equipment - 1.6%
 
 
 
Acuity Brands, Inc.
 
95,499
28,715,594
AMETEK, Inc.
 
716,194
131,307,008
Generac Holdings, Inc. (a)
 
182,607
30,230,589
Hubbell, Inc.
 
166,088
70,924,559
nVent Electric PLC
 
512,477
38,215,410
Regal Rexnord Corp.
 
205,945
34,298,080
Rockwell Automation, Inc.
 
355,576
94,835,675
Sensata Technologies PLC
 
463,450
15,914,873
Vertiv Holdings Co.
 
1,110,586
121,375,944
 
 
 
565,817,732
Ground Transportation - 1.0%
 
 
 
Avis Budget Group, Inc. (b)
 
58,947
4,892,601
J.B. Hunt Transport Services, Inc.
 
254,350
45,940,697
Knight-Swift Transportation Holdings, Inc.
 
496,736
25,870,011
Landstar System, Inc.
 
110,316
19,390,243
Lyft, Inc. (a)
 
1,150,226
14,918,431
Old Dominion Freight Lines, Inc.
 
609,429
122,690,246
Ryder System, Inc.
 
131,958
19,302,816
Saia, Inc. (a)
 
82,456
40,288,826
Schneider National, Inc. Class B
 
145,940
4,127,183
U-Haul Holding Co. (a)(b)
 
26,943
1,975,730
U-Haul Holding Co. Class N
 
307,713
21,004,489
XPO, Inc. (a)
 
355,739
46,434,612
 
 
 
366,835,885
Machinery - 3.8%
 
 
 
AGCO Corp.
 
194,129
19,381,839
Allison Transmission Holdings, Inc.
 
271,074
28,966,968
CNH Industrial NV Class A
 
2,722,424
30,572,822
Crane Co.
 
151,677
23,855,759
Cummins, Inc.
 
423,850
139,438,173
Donaldson Co., Inc.
 
372,411
27,245,589
Dover Corp.
 
425,372
80,535,681
ESAB Corp.
 
175,375
21,578,140
Flowserve Corp.
 
407,259
21,438,114
Fortive Corp.
 
1,091,562
77,970,274
Gates Industrial Corp. PLC (a)
 
636,143
12,309,367
Graco, Inc.
 
518,791
42,255,527
IDEX Corp.
 
234,965
50,432,888
Ingersoll Rand, Inc.
 
1,251,988
120,190,848
ITT, Inc.
 
255,537
35,805,844
Lincoln Electric Holdings, Inc.
 
171,224
32,970,893
Middleby Corp. (a)
 
165,400
21,452,380
Nordson Corp.
 
175,994
43,627,153
Oshkosh Corp.
 
202,405
20,693,887
Otis Worldwide Corp.
 
1,253,302
123,074,256
Pentair PLC
 
512,092
50,758,559
RBC Bearings, Inc. (a)
 
88,149
24,712,572
Snap-On, Inc.
 
160,475
52,977,612
Stanley Black & Decker, Inc.
 
437,627
40,673,053
Timken Co.
 
200,525
16,643,575
Toro Co.
 
323,995
26,075,118
Westinghouse Air Brake Tech Co.
 
542,646
102,006,595
Xylem, Inc.
 
749,620
91,288,724
 
 
 
1,378,932,210
Marine Transportation - 0.0%
 
 
 
Kirby Corp. (a)
 
179,908
20,646,242
Passenger Airlines - 0.8%
 
 
 
Alaska Air Group, Inc. (a)
 
393,081
18,832,511
American Airlines Group, Inc. (a)(b)
 
2,077,556
27,839,250
Delta Air Lines, Inc.
 
1,998,480
114,353,026
Southwest Airlines Co. (b)
 
1,857,551
56,803,910
United Airlines Holdings, Inc. (a)
 
1,015,587
79,479,839
 
 
 
297,308,536
Professional Services - 2.9%
 
 
 
Amentum Holdings, Inc.
 
387,008
11,509,618
Booz Allen Hamilton Holding Corp. Class A
 
397,174
72,150,629
Broadridge Financial Solutions, Inc.
 
363,234
76,591,521
CACI International, Inc. (a)
 
68,460
37,828,258
Clarivate PLC (a)(b)
 
1,374,979
9,074,861
Concentrix Corp.
 
101,892
4,331,429
Dayforce, Inc. (a)(b)
 
473,029
33,561,408
Dun & Bradstreet Holdings, Inc.
 
937,979
11,152,570
Equifax, Inc.
 
381,111
101,002,037
FTI Consulting, Inc. (a)
 
109,073
21,277,961
Genpact Ltd.
 
545,069
20,805,284
Jacobs Solutions, Inc.
 
386,685
54,360,177
KBR, Inc.
 
412,780
27,660,388
Leidos Holdings, Inc.
 
418,181
76,594,032
ManpowerGroup, Inc.
 
157,990
9,929,672
Parsons Corp. (a)
 
141,886
15,346,390
Paychex, Inc.
 
997,705
139,010,238
Paycom Software, Inc.
 
159,091
33,254,792
Paycor HCM, Inc. (a)
 
260,063
3,924,351
Paylocity Holding Corp. (a)
 
136,058
25,112,225
Robert Half, Inc.
 
317,748
21,641,816
Science Applications International Corp.
 
158,474
22,866,213
SS&C Technologies Holdings, Inc.
 
666,593
46,614,848
TransUnion
 
601,903
60,972,774
Verisk Analytics, Inc.
 
441,864
121,388,878
 
 
 
1,057,962,370
Trading Companies & Distributors - 2.0%
 
 
 
Air Lease Corp. Class A
 
323,673
14,354,898
Core & Main, Inc. Class A (a)
 
595,281
26,359,043
Fastenal Co.
 
1,775,783
138,830,715
Ferguson Enterprises, Inc.
 
627,591
123,472,253
MSC Industrial Direct Co., Inc. Class A
 
144,471
11,423,322
SiteOne Landscape Supply, Inc. (a)
 
139,958
19,557,731
United Rentals, Inc.
 
206,122
167,535,962
W.W. Grainger, Inc.
 
134,999
149,744,941
Watsco, Inc.
 
107,260
50,735,053
WESCO International, Inc.
 
135,952
26,098,705
 
 
 
728,112,623
TOTAL INDUSTRIALS
 
 
6,392,133,406
INFORMATION TECHNOLOGY - 12.5%
 
 
 
Communications Equipment - 0.3%
 
 
 
Ciena Corp. (a)
 
446,416
28,351,880
F5, Inc. (a)
 
181,171
42,372,273
Juniper Networks, Inc.
 
1,010,181
39,296,041
Lumentum Holdings, Inc. (a)
 
214,457
13,697,369
Ubiquiti, Inc.
 
12,917
3,431,918
 
 
 
127,149,481
Electronic Equipment, Instruments & Components - 1.8%
 
 
 
Arrow Electronics, Inc. (a)
 
164,745
19,550,289
Avnet, Inc.
 
278,634
15,104,749
CDW Corp.
 
416,805
78,455,205
Cognex Corp.
 
442,750
17,811,833
Coherent Corp. (a)
 
410,009
37,901,232
Corning, Inc.
 
2,377,743
113,156,789
Crane NXT Co.
 
154,318
8,374,838
IPG Photonics Corp. (a)
 
94,548
7,654,606
Jabil, Inc.
 
343,947
42,336,436
Keysight Technologies, Inc. (a)
 
540,609
80,556,147
Littelfuse, Inc.
 
77,267
18,901,826
TD SYNNEX Corp.
 
233,835
26,972,867
Teledyne Technologies, Inc. (a)
 
143,599
65,383,497
Trimble, Inc. (a)
 
755,393
45,701,277
Vontier Corp.
 
479,244
17,770,368
Zebra Technologies Corp. Class A (a)
 
158,644
60,597,249
 
 
 
656,229,208
IT Services - 2.0%
 
 
 
Akamai Technologies, Inc. (a)
 
467,073
47,211,739
Amdocs Ltd.
 
355,245
31,170,973
Cloudflare, Inc. Class A (a)
 
930,801
81,640,556
Cognizant Technology Solutions Corp. Class A
 
1,544,226
115,183,817
DXC Technology Co. (a)
 
564,734
11,215,617
EPAM Systems, Inc. (a)
 
172,313
32,506,847
Gartner, Inc. (a)
 
233,812
117,490,530
Globant SA (a)(b)
 
131,179
27,533,160
GoDaddy, Inc. Class A (a)
 
438,559
73,151,641
Kyndryl Holdings, Inc. (a)
 
705,532
16,149,627
MongoDB, Inc. Class A (a)
 
220,912
59,734,605
Okta, Inc. Class A (a)
 
500,867
36,007,329
Twilio, Inc. Class A (a)
 
531,952
42,901,929
VeriSign, Inc. (a)
 
262,241
46,374,698
 
 
 
738,273,068
Semiconductors & Semiconductor Equipment - 2.1%
 
 
 
Allegro MicroSystems LLC (a)
 
397,922
8,292,694
Amkor Technology, Inc.
 
350,014
8,907,856
Astera Labs, Inc. (a)
 
69,199
4,855,002
Cirrus Logic, Inc. (a)
 
166,750
18,312,485
Enphase Energy, Inc. (a)
 
408,707
33,939,029
Entegris, Inc.
 
467,156
48,915,905
First Solar, Inc. (a)
 
330,781
64,330,289
GlobalFoundries, Inc. (a)
 
305,204
11,139,946
Lattice Semiconductor Corp. (a)
 
426,156
21,589,063
MACOM Technology Solutions Holdings, Inc. (a)
 
173,013
19,446,661
Microchip Technology, Inc.
 
1,645,144
120,704,215
MKS Instruments, Inc.
 
207,445
20,605,512
Monolithic Power Systems, Inc.
 
145,693
110,624,695
ON Semiconductor Corp. (a)
 
1,333,196
93,976,986
Onto Innovation, Inc. (a)
 
151,894
30,125,137
Qorvo, Inc. (a)
 
293,557
20,918,872
Skyworks Solutions, Inc.
 
498,209
43,633,144
Teradyne, Inc.
 
484,549
51,463,949
Universal Display Corp.
 
144,677
26,088,157
Wolfspeed, Inc. (a)(b)
 
421,004
5,603,563
 
 
 
763,473,160
Software - 5.1%
 
 
 
ANSYS, Inc. (a)
 
270,635
86,714,160
AppFolio, Inc. Class A, (a)
 
70,314
14,616,171
AppLovin Corp. Class A, (a)
 
813,611
137,817,567
Aspen Technology, Inc. (a)
 
83,452
19,588,688
Bentley Systems, Inc. Class B
 
434,832
20,984,992
Bill Holdings, Inc. (a)
 
324,863
18,959,005
CCC Intelligent Solutions Holdings, Inc. Class A (a)
 
1,402,342
14,598,380
Confluent, Inc. Class A (a)
 
784,869
20,540,022
Datadog, Inc. Class A (a)
 
927,307
116,321,390
DocuSign, Inc. (a)
 
630,173
43,721,403
Dolby Laboratories, Inc. Class A
 
181,413
13,225,008
DoubleVerify Holdings, Inc. (a)
 
273,766
4,667,710
Dropbox, Inc. Class A (a)
 
747,615
19,325,848
Dynatrace, Inc. (a)
 
914,614
49,206,233
Elastic NV (a)
 
254,876
20,448,701
Fair Isaac Corp. (a)
 
73,594
146,680,937
Five9, Inc. (a)
 
105,204
3,106,674
Gen Digital, Inc.
 
1,686,208
49,085,515
GitLab, Inc. Class A (a)
 
373,662
20,084,333
Guidewire Software, Inc. (a)
 
253,860
47,283,964
HashiCorp, Inc. Class A (a)
 
437,513
14,814,190
HubSpot, Inc. (a)
 
151,713
84,168,855
Informatica, Inc. Class A (a)
 
200,634
5,477,308
Manhattan Associates, Inc. (a)
 
189,973
50,031,289
MicroStrategy, Inc. Class A (a)(b)
 
486,046
118,838,247
nCino, Inc. (a)
 
262,365
9,786,215
Nutanix, Inc. Class A (a)
 
753,235
46,775,894
Palantir Technologies, Inc. Class A (a)
 
6,241,806
259,409,459
Pegasystems, Inc.
 
138,259
10,983,295
Procore Technologies, Inc. (a)
 
335,043
21,995,573
PTC, Inc. (a)
 
367,212
68,055,400
RingCentral, Inc. Class A (a)
 
254,818
9,175,996
SentinelOne, Inc. Class A (a)(b)
 
861,965
22,230,077
Smartsheet, Inc. Class A (a)
 
414,883
23,407,699
Teradata Corp. (a)
 
308,651
9,947,822
Tyler Technologies, Inc. (a)
 
131,502
79,636,296
UiPath, Inc. Class A (a)
 
1,461,289
18,061,532
Unity Software, Inc. (a)(b)
 
978,080
19,639,846
Zoom Video Communications, Inc. Class A (a)
 
818,069
61,142,477
Zscaler, Inc. (a)
 
285,521
51,619,342
 
 
 
1,852,173,513
Technology Hardware, Storage & Peripherals - 1.2%
 
 
 
Hewlett Packard Enterprise Co.
 
4,025,603
78,459,002
HP, Inc.
 
3,034,095
107,771,054
NetApp, Inc.
 
639,138
73,699,003
Pure Storage, Inc. Class A (a)
 
952,116
47,653,406
Super Micro Computer, Inc. (a)(b)
 
1,539,775
44,822,850
Western Digital Corp. (a)
 
1,012,264
66,110,962
 
 
 
418,516,277
TOTAL INFORMATION TECHNOLOGY
 
 
4,555,814,707
MATERIALS - 5.9%
 
 
 
Chemicals - 2.7%
 
 
 
Albemarle Corp. (b)
 
330,489
31,307,223
Ashland, Inc.
 
155,549
13,154,779
Axalta Coating Systems Ltd. (a)
 
683,383
25,913,883
Celanese Corp.
 
340,096
42,841,893
CF Industries Holdings, Inc.
 
565,505
46,501,476
Corteva, Inc.
 
2,170,071
132,200,725
Dow, Inc.
 
2,183,606
107,826,464
DuPont de Nemours, Inc.
 
1,297,361
107,667,989
Eastman Chemical Co.
 
362,725
38,118,770
Element Solutions, Inc.
 
694,464
18,819,974
FMC Corp.
 
386,196
25,098,878
Huntsman Corp.
 
560,770
12,336,940
International Flavors & Fragrances, Inc.
 
793,305
78,878,316
LyondellBasell Industries NV Class A
 
807,642
70,143,708
NewMarket Corp.
 
20,861
10,951,399
Olin Corp.
 
375,252
15,396,590
PPG Industries, Inc.
 
725,051
90,276,100
RPM International, Inc.
 
394,259
50,114,261
The Chemours Co. LLC
 
507,459
9,215,455
The Mosaic Co.
 
1,020,475
27,307,911
The Scotts Miracle-Gro Co.
 
134,126
11,666,279
Westlake Corp.
 
104,067
13,730,600
 
 
 
979,469,613
Construction Materials - 0.7%
 
 
 
Eagle Materials, Inc.
 
103,182
29,454,334
Martin Marietta Materials, Inc.
 
190,169
112,644,705
Vulcan Materials Co.
 
410,501
112,448,539
 
 
 
254,547,578
Containers & Packaging - 1.5%
 
 
 
Amcor PLC
 
4,462,208
49,664,375
Aptargroup, Inc.
 
204,733
34,376,718
Avery Dennison Corp.
 
248,557
51,458,756
Ball Corp.
 
952,209
56,418,383
Berry Global Group, Inc.
 
355,345
25,034,055
Crown Holdings, Inc.
 
362,742
33,934,514
Graphic Packaging Holding Co.
 
921,462
26,040,516
International Paper Co.
 
1,074,759
59,692,115
Packaging Corp. of America
 
274,980
62,953,921
Sealed Air Corp.
 
475,752
17,212,707
Silgan Holdings, Inc.
 
257,236
13,309,391
Smurfit Westrock PLC
 
1,617,609
83,306,864
Sonoco Products Co.
 
304,548
15,994,861
 
 
 
529,397,176
Metals & Mining - 1.0%
 
 
 
Alcoa Corp.
 
787,024
31,551,792
ATI, Inc. (a)
 
382,689
20,171,537
Cleveland-Cliffs, Inc. (a)
 
1,469,406
19,072,890
MP Materials Corp. (a)(b)
 
430,273
7,740,611
Nucor Corp.
 
743,616
105,474,493
Reliance, Inc.
 
177,119
50,716,254
Royal Gold, Inc.
 
203,682
29,749,793
Steel Dynamics, Inc.
 
461,009
60,161,675
United States Steel Corp.
 
691,303
26,857,122
 
 
 
351,496,167
Paper & Forest Products - 0.0%
 
 
 
Louisiana-Pacific Corp.
 
199,787
19,758,934
TOTAL MATERIALS
 
 
2,134,669,468
REAL ESTATE - 7.9%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 7.1%
 
 
 
Agree Realty Corp.
 
307,294
22,816,580
Alexandria Real Estate Equities, Inc.
 
504,451
56,271,509
American Homes 4 Rent Class A
 
1,047,847
36,926,128
Americold Realty Trust
 
931,789
23,928,342
AvalonBay Communities, Inc.
 
440,039
97,517,043
Brixmor Property Group, Inc.
 
935,555
25,213,207
BXP, Inc.
 
444,526
35,811,015
Camden Property Trust (SBI)
 
320,931
37,160,600
Cousins Properties, Inc.
 
500,326
15,324,985
Crown Castle, Inc.
 
1,361,664
146,365,263
CubeSmart
 
704,959
33,725,239
Digital Realty Trust, Inc.
 
1,003,850
178,916,186
EastGroup Properties, Inc.
 
156,521
26,808,917
EPR Properties
 
270,836
12,287,829
Equity Lifestyle Properties, Inc.
 
582,870
40,870,844
Equity Residential (SBI)
 
1,171,703
82,452,740
Essex Property Trust, Inc.
 
198,050
56,218,473
Extra Space Storage, Inc.
 
650,916
106,294,583
Federal Realty Investment Trust (SBI)
 
258,068
28,604,257
First Industrial Realty Trust, Inc.
 
420,231
22,057,925
Gaming & Leisure Properties
 
808,069
40,556,983
Healthcare Realty Trust, Inc.
 
976,920
16,783,486
Healthpeak Properties, Inc.
 
2,199,205
49,372,152
Highwoods Properties, Inc. (SBI)
 
337,439
11,317,704
Host Hotels & Resorts, Inc.
 
2,229,990
38,445,028
Invitation Homes, Inc.
 
1,928,747
60,581,943
Iron Mountain, Inc.
 
903,162
111,748,234
Kilroy Realty Corp.
 
273,597
11,004,071
Kimco Realty Corp.
 
2,077,861
49,286,863
Lamar Advertising Co. Class A
 
270,076
35,650,032
Lineage, Inc. (b)
 
191,238
14,159,262
Medical Properties Trust, Inc. (b)
 
1,243,947
5,759,475
Mid-America Apartment Communities, Inc.
 
360,192
54,511,457
National Storage Affiliates Trust
 
235,027
9,906,388
NNN (REIT), Inc.
 
562,356
24,428,745
Omega Healthcare Investors, Inc.
 
765,474
32,509,681
Park Hotels & Resorts, Inc.
 
382,972
5,319,481
Rayonier, Inc.
 
475,323
14,844,337
Realty Income Corp.
 
2,704,111
160,543,070
Regency Centers Corp.
 
573,442
40,966,696
Rexford Industrial Realty, Inc.
 
585,433
25,109,221
SBA Communications Corp. Class A
 
338,072
77,577,382
Simon Property Group, Inc.
 
1,003,739
169,752,340
STAG Industrial, Inc.
 
599,457
22,347,757
Sun Communities, Inc.
 
389,337
51,657,233
UDR, Inc.
 
1,018,225
42,958,913
Ventas, Inc.
 
1,251,117
81,935,652
VICI Properties, Inc.
 
3,234,341
102,722,670
Vornado Realty Trust
 
552,154
22,864,697
Weyerhaeuser Co.
 
2,298,499
71,621,229
WP Carey, Inc.
 
672,086
37,448,632
 
 
 
2,579,262,479
Real Estate Management & Development - 0.8%
 
 
 
CBRE Group, Inc. (a)
 
948,924
124,280,576
CoStar Group, Inc. (a)
 
1,263,298
91,955,461
Howard Hughes Holdings, Inc. (a)
 
113,352
8,619,286
Jones Lang LaSalle, Inc. (a)
 
146,591
39,720,297
Seaport Entertainment Group, Inc. (b)
 
31,815
863,777
Zillow Group, Inc.:
 
 
 
 Class A (a)
 
174,185
10,111,439
 Class C (a)
 
476,950
28,659,926
 
 
 
304,210,762
TOTAL REAL ESTATE
 
 
2,883,473,241
UTILITIES - 5.7%
 
 
 
Electric Utilities - 2.8%
 
 
 
Alliant Energy Corp.
 
794,782
47,686,920
Avangrid, Inc.
 
219,989
7,855,807
Edison International
 
1,180,115
97,241,476
Entergy Corp.
 
661,301
102,356,169
Evergy, Inc.
 
690,905
41,758,298
Eversource Energy
 
1,098,513
72,337,081
Exelon Corp.
 
3,104,336
122,000,405
FirstEnergy Corp.
 
1,785,969
74,707,083
IDACORP, Inc.
 
156,917
16,237,771
NRG Energy, Inc.
 
643,968
58,214,707
OGE Energy Corp.
 
619,981
24,793,040
PG&E Corp.
 
6,631,804
134,095,077
Pinnacle West Capital Corp.
 
352,246
30,930,721
PPL Corp.
 
2,290,949
74,593,299
Xcel Energy, Inc.
 
1,725,597
115,287,136
 
 
 
1,020,094,990
Gas Utilities - 0.3%
 
 
 
Atmos Energy Corp.
 
466,612
64,756,413
National Fuel Gas Co.
 
288,319
17,451,949
UGI Corp.
 
501,113
11,981,612
 
 
 
94,189,974
Independent Power and Renewable Electricity Producers - 0.5%
 
 
 
Brookfield Renewable Corp. (b)
 
431,930
13,208,419
Clearway Energy, Inc.:
 
 
 
 Class A
 
132,119
3,519,650
 Class C
 
251,514
7,137,967
The AES Corp.
 
2,264,699
37,344,887
Vistra Corp.
 
1,068,704
133,545,252
 
 
 
194,756,175
Multi-Utilities - 1.8%
 
 
 
Ameren Corp.
 
825,357
71,896,848
CenterPoint Energy, Inc.
 
1,975,259
58,329,398
CMS Energy Corp.
 
923,205
64,264,300
Consolidated Edison, Inc.
 
1,074,398
109,244,789
DTE Energy Co.
 
641,302
79,662,534
NiSource, Inc.
 
1,391,120
48,911,779
Public Service Enterprise Group, Inc.
 
1,547,007
138,317,896
WEC Energy Group, Inc.
 
981,253
93,739,099
 
 
 
664,366,643
Water Utilities - 0.3%
 
 
 
American Water Works Co., Inc.
 
612,604
84,606,738
Essential Utilities, Inc.
 
790,060
30,496,316
 
 
 
115,103,054
TOTAL UTILITIES
 
 
2,088,510,836
 
TOTAL COMMON STOCKS
 (Cost $27,343,637,774)
 
 
 
36,245,485,432
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (d)
 (Cost $5,204,456)
 
5,219,000
5,205,627
 
 
 
 
Money Market Funds - 1.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.87% (e)
 
66,204,606
66,217,847
Fidelity Securities Lending Cash Central Fund 4.87% (e)(f)
 
391,183,696
391,222,815
 
TOTAL MONEY MARKET FUNDS
 (Cost $457,436,745)
 
 
457,440,662
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.0%
 (Cost $27,806,278,975)
 
 
 
36,708,131,721
NET OTHER ASSETS (LIABILITIES) - (1.0)%  
(368,615,218)
NET ASSETS - 100.0%
36,339,516,503
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P MidCap 400 Index Contracts (United States)
319
Dec 2024
99,323,840
1,281,628
1,281,628
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.3%

 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $5,205,627.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.87%
115,755,141
1,491,981,437
1,541,514,821
2,175,714
(3,911)
1
66,217,847
0.1%
Fidelity Securities Lending Cash Central Fund 4.87%
399,402,174
1,399,486,138
1,407,665,497
3,067,303
-
-
391,222,815
1.6%
Total
515,157,315
2,891,467,575
2,949,180,318
5,243,017
(3,911)
1
457,440,662
 
 
 
 
 
 
 
 
 
 
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.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
1,286,897,807
1,286,897,807
-
-
Consumer Discretionary
3,833,755,971
3,833,755,971
-
-
Consumer Staples
1,769,965,696
1,769,965,696
-
-
Energy
1,899,525,414
1,899,525,414
-
-
Financials
5,884,614,339
5,884,614,339
-
-
Health Care
3,516,124,547
3,516,124,547
-
-
Industrials
6,392,133,406
6,392,133,406
-
-
Information Technology
4,555,814,707
4,555,814,707
-
-
Materials
2,134,669,468
2,134,669,468
-
-
Real Estate
2,883,473,241
2,883,473,241
-
-
Utilities
2,088,510,836
2,088,510,836
-
-
 U.S. Government and Government Agency Obligations
5,205,627
-
5,205,627
-
  Money Market Funds
457,440,662
457,440,662
-
-
 Total Investments in Securities:
36,708,131,721
36,702,926,094
5,205,627
-
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
1,281,628
1,281,628
-
-
  Total Assets
1,281,628
1,281,628
-
-
 Total Derivative Instruments:
1,281,628
1,281,628
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
1,281,628
0
Total Equity Risk
1,281,628
0
Total Value of Derivatives
1,281,628
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® Mid Cap Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of October 31, 2024 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $372,314,414) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $27,348,842,230)
$
36,250,691,059
 
 
Fidelity Central Funds (cost $457,436,745)
457,440,662
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $27,806,278,975)
 
 
$
36,708,131,721
Segregated cash with brokers for derivative instruments
 
 
330,858
Receivable for investments sold
 
 
16,552,650
Receivable for fund shares sold
 
 
31,528,198
Dividends receivable
 
 
13,069,672
Distributions receivable from Fidelity Central Funds
 
 
584,284
Other receivables
 
 
477,380
  Total assets
 
 
36,770,674,763
Liabilities
 
 
 
 
Payable for investments purchased
$
5,842,657
 
 
Payable for fund shares redeemed
31,912,275
 
 
Accrued management fee
763,065
 
 
Payable for daily variation margin on futures contracts
1,245,113
 
 
Other payables and accrued expenses
186,262
 
 
Collateral on securities loaned
391,208,888
 
 
  Total liabilities
 
 
 
431,158,260
Net Assets  
 
 
$
36,339,516,503
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
26,614,285,189
Total accumulated earnings (loss)
 
 
 
9,725,231,314
Net Assets
 
 
$
36,339,516,503
Net Asset Value, offering price and redemption price per share ($36,339,516,503 ÷ 1,064,476,396 shares)
 
 
$
34.14
Statement of Operations
Six months ended October 31, 2024 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
275,746,744
Interest  
 
 
183,342
Income from Fidelity Central Funds (including $3,067,303 from security lending)
 
 
5,243,017
 Total income
 
 
 
281,173,103
Expenses
 
 
 
 
Management fee
$
4,350,622
 
 
Independent trustees' fees and expenses
38,265
 
 
 Total expenses before reductions
 
4,388,887
 
 
 Expense reductions
 
(18,173)
 
 
 Total expenses after reductions
 
 
 
4,370,714
Net Investment income (loss)
 
 
 
276,802,389
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
773,307,309
 
 
   Redemptions in-kind
 
289,430,726
 
 
   Fidelity Central Funds
 
(3,911)
 
 
 Foreign currency transactions
 
19,087
 
 
 Futures contracts
 
1,927,815
 
 
Total net realized gain (loss)
 
 
 
1,064,681,026
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
2,262,794,170
 
 
   Fidelity Central Funds
 
1
 
 
 Futures contracts
 
2,432,657
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
2,265,226,828
Net gain (loss)
 
 
 
3,329,907,854
Net increase (decrease) in net assets resulting from operations
 
 
$
3,606,710,243
Statement of Changes in Net Assets
 
 
Six months ended
October 31, 2024
(Unaudited)
 
Year ended
April 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
276,802,389
$
488,442,538
Net realized gain (loss)
 
1,064,681,026
 
639,276,128
Change in net unrealized appreciation (depreciation)
 
2,265,226,828
 
3,354,358,512
Net increase (decrease) in net assets resulting from operations
 
3,606,710,243
 
4,482,077,178
Distributions to shareholders
 
(13,023,788)
 
(428,689,183)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
4,457,697,255
 
9,972,651,118
  Reinvestment of distributions
 
12,257,069
 
400,753,665
Cost of shares redeemed
 
(5,165,347,749)
 
(7,506,272,157)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(695,393,425)
 
2,867,132,626
Total increase (decrease) in net assets
 
2,898,293,030
 
6,920,520,621
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
33,441,223,473
 
26,520,702,852
End of period
$
36,339,516,503
$
33,441,223,473
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
136,792,875
 
344,911,645
  Issued in reinvestment of distributions
 
389,976
 
13,816,637
Redeemed
 
(159,434,201)
 
(260,581,026)
Net increase (decrease)
 
(22,251,350)
 
98,147,256
 
 
 
 
 
Financial Highlights
 
Fidelity® Mid Cap Index Fund
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
30.77
$
26.83
$
27.85
$
30.70
$
19.71
$
22.53
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.26
 
.48
 
.46
 
.38
 
.34
 
.40
     Net realized and unrealized gain (loss)
 
3.12
 
3.88
 
(.94)
 
(2.16)
 
11.28
 
(2.54)
  Total from investment operations
 
3.38  
 
4.36  
 
(.48)  
 
(1.78)  
 
11.62
 
(2.14)
  Distributions from net investment income
 
(.01)
 
(.42)
 
(.41)
 
(.35)
 
(.37)
 
(.34)
  Distributions from net realized gain
 
-
 
-
 
(.12)
 
(.72)
 
(.26)
 
(.34)
     Total distributions
 
(.01)
 
(.42)
 
(.54) C
 
(1.07)
 
(.63)
 
(.68)
  Net asset value, end of period
$
34.14
$
30.77
$
26.83
$
27.85
$
30.70
$
19.71
 Total Return D,E
 
10.99
%
 
16.34%
 
(1.65)%
 
(6.13)%
 
59.59%
 
(9.99)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.02% H
 
.03%
 
.03%
 
.03%
 
.03%
 
.03%
    Expenses net of fee waivers, if any
 
.02
% H
 
.03%
 
.03%
 
.03%
 
.03%
 
.03%
    Expenses net of all reductions
 
.02% H
 
.02%
 
.02%
 
.03%
 
.03%
 
.03%
    Net investment income (loss)
 
1.58% H
 
1.66%
 
1.72%
 
1.24%
 
1.35%
 
1.82%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
36,339,517
$
33,441,223
$
26,520,703
$
24,606,512
$
21,954,129
$
11,955,404
    Portfolio turnover rate I
 
28
% H,J
 
8% J
 
9% J
 
12% J
 
14% J
 
14%
 
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees 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.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Small Cap Index Fund
Schedule of Investments October 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.9%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 2.7%
 
 
 
Diversified Telecommunication Services - 0.7%
 
 
 
Anterix, Inc. (a)
 
105,270
3,419,170
AST SpaceMobile, Inc. Class A, (a)(b)
 
1,367,524
32,560,746
ATN International, Inc.
 
108,067
2,265,084
Bandwidth, Inc. Class A, (a)(b)
 
253,971
4,952,435
Cogent Communications Group, Inc. (b)
 
449,223
36,059,130
Consolidated Communications Holdings, Inc. (a)
 
733,728
3,400,829
Globalstar, Inc. (a)
 
7,440,697
7,812,732
IDT Corp. Class B
 
157,574
7,394,948
Liberty Latin America Ltd.:
 
 
 
 Class A (a)
 
41,330
404,621
 Class C (a)(b)
 
1,591,934
15,409,921
Lumen Technologies, Inc. (a)
 
10,328,716
66,000,495
Shenandoah Telecommunications Co.
 
494,392
6,842,385
 
 
 
186,522,496
Entertainment - 0.5%
 
 
 
AMC Entertainment Holdings, Inc. Class A (a)(b)
 
3,453,025
15,158,780
Atlanta Braves Holdings, Inc.:
 
 
 
 Class A (a)(b)
 
102,346
4,304,673
 Class C, (a)
 
513,636
20,293,758
Cinemark Holdings, Inc. (a)
 
1,124,298
33,447,866
Eventbrite, Inc. (a)
 
815,992
2,611,174
Golden Matrix Group, Inc. (a)(b)
 
205,999
517,057
IMAX Corp. (a)
 
436,038
10,595,723
Lions Gate Entertainment Corp.:
 
 
 
 Class A (a)(b)
 
887,752
7,013,241
 Class B (a)
 
959,145
6,761,972
LiveOne, Inc. (a)
 
768,519
530,278
Madison Square Garden Entertainment Corp. Class A (a)
 
399,896
16,679,662
Marcus Corp.
 
243,035
4,586,070
Playstudios, Inc. Class A (a)
 
891,664
1,185,913
Reservoir Media, Inc. (a)(b)
 
196,336
1,635,479
Sphere Entertainment Co. Class A (a)(b)
 
270,398
11,305,340
Vivid Seats, Inc. Class A (a)(b)
 
787,131
3,203,623
 
 
 
139,830,609
Interactive Media & Services - 0.6%
 
 
 
Bumble, Inc. Class A (a)
 
972,043
6,882,064
CarGurus, Inc. Class A (a)
 
903,172
28,016,395
Cars.com, Inc. (a)
 
671,429
10,736,150
EverQuote, Inc. Class A (a)(b)
 
257,632
4,632,223
fuboTV, Inc. (a)(b)
 
2,992,015
5,206,106
Getty Images Holdings, Inc. (a)(b)
 
1,029,646
4,273,031
Grindr, Inc. (a)(b)
 
251,924
3,370,743
MediaAlpha, Inc. Class A (a)
 
302,617
5,183,829
Nextdoor Holdings, Inc. Class A (a)
 
1,788,728
4,328,722
Outbrain, Inc. (a)
 
384,723
1,650,462
QuinStreet, Inc. (a)
 
536,937
11,275,677
Shutterstock, Inc. (b)
 
255,409
8,196,075
System1, Inc. (a)(b)
 
240,394
235,586
TrueCar, Inc. (a)
 
881,387
3,446,223
Vimeo, Inc. Class A (a)
 
1,515,674
7,229,765
Webtoon Entertainment, Inc.
 
153,529
1,596,702
Yelp, Inc. Class A (a)
 
667,992
22,805,247
Ziff Davis, Inc. (a)
 
463,792
21,459,656
ZipRecruiter, Inc. (a)
 
723,340
6,705,362
 
 
 
157,230,018
Media - 0.8%
 
 
 
Advantage Solutions, Inc. Class A (a)(b)
 
1,092,546
3,343,191
AMC Networks, Inc. Class A (a)(b)
 
321,038
2,600,408
Boston Omaha Corp. (a)
 
249,598
3,684,066
Cable One, Inc. (b)
 
57,466
19,628,087
Cardlytics, Inc. (a)(b)
 
412,439
1,777,612
Clear Channel Outdoor Holdings, Inc. (a)
 
3,598,471
5,289,752
E.W. Scripps Co. Class A (a)(b)
 
608,626
2,041,940
EchoStar Corp. Class A (a)
 
1,242,232
31,130,334
Emerald Holding, Inc.
 
155,428
612,386
Entravision Communication Corp. Class A
 
642,357
1,490,268
Gambling.com Group Ltd. (a)(b)
 
178,828
1,722,114
Gannett Co., Inc. (a)(b)
 
1,452,444
6,811,962
Gray Television, Inc.
 
865,853
4,944,021
Ibotta, Inc. (b)
 
77,913
5,710,244
iHeartMedia, Inc. (a)(b)
 
1,054,080
2,087,078
Innovid Corp. (a)
 
1,096,038
2,093,433
Integral Ad Science Holding Corp. (a)
 
740,544
8,768,041
John Wiley & Sons, Inc. Class A
 
369,091
18,196,186
Magnite, Inc. (a)
 
1,289,030
16,087,094
National CineMedia, Inc. (a)
 
728,879
5,240,640
PubMatic, Inc. Class A (a)
 
426,534
6,272,182
Scholastic Corp.
 
236,778
5,879,198
Sinclair, Inc. Class A (b)
 
326,778
5,643,456
Stagwell, Inc. (a)(b)
 
880,837
5,469,998
TechTarget, Inc. (a)
 
263,714
7,633,202
TEGNA, Inc.
 
1,728,315
28,396,215
Thryv Holdings, Inc. (a)(b)
 
322,835
4,642,367
Townsquare Media, Inc.
 
134,123
1,314,405
WideOpenWest, Inc. (a)
 
501,496
2,502,465
 
 
 
211,012,345
Wireless Telecommunication Services - 0.1%
 
 
 
Gogo, Inc. (a)(b)
 
653,281
4,278,991
Spok Holdings, Inc.
 
194,617
3,030,187
Telephone & Data Systems, Inc.
 
1,006,678
29,948,671
 
 
 
37,257,849
TOTAL COMMUNICATION SERVICES
 
 
731,853,317
CONSUMER DISCRETIONARY - 9.8%
 
 
 
Automobile Components - 1.1%
 
 
 
Adient PLC (a)
 
908,250
17,738,123
American Axle & Manufacturing Holdings, Inc. (a)
 
1,156,310
6,533,152
Cooper-Standard Holding, Inc. (a)(b)
 
171,381
2,150,832
Dana, Inc.
 
1,327,514
10,182,032
Dorman Products, Inc. (a)
 
267,660
30,521,270
Fox Factory Holding Corp. (a)
 
431,054
15,513,633
Gentherm, Inc. (a)
 
320,686
13,452,778
Holley, Inc. (a)(b)
 
459,979
1,191,346
LCI Industries
 
253,152
28,170,755
Luminar Technologies, Inc. Class A (a)(b)
 
3,421,530
2,653,054
Modine Manufacturing Co. (a)
 
527,893
62,169,959
Patrick Industries, Inc.
 
220,777
27,813,486
Phinia, Inc.
 
443,244
20,646,306
Solid Power, Inc. (a)(b)
 
1,565,097
1,846,814
Standard Motor Products, Inc.
 
210,373
6,771,907
Stoneridge, Inc. (a)
 
273,556
1,912,156
The Goodyear Tire & Rubber Co. (a)
 
2,897,399
23,208,166
Visteon Corp. (a)
 
277,791
25,070,638
XPEL, Inc. (a)(b)
 
257,497
9,931,659
 
 
 
307,478,066
Automobiles - 0.1%
 
 
 
Canoo, Inc. (a)(b)
 
658,665
498,609
LiveWire Group, Inc. (a)(b)
 
189,208
1,118,219
Winnebago Industries, Inc. (b)
 
290,317
16,269,365
 
 
 
17,886,193
Broadline Retail - 0.0%
 
 
 
1stDibs.com, Inc. (a)
 
258,538
1,078,103
Groupon, Inc. (a)(b)
 
236,637
2,427,896
Qurate Retail, Inc. Class B (a)
 
12,290
38,222
Savers Value Village, Inc. (a)(b)
 
239,266
2,447,691
 
 
 
5,991,912
Distributors - 0.1%
 
 
 
A-Mark Precious Metals, Inc.
 
178,685
6,941,912
GigaCloud Technology, Inc. Class A (a)(b)
 
240,052
5,465,984
Weyco Group, Inc.
 
63,267
2,129,567
 
 
 
14,537,463
Diversified Consumer Services - 1.0%
 
 
 
Adtalem Global Education, Inc. (a)
 
382,851
30,980,303
American Public Education, Inc. (a)
 
160,757
2,438,684
Carriage Services, Inc.
 
139,672
5,222,336
Chegg, Inc. (a)
 
993,854
1,590,166
Coursera, Inc. (a)
 
1,402,530
9,747,584
European Wax Center, Inc. Class A (a)
 
342,701
2,464,020
Frontdoor, Inc. (a)
 
800,700
39,786,783
Graham Holdings Co. Class B
 
33,262
28,049,845
Laureate Education, Inc.
 
1,371,247
23,558,023
Lincoln Educational Services Corp. (a)
 
264,598
3,513,861
Mister Car Wash, Inc. (a)(b)
 
960,096
7,210,321
Nerdy, Inc. Class A (a)(b)
 
759,645
686,719
OneSpaWorld Holdings Ltd.
 
1,031,660
18,064,367
Perdoceo Education Corp.
 
670,334
14,981,965
Strategic Education, Inc.
 
227,089
19,747,659
Stride, Inc. (a)(b)
 
434,759
40,554,320
Udemy, Inc. (a)
 
978,759
7,673,471
Universal Technical Institute, Inc. (a)
 
404,939
6,738,185
 
 
 
263,008,612
Hotels, Restaurants & Leisure - 1.9%
 
 
 
Accel Entertainment, Inc. Class A (a)
 
529,809
5,849,091
Bally's Corp. (a)(b)
 
242,630
4,233,894
Biglari Holdings, Inc. Class B (a)
 
7,325
1,247,521
BJ's Restaurants, Inc. (a)
 
194,336
7,207,922
Bloomin' Brands, Inc.
 
804,832
13,352,163
Brinker International, Inc. (a)
 
449,740
46,192,795
Cracker Barrel Old Country Store, Inc. (b)
 
225,947
10,748,299
Dave & Buster's Entertainment, Inc. (a)(b)
 
328,707
12,139,150
Denny's Corp. (a)
 
504,605
3,234,518
Despegar.com Corp. (a)(b)
 
631,967
9,125,603
Dine Brands Global, Inc.
 
154,726
4,709,859
El Pollo Loco Holdings, Inc. (a)
 
260,051
3,177,823
Empire Resorts, Inc. (c)
 
17,230
0
Everi Holdings, Inc. (a)
 
803,015
10,704,190
First Watch Restaurant Group, Inc. (a)(b)
 
309,970
5,267,940
Full House Resorts, Inc. (a)(b)
 
331,866
1,689,198
Global Business Travel Group, Inc. (a)(b)
 
1,287,431
9,823,099
Golden Entertainment, Inc.
 
206,471
6,065,086
Hilton Grand Vacations, Inc. (a)
 
752,878
27,766,141
Inspired Entertainment, Inc. (a)
 
222,920
2,126,657
International Game Technology PLC
 
1,161,690
23,605,541
Jack in the Box, Inc. (b)
 
198,972
9,799,371
Krispy Kreme, Inc.
 
871,687
9,911,081
Kura Sushi U.S.A., Inc. Class A (a)(b)
 
60,734
6,062,468
Life Time Group Holdings, Inc. (a)
 
609,346
13,576,229
Lindblad Expeditions Holdings (a)(b)
 
365,633
3,455,232
Monarch Casino & Resort, Inc.
 
132,189
10,378,158
Mondee Holdings, Inc. Class A (a)(b)
 
402,824
511,586
Nathan's Famous, Inc.
 
27,564
2,321,716
Papa John's International, Inc.
 
337,525
17,682,935
PlayAGS, Inc. (a)
 
388,844
4,522,256
Portillo's, Inc. Class A (a)(b)
 
550,994
7,124,352
Potbelly Corp. (a)
 
277,550
2,048,319
RCI Hospitality Holdings, Inc.
 
86,428
3,752,704
Red Rock Resorts, Inc.
 
500,522
25,756,862
Rush Street Interactive, Inc. (a)
 
783,819
8,480,922
Sabre Corp. (a)
 
3,838,348
12,282,714
Shake Shack, Inc. Class A (a)
 
388,776
47,302,376
Six Flags Entertainment Corp.
 
945,865
37,276,540
Super Group SGHC Ltd.
 
1,539,674
6,312,663
Sweetgreen, Inc. Class A (a)(b)
 
1,009,136
36,429,810
Target Hospitality Corp. (a)
 
333,515
2,488,022
The Cheesecake Factory, Inc.
 
493,136
22,792,746
The ONE Group Hospitality, Inc. (a)(b)
 
206,327
705,638
United Parks & Resorts, Inc. (a)(b)
 
358,763
18,881,697
Vacasa, Inc. Class A (a)(b)
 
96,671
245,544
Xponential Fitness, Inc. (a)(b)
 
243,774
2,986,232
 
 
 
521,354,663
Household Durables - 2.3%
 
 
 
Beazer Homes U.S.A., Inc. (a)
 
302,059
9,291,335
Cavco Industries, Inc. (a)
 
85,748
35,139,102
Century Communities, Inc.
 
285,386
25,302,323
Champion Homes, Inc. (a)
 
548,232
48,370,509
Cricut, Inc.
 
471,688
3,103,707
Dream Finders Homes, Inc. (a)(b)
 
285,324
8,516,921
Ethan Allen Interiors, Inc.
 
232,320
6,428,294
Flexsteel Industries, Inc.
 
46,742
2,721,319
GoPro, Inc. Class A (a)
 
1,265,015
1,707,770
Green Brick Partners, Inc. (a)
 
323,751
22,342,057
Hamilton Beach Brands Holding Co. Class A
 
84,621
2,339,771
Helen of Troy Ltd. (a)
 
231,554
14,738,412
Hooker Furnishings Corp.
 
106,871
1,713,142
Hovnanian Enterprises, Inc. Class A (a)
 
51,027
8,982,793
Installed Building Products, Inc.
 
244,807
53,098,638
iRobot Corp. (a)(b)
 
285,981
2,496,614
KB Home
 
686,861
53,918,589
La-Z-Boy, Inc.
 
430,922
16,396,582
Landsea Homes Corp. Class A (a)
 
181,895
1,888,070
Legacy Housing Corp. (a)
 
113,545
2,815,916
LGI Homes, Inc. (a)
 
212,972
21,629,436
Lifetime Brands, Inc.
 
124,151
715,110
Lovesac (a)
 
145,354
4,238,523
M/I Homes, Inc. (a)
 
272,353
41,285,991
Meritage Homes Corp.
 
366,699
66,445,859
Purple Innovation, Inc. Class A (a)
 
582,678
520,273
Sonos, Inc. (a)
 
1,256,526
15,744,271
Taylor Morrison Home Corp. (a)
 
1,043,360
71,470,160
Traeger, Inc. (a)(b)
 
349,517
1,083,503
TRI Pointe Homes, Inc. (a)
 
939,823
37,997,044
United Homes Group, Inc. (a)(b)
 
51,046
275,138
Vizio Holding Corp. (a)(b)
 
899,594
10,012,481
Worthington Enterprises, Inc.
 
319,829
12,249,451
 
 
 
604,979,104
Leisure Products - 0.5%
 
 
 
Acushnet Holdings Corp. (b)
 
296,712
18,188,446
AMMO, Inc. (a)(b)
 
906,627
979,157
Clarus Corp.
 
308,514
1,298,844
Escalade, Inc. (b)
 
102,016
1,329,268
Funko, Inc. (a)(b)
 
320,588
3,795,762
JAKKS Pacific, Inc. (a)
 
82,007
2,587,321
Johnson Outdoors, Inc. Class A
 
46,800
1,479,816
Latham Group, Inc. (a)
 
420,744
2,734,836
Malibu Boats, Inc. Class A (a)
 
206,940
9,287,467
Marine Products Corp.
 
95,337
897,121
MasterCraft Boat Holdings, Inc. (a)(b)
 
169,693
2,945,870
Peloton Interactive, Inc. Class A (a)(b)
 
3,489,857
29,663,785
Smith & Wesson Brands, Inc.
 
463,374
6,003,010
Solo Brands, Inc. Class A (a)(b)
 
265,781
332,226
Sturm, Ruger & Co., Inc.
 
165,989
6,526,687
Topgolf Callaway Brands Corp. (a)(b)
 
1,443,771
14,019,016
Vista Outdoor, Inc. (a)
 
594,757
26,151,465
 
 
 
128,220,097
Specialty Retail - 2.2%
 
 
 
1-800-FLOWERS.com, Inc. Class A (a)(b)
 
263,257
2,190,298
a.k.a. Brands Holding Corp. (a)(b)
 
6,597
151,665
Abercrombie & Fitch Co. Class A (a)
 
513,425
67,664,281
Academy Sports & Outdoors, Inc.
 
721,296
36,685,115
America's Car Mart, Inc. (a)
 
56,805
2,217,667
American Eagle Outfitters, Inc.
 
1,861,896
36,474,543
Arhaus, Inc. Class A, (b)
 
525,251
4,454,128
Arko Corp.
 
817,081
5,433,589
Asbury Automotive Group, Inc. (a)(b)
 
206,814
47,120,502
BARK, Inc. (a)(b)
 
1,362,307
1,975,345
Beyond, Inc. (a)(b)
 
462,842
2,966,817
Boot Barn Holdings, Inc. (a)
 
302,450
37,670,148
Build-A-Bear Workshop, Inc. (b)
 
130,481
4,970,021
Caleres, Inc.
 
349,302
10,426,665
Camping World Holdings, Inc. Class A
 
429,600
8,617,776
Citi Trends, Inc. (a)(b)
 
63,638
1,202,122
Designer Brands, Inc. Class A (b)
 
429,605
2,238,242
Destination XL Group, Inc. (a)(b)
 
540,947
1,447,033
EVgo, Inc. Class A (a)(b)
 
1,032,087
8,091,562
Foot Locker, Inc.
 
851,144
19,738,029
Genesco, Inc. (a)
 
110,204
2,823,426
Group 1 Automotive, Inc.
 
135,086
49,214,532
GrowGeneration Corp. (a)(b)
 
588,953
1,210,298
Haverty Furniture Companies, Inc.
 
146,179
3,237,865
J. Jill, Inc.
 
55,903
1,336,641
Lands' End, Inc. (a)(b)
 
146,162
2,300,590
Leslie's, Inc. (a)(b)
 
1,823,262
4,904,575
MarineMax, Inc. (a)
 
220,080
6,410,930
Monro, Inc. (b)
 
304,511
8,346,647
National Vision Holdings, Inc. (a)
 
789,596
8,211,798
OneWater Marine, Inc. Class A (a)(b)
 
120,543
2,624,221
Petco Health & Wellness Co., Inc. Class A (a)
 
857,794
3,662,780
Revolve Group, Inc. (a)(b)
 
393,500
9,766,670
RumbleON, Inc. Class B (a)(b)
 
161,781
815,376
Sally Beauty Holdings, Inc. (a)
 
1,053,505
13,695,565
Shoe Carnival, Inc. (b)
 
183,120
6,275,522
Signet Jewelers Ltd.
 
436,092
39,980,915
Sleep Number Corp. (a)(b)
 
218,640
2,995,368
Sonic Automotive, Inc. Class A (sub. vtg.)
 
148,101
8,401,770
Stitch Fix, Inc. (a)(b)
 
916,708
2,892,214
The Buckle, Inc.
 
317,091
13,495,393
The ODP Corp. (a)
 
354,656
11,004,976
The RealReal, Inc. (a)(b)
 
994,858
2,885,088
thredUP, Inc. Class A (a)
 
812,253
500,754
Tile Shop Holdings, Inc. (a)(b)
 
291,990
1,930,054
Tilly's, Inc. (a)
 
142,176
571,548
Torrid Holdings, Inc. (a)
 
125,200
454,476
Upbound Group, Inc.
 
546,501
15,979,689
Urban Outfitters, Inc. (a)
 
653,761
23,502,708
Victoria's Secret & Co. (a)
 
800,379
24,219,469
Warby Parker, Inc. (a)
 
891,325
15,090,132
Winmark Corp.
 
29,324
10,934,626
Zumiez, Inc. (a)(b)
 
166,456
3,428,994
 
 
 
604,841,158
Textiles, Apparel & Luxury Goods - 0.6%
 
 
 
Figs, Inc. Class A (a)(b)
 
1,326,774
8,292,338
G-III Apparel Group Ltd. (a)
 
412,041
12,476,601
Hanesbrands, Inc. (a)
 
3,596,631
24,996,585
Kontoor Brands, Inc.
 
568,496
48,680,312
Movado Group, Inc.
 
153,386
2,833,039
Oxford Industries, Inc.
 
150,825
10,952,912
Rocky Brands, Inc.
 
74,452
1,514,354
Steven Madden Ltd.
 
741,922
33,364,232
Superior Group of Companies, Inc.
 
131,766
1,943,549
Vera Bradley, Inc. (a)(b)
 
250,839
1,256,703
Wolverine World Wide, Inc.
 
810,418
12,472,333
 
 
 
158,782,958
TOTAL CONSUMER DISCRETIONARY
 
 
2,627,080,226
CONSUMER STAPLES - 2.8%
 
 
 
Beverages - 0.3%
 
 
 
Duckhorn Portfolio, Inc. (a)(b)
 
538,767
5,904,886
MGP Ingredients, Inc. (b)
 
144,245
6,929,530
National Beverage Corp.
 
240,475
10,867,065
Primo Water Corp.
 
1,614,380
42,345,187
The Vita Coco Co., Inc. (a)(b)
 
401,367
11,884,477
 
 
 
77,931,145
Consumer Staples Distribution & Retail - 0.9%
 
 
 
Andersons, Inc.
 
332,763
15,107,440
Chefs' Warehouse Holdings (a)
 
358,437
14,308,805
HF Foods Group, Inc. (a)
 
406,026
1,388,609
Ingles Markets, Inc. Class A
 
146,192
9,335,821
Natural Grocers by Vitamin Cottage, Inc.
 
96,670
2,646,825
PriceSmart, Inc.
 
256,871
21,340,843
SpartanNash Co.
 
339,404
7,141,060
Sprouts Farmers Market LLC (a)
 
1,028,246
132,057,634
United Natural Foods, Inc. (a)
 
597,223
12,147,516
Village Super Market, Inc. Class A
 
87,980
2,510,949
Weis Markets, Inc.
 
167,856
10,556,464
 
 
 
228,541,966
Food Products - 1.0%
 
 
 
Alico, Inc.
 
70,970
1,739,475
B&G Foods, Inc. (b)
 
793,138
6,757,536
Beyond Meat, Inc. (a)(b)
 
606,607
3,694,237
BRC, Inc. Class A (a)(b)
 
536,674
1,679,790
Cal-Maine Foods, Inc.
 
418,431
36,729,873
Calavo Growers, Inc.
 
170,707
4,537,392
Dole PLC
 
767,058
12,387,987
Forafric Global PLC (a)(b)
 
48,719
500,831
Fresh Del Monte Produce, Inc.
 
342,336
10,992,409
J&J Snack Foods Corp.
 
156,089
25,617,327
John B. Sanfilippo & Son, Inc.
 
91,228
7,527,222
Lancaster Colony Corp.
 
199,798
34,684,933
Lifeway Foods, Inc. (a)
 
46,535
1,238,296
Limoneira Co.
 
172,633
4,426,310
Mama's Creations, Inc. (a)
 
339,393
2,528,478
Mission Produce, Inc. (a)
 
443,323
5,231,211
Seneca Foods Corp. Class A (a)(b)
 
46,243
2,859,205
SunOpta, Inc. (a)(b)
 
934,074
6,113,514
The Hain Celestial Group, Inc. (a)
 
909,776
7,942,344
The Simply Good Foods Co. (a)
 
930,681
31,326,722
TreeHouse Foods, Inc. (a)
 
487,264
17,726,664
Utz Brands, Inc. Class A (b)
 
665,343
11,457,206
Vital Farms, Inc. (a)
 
334,463
11,599,177
Westrock Coffee Holdings (a)(b)
 
342,622
2,275,010
WK Kellogg Co. (b)
 
670,998
11,158,697
 
 
 
262,731,846
Household Products - 0.3%
 
 
 
Central Garden & Pet Co. (a)(b)
 
282,928
9,704,430
Central Garden & Pet Co. Class A (non-vtg.)
 
327,280
9,536,939
Energizer Holdings, Inc.
 
728,018
23,347,537
Oil-Dri Corp. of America
 
50,889
3,452,819
WD-40 Co.
 
139,322
36,512,117
 
 
 
82,553,842
Personal Care Products - 0.2%
 
 
 
Edgewell Personal Care Co.
 
498,237
17,413,383
Herbalife Ltd. (a)(b)
 
1,014,663
7,660,706
Interparfums, Inc.
 
186,452
22,573,744
MediFast, Inc. (b)
 
107,701
1,979,544
Nature's Sunshine Products, Inc. (a)
 
127,761
1,617,454
Nu Skin Enterprises, Inc. Class A
 
494,745
3,062,472
Olaplex Holdings, Inc. (a)
 
1,409,734
2,509,327
The Beauty Health Co. Class A, (a)(b)
 
755,943
1,220,848
The Honest Co., Inc. (a)
 
831,483
3,093,117
USANA Health Sciences, Inc. (a)
 
115,441
4,264,391
Veru, Inc. (a)
 
1,349,594
1,019,348
Waldencast PLC (a)
 
244,802
844,567
 
 
 
67,258,901
Tobacco - 0.1%
 
 
 
Ispire Technology, Inc. (a)(b)
 
195,887
1,098,926
Turning Point Brands, Inc.
 
175,059
8,268,037
Universal Corp.
 
245,573
12,504,577
 
 
 
21,871,540
TOTAL CONSUMER STAPLES
 
 
740,889,240
ENERGY - 5.2%
 
 
 
Energy Equipment & Services - 2.0%
 
 
 
Archrock, Inc.
 
1,705,325
34,140,607
Atlas Energy Solutions, Inc.
 
698,033
13,660,506
Borr Drilling Ltd.
 
2,421,291
10,145,209
Bristow Group, Inc. (a)
 
249,752
8,284,274
Cactus, Inc. Class A
 
669,968
39,722,403
Championx Corp.
 
1,946,478
54,929,609
Core Laboratories, Inc.
 
475,648
8,989,747
DMC Global, Inc. (a)
 
198,661
2,004,489
Drilling Tools International Corp. (a)(b)
 
113,811
381,267
Expro Group Holdings NV (a)
 
968,845
12,352,774
Forum Energy Technologies, Inc. (a)
 
113,016
1,579,964
Geospace Technologies Corp. (a)(b)
 
125,717
1,408,030
Helix Energy Solutions Group, Inc. (a)
 
1,468,611
13,584,652
Helmerich & Payne, Inc.
 
986,334
33,140,822
Innovex International, Inc. (a)
 
345,611
4,904,220
Kodiak Gas Services, Inc.
 
205,171
6,540,851
Liberty Energy, Inc. Class A
 
1,649,030
28,148,942
Mammoth Energy Services, Inc. (a)(b)
 
240,531
1,058,336
Nabors Industries Ltd. (a)(b)
 
92,611
6,891,185
Natural Gas Services Group, Inc. (a)
 
110,063
2,153,933
Newpark Resources, Inc. (a)
 
840,092
5,595,013
Noble Corp. PLC
 
1,411,391
45,136,284
Oceaneering International, Inc. (a)
 
1,033,086
25,207,298
Oil States International, Inc. (a)
 
608,615
2,878,749
Patterson-UTI Energy, Inc.
 
3,971,088
30,458,245
ProFrac Holding Corp. Class A (a)(b)
 
224,974
1,339,720
ProPetro Holding Corp. (a)
 
893,757
6,175,861
Ranger Energy Services, Inc. Class A
 
156,805
2,035,329
RPC, Inc.
 
864,441
4,910,025
SEACOR Marine Holdings, Inc. (a)(b)
 
243,117
1,653,196
Seadrill Ltd. (a)
 
698,958
27,503,997
Select Water Solutions, Inc. Class A
 
938,021
9,943,023
Solaris Oilfield Infrastructure, Inc. Class A
 
262,972
3,455,452
TETRA Technologies, Inc. (a)
 
1,273,453
4,266,068
Tidewater, Inc. (a)
 
498,321
29,934,142
Transocean Ltd. (United States) (a)(b)
 
7,411,060
32,164,000
Valaris Ltd. (a)
 
640,575
32,413,095
 
 
 
549,091,317
Oil, Gas & Consumable Fuels - 3.2%
 
 
 
Aemetis, Inc. (a)(b)
 
370,291
988,677
Amplify Energy Corp. (a)
 
393,923
2,607,770
Ardmore Shipping Corp.
 
425,907
6,009,548
Berry Corp.
 
789,114
3,961,352
California Resources Corp.
 
704,383
36,606,785
Centrus Energy Corp. Class A (a)(b)
 
143,487
14,895,385
Chord Energy Corp. warrants 9/1/25 (a)
 
14,729
73,645
Clean Energy Fuels Corp. (a)(b)
 
1,736,883
4,915,379
CNX Resources Corp. (a)(b)
 
1,508,334
51,328,606
Comstock Resources, Inc. (b)
 
940,608
10,873,428
CONSOL Energy, Inc.
 
298,723
33,134,355
Crescent Energy, Inc. Class A
 
1,466,180
18,224,617
CVR Energy, Inc.
 
349,624
5,559,022
Delek U.S. Holdings, Inc.
 
644,840
10,104,643
DHT Holdings, Inc.
 
1,377,460
14,215,387
Diversified Energy Co. PLC (b)
 
480,132
5,761,584
Dorian LPG Ltd.
 
369,957
10,673,259
Empire Petroleum Corp. (a)(b)
 
155,327
804,594
enCore Energy Corp. (a)(b)
 
1,846,639
7,220,358
Energy Fuels, Inc. (a)(b)
 
1,891,275
11,385,476
Evolution Petroleum Corp. (b)
 
320,471
1,650,426
Excelerate Energy, Inc.
 
177,118
4,229,578
FLEX LNG Ltd. (b)
 
309,695
7,587,528
FutureFuel Corp.
 
267,346
1,614,770
Golar LNG Ltd.
 
1,010,494
36,640,512
Granite Ridge Resources, Inc. (b)
 
539,793
3,200,972
Green Plains, Inc. (a)
 
646,625
7,908,224
Gulfport Energy Corp. (a)
 
132,338
18,320,873
Hallador Energy Co. (a)
 
257,465
2,556,627
HighPeak Energy, Inc. (b)
 
150,406
1,925,197
International Seaways, Inc.
 
411,775
17,928,684
Kinetik Holdings, Inc.
 
393,556
19,154,371
Kosmos Energy Ltd. (a)(b)
 
4,763,891
17,912,230
Magnolia Oil & Gas Corp. Class A
 
1,770,850
44,767,088
Murphy Oil Corp.
 
1,476,857
46,491,458
NACCO Industries, Inc. Class A
 
39,090
1,223,908
Nextdecade Corp. (a)(b)
 
1,174,686
6,860,166
Nordic American Tanker Shipping Ltd. (b)
 
2,083,512
6,813,084
Northern Oil & Gas, Inc.
 
1,014,277
36,767,541
Par Pacific Holdings, Inc. (a)
 
567,520
8,768,184
PBF Energy, Inc. Class A
 
1,058,365
30,184,570
Peabody Energy Corp.
 
1,290,383
33,898,361
PrimeEnergy Corp. (a)
 
7,483
1,234,321
Rex American Resources Corp. (a)
 
157,591
7,049,045
Riley Exploration Permian, Inc.
 
118,929
3,176,594
Ring Energy, Inc. (a)(b)
 
1,507,327
2,230,844
Sable Offshore Corp. (a)(b)
 
515,299
11,522,086
SandRidge Energy, Inc. (b)
 
325,768
3,612,767
Scorpio Tankers, Inc.
 
477,828
27,843,038
SFL Corp. Ltd.
 
1,213,962
12,880,137
Sitio Royalties Corp. Class A
 
831,647
18,537,412
SM Energy Co.
 
1,168,136
49,026,668
Talos Energy, Inc. (a)
 
1,507,230
15,403,891
Teekay Corp. Ltd.
 
579,806
4,852,976
Teekay Tankers Ltd.
 
244,234
11,645,077
Ur-Energy, Inc. (a)(b)
 
3,442,482
4,371,952
Uranium Energy Corp. (a)(b)
 
4,073,238
30,223,426
VAALCO Energy, Inc.
 
1,069,005
5,708,487
Verde Clean Fuels, Inc. (a)(b)
 
33,407
139,975
Vital Energy, Inc. (a)(b)
 
288,917
7,878,767
Vitesse Energy, Inc. (b)
 
258,097
6,418,872
W&T Offshore, Inc. (b)
 
966,800
2,059,284
World Kinect Corp.
 
592,964
15,506,009
 
 
 
847,069,850
TOTAL ENERGY
 
 
1,396,161,167
FINANCIALS - 18.6%
 
 
 
Banks - 10.2%
 
 
 
1st Source Corp.
 
187,998
11,135,122
ACNB Corp.
 
84,319
3,541,398
Amalgamated Financial Corp.
 
185,053
6,137,283
Amerant Bancorp, Inc. Class A
 
302,899
6,457,807
Ameris Bancorp
 
673,389
41,743,384
Ames National Corp.
 
89,123
1,514,645
Arrow Financial Corp.
 
168,445
4,807,420
Associated Banc-Corp.
 
1,522,456
36,143,105
Atlantic Union Bankshares Corp.
 
914,834
34,580,725
Axos Financial, Inc. (a)
 
558,388
37,814,035
Banc of California, Inc.
 
1,420,153
21,813,550
BancFirst Corp.
 
203,884
22,164,230
Bancorp, Inc., Delaware (a)
 
510,557
25,660,595
Bank First National Corp.
 
99,767
9,179,562
Bank of Hawaii Corp. (b)
 
399,231
28,836,455
Bank of Marin Bancorp
 
161,106
3,578,164
Bank7 Corp.
 
41,252
1,730,521
BankUnited, Inc.
 
761,614
26,915,439
Bankwell Financial Group, Inc.
 
64,653
1,843,257
Banner Corp.
 
350,979
22,476,695
Bar Harbor Bankshares
 
152,002
4,886,864
BayCom Corp.
 
103,766
2,578,585
BCB Bancorp, Inc.
 
150,115
1,822,396
Berkshire Hills Bancorp, Inc.
 
439,483
11,967,122
Blue Foundry Bancorp (a)
 
199,223
1,958,362
Bridgewater Bancshares, Inc. (a)
 
198,817
2,902,728
Brookline Bancorp, Inc., Delaware
 
896,894
10,090,058
Burke & Herbert Financial Services Corp.
 
138,325
8,761,506
Business First Bancshares, Inc.
 
247,073
6,470,842
Byline Bancorp, Inc.
 
317,091
8,532,919
Cadence Bank
 
1,861,493
62,229,711
California Bancorp (a)
 
243,275
3,546,950
Camden National Corp.
 
148,448
6,227,394
Capital Bancorp, Inc.
 
91,049
2,298,987
Capital City Bank Group, Inc.
 
139,301
4,875,535
Capitol Federal Financial, Inc.
 
1,249,444
8,052,667
Carter Bankshares, Inc. (a)
 
230,055
4,233,012
Cathay General Bancorp
 
711,356
32,708,149
Central Pacific Financial Corp.
 
273,995
7,381,425
Chemung Financial Corp.
 
31,438
1,502,108
ChoiceOne Financial Services, Inc. (b)
 
86,068
2,854,876
Citizens & Northern Corp.
 
151,492
2,866,229
Citizens Financial Services, Inc.
 
46,244
2,695,563
City Holding Co.
 
149,388
17,418,641
Civista Bancshares, Inc.
 
151,892
3,094,040
CNB Financial Corp., Pennsylvania
 
211,219
5,360,738
Coastal Financial Corp. of Washington (a)
 
116,001
7,306,903
Colony Bankcorp, Inc.
 
167,885
2,553,531
Columbia Financial, Inc. (a)
 
272,551
4,655,171
Community Bank System, Inc.
 
535,104
32,716,259
Community Trust Bancorp, Inc.
 
156,787
8,121,567
Community West Bank
 
170,953
3,203,659
ConnectOne Bancorp, Inc.
 
370,600
8,983,344
CrossFirst Bankshares, Inc. (a)
 
462,956
7,268,409
Customers Bancorp, Inc. (a)
 
301,372
13,902,290
CVB Financial Corp.
 
1,352,512
26,279,308
Dime Community Bancshares, Inc.
 
363,261
10,923,258
Eagle Bancorp, Inc.
 
301,145
7,893,010
Eastern Bankshares, Inc.
 
1,973,350
32,224,806
Enterprise Bancorp, Inc.
 
100,366
3,222,752
Enterprise Financial Services Corp.
 
378,613
19,960,477
Equity Bancshares, Inc.
 
147,128
6,251,469
Esquire Financial Holdings, Inc.
 
72,589
4,832,976
ESSA Bancorp, Inc.
 
82,740
1,557,167
Farmers & Merchants Bancorp, Inc.
 
129,532
3,511,613
Farmers National Banc Corp.
 
371,770
5,115,555
FB Financial Corp.
 
364,847
17,950,472
Fidelity D & D Bancorp, Inc.
 
48,740
2,558,850
Financial Institutions, Inc.
 
155,491
3,733,339
First Bancorp, North Carolina
 
410,254
17,107,592
First Bancorp, Puerto Rico
 
1,654,591
31,900,514
First Bancshares, Inc.
 
309,931
10,373,391
First Bank Hamilton New Jersey
 
212,977
3,015,754
First Busey Corp.
 
543,759
13,218,781
First Business Finance Services, Inc.
 
80,628
3,450,878
First Commonwealth Financial Corp.
 
1,031,977
16,965,702
First Community Bankshares, Inc.
 
174,592
7,238,584
First Financial Bancorp, Ohio
 
964,947
24,683,344
First Financial Bankshares, Inc.
 
1,330,715
48,092,040
First Financial Corp., Indiana
 
117,182
5,034,139
First Financial Northwest, Inc.
 
67,007
1,507,658
First Foundation, Inc.
 
640,124
4,308,035
First Internet Bancorp
 
83,485
2,919,470
First Interstate Bancsystem, Inc. Class A
 
814,517
25,087,124
First Merchants Corp.
 
597,669
22,143,636
First Mid-Illinois Bancshares, Inc.
 
232,791
8,880,977
First of Long Island Corp.
 
213,454
2,684,184
First Western Financial, Inc. (a)
 
81,776
1,554,562
Five Star Bancorp
 
171,692
5,164,495
Flagstar Financial, Inc.
 
2,586,080
26,171,130
Flushing Financial Corp.
 
280,791
4,401,399
FS Bancorp, Inc.
 
66,656
2,916,867
Fulton Financial Corp.
 
1,852,461
33,548,069
FVCBankcorp, Inc. (a)(b)
 
164,453
2,142,000
German American Bancorp, Inc.
 
290,268
11,752,951
Glacier Bancorp, Inc.
 
1,163,279
60,665,000
Great Southern Bancorp, Inc.
 
86,850
4,923,527
Greene County Bancorp, Inc.
 
71,299
1,996,372
Guaranty Bancshares, Inc. Texas
 
80,158
2,633,992
Hancock Whitney Corp.
 
887,773
46,235,218
Hanmi Financial Corp.
 
306,698
7,014,183
HarborOne Bancorp, Inc.
 
383,042
4,546,709
HBT Financial, Inc.
 
131,515
2,809,160
Heartland Financial U.S.A., Inc.
 
434,625
25,860,188
Heritage Commerce Corp.
 
604,742
5,872,045
Heritage Financial Corp., Washington
 
348,935
8,022,016
Hilltop Holdings, Inc.
 
469,151
14,370,095
Hingham Institution for Savings
 
15,664
3,971,137
Home Bancorp, Inc.
 
71,186
3,356,420
Home Bancshares, Inc.
 
1,919,914
52,394,453
HomeStreet, Inc.
 
187,014
1,693,412
HomeTrust Bancshares, Inc.
 
152,401
5,052,093
Hope Bancorp, Inc.
 
1,182,577
14,652,129
Horizon Bancorp, Inc. Indiana
 
440,943
7,063,907
Independent Bank Corp.
 
433,448
27,263,879
Independent Bank Corp.
 
205,883
6,748,845
Independent Bank Group, Inc.
 
371,155
21,660,606
International Bancshares Corp.
 
553,715
33,920,581
Investar Holding Corp.
 
91,210
1,903,553
John Marshall Bankcorp, Inc.
 
126,052
2,689,950
Kearny Financial Corp.
 
546,237
3,818,197
Lakeland Financial Corp.
 
255,385
16,617,902
LCNB Corp.
 
128,237
2,012,039
LINKBANCORP, Inc.
 
225,731
1,617,363
Live Oak Bancshares, Inc.
 
355,989
14,136,323
Mercantile Bank Corp.
 
161,545
6,923,819
Metrocity Bankshares, Inc.
 
190,655
5,639,575
Metropolitan Bank Holding Corp. (a)
 
108,365
5,797,528
Mid Penn Bancorp, Inc.
 
153,201
4,839,620
Middlefield Banc Corp.
 
73,788
2,083,773
Midland States Bancorp, Inc.
 
207,203
5,140,706
MidWestOne Financial Group, Inc.
 
150,252
4,348,293
MVB Financial Corp.
 
115,509
2,193,516
National Bank Holdings Corp. Class A
 
377,542
16,974,288
National Bankshares, Inc.
 
59,032
1,687,135
NB Bancorp, Inc.
 
397,404
7,506,962
NBT Bancorp, Inc.
 
470,208
20,914,852
Nicolet Bankshares, Inc.
 
136,294
13,859,737
Northeast Bank
 
66,691
5,926,162
Northeast Community Bancorp, Inc.
 
126,902
3,294,376
Northfield Bancorp, Inc.
 
396,302
4,664,475
Northrim Bancorp, Inc.
 
55,281
3,608,191
Northwest Bancshares, Inc.
 
1,298,764
17,260,574
Norwood Financial Corp.
 
74,150
2,174,820
Oak Valley Bancorp Oakdale California
 
69,021
1,863,567
OceanFirst Financial Corp.
 
588,112
10,703,638
OFG Bancorp
 
470,676
18,954,123
Old National Bancorp, Indiana
 
3,206,976
61,766,358
Old Second Bancorp, Inc.
 
437,746
7,187,789
Orange County Bancorp, Inc.
 
52,684
2,788,037
Origin Bancorp, Inc.
 
299,125
9,389,534
Orrstown Financial Services, Inc.
 
188,244
7,047,855
Pacific Premier Bancorp, Inc.
 
981,357
25,034,417
Park National Corp.
 
147,846
25,544,832
Parke Bancorp, Inc.
 
105,211
2,222,056
Pathward Financial, Inc.
 
256,086
18,120,645
PCB Bancorp
 
109,557
2,056,385
Peapack-Gladstone Financial Corp.
 
168,735
5,423,143
Peoples Bancorp of North Carolina
 
42,681
1,099,036
Peoples Bancorp, Inc.
 
354,624
10,915,327
Peoples Financial Services Corp.
 
93,160
4,346,846
Pioneer Bancorp, Inc. (a)
 
115,664
1,295,437
Plumas Bancorp
 
54,796
2,274,582
Ponce Financial Group, Inc. (a)
 
187,789
2,112,626
Preferred Bank, Los Angeles
 
127,218
10,733,383
Premier Financial Corp.
 
361,181
8,906,723
Primis Financial Corp.
 
206,238
2,316,053
Princeton Bancorp, Inc.
 
51,040
1,792,525
Provident Bancorp, Inc. (a)
 
151,356
1,569,562
Provident Financial Services, Inc.
 
1,284,822
24,000,475
QCR Holdings, Inc.
 
167,185
13,224,334
RBB Bancorp
 
170,470
3,784,434
Red River Bancshares, Inc.
 
45,870
2,395,331
Renasant Corp.
 
625,354
21,330,825
Republic Bancorp, Inc., Kentucky Class A
 
85,519
5,772,533
S&T Bancorp, Inc.
 
390,450
14,829,291
Sandy Spring Bancorp, Inc.
 
450,135
15,142,541
Seacoast Banking Corp., Florida
 
866,159
23,126,445
ServisFirst Bancshares, Inc.
 
519,375
43,180,838
Shore Bancshares, Inc.
 
318,070
4,624,738
Sierra Bancorp
 
132,607
3,766,039
Simmons First National Corp. Class A
 
1,267,463
29,405,142
SmartFinancial, Inc.
 
161,995
5,371,754
South Plains Financial, Inc.
 
118,312
3,987,114
Southern First Bancshares, Inc. (a)
 
75,830
2,897,464
Southern Missouri Bancorp, Inc.
 
97,747
5,796,397
Southern States Bancshares, Inc.
 
84,222
2,620,146
Southside Bancshares, Inc.
 
291,311
9,438,476
Southstate Corp.
 
776,643
75,745,992
Stellar Bancorp, Inc.
 
502,233
13,670,782
Sterling Bancorp, Inc. (a)(b)
 
198,164
925,426
Stock Yards Bancorp, Inc. (b)
 
262,202
16,906,785
Texas Capital Bancshares, Inc. (a)
 
472,208
36,336,406
The Bank of NT Butterfield & Son Ltd.
 
477,584
17,465,247
The First Bancorp, Inc.
 
109,100
2,825,690
Third Coast Bancshares, Inc. (a)
 
116,216
3,785,155
Timberland Bancorp, Inc./Washington
 
75,496
2,180,324
Tompkins Financial Corp.
 
130,133
8,398,784
TowneBank
 
718,478
23,364,905
Trico Bancshares
 
327,259
13,983,777
Triumph Bancorp, Inc. (a)
 
225,754
19,949,881
Trustco Bank Corp., New York
 
190,292
6,275,830
Trustmark Corp.
 
621,585
21,581,431
UMB Financial Corp.
 
457,773
50,231,431
United Bankshares, Inc., West Virginia
 
1,349,267
50,840,381
United Community Bank, Inc.
 
1,223,271
34,814,293
Unity Bancorp, Inc.
 
72,404
2,800,587
Univest Corp. of Pennsylvania
 
296,317
8,246,502
USCB Financial Holdings, Inc.
 
104,760
1,521,115
Valley National Bancorp
 
4,404,386
41,709,535
Veritex Holdings, Inc.
 
538,957
14,551,839
Virginia National Bankshares C
 
48,233
1,913,403
WaFd, Inc.
 
681,053
23,142,181
Washington Trust Bancorp, Inc.
 
173,800
5,931,794
WesBanco, Inc.
 
584,309
18,376,518
West Bancorp., Inc.
 
163,910
3,535,539
Westamerica Bancorp.
 
262,381
13,517,869
WSFS Financial Corp.
 
605,069
29,751,243
 
 
 
2,731,179,397
Capital Markets - 1.9%
 
 
 
Alti Global, Inc. Class A (a)(b)
 
340,663
1,389,905
Artisan Partners Asset Management, Inc. Class A, (b)
 
646,674
28,518,323
B. Riley Financial, Inc. (b)
 
205,875
1,213,633
BGC Group, Inc. Class A
 
3,715,353
34,812,858
BrightSphere Investment Group, Inc.
 
274,624
7,247,327
Cohen & Steers, Inc.
 
281,786
27,832,003
Diamond Hill Investment Group, Inc.
 
26,795
4,043,901
Digitalbridge Group, Inc. Class A
 
1,621,348
25,438,950
Donnelley Financial Solutions, Inc. (a)
 
262,582
15,319,034
Forge Global Holdings, Inc. Class A (a)(b)
 
1,168,700
1,355,692
GCM Grosvenor, Inc. Class A
 
428,233
4,941,809
Hamilton Lane, Inc. Class A
 
392,404
70,491,455
MarketWise, Inc. Class A
 
390,015
226,209
Moelis & Co. Class A
 
721,816
47,928,582
Open Lending Corp. (a)
 
1,045,459
5,854,570
P10, Inc. Class A
 
415,349
4,589,606
Patria Investments Ltd.
 
563,083
6,554,286
Perella Weinberg Partners Class A
 
538,090
10,885,561
Piper Sandler Cos.
 
177,661
50,391,766
PJT Partners, Inc. Class A (b)
 
240,966
33,484,635
Silvercrest Asset Management Group Class A
 
97,465
1,698,815
StepStone Group, Inc. Class A
 
635,173
38,192,952
StoneX Group, Inc. (a)
 
276,569
24,902,273
Value Line, Inc.
 
7,873
380,660
Victory Capital Holdings, Inc.
 
421,001
25,230,590
Virtus Investment Partners, Inc.
 
68,831
14,892,963
WisdomTree Investments, Inc.
 
1,424,153
14,739,984
 
 
 
502,558,342
Consumer Finance - 0.9%
 
 
 
Atlanticus Holdings Corp. (a)
 
55,600
2,067,764
Bread Financial Holdings, Inc.
 
507,728
25,310,241
Consumer Portfolio Services, Inc. (a)(b)
 
80,598
806,786
Encore Capital Group, Inc. (a)(b)
 
236,741
10,814,329
Enova International, Inc. (a)
 
260,613
22,649,876
FirstCash Holdings, Inc.
 
392,419
40,603,594
Green Dot Corp. Class A (a)
 
542,769
6,165,856
LendingClub Corp. (a)
 
1,122,285
15,914,001
LendingTree, Inc. (a)
 
102,458
5,843,180
Medallion Financial Corp. (b)
 
191,948
1,815,828
MoneyLion, Inc. Class A (a)(b)
 
86,787
3,729,237
Navient Corp.
 
786,972
11,198,612
Nelnet, Inc. Class A
 
144,220
16,253,594
NerdWallet, Inc. (a)
 
404,403
5,940,680
OppFi, Inc. Class A (b)
 
189,115
968,269
PRA Group, Inc. (a)
 
394,365
7,950,398
PROG Holdings, Inc.
 
424,067
18,519,006
Regional Management Corp.
 
83,630
2,401,854
Upstart Holdings, Inc. (a)(b)
 
786,799
38,301,375
World Acceptance Corp. (a)
 
35,296
4,027,274
 
 
 
241,281,754
Financial Services - 2.8%
 
 
 
Acacia Research Corp. (a)(b)
 
394,045
1,781,083
Alerus Financial Corp.
 
231,645
4,686,178
AvidXchange Holdings, Inc. (a)
 
1,775,445
14,629,667
Banco Latinoamericano de Comer Series E
 
280,252
8,959,656
Burford Capital Ltd.
 
2,048,736
27,657,936
Cannae Holdings, Inc.
 
569,741
11,309,359
Cantaloupe, Inc. (a)
 
604,032
5,351,724
Cass Information Systems, Inc.
 
140,641
5,816,912
Compass Diversified Holdings
 
685,012
14,864,760
Enact Holdings, Inc.
 
297,639
10,146,514
Essent Group Ltd.
 
1,064,751
63,895,708
EVERTEC, Inc.
 
656,200
21,497,112
Federal Agricultural Mortgage Corp. Class C (non-vtg.)
 
92,596
16,970,069
Flywire Corp. (a)
 
1,234,442
21,503,980
HA Sustainable Infrastructure Capital, Inc.
 
1,150,108
40,242,279
i3 Verticals, Inc. Class A (a)
 
231,126
5,313,587
International Money Express, Inc. (a)
 
321,710
5,658,879
Jackson Financial, Inc.
 
780,253
77,986,287
Marqeta, Inc. Class A (a)
 
4,760,674
26,945,415
Merchants Bancorp
 
185,538
6,853,774
Mr. Cooper Group, Inc. (a)
 
649,941
57,552,276
NCR Atleos Corp.
 
734,473
19,228,503
Newtekone, Inc.
 
237,819
3,110,673
NMI Holdings, Inc. (a)
 
800,486
30,962,798
Onity Group, Inc. (a)
 
63,211
1,878,631
PagSeguro Digital Ltd. (a)
 
1,927,257
15,495,146
Payoneer Global, Inc. (a)
 
2,899,471
24,993,440
Paysafe Ltd. (a)
 
331,108
7,032,734
Paysign, Inc. (a)
 
342,945
1,238,031
PennyMac Financial Services, Inc.
 
272,193
27,132,198
Priority Technology Holdings, Inc. (a)
 
188,021
1,013,433
Radian Group, Inc.
 
1,544,152
53,906,346
Remitly Global, Inc. (a)
 
1,501,277
26,992,960
Repay Holdings Corp. (a)(b)
 
926,002
7,366,346
Sezzle, Inc. (a)
 
23,805
5,109,981
StoneCo Ltd. Class A (a)
 
2,924,327
32,460,030
SWK Holdings Corp. (a)
 
29,189
478,991
Velocity Financial, Inc. (a)(b)
 
87,627
1,683,315
Walker & Dunlop, Inc.
 
328,911
35,972,996
Waterstone Financial, Inc.
 
162,046
2,388,558
 
 
 
748,068,265
Insurance - 1.9%
 
 
 
AMBAC Financial Group, Inc. (a)
 
435,862
4,929,599
American Coastal Insurance Cor (a)
 
245,311
2,980,529
Amerisafe, Inc.
 
192,206
10,388,734
Bowhead Specialty Holdings, Inc.
 
73,642
2,143,719
CNO Financial Group, Inc.
 
1,074,176
36,951,654
Crawford & Co. Class A
 
152,445
1,698,237
Donegal Group, Inc. Class A
 
152,072
2,305,412
Employers Holdings, Inc.
 
250,080
12,183,898
Enstar Group Ltd. (a)
 
128,735
41,517,038
F&G Annuities & Life, Inc.
 
190,887
7,654,569
Fidelis Insurance Holdings Ltd.
 
533,625
9,210,368
Genworth Financial, Inc. Class A (a)
 
4,361,478
29,396,362
GoHealth, Inc. (a)
 
41,506
470,678
Goosehead Insurance Class A (a)(b)
 
229,411
24,982,858
Greenlight Capital Re, Ltd. (a)
 
280,960
3,787,341
Hamilton Insurance Group Ltd.
 
403,289
7,025,294
HCI Group, Inc. (b)
 
84,633
9,589,765
Heritage Insurance Holdings, Inc. (a)
 
233,146
2,413,061
Hippo Holdings, Inc. (a)(b)
 
201,577
4,468,962
Horace Mann Educators Corp.
 
417,111
15,533,214
Investors Title Co.
 
14,535
3,361,655
James River Group Holdings Ltd.
 
315,587
1,962,951
Kingsway Financial Services, Inc. (a)(b)
 
126,236
1,129,812
Lemonade, Inc. (a)(b)
 
527,253
12,532,804
Maiden Holdings Ltd. (a)
 
888,161
1,372,209
MBIA, Inc. (b)
 
441,583
1,739,837
Mercury General Corp.
 
273,687
18,509,452
NI Holdings, Inc. (a)
 
76,211
1,196,513
Oscar Health, Inc. Class A (a)
 
1,987,170
33,384,456
Palomar Holdings, Inc. (a)
 
250,379
22,476,523
ProAssurance Corp. (a)
 
517,734
7,709,059
Root, Inc. (a)
 
87,989
6,017,568
Safety Insurance Group, Inc.
 
149,238
11,680,112
Selective Insurance Group, Inc.
 
619,083
56,225,118
Selectquote, Inc. (a)
 
1,371,700
2,743,400
Siriuspoint Ltd. (a)
 
1,008,663
13,253,832
Skyward Specialty Insurance Group, Inc. (a)
 
379,505
16,777,916
Stewart Information Services Corp.
 
276,610
19,030,768
The Baldwin Insurance Group, Inc. Class A, (a)
 
673,402
31,151,577
Tiptree, Inc.
 
258,697
5,280,006
Trupanion, Inc. (a)
 
337,129
18,467,927
United Fire Group, Inc.
 
213,139
4,186,050
Universal Insurance Holdings, Inc.
 
244,923
4,883,765
 
 
 
524,704,602
Mortgage Real Estate Investment Trusts - 0.9%
 
 
 
AG Mortgage Investment Trust, Inc.
 
307,534
2,241,923
Angel Oak Mortgage (REIT), Inc.
 
127,570
1,150,681
Apollo Commercial Real Estate Finance, Inc.
 
1,481,342
13,169,130
Arbor Realty Trust, Inc. (b)
 
1,887,850
27,826,909
Ares Commercial Real Estate Corp.
 
559,163
3,550,685
Armour Residential REIT, Inc. (b)
 
514,949
9,655,294
Blackstone Mortgage Trust, Inc. (b)
 
1,785,529
32,514,483
BrightSpire Capital, Inc.
 
1,364,468
8,295,965
Chimera Investment Corp.
 
826,903
12,486,235
Claros Mortgage Trust, Inc. (b)
 
896,430
5,638,545
Dynex Capital, Inc.
 
757,840
9,253,226
Ellington Financial LLC
 
849,579
10,271,410
Franklin BSP Realty Trust, Inc.
 
870,806
11,329,186
Granite Point Mortgage Trust, Inc.
 
516,378
1,538,806
Invesco Mortgage Capital, Inc.
 
520,514
4,200,548
KKR Real Estate Finance Trust, Inc.
 
608,451
7,051,947
Ladder Capital Corp. Class A
 
1,189,534
13,572,583
MFA Financial, Inc.
 
1,079,049
13,261,512
New York Mortgage Trust, Inc.
 
938,242
5,413,656
Nexpoint Real Estate Finance, Inc.
 
83,149
1,258,044
Orchid Island Capital, Inc.
 
740,886
5,608,507
PennyMac Mortgage Investment Trust
 
900,855
12,143,525
Ready Capital Corp. (b)
 
1,674,736
11,471,942
Redwood Trust, Inc.
 
1,349,555
9,878,743
Seven Hills Realty Trust
 
146,681
1,851,114
Sunrise Realty Trust, Inc.
 
57,709
791,767
TPG RE Finance Trust, Inc.
 
623,715
5,494,929
Two Harbors Investment Corp.
 
1,087,968
12,511,632
 
 
 
253,432,927
TOTAL FINANCIALS
 
 
5,001,225,287
HEALTH CARE - 17.4%
 
 
 
Biotechnology - 8.9%
 
 
 
2seventy bio, Inc. (a)(b)
 
496,153
2,153,304
4D Molecular Therapeutics, Inc. (a)
 
511,217
4,094,848
89Bio, Inc. (a)(b)
 
852,109
6,629,408
Absci Corp. (a)(b)
 
822,973
3,160,216
ACADIA Pharmaceuticals, Inc. (a)
 
1,221,021
17,814,696
Acelyrin, Inc. (a)
 
743,069
4,220,632
Achieve Life Sciences, Inc. (a)(b)
 
344,657
1,612,995
Acrivon Therapeutics, Inc. (a)(b)
 
119,150
953,200
Actinium Pharmaceuticals, Inc. (a)(b)
 
306,700
552,060
Acumen Pharmaceuticals, Inc. (a)
 
424,822
1,223,487
ADC Therapeutics SA (a)(b)
 
826,478
2,330,668
ADMA Biologics, Inc. (a)
 
2,302,140
37,547,903
Adverum Biotechnologies, Inc. (a)(b)
 
208,353
1,519,935
Aerovate Therapeutics, Inc. (a)(b)
 
130,205
319,002
Agenus, Inc. (a)(b)
 
212,216
891,307
Agios Pharmaceuticals, Inc. (a)
 
577,511
25,658,814
Akebia Therapeutics, Inc. (a)(b)
 
2,118,843
3,517,279
Akero Therapeutics, Inc. (a)
 
692,911
21,362,446
Aldeyra Therapeutics, Inc. (a)
 
512,654
2,696,560
Alector, Inc. (a)
 
821,077
4,039,699
Alkermes PLC (a)
 
1,670,964
42,943,775
Allogene Therapeutics, Inc. (a)(b)
 
1,309,093
3,344,733
Altimmune, Inc. (a)(b)
 
726,709
4,898,019
ALX Oncology Holdings, Inc. (a)
 
340,894
487,478
Amicus Therapeutics, Inc. (a)
 
2,991,586
34,163,912
AnaptysBio, Inc. (a)
 
198,668
4,297,189
Anavex Life Sciences Corp. (a)(b)
 
765,233
5,065,842
Anika Therapeutics, Inc. (a)
 
131,123
2,243,515
Annexon, Inc. (a)
 
976,644
7,149,034
Apogee Therapeutics, Inc. (a)
 
387,700
20,175,908
Applied Therapeutics, Inc. (a)(b)
 
982,333
8,683,824
Arbutus Biopharma Corp. (a)
 
1,491,940
5,736,509
Arcellx, Inc. (a)
 
440,409
37,113,266
Arcturus Therapeutics Holdings, Inc. (a)(b)
 
234,871
4,164,263
Arcus Biosciences, Inc. (a)(b)
 
554,961
8,490,903
Arcutis Biotherapeutics, Inc. (a)(b)
 
1,086,544
9,029,181
Ardelyx, Inc. (a)(b)
 
2,374,775
13,939,929
ArriVent Biopharma, Inc. (b)
 
286,995
8,420,433
Arrowhead Pharmaceuticals, Inc. (a)
 
1,217,250
23,407,718
Ars Pharmaceuticals, Inc. (a)(b)
 
506,083
7,449,542
Artiva Biotherapeutics, Inc. (b)
 
141,174
1,431,504
Astria Therapeutics, Inc. (a)
 
462,462
5,170,325
Atossa Therapeutics, Inc. (a)(b)
 
1,302,573
1,797,551
Aura Biosciences, Inc. (a)
 
473,655
4,944,958
Aurinia Pharmaceuticals, Inc. (a)(b)
 
1,372,411
9,895,083
Avid Bioservices, Inc. (a)
 
632,959
6,304,272
Avidity Biosciences, Inc. (a)
 
1,103,193
46,620,936
Avita Medical, Inc. (a)(b)
 
260,521
2,631,262
Beam Therapeutics, Inc. (a)
 
781,691
17,126,850
BioCryst Pharmaceuticals, Inc. (a)
 
2,104,048
16,853,424
Biohaven Ltd. (a)(b)
 
766,676
38,149,798
Biomea Fusion, Inc. (a)(b)
 
281,899
2,641,394
Black Diamond Therapeutics, Inc. (a)(b)
 
405,135
1,110,070
bluebird bio, Inc. (a)(b)
 
1,949,794
904,704
Blueprint Medicines Corp. (a)
 
641,348
56,124,363
Boundless Bio, Inc. (a)
 
62,210
181,653
BridgeBio Pharma, Inc. (a)
 
1,432,832
33,542,597
C4 Therapeutics, Inc. (a)(b)
 
602,311
3,210,318
Cabaletta Bio, Inc. (a)
 
447,572
1,588,881
Candel Therapeutics, Inc. (a)(b)
 
204,720
1,080,922
Capricor Therapeutics, Inc. (a)(b)
 
262,854
5,283,365
Cardiff Oncology, Inc. (a)(b)
 
399,866
1,247,582
CareDx, Inc. (a)
 
517,092
11,443,246
Cargo Therapeutics, Inc. (a)
 
349,383
6,812,969
Caribou Biosciences, Inc. (a)(b)
 
835,984
1,638,529
Cartesian Therapeutics, Inc. (a)(b)
 
73,168
1,448,726
Cartesian Therapeutics, Inc. rights (a)(b)(c)
 
1,117,119
480,361
Catalyst Pharmaceutical Partners, Inc. (a)
 
1,142,707
24,911,013
Celcuity, Inc. (a)
 
274,035
4,247,543
Celldex Therapeutics, Inc. (a)
 
659,364
17,183,026
Century Therapeutics, Inc. (a)
 
476,798
548,318
Cervomed, Inc. (a)(b)
 
55,335
755,323
CG Oncology, Inc. (b)
 
483,650
17,184,085
Chinook Therapeutics, Inc. rights (a)(c)
 
86,210
1
Cibus, Inc. (a)(b)
 
151,594
604,860
Climb Bio, Inc. (a)(b)
 
298,382
1,141,311
Cogent Biosciences, Inc. (a)
 
935,659
10,750,722
Coherus BioSciences, Inc. (a)(b)
 
1,128,488
840,724
Compass Therapeutics, Inc. (a)
 
1,037,009
1,700,695
Corbus Pharmaceuticals Holdings, Inc. (a)(b)
 
105,154
1,678,258
Crinetics Pharmaceuticals, Inc. (a)
 
895,675
50,121,973
Cullinan Oncology, Inc. (a)(b)
 
526,945
8,193,995
Cytokinetics, Inc. (a)
 
1,165,298
59,430,198
Day One Biopharmaceuticals, Inc. (a)
 
528,699
7,782,449
Denali Therapeutics, Inc. (a)
 
1,270,050
32,970,498
Design Therapeutics, Inc. (a)(b)
 
320,016
1,676,884
Dianthus Therapeutics, Inc. (a)(b)
 
243,735
6,790,457
Disc Medicine, Inc. (a)
 
200,796
8,999,677
Dynavax Technologies Corp. (a)
 
1,338,038
15,855,750
Dyne Therapeutics, Inc. (a)
 
824,267
23,788,346
Editas Medicine, Inc. (a)(b)
 
839,188
2,433,645
Elevation Oncology, Inc. (a)
 
546,497
313,853
Enanta Pharmaceuticals, Inc. (a)
 
201,236
2,262,899
Entrada Therapeutics, Inc. (a)
 
250,919
4,300,752
Erasca, Inc. (a)(b)
 
1,814,140
4,698,623
Fate Therapeutics, Inc. (a)
 
1,020,601
2,418,824
Fennec Pharmaceuticals, Inc. (a)(b)
 
238,801
1,041,172
FibroBiologics, Inc. (b)
 
280,797
848,007
Foghorn Therapeutics, Inc. (a)
 
262,274
1,998,528
Galectin Therapeutics, Inc. (a)(b)
 
194,437
480,259
Generation Bio Co. (a)
 
509,423
1,110,542
Geron Corp. (a)
 
5,946,466
24,439,975
Greenwich Lifesciences, Inc. (a)(b)
 
60,830
818,164
Gyre Therapeutics, Inc. (a)(b)
 
71,365
1,020,520
Halozyme Therapeutics, Inc. (a)
 
1,271,478
64,298,642
Heron Therapeutics, Inc. (a)(b)
 
1,196,559
2,082,013
HilleVax, Inc. (a)(b)
 
299,763
542,571
Humacyte, Inc. Class A (a)(b)
 
897,576
4,532,759
Ideaya Biosciences, Inc. (a)
 
848,643
23,889,300
IGM Biosciences, Inc. (a)(b)
 
156,266
2,678,399
ImmunityBio, Inc. (a)(b)
 
1,478,657
7,703,803
Immunome, Inc. (a)(b)
 
524,493
6,015,935
Immunovant, Inc. (a)
 
591,976
17,321,218
Inhibrx Biosciences, Inc.
 
116,997
1,875,462
Inmune Bio, Inc. (a)(b)
 
135,761
794,202
Inovio Pharmaceuticals, Inc. (a)(b)
 
263,543
1,391,507
Inozyme Pharma, Inc. (a)(b)
 
527,097
2,261,246
Insmed, Inc. (a)
 
1,603,540
107,886,171
Intellia Therapeutics, Inc. (a)
 
984,005
13,992,551
Invivyd, Inc. (a)
 
810,096
723,011
Iovance Biotherapeutics, Inc. (a)(b)
 
2,587,803
27,016,663
Ironwood Pharmaceuticals, Inc. Class A (a)(b)
 
1,424,303
5,625,997
iTeos Therapeutics, Inc. (a)(b)
 
269,019
2,273,211
Janux Therapeutics, Inc. (a)
 
286,842
15,486,600
Jasper Therapeutics, Inc. (a)
 
114,779
2,431,019
Kalvista Pharmaceuticals, Inc. (a)(b)
 
392,382
4,029,763
Keros Therapeutics, Inc. (a)
 
300,632
17,448,681
Kiniksa Pharmaceuticals Intern (a)(b)
 
383,573
8,664,914
Kodiak Sciences, Inc. (a)
 
332,968
1,265,278
Korro Bio, Inc. (a)
 
61,933
3,561,148
Krystal Biotech, Inc. (a)(b)
 
253,393
43,717,894
Kura Oncology, Inc. (a)
 
742,921
12,421,639
Kymera Therapeutics, Inc. (a)
 
455,715
21,040,362
Kyverna Therapeutics, Inc. (b)
 
167,929
802,701
Larimar Therapeutics, Inc. (a)
 
428,390
3,523,508
Lenz Therapeutics, Inc. (b)
 
127,851
3,446,863
Lexeo Therapeutics, Inc.
 
236,920
1,871,668
Lexicon Pharmaceuticals, Inc. (a)(b)
 
1,172,816
2,286,991
Lineage Cell Therapeutics, Inc. (a)(b)
 
1,523,414
1,266,414
Lyell Immunopharma, Inc. (a)(b)
 
1,633,589
1,568,736
Macrogenics, Inc. (a)
 
622,660
2,278,936
Madrigal Pharmaceuticals, Inc. (a)(b)
 
179,017
46,426,269
MannKind Corp. (a)(b)
 
2,701,876
19,102,263
MeiraGTx Holdings PLC (a)
 
393,020
2,177,331
Mersana Therapeutics, Inc. (a)
 
1,160,329
2,100,195
Metagenomi, Inc.
 
58,596
115,434
MiMedx Group, Inc. (a)
 
1,209,883
8,287,699
Mineralys Therapeutics, Inc. (a)
 
291,804
3,904,338
Mirum Pharmaceuticals, Inc. (a)(b)
 
399,648
15,370,462
Monte Rosa Therapeutics, Inc. (a)(b)
 
420,350
3,572,975
Myriad Genetics, Inc. (a)
 
913,539
20,061,316
Neurogene, Inc. (a)
 
105,394
4,638,390
Nkarta, Inc. (a)
 
539,640
1,662,091
Novavax, Inc. (a)(b)
 
1,442,304
13,860,541
Nurix Therapeutics, Inc. (a)
 
653,307
16,058,286
Nuvalent, Inc. Class A (a)(b)
 
353,678
31,296,966
Ocugen, Inc. (a)(b)
 
2,620,747
2,387,501
Olema Pharmaceuticals, Inc. (a)(b)
 
407,686
4,700,620
Omniab, Inc. (a)(b)(c)
 
45,323
129,624
Omniab, Inc. (a)(b)(c)
 
45,323
118,746
Oncternal Therapeutics, Inc. rights (a)(c)
 
4,336
0
Organogenesis Holdings, Inc. Class A (a)
 
735,332
2,036,870
ORIC Pharmaceuticals, Inc. (a)(b)
 
628,552
5,895,818
Outlook Therapeutics, Inc. (a)(b)
 
151,790
874,310
Ovid Therapeutics, Inc. (a)(b)
 
590,368
667,116
PepGen, Inc. (a)(b)
 
157,371
1,041,796
Perspective Therapeutics, Inc. (a)
 
551,355
6,511,503
Poseida Therapeutics, Inc. (a)
 
700,378
1,659,896
Praxis Precision Medicines, Inc. (a)
 
176,298
12,339,097
Precigen, Inc. (a)(b)
 
1,305,384
1,028,904
Prelude Therapeutics, Inc. (a)(b)
 
136,343
163,612
Prime Medicine, Inc. (a)(b)
 
578,108
2,243,059
ProKidney Corp. Class A (a)(b)
 
1,056,195
1,689,912
Protagonist Therapeutics, Inc. (a)
 
598,032
27,413,787
Prothena Corp. PLC (a)
 
434,119
7,380,023
PTC Therapeutics, Inc. (a)
 
776,555
31,000,076
Puma Biotechnology, Inc. (a)
 
415,526
1,184,249
Pyxis Oncology, Inc. (a)(b)
 
495,902
1,765,411
Q32 Bio, Inc. (a)
 
60,971
2,879,660
RAPT Therapeutics, Inc. (a)(b)
 
295,807
627,111
Recursion Pharmaceuticals, Inc. Class A (a)(b)
 
2,438,083
15,408,685
REGENXBIO, Inc. (a)
 
465,443
3,998,155
Regulus Therapeutics, Inc. (a)
 
637,259
930,398
Relay Therapeutics, Inc. (a)
 
1,015,519
5,722,450
Renovaro, Inc. (a)(b)
 
499,777
265,931
Replimune Group, Inc. (a)
 
618,932
7,278,640
Revolution Medicines, Inc. (a)
 
1,554,921
83,188,274
Rhythm Pharmaceuticals, Inc. (a)
 
559,833
26,720,829
Rigel Pharmaceuticals, Inc. (a)
 
177,082
2,413,628
Rocket Pharmaceuticals, Inc. (a)
 
670,583
11,165,207
Sage Therapeutics, Inc. (a)
 
550,008
3,344,049
Sana Biotechnology, Inc. (a)(b)
 
1,346,733
4,713,566
Savara, Inc. (a)(b)
 
1,174,411
4,268,984
Scholar Rock Holding Corp. (a)
 
698,913
19,877,086
Sera Prognostics, Inc. (a)(b)
 
282,730
2,174,194
Shattuck Labs, Inc. (a)(b)
 
398,537
502,157
Skye Bioscience, Inc. (a)(b)
 
173,972
911,613
Soleno Therapeutics, Inc. (a)
 
236,457
13,019,322
Solid Biosciences, Inc. (a)
 
233,667
1,289,842
SpringWorks Therapeutics, Inc. (a)
 
702,740
21,173,556
Spyre Therapeutics, Inc. (a)(b)
 
353,758
11,507,748
Stoke Therapeutics, Inc. (a)
 
365,159
4,513,365
Summit Therapeutics, Inc. (a)(b)
 
893,646
16,612,879
Sutro Biopharma, Inc. (a)
 
833,198
2,707,894
Syndax Pharmaceuticals, Inc. (a)
 
839,920
15,840,891
Tango Therapeutics, Inc. (a)
 
484,401
2,632,719
Taysha Gene Therapies, Inc. (a)
 
1,747,855
2,953,875
Tenaya Therapeutics, Inc. (a)
 
566,317
1,087,329
Tevogen Bio Holdings, Inc. Class A (a)(b)
 
226,324
572,600
TG Therapeutics, Inc. (a)(b)
 
1,426,606
35,750,746
Tobira Therapeutics, Inc. rights (a)(c)
 
9,663
0
Tourmaline Bio, Inc.
 
235,338
6,005,826
Travere Therapeutics, Inc. (a)
 
751,854
13,157,445
TScan Therapeutics, Inc. (a)
 
389,381
1,767,790
Twist Bioscience Corp. (a)
 
588,916
23,768,650
Tyra Biosciences, Inc. (a)
 
208,364
3,475,512
UroGen Pharma Ltd. (a)(b)
 
384,203
4,710,329
Vanda Pharmaceuticals, Inc. (a)(b)
 
571,718
2,658,489
Vaxcyte, Inc. (a)
 
1,218,480
129,585,348
Vera Therapeutics, Inc. (a)
 
398,414
16,087,957
Veracyte, Inc. (a)
 
785,956
26,518,155
Verastem, Inc. (a)(b)
 
382,588
1,438,531
Vericel Corp. (a)
 
494,991
21,799,404
Verve Therapeutics, Inc. (a)(b)
 
722,725
4,141,214
Vir Biotechnology, Inc. (a)
 
912,040
6,831,180
Viridian Therapeutics, Inc. (a)(b)
 
639,199
13,787,522
Voyager Therapeutics, Inc. (a)(b)
 
464,020
3,169,257
Werewolf Therapeutics, Inc. (a)(b)
 
310,268
792,735
X4 Pharmaceuticals, Inc. (a)(b)
 
1,737,079
868,887
Xbiotech, Inc. (a)
 
199,328
1,447,121
Xencor, Inc. (a)
 
606,019
12,732,459
XOMA Corp. (a)(b)
 
80,741
2,438,378
Y-mAbs Therapeutics, Inc. (a)(b)
 
377,905
5,483,402
Zentalis Pharmaceuticals, Inc. (a)
 
575,851
1,572,073
Zura Bio Ltd. Class A (a)
 
448,646
1,974,042
Zymeworks, Inc. (a)
 
572,900
7,848,730
 
 
 
2,399,509,025
Health Care Equipment & Supplies - 3.2%
 
 
 
Accuray, Inc. (a)
 
976,639
1,689,585
Alphatec Holdings, Inc. (a)(b)
 
1,036,963
8,140,160
Angiodynamics, Inc. (a)
 
384,926
2,575,155
Artivion, Inc. (a)
 
406,584
10,705,357
Atricure, Inc. (a)
 
483,563
16,044,620
Avanos Medical, Inc. (a)
 
463,720
8,662,290
AxoGen, Inc. (a)
 
435,255
6,093,570
Axonics, Inc. (a)
 
519,980
36,554,594
Bioventus, Inc. (a)
 
385,621
5,232,877
Cerus Corp. (a)(b)
 
1,850,465
2,905,230
CONMED Corp.
 
314,554
21,465,165
CVRx, Inc. (a)(b)
 
135,024
1,771,515
Embecta Corp.
 
589,282
8,297,091
Fractyl Health, Inc. (b)
 
342,308
963,597
Glaukos Corp. (a)
 
499,639
66,077,258
Haemonetics Corp. (a)
 
511,348
36,387,524
ICU Medical, Inc. (a)
 
219,015
37,392,431
Inari Medical, Inc. (a)
 
539,686
26,120,802
InMode Ltd. (a)(b)
 
812,819
13,882,949
Inogen, Inc. (a)
 
242,469
2,116,754
Integer Holdings Corp. (a)(b)
 
340,267
42,278,175
Integra LifeSciences Holdings Corp. (a)
 
687,174
12,891,384
IRadimed Corp.
 
83,329
4,105,620
iRhythm Technologies, Inc. (a)
 
318,819
23,095,248
Lantheus Holdings, Inc. (a)
 
702,863
77,202,472
LeMaitre Vascular, Inc.
 
208,324
18,413,758
LivaNova PLC (a)
 
556,641
28,733,808
Merit Medical Systems, Inc. (a)
 
583,340
57,552,324
Neogen Corp. (a)(b)
 
2,227,393
31,807,172
NeuroPace, Inc. (a)
 
137,159
884,676
Nevro Corp. (a)
 
364,379
2,007,728
Novocure Ltd. (a)
 
1,087,477
16,507,901
Omnicell, Inc. (a)
 
465,014
22,618,281
OraSure Technologies, Inc. (a)
 
729,206
2,964,222
Orchestra BioMed Holdings, Inc. (a)(b)
 
237,660
1,223,949
Orthofix Medical, Inc. (a)
 
345,119
5,587,477
OrthoPediatrics Corp. (a)
 
168,739
4,476,646
Paragon 28, Inc. (a)(b)
 
479,056
2,538,997
PROCEPT BioRobotics Corp. (a)(b)
 
433,316
38,998,440
Pulmonx Corp. (a)
 
385,985
2,412,406
Pulse Biosciences, Inc. (a)(b)
 
188,808
3,290,923
Pulse Biosciences, Inc.:
 
 
 
 warrants 6/26/29 (a)(b)
 
17,423
90,346
 warrants 6/26/30 (a)(b)
 
17,423
90,346
RxSight, Inc. (a)
 
367,555
18,620,336
Sanara Medtech, Inc. (a)(b)
 
41,509
1,369,797
Semler Scientific, Inc. (a)(b)
 
48,643
1,429,131
SI-BONE, Inc. (a)
 
416,667
5,750,005
Sight Sciences, Inc. (a)
 
363,773
1,818,865
Staar Surgical Co. (a)
 
505,399
14,651,517
Stereotaxis, Inc. (a)
 
559,566
1,096,749
SurModics, Inc. (a)
 
138,791
5,207,438
Tactile Systems Technology, Inc. (a)
 
243,457
3,532,561
Tandem Diabetes Care, Inc. (a)
 
661,395
20,747,961
TransMedics Group, Inc. (a)(b)
 
327,938
26,881,078
Treace Medical Concepts, Inc. (a)
 
496,536
2,313,858
UFP Technologies, Inc. (a)
 
74,309
19,840,503
Utah Medical Products, Inc.
 
33,353
2,113,913
Varex Imaging Corp. (a)
 
391,128
5,135,511
Zimvie, Inc. (a)
 
275,307
3,789,601
Zynex, Inc. (a)(b)
 
153,357
1,323,471
 
 
 
848,473,118
Health Care Providers & Services - 2.7%
 
 
 
Accolade, Inc. (a)
 
741,497
2,350,545
AdaptHealth Corp. (a)
 
1,037,166
10,672,438
Addus HomeCare Corp. (a)
 
178,041
22,151,861
agilon health, Inc. (a)
 
3,140,664
8,008,693
AirSculpt Technologies, Inc. (a)(b)
 
135,366
770,233
Alignment Healthcare, Inc. (a)
 
1,022,382
12,677,537
AMN Healthcare Services, Inc. (a)
 
385,682
14,632,775
Ardent Health Partners, Inc.
 
123,815
2,154,381
Astrana Health, Inc. (a)
 
441,097
23,722,197
Aveanna Healthcare Holdings, Inc. (a)
 
538,760
2,505,234
BrightSpring Health Services, Inc. (a)(b)
 
549,641
8,228,126
Brookdale Senior Living, Inc. (a)
 
1,943,387
12,185,036
Castle Biosciences, Inc. (a)(b)
 
264,553
9,172,053
Community Health Systems, Inc. (a)
 
1,286,475
5,210,224
Concentra Group Holdings Parent, Inc. (b)
 
231,456
4,691,613
Corvel Corp. (a)
 
90,764
27,031,334
Cross Country Healthcare, Inc. (a)
 
321,984
3,673,837
DocGo, Inc. Class A (a)(b)
 
1,036,542
3,638,262
Enhabit Home Health & Hospice (a)
 
500,824
3,450,677
Fulgent Genetics, Inc. (a)
 
201,395
4,319,923
GeneDx Holdings Corp. Class A (a)(b)
 
128,029
10,458,689
Guardant Health, Inc. (a)(b)
 
1,203,249
26,327,088
HealthEquity, Inc. (a)
 
863,517
73,614,824
Hims & Hers Health, Inc. Class A (a)(b)
 
1,938,089
36,494,216
InfuSystems Holdings, Inc. (a)(b)
 
198,696
1,229,928
Innovage Holding Corp. (a)
 
194,905
1,130,449
LifeStance Health Group, Inc. (a)
 
1,427,200
9,576,512
Modivcare, Inc. (a)(b)
 
111,880
1,809,100
Nano-X Imaging Ltd. (a)(b)
 
553,918
3,140,715
National Healthcare Corp.
 
128,153
14,869,593
National Research Corp. Class A
 
155,151
2,812,888
NeoGenomics, Inc. (a)
 
1,302,997
17,707,729
Opko Health, Inc. (a)(b)
 
3,311,659
5,000,605
Option Care Health, Inc. (a)
 
1,748,827
40,292,974
Owens & Minor, Inc. (a)
 
767,477
9,754,633
PACS Group, Inc.
 
402,945
17,197,693
Patterson Companies, Inc.
 
804,351
16,899,415
Pediatrix Medical Group, Inc. (a)
 
859,103
10,584,149
Pennant Group, Inc. (a)
 
293,228
9,374,499
Performant Financial Corp. (a)(b)
 
726,762
2,827,104
Privia Health Group, Inc. (a)
 
1,045,201
19,189,890
Progyny, Inc. (a)
 
859,680
12,938,184
Quipt Home Medical Corp. (a)(b)
 
407,912
1,068,729
RadNet, Inc. (a)
 
675,401
43,928,081
Select Medical Holdings Corp.
 
1,104,795
35,441,824
Sonida Senior Living, Inc. (a)(b)
 
35,674
938,583
Surgery Partners, Inc. (a)(b)
 
784,627
22,597,258
Talkspace, Inc. Class A (a)(b)
 
1,267,205
3,966,352
The Ensign Group, Inc.
 
565,663
87,672,108
The Joint Corp. (a)(b)
 
111,849
1,235,931
U.S. Physical Therapy, Inc.
 
152,703
12,243,727
Viemed Healthcare, Inc. (a)
 
350,782
2,999,186
 
 
 
736,569,635
Health Care Technology - 0.4%
 
 
 
Definitive Healthcare Corp. (a)
 
542,828
2,252,736
Evolent Health, Inc. Class A (a)
 
1,179,506
27,541,465
Health Catalyst, Inc. (a)
 
600,760
4,667,905
HealthStream, Inc.
 
248,208
7,256,361
Lifemd, Inc. (a)(b)
 
359,618
1,467,241
OptimizeRx Corp. (a)
 
180,810
943,828
Phreesia, Inc. (a)
 
567,240
10,374,820
Schrodinger, Inc. (a)(b)
 
569,208
10,015,215
Simulations Plus, Inc.
 
162,618
4,426,462
Teladoc Health, Inc. (a)
 
1,735,872
15,622,848
Waystar Holding Corp. (b)
 
440,825
12,576,737
 
 
 
97,145,618
Life Sciences Tools & Services - 0.3%
 
 
 
Adaptive Biotechnologies Corp. (a)(b)
 
1,183,607
5,728,658
Akoya Biosciences, Inc. (a)(b)
 
271,156
763,304
BioLife Solutions, Inc. (a)
 
369,186
8,638,952
ChromaDex, Inc. (a)(b)
 
501,080
1,748,769
Codexis, Inc. (a)(b)
 
712,798
2,238,186
Conduit Pharmaceuticals, Inc. Class A (a)(b)
 
233,354
21,235
CryoPort, Inc. (a)
 
440,407
2,933,111
Cytek Biosciences, Inc. (a)
 
1,240,061
6,132,102
Harvard Bioscience, Inc. (a)(b)
 
408,164
959,185
Lifecore Biomedical (a)(b)
 
222,118
1,261,630
Maravai LifeSciences Holdings, Inc. Class A (a)
 
1,124,052
8,329,225
MaxCyte, Inc. (a)
 
1,063,528
3,807,430
Mesa Laboratories, Inc.
 
52,458
5,982,310
Nautilus Biotechnology, Inc. Class A (a)
 
490,817
1,276,124
OmniAb, Inc. (a)(b)
 
928,731
3,798,510
Pacific Biosciences of California, Inc. (a)(b)
 
2,790,321
6,054,997
Quanterix Corp. (a)
 
367,185
4,852,350
Quantum-Si, Inc. Class A (a)
 
1,026,306
719,441
Standard BioTools, Inc. (a)(b)
 
2,994,347
5,868,920
 
 
 
71,114,439
Pharmaceuticals - 1.9%
 
 
 
Alto Neuroscience, Inc. (b)
 
217,544
846,246
Alumis, Inc. (b)
 
134,424
1,521,680
Amneal Intermediate, Inc. Class A, (a)(b)
 
1,618,229
13,706,400
Amphastar Pharmaceuticals, Inc. (a)(b)
 
392,263
19,821,049
ANI Pharmaceuticals, Inc. (a)
 
188,115
10,768,643
Aquestive Therapeutics, Inc. (a)(b)
 
756,851
4,155,112
Arvinas Holding Co. LLC (a)
 
657,209
17,370,034
Atea Pharmaceuticals, Inc. (a)
 
768,638
2,490,387
Avadel Pharmaceuticals PLC sponsored (a)
 
941,713
14,568,300
Axsome Therapeutics, Inc. (a)(b)
 
372,170
33,134,295
Biote Corp. Class A (a)
 
268,262
1,368,136
Cassava Sciences, Inc. (a)(b)
 
414,389
10,693,308
Collegium Pharmaceutical, Inc. (a)(b)
 
332,061
11,336,563
Contineum Therapeutics, Inc. Class A
 
57,380
961,689
Corcept Therapeutics, Inc. (a)
 
825,704
40,434,725
CorMedix, Inc. (a)(b)
 
564,815
5,679,215
Edgewise Therapeutics, Inc. (a)
 
741,594
24,895,311
Enliven Therapeutics, Inc. (a)(b)
 
359,068
10,000,044
Esperion Therapeutics, Inc. (a)(b)
 
1,924,502
3,925,984
Evolus, Inc. (a)
 
564,032
9,205,002
Eyepoint Pharmaceuticals, Inc. (a)(b)
 
511,404
6,014,111
Fulcrum Therapeutics, Inc. (a)(b)
 
636,018
2,009,817
Harmony Biosciences Holdings, Inc. (a)(b)
 
309,544
9,945,649
Harrow, Inc. (a)(b)
 
312,109
14,063,632
Innoviva, Inc. (a)(b)
 
558,394
10,922,187
Ligand Pharmaceuticals, Inc. (a)(b)
 
174,171
18,409,875
Liquidia Corp. (a)(b)
 
588,618
6,386,505
Longboard Pharmaceuticals, Inc. (a)
 
330,164
19,717,394
Lyra Therapeutics, Inc. (a)(b)
 
323,038
88,803
MediWound Ltd. (a)(b)
 
79,134
1,432,325
Mind Medicine (MindMed), Inc. (a)(b)
 
736,595
4,640,549
Nektar Therapeutics (a)
 
1,822,896
2,169,246
Neumora Therapeutics, Inc. (a)(b)
 
860,150
9,848,718
Novartis AG rights (a)(c)
 
526,013
6
Nuvation Bio, Inc. Class A (a)
 
1,854,198
4,097,778
Ocular Therapeutix, Inc. (a)(b)
 
1,591,055
16,753,809
Omeros Corp. (a)(b)
 
565,390
2,284,176
Pacira Biosciences, Inc. (a)(b)
 
463,781
7,698,765
Phathom Pharmaceuticals, Inc. (a)(b)
 
346,596
5,944,121
Phibro Animal Health Corp. Class A
 
208,764
4,826,624
Pliant Therapeutics, Inc. (a)(b)
 
580,360
8,165,665
Prestige Consumer Healthcare, Inc. (a)(b)
 
503,971
37,167,861
Rapport Therapeutics, Inc. (a)(b)
 
94,220
2,311,217
Revance Therapeutics, Inc. (a)
 
1,062,384
6,268,066
Scilex Holding Co. (a)(h)
 
528,042
405,663
scPharmaceuticals, Inc. (a)
 
289,091
1,199,728
SIGA Technologies, Inc. (b)
 
472,305
3,410,042
Supernus Pharmaceuticals, Inc. (a)
 
512,172
17,449,700
Tarsus Pharmaceuticals, Inc. (a)(b)
 
376,118
16,733,490
Telomir Pharmaceuticals, Inc. (b)
 
48,079
195,201
Terns Pharmaceuticals, Inc. (a)
 
588,545
4,037,419
Theravance Biopharma, Inc. (a)
 
369,651
3,045,924
Third Harmonics Bio, Inc. (a)(b)
 
204,138
2,815,063
Trevi Therapeutics, Inc. (a)
 
599,104
1,764,361
Ventyx Biosciences, Inc. (a)(b)
 
613,857
1,325,931
Verrica Pharmaceuticals, Inc. (a)(b)
 
190,393
266,550
WAVE Life Sciences (a)
 
788,562
10,811,185
Xeris Biopharma Holdings, Inc. (a)(b)
 
1,425,826
4,591,160
Zevra Therapeutics, Inc. (a)
 
428,981
3,496,195
 
 
 
509,596,634
TOTAL HEALTH CARE
 
 
4,662,408,469
INDUSTRIALS - 17.1%
 
 
 
Aerospace & Defense - 1.2%
 
 
 
AAR Corp. (a)
 
350,920
20,599,004
AeroVironment, Inc. (a)
 
267,195
57,436,237
AerSale Corp. (a)
 
331,092
1,744,855
Archer Aviation, Inc. Class A (a)(b)
 
2,372,408
7,473,085
Astronics Corp. (a)
 
294,784
5,126,294
Byrna Technologies, Inc. (a)(b)
 
178,589
2,573,467
Cadre Holdings, Inc.
 
265,013
9,214,502
Ducommun, Inc. (a)
 
137,532
8,085,506
Eve Holding, Inc. (a)(b)
 
308,081
948,889
Intuitive Machines, Inc. Class A (a)(b)
 
289,297
2,256,517
Kratos Defense & Security Solutions, Inc. (a)
 
1,510,259
34,313,084
Leonardo DRS, Inc. (a)
 
754,636
22,691,905
Mercury Systems, Inc. (a)
 
558,254
18,059,517
Moog, Inc. Class A
 
290,260
54,743,036
National Presto Industries, Inc.
 
51,876
3,731,441
Park Aerospace Corp.
 
187,620
2,538,499
Redwire Corp. Class A (a)
 
231,576
1,780,819
Rocket Lab U.S.A., Inc. Class A (a)(b)
 
3,552,926
38,016,308
Triumph Group, Inc. (a)
 
746,289
10,328,640
V2X, Inc. (a)
 
125,227
7,713,983
Virgin Galactic Holdings, Inc. (a)(b)
 
195,706
1,285,788
VirTra, Inc. (a)(b)
 
106,750
651,175
 
 
 
311,312,551
Air Freight & Logistics - 0.2%
 
 
 
Air Transport Services Group, Inc. (a)
 
520,579
8,974,782
Forward Air Corp. (b)
 
254,721
8,999,293
Hub Group, Inc. Class A
 
623,722
27,063,298
Radiant Logistics, Inc. (a)
 
363,459
2,417,002
 
 
 
47,454,375
Building Products - 1.5%
 
 
 
American Woodmark Corp. (a)
 
158,537
14,380,891
Apogee Enterprises, Inc.
 
223,499
16,726,665
AZZ, Inc.
 
300,249
22,872,969
Caesarstone Sdot-Yam Ltd. (a)
 
202,962
817,937
CSW Industrials, Inc.
 
169,088
59,704,973
Gibraltar Industries, Inc. (a)
 
312,072
21,061,739
Griffon Corp.
 
382,585
24,056,945
Insteel Industries, Inc.
 
190,539
5,138,837
Janus International Group, Inc. (a)
 
1,442,969
10,620,252
Jeld-Wen Holding, Inc. (a)
 
873,022
12,361,992
MasterBrand, Inc. (a)
 
1,292,808
23,218,832
Quanex Building Products Corp.
 
450,250
13,084,265
Resideo Technologies, Inc. (a)
 
1,489,436
29,297,206
Tecnoglass, Inc.
 
230,106
15,769,164
UFP Industries, Inc.
 
617,886
75,592,173
Zurn Elkay Water Solutions Cor
 
1,466,477
52,939,820
 
 
 
397,644,660
Commercial Services & Supplies - 1.7%
 
 
 
ABM Industries, Inc.
 
644,707
34,208,153
ACCO Brands Corp.
 
943,235
4,621,852
ACV Auctions, Inc. Class A (a)
 
1,514,779
26,190,529
Aris Water Solution, Inc. Class A (b)
 
276,242
4,557,993
Bridger Aerospace Group Holdings, Inc. (a)(b)
 
94,401
319,075
BrightView Holdings, Inc. (a)
 
598,202
9,798,549
Casella Waste Systems, Inc. Class A (a)
 
628,819
61,548,804
CECO Environmental Corp. (a)
 
299,513
7,128,409
Cimpress PLC (a)
 
176,279
12,165,014
CompX International, Inc. Class A
 
16,150
455,269
CoreCivic, Inc. (a)
 
1,123,305
15,512,842
Deluxe Corp.
 
454,293
8,522,537
Driven Brands Holdings, Inc. (a)
 
607,236
9,017,455
Ennis, Inc.
 
258,493
5,262,917
Enviri Corp. (a)
 
808,522
6,193,279
Healthcare Services Group, Inc. (a)
 
751,232
8,241,015
HNI Corp.
 
480,281
23,668,248
Interface, Inc.
 
588,717
10,284,886
LanzaTech Global, Inc. Class A (a)(b)
 
1,141,545
1,929,211
Liquidity Services, Inc. (a)(b)
 
219,940
4,746,305
Matthews International Corp. Class A
 
303,010
7,057,103
Millerknoll, Inc.
 
710,937
15,896,551
Montrose Environmental Group, Inc. (a)
 
324,972
8,569,512
NL Industries, Inc.
 
87,454
655,030
OpenLane, Inc. (a)
 
1,088,697
17,201,413
Perma-Fix Environmental Services, Inc. (a)(b)
 
148,768
1,996,467
Pitney Bowes, Inc.
 
1,639,837
11,823,225
Quad/Graphics, Inc. Class A
 
306,856
1,948,536
Quest Resource Holding Corp. (a)(b)
 
171,488
1,337,606
Steelcase, Inc. Class A
 
944,639
11,364,007
The Brink's Co.
 
457,525
47,028,995
The GEO Group, Inc. (a)
 
1,266,367
19,223,451
UniFirst Corp.
 
153,749
27,645,608
Viad Corp. (a)
 
207,607
7,772,806
Virco Manufacturing Co. (b)
 
113,174
1,587,831
VSE Corp.
 
162,503
16,676,058
 
 
 
452,156,541
Construction & Engineering - 1.7%
 
 
 
Ameresco, Inc. Class A (a)
 
329,371
10,134,746
Arcosa, Inc.
 
496,005
46,445,908
Argan, Inc.
 
126,728
16,733,165
Bowman Consulting Group Ltd. (a)
 
135,167
2,743,890
Centuri Holdings, Inc. (b)
 
137,840
2,587,257
Concrete Pumping Holdings, Inc. (a)
 
241,221
1,338,777
Construction Partners, Inc. Class A (a)
 
439,048
34,566,249
Dycom Industries, Inc. (a)
 
289,965
50,549,598
Fluor Corp. (a)
 
1,742,241
91,084,359
Granite Construction, Inc.
 
449,679
37,795,520
Great Lakes Dredge & Dock Corp. (a)
 
671,527
7,675,554
IES Holdings, Inc. (a)
 
84,445
18,465,166
Limbach Holdings, Inc. (a)
 
104,879
7,967,658
Matrix Service Co. (a)
 
266,874
2,996,995
MYR Group, Inc. (a)
 
167,219
21,905,689
Northwest Pipe Co. (a)
 
98,192
4,407,839
Orion Group Holdings, Inc. (a)
 
314,001
1,918,546
Primoris Services Corp.
 
546,200
34,203,044
Southland Holdings, Inc. (a)
 
96,699
280,427
Sterling Construction Co., Inc. (a)
 
309,100
47,740,495
Tutor Perini Corp. (a)
 
444,858
11,530,719
 
 
 
453,071,601
Electrical Equipment - 1.3%
 
 
 
374Water, Inc. (a)
 
666,221
1,039,305
Allient, Inc.
 
145,491
2,515,539
American Superconductor Corp. (a)(b)
 
358,227
8,783,726
Amprius Technologies, Inc. (a)(b)
 
166,792
225,169
Array Technologies, Inc. (a)
 
1,554,085
10,148,175
Atkore, Inc.
 
374,444
32,112,317
Blink Charging Co. (a)(b)
 
988,443
1,957,117
Bloom Energy Corp. Class A (a)(b)
 
2,030,771
19,495,402
ChargePoint Holdings, Inc. Class A (a)(b)
 
3,966,419
4,759,703
Energy Vault Holdings, Inc. Class A (a)(b)
 
1,062,258
1,986,422
EnerSys
 
407,957
39,514,715
Enovix Corp. (a)(b)
 
1,566,861
14,109,583
Fluence Energy, Inc. Class A (a)(b)
 
623,538
13,561,952
Freyr Battery, Inc. (b)
 
1,136,200
1,102,114
FuelCell Energy, Inc. (a)(b)
 
4,915,717
1,691,007
GrafTech International Ltd. (a)
 
2,620,347
4,454,590
LSI Industries, Inc.
 
284,355
4,652,048
NANO Nuclear Energy, Inc. (b)
 
40,881
799,632
Net Power, Inc. Class A (a)(b)
 
214,636
1,936,017
Nextracker, Inc. Class A (a)
 
1,472,479
58,634,114
NuScale Power Corp. Class A (a)(b)
 
809,519
15,494,194
Plug Power, Inc. (a)(b)
 
7,596,109
14,888,374
Powell Industries, Inc.
 
95,495
24,349,315
Preformed Line Products Co.
 
24,706
3,038,838
SES AI Corp. Class A (a)(b)
 
1,343,020
635,651
Shoals Technologies Group, Inc. (a)(b)
 
1,747,040
9,451,486
SolarMax Technology, Inc. (b)
 
54,742
51,145
Solidion Technology, Inc. Class A (a)(b)
 
81,518
39,316
Stem, Inc. (a)(b)
 
1,580,689
596,710
Sunrun, Inc. (a)(b)
 
2,231,223
32,241,172
Thermon Group Holdings, Inc. (a)
 
340,936
8,935,933
TPI Composites, Inc. (a)(b)
 
470,329
1,601,470
Ultralife Corp. (a)
 
103,929
874,043
Vicor Corp. (a)
 
233,667
10,680,919
 
 
 
346,357,213
Ground Transportation - 0.4%
 
 
 
ArcBest Corp.
 
240,827
25,089,357
Covenant Transport Group, Inc. Class A
 
83,036
4,201,622
FTAI Infrastructure LLC
 
1,030,616
8,317,071
Heartland Express, Inc.
 
469,962
5,077,939
Hertz Global Holdings, Inc. (a)(b)
 
1,237,915
3,441,404
Marten Transport Ltd.
 
593,883
9,193,309
P.A.M. Transportation Services, Inc. (a)
 
60,833
941,695
Proficient Auto Logistics, Inc.
 
153,366
1,256,068
RXO, Inc. (a)(b)
 
1,384,832
39,038,414
Universal Logistics Holdings, Inc.
 
71,100
2,989,044
Werner Enterprises, Inc.
 
627,504
23,148,623
 
 
 
122,694,546
Industrial Conglomerates - 0.0%
 
 
 
Brookfield Business Corp. Class A (b)
 
259,695
6,183,338
Machinery - 3.7%
 
 
 
3D Systems Corp. (a)
 
1,295,545
3,886,635
Alamo Group, Inc.
 
104,551
17,725,577
Albany International Corp. Class A
 
318,872
21,657,786
Astec Industries, Inc.
 
232,809
7,398,670
Atmus Filtration Technologies, Inc.
 
853,191
33,223,258
Barnes Group, Inc.
 
474,068
22,167,420
Blue Bird Corp. (a)
 
329,747
13,885,646
Chart Industries, Inc. (a)(b)
 
438,799
52,971,815
Columbus McKinnon Corp. (NY Shares)
 
289,308
9,202,887
Commercial Vehicle Group, Inc. (a)
 
327,922
954,253
Douglas Dynamics, Inc.
 
230,179
5,213,554
Eastern Co.
 
53,382
1,662,315
Energy Recovery, Inc. (a)
 
579,705
10,353,531
Enerpac Tool Group Corp. Class A
 
554,910
24,482,629
EnPro Industries, Inc.
 
215,028
31,310,227
ESCO Technologies, Inc.
 
264,664
33,225,919
Federal Signal Corp.
 
614,697
50,140,834
Franklin Electric Co., Inc.
 
462,922
44,306,265
Gencor Industries, Inc. (a)
 
104,915
2,089,907
Gorman-Rupp Co.
 
214,537
7,927,142
Graham Corp. (a)
 
105,529
2,956,923
Helios Technologies, Inc.
 
339,043
15,640,054
Hillenbrand, Inc.
 
716,181
19,730,787
Hillman Solutions Corp. Class A (a)
 
2,015,960
21,369,176
Hyliion Holdings Corp. Class A (a)(b)
 
1,447,086
3,458,536
Hyster-Yale Materials Handling, Inc. Class A
 
117,448
7,454,425
John Bean Technologies Corp.
 
323,747
36,071,891
Kadant, Inc.
 
119,918
39,939,889
Kennametal, Inc.
 
808,779
20,478,284
L.B. Foster Co. Class A (a)
 
90,834
1,712,221
Lindsay Corp.
 
110,403
13,215,239
Luxfer Holdings PLC sponsored
 
279,842
4,018,531
Manitowoc Co., Inc. (a)
 
347,383
3,244,557
Mayville Engineering Co., Inc. (a)
 
130,461
2,670,537
Miller Industries, Inc.
 
114,573
7,520,572
Mueller Industries, Inc. (b)
 
1,141,736
93,588,100
Mueller Water Products, Inc.
 
1,586,838
34,259,832
NN, Inc. (a)
 
475,099
1,496,562
Omega Flex, Inc.
 
35,962
1,838,377
Park-Ohio Holdings Corp.
 
87,467
2,490,185
Proto Labs, Inc. (a)
 
261,165
7,155,921
REV Group, Inc.
 
526,202
13,944,353
Shyft Group, Inc. (The)
 
343,921
4,443,459
SPX Technologies, Inc. (a)
 
460,094
66,018,888
Standex International Corp.
 
118,898
21,862,964
Taylor Devices, Inc. (a)(b)
 
24,500
1,151,990
Tennant Co.
 
193,322
16,927,274
Terex Corp.
 
680,373
35,182,088
The Greenbrier Companies, Inc.
 
313,456
18,578,537
Titan International, Inc. (a)
 
500,559
3,223,600
Trinity Industries, Inc.
 
833,426
28,569,843
Twin Disc, Inc.
 
111,745
1,297,359
Wabash National Corp.
 
444,593
7,753,702
Watts Water Technologies, Inc. Class A
 
279,479
53,265,903
 
 
 
1,006,316,829
Marine Transportation - 0.3%
 
 
 
Costamare, Inc.
 
438,527
5,968,352
Genco Shipping & Trading Ltd.
 
430,534
6,776,605
Golden Ocean Group Ltd. (b)
 
1,247,230
13,370,306
Himalaya Shipping Ltd.
 
301,952
1,980,805
Matson, Inc.
 
346,709
53,701,757
Pangaea Logistics Solutions Ltd.
 
318,149
2,042,517
Safe Bulkers, Inc.
 
613,210
2,569,350
 
 
 
86,409,692
Passenger Airlines - 0.4%
 
 
 
Allegiant Travel Co.
 
158,249
10,287,767
Blade Air Mobility, Inc. (a)(b)
 
595,863
2,142,127
Frontier Group Holdings, Inc. (a)(b)
 
427,625
2,599,960
JetBlue Airways Corp. (a)(b)
 
3,184,693
18,152,750
Joby Aviation, Inc. (a)(b)
 
4,103,731
19,697,909
SkyWest, Inc. (a)
 
404,763
38,533,438
Spirit Airlines, Inc. (b)
 
1,097,631
2,634,314
Sun Country Airlines Holdings, Inc. (a)
 
399,487
5,612,792
Wheels Up Experience, Inc. Class A (a)(b)
 
913,397
1,863,330
 
 
 
101,524,387
Professional Services - 2.3%
 
 
 
Alight, Inc. Class A (a)(b)
 
4,323,646
29,962,867
Asure Software, Inc. (a)(b)
 
242,079
2,401,424
Barrett Business Services, Inc.
 
263,037
9,519,309
BlackSky Technology, Inc. Class A (a)(b)
 
136,868
865,006
CBIZ, Inc. (a)
 
488,775
33,691,261
Conduent, Inc. (a)
 
1,612,907
5,806,465
CRA International, Inc.
 
67,408
12,277,693
CSG Systems International, Inc.
 
300,574
14,009,754
DLH Holdings Corp. (a)
 
81,999
664,192
ExlService Holdings, Inc. (a)
 
1,602,894
66,792,593
Exponent, Inc.
 
516,190
48,718,012
First Advantage Corp. (a)(b)
 
521,583
9,451,084
FiscalNote Holdings, Inc. Class A (a)(b)
 
618,822
563,128
Forrester Research, Inc. (a)
 
116,277
1,705,784
Franklin Covey Co. (a)
 
114,889
4,573,731
Heidrick & Struggles International, Inc.
 
206,371
8,060,851
Hirequest, Inc. (b)
 
56,865
756,873
Huron Consulting Group, Inc. (a)
 
178,718
20,683,034
IBEX Ltd. (a)(b)
 
89,782
1,612,485
ICF International, Inc.
 
190,045
32,039,687
Innodata, Inc. (a)(b)
 
276,382
5,558,042
Insperity, Inc.
 
365,686
28,805,086
Kelly Services, Inc. Class A (non-vtg.)
 
312,792
6,252,712
Kforce, Inc.
 
190,604
11,015,005
Korn Ferry
 
531,356
37,540,301
LegalZoom.com, Inc. (a)
 
1,410,921
10,130,413
Maximus, Inc.
 
621,273
53,702,838
MISTRAS Group, Inc. (a)
 
219,062
1,851,074
NV5 Global, Inc. (a)
 
581,897
13,296,346
Planet Labs PBC Class A (a)(b)
 
2,184,261
4,827,217
Resources Connection, Inc.
 
325,059
2,616,725
Spire Global, Inc. (a)(b)
 
227,403
2,251,290
Sterling Check Corp. (a)(b)
 
340,363
5,697,677
TriNet Group, Inc.
 
323,962
27,501,134
TrueBlue, Inc. (a)
 
293,632
2,199,304
Ttec Holdings, Inc.
 
199,612
1,037,982
Upwork, Inc. (a)
 
1,272,543
17,255,683
Verra Mobility Corp. Class A (a)
 
1,698,528
44,110,772
Willdan Group, Inc. (a)
 
129,244
6,114,534
WNS Holdings Ltd.
 
461,904
22,166,773
 
 
 
608,086,141
Trading Companies & Distributors - 2.4%
 
 
 
Alta Equipment Group, Inc. (b)
 
269,409
1,751,159
Applied Industrial Technologies, Inc.
 
392,192
90,827,745
Beacon Roofing Supply, Inc. (a)
 
649,419
59,792,007
BlueLinx Corp. (a)
 
84,656
9,266,446
Boise Cascade Co.
 
404,290
53,782,699
Custom Truck One Source, Inc. Class A (a)(b)
 
517,880
2,118,129
Distribution Solutions Group I (a)
 
108,018
4,158,693
DNOW, Inc. (a)
 
1,075,006
12,717,321
DXP Enterprises, Inc. (a)
 
127,286
6,247,197
EVI Industries, Inc.
 
52,257
1,038,869
FTAI Aviation Ltd.
 
1,036,542
139,352,682
GATX Corp.
 
362,976
50,003,574
Global Industrial Co.
 
139,799
3,708,867
GMS, Inc. (a)
 
408,278
36,700,109
H&E Equipment Services, Inc.
 
329,054
17,193,072
Herc Holdings, Inc.
 
287,257
60,076,929
Hudson Technologies, Inc. (a)
 
447,942
3,435,715
Karat Packaging, Inc.
 
71,273
1,902,989
McGrath RentCorp.
 
248,403
28,243,421
MRC Global, Inc. (a)
 
858,188
10,521,385
Rush Enterprises, Inc.:
 
 
 
 Class A
 
706,038
39,947,630
 Class B
 
3,037
147,477
Titan Machinery, Inc. (a)
 
204,306
2,804,100
Transcat, Inc. (a)
 
92,021
8,794,447
Willis Lease Finance Corp.
 
29,294
5,311,881
Xometry, Inc. Class A (a)(b)
 
429,570
8,453,938
 
 
 
658,298,481
Transportation Infrastructure - 0.0%
 
 
 
Sky Harbour Group Corp. Class A (a)(b)
 
115,931
1,279,878
TOTAL INDUSTRIALS
 
 
4,598,790,233
INFORMATION TECHNOLOGY - 12.6%
 
 
 
Communications Equipment - 0.6%
 
 
 
ADTRAN Holdings, Inc. (a)
 
807,645
4,906,443
Applied Optoelectronics, Inc. (a)(b)
 
378,831
5,917,340
Aviat Networks, Inc. (a)
 
115,843
2,368,989
Calix, Inc. (a)
 
601,036
21,264,654
Clearfield, Inc. (a)(b)
 
124,796
4,483,920
CommScope Holding Co., Inc. (a)
 
2,157,275
14,518,461
Digi International, Inc. (a)(b)
 
365,617
10,591,924
Extreme Networks, Inc. (a)
 
1,281,882
19,138,498
Harmonic, Inc. (a)
 
1,130,451
12,536,702
Infinera Corp. (a)(b)
 
2,066,601
13,887,559
NETGEAR, Inc. (a)
 
287,611
6,304,433
NetScout Systems, Inc. (a)
 
704,871
14,823,437
Ribbon Communications, Inc. (a)
 
933,516
3,323,317
ViaSat, Inc. (a)(b)
 
1,258,325
12,079,920
Viavi Solutions, Inc. (a)
 
2,245,595
20,704,386
 
 
 
166,849,983
Electronic Equipment, Instruments & Components - 3.0%
 
 
 
908 Devices, Inc. (a)(b)
 
242,771
761,087
Advanced Energy Industries, Inc.
 
382,345
41,495,903
Aeva Technologies, Inc. (a)(b)
 
237,167
872,775
Arlo Technologies, Inc. (a)
 
971,183
9,867,219
Badger Meter, Inc.
 
299,832
59,981,392
Bel Fuse, Inc.:
 
 
 
 Class A (b)
 
17,148
1,737,950
 Class B (non-vtg.)
 
106,735
8,049,954
Belden, Inc.
 
413,706
47,108,702
Benchmark Electronics, Inc.
 
366,353
15,863,085
Climb Global Solutions, Inc.
 
43,434
4,447,207
CTS Corp.
 
307,216
15,204,120
Daktronics, Inc. (a)
 
377,639
4,920,636
ePlus, Inc. (a)
 
269,009
23,928,351
Evolv Technologies Holdings, Inc. (a)(b)
 
1,338,515
2,877,807
Fabrinet (a)
 
372,380
89,732,409
FARO Technologies, Inc. (a)
 
197,528
3,464,641
Insight Enterprises, Inc. (a)(b)
 
284,648
49,790,628
Iteris, Inc. (a)
 
436,197
3,136,256
Itron, Inc. (a)
 
469,103
52,426,951
Kimball Electronics, Inc. (a)
 
243,739
4,336,117
Knowles Corp. (a)
 
884,036
15,311,504
Lightwave Logic, Inc. (a)(b)
 
1,224,378
3,856,791
Methode Electronics, Inc.
 
356,113
3,105,305
MicroVision, Inc. (a)(b)
 
2,115,073
2,136,224
Mirion Technologies, Inc. Class A (a)
 
2,041,172
30,209,346
Napco Security Technologies, Inc.
 
360,490
13,871,655
nLIGHT, Inc. (a)
 
469,292
5,856,764
Novanta, Inc. (a)(b)
 
366,329
62,363,849
OSI Systems, Inc. (a)
 
165,011
21,816,104
Ouster, Inc. Class A (a)(b)
 
441,651
2,928,146
Par Technology Corp. (a)(b)
 
372,624
21,981,090
PC Connection, Inc.
 
118,142
7,519,738
Plexus Corp. (a)
 
277,412
39,975,069
Powerfleet, Inc. (a)(b)
 
965,622
4,857,079
Richardson Electronics Ltd.
 
123,237
1,693,276
Rogers Corp. (a)
 
191,418
19,195,397
Sanmina Corp. (a)
 
548,368
38,440,597
ScanSource, Inc. (a)
 
250,392
10,619,125
Smartrent, Inc. (a)(b)
 
1,952,969
3,300,518
TTM Technologies, Inc. (a)
 
1,031,393
23,144,459
Vishay Intertechnology, Inc.
 
1,283,990
21,776,470
Vishay Precision Group, Inc. (a)
 
122,224
2,836,819
 
 
 
796,798,515
IT Services - 0.6%
 
 
 
Applied Digital Corp. (a)(b)
 
1,198,286
8,100,413
ASGN, Inc. (a)
 
460,749
42,434,983
Backblaze, Inc. Class A (a)
 
407,932
2,945,269
BigBear.ai Holdings, Inc. (a)(b)
 
1,037,380
1,649,434
BigCommerce Holdings, Inc. (a)(b)
 
711,537
3,728,454
Core Scientific, Inc. (b)
 
1,821,517
24,207,961
Couchbase, Inc. (a)
 
397,594
6,389,336
Digitalocean Holdings, Inc. (a)(b)
 
670,738
26,547,810
Fastly, Inc. Class A (a)
 
1,312,436
9,488,912
Grid Dynamics Holdings, Inc. (a)
 
587,572
9,354,146
Hackett Group, Inc.
 
260,558
6,336,771
Information Services Group, Inc.
 
356,854
1,095,542
Rackspace Technology, Inc. (a)(b)
 
688,562
1,642,220
Thoughtworks Holding, Inc. (a)(b)
 
1,016,727
4,514,268
Tucows, Inc. (a)(b)
 
80,117
1,483,767
Unisys Corp. (a)
 
673,296
4,652,475
 
 
 
154,571,761
Semiconductors & Semiconductor Equipment - 2.1%
 
 
 
ACM Research, Inc. Class A, (a)(b)
 
519,764
9,768,964
AEHR Test Systems (a)(b)
 
282,622
3,979,318
Alpha & Omega Semiconductor Ltd. (a)
 
239,605
7,916,549
Ambarella, Inc. (a)
 
386,838
21,736,427
Axcelis Technologies, Inc. (a)(b)
 
332,405
28,357,471
CEVA, Inc. (a)
 
239,270
5,583,365
Cohu, Inc. (a)
 
469,697
11,704,849
Credo Technology Group Holding Ltd. (a)
 
1,315,089
49,578,855
Diodes, Inc. (a)
 
465,264
27,208,639
Everspin Technologies, Inc. (a)(b)
 
188,549
1,165,233
FormFactor, Inc. (a)
 
790,835
30,035,913
GCT Semiconductor Holding, Inc. Class A (a)(b)
 
75,026
173,310
Ichor Holdings Ltd. (a)
 
335,907
9,156,825
Impinj, Inc. (a)
 
234,160
44,488,058
indie Semiconductor, Inc. (a)(b)
 
1,670,287
5,528,650
Kulicke & Soffa Industries, Inc.
 
550,305
24,686,682
MaxLinear, Inc. Class A (a)
 
814,462
10,563,572
Navitas Semiconductor Corp. Class A (a)(b)
 
1,292,097
3,191,480
NVE Corp.
 
48,662
3,667,655
PDF Solutions, Inc. (a)
 
320,112
9,065,572
Penguin Solutions, Inc. (a)(b)
 
530,820
7,988,841
Photronics, Inc. (a)
 
630,775
14,381,670
Power Integrations, Inc.
 
576,949
34,865,028
QuickLogic Corp. (a)(b)
 
139,627
1,036,032
Rambus, Inc. (a)
 
1,110,976
53,126,872
Rigetti Computing, Inc. Class A (a)(b)
 
1,457,275
1,923,603
Semtech Corp. (a)(b)
 
661,224
29,219,489
Silicon Laboratories, Inc. (a)
 
327,276
33,990,885
SiTime Corp. (a)
 
187,889
31,755,120
SkyWater Technology, Inc. (a)(b)
 
280,168
2,748,448
Synaptics, Inc. (a)
 
396,990
27,261,303
Ultra Clean Holdings, Inc. (a)
 
451,759
15,111,339
Veeco Instruments, Inc. (a)(b)
 
567,125
16,321,858
 
 
 
577,287,875
Software - 6.0%
 
 
 
8x8, Inc. (a)(b)
 
1,302,019
2,903,502
A10 Networks, Inc.
 
722,966
10,591,452
ACI Worldwide, Inc. (a)
 
1,077,396
53,007,883
Adeia, Inc.
 
1,113,148
13,836,430
Agilysys, Inc. (a)
 
230,485
23,057,719
Airship AI Holdings, Inc. Class A (a)(b)
 
70,202
133,384
Alarm.com Holdings, Inc. (a)
 
491,468
26,209,988
Alkami Technology, Inc. (a)
 
459,300
16,814,973
Altair Engineering, Inc. Class A (a)
 
584,271
60,758,341
Amplitude, Inc. Class A, (a)(b)
 
786,046
7,066,554
Appian Corp. Class A (a)
 
408,584
14,606,878
Arteris, Inc. (a)
 
284,386
1,936,669
Asana, Inc. (a)(b)
 
830,286
9,913,615
AudioEye, Inc. (a)(b)
 
73,408
1,563,590
Aurora Innovation, Inc. Class A, (a)(b)
 
9,562,536
49,677,375
AvePoint, Inc. (a)
 
1,303,091
15,819,525
Bit Digital, Inc. (a)(b)
 
1,229,261
4,683,484
Blackbaud, Inc. (a)
 
421,366
31,817,347
BlackLine, Inc. (a)
 
588,842
32,604,182
Blend Labs, Inc. (a)(b)
 
2,358,910
8,562,843
Box, Inc. Class A (a)
 
1,435,863
45,603,009
Braze, Inc. (a)
 
674,559
21,221,626
C3.ai, Inc. (a)(b)
 
864,483
21,292,216
Cerence, Inc. (a)(b)
 
415,481
1,265,140
Cipher Mining, Inc. (a)(b)
 
1,846,708
9,104,270
Cleanspark, Inc. (a)(b)
 
2,334,553
24,769,607
Clear Secure, Inc.
 
897,453
33,008,321
Clearwater Analytics Holdings, Inc. Class A (a)
 
1,549,321
40,452,771
CommVault Systems, Inc. (a)
 
446,184
69,689,479
Consensus Cloud Solutions, Inc. (a)
 
181,752
4,031,259
CS Disco, Inc. (a)(b)
 
298,364
1,754,380
D-Wave Quantum, Inc. (a)(b)
 
897,159
950,989
Daily Journal Corp. (a)(b)
 
14,261
6,916,585
Dave, Inc. (a)(b)
 
79,937
3,082,371
Digimarc Corp. (a)(b)
 
155,854
4,828,357
Digital Turbine, Inc. (a)(b)
 
977,692
3,128,614
Domo, Inc. Class B (a)
 
342,267
2,721,023
E2open Parent Holdings, Inc. (a)(b)
 
2,081,176
6,097,846
eGain Communications Corp. (a)
 
201,614
991,941
Enfusion, Inc. Class A (a)
 
503,367
4,485,000
Envestnet, Inc. (a)
 
516,408
32,420,094
EverCommerce, Inc. (a)(b)
 
224,174
2,358,310
Freshworks, Inc. Class A (a)
 
2,111,192
24,700,946
Hut 8 Mining Corp. (a)(b)
 
827,468
13,065,720
Ilearningengines Holdings, Inc. Class A (a)(b)
 
300,294
450,441
Instructure Holdings, Inc. (a)
 
224,533
5,285,507
Intapp, Inc. (a)
 
399,127
20,024,202
InterDigital, Inc. (b)
 
258,195
38,842,856
Jamf Holding Corp. (a)
 
839,675
13,972,192
Kaltura, Inc. (a)
 
965,596
1,226,307
Life360, Inc. (a)
 
60,075
2,575,415
Liveramp Holdings, Inc. (a)
 
674,478
16,882,184
Logility Supply Chain Solution Class A
 
320,319
3,379,365
Mara Holdings, Inc. (a)(b)
 
2,791,556
46,814,394
Matterport, Inc. Class A (a)
 
2,726,762
12,434,035
MeridianLink, Inc. (a)(b)
 
274,833
6,035,333
Mitek Systems, Inc. (a)(b)
 
469,799
4,035,573
N-able, Inc. (a)(b)
 
728,165
8,905,458
NCR Voyix Corp. (a)
 
1,479,361
18,950,614
Nextnav, Inc. Class A (a)(b)
 
768,085
8,925,148
Olo, Inc. Class A (a)
 
1,073,135
5,376,406
ON24, Inc. (a)
 
277,982
1,681,791
Onespan, Inc. (a)(b)
 
389,669
6,499,679
Ooma, Inc. (a)(b)
 
252,711
3,022,424
Pagaya Technologies Ltd. Class A (a)(b)
 
478,025
5,506,848
Pagerduty, Inc. (a)
 
939,460
16,966,648
Porch Group, Inc. (a)(b)
 
805,292
1,747,484
Prairie Operating Co. (a)(b)
 
42,534
355,159
Progress Software Corp.
 
432,487
27,718,092
PROS Holdings, Inc. (a)
 
463,226
9,171,875
Q2 Holdings, Inc. (a)
 
602,358
50,995,628
Qualys, Inc. (a)
 
378,697
45,155,830
Rapid7, Inc. (a)
 
631,179
25,512,255
Red Violet, Inc. (a)
 
114,456
3,442,836
Rekor Systems, Inc. (a)
 
739,577
776,556
Repositrak, Inc. (b)
 
121,541
2,339,664
Rimini Street, Inc. (a)(b)
 
555,136
982,591
Riot Platforms, Inc. (a)(b)
 
2,913,145
26,917,460
Roadzen, Inc. (a)(b)
 
153,302
150,236
Sapiens International Corp. NV
 
317,756
11,718,841
Semrush Holdings, Inc. Class A (a)
 
376,396
4,934,552
Silvaco Group, Inc. (b)
 
62,044
387,775
SolarWinds, Inc.
 
554,845
7,257,373
SoundHound AI, Inc. (a)(b)
 
2,988,847
15,033,900
SoundThinking, Inc. (a)(b)
 
100,289
1,062,061
Sprinklr, Inc. (a)(b)
 
1,294,839
9,620,654
Sprout Social, Inc. (a)
 
505,522
13,391,278
SPS Commerce, Inc. (a)
 
380,249
62,741,085
Telos Corp. (a)
 
560,483
1,967,295
Tenable Holdings, Inc. (a)
 
1,203,422
47,667,545
TeraWulf, Inc. (a)(b)
 
2,389,676
15,580,688
Varonis Systems, Inc. (a)
 
1,126,116
56,722,463
Verint Systems, Inc. (a)
 
625,047
13,313,501
Vertex, Inc. Class A (a)(b)
 
554,074
22,999,612
Viant Technology, Inc. (a)
 
161,374
1,883,235
Weave Communications, Inc. (a)
 
400,207
5,610,902
Workiva, Inc. Class A (a)
 
514,681
41,050,957
Xperi, Inc. (a)
 
461,901
4,217,156
Yext, Inc. (a)
 
1,071,865
7,760,303
Zeta Global Holdings Corp. (a)
 
1,826,317
50,552,455
Zuora, Inc. (a)
 
1,420,128
14,059,267
 
 
 
1,616,096,992
Technology Hardware, Storage & Peripherals - 0.3%
 
 
 
CompoSecure, Inc. (b)
 
249,835
3,775,007
Corsair Gaming, Inc. (a)(b)
 
449,601
2,884,190
CPI Card Group (a)
 
49,081
1,055,242
Diebold Nixdorf, Inc. (a)
 
258,918
11,982,725
Eastman Kodak Co. (a)(b)
 
612,169
2,889,438
Immersion Corp. (b)
 
307,299
2,590,531
IonQ, Inc. (a)(b)
 
2,027,167
30,468,320
Turtle Beach Corp. (a)
 
173,450
2,769,997
Xerox Holdings Corp.
 
1,183,970
9,673,035
 
 
 
68,088,485
TOTAL INFORMATION TECHNOLOGY
 
 
3,379,693,611
MATERIALS - 4.6%
 
 
 
Chemicals - 2.0%
 
 
 
AdvanSix, Inc.
 
258,622
7,337,106
American Vanguard Corp.
 
243,661
1,274,347
Arcadium Lithium PLC (b)
 
11,057,553
59,600,211
Arq, Inc. (a)
 
252,886
1,481,912
ASP Isotopes, Inc. (a)(b)
 
513,469
3,589,148
Aspen Aerogels, Inc. (a)
 
596,627
10,643,826
Avient Corp.
 
922,827
43,012,966
Balchem Corp.
 
329,765
55,179,577
Cabot Corp.
 
553,143
59,645,410
Core Molding Technologies, Inc. (a)
 
75,079
1,129,939
Danimer Scientific, Inc. warrants 7/15/25 (a)
 
286,623
42,993
Ecovyst, Inc. (a)(b)
 
1,175,012
7,825,580
H.B. Fuller Co.
 
556,950
40,757,601
Hawkins, Inc.
 
197,622
21,125,792
Ingevity Corp. (a)
 
371,169
15,511,153
Innospec, Inc.
 
254,537
27,433,998
Intrepid Potash, Inc. (a)
 
109,513
2,747,681
Koppers Holdings, Inc.
 
206,244
7,014,358
Kronos Worldwide, Inc.
 
226,825
2,617,561
LSB Industries, Inc. (a)
 
539,160
4,421,112
Mativ Holdings, Inc.
 
549,761
8,493,807
Minerals Technologies, Inc.
 
327,166
24,632,328
Northern Technologies International Corp.
 
78,297
995,155
Orion SA
 
584,818
8,766,422
Perimeter Solutions SA (a)
 
1,371,550
18,214,184
PureCycle Technologies, Inc. (a)(b)
 
1,258,613
16,387,141
Quaker Chemical Corp. (b)
 
142,749
21,637,893
Rayonier Advanced Materials, Inc. (a)
 
656,163
5,223,057
Sensient Technologies Corp.
 
429,714
32,434,813
Stepan Co.
 
216,998
15,697,635
Tronox Holdings PLC
 
1,213,499
14,707,608
Valhi, Inc.
 
24,908
848,117
 
 
 
540,430,431
Construction Materials - 0.5%
 
 
 
Knife River Holding Co. (a)
 
580,779
56,521,412
Smith-Midland Corp. (a)(b)
 
45,937
1,580,233
Summit Materials, Inc. Class A (a)
 
1,234,597
58,532,244
United States Lime & Minerals, Inc.
 
108,941
12,286,366
 
 
 
128,920,255
Containers & Packaging - 0.3%
 
 
 
Ardagh Metal Packaging SA
 
1,480,456
5,448,078
Greif, Inc.:
 
 
 
 Class A
 
301,248
18,809,925
 Class B
 
5,499
368,048
Myers Industries, Inc.
 
376,994
4,440,989
O-I Glass, Inc. (a)
 
1,579,176
17,544,645
Pactiv Evergreen, Inc.
 
414,783
4,703,639
Ranpak Holdings Corp. (A Shares) (a)
 
442,247
2,688,862
TriMas Corp.
 
413,605
11,105,294
 
 
 
65,109,480
Metals & Mining - 1.7%
 
 
 
Alpha Metallurgical Resources
 
112,116
23,353,763
Arch Resources, Inc. Class A,
 
179,157
26,293,081
Caledonia Mining Corp. PLC
 
171,408
2,555,693
Carpenter Technology Corp.
 
486,114
72,674,043
Century Aluminum Co. (a)
 
542,209
9,569,989
Coeur d'Alene Mines Corp. (a)
 
4,040,510
26,020,884
Commercial Metals Co.
 
1,180,176
63,493,469
Compass Minerals International, Inc. (b)
 
351,027
4,321,142
Constellium NV (a)
 
1,320,075
14,652,833
Contango ORE, Inc. (a)(b)
 
102,629
2,207,550
Critical Metals Corp. (b)
 
74,414
459,879
Dakota Gold Corp. (a)
 
668,728
1,464,514
Haynes International, Inc.
 
128,057
7,729,521
Hecla Mining Co.
 
6,002,937
38,959,061
i-80 Gold Corp. (a)(b)
 
3,207,988
3,368,387
Ivanhoe Electric, Inc. (a)(b)
 
852,862
8,656,549
Kaiser Aluminum Corp.
 
164,234
12,196,017
Lifezone Metals Ltd. (a)(b)
 
369,596
2,372,806
Materion Corp.
 
210,421
21,385,086
Metallus, Inc. (a)(b)
 
433,493
6,107,916
Metals Acquisition Ltd. (a)(b)
 
547,880
6,563,602
Novagold Resources, Inc. (a)
 
2,479,960
8,580,662
Olympic Steel, Inc.
 
99,025
3,553,017
Perpetua Resources Corp. (a)
 
395,302
4,041,963
Piedmont Lithium, Inc. (a)(b)
 
184,778
2,420,592
Radius Recycling, Inc. Class A
 
267,985
4,338,677
Ramaco Resources, Inc.:
 
 
 
 Class A (b)
 
244,907
2,485,806
 Class B
 
85,272
871,480
Ryerson Holding Corp.
 
284,908
6,208,145
SSR Mining, Inc.
 
2,062,680
12,726,736
SunCoke Energy, Inc.
 
855,375
8,818,916
Tredegar Corp. (a)
 
266,601
2,066,158
Universal Stainless & Alloy Products, Inc. (a)
 
89,762
3,924,395
Warrior Metropolitan Coal, Inc.
 
528,993
33,395,328
Worthington Steel, Inc.
 
333,051
12,735,870
 
 
 
460,573,530
Paper & Forest Products - 0.1%
 
 
 
Clearwater Paper Corp. (a)
 
162,122
4,083,853
Sylvamo Corp.
 
359,667
30,578,888
 
 
 
34,662,741
TOTAL MATERIALS
 
 
1,229,696,437
REAL ESTATE - 6.3%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 5.6%
 
 
 
Acadia Realty Trust (SBI)
 
1,076,442
26,362,065
Alexander & Baldwin, Inc.
 
780,865
14,531,898
Alexanders, Inc.
 
23,310
5,292,069
Alpine Income Property Trust, Inc.
 
149,963
2,628,851
American Assets Trust, Inc.
 
513,419
13,836,642
American Healthcare (REIT), Inc.
 
851,728
22,655,965
Apartment Investment & Management Co. Class A (a)
 
1,468,265
12,392,157
Apple Hospitality (REIT), Inc.
 
2,373,281
35,053,360
Armada Hoffler Properties, Inc. Class A,
 
712,002
7,710,982
Braemar Hotels & Resorts, Inc.
 
693,001
1,981,983
Brandywine Realty Trust (SBI)
 
1,792,916
9,090,084
Broadstone Net Lease, Inc.
 
1,970,957
34,669,134
BRT Apartments Corp.
 
131,945
2,141,467
CareTrust (REIT), Inc.
 
1,474,515
48,172,405
CBL & Associates Properties, Inc.
 
247,804
6,554,416
Centerspace
 
160,310
11,167,195
Chatham Lodging Trust
 
531,524
4,199,040
City Office REIT, Inc.
 
420,741
2,154,194
Clipper Realty, Inc.
 
131,332
864,165
Community Healthcare Trust, Inc.
 
286,684
5,378,192
COPT Defense Properties (SBI)
 
1,165,612
37,532,706
CTO Realty Growth, Inc.
 
240,872
4,660,873
Curbline Properties Corp.
 
984,009
22,268,124
DiamondRock Hospitality Co.
 
2,196,524
18,824,211
Diversified Healthcare Trust (SBI)
 
2,248,707
8,027,884
Douglas Emmett, Inc.
 
1,668,345
29,679,858
Easterly Government Properties, Inc.
 
1,040,717
14,112,123
Elme Communities (SBI)
 
922,898
15,569,289
Empire State Realty Trust, Inc.
 
1,399,585
14,835,601
Equity Commonwealth (a)
 
1,090,219
21,575,434
Essential Properties Realty Trust, Inc.
 
1,816,343
57,559,910
Farmland Partners, Inc.
 
469,142
5,493,653
Four Corners Property Trust, Inc.
 
963,539
26,555,135
Franklin Street Properties Corp.
 
1,033,852
1,829,918
Getty Realty Corp.
 
525,025
16,480,535
Gladstone Commercial Corp.
 
436,694
6,875,747
Gladstone Land Corp.
 
369,858
4,819,250
Global Medical REIT, Inc.
 
673,230
6,119,661
Global Net Lease, Inc.
 
2,106,469
16,409,394
Hudson Pacific Properties, Inc.
 
1,408,108
6,083,027
Independence Realty Trust, Inc.
 
2,334,619
45,805,225
Industrial Logistics Properties Trust
 
674,970
2,386,019
InvenTrust Properties Corp.
 
712,792
20,991,724
JBG SMITH Properties
 
872,438
14,831,446
Kite Realty Group Trust
 
2,243,684
57,595,368
LTC Properties, Inc.
 
453,912
17,339,438
LXP Industrial Trust (REIT)
 
3,029,557
28,599,018
National Health Investors, Inc.
 
434,593
33,311,553
Net Lease Office Properties
 
152,759
4,588,880
NETSTREIT Corp.
 
821,460
12,732,630
NexPoint Diversified Real Estate Trust
 
370,082
1,979,939
NexPoint Residential Trust, Inc.
 
241,065
10,040,357
One Liberty Properties, Inc.
 
183,960
4,911,732
Orion Office (REIT), Inc.
 
607,549
2,266,158
Outfront Media, Inc.
 
1,525,621
27,095,029
Paramount Group, Inc.
 
1,916,810
9,296,529
Peakstone Realty Trust
 
379,484
4,978,830
Pebblebrook Hotel Trust
 
1,238,219
14,833,864
Phillips Edison & Co., Inc.
 
1,275,398
48,222,798
Piedmont Office Realty Trust, Inc. Class A
 
1,298,020
12,902,319
Plymouth Industrial REIT, Inc.
 
438,824
8,916,904
Postal Realty Trust, Inc. Class A
 
262,329
3,816,887
PotlatchDeltic Corp.
 
820,032
34,088,730
Retail Opportunity Investments Corp.
 
1,293,700
20,052,350
RLJ Lodging Trust
 
1,605,088
14,205,029
Ryman Hospitality Properties, Inc.
 
602,302
64,476,429
Sabra Health Care REIT, Inc.
 
2,385,659
46,281,785
Safehold, Inc.
 
546,822
11,636,372
Saul Centers, Inc.
 
118,059
4,620,829
Service Properties Trust
 
1,715,134
5,488,429
SITE Centers Corp.
 
508,551
8,111,388
SL Green Realty Corp.
 
673,473
50,921,294
Strawberry Fields (REIT), Inc. (b)
 
62,730
794,162
Summit Hotel Properties, Inc.
 
1,127,937
6,902,974
Sunstone Hotel Investors, Inc.
 
2,129,855
21,490,237
Tanger, Inc.
 
1,099,883
36,549,112
Terreno Realty Corp.
 
986,030
59,112,499
The Macerich Co.
 
2,228,283
41,668,892
UMH Properties, Inc.
 
686,421
12,801,752
Uniti Group, Inc.
 
2,453,548
12,439,488
Universal Health Realty Income Trust (SBI)
 
141,459
5,596,118
Urban Edge Properties
 
1,279,582
28,457,904
Veris Residential, Inc.
 
821,673
13,532,954
Whitestone REIT
 
527,461
7,268,413
Xenia Hotels & Resorts, Inc.
 
1,064,982
15,090,795
 
 
 
1,511,179,179
Real Estate Management & Development - 0.7%
 
 
 
American Realty Investments, Inc. (a)
 
15,219
213,218
Anywhere Real Estate, Inc. (a)
 
1,000,057
3,860,220
Compass, Inc. Class A (a)
 
3,888,260
24,690,451
Cushman & Wakefield PLC (a)
 
2,345,608
31,782,988
eXp World Holdings, Inc. (b)
 
841,221
11,205,064
Forestar Group, Inc. (a)
 
196,585
6,206,188
FRP Holdings, Inc. (a)
 
134,772
3,908,388
Kennedy-Wilson Holdings, Inc.
 
1,155,932
12,356,913
Marcus & Millichap, Inc.
 
242,406
9,172,643
Maui Land & Pineapple, Inc. (a)(b)
 
78,921
1,735,473
Newmark Group, Inc. Class A
 
1,378,334
20,661,227
Offerpad Solutions, Inc. Class A (a)(b)
 
102,494
308,507
Opendoor Technologies, Inc. Class A (a)(b)
 
6,333,549
11,083,711
RE/MAX Holdings, Inc. Class A (a)
 
183,054
2,240,581
Redfin Corp. (a)(b)
 
1,199,933
12,443,305
Star Holdings (a)
 
121,715
1,550,649
Stratus Properties, Inc. (a)
 
56,122
1,250,959
Tejon Ranch Co. (a)
 
213,987
3,404,533
The Real Brokerage, Inc. (a)
 
988,062
5,394,819
The RMR Group, Inc. Class A
 
163,722
3,940,789
The St. Joe Co.
 
370,684
19,164,363
Transcontinental Realty Investors, Inc. (a)
 
11,735
324,825
 
 
 
186,899,814
TOTAL REAL ESTATE
 
 
1,698,078,993
UTILITIES - 2.8%
 
 
 
Electric Utilities - 0.8%
 
 
 
Allete, Inc.
 
592,419
37,861,498
Genie Energy Ltd. Class B
 
132,618
2,084,755
Hawaiian Electric Industries, Inc. (a)
 
1,689,235
17,348,443
MGE Energy, Inc.
 
372,931
33,746,526
Otter Tail Corp.
 
422,856
33,202,653
Portland General Electric Co.
 
1,034,546
49,037,480
TXNM Energy, Inc.
 
916,779
39,916,558
 
 
 
213,197,913
Gas Utilities - 1.0%
 
 
 
Brookfield Infrastructure Corp. A Shares
 
1,230,236
50,538,095
Chesapeake Utilities Corp.
 
227,500
27,252,225
New Jersey Resources Corp.
 
1,004,650
46,103,389
Northwest Natural Holding Co.
 
388,816
15,121,054
ONE Gas, Inc.
 
576,395
41,079,672
RGC Resources, Inc.
 
88,149
1,804,410
Southwest Gas Holdings, Inc.
 
622,784
45,618,928
Spire, Inc.
 
581,032
37,104,704
 
 
 
264,622,477
Independent Power and Renewable Electricity Producers - 0.2%
 
 
 
Altus Power, Inc. Class A (a)(b)
 
773,725
2,661,614
Montauk Renewables, Inc. (a)(b)
 
675,007
3,732,789
Ormat Technologies, Inc.
 
551,547
43,583,244
Sunnova Energy International, Inc. (a)(b)
 
1,106,780
6,718,155
 
 
 
56,695,802
Multi-Utilities - 0.4%
 
 
 
Avista Corp.
 
799,395
29,961,325
Black Hills Corp.
 
699,586
41,408,495
NorthWestern Energy Corp.
 
629,614
33,659,164
Unitil Corp.
 
163,518
9,466,057
 
 
 
114,495,041
Water Utilities - 0.4%
 
 
 
American States Water Co.
 
380,236
31,354,261
Cadiz, Inc. (a)(b)
 
440,830
1,340,123
California Water Service Group
 
591,903
30,755,280
Consolidated Water Co., Inc.
 
154,337
3,667,047
Global Water Resources, Inc.
 
121,072
1,512,189
Middlesex Water Co.
 
180,522
11,046,141
Pure Cycle Corp. (a)
 
209,816
2,207,264
SJW Group
 
335,476
18,672,594
York Water Co.
 
147,480
5,186,872
 
 
 
105,741,771
TOTAL UTILITIES
 
 
754,753,004
 
TOTAL COMMON STOCKS
 (Cost $23,335,575,182)
 
 
 
26,820,629,984
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (d)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (e)
 (Cost $14,479,538)
 
14,520,000
14,482,795
 
 
 
 
Money Market Funds - 8.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.87% (f)
 
25,832,314
25,837,480
Fidelity Securities Lending Cash Central Fund 4.87% (f)(g)
 
2,197,450,231
2,197,669,976
 
TOTAL MONEY MARKET FUNDS
 (Cost $2,223,489,493)
 
 
2,223,507,456
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 108.2%
 (Cost $25,573,544,213)
 
 
 
29,058,620,235
NET OTHER ASSETS (LIABILITIES) - (8.2)%  
(2,201,277,035)
NET ASSETS - 100.0%
26,857,343,200
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini Russell 2000 Index Contracts (United States)
472
Dec 2024
52,122,960
1,298,708
1,298,708
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.2%

 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Level 3 security
 
(d)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,830,161.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
(h)
Equity security is subject to lock-up or market standoff agreement and valued at a discount to the market price of the equivalent equity security. As of period end, the total fair value of equity securities discounted due to contractual sale restrictions is $405,663 and all restrictions are set to expire on or before January 31, 2025.  Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.87%
158,694,779
1,698,905,177
1,831,760,929
4,565,896
(1,547)
-
25,837,480
0.1%
Fidelity Securities Lending Cash Central Fund 4.87%
3,076,083,364
2,864,153,426
3,742,566,814
17,888,716
-
-
2,197,669,976
9.1%
Total
3,234,778,143
4,563,058,603
5,574,327,743
22,454,612
(1,547)
-
2,223,507,456
 
 
 
 
 
 
 
 
 
 
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.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
731,853,317
731,853,317
-
-
Consumer Discretionary
2,627,080,226
2,627,080,226
-
-
Consumer Staples
740,889,240
740,889,240
-
-
Energy
1,396,161,167
1,396,161,167
-
-
Financials
5,001,225,287
5,001,225,287
-
-
Health Care
4,662,408,469
4,658,806,385
2,873,346
728,738
Industrials
4,598,790,233
4,593,092,556
5,697,677
-
Information Technology
3,379,693,611
3,379,693,611
-
-
Materials
1,229,696,437
1,229,696,437
-
-
Real Estate
1,698,078,993
1,698,078,993
-
-
Utilities
754,753,004
754,753,004
-
-
 U.S. Government and Government Agency Obligations
14,482,795
-
14,482,795
-
  Money Market Funds
2,223,507,456
2,223,507,456
-
-
 Total Investments in Securities:
29,058,620,235
29,034,837,679
23,053,818
728,738
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
1,298,708
1,298,708
-
-
  Total Assets
1,298,708
1,298,708
-
-
 Total Derivative Instruments:
1,298,708
1,298,708
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
1,298,708
0
Total Equity Risk
1,298,708
0
Total Value of Derivatives
1,298,708
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity® Small Cap Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of October 31, 2024 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $2,055,515,229) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $23,350,054,720)
$
26,835,112,779
 
 
Fidelity Central Funds (cost $2,223,489,493)
2,223,507,456
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $25,573,544,213)
 
 
$
29,058,620,235
Cash
 
 
166,646
Receivable for investments sold
 
 
324,525
Receivable for fund shares sold
 
 
18,048,413
Dividends receivable
 
 
6,977,461
Distributions receivable from Fidelity Central Funds
 
 
3,449,850
Other receivables
 
 
534,648
  Total assets
 
 
29,088,121,778
Liabilities
 
 
 
 
Payable for investments purchased
$
25,720
 
 
Payable for fund shares redeemed
31,639,013
 
 
Accrued management fee
570,489
 
 
Payable for daily variation margin on futures contracts
917,070
 
 
Other payables and accrued expenses
239
 
 
Collateral on securities loaned
2,197,626,047
 
 
  Total liabilities
 
 
 
2,230,778,578
Net Assets  
 
 
$
26,857,343,200
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
22,720,153,919
Total accumulated earnings (loss)
 
 
 
4,137,189,281
Net Assets
 
 
$
26,857,343,200
Net Asset Value, offering price and redemption price per share ($26,857,343,200 ÷ 979,596,955 shares)
 
 
$
27.42
Statement of Operations
Six months ended October 31, 2024 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
171,319,066
Interest  
 
 
409,259
Income from Fidelity Central Funds (including $17,888,716 from security lending)
 
 
22,454,612
 Total income
 
 
 
194,182,937
Expenses
 
 
 
 
Management fee
$
3,289,846
 
 
Independent trustees' fees and expenses
28,777
 
 
 Total expenses before reductions
 
3,318,623
 
 
 Expense reductions
 
(80,900)
 
 
 Total expenses after reductions
 
 
 
3,237,723
Net Investment income (loss)
 
 
 
190,945,214
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
4,383,367
 
 
   Redemptions in-kind
 
912,112,199
 
 
   Fidelity Central Funds
 
(1,547)
 
 
 Futures contracts
 
24,870,964
 
 
Total net realized gain (loss)
 
 
 
941,364,983
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
1,831,036,844
 
 
 Futures contracts
 
4,754,714
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,835,791,558
Net gain (loss)
 
 
 
2,777,156,541
Net increase (decrease) in net assets resulting from operations
 
 
$
2,968,101,755
Statement of Changes in Net Assets
 
 
Six months ended
October 31, 2024
(Unaudited)
 
Year ended
April 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
190,945,214
$
355,931,686
Net realized gain (loss)
 
941,364,983
 
825,551,770
Change in net unrealized appreciation (depreciation)
 
1,835,791,558
 
1,675,812,388
Net increase (decrease) in net assets resulting from operations
 
2,968,101,755
 
2,857,295,844
Distributions to shareholders
 
(35,890,411)
 
(351,836,326)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
4,689,840,856
 
9,150,147,971
  Reinvestment of distributions
 
32,304,106
 
330,800,870
Cost of shares redeemed
 
(5,490,850,909)
 
(7,024,608,776)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(768,705,947)
 
2,456,340,065
Total increase (decrease) in net assets
 
2,163,505,397
 
4,961,799,583
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
24,693,837,803
 
19,732,038,220
End of period
$
26,857,343,200
$
24,693,837,803
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
179,070,841
 
389,301,408
  Issued in reinvestment of distributions
 
1,269,319
 
13,753,145
Redeemed
 
(208,984,926)
 
(295,232,558)
Net increase (decrease)
 
(28,644,766)
 
107,821,995
 
 
 
 
 
Financial Highlights
 
Fidelity® Small Cap Index Fund
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.49
$
21.91
$
22.98
$
28.75
$
16.60
$
20.43
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.19
 
.37
 
.38
 
.30
 
.25
 
.27
     Net realized and unrealized gain (loss)
 
2.77
 
2.57
 
(1.18)
 
(4.99)
 
12.13
 
(3.48)
  Total from investment operations
 
2.96  
 
2.94  
 
(.80)  
 
(4.69)  
 
12.38
 
(3.21)
  Distributions from net investment income
 
(.03)
 
(.36)
 
(.27)
 
(.35)
 
(.23)
 
(.28)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.73)
 
-
 
(.35)
     Total distributions
 
(.03)
 
(.36)
 
(.27)
 
(1.08)
 
(.23)
 
(.62) C
  Net asset value, end of period
$
27.42
$
24.49
$
21.91
$
22.98
$
28.75
$
16.60
 Total Return D,E
 
12.11
%
 
13.45%
 
(3.46)%
 
(16.89)%
 
74.95%
 
(16.27)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.02% H,I
 
.03%
 
.03%
 
.02% I
 
.03%
 
.03%
    Expenses net of fee waivers, if any
 
.02
% H,I
 
.03%
 
.03%
 
.02% I
 
.03%
 
.03%
    Expenses net of all reductions
 
.02% H,I
 
.02%
 
.02%
 
.02% I
 
.03%
 
.03%
    Net investment income (loss)
 
1.44% H
 
1.56%
 
1.69%
 
1.10%
 
1.09%
 
1.42%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
26,857,343
$
24,693,838
$
19,732,038
$
18,704,544
$
21,215,363
$
9,927,295
    Portfolio turnover rate J
 
19
% H,K
 
9% K
 
9% K
 
24% K
 
19%
 
17%
 
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees 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.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IThe size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended October 31, 2024
 
1. Organization.
Fidelity Mid Cap Index Fund and Fidelity Small Cap Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value each Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing 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 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 circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of each Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Fidelity Mid Cap Index Fund
$186,258
 
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, passive foreign investment companies (PFIC), 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:
 
 
Tax cost ($)
Gross unrealized appreciation ($)
Gross unrealized depreciation ($)
Net unrealized appreciation (depreciation)($)
Fidelity Mid Cap Index Fund
28,086,784,054
10,785,541,683
(2,162,912,388)
8,622,629,295
Fidelity Small Cap Index Fund
25,835,362,149
7,474,786,384
(4,250,229,590)
3,224,556,794
 
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 prior fiscal period end and is subject to adjustment.
 
 
Short-term ($)
Long-term ($)
Total capital loss carryforward ($)
Fidelity Mid Cap Index Fund
 -
 (112,294,623)
  (112,294,623)
Fidelity Small Cap Index Fund
 (110,724,829)
 -
 (110,724,829)
 
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
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.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
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, U.S government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Mid Cap Index Fund
5,042,148,117
4,856,928,747
Fidelity Small Cap Index Fund
3,828,746,035
2,554,109,694
 
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.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Mid Cap Index Fund
16,131,767
289,430,726
525,602,647
Fidelity Small Cap Index Fund
57,804,874
912,112,199
1,487,835,044
 
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.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Mid Cap Index Fund
40,076,242
704,168,743
1,127,161,154
Fidelity Small Cap Index Fund
58,645,764
807,052,186
1,432,697,305
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, 2025.
 
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 Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Mid Cap Index Fund
332,583
 28,808
-
Fidelity Small Cap Index Fund
 1,934,107
 114,750
14,766,666
9. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
 
 
Custodian credits ($)
Fidelity Mid Cap Index Fund
 18,173
Fidelity Small Cap Index Fund
 80,900
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.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Mid Cap Index Fund
Fidelity Small Cap Index Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for each fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of each fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to each fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the funds and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement each fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against the securities market index each fund seeks to track (benchmark index). The Board also periodically considers each fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of each fund compared to the fund's benchmark index, over appropriate time periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered each fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of each fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of each fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the mapped group for 2023 and below the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of each fund ranked below the competitive median of the similar sales load structure group for 2023 and below the competitive median of the total expense asset size peer group for 2023.
Other Contractual Arrangements. The Board considered that current contractual arrangements for each fund oblige FMR to pay all expenses of each fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.025%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that each fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with each fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to each fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through September 30, 2025.
 
1.929323.113
MCX-I-SCX-I-SANN-1224
Fidelity® Large Cap Growth Index Fund
 
 
Semi-Annual Report
October 31, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Large Cap Growth Index Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
A fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of a fund or the underlying data.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Large Cap Growth Index Fund
Schedule of Investments October 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 13.1%
 
 
 
Diversified Telecommunication Services - 0.0%
 
 
 
Iridium Communications, Inc.
 
10,805
316,911
Entertainment - 1.6%
 
 
 
Liberty Media Corp. Liberty Formula One:
 
 
 
 Class A (a)
 
8,959
665,116
 Class C (a)
 
75,162
6,000,934
Live Nation Entertainment, Inc. (a)
 
162,994
19,093,117
Madison Square Garden Sports Corp. (a)
 
1,653
368,123
Netflix, Inc. (a)
 
441,947
334,125,190
Roblox Corp. Class A (a)
 
526,937
27,253,182
Roku, Inc. Class A (a)
 
19,535
1,251,803
Spotify Technology SA (a)
 
151,800
58,458,180
TKO Group Holdings, Inc. (a)
 
11,232
1,311,561
 
 
 
448,527,206
Interactive Media & Services - 11.3%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A
 
6,069,343
1,038,525,281
 Class C
 
5,089,937
878,981,221
Meta Platforms, Inc. Class A
 
2,263,304
1,284,606,084
Pinterest, Inc. Class A (a)
 
620,160
19,714,886
TripAdvisor, Inc. Class A (a)
 
6,167
98,919
Trump Media & Technology Group (a)(b)
 
37,110
1,311,467
 
 
 
3,223,237,858
Media - 0.2%
 
 
 
Liberty Broadband Corp.:
 
 
 
 Class A (a)
 
4,283
343,625
 Class C (a)
 
27,753
2,242,997
Nexstar Media Group, Inc.
 
12,591
2,215,009
The Trade Desk, Inc. Class A (a)
 
456,261
54,847,135
 
 
 
59,648,766
TOTAL COMMUNICATION SERVICES
 
 
3,731,730,741
CONSUMER DISCRETIONARY - 14.1%
 
 
 
Automobiles - 2.5%
 
 
 
Tesla, Inc. (a)
 
2,870,651
717,232,152
Broadline Retail - 6.4%
 
 
 
Amazon.com, Inc. (a)
 
9,595,580
1,788,616,112
Coupang, Inc. Class A (a)
 
1,195,633
30,835,375
Etsy, Inc. (a)
 
78,138
4,019,419
 
 
 
1,823,470,906
Distributors - 0.1%
 
 
 
Pool Corp.
 
38,439
13,901,080
Diversified Consumer Services - 0.1%
 
 
 
Bright Horizons Family Solutions, Inc. (a)
 
8,909
1,189,084
Duolingo, Inc. Class A (a)
 
37,835
11,084,520
Grand Canyon Education, Inc. (a)
 
9,699
1,329,830
H&R Block, Inc.
 
27,862
1,664,197
 
 
 
15,267,631
Hotels, Restaurants & Leisure - 2.3%
 
 
 
Airbnb, Inc. Class A (a)
 
451,197
60,816,844
Booking Holdings, Inc.
 
33,053
154,564,091
Cava Group, Inc. (a)
 
77,927
10,407,930
Chipotle Mexican Grill, Inc. (a)
 
1,410,304
78,652,654
Choice Hotels International, Inc. (b)
 
24,412
3,405,718
Churchill Downs, Inc.
 
71,984
10,084,958
Darden Restaurants, Inc.
 
64,837
10,375,217
Domino's Pizza, Inc.
 
12,505
5,173,694
Doordash, Inc. (a)
 
312,553
48,977,055
Draftkings Holdings, Inc. Class A (a)
 
466,905
16,491,085
Dutch Bros, Inc. Class A (a)
 
44,471
1,472,880
Expedia Group, Inc. Class A (a)
 
130,465
20,392,984
Hilton Worldwide Holdings, Inc.
 
130,215
30,580,993
Hyatt Hotels Corp. Class A
 
6,652
967,533
Las Vegas Sands Corp.
 
364,926
18,921,413
Light & Wonder, Inc. Class A (a)
 
93,092
8,730,168
McDonald's Corp.
 
47,583
13,899,470
Norwegian Cruise Line Holdings Ltd. (a)
 
441,508
11,187,813
Planet Fitness, Inc. (a)
 
48,697
3,823,688
Royal Caribbean Cruises Ltd.
 
84,980
17,535,623
Starbucks Corp.
 
907,536
88,666,267
Texas Roadhouse, Inc.
 
68,973
13,182,120
Vail Resorts, Inc.
 
32,868
5,445,899
Wendy's Co.
 
87,768
1,677,246
Wingstop, Inc.
 
30,287
8,713,267
Wyndham Hotels & Resorts, Inc.
 
6,913
610,556
Wynn Resorts Ltd.
 
7,865
755,197
Yum! Brands, Inc.
 
111,593
14,636,538
 
 
 
660,148,901
Household Durables - 0.1%
 
 
 
SharkNinja, Inc.
 
13,665
1,260,050
Tempur Sealy International, Inc.
 
173,078
8,292,167
TopBuild Corp. (a)
 
2,630
929,389
 
 
 
10,481,606
Leisure Products - 0.0%
 
 
 
Hasbro, Inc.
 
125,399
8,229,936
YETI Holdings, Inc. (a)
 
26,068
917,854
 
 
 
9,147,790
Specialty Retail - 2.2%
 
 
 
AutoZone, Inc. (a)
 
16,069
48,351,621
Burlington Stores, Inc. (a)
 
65,383
16,199,946
CarMax, Inc. (a)
 
11,378
823,540
Carvana Co. Class A (a)
 
39,072
9,662,896
Dick's Sporting Goods, Inc.
 
5,276
1,032,777
Five Below, Inc. (a)
 
44,583
4,226,023
Floor & Decor Holdings, Inc. Class A (a)
 
39,480
4,068,414
Murphy U.S.A., Inc.
 
19,162
9,359,679
O'Reilly Automotive, Inc. (a)
 
55,059
63,490,735
RH (a)
 
3,001
954,468
Ross Stores, Inc.
 
78,399
10,953,908
The Home Depot, Inc.
 
817,662
321,954,413
TJX Companies, Inc.
 
691,960
78,212,239
Tractor Supply Co.
 
111,352
29,565,070
Ulta Beauty, Inc. (a)
 
42,730
15,766,515
Valvoline, Inc. (a)
 
133,096
5,361,107
Williams-Sonoma, Inc.
 
77,711
10,423,376
 
 
 
630,406,727
Textiles, Apparel & Luxury Goods - 0.4%
 
 
 
Crocs, Inc. (a)
 
11,042
1,190,548
Deckers Outdoor Corp. (a)
 
156,612
25,197,305
lululemon athletica, Inc. (a)
 
124,481
37,082,890
NIKE, Inc. Class B
 
767,287
59,180,846
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)
 
11,960
735,062
 
 
 
123,386,651
TOTAL CONSUMER DISCRETIONARY
 
 
4,003,443,444
CONSUMER STAPLES - 3.5%
 
 
 
Beverages - 1.3%
 
 
 
Boston Beer Co., Inc. Class A (a)
 
1,863
542,263
Celsius Holdings, Inc. (a)
 
181,459
5,458,287
Monster Beverage Corp. (a)
 
590,637
31,114,757
PepsiCo, Inc.
 
1,121,325
186,229,656
The Coca-Cola Co.
 
2,297,559
150,053,578
 
 
 
373,398,541
Consumer Staples Distribution & Retail - 1.5%
 
 
 
Casey's General Stores, Inc.
 
6,596
2,598,956
Costco Wholesale Corp.
 
457,962
400,341,221
Performance Food Group Co. (a)
 
22,526
1,830,238
Sysco Corp.
 
319,030
23,911,299
 
 
 
428,681,714
Food Products - 0.0%
 
 
 
Freshpet, Inc. (a)
 
15,318
2,030,248
Lamb Weston Holdings, Inc.
 
47,592
3,697,422
Pilgrim's Pride Corp. (a)(b)
 
3,956
191,629
The Hershey Co.
 
20,864
3,705,029
 
 
 
9,624,328
Household Products - 0.6%
 
 
 
Colgate-Palmolive Co.
 
462,279
43,320,165
Kimberly-Clark Corp.
 
142,864
19,169,492
Procter & Gamble Co.
 
543,391
89,757,325
The Clorox Co.
 
128,020
20,297,571
 
 
 
172,544,553
Personal Care Products - 0.1%
 
 
 
elf Beauty, Inc. (a)
 
55,383
5,829,061
Estee Lauder Companies, Inc. Class A
 
85,888
5,921,119
 
 
 
11,750,180
TOTAL CONSUMER STAPLES
 
 
995,999,316
ENERGY - 0.4%
 
 
 
Energy Equipment & Services - 0.0%
 
 
 
Weatherford International PLC
 
74,348
5,873,492
Oil, Gas & Consumable Fuels - 0.4%
 
 
 
Antero Midstream GP LP
 
133,775
1,922,347
Cheniere Energy, Inc.
 
121,033
23,163,296
Civitas Resources, Inc.
 
28,294
1,380,464
EQT Corp.
 
37,720
1,378,289
Hess Corp.
 
186,424
25,070,300
Matador Resources Co.
 
9,223
480,611
New Fortress Energy, Inc. Class A (b)
 
36,008
302,827
Permian Resource Corp. Class A
 
143,821
1,960,280
Targa Resources Corp.
 
226,722
37,853,505
Texas Pacific Land Corp.
 
19,385
22,602,910
Viper Energy, Inc. Class A
 
30,471
1,581,445
 
 
 
117,696,274
TOTAL ENERGY
 
 
123,569,766
FINANCIALS - 6.6%
 
 
 
Banks - 0.2%
 
 
 
Nu Holdings Ltd. Class A (a)
 
3,285,016
49,570,891
Popular, Inc.
 
8,077
720,711
 
 
 
50,291,602
Capital Markets - 1.7%
 
 
 
Ameriprise Financial, Inc.
 
94,394
48,169,258
Ares Management Corp. Class A,
 
188,735
31,647,085
Blackstone, Inc.
 
728,716
122,242,109
Blue Owl Capital, Inc. Class A
 
517,838
11,578,858
Charles Schwab Corp.
 
153,876
10,899,037
Coinbase Global, Inc. Class A (a)
 
171,054
30,661,430
FactSet Research Systems, Inc.
 
13,873
6,299,174
Goldman Sachs Group, Inc.
 
87,549
45,331,997
Houlihan Lokey Class A
 
5,146
889,074
Jefferies Financial Group, Inc.
 
51,101
3,269,442
KKR & Co., Inc. Class A
 
200,364
27,698,319
Lazard, Inc. Class A
 
105,757
5,604,063
LPL Financial
 
76,769
21,662,676
Moody's Corp.
 
163,139
74,071,632
Morgan Stanley
 
70,704
8,219,340
Morningstar, Inc.
 
27,620
9,060,741
MSCI, Inc.
 
45,883
26,208,370
TPG, Inc. Class A
 
21,848
1,478,673
Tradeweb Markets, Inc. Class A
 
47,416
6,021,832
XP, Inc. Class A
 
42,475
741,614
 
 
 
491,754,724
Consumer Finance - 0.2%
 
 
 
Ally Financial, Inc.
 
38,631
1,354,017
American Express Co.
 
217,222
58,667,318
Credit Acceptance Corp. (a)(b)
 
5,049
2,145,825
SoFi Technologies, Inc. Class A (a)(b)
 
167,860
1,874,996
 
 
 
64,042,156
Financial Services - 3.8%
 
 
 
Apollo Global Management, Inc.
 
402,974
57,730,055
Block, Inc. Class A (a)
 
241,768
17,484,662
Corpay, Inc. (a)
 
70,422
23,219,542
Equitable Holdings, Inc.
 
337,611
15,307,283
Fiserv, Inc. (a)
 
188,355
37,275,455
MasterCard, Inc. Class A
 
853,669
426,484,496
Shift4 Payments, Inc. Class A (a)(b)
 
63,138
5,710,201
The Western Union Co.
 
61,562
662,407
Toast, Inc. (a)(b)
 
457,401
13,735,752
UWM Holdings Corp. Class A
 
67,092
432,072
Visa, Inc. Class A
 
1,627,134
471,624,790
WEX, Inc. (a)
 
3,908
674,521
 
 
 
1,070,341,236
Insurance - 0.7%
 
 
 
Allstate Corp.
 
42,287
7,887,371
Arthur J. Gallagher & Co.
 
15,348
4,315,858
Brown & Brown, Inc.
 
108,388
11,341,720
Everest Re Group Ltd.
 
7,229
2,570,705
Kinsale Capital Group, Inc.
 
22,715
9,724,519
Markel Group, Inc. (a)
 
3,123
4,815,697
Marsh & McLennan Companies, Inc.
 
69,688
15,208,709
Progressive Corp.
 
508,907
123,577,887
RLI Corp.
 
2,616
408,018
Ryan Specialty Group Holdings, Inc. Class A
 
105,572
6,954,028
 
 
 
186,804,512
TOTAL FINANCIALS
 
 
1,863,234,230
HEALTH CARE - 7.5%
 
 
 
Biotechnology - 1.7%
 
 
 
AbbVie, Inc.
 
790,645
161,188,796
Alnylam Pharmaceuticals, Inc. (a)
 
115,719
30,849,528
Amgen, Inc.
 
431,429
138,126,309
Apellis Pharmaceuticals, Inc. (a)
 
107,595
2,933,040
Exact Sciences Corp. (a)
 
74,248
5,117,915
Exelixis, Inc. (a)
 
246,563
8,185,892
Incyte Corp. (a)
 
9,685
717,852
Ionis Pharmaceuticals, Inc. (a)
 
149,934
5,755,966
Natera, Inc. (a)
 
116,860
14,135,386
Neurocrine Biosciences, Inc. (a)
 
102,854
12,370,251
Regeneron Pharmaceuticals, Inc. (a)
 
9,060
7,594,092
Repligen Corp. (a)
 
8,193
1,100,074
Sarepta Therapeutics, Inc. (a)
 
93,394
11,767,644
Ultragenyx Pharmaceutical, Inc. (a)
 
92,866
4,735,237
Vertex Pharmaceuticals, Inc. (a)
 
133,495
63,540,950
Viking Therapeutics, Inc. (a)
 
108,491
7,869,937
 
 
 
475,988,869
Health Care Equipment & Supplies - 1.3%
 
 
 
Align Technology, Inc. (a)
 
45,300
9,287,859
DexCom, Inc. (a)
 
412,828
29,096,117
Edwards Lifesciences Corp. (a)
 
117,826
7,895,520
GE Healthcare Technologies, Inc.
 
42,759
3,734,999
IDEXX Laboratories, Inc. (a)
 
85,062
34,613,429
Inspire Medical Systems, Inc. (a)
 
30,181
5,886,502
Insulet Corp. (a)
 
72,019
16,674,559
Intuitive Surgical, Inc. (a)
 
364,938
183,870,362
Masimo Corp. (a)(b)
 
22,950
3,305,030
Penumbra, Inc. (a)
 
38,038
8,705,757
ResMed, Inc.
 
40,946
9,928,177
Stryker Corp.
 
111,060
39,568,457
 
 
 
352,566,768
Health Care Providers & Services - 0.6%
 
 
 
Cardinal Health, Inc.
 
149,460
16,219,399
Cencora, Inc.
 
171,539
39,124,615
Chemed Corp.
 
1,563
844,395
Cigna Group
 
26,182
8,242,355
DaVita, Inc. (a)
 
52,020
7,272,916
Elevance Health, Inc.
 
38,381
15,573,475
HCA Holdings, Inc.
 
47,720
17,119,073
McKesson Corp.
 
57,726
28,897,058
Molina Healthcare, Inc. (a)
 
37,793
12,139,867
UnitedHealth Group, Inc.
 
64,543
36,434,524
 
 
 
181,867,677
Health Care Technology - 0.1%
 
 
 
Doximity, Inc. Class A (a)
 
9,586
400,120
Veeva Systems, Inc. Class A (a)
 
152,112
31,765,549
 
 
 
32,165,669
Life Sciences Tools & Services - 0.2%
 
 
 
10X Genomics, Inc. Class A (a)
 
72,112
1,155,955
Bruker Corp.
 
71,319
4,037,369
Fortrea Holdings, Inc. (a)
 
9,333
156,981
IQVIA Holdings, Inc. (a)
 
20,988
4,319,750
Medpace Holdings, Inc. (a)
 
26,212
8,236,335
Waters Corp. (a)
 
37,079
11,980,596
West Pharmaceutical Services, Inc.
 
45,444
13,993,571
 
 
 
43,880,557
Pharmaceuticals - 3.6%
 
 
 
Eli Lilly & Co.
 
826,926
686,133,579
Intra-Cellular Therapies, Inc. (a)
 
106,187
8,999,348
Merck & Co., Inc.
 
2,619,007
267,976,796
Zoetis, Inc. Class A
 
389,551
69,643,928
 
 
 
1,032,753,651
TOTAL HEALTH CARE
 
 
2,119,223,191
INDUSTRIALS - 4.6%
 
 
 
Aerospace & Defense - 0.6%
 
 
 
Axon Enterprise, Inc. (a)
 
74,044
31,357,634
BWX Technologies, Inc.
 
19,204
2,338,087
GE Aerospace
 
241,461
41,478,171
HEICO Corp.
 
45,536
11,154,043
HEICO Corp. Class A
 
83,633
16,058,372
Howmet Aerospace, Inc.
 
25,520
2,544,854
Loar Holdings, Inc. (b)
 
9,890
852,320
Lockheed Martin Corp.
 
70,479
38,485,058
Spirit AeroSystems Holdings, Inc. Class A (a)
 
15,030
486,521
The Boeing Co. (a)
 
116,491
17,393,271
TransDigm Group, Inc.
 
11,342
14,770,687
 
 
 
176,919,018
Air Freight & Logistics - 0.0%
 
 
 
Expeditors International of Washington, Inc.
 
24,011
2,857,309
Building Products - 0.3%
 
 
 
AAON, Inc.
 
70,572
8,060,734
Advanced Drain Systems, Inc.
 
27,375
4,102,965
Armstrong World Industries, Inc.
 
15,574
2,173,352
Builders FirstSource, Inc. (a)
 
11,287
1,934,592
Carlisle Companies, Inc.
 
6,460
2,727,606
Lennox International, Inc.
 
33,101
19,945,670
Simpson Manufacturing Co. Ltd.
 
4,122
741,094
The AZEK Co., Inc. Class A, (a)
 
103,831
4,568,564
Trane Technologies PLC
 
79,825
29,548,022
Trex Co., Inc. (a)
 
111,825
7,922,801
 
 
 
81,725,400
Commercial Services & Supplies - 0.8%
 
 
 
Cintas Corp.
 
338,966
69,762,592
Copart, Inc. (a)
 
838,482
43,156,669
Rollins, Inc.
 
288,166
13,584,145
Tetra Tech, Inc.
 
59,068
2,887,244
Veralto Corp.
 
114,630
11,714,040
Waste Management, Inc.
 
413,931
89,347,006
 
 
 
230,451,696
Construction & Engineering - 0.1%
 
 
 
Comfort Systems U.S.A., Inc.
 
36,241
14,171,681
EMCOR Group, Inc.
 
18,976
8,464,624
Quanta Services, Inc.
 
45,840
13,826,719
Willscot Holdings Corp. (a)
 
56,119
1,859,784
 
 
 
38,322,808
Electrical Equipment - 0.2%
 
 
 
Generac Holdings, Inc. (a)
 
29,724
4,920,808
Rockwell Automation, Inc.
 
10,869
2,898,871
Vertiv Holdings Co.
 
369,324
40,363,420
 
 
 
48,183,099
Ground Transportation - 1.0%
 
 
 
Avis Budget Group, Inc. (b)
 
6,938
575,854
Lyft, Inc. (a)
 
256,290
3,324,081
Old Dominion Freight Lines, Inc.
 
202,658
40,799,109
Saia, Inc. (a)
 
15,958
7,797,238
U-Haul Holding Co. (a)(b)
 
4,912
360,197
U-Haul Holding Co. Class N
 
43,931
2,998,730
Uber Technologies, Inc. (a)
 
2,075,146
149,514,269
Union Pacific Corp.
 
301,942
70,071,680
XPO, Inc. (a)
 
117,882
15,387,137
 
 
 
290,828,295
Industrial Conglomerates - 0.1%
 
 
 
3M Co.
 
106,041
13,623,087
Honeywell International, Inc.
 
104,210
21,433,913
 
 
 
35,057,000
Machinery - 0.2%
 
 
 
Caterpillar, Inc.
 
71,632
26,947,958
Illinois Tool Works, Inc.
 
114,554
29,913,486
Lincoln Electric Holdings, Inc.
 
15,872
3,056,312
 
 
 
59,917,756
Passenger Airlines - 0.0%
 
 
 
American Airlines Group, Inc. (a)(b)
 
48,570
650,838
Professional Services - 0.9%
 
 
 
Automatic Data Processing, Inc.
 
393,568
113,835,608
Booz Allen Hamilton Holding Corp. Class A
 
132,041
23,986,568
Broadridge Financial Solutions, Inc.
 
110,256
23,248,580
Dayforce, Inc. (a)(b)
 
16,543
1,173,726
Equifax, Inc.
 
25,445
6,743,434
KBR, Inc.
 
11,800
790,718
Paychex, Inc.
 
119,077
16,590,998
Paycom Software, Inc.
 
33,057
6,909,905
Paycor HCM, Inc. (a)
 
7,430
112,119
Paylocity Holding Corp. (a)
 
45,228
8,347,732
TransUnion
 
11,376
1,152,389
Verisk Analytics, Inc.
 
146,900
40,356,368
 
 
 
243,248,145
Trading Companies & Distributors - 0.4%
 
 
 
Core & Main, Inc. Class A (a)
 
129,877
5,750,954
Fastenal Co.
 
497,856
38,922,382
Ferguson Enterprises, Inc.
 
13,981
2,750,622
SiteOne Landscape Supply, Inc. (a)
 
16,952
2,368,872
United Rentals, Inc.
 
16,583
13,478,662
W.W. Grainger, Inc.
 
39,046
43,310,995
 
 
 
106,582,487
TOTAL INDUSTRIALS
 
 
1,314,743,851
INFORMATION TECHNOLOGY - 48.5%
 
 
 
Communications Equipment - 0.5%
 
 
 
Arista Networks, Inc. (a)
 
266,032
102,805,406
Motorola Solutions, Inc.
 
81,172
36,474,638
Ubiquiti, Inc.
 
2,020
536,694
 
 
 
139,816,738
Electronic Equipment, Instruments & Components - 0.2%
 
 
 
Amphenol Corp. Class A
 
710,573
47,622,602
CDW Corp.
 
69,699
13,119,443
Cognex Corp.
 
9,550
384,197
Jabil, Inc.
 
9,368
1,153,107
Zebra Technologies Corp. Class A (a)
 
11,278
4,307,858
 
 
 
66,587,207
IT Services - 0.6%
 
 
 
Cloudflare, Inc. Class A (a)
 
309,377
27,135,457
EPAM Systems, Inc. (a)
 
3,599
678,951
Gartner, Inc. (a)
 
77,923
39,156,308
Globant SA (a)
 
32,633
6,849,340
GoDaddy, Inc. Class A (a)
 
146,243
24,393,332
MongoDB, Inc. Class A (a)
 
72,796
19,684,038
Okta, Inc. Class A (a)
 
73,508
5,284,490
Snowflake, Inc. Class A (a)
 
326,091
37,441,769
Twilio, Inc. Class A (a)
 
34,834
2,809,362
VeriSign, Inc. (a)
 
5,820
1,029,209
 
 
 
164,462,256
Semiconductors & Semiconductor Equipment - 16.9%
 
 
 
Advanced Micro Devices, Inc. (a)
 
1,097,283
158,085,562
Applied Materials, Inc.
 
789,756
143,403,894
Astera Labs, Inc. (a)
 
1,204
84,473
Broadcom, Inc.
 
4,696,928
797,397,467
Enphase Energy, Inc. (a)
 
135,899
11,285,053
Entegris, Inc.
 
155,286
16,259,997
KLA Corp.
 
139,118
92,684,585
Lam Research Corp.
 
1,348,786
100,282,239
Lattice Semiconductor Corp. (a)
 
121,519
6,156,153
Marvell Technology, Inc.
 
70,663
5,660,813
MKS Instruments, Inc.
 
4,112
408,445
Monolithic Power Systems, Inc.
 
48,492
36,819,976
NVIDIA Corp.
 
24,172,881
3,209,191,682
Onto Innovation, Inc. (a)
 
12,968
2,571,943
Qualcomm, Inc.
 
1,081,893
176,099,724
Teradyne, Inc.
 
146,729
15,584,087
Texas Instruments, Inc.
 
113,843
23,128,344
Universal Display Corp.
 
24,299
4,381,596
 
 
 
4,799,486,033
Software - 18.2%
 
 
 
Adobe, Inc. (a)
 
457,883
218,904,705
AppFolio, Inc. Class A, (a)
 
23,390
4,862,079
AppLovin Corp. Class A, (a)
 
270,905
45,888,598
Atlassian Corp. PLC Class A, (a)
 
161,922
30,528,774
Autodesk, Inc. (a)
 
222,486
63,141,527
Bentley Systems, Inc. Class B
 
144,597
6,978,251
Bill Holdings, Inc. (a)
 
26,385
1,539,829
Cadence Design Systems, Inc. (a)
 
281,391
77,697,683
Confluent, Inc. Class A (a)
 
255,099
6,675,941
Crowdstrike Holdings, Inc. Class A (a)
 
234,177
69,520,126
Datadog, Inc. Class A (a)
 
308,449
38,691,843
DocuSign, Inc. (a)
 
209,763
14,553,357
DoubleVerify Holdings, Inc. (a)
 
84,083
1,433,615
Dropbox, Inc. Class A (a)
 
75,865
1,961,110
Dynatrace, Inc. (a)
 
304,261
16,369,242
Elastic NV (a)
 
83,833
6,725,922
Fair Isaac Corp. (a)
 
20,733
41,323,150
Five9, Inc. (a)
 
75,513
2,229,899
Fortinet, Inc. (a)
 
531,977
41,845,311
GitLab, Inc. Class A (a)
 
122,081
6,561,854
Guidewire Software, Inc. (a)
 
38,575
7,184,980
HashiCorp, Inc. Class A (a)
 
114,850
3,888,821
HubSpot, Inc. (a)
 
50,414
27,969,183
Intuit, Inc.
 
281,992
172,099,718
Manhattan Associates, Inc. (a)
 
63,275
16,664,104
Microsoft Corp.
 
7,682,004
3,121,582,325
MicroStrategy, Inc. Class A (a)(b)
 
10,183
2,489,744
nCino, Inc. (a)
 
52,648
1,963,770
Nutanix, Inc. Class A (a)
 
71,219
4,422,700
Oracle Corp.
 
1,622,503
272,320,904
Palantir Technologies, Inc. Class A (a)
 
2,077,256
86,330,759
Palo Alto Networks, Inc. (a)
 
318,024
114,593,588
Pegasystems, Inc.
 
46,055
3,658,609
Procore Technologies, Inc. (a)
 
108,640
7,132,216
PTC, Inc. (a)
 
74,164
13,744,814
RingCentral, Inc. Class A (a)
 
84,654
3,048,391
Salesforce, Inc.
 
821,272
239,294,023
SentinelOne, Inc. Class A (a)
 
45,756
1,180,047
ServiceNow, Inc. (a)
 
212,066
197,855,457
Smartsheet, Inc. Class A (a)
 
137,948
7,783,026
Synopsys, Inc. (a)
 
157,106
80,691,213
Teradata Corp. (a)
 
99,984
3,222,484
Tyler Technologies, Inc. (a)
 
37,240
22,552,172
UiPath, Inc. Class A (a)
 
392,982
4,857,258
Unity Software, Inc. (a)(b)
 
136,063
2,732,145
Workday, Inc. Class A (a)
 
218,435
51,081,025
Zscaler, Inc. (a)
 
94,411
17,068,565
 
 
 
5,184,844,857
Technology Hardware, Storage & Peripherals - 12.1%
 
 
 
Apple, Inc.
 
15,015,806
3,392,220,724
Dell Technologies, Inc. Class C
 
44,264
5,472,358
HP, Inc.
 
244,202
8,674,055
NetApp, Inc.
 
95,534
11,016,026
Pure Storage, Inc. Class A (a)
 
276,264
13,827,013
Super Micro Computer, Inc. (a)(b)
 
511,271
14,883,099
 
 
 
3,446,093,275
TOTAL INFORMATION TECHNOLOGY
 
 
13,801,290,366
MATERIALS - 0.6%
 
 
 
Chemicals - 0.5%
 
 
 
Celanese Corp.
 
28,666
3,611,056
Ecolab, Inc.
 
223,782
54,989,951
RPM International, Inc.
 
29,601
3,762,583
Sherwin-Williams Co.
 
220,556
79,128,876
The Chemours Co. LLC
 
11,353
206,170
 
 
 
141,698,636
Construction Materials - 0.1%
 
 
 
Eagle Materials, Inc.
 
25,983
7,417,107
Martin Marietta Materials, Inc.
 
3,537
2,095,107
Vulcan Materials Co.
 
35,222
9,648,362
 
 
 
19,160,576
Containers & Packaging - 0.0%
 
 
 
Avery Dennison Corp.
 
31,130
6,444,844
Sealed Air Corp.
 
7,994
289,223
 
 
 
6,734,067
Metals & Mining - 0.0%
 
 
 
Cleveland-Cliffs, Inc. (a)(b)
 
155,391
2,016,975
Southern Copper Corp.
 
89,386
9,792,236
 
 
 
11,809,211
Paper & Forest Products - 0.0%
 
 
 
Louisiana-Pacific Corp.
 
46,327
4,581,740
TOTAL MATERIALS
 
 
183,984,230
REAL ESTATE - 0.6%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.6%
 
 
 
American Tower Corp.
 
481,641
102,849,619
Equinix, Inc.
 
5,277
4,791,938
Iron Mountain, Inc.
 
171,678
21,241,719
Lamar Advertising Co. Class A
 
22,631
2,987,292
Public Storage Operating Co.
 
24,803
8,161,675
Simon Property Group, Inc.
 
85,421
14,446,400
 
 
 
154,478,643
Real Estate Management & Development - 0.0%
 
 
 
Jones Lang LaSalle, Inc. (a)
 
15,129
4,099,354
TOTAL REAL ESTATE
 
 
158,577,997
UTILITIES - 0.2%
 
 
 
Electric Utilities - 0.1%
 
 
 
Constellation Energy Corp.
 
51,650
13,581,884
NRG Energy, Inc.
 
87,613
7,920,215
 
 
 
21,502,099
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
Vistra Corp.
 
355,400
44,410,784
TOTAL UTILITIES
 
 
65,912,883
 
TOTAL COMMON STOCKS
 (Cost $18,323,930,410)
 
 
 
28,361,710,015
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (d)
 (Cost $3,895,115)
 
3,906,000
3,895,992
 
 
 
 
Money Market Funds - 0.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.87% (e)
 
55,614,095
55,625,218
Fidelity Securities Lending Cash Central Fund 4.87% (e)(f)
 
48,522,674
48,527,526
 
TOTAL MONEY MARKET FUNDS
 (Cost $104,152,744)
 
 
104,152,744
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $18,431,978,269)
 
 
 
28,469,758,751
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(36,142,712)
NET ASSETS - 100.0%
28,433,616,039
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini NASDAQ 100 Index Contracts (United States)
139
Dec 2024
55,660,465
9,652
9,652
CME E-mini S&P 500 Index Contracts (United States)
60
Dec 2024
17,215,500
(74,538)
(74,538)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(64,886)
The notional amount of futures purchased as a percentage of Net Assets is 0.3%

 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,662,591.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.87%
140,601,008
1,693,752,172
1,778,727,549
2,185,115
(413)
-
55,625,218
0.1%
Fidelity Securities Lending Cash Central Fund 4.87%
61,421,683
330,278,870
343,173,027
112,176
-
-
48,527,526
0.2%
Total
202,022,691
2,024,031,042
2,121,900,576
2,297,291
(413)
-
104,152,744
 
 
 
 
 
 
 
 
 
 
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.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
3,731,730,741
3,731,730,741
-
-
Consumer Discretionary
4,003,443,444
4,003,443,444
-
-
Consumer Staples
995,999,316
995,999,316
-
-
Energy
123,569,766
123,569,766
-
-
Financials
1,863,234,230
1,863,234,230
-
-
Health Care
2,119,223,191
2,119,223,191
-
-
Industrials
1,314,743,851
1,314,743,851
-
-
Information Technology
13,801,290,366
13,801,290,366
-
-
Materials
183,984,230
183,984,230
-
-
Real Estate
158,577,997
158,577,997
-
-
Utilities
65,912,883
65,912,883
-
-
 U.S. Government and Government Agency Obligations
3,895,992
-
3,895,992
-
  Money Market Funds
104,152,744
104,152,744
-
-
 Total Investments in Securities:
28,469,758,751
28,465,862,759
3,895,992
-
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
9,652
9,652
-
-
  Total Assets
9,652
9,652
-
-
 Liabilities
 
 
 
 
Futures Contracts
(74,538)
(74,538)
-
-
  Total Liabilities
(74,538)
(74,538)
-
-
 Total Derivative Instruments:
(64,886)
(64,886)
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
9,652
(74,538)
Total Equity Risk
9,652
(74,538)
Total Value of Derivatives
9,652
(74,538)
 
(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).
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of October 31, 2024 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $45,710,540) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $18,327,825,525)
$
28,365,606,007
 
 
Fidelity Central Funds (cost $104,152,744)
104,152,744
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $18,431,978,269)
 
 
$
28,469,758,751
Receivable for fund shares sold
 
 
31,713,946
Dividends receivable
 
 
4,613,059
Distributions receivable from Fidelity Central Funds
 
 
220,589
Other receivables
 
 
1,336
  Total assets
 
 
28,506,307,681
Liabilities
 
 
 
 
Payable for investments purchased
$
564,534
 
 
Payable for fund shares redeemed
21,227,355
 
 
Accrued management fee
833,823
 
 
Payable for daily variation margin on futures contracts
1,532,780
 
 
Collateral on securities loaned
48,533,150
 
 
  Total liabilities
 
 
 
72,691,642
Net Assets  
 
 
$
28,433,616,039
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
18,370,345,468
Total accumulated earnings (loss)
 
 
 
10,063,270,571
Net Assets
 
 
$
28,433,616,039
Net Asset Value, offering price and redemption price per share ($28,433,616,039 ÷ 776,857,010 shares)
 
 
$
36.60
Statement of Operations
Six months ended October 31, 2024 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
83,991,584
Interest  
 
 
113,978
Income from Fidelity Central Funds (including $112,176 from security lending)
 
 
2,297,291
 Total income
 
 
 
86,402,853
Expenses
 
 
 
 
Management fee
$
4,577,544
 
 
Independent trustees' fees and expenses
27,148
 
 
 Total expenses before reductions
 
4,604,692
 
 
 Expense reductions
 
(3,183)
 
 
 Total expenses after reductions
 
 
 
4,601,509
Net Investment income (loss)
 
 
 
81,801,344
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(98,170,165)
 
 
   Redemptions in-kind
 
560,455,086
 
 
   Fidelity Central Funds
 
(413)
 
 
 Futures contracts
 
13,271,305
 
 
Total net realized gain (loss)
 
 
 
475,555,813
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
3,157,393,729
 
 
 Futures contracts
 
(44,943)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
3,157,348,786
Net gain (loss)
 
 
 
3,632,904,599
Net increase (decrease) in net assets resulting from operations
 
 
$
3,714,705,943
Statement of Changes in Net Assets
 
 
Six months ended
October 31, 2024
(Unaudited)
 
Year ended
April 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
81,801,344
$
141,327,369
Net realized gain (loss)
 
475,555,813
 
350,785,373
Change in net unrealized appreciation (depreciation)
 
3,157,348,786
 
4,223,333,227
Net increase (decrease) in net assets resulting from operations
 
3,714,705,943
 
4,715,445,969
Distributions to shareholders
 
-
 
(135,662,713)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
6,636,546,612
 
10,051,228,797
  Reinvestment of distributions
 
-
 
119,504,458
Cost of shares redeemed
 
(4,036,080,170)
 
(5,585,256,177)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
2,600,466,442
 
4,585,477,078
Total increase (decrease) in net assets
 
6,315,172,385
 
9,165,260,334
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
22,118,443,654
 
12,953,183,320
End of period
$
28,433,616,039
$
22,118,443,654
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
187,844,322
 
356,440,425
  Issued in reinvestment of distributions
 
-
 
4,187,420
Redeemed
 
(113,904,345)
 
(196,321,249)
Net increase (decrease)
 
73,939,977
 
164,306,596
 
 
 
 
 
Financial Highlights
 
Fidelity® Large Cap Growth Index Fund
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
31.47
$
24.05
$
23.70
$
25.63
$
17.27
$
15.75
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.23
 
.23
 
.19
 
.18
 
.20
     Net realized and unrealized gain (loss)
 
5.02
 
7.41
 
.30
 
(1.46)
 
8.60
 
1.50
  Total from investment operations
 
5.13  
 
7.64  
 
.53  
 
(1.27)  
 
8.78
 
1.70
  Distributions from net investment income
 
-
 
(.22)
 
(.18)
 
(.16)
 
(.18)
 
(.17)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.50)
 
(.24)
 
(.01)
     Total distributions
 
-
 
(.22)
 
(.18)
 
(.66)
 
(.42)
 
(.18)
  Net asset value, end of period
$
36.60
$
31.47
$
24.05
$
23.70
$
25.63
$
17.27
 Total Return C,D
 
16.30
%
 
31.85%
 
2.33%
 
(5.39)%
 
51.34%
 
10.84%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.03% G,H
 
.04%
 
.04%
 
.04%
 
.04%
 
.04%
    Expenses net of fee waivers, if any
 
.03
% G,H
 
.04%
 
.04%
 
.04%
 
.04%
 
.04%
    Expenses net of all reductions
 
.03% G,H
 
.03%
 
.03%
 
.04%
 
.04%
 
.04%
    Net investment income (loss)
 
.62% G
 
.80%
 
1.01%
 
.70%
 
.82%
 
1.20%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
28,433,616
$
22,118,444
$
12,953,183
$
8,720,854
$
7,121,373
$
4,042,492
    Portfolio turnover rate I
 
13
% G,J
 
15% J
 
12%
 
14%
 
21%
 
15%
 
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HThe size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended October 31, 2024
 
1. Organization.
Fidelity Large Cap Growth Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may operate as a non-diversified fund, as defined under the 1940 Act, to the approximate extent the Index is non-diversified.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the 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, the 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 the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing 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 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 circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, certain deemed distributions, redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$10,399,395,177
Gross unrealized depreciation
(486,636,859)
Net unrealized appreciation (depreciation)
$9,912,758,318
Tax cost
$18,556,935,547
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(253,308,426)
 Long-term
(143,241,395)
Total capital loss carryforward
$(396,549,821)
 
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The 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.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
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, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Large Cap Growth Index Fund
5,827,113,245
1,750,564,905
 
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.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Large Cap Growth Index Fund
40,149,797
560,455,086
1,430,505,737
 
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.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Large Cap Growth Index Fund
26,112,359
428,559,748
748,945,115
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .035% of the Fund's average net assets. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.
 
Under the expense contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, as necessary so that the total expenses do not exceed .035% of average net assets. This expense contract will remain in place through June 30, 2025.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, no interfund loans outstanding. Activity in this program during the period for which loans were outstanding is presented in the table below. Interest expense on borrowings is paid by the investment adviser under the Expense Contract.
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Fidelity Large Cap Growth Index Fund
 Borrower
 8,646,000
5.13%
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Large Cap Growth Index Fund
12,123
 590
-
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $3,183.
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.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Large Cap Growth Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances. 
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for 2023 and below the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for 2023 and below the competitive median of the total expense asset size peer group for 2023.
Other Contractual Arrangements. The Board considered that current contractual arrangements for the fund oblige FMR to pay all expenses of the fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.035%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2025.
 
1.9879606.108
LC1-I-SANN-1224
Fidelity Flex® Funds
 
Fidelity Flex® Mid Cap Index Fund
 
 
Semi-Annual Report
October 31, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity Flex® Mid Cap Index Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.
A fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of a fund or the underlying data.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity Flex® Mid Cap Index Fund
Schedule of Investments October 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 3.5%
 
 
 
Diversified Telecommunication Services - 0.2%
 
 
 
Frontier Communications Parent, Inc. (a)
 
9,621
343,758
GCI Liberty, Inc. Class A (Escrow) (b)
 
1,527
0
Iridium Communications, Inc.
 
4,660
136,678
Liberty Global Ltd.:
 
 
 
 Class A
 
6,752
133,757
 Class C
 
6,312
130,153
 
 
 
744,346
Entertainment - 1.5%
 
 
 
Electronic Arts, Inc.
 
10,493
1,582,869
Liberty Media Corp. Liberty Formula One:
 
 
 
 Class A (a)
 
1,024
76,022
 Class C (a)
 
7,987
637,682
Liberty Media Corp. Liberty Live:
 
 
 
 Class C (a)
 
1,839
107,324
 Series A (a)
 
780
44,257
Live Nation Entertainment, Inc. (a)
 
6,212
727,674
Madison Square Garden Sports Corp. (a)
 
742
165,243
Playtika Holding Corp.
 
3,191
24,986
Roblox Corp. Class A (a)
 
20,088
1,038,951
Roku, Inc. Class A (a)
 
4,728
302,970
Take-Two Interactive Software, Inc. (a)
 
6,775
1,095,653
TKO Group Holdings, Inc. (a)
 
3,095
361,403
Warner Bros Discovery, Inc. (a)
 
94,336
766,952
 
 
 
6,931,986
Interactive Media & Services - 0.3%
 
 
 
IAC, Inc. Class A (a)
 
3,126
149,892
Match Group, Inc. (a)
 
9,289
334,683
Pinterest, Inc. Class A (a)
 
23,750
755,013
TripAdvisor, Inc. Class A (a)
 
3,557
57,054
Trump Media & Technology Group (a)(c)
 
2,266
80,080
Zoominfo Technologies, Inc. (a)
 
10,806
119,406
 
 
 
1,496,128
Media - 1.5%
 
 
 
Charter Communications, Inc. Class A (a)
 
3,680
1,205,605
Fox Corp.:
 
 
 
 Class A
 
9,164
384,888
 Class B
 
4,979
193,982
Interpublic Group of Companies, Inc.
 
14,934
439,060
Liberty Broadband Corp.:
 
 
 
 Class A (a)
 
724
58,087
 Class C (a)
 
4,271
345,182
News Corp.:
 
 
 
 Class A
 
14,888
405,698
 Class B
 
4,591
133,323
Nexstar Media Group, Inc.
 
1,243
218,669
Omnicom Group, Inc.
 
7,609
768,509
Paramount Global:
 
 
 
 Class A (c)
 
699
15,301
 Class B (c)
 
20,687
226,316
Sirius XM Holdings, Inc. (c)
 
9,622
256,523
The New York Times Co. Class A
 
6,318
352,797
The Trade Desk, Inc. Class A (a)
 
17,319
2,081,917
 
 
 
7,085,857
TOTAL COMMUNICATION SERVICES
 
 
16,258,317
CONSUMER DISCRETIONARY - 10.6%
 
 
 
Automobile Components - 0.3%
 
 
 
Aptiv PLC (a)
 
10,496
596,488
BorgWarner, Inc.
 
9,018
303,275
Gentex Corp.
 
9,198
278,791
Lear Corp.
 
2,268
217,184
QuantumScape Corp. Class A (a)(c)
 
14,311
73,702
 
 
 
1,469,440
Automobiles - 0.2%
 
 
 
Harley-Davidson, Inc.
 
4,824
154,127
Lucid Group, Inc. Class A (a)(c)
 
30,908
68,307
Rivian Automotive, Inc. Class A (a)(c)
 
32,634
329,603
Thor Industries, Inc.
 
2,037
212,011
 
 
 
764,048
Broadline Retail - 0.7%
 
 
 
Coupang, Inc. Class A (a)
 
45,331
1,169,086
Dillard's, Inc. Class A
 
125
46,440
eBay, Inc.
 
19,815
1,139,561
Etsy, Inc. (a)
 
4,143
213,116
Kohl's Corp.
 
4,544
83,973
Macy's, Inc.
 
10,883
166,945
Nordstrom, Inc.
 
3,976
89,897
Ollie's Bargain Outlet Holdings, Inc. (a)
 
2,405
220,851
 
 
 
3,129,869
Distributors - 0.3%
 
 
 
Genuine Parts Co.
 
5,467
627,065
LKQ Corp.
 
10,408
382,910
Pool Corp.
 
1,465
529,803
 
 
 
1,539,778
Diversified Consumer Services - 0.4%
 
 
 
ADT, Inc.
 
11,490
82,728
Bright Horizons Family Solutions, Inc. (a)
 
2,268
302,710
Duolingo, Inc. Class A (a)
 
1,440
421,877
Grand Canyon Education, Inc. (a)
 
1,151
157,814
H&R Block, Inc.
 
5,436
324,692
Service Corp. International
 
5,590
456,424
 
 
 
1,746,245
Hotels, Restaurants & Leisure - 3.4%
 
 
 
Aramark
 
10,252
387,833
Boyd Gaming Corp.
 
2,704
187,360
Caesars Entertainment, Inc. (a)
 
8,489
339,984
Carnival Corp. (a)
 
39,095
860,090
Cava Group, Inc. (a)
 
2,955
394,670
Choice Hotels International, Inc. (c)
 
1,099
153,321
Churchill Downs, Inc.
 
2,722
381,352
Darden Restaurants, Inc.
 
4,671
747,453
Domino's Pizza, Inc.
 
1,365
564,741
Draftkings Holdings, Inc. Class A (a)
 
17,767
627,530
Dutch Bros, Inc. Class A (a)
 
4,328
143,343
Expedia Group, Inc. Class A (a)
 
4,957
774,829
Hilton Worldwide Holdings, Inc.
 
9,603
2,255,265
Hyatt Hotels Corp. Class A
 
1,717
249,738
Las Vegas Sands Corp.
 
13,889
720,145
Light & Wonder, Inc. Class A (a)
 
3,537
331,700
Marriott Vacations Worldwide Corp.
 
1,396
107,534
MGM Resorts International (a)
 
9,187
338,725
Norwegian Cruise Line Holdings Ltd. (a)
 
16,423
416,159
Penn Entertainment, Inc. (a)
 
5,279
104,260
Planet Fitness, Inc. (a)
 
3,414
268,067
Royal Caribbean Cruises Ltd.
 
9,276
1,914,103
Texas Roadhouse, Inc.
 
2,602
497,294
Travel+Leisure Co.
 
2,657
127,031
Vail Resorts, Inc.
 
1,502
248,866
Wendy's Co.
 
6,939
132,604
Wingstop, Inc.
 
1,151
331,131
Wyndham Hotels & Resorts, Inc.
 
3,033
267,875
Wynn Resorts Ltd.
 
4,013
385,328
Yum! Brands, Inc.
 
11,030
1,446,695
 
 
 
15,705,026
Household Durables - 2.0%
 
 
 
D.R. Horton, Inc.
 
11,620
1,963,780
Garmin Ltd.
 
6,057
1,201,406
Leggett & Platt, Inc.
 
4,238
50,856
Lennar Corp.:
 
 
 
 Class A
 
9,321
1,587,366
 Class B
 
457
73,266
Mohawk Industries, Inc. (a)
 
2,062
276,865
Newell Brands, Inc.
 
15,276
134,429
NVR, Inc. (a)
 
112
1,025,115
PulteGroup, Inc.
 
8,089
1,047,768
SharkNinja, Inc.
 
2,577
237,625
Tempur Sealy International, Inc.
 
6,613
316,829
Toll Brothers, Inc.
 
4,015
587,957
TopBuild Corp. (a)
 
1,251
442,078
Whirlpool Corp.
 
2,098
217,164
 
 
 
9,162,504
Leisure Products - 0.3%
 
 
 
Brunswick Corp.
 
2,688
214,341
Hasbro, Inc.
 
5,437
356,830
Mattel, Inc. (a)
 
13,268
270,402
Polaris, Inc.
 
2,061
144,085
YETI Holdings, Inc. (a)
 
3,405
119,890
 
 
 
1,105,548
Specialty Retail - 2.3%
 
 
 
Advance Auto Parts, Inc.
 
1,961
69,988
AutoNation, Inc. (a)
 
995
154,693
Bath & Body Works, Inc.
 
8,839
250,851
Best Buy Co., Inc.
 
8,439
763,139
Burlington Stores, Inc. (a)
 
2,485
615,708
CarMax, Inc. (a)
 
6,200
448,756
Carvana Co. Class A (a)
 
4,234
1,047,111
Dick's Sporting Goods, Inc.
 
2,191
428,888
Five Below, Inc. (a)
 
2,151
203,893
Floor & Decor Holdings, Inc. Class A (a)
 
4,126
425,184
GameStop Corp. Class A (a)(c)
 
14,672
325,425
Gap, Inc.
 
7,909
164,270
Lithia Motors, Inc. Class A (sub. vtg.)
 
1,066
354,306
Murphy U.S.A., Inc.
 
725
354,126
Penske Automotive Group, Inc.
 
722
108,712
RH (a)
 
589
187,331
Ross Stores, Inc.
 
12,871
1,798,336
Tractor Supply Co.
 
4,215
1,119,125
Ulta Beauty, Inc. (a)
 
1,878
692,944
Valvoline, Inc. (a)
 
5,061
203,857
Wayfair LLC Class A (a)
 
3,729
159,713
Williams-Sonoma, Inc.
 
4,981
668,102
 
 
 
10,544,458
Textiles, Apparel & Luxury Goods - 0.7%
 
 
 
Amer Sports, Inc.
 
2,301
41,073
Birkenstock Holding PLC (a)
 
1,548
71,208
Capri Holdings Ltd. (a)
 
4,577
90,350
Carter's, Inc.
 
1,436
78,549
Columbia Sportswear Co.
 
1,307
105,174
Crocs, Inc. (a)
 
2,330
251,221
Deckers Outdoor Corp. (a)
 
5,936
955,043
PVH Corp.
 
2,191
215,726
Ralph Lauren Corp. Class A
 
1,571
310,948
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)
 
5,174
317,994
Tapestry, Inc.
 
8,961
425,199
Under Armour, Inc.:
 
 
 
 Class A (sub. vtg.) (a)
 
7,039
60,183
 Class C (non-vtg.) (a)
 
8,164
64,496
VF Corp.
 
13,372
276,934
 
 
 
3,264,098
TOTAL CONSUMER DISCRETIONARY
 
 
48,431,014
CONSUMER STAPLES - 4.9%
 
 
 
Beverages - 0.3%
 
 
 
Boston Beer Co., Inc. Class A (a)
 
303
88,194
Brown-Forman Corp.:
 
 
 
 Class A
 
2,035
88,685
 Class B (non-vtg.)
 
6,720
295,882
Celsius Holdings, Inc. (a)
 
6,957
209,267
Coca-Cola Consolidated, Inc.
 
236
265,325
Molson Coors Beverage Co. Class B
 
6,900
375,843
 
 
 
1,323,196
Consumer Staples Distribution & Retail - 1.6%
 
 
 
Albertsons Companies, Inc.
 
15,833
286,577
BJ's Wholesale Club Holdings, Inc. (a)
 
5,167
437,800
Casey's General Stores, Inc.
 
1,450
571,329
Dollar General Corp.
 
8,649
692,266
Dollar Tree, Inc. (a)
 
7,995
516,797
Grocery Outlet Holding Corp. (a)
 
3,970
56,771
Kroger Co.
 
25,958
1,447,678
Maplebear, Inc. (NASDAQ) (a)
 
6,766
298,381
Performance Food Group Co. (a)
 
6,007
488,069
Sysco Corp.
 
19,528
1,463,624
U.S. Foods Holding Corp. (a)
 
8,979
553,555
Walgreens Boots Alliance, Inc.
 
26,519
250,870
 
 
 
7,063,717
Food Products - 2.1%
 
 
 
Archer Daniels Midland Co.
 
18,697
1,032,261
Bunge Global SA
 
5,525
464,211
Campbell Soup Co.
 
7,552
352,301
Conagra Brands, Inc.
 
18,787
543,696
Darling Ingredients, Inc. (a)
 
6,270
245,220
Flowers Foods, Inc.
 
7,488
166,458
Freshpet, Inc. (a)
 
1,821
241,355
General Mills, Inc.
 
21,854
1,486,509
Hormel Foods Corp.
 
10,916
333,484
Ingredion, Inc.
 
2,533
336,281
Kellanova
 
10,245
826,259
Lamb Weston Holdings, Inc.
 
5,658
439,570
McCormick & Co., Inc. (non-vtg.)
 
9,890
773,794
Pilgrim's Pride Corp. (a)
 
1,597
77,359
Post Holdings, Inc. (a)
 
1,917
209,356
Seaboard Corp.
 
11
30,426
The Hershey Co.
 
5,716
1,015,047
The J.M. Smucker Co.
 
4,066
461,532
Tyson Foods, Inc. Class A
 
10,857
636,112
 
 
 
9,671,231
Household Products - 0.4%
 
 
 
Church & Dwight Co., Inc.
 
9,554
954,540
Reynolds Consumer Products, Inc.
 
2,103
56,676
Spectrum Brands Holdings, Inc.
 
1,087
97,417
The Clorox Co.
 
4,869
771,980
 
 
 
1,880,613
Personal Care Products - 0.5%
 
 
 
BellRing Brands, Inc. (a)
 
5,083
334,614
Coty, Inc. Class A (a)
 
15,266
113,579
elf Beauty, Inc. (a)
 
2,113
222,393
Kenvue, Inc.
 
74,970
1,719,062
 
 
 
2,389,648
TOTAL CONSUMER STAPLES
 
 
22,328,405
ENERGY - 5.2%
 
 
 
Energy Equipment & Services - 0.7%
 
 
 
Baker Hughes Co. Class A
 
39,127
1,489,956
Halliburton Co.
 
34,879
967,543
NOV, Inc.
 
14,150
219,467
TechnipFMC PLC
 
16,867
450,180
Weatherford International PLC
 
2,843
224,597
 
 
 
3,351,743
Oil, Gas & Consumable Fuels - 4.5%
 
 
 
Antero Midstream GP LP
 
13,252
190,431
Antero Resources Corp. (a)
 
11,411
295,317
APA Corp.
 
14,200
335,120
Cheniere Energy, Inc.
 
8,981
1,718,784
Chord Energy Corp.
 
2,466
308,497
Civitas Resources, Inc.
 
4,003
195,306
Coterra Energy, Inc.
 
29,103
696,144
Devon Energy Corp.
 
24,377
942,902
Diamondback Energy, Inc.
 
7,390
1,306,330
DT Midstream, Inc.
 
3,772
340,046
EQT Corp.
 
23,139
845,499
Expand Energy Corp.
 
8,874
751,805
Hess Corp.
 
10,946
1,472,018
HF Sinclair Corp.
 
6,206
239,614
Kinder Morgan, Inc.
 
75,803
1,857,932
Marathon Oil Corp.
 
21,867
605,716
Matador Resources Co.
 
4,641
241,843
New Fortress Energy, Inc. Class A (c)
 
1,520
12,783
ONEOK, Inc.
 
22,822
2,210,995
Ovintiv, Inc.
 
10,329
404,897
Permian Resource Corp. Class A
 
25,894
352,935
Range Resources Corp.
 
9,333
280,270
Targa Resources Corp.
 
8,581
1,432,684
Texas Pacific Land Corp.
 
734
855,844
The Williams Companies, Inc.
 
47,595
2,492,550
Viper Energy, Inc. Class A
 
3,974
206,251
 
 
 
20,592,513
TOTAL ENERGY
 
 
23,944,256
FINANCIALS - 16.2%
 
 
 
Banks - 2.9%
 
 
 
Bank OZK
 
4,251
185,981
BOK Financial Corp.
 
856
90,933
Citizens Financial Group, Inc.
 
17,686
744,934
Columbia Banking Systems, Inc.
 
8,311
236,947
Comerica, Inc.
 
5,234
333,458
Commerce Bancshares, Inc.
 
4,434
277,125
Cullen/Frost Bankers, Inc.
 
2,304
293,414
East West Bancorp, Inc.
 
5,381
524,594
Fifth Third Bancorp
 
26,605
1,162,106
First Citizens Bancshares, Inc.
 
469
908,617
First Hawaiian, Inc.
 
5,163
127,733
First Horizon National Corp.
 
21,490
372,422
FNB Corp., Pennsylvania
 
14,111
204,610
Huntington Bancshares, Inc.
 
56,623
882,753
KeyCorp
 
36,421
628,262
M&T Bank Corp.
 
6,488
1,263,084
Nu Holdings Ltd. Class A (a)
 
124,569
1,879,746
Pinnacle Financial Partners, Inc.
 
2,990
315,296
Popular, Inc.
 
2,778
247,881
Prosperity Bancshares, Inc.
 
3,539
259,055
Regions Financial Corp.
 
35,891
856,718
Synovus Financial Corp.
 
5,650
281,766
TFS Financial Corp.
 
2,301
29,568
Webster Financial Corp.
 
6,753
349,805
Western Alliance Bancorp.
 
4,196
349,149
Wintrust Financial Corp.
 
2,536
293,897
Zions Bancorporation NA
 
5,697
296,586
 
 
 
13,396,440
Capital Markets - 5.0%
 
 
 
Affiliated Managers Group, Inc.
 
1,224
237,334
Ameriprise Financial, Inc.
 
3,915
1,997,825
Ares Management Corp. Class A,
 
7,173
1,202,769
Bank of New York Mellon Corp.
 
28,864
2,175,191
Blue Owl Capital, Inc. Class A
 
19,672
439,866
Carlyle Group LP
 
8,614
430,958
Cboe Global Markets, Inc.
 
4,132
882,471
Coinbase Global, Inc. Class A (a)
 
7,735
1,386,499
Evercore, Inc. Class A
 
1,406
371,423
FactSet Research Systems, Inc.
 
1,493
677,912
Franklin Resources, Inc.
 
11,521
239,291
Houlihan Lokey Class A
 
2,043
352,969
Interactive Brokers Group, Inc.
 
4,112
627,409
Invesco Ltd.
 
14,603
253,216
Janus Henderson Group PLC
 
5,090
210,268
Jefferies Financial Group, Inc.
 
6,823
436,536
Lazard, Inc. Class A
 
4,311
228,440
LPL Financial
 
2,917
823,119
MarketAxess Holdings, Inc.
 
1,449
419,370
Morningstar, Inc.
 
1,042
341,828
MSCI, Inc.
 
3,010
1,719,312
NASDAQ, Inc.
 
16,113
1,191,073
Northern Trust Corp.
 
7,808
784,860
Raymond James Financial, Inc.
 
7,402
1,097,124
Robinhood Markets, Inc. (a)
 
26,020
611,210
SEI Investments Co.
 
3,899
291,489
State Street Corp.
 
11,803
1,095,318
Stifel Financial Corp.
 
3,867
400,699
T. Rowe Price Group, Inc.
 
8,306
912,497
TPG, Inc. Class A
 
3,283
222,193
Tradeweb Markets, Inc. Class A
 
4,532
575,564
Virtu Financial, Inc. Class A
 
3,181
98,484
XP, Inc. Class A
 
16,097
281,054
 
 
 
23,015,571
Consumer Finance - 0.8%
 
 
 
Ally Financial, Inc.
 
10,843
380,047
Credit Acceptance Corp. (a)
 
250
106,250
Discover Financial Services
 
9,783
1,452,091
OneMain Holdings, Inc.
 
4,496
223,316
SLM Corp.
 
8,433
185,779
SoFi Technologies, Inc. Class A (a)
 
40,551
452,955
Synchrony Financial
 
15,418
850,149
 
 
 
3,650,587
Financial Services - 2.0%
 
 
 
Affirm Holdings, Inc. Class A, (a)
 
9,098
398,947
Block, Inc. Class A (a)
 
21,792
1,575,997
Corebridge Financial, Inc.
 
9,969
316,715
Corpay, Inc. (a)
 
2,677
882,660
Equitable Holdings, Inc.
 
12,763
578,674
Euronet Worldwide, Inc. (a)
 
1,735
170,845
Fidelity National Information Services, Inc.
 
21,994
1,973,522
Global Payments, Inc.
 
10,008
1,037,930
Jack Henry & Associates, Inc.
 
2,847
517,955
MGIC Investment Corp.
 
10,013
250,726
Rocket Companies, Inc. Class A (a)
 
5,568
89,645
Shift4 Payments, Inc. Class A (a)
 
2,419
218,774
The Western Union Co.
 
11,992
129,034
Toast, Inc. (a)
 
17,400
522,522
UWM Holdings Corp. Class A
 
4,153
26,745
Voya Financial, Inc.
 
3,974
319,112
WEX, Inc. (a)
 
1,619
279,439
 
 
 
9,289,242
Insurance - 5.2%
 
 
 
AFLAC, Inc.
 
21,802
2,284,632
Allstate Corp.
 
10,278
1,917,053
American Financial Group, Inc.
 
2,801
361,133
Arch Capital Group Ltd.
 
14,110
1,390,682
Arthur J. Gallagher & Co.
 
8,455
2,377,546
Assurant, Inc.
 
2,051
393,177
Assured Guaranty Ltd.
 
2,066
172,428
Axis Capital Holdings Ltd.
 
3,026
236,815
Brighthouse Financial, Inc. (a)
 
2,565
121,325
Brown & Brown, Inc.
 
9,355
978,907
Cincinnati Financial Corp.
 
5,978
841,882
CNA Financial Corp.
 
772
36,987
Everest Re Group Ltd.
 
1,687
599,914
Fidelity National Financial, Inc.
 
10,153
610,906
First American Financial Corp.
 
3,975
254,996
Globe Life, Inc.
 
3,491
368,650
Hanover Insurance Group, Inc.
 
1,408
208,849
Hartford Financial Services Group, Inc.
 
11,413
1,260,452
Kemper Corp.
 
2,401
149,510
Kinsale Capital Group, Inc.
 
863
369,459
Lincoln National Corp.
 
5,853
203,392
Loews Corp.
 
6,951
548,851
Markel Group, Inc. (a)
 
503
775,631
Old Republic International Corp.
 
9,716
339,380
Primerica, Inc.
 
1,349
373,417
Principal Financial Group, Inc.
 
9,042
745,061
Prudential Financial, Inc.
 
14,073
1,723,661
Reinsurance Group of America, Inc.
 
2,569
542,265
RenaissanceRe Holdings Ltd.
 
2,003
525,587
RLI Corp.
 
1,622
252,983
Ryan Specialty Group Holdings, Inc. Class A
 
4,008
264,007
Unum Group
 
7,192
461,583
W.R. Berkley Corp.
 
11,508
657,912
White Mountains Insurance Group Ltd.
 
99
177,917
Willis Towers Watson PLC
 
4,005
1,210,271
 
 
 
23,737,221
Mortgage Real Estate Investment Trusts - 0.3%
 
 
 
AGNC Investment Corp. (c)
 
29,574
275,334
Annaly Capital Management, Inc.
 
17,620
334,956
Rithm Capital Corp.
 
20,433
216,385
Starwood Property Trust, Inc.
 
12,812
252,909
 
 
 
1,079,584
TOTAL FINANCIALS
 
 
74,168,645
HEALTH CARE - 9.7%
 
 
 
Biotechnology - 1.6%
 
 
 
Alnylam Pharmaceuticals, Inc. (a)
 
4,944
1,318,021
Apellis Pharmaceuticals, Inc. (a)
 
4,160
113,402
Biogen, Inc. (a)
 
5,713
994,062
BioMarin Pharmaceutical, Inc. (a)
 
7,411
488,311
Exact Sciences Corp. (a)
 
7,163
493,746
Exelixis, Inc. (a)
 
11,196
371,707
Grail, Inc.
 
1,160
15,741
Incyte Corp. (a)
 
6,231
461,842
Ionis Pharmaceuticals, Inc. (a)
 
6,209
238,364
Natera, Inc. (a)
 
4,431
535,974
Neurocrine Biosciences, Inc. (a)
 
3,918
471,218
Repligen Corp. (a)
 
2,203
295,797
Roivant Sciences Ltd. (a)
 
16,475
190,286
Sarepta Therapeutics, Inc. (a)
 
3,551
447,426
Ultragenyx Pharmaceutical, Inc. (a)
 
3,584
182,748
United Therapeutics Corp. (a)
 
1,705
637,619
Viking Therapeutics, Inc. (a)
 
4,116
298,575
 
 
 
7,554,839
Health Care Equipment & Supplies - 2.8%
 
 
 
Align Technology, Inc. (a)
 
2,939
602,583
Baxter International, Inc.
 
19,978
713,215
Dentsply Sirona, Inc.
 
7,285
168,793
DexCom, Inc. (a)
 
15,705
1,106,888
Enovis Corp. (a)
 
2,231
92,073
Envista Holdings Corp. (a)
 
7,030
147,419
GE Healthcare Technologies, Inc.
 
17,265
1,508,098
Globus Medical, Inc. Class A (a)
 
4,372
321,517
Hologic, Inc. (a)
 
8,923
721,603
IDEXX Laboratories, Inc. (a)
 
3,228
1,313,538
Inspire Medical Systems, Inc. (a)
 
1,152
224,686
Insulet Corp. (a)
 
2,740
634,392
Masimo Corp. (a)
 
1,681
242,081
Penumbra, Inc. (a)
 
1,453
332,548
QuidelOrtho Corp. (a)
 
2,225
84,661
ResMed, Inc.
 
5,694
1,380,624
Solventum Corp.
 
5,433
394,327
STERIS PLC
 
3,861
856,563
Teleflex, Inc.
 
1,848
371,559
The Cooper Companies, Inc. (a)
 
7,633
799,022
Zimmer Biomet Holdings, Inc.
 
8,017
857,178
 
 
 
12,873,368
Health Care Providers & Services - 2.2%
 
 
 
Acadia Healthcare Co., Inc. (a)
 
3,608
154,026
Amedisys, Inc. (a)
 
982
92,897
Cardinal Health, Inc.
 
9,539
1,035,172
Cencora, Inc.
 
6,501
1,482,748
Centene Corp. (a)
 
20,615
1,283,490
Chemed Corp.
 
583
314,960
DaVita, Inc. (a)
 
1,974
275,985
Encompass Health Corp.
 
3,871
385,010
Henry Schein, Inc. (a)
 
5,043
354,170
Humana, Inc.
 
4,728
1,219,020
Labcorp Holdings, Inc.
 
3,299
753,063
Molina Healthcare, Inc. (a)
 
2,279
732,060
Premier, Inc. Class A
 
4,380
88,257
Quest Diagnostics, Inc.
 
4,352
673,820
R1 RCM, Inc. (a)
 
6,232
88,868
Tenet Healthcare Corp. (a)
 
3,714
575,744
Universal Health Services, Inc. Class B
 
2,267
463,171
 
 
 
9,972,461
Health Care Technology - 0.3%
 
 
 
Certara, Inc. (a)
 
4,025
41,055
Doximity, Inc. Class A (a)
 
4,862
202,940
Veeva Systems, Inc. Class A (a)
 
5,791
1,209,335
 
 
 
1,453,330
Life Sciences Tools & Services - 2.2%
 
 
 
10X Genomics, Inc. Class A (a)
 
3,362
53,893
Agilent Technologies, Inc.
 
11,464
1,493,874
Avantor, Inc. (a)
 
26,564
594,237
Azenta, Inc. (a)
 
2,172
89,247
Bio-Rad Laboratories, Inc. Class A (a)
 
770
275,806
Bio-Techne Corp.
 
6,107
450,391
Bruker Corp.
 
4,312
244,102
Charles River Laboratories International, Inc. (a)
 
1,922
343,231
Fortrea Holdings, Inc. (a)
 
3,628
61,023
Illumina, Inc. (a)
 
6,251
901,019
IQVIA Holdings, Inc. (a)
 
7,058
1,452,678
Medpace Holdings, Inc. (a)
 
996
312,963
Mettler-Toledo International, Inc. (a)
 
826
1,066,986
QIAGEN NV
 
8,784
369,806
Revvity, Inc.
 
4,832
573,027
Sotera Health Co. (a)
 
5,975
93,628
Waters Corp. (a)
 
2,310
746,384
West Pharmaceutical Services, Inc.
 
2,846
876,369
 
 
 
9,998,664
Pharmaceuticals - 0.6%
 
 
 
Catalent, Inc. (a)
 
6,904
404,574
Elanco Animal Health, Inc. (a)
 
19,538
246,960
Intra-Cellular Therapies, Inc. (a)
 
4,052
343,407
Jazz Pharmaceuticals PLC (a)
 
2,438
268,253
Organon & Co.
 
10,089
189,471
Perrigo Co. PLC
 
4,895
125,459
Royalty Pharma PLC Class A
 
14,864
401,328
Viatris, Inc.
 
46,776
542,602
 
 
 
2,522,054
TOTAL HEALTH CARE
 
 
44,374,716
INDUSTRIALS - 17.6%
 
 
 
Aerospace & Defense - 1.8%
 
 
 
Axon Enterprise, Inc. (a)
 
2,810
1,190,035
BWX Technologies, Inc.
 
3,568
434,404
Curtiss-Wright Corp.
 
1,492
514,680
HEICO Corp.
 
1,753
429,397
HEICO Corp. Class A
 
3,138
602,527
Hexcel Corp.
 
3,266
191,682
Howmet Aerospace, Inc.
 
15,861
1,581,659
Huntington Ingalls Industries, Inc.
 
1,550
286,688
L3Harris Technologies, Inc.
 
7,413
1,834,495
Loar Holdings, Inc.
 
428
36,885
Spirit AeroSystems Holdings, Inc. Class A (a)
 
4,286
138,738
Textron, Inc.
 
7,326
589,157
Woodward, Inc.
 
2,370
388,893
 
 
 
8,219,240
Air Freight & Logistics - 0.3%
 
 
 
C.H. Robinson Worldwide, Inc.
 
4,555
469,347
Expeditors International of Washington, Inc.
 
5,530
658,070
GXO Logistics, Inc. (a)
 
4,648
277,997
 
 
 
1,405,414
Building Products - 1.5%
 
 
 
A.O. Smith Corp.
 
4,708
353,571
AAON, Inc.
 
2,663
304,168
Advanced Drain Systems, Inc.
 
2,743
411,121
Allegion PLC
 
3,406
475,580
Armstrong World Industries, Inc.
 
1,671
233,188
Builders FirstSource, Inc. (a)
 
4,705
806,437
Carlisle Companies, Inc.
 
1,793
757,058
Fortune Brands Innovations, Inc.
 
4,827
402,234
Hayward Holdings, Inc. (a)
 
5,728
93,137
Lennox International, Inc.
 
1,252
754,418
Masco Corp.
 
8,574
685,148
Owens Corning
 
3,374
596,489
Simpson Manufacturing Co. Ltd.
 
1,661
298,631
The AZEK Co., Inc. Class A, (a)
 
5,659
248,996
Trex Co., Inc. (a)
 
4,290
303,947
 
 
 
6,724,123
Commercial Services & Supplies - 0.8%
 
 
 
Clean Harbors, Inc. (a)
 
1,985
459,051
MSA Safety, Inc.
 
1,450
240,628
RB Global, Inc.
 
7,176
608,094
Rollins, Inc.
 
10,961
516,702
Stericycle, Inc. (a)
 
3,601
221,353
Tetra Tech, Inc.
 
10,444
510,503
Veralto Corp.
 
9,648
985,929
Vestis Corp.
 
5,293
71,561
 
 
 
3,613,821
Construction & Engineering - 1.1%
 
 
 
AECOM
 
5,303
566,360
API Group Corp. (a)
 
8,760
299,066
Comfort Systems U.S.A., Inc.
 
1,373
536,898
EMCOR Group, Inc.
 
1,805
805,156
MasTec, Inc. (a)
 
2,445
300,466
MDU Resources Group, Inc.
 
7,944
229,184
Quanta Services, Inc.
 
5,679
1,712,957
Valmont Industries, Inc.
 
775
241,552
Willscot Holdings Corp. (a)
 
7,271
240,961
 
 
 
4,932,600
Electrical Equipment - 1.5%
 
 
 
Acuity Brands, Inc.
 
1,201
361,129
AMETEK, Inc.
 
9,032
1,655,927
Generac Holdings, Inc. (a)
 
2,245
371,660
Hubbell, Inc.
 
2,097
895,482
nVent Electric PLC
 
6,490
483,959
Regal Rexnord Corp.
 
2,610
434,669
Rockwell Automation, Inc.
 
4,497
1,199,395
Sensata Technologies PLC
 
5,917
203,190
Vertiv Holdings Co.
 
14,013
1,531,481
 
 
 
7,136,892
Ground Transportation - 1.0%
 
 
 
Avis Budget Group, Inc.
 
685
56,855
J.B. Hunt Transport Services, Inc.
 
3,231
583,583
Knight-Swift Transportation Holdings, Inc.
 
6,228
324,354
Landstar System, Inc.
 
1,398
245,726
Lyft, Inc. (a)
 
13,196
171,152
Old Dominion Freight Lines, Inc.
 
7,701
1,550,365
Ryder System, Inc.
 
1,664
243,410
Saia, Inc. (a)
 
1,038
507,177
Schneider National, Inc. Class B
 
1,918
54,241
U-Haul Holding Co. (a)
 
332
24,346
U-Haul Holding Co. Class N
 
3,872
264,303
XPO, Inc. (a)
 
4,493
586,471
 
 
 
4,611,983
Machinery - 3.8%
 
 
 
AGCO Corp.
 
2,461
245,706
Allison Transmission Holdings, Inc.
 
3,369
360,011
CNH Industrial NV Class A
 
34,317
385,380
Crane Co.
 
1,916
301,348
Cummins, Inc.
 
5,343
1,757,740
Donaldson Co., Inc.
 
4,683
342,608
Dover Corp.
 
5,363
1,015,377
ESAB Corp.
 
2,224
273,641
Flowserve Corp.
 
5,162
271,728
Fortive Corp.
 
13,782
984,448
Gates Industrial Corp. PLC (a)
 
8,103
156,793
Graco, Inc.
 
6,533
532,113
IDEX Corp.
 
2,972
637,910
Ingersoll Rand, Inc.
 
15,790
1,515,840
ITT, Inc.
 
3,227
452,167
Lincoln Electric Holdings, Inc.
 
2,174
418,625
Middleby Corp. (a)
 
2,102
272,629
Nordson Corp.
 
2,223
551,059
Oshkosh Corp.
 
2,562
261,939
Otis Worldwide Corp.
 
15,807
1,552,247
Pentair PLC
 
6,471
641,406
RBC Bearings, Inc. (a)
 
1,115
312,590
Snap-On, Inc.
 
2,027
669,174
Stanley Black & Decker, Inc.
 
5,904
548,718
Timken Co.
 
2,571
213,393
Toro Co.
 
4,109
330,692
Westinghouse Air Brake Tech Co.
 
6,819
1,281,836
Xylem, Inc.
 
9,451
1,150,943
 
 
 
17,438,061
Marine Transportation - 0.1%
 
 
 
Kirby Corp. (a)
 
2,259
259,243
Passenger Airlines - 0.8%
 
 
 
Alaska Air Group, Inc. (a)
 
5,027
240,844
American Airlines Group, Inc. (a)
 
24,055
322,337
Delta Air Lines, Inc.
 
25,288
1,446,979
Southwest Airlines Co.
 
23,523
719,333
United Airlines Holdings, Inc. (a)
 
12,850
1,005,641
 
 
 
3,735,134
Professional Services - 2.9%
 
 
 
Amentum Holdings, Inc.
 
4,888
145,369
Booz Allen Hamilton Holding Corp. Class A
 
5,018
911,570
Broadridge Financial Solutions, Inc.
 
4,601
970,167
CACI International, Inc. (a)
 
860
475,202
Clarivate PLC (a)
 
13,115
86,559
Concentrix Corp.
 
1,572
66,826
Dayforce, Inc. (a)(c)
 
5,934
421,017
Dun & Bradstreet Holdings, Inc.
 
10,486
124,679
Equifax, Inc.
 
4,823
1,278,191
FTI Consulting, Inc. (a)
 
1,384
269,991
Genpact Ltd.
 
6,964
265,816
Jacobs Solutions, Inc.
 
4,886
686,874
KBR, Inc.
 
5,233
350,663
Leidos Holdings, Inc.
 
5,273
965,803
ManpowerGroup, Inc.
 
1,963
123,375
Parsons Corp. (a)
 
1,799
194,580
Paychex, Inc.
 
12,606
1,756,394
Paycom Software, Inc.
 
1,903
397,784
Paycor HCM, Inc. (a)
 
3,087
46,583
Paylocity Holding Corp. (a)
 
1,732
319,675
Robert Half, Inc.
 
4,057
276,322
Science Applications International Corp.
 
2,017
291,033
SS&C Technologies Holdings, Inc.
 
8,433
589,720
TransUnion
 
7,613
771,197
Verisk Analytics, Inc.
 
5,582
1,533,487
 
 
 
13,318,877
Trading Companies & Distributors - 2.0%
 
 
 
Air Lease Corp. Class A
 
4,091
181,436
Core & Main, Inc. Class A (a)
 
7,561
334,801
Fastenal Co.
 
22,363
1,748,339
Ferguson Enterprises, Inc.
 
7,927
1,559,558
MSC Industrial Direct Co., Inc. Class A
 
1,864
147,386
SiteOne Landscape Supply, Inc. (a)
 
1,761
246,082
United Rentals, Inc.
 
2,599
2,112,467
W.W. Grainger, Inc.
 
1,698
1,883,473
Watsco, Inc.
 
1,354
640,456
WESCO International, Inc.
 
1,719
329,996
 
 
 
9,183,994
TOTAL INDUSTRIALS
 
 
80,579,382
INFORMATION TECHNOLOGY - 12.5%
 
 
 
Communications Equipment - 0.3%
 
 
 
Ciena Corp. (a)
 
5,645
358,514
F5, Inc. (a)
 
2,284
534,182
Juniper Networks, Inc.
 
12,576
489,206
Lumentum Holdings, Inc. (a)
 
2,646
169,000
Ubiquiti, Inc.
 
161
42,776
 
 
 
1,593,678
Electronic Equipment, Instruments & Components - 1.8%
 
 
 
Arrow Electronics, Inc. (a)
 
2,098
248,970
Avnet, Inc.
 
3,560
192,988
CDW Corp.
 
5,270
991,972
Cognex Corp.
 
6,295
253,248
Coherent Corp. (a)
 
5,177
478,562
Corning, Inc.
 
30,022
1,428,747
Crane NXT Co.
 
1,966
106,695
IPG Photonics Corp. (a)
 
837
67,764
Jabil, Inc.
 
4,344
534,703
Keysight Technologies, Inc. (a)
 
6,849
1,020,569
Littelfuse, Inc.
 
975
238,514
TD SYNNEX Corp.
 
2,976
343,282
Teledyne Technologies, Inc. (a)
 
1,814
825,950
Trimble, Inc. (a)
 
9,512
575,476
Vontier Corp.
 
6,097
226,077
Zebra Technologies Corp. Class A (a)
 
2,003
765,086
 
 
 
8,298,603
IT Services - 2.0%
 
 
 
Akamai Technologies, Inc. (a)
 
5,933
599,708
Amdocs Ltd.
 
4,506
395,379
Cloudflare, Inc. Class A (a)
 
11,758
1,031,294
Cognizant Technology Solutions Corp. Class A
 
19,547
1,458,011
DXC Technology Co. (a)
 
6,484
128,772
EPAM Systems, Inc. (a)
 
2,091
394,467
Gartner, Inc. (a)
 
2,954
1,484,385
Globant SA (a)
 
1,662
348,837
GoDaddy, Inc. Class A (a)
 
5,528
922,070
Kyndryl Holdings, Inc. (a)
 
8,986
205,690
MongoDB, Inc. Class A (a)
 
2,773
749,819
Okta, Inc. Class A (a)
 
6,297
452,691
Twilio, Inc. Class A (a)
 
6,753
544,629
VeriSign, Inc. (a)
 
3,324
587,816
 
 
 
9,303,568
Semiconductors & Semiconductor Equipment - 2.1%
 
 
 
Allegro MicroSystems LLC (a)
 
4,921
102,554
Amkor Technology, Inc.
 
4,363
111,038
Astera Labs, Inc. (a)
 
878
61,600
Cirrus Logic, Inc. (a)
 
2,104
231,061
Enphase Energy, Inc. (a)
 
5,170
429,317
Entegris, Inc.
 
5,925
620,407
First Solar, Inc. (a)
 
4,179
812,732
GlobalFoundries, Inc. (a)(c)
 
3,919
143,044
Lattice Semiconductor Corp. (a)
 
5,376
272,348
MACOM Technology Solutions Holdings, Inc. (a)
 
2,186
245,706
Microchip Technology, Inc.
 
20,818
1,527,417
MKS Instruments, Inc.
 
2,659
264,118
Monolithic Power Systems, Inc.
 
1,840
1,397,112
ON Semiconductor Corp. (a)
 
16,843
1,187,263
Onto Innovation, Inc. (a)
 
1,922
381,190
Qorvo, Inc. (a)
 
3,609
257,177
Skyworks Solutions, Inc.
 
6,189
542,033
Teradyne, Inc.
 
6,143
652,448
Universal Display Corp.
 
1,832
330,346
Wolfspeed, Inc. (a)(c)
 
3,707
49,340
 
 
 
9,618,251
Software - 5.1%
 
 
 
ANSYS, Inc. (a)
 
3,427
1,098,045
AppFolio, Inc. Class A, (a)
 
894
185,836
AppLovin Corp. Class A, (a)
 
10,264
1,738,619
Aspen Technology, Inc. (a)
 
1,061
249,049
Bentley Systems, Inc. Class B
 
5,548
267,746
Bill Holdings, Inc. (a)
 
3,673
214,356
CCC Intelligent Solutions Holdings, Inc. Class A (a)
 
17,942
186,776
Confluent, Inc. Class A (a)
 
9,794
256,309
Datadog, Inc. Class A (a)
 
11,720
1,470,157
DocuSign, Inc. (a)
 
7,496
520,072
Dolby Laboratories, Inc. Class A
 
2,333
170,076
DoubleVerify Holdings, Inc. (a)
 
5,927
101,055
Dropbox, Inc. Class A (a)
 
9,552
246,919
Dynatrace, Inc. (a)
 
11,593
623,703
Elastic NV (a)
 
3,219
258,260
Fair Isaac Corp. (a)
 
929
1,851,599
Five9, Inc. (a)
 
2,174
64,198
Gen Digital, Inc.
 
21,303
620,130
GitLab, Inc. Class A (a)
 
4,678
251,443
Guidewire Software, Inc. (a)
 
3,208
597,522
HashiCorp, Inc. Class A (a)
 
5,522
186,975
HubSpot, Inc. (a)
 
1,917
1,063,532
Informatica, Inc. Class A (a)
 
2,390
65,247
Manhattan Associates, Inc. (a)
 
2,403
632,854
MicroStrategy, Inc. Class A (a)(c)
 
6,132
1,499,274
nCino, Inc. (a)
 
2,871
107,088
Nutanix, Inc. Class A (a)
 
9,518
591,068
Palantir Technologies, Inc. Class A (a)
 
78,773
3,273,807
Pegasystems, Inc.
 
1,644
130,599
Procore Technologies, Inc. (a)
 
4,174
274,023
PTC, Inc. (a)
 
4,671
865,676
RingCentral, Inc. Class A (a)
 
2,615
94,166
SentinelOne, Inc. Class A (a)
 
10,843
279,641
Smartsheet, Inc. Class A (a)
 
5,283
298,067
Teradata Corp. (a)
 
3,942
127,051
Tyler Technologies, Inc. (a)
 
1,660
1,005,279
UiPath, Inc. Class A (a)
 
17,776
219,711
Unity Software, Inc. (a)
 
11,847
237,888
Zoom Video Communications, Inc. Class A (a)
 
10,350
773,559
Zscaler, Inc. (a)
 
3,606
651,929
 
 
 
23,349,304
Technology Hardware, Storage & Peripherals - 1.2%
 
 
 
Hewlett Packard Enterprise Co.
 
50,900
992,041
HP, Inc.
 
38,335
1,361,659
NetApp, Inc.
 
8,058
929,168
Pure Storage, Inc. Class A (a)
 
12,031
602,152
Super Micro Computer, Inc. (a)(c)
 
19,410
565,025
Western Digital Corp. (a)
 
12,805
836,295
 
 
 
5,286,340
TOTAL INFORMATION TECHNOLOGY
 
 
57,449,744
MATERIALS - 5.9%
 
 
 
Chemicals - 2.7%
 
 
 
Albemarle Corp.
 
4,613
436,989
Ashland, Inc.
 
1,993
168,548
Axalta Coating Systems Ltd. (a)
 
8,651
328,046
Celanese Corp.
 
4,282
539,404
CF Industries Holdings, Inc.
 
7,130
586,300
Corteva, Inc.
 
27,361
1,666,832
Dow, Inc.
 
27,603
1,363,036
DuPont de Nemours, Inc.
 
16,355
1,357,301
Eastman Chemical Co.
 
4,561
479,315
Element Solutions, Inc.
 
8,802
238,534
FMC Corp.
 
4,890
317,801
Huntsman Corp.
 
6,642
146,124
International Flavors & Fragrances, Inc.
 
10,029
997,183
LyondellBasell Industries NV Class A
 
10,171
883,351
NewMarket Corp.
 
262
137,542
Olin Corp.
 
4,649
190,748
PPG Industries, Inc.
 
9,151
1,139,391
RPM International, Inc.
 
4,961
630,593
The Chemours Co. LLC
 
5,979
108,579
The Mosaic Co.
 
12,648
338,460
The Scotts Miracle-Gro Co.
 
1,589
138,211
Westlake Corp.
 
1,324
174,689
 
 
 
12,366,977
Construction Materials - 0.7%
 
 
 
Eagle Materials, Inc.
 
1,303
371,954
Martin Marietta Materials, Inc.
 
2,399
1,421,024
Vulcan Materials Co.
 
5,187
1,420,875
 
 
 
3,213,853
Containers & Packaging - 1.4%
 
 
 
Amcor PLC
 
56,324
626,886
Aptargroup, Inc.
 
2,562
430,185
Avery Dennison Corp.
 
3,140
650,074
Ball Corp.
 
11,905
705,371
Berry Global Group, Inc.
 
4,507
317,518
Crown Holdings, Inc.
 
4,598
430,143
Graphic Packaging Holding Co.
 
11,641
328,975
International Paper Co.
 
13,566
753,456
Packaging Corp. of America
 
3,454
790,759
Sealed Air Corp.
 
5,812
210,278
Silgan Holdings, Inc.
 
3,241
167,689
Smurfit Westrock PLC
 
20,309
1,045,914
Sonoco Products Co.
 
3,871
203,305
 
 
 
6,660,553
Metals & Mining - 1.0%
 
 
 
Alcoa Corp.
 
9,840
394,486
ATI, Inc. (a)
 
4,831
254,642
Cleveland-Cliffs, Inc. (a)
 
18,285
237,339
MP Materials Corp. (a)(c)
 
5,217
93,854
Nucor Corp.
 
9,380
1,330,459
Reliance, Inc.
 
2,230
638,538
Royal Gold, Inc.
 
2,570
375,374
Steel Dynamics, Inc.
 
5,810
758,205
United States Steel Corp.
 
8,726
339,005
 
 
 
4,421,902
Paper & Forest Products - 0.1%
 
 
 
Louisiana-Pacific Corp.
 
2,519
249,129
TOTAL MATERIALS
 
 
26,912,414
REAL ESTATE - 7.9%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 7.1%
 
 
 
Agree Realty Corp.
 
3,883
288,313
Alexandria Real Estate Equities, Inc.
 
6,633
739,911
American Homes 4 Rent Class A
 
13,199
465,133
Americold Realty Trust
 
11,281
289,696
AvalonBay Communities, Inc.
 
5,538
1,227,276
Brixmor Property Group, Inc.
 
11,693
315,126
BXP, Inc.
 
6,158
496,088
Camden Property Trust (SBI)
 
4,047
468,602
Cousins Properties, Inc.
 
6,002
183,841
Crown Castle, Inc.
 
17,058
1,833,564
CubeSmart
 
8,769
419,509
Digital Realty Trust, Inc.
 
12,643
2,253,362
EastGroup Properties, Inc.
 
1,908
326,802
EPR Properties
 
3,031
137,516
Equity Lifestyle Properties, Inc.
 
7,235
507,318
Equity Residential (SBI)
 
14,721
1,035,917
Essex Property Trust, Inc.
 
2,493
707,663
Extra Space Storage, Inc.
 
8,187
1,336,937
Federal Realty Investment Trust (SBI)
 
3,238
358,900
First Industrial Realty Trust, Inc.
 
5,180
271,898
Gaming & Leisure Properties
 
10,166
510,232
Healthcare Realty Trust, Inc.
 
15,193
261,016
Healthpeak Properties, Inc.
 
27,392
614,950
Highwoods Properties, Inc. (SBI)
 
4,133
138,621
Host Hotels & Resorts, Inc.
 
27,427
472,841
Invitation Homes, Inc.
 
24,004
753,966
Iron Mountain, Inc.
 
11,382
1,408,295
Kilroy Realty Corp.
 
4,657
187,305
Kimco Realty Corp.
 
25,860
613,399
Lamar Advertising Co. Class A
 
3,398
448,536
Lineage, Inc.
 
2,403
177,918
Medical Properties Trust, Inc. (c)
 
23,534
108,962
Mid-America Apartment Communities, Inc.
 
4,537
686,630
National Storage Affiliates Trust
 
2,750
115,913
NNN (REIT), Inc.
 
7,058
306,600
Omega Healthcare Investors, Inc.
 
9,653
409,963
Park Hotels & Resorts, Inc.
 
8,422
116,982
Rayonier, Inc.
 
5,822
181,821
Realty Income Corp.
 
34,124
2,025,942
Regency Centers Corp.
 
7,204
514,654
Rexford Industrial Realty, Inc.
 
8,163
350,111
SBA Communications Corp. Class A
 
4,217
967,675
Simon Property Group, Inc.
 
12,654
2,140,044
STAG Industrial, Inc.
 
7,143
266,291
Sun Communities, Inc.
 
4,852
643,763
UDR, Inc.
 
12,558
529,822
Ventas, Inc.
 
15,778
1,033,301
VICI Properties, Inc.
 
40,715
1,293,108
Vornado Realty Trust
 
6,872
284,570
Weyerhaeuser Co.
 
28,628
892,048
WP Carey, Inc.
 
8,502
473,731
 
 
 
32,592,382
Real Estate Management & Development - 0.8%
 
 
 
CBRE Group, Inc. (a)
 
11,957
1,566,008
CoStar Group, Inc. (a)
 
15,915
1,158,453
Howard Hughes Holdings, Inc. (a)
 
1,277
97,103
Jones Lang LaSalle, Inc. (a)
 
1,847
500,463
Seaport Entertainment Group, Inc.
 
333
9,041
Zillow Group, Inc.:
 
 
 
 Class A (a)
 
1,882
109,250
 Class C (a)
 
6,211
373,219
 
 
 
3,813,537
TOTAL REAL ESTATE
 
 
36,405,919
UTILITIES - 5.7%
 
 
 
Electric Utilities - 2.8%
 
 
 
Alliant Energy Corp.
 
9,997
599,820
Avangrid, Inc.
 
2,323
82,954
Edison International
 
14,900
1,227,760
Entergy Corp.
 
8,340
1,290,865
Evergy, Inc.
 
8,745
528,548
Eversource Energy
 
13,821
910,113
Exelon Corp.
 
39,237
1,542,014
FirstEnergy Corp.
 
22,531
942,472
IDACORP, Inc.
 
1,994
206,339
NRG Energy, Inc.
 
8,115
733,596
OGE Energy Corp.
 
7,835
313,322
PG&E Corp.
 
83,727
1,692,960
Pinnacle West Capital Corp.
 
4,461
391,720
PPL Corp.
 
29,026
945,087
Xcel Energy, Inc.
 
21,815
1,457,460
 
 
 
12,865,030
Gas Utilities - 0.3%
 
 
 
Atmos Energy Corp.
 
5,909
820,051
National Fuel Gas Co.
 
3,605
218,211
UGI Corp.
 
7,514
179,660
 
 
 
1,217,922
Independent Power and Renewable Electricity Producers - 0.5%
 
 
 
Brookfield Renewable Corp. (c)
 
5,352
163,664
Clearway Energy, Inc.:
 
 
 
 Class A
 
1,490
39,694
 Class C
 
3,236
91,838
The AES Corp.
 
27,975
461,308
Vistra Corp.
 
13,480
1,684,461
 
 
 
2,440,965
Multi-Utilities - 1.8%
 
 
 
Ameren Corp.
 
10,438
909,254
CenterPoint Energy, Inc.
 
24,860
734,116
CMS Energy Corp.
 
11,655
811,305
Consolidated Edison, Inc.
 
13,562
1,378,984
DTE Energy Co.
 
8,095
1,005,561
NiSource, Inc.
 
17,437
613,085
Public Service Enterprise Group, Inc.
 
19,494
1,742,959
WEC Energy Group, Inc.
 
12,424
1,186,865
 
 
 
8,382,129
Water Utilities - 0.3%
 
 
 
American Water Works Co., Inc.
 
7,674
1,059,856
Essential Utilities, Inc.
 
9,879
381,329
 
 
 
1,441,185
TOTAL UTILITIES
 
 
26,347,231
 
TOTAL COMMON STOCKS
 (Cost $356,663,927)
 
 
 
457,200,043
 
 
 
 
Nonconvertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
REAL ESTATE - 0.0%
 
 
 
Real Estate Management & Development - 0.0%
 
 
 
Brookfield Property Preferred LP 6.25%
  (Cost $74)
 
3
53
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (d)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (e)
 (Cost $48,863)
 
49,000
48,874
 
 
 
 
Money Market Funds - 1.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.87% (f)
 
1,370,619
1,370,893
Fidelity Securities Lending Cash Central Fund 4.87% (f)(g)
 
5,072,293
5,072,800
 
TOTAL MONEY MARKET FUNDS
 (Cost $6,443,693)
 
 
6,443,693
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.1%
 (Cost $363,156,557)
 
 
 
463,692,663
NET OTHER ASSETS (LIABILITIES) - (1.1)%  
(4,883,291)
NET ASSETS - 100.0%
458,809,372
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P MidCap 400 Index Contracts (United States)
5
Dec 2024
1,556,800
1,556
1,556
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.3%

 
Legend
 
(a)
Non-income producing
 
(b)
Level 3 security
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $48,874.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
GCI Liberty, Inc. Class A (Escrow)
5/23/23
0
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.87%
1,144,201
13,131,210
12,904,480
19,278
(38)
-
1,370,893
0.0%
Fidelity Securities Lending Cash Central Fund 4.87%
2,938,580
19,663,485
17,529,265
38,933
-
-
5,072,800
0.0%
Total
4,082,781
32,794,695
30,433,745
58,211
(38)
-
6,443,693
 
 
 
 
 
 
 
 
 
 
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.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
16,258,317
16,258,317
-
-
Consumer Discretionary
48,431,014
48,431,014
-
-
Consumer Staples
22,328,405
22,328,405
-
-
Energy
23,944,256
23,944,256
-
-
Financials
74,168,645
74,168,645
-
-
Health Care
44,374,716
44,374,716
-
-
Industrials
80,579,382
80,579,382
-
-
Information Technology
57,449,744
57,449,744
-
-
Materials
26,912,414
26,912,414
-
-
Real Estate
36,405,972
36,405,972
-
-
Utilities
26,347,231
26,347,231
-
-
 U.S. Government and Government Agency Obligations
48,874
-
48,874
-
  Money Market Funds
6,443,693
6,443,693
-
-
 Total Investments in Securities:
463,692,663
463,643,789
48,874
-
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
1,556
1,556
-
-
  Total Assets
1,556
1,556
-
-
 Total Derivative Instruments:
1,556
1,556
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
1,556
0
Total Equity Risk
1,556
0
Total Value of Derivatives
1,556
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of October 31, 2024 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $4,644,320) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $356,712,864)
$
457,248,970
 
 
Fidelity Central Funds (cost $6,443,693)
6,443,693
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $363,156,557)
 
 
$
463,692,663
Segregated cash with brokers for derivative instruments
 
 
43,728
Cash
 
 
1,729
Receivable for fund shares sold
 
 
488,652
Dividends receivable
 
 
164,941
Distributions receivable from Fidelity Central Funds
 
 
6,035
Other receivables
 
 
3,242
  Total assets
 
 
464,400,990
Liabilities
 
 
 
 
Payable for investments purchased
$
1,731
 
 
Payable for fund shares redeemed
496,217
 
 
Payable for daily variation margin on futures contracts
20,900
 
 
Collateral on securities loaned
5,072,770
 
 
  Total liabilities
 
 
 
5,591,618
Net Assets  
 
 
$
458,809,372
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
348,840,227
Total accumulated earnings (loss)
 
 
 
109,969,145
Net Assets
 
 
$
458,809,372
Net Asset Value, offering price and redemption price per share ($458,809,372 ÷ 24,528,002 shares)
 
 
$
18.71
Statement of Operations
Six months ended October 31, 2024 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
3,479,891
Interest  
 
 
2,102
Income from Fidelity Central Funds (including $38,933 from security lending)
 
 
58,211
 Total income
 
 
 
3,540,204
Expenses
 
 
 
 
Independent trustees' fees and expenses
$
548
 
 
 Total expenses before reductions
 
548
 
 
 Expense reductions
 
(339)
 
 
 Total expenses after reductions
 
 
 
209
Net Investment income (loss)
 
 
 
3,539,995
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
2,133,618
 
 
   Redemptions in-kind
 
11,461,336
 
 
   Fidelity Central Funds
 
(38)
 
 
 Foreign currency transactions
 
232
 
 
 Futures contracts
 
66,033
 
 
Total net realized gain (loss)
 
 
 
13,661,181
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
28,806,926
 
 
 Futures contracts
 
43,800
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
28,850,726
Net gain (loss)
 
 
 
42,511,907
Net increase (decrease) in net assets resulting from operations
 
 
$
46,051,902
Statement of Changes in Net Assets
 
 
Six months ended
October 31, 2024
(Unaudited)
 
Year ended
April 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,539,995
$
5,813,665
Net realized gain (loss)
 
13,661,181
 
2,213,213
Change in net unrealized appreciation (depreciation)
 
28,850,726
 
45,152,257
Net increase (decrease) in net assets resulting from operations
 
46,051,902
 
53,179,135
Distributions to shareholders
 
(1,376,118)
 
(7,149,688)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
106,406,977
 
158,415,832
  Reinvestment of distributions
 
980,680
 
5,252,514
Cost of shares redeemed
 
(97,370,899)
 
(99,543,480)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
10,016,758
 
64,124,866
Total increase (decrease) in net assets
 
54,692,542
 
110,154,313
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
404,116,830
 
293,962,517
End of period
$
458,809,372
$
404,116,830
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
6,020,352
 
9,997,096
  Issued in reinvestment of distributions
 
56,953
 
328,034
Redeemed
 
(5,444,830)
 
(6,255,170)
Net increase (decrease)
 
632,475
 
4,069,960
 
 
 
 
 
Financial Highlights
 
Fidelity Flex® Mid Cap Index Fund
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.91
$
14.83
$
15.35
$
16.82
$
10.78
$
12.23
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.26
 
.26
 
.21
 
.19
 
.22
     Net realized and unrealized gain (loss)
 
1.71
 
2.15
 
(.52)
 
(1.18)
 
6.17
 
(1.39)
  Total from investment operations
 
1.85  
 
2.41  
 
(.26)  
 
(.97)  
 
6.36
 
(1.17)
  Distributions from net investment income
 
(.05)
 
(.24)
 
(.23)
 
(.19)
 
(.20)
 
(.18)
  Distributions from net realized gain
 
-
 
(.08)
 
(.03)
 
(.31)
 
(.12)
 
(.10)
     Total distributions
 
(.05)
 
(.33) C
 
(.26)
 
(.50)
 
(.32)
 
(.28)
  Net asset value, end of period
$
18.71
$
16.91
$
14.83
$
15.35
$
16.82
$
10.78
 Total Return D,E
 
10.99
%
 
16.36%
 
(1.62)%
 
(6.09)%
 
59.64%
 
(9.88)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
-% H,I
 
.04%
 
-% I
 
-% I
 
-% I
 
-% I
    Expenses net of fee waivers, if any I
 
-
% H
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of all reductions I
 
-% H
 
-%
 
-%
 
-%
 
-%
 
-%
    Net investment income (loss)
 
1.60% H
 
1.67%
 
1.75%
 
1.27%
 
1.35%
 
1.84%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
458,809
$
404,117
$
293,963
$
251,337
$
189,335
$
88,365
    Portfolio turnover rate J
 
29
% H,K
 
10% K
 
13%
 
13%
 
26%
 
38%
 
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees 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.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount represents less than .005%.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended October 31, 2024
 
1. Organization.
Fidelity Flex Mid Cap Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the 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, the 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 the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing 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 circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, passive foreign investment companies (PFIC), redemptions in-kind, partnerships and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$125,161,129
Gross unrealized depreciation
(30,176,639)
Net unrealized appreciation (depreciation)
$94,984,490
Tax cost
$368,709,729
 
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The 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.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
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.
 
 
Purchases ($)
Sales ($)
Fidelity Flex Mid Cap Index Fund
95,931,223
64,642,305
 
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.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Flex Mid Cap Index Fund
1,162,791
11,461,336
20,023,256
 
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.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Flex Mid Cap Index Fund
57,372
610,106
988,525
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.
 
 
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Flex Mid Cap Index Fund
 -
 -
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $339.
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.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Flex Mid Cap Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable. 
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that the fund's Advisory Contracts should be renewed through September 30, 2025.
 
1.9881626.107
ZMP-SANN-1224
Fidelity Flex® Funds
 
Fidelity Flex® Small Cap Index Fund
 
 
Semi-Annual Report
October 31, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity Flex® Small Cap Index Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.
A fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of a fund or the underlying data.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity Flex® Small Cap Index Fund
Schedule of Investments October 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 2.7%
 
 
 
Diversified Telecommunication Services - 0.7%
 
 
 
Anterix, Inc. (a)
 
1,669
54,209
AST SpaceMobile, Inc. Class A, (a)(b)
 
21,464
511,058
ATN International, Inc.
 
1,710
35,842
Bandwidth, Inc. Class A, (a)
 
3,971
77,435
Cogent Communications Group, Inc.
 
7,052
566,064
Consolidated Communications Holdings, Inc. (a)
 
11,617
53,845
Globalstar, Inc. (a)
 
117,296
123,161
IDT Corp. Class B
 
2,465
115,682
Liberty Latin America Ltd.:
 
 
 
 Class A (a)
 
3,737
36,585
 Class C (a)
 
21,826
211,276
Lumen Technologies, Inc. (a)
 
162,132
1,036,023
Shenandoah Telecommunications Co.
 
7,777
107,634
 
 
 
2,928,814
Entertainment - 0.5%
 
 
 
AMC Entertainment Holdings, Inc. Class A (a)(b)
 
54,393
238,785
Atlanta Braves Holdings, Inc.:
 
 
 
 Class A (a)
 
1,445
60,777
 Class C, (a)
 
8,253
326,076
Cinemark Holdings, Inc. (a)
 
17,654
525,207
Eventbrite, Inc. (a)
 
13,539
43,325
Golden Matrix Group, Inc. (a)
 
2,982
7,485
IMAX Corp. (a)
 
6,904
167,767
Lions Gate Entertainment Corp.:
 
 
 
 Class A (a)
 
12,132
95,843
 Class B (a)
 
16,869
118,926
LiveOne, Inc. (a)
 
12,091
8,343
Madison Square Garden Entertainment Corp. Class A (a)
 
6,272
261,605
Marcus Corp.
 
3,805
71,800
Playstudios, Inc. Class A (a)
 
13,353
17,759
Reservoir Media, Inc. (a)
 
3,035
25,282
Sphere Entertainment Co. Class A (a)
 
4,260
178,111
Vivid Seats, Inc. Class A (a)(b)
 
12,099
49,243
 
 
 
2,196,334
Interactive Media & Services - 0.6%
 
 
 
Bumble, Inc. Class A (a)
 
15,139
107,184
CarGurus, Inc. Class A (a)
 
14,184
439,988
Cars.com, Inc. (a)
 
10,586
169,270
EverQuote, Inc. Class A (a)
 
3,976
71,488
fuboTV, Inc. (a)
 
47,325
82,346
Getty Images Holdings, Inc. (a)(b)
 
16,384
67,994
Grindr, Inc. (a)
 
3,882
51,941
MediaAlpha, Inc. Class A (a)
 
4,700
80,511
Nextdoor Holdings, Inc. Class A (a)
 
28,494
68,955
Outbrain, Inc. (a)
 
6,007
25,770
QuinStreet, Inc. (a)
 
8,396
176,316
Shutterstock, Inc.
 
3,985
127,879
System1, Inc. (a)
 
3,469
3,400
TrueCar, Inc. (a)
 
14,074
55,029
Vimeo, Inc. Class A (a)
 
23,675
112,930
Webtoon Entertainment, Inc. (b)
 
2,372
24,669
Yelp, Inc. Class A (a)
 
10,514
358,948
Ziff Davis, Inc. (a)
 
7,297
337,632
ZipRecruiter, Inc. (a)
 
11,278
104,547
 
 
 
2,466,797
Media - 0.8%
 
 
 
Advantage Solutions, Inc. Class A (a)
 
17,147
52,470
AMC Networks, Inc. Class A (a)
 
5,063
41,010
Boston Omaha Corp. (a)
 
3,917
57,815
Cable One, Inc.
 
898
306,721
Cardlytics, Inc. (a)
 
6,496
27,998
Clear Channel Outdoor Holdings, Inc. (a)
 
56,326
82,799
E.W. Scripps Co. Class A (a)
 
9,477
31,795
EchoStar Corp. Class A (a)
 
19,506
488,820
Emerald Holding, Inc.
 
2,395
9,436
Entravision Communication Corp. Class A
 
10,047
23,309
Gambling.com Group Ltd. (a)
 
2,770
26,675
Gannett Co., Inc. (a)
 
22,829
107,068
Gray Television, Inc.
 
13,533
77,273
Ibotta, Inc. (b)
 
1,209
88,608
iHeartMedia, Inc. (a)
 
16,340
32,353
Innovid Corp. (a)
 
16,956
32,386
Integral Ad Science Holding Corp. (a)
 
11,586
137,178
John Wiley & Sons, Inc. Class A
 
5,777
284,806
Magnite, Inc. (a)
 
20,203
252,133
National CineMedia, Inc. (a)
 
11,478
82,527
PubMatic, Inc. Class A (a)(b)
 
6,696
98,465
Scholastic Corp.
 
3,705
91,995
Sinclair, Inc. Class A
 
5,062
87,421
Stagwell, Inc. (a)
 
13,827
85,866
TechTarget, Inc. (a)
 
4,114
119,080
TEGNA, Inc.
 
27,137
445,861
Thryv Holdings, Inc. (a)
 
5,059
72,748
Townsquare Media, Inc.
 
2,096
20,541
WideOpenWest, Inc. (a)
 
7,818
39,012
 
 
 
3,304,169
Wireless Telecommunication Services - 0.1%
 
 
 
Gogo, Inc. (a)
 
10,419
68,244
Spok Holdings, Inc.
 
3,026
47,115
Telephone & Data Systems, Inc.
 
15,802
470,110
 
 
 
585,469
TOTAL COMMUNICATION SERVICES
 
 
11,481,583
CONSUMER DISCRETIONARY - 9.7%
 
 
 
Automobile Components - 1.1%
 
 
 
Adient PLC (a)
 
14,296
279,201
American Axle & Manufacturing Holdings, Inc. (a)
 
18,255
103,141
Cooper-Standard Holding, Inc. (a)
 
2,643
33,170
Dana, Inc.
 
20,759
159,222
Dorman Products, Inc. (a)
 
4,203
479,268
Fox Factory Holding Corp. (a)
 
6,785
244,192
Gentherm, Inc. (a)
 
5,036
211,260
Holley, Inc. (a)
 
6,953
18,008
LCI Industries
 
3,974
442,227
Luminar Technologies, Inc. Class A (a)(b)
 
55,639
43,142
Modine Manufacturing Co. (a)
 
8,285
975,724
Patrick Industries, Inc.
 
3,466
436,647
Phinia, Inc.
 
6,933
322,939
Solid Power, Inc. (a)(b)
 
24,000
28,320
Standard Motor Products, Inc.
 
3,285
105,744
Stoneridge, Inc. (a)
 
4,315
30,162
The Goodyear Tire & Rubber Co. (a)
 
45,522
364,631
Visteon Corp. (a)
 
4,365
393,941
XPEL, Inc. (a)
 
4,056
156,440
 
 
 
4,827,379
Automobiles - 0.1%
 
 
 
Canoo, Inc. (a)(b)
 
10,266
7,771
LiveWire Group, Inc. (a)(b)
 
3,163
18,693
Winnebago Industries, Inc.
 
4,553
255,150
 
 
 
281,614
Broadline Retail - 0.0%
 
 
 
1stDibs.com, Inc. (a)
 
3,890
16,221
Groupon, Inc. (a)(b)
 
3,651
37,459
Qurate Retail, Inc. Class B (a)
 
162
504
Savers Value Village, Inc. (a)
 
3,834
39,222
 
 
 
93,406
Distributors - 0.1%
 
 
 
A-Mark Precious Metals, Inc.
 
2,832
110,023
GigaCloud Technology, Inc. Class A (a)(b)
 
3,752
85,433
Weyco Group, Inc.
 
982
33,054
 
 
 
228,510
Diversified Consumer Services - 1.0%
 
 
 
Adtalem Global Education, Inc. (a)
 
6,018
486,977
American Public Education, Inc. (a)
 
2,537
38,486
Carriage Services, Inc.
 
2,191
81,921
Chegg, Inc. (a)
 
15,617
24,987
Coursera, Inc. (a)
 
21,980
152,761
European Wax Center, Inc. Class A (a)
 
5,339
38,387
Frontdoor, Inc. (a)
 
12,578
625,001
Graham Holdings Co. Class B
 
523
441,046
Laureate Education, Inc.
 
21,560
370,401
Lincoln Educational Services Corp. (a)
 
4,075
54,116
Mister Car Wash, Inc. (a)
 
14,973
112,447
Nerdy, Inc. Class A (a)
 
11,155
10,084
OneSpaWorld Holdings Ltd.
 
16,128
282,401
Perdoceo Education Corp.
 
10,571
236,262
Strategic Education, Inc.
 
3,554
309,056
Stride, Inc. (a)
 
6,824
636,543
Udemy, Inc. (a)
 
15,325
120,148
Universal Technical Institute, Inc. (a)
 
6,315
105,082
 
 
 
4,126,106
Hotels, Restaurants & Leisure - 1.9%
 
 
 
Accel Entertainment, Inc. Class A (a)
 
8,275
91,356
Bally's Corp. (a)(b)
 
3,822
66,694
Biglari Holdings, Inc. Class B (a)
 
116
19,756
BJ's Restaurants, Inc. (a)
 
3,044
112,902
Bloomin' Brands, Inc.
 
12,578
208,669
Brinker International, Inc. (a)
 
7,058
724,927
Cracker Barrel Old Country Store, Inc.
 
3,560
169,349
Dave & Buster's Entertainment, Inc. (a)(b)
 
5,176
191,150
Denny's Corp. (a)
 
8,064
51,690
Despegar.com Corp. (a)
 
9,920
143,245
Dine Brands Global, Inc.
 
2,455
74,730
El Pollo Loco Holdings, Inc. (a)
 
4,144
50,640
Empire Resorts, Inc. (c)
 
126
0
Everi Holdings, Inc. (a)
 
12,661
168,771
First Watch Restaurant Group, Inc. (a)
 
4,909
83,428
Full House Resorts, Inc. (a)
 
5,027
25,587
Global Business Travel Group, Inc. (a)
 
20,243
154,454
Golden Entertainment, Inc.
 
3,239
95,146
Hilton Grand Vacations, Inc. (a)
 
11,816
435,774
Inspired Entertainment, Inc. (a)
 
3,448
32,894
International Game Technology PLC
 
18,257
370,982
Jack in the Box, Inc.
 
3,126
153,956
Krispy Kreme, Inc.
 
13,714
155,928
Kura Sushi U.S.A., Inc. Class A (a)(b)
 
957
95,528
Life Time Group Holdings, Inc. (a)
 
9,552
212,819
Lindblad Expeditions Holdings (a)
 
5,792
54,734
Monarch Casino & Resort, Inc.
 
2,090
164,086
Mondee Holdings, Inc. Class A (a)(b)
 
5,830
7,404
Nathan's Famous, Inc.
 
447
37,651
Papa John's International, Inc.
 
5,289
277,091
PlayAGS, Inc. (a)
 
6,117
71,141
Portillo's, Inc. Class A (a)
 
8,615
111,392
Potbelly Corp. (a)
 
4,257
31,417
RCI Hospitality Holdings, Inc.
 
1,366
59,312
Red Rock Resorts, Inc.
 
7,857
404,321
Rush Street Interactive, Inc. (a)
 
12,280
132,870
Sabre Corp. (a)
 
60,345
193,104
Shake Shack, Inc. Class A (a)
 
6,104
742,674
Six Flags Entertainment Corp.
 
14,837
584,726
Super Group SGHC Ltd.
 
24,378
99,950
Sweetgreen, Inc. Class A (a)
 
15,839
571,788
Target Hospitality Corp. (a)
 
5,352
39,926
The Cheesecake Factory, Inc.
 
7,720
356,818
The ONE Group Hospitality, Inc. (a)
 
3,205
10,961
United Parks & Resorts, Inc. (a)
 
5,617
295,623
Vacasa, Inc. Class A (a)
 
1,753
4,453
Xponential Fitness, Inc. (a)
 
3,770
46,183
 
 
 
8,188,000
Household Durables - 2.2%
 
 
 
Beazer Homes U.S.A., Inc. (a)
 
4,745
145,956
Cavco Industries, Inc. (a)
 
1,348
552,404
Century Communities, Inc.
 
4,482
397,374
Champion Homes, Inc. (a)
 
8,610
759,660
Cricut, Inc. (b)
 
7,466
49,126
Dream Finders Homes, Inc. (a)
 
4,454
132,952
Ethan Allen Interiors, Inc.
 
3,674
101,660
Flexsteel Industries, Inc.
 
758
44,131
GoPro, Inc. Class A (a)
 
19,252
25,990
Green Brick Partners, Inc. (a)
 
5,005
345,395
Hamilton Beach Brands Holding Co. Class A
 
1,360
37,604
Helen of Troy Ltd. (a)
 
3,648
232,195
Hooker Furnishings Corp.
 
1,805
28,934
Hovnanian Enterprises, Inc. Class A (a)
 
802
141,184
Installed Building Products, Inc.
 
3,843
833,547
iRobot Corp. (a)
 
4,527
39,521
KB Home
 
10,789
846,937
La-Z-Boy, Inc.
 
6,736
256,305
Landsea Homes Corp. Class A (a)
 
2,884
29,936
Legacy Housing Corp. (a)
 
1,747
43,326
LGI Homes, Inc. (a)
 
3,347
339,921
Lifetime Brands, Inc.
 
2,083
11,998
Lovesac (a)
 
2,259
65,872
M/I Homes, Inc. (a)
 
4,279
648,654
Meritage Homes Corp.
 
5,757
1,043,168
Purple Innovation, Inc. Class A (a)
 
9,523
8,503
Sonos, Inc. (a)
 
19,707
246,929
Taylor Morrison Home Corp. (a)
 
16,381
1,122,099
Traeger, Inc. (a)
 
5,726
17,751
TRI Pointe Homes, Inc. (a)
 
14,763
596,868
United Homes Group, Inc. (a)
 
948
5,110
Vizio Holding Corp. (a)(b)
 
14,250
158,603
Worthington Enterprises, Inc.
 
5,004
191,653
 
 
 
9,501,266
Leisure Products - 0.5%
 
 
 
Acushnet Holdings Corp.
 
4,663
285,842
AMMO, Inc. (a)
 
14,149
15,281
Clarus Corp.
 
4,658
19,610
Escalade, Inc.
 
1,600
20,848
Funko, Inc. (a)(b)
 
5,080
60,147
JAKKS Pacific, Inc. (a)
 
1,249
39,406
Johnson Outdoors, Inc. Class A
 
734
23,209
Latham Group, Inc. (a)
 
6,752
43,888
Malibu Boats, Inc. Class A (a)(b)
 
3,249
145,815
Marine Products Corp.
 
1,492
14,040
MasterCraft Boat Holdings, Inc. (a)
 
2,602
45,171
Peloton Interactive, Inc. Class A (a)
 
54,850
466,225
Smith & Wesson Brands, Inc.
 
7,244
93,846
Solo Brands, Inc. Class A (a)
 
4,389
5,486
Sturm, Ruger & Co., Inc.
 
2,636
103,648
Topgolf Callaway Brands Corp. (a)
 
22,579
219,242
Vista Outdoor, Inc. (a)
 
9,349
411,076
 
 
 
2,012,780
Specialty Retail - 2.2%
 
 
 
1-800-FLOWERS.com, Inc. Class A (a)
 
4,017
33,421
a.k.a. Brands Holding Corp. (a)
 
142
3,265
Abercrombie & Fitch Co. Class A (a)
 
8,059
1,062,096
Academy Sports & Outdoors, Inc.
 
11,332
576,346
America's Car Mart, Inc. (a)
 
881
34,394
American Eagle Outfitters, Inc.
 
29,245
572,910
Arhaus, Inc. Class A, (b)
 
8,180
69,366
Arko Corp.
 
12,808
85,173
Asbury Automotive Group, Inc. (a)
 
3,249
740,252
BARK, Inc. (a)
 
21,591
31,307
Beyond, Inc. (a)
 
7,253
46,492
Boot Barn Holdings, Inc. (a)
 
4,751
591,737
Build-A-Bear Workshop, Inc.
 
2,023
77,056
Caleres, Inc.
 
5,474
163,399
Camping World Holdings, Inc. Class A (b)
 
6,780
136,007
Citi Trends, Inc. (a)
 
957
18,078
Designer Brands, Inc. Class A
 
6,782
35,334
Destination XL Group, Inc. (a)
 
8,031
21,483
EVgo, Inc. Class A (a)
 
16,084
126,099
Foot Locker, Inc.
 
13,378
310,236
Genesco, Inc. (a)
 
1,718
44,015
Group 1 Automotive, Inc.
 
2,121
772,723
GrowGeneration Corp. (a)
 
8,928
18,347
Haverty Furniture Companies, Inc.
 
2,314
51,255
J. Jill, Inc.
 
869
20,778
Lands' End, Inc. (a)
 
2,301
36,218
Leslie's, Inc. (a)
 
28,519
76,716
MarineMax, Inc. (a)
 
3,423
99,712
Monro, Inc.
 
4,754
130,307
National Vision Holdings, Inc. (a)
 
12,302
127,941
OneWater Marine, Inc. Class A (a)
 
1,899
41,341
Petco Health & Wellness Co., Inc. Class A (a)
 
13,410
57,261
Revolve Group, Inc. (a)
 
6,164
152,990
RumbleON, Inc. Class B (a)
 
2,670
13,457
Sally Beauty Holdings, Inc. (a)
 
16,470
214,110
Shoe Carnival, Inc.
 
2,903
99,486
Signet Jewelers Ltd.
 
6,848
627,825
Sleep Number Corp. (a)
 
3,382
46,333
Sonic Automotive, Inc. Class A (sub. vtg.)
 
2,337
132,578
Stitch Fix, Inc. (a)
 
14,496
45,735
The Buckle, Inc.
 
4,957
210,970
The ODP Corp. (a)
 
5,559
172,496
The RealReal, Inc. (a)
 
15,529
45,034
thredUP, Inc. Class A (a)
 
12,053
7,431
Tile Shop Holdings, Inc. (a)
 
4,547
30,056
Tilly's, Inc. (a)
 
2,432
9,777
Torrid Holdings, Inc. (a)
 
2,148
7,797
Upbound Group, Inc.
 
8,553
250,090
Urban Outfitters, Inc. (a)
 
10,271
369,242
Victoria's Secret & Co. (a)
 
12,573
380,459
Warby Parker, Inc. (a)
 
13,966
236,444
Winmark Corp.
 
461
171,902
Zumiez, Inc. (a)
 
2,577
53,086
 
 
 
9,488,363
Textiles, Apparel & Luxury Goods - 0.6%
 
 
 
Figs, Inc. Class A (a)
 
20,881
130,506
G-III Apparel Group Ltd. (a)
 
6,476
196,093
Hanesbrands, Inc. (a)
 
56,504
392,703
Kontoor Brands, Inc.
 
8,931
764,762
Movado Group, Inc.
 
2,391
44,162
Oxford Industries, Inc.
 
2,369
172,037
Rocky Brands, Inc.
 
1,151
23,411
Steven Madden Ltd.
 
11,665
524,575
Superior Group of Companies, Inc.
 
2,050
30,238
Vera Bradley, Inc. (a)
 
3,930
19,689
Wolverine World Wide, Inc.
 
12,664
194,899
 
 
 
2,493,075
TOTAL CONSUMER DISCRETIONARY
 
 
41,240,499
CONSUMER STAPLES - 2.7%
 
 
 
Beverages - 0.3%
 
 
 
Duckhorn Portfolio, Inc. (a)
 
8,441
92,513
MGP Ingredients, Inc. (b)
 
2,250
108,090
National Beverage Corp.
 
3,778
170,728
Primo Water Corp.
 
25,346
664,826
The Vita Coco Co., Inc. (a)
 
6,277
185,862
 
 
 
1,222,019
Consumer Staples Distribution & Retail - 0.8%
 
 
 
Andersons, Inc.
 
5,226
237,260
Chefs' Warehouse Holdings (a)
 
5,603
223,672
HF Foods Group, Inc. (a)
 
6,640
22,709
Ingles Markets, Inc. Class A
 
2,286
145,984
Natural Grocers by Vitamin Cottage, Inc.
 
1,490
40,796
PriceSmart, Inc.
 
4,034
335,145
SpartanNash Co.
 
5,336
112,269
Sprouts Farmers Market LLC (a)
 
16,141
2,072,989
United Natural Foods, Inc. (a)
 
9,427
191,745
Village Super Market, Inc. Class A
 
1,407
40,156
Weis Markets, Inc.
 
2,619
164,709
 
 
 
3,587,434
Food Products - 1.0%
 
 
 
Alico, Inc.
 
1,106
27,108
B&G Foods, Inc.
 
12,327
105,026
Beyond Meat, Inc. (a)(b)
 
9,607
58,507
BRC, Inc. Class A (a)
 
8,358
26,161
Cal-Maine Foods, Inc.
 
6,568
576,539
Calavo Growers, Inc.
 
2,660
70,703
Dole PLC
 
12,012
193,994
Forafric Global PLC (a)(b)
 
761
7,823
Fresh Del Monte Produce, Inc.
 
5,378
172,688
J&J Snack Foods Corp.
 
2,451
402,258
John B. Sanfilippo & Son, Inc.
 
1,440
118,814
Lancaster Colony Corp.
 
3,135
544,236
Lifeway Foods, Inc. (a)
 
728
19,372
Limoneira Co.
 
2,713
69,561
Mama's Creations, Inc. (a)
 
5,388
40,141
Mission Produce, Inc. (a)
 
6,957
82,093
Seneca Foods Corp. Class A (a)
 
714
44,147
SunOpta, Inc. (a)
 
14,593
95,511
The Hain Celestial Group, Inc. (a)
 
14,196
123,931
The Simply Good Foods Co. (a)
 
14,612
491,840
TreeHouse Foods, Inc. (a)
 
7,671
279,071
Utz Brands, Inc. Class A
 
10,391
178,933
Vital Farms, Inc. (a)
 
5,256
182,278
Westrock Coffee Holdings (a)
 
5,354
35,551
WK Kellogg Co.
 
10,565
175,696
 
 
 
4,121,982
Household Products - 0.3%
 
 
 
Central Garden & Pet Co. (a)
 
2,264
77,655
Central Garden & Pet Co. Class A (non-vtg.)
 
7,592
221,231
Energizer Holdings, Inc.
 
11,444
367,009
Oil-Dri Corp. of America
 
810
54,959
WD-40 Co.
 
2,189
573,671
 
 
 
1,294,525
Personal Care Products - 0.2%
 
 
 
Edgewell Personal Care Co.
 
7,804
272,750
Herbalife Ltd. (a)
 
15,834
119,547
Interparfums, Inc.
 
2,929
354,614
MediFast, Inc.
 
1,695
31,154
Nature's Sunshine Products, Inc. (a)
 
1,939
24,548
Nu Skin Enterprises, Inc. Class A
 
7,595
47,013
Olaplex Holdings, Inc. (a)
 
22,194
39,505
The Beauty Health Co. Class A, (a)
 
11,330
18,298
The Honest Co., Inc. (a)
 
13,308
49,506
USANA Health Sciences, Inc. (a)
 
1,811
66,898
Veru, Inc. (a)
 
20,141
15,213
Waldencast PLC (a)(b)
 
4,494
15,504
 
 
 
1,054,550
Tobacco - 0.1%
 
 
 
Ispire Technology, Inc. (a)(b)
 
3,118
17,492
Turning Point Brands, Inc.
 
2,775
131,063
Universal Corp.
 
3,854
196,246
 
 
 
344,801
TOTAL CONSUMER STAPLES
 
 
11,625,311
ENERGY - 5.2%
 
 
 
Energy Equipment & Services - 2.0%
 
 
 
Archrock, Inc.
 
26,758
535,695
Atlas Energy Solutions, Inc. (b)
 
10,891
213,137
Borr Drilling Ltd. (b)
 
37,940
158,969
Bristow Group, Inc. (a)
 
3,943
130,789
Cactus, Inc. Class A
 
10,519
623,672
Championx Corp.
 
30,541
861,867
Core Laboratories, Inc. (b)
 
7,439
140,597
DMC Global, Inc. (a)
 
3,043
30,704
Drilling Tools International Corp. (a)
 
2,061
6,904
Expro Group Holdings NV (a)
 
15,177
193,507
Forum Energy Technologies, Inc. (a)
 
1,750
24,465
Geospace Technologies Corp. (a)
 
1,945
21,784
Helix Energy Solutions Group, Inc. (a)
 
22,961
212,389
Helmerich & Payne, Inc.
 
15,477
520,027
Innovex International, Inc. (a)
 
5,431
77,066
Kodiak Gas Services, Inc.
 
3,214
102,462
Liberty Energy, Inc. Class A
 
25,872
441,635
Mammoth Energy Services, Inc. (a)
 
3,678
16,183
Nabors Industries Ltd. (a)
 
1,461
108,713
Natural Gas Services Group, Inc. (a)
 
1,710
33,465
Newpark Resources, Inc. (a)
 
13,322
88,725
Noble Corp. PLC
 
22,152
708,421
Oceaneering International, Inc. (a)
 
16,214
395,622
Oil States International, Inc. (a)
 
9,386
44,396
Patterson-UTI Energy, Inc.
 
62,372
478,393
ProFrac Holding Corp. Class A (a)(b)
 
3,619
21,551
ProPetro Holding Corp. (a)
 
14,052
97,099
Ranger Energy Services, Inc. Class A
 
2,572
33,385
RPC, Inc. (b)
 
13,454
76,419
SEACOR Marine Holdings, Inc. (a)
 
3,740
25,432
Seadrill Ltd. (a)
 
10,980
432,063
Select Water Solutions, Inc. Class A (b)
 
14,725
156,085
Solaris Oilfield Infrastructure, Inc. Class A
 
4,155
54,597
TETRA Technologies, Inc. (a)
 
20,253
67,848
Tidewater, Inc. (a)
 
7,825
470,048
Transocean Ltd. (United States) (a)(b)
 
116,474
505,497
Valaris Ltd. (a)
 
10,055
508,783
 
 
 
8,618,394
Oil, Gas & Consumable Fuels - 3.2%
 
 
 
Aemetis, Inc. (a)(b)
 
5,783
15,441
Amplify Energy Corp. (a)
 
6,221
41,183
Ardmore Shipping Corp.
 
6,663
94,015
Berry Corp.
 
12,363
62,062
California Resources Corp.
 
11,053
574,424
Centrus Energy Corp. Class A (a)
 
2,255
234,092
Chord Energy Corp. warrants 9/1/25 (a)
 
111
555
Clean Energy Fuels Corp. (a)
 
27,105
76,707
CNX Resources Corp. (a)
 
23,692
806,239
Comstock Resources, Inc.
 
14,824
171,365
CONSOL Energy, Inc.
 
4,688
519,993
Crescent Energy, Inc. Class A (b)
 
23,060
286,636
CVR Energy, Inc.
 
5,503
87,498
Delek U.S. Holdings, Inc.
 
10,127
158,690
DHT Holdings, Inc.
 
21,610
223,015
Diversified Energy Co. PLC (b)
 
7,578
90,936
Dorian LPG Ltd.
 
5,802
167,388
Empire Petroleum Corp. (a)
 
2,721
14,095
enCore Energy Corp. (a)(b)
 
28,797
112,596
Energy Fuels, Inc. (a)(b)
 
29,583
178,090
Evolution Petroleum Corp.
 
5,120
26,368
Excelerate Energy, Inc.
 
2,791
66,649
FLEX LNG Ltd. (b)
 
4,842
118,629
FutureFuel Corp.
 
4,178
25,235
Golar LNG Ltd.
 
15,873
575,555
Granite Ridge Resources, Inc.
 
8,521
50,530
Green Plains, Inc. (a)
 
10,068
123,132
Gulfport Energy Corp. (a)
 
2,087
288,924
Hallador Energy Co. (a)
 
4,051
40,226
HighPeak Energy, Inc. (b)
 
2,369
30,323
International Seaways, Inc.
 
6,473
281,834
Kinetik Holdings, Inc.
 
6,174
300,489
Kosmos Energy Ltd. (a)
 
74,905
281,643
Magnolia Oil & Gas Corp. Class A
 
27,796
702,683
Murphy Oil Corp.
 
23,171
729,423
NACCO Industries, Inc. Class A
 
628
19,663
Nextdecade Corp. (a)
 
18,310
106,930
Nordic American Tanker Shipping Ltd.
 
32,673
106,841
Northern Oil & Gas, Inc.
 
15,918
577,028
Par Pacific Holdings, Inc. (a)
 
8,848
136,702
PBF Energy, Inc. Class A
 
16,599
473,403
Peabody Energy Corp.
 
20,262
532,283
PrimeEnergy Corp. (a)
 
112
18,474
Rex American Resources Corp. (a)
 
2,470
110,483
Riley Exploration Permian, Inc.
 
1,882
50,268
Ring Energy, Inc. (a)
 
23,742
35,138
Sable Offshore Corp. (a)
 
8,110
181,340
SandRidge Energy, Inc.
 
5,029
55,772
Scorpio Tankers, Inc.
 
7,497
436,850
SFL Corp. Ltd.
 
19,174
203,436
Sitio Royalties Corp. Class A
 
13,060
291,107
SM Energy Co.
 
18,336
769,562
Talos Energy, Inc. (a)
 
23,684
242,050
Teekay Corp. Ltd.
 
9,043
75,690
Teekay Tankers Ltd.
 
3,814
181,852
Ur-Energy, Inc. (a)
 
54,052
68,646
Uranium Energy Corp. (a)
 
63,930
474,361
VAALCO Energy, Inc.
 
16,758
89,488
Verde Clean Fuels, Inc. (a)
 
714
2,992
Vital Energy, Inc. (a)
 
4,487
122,360
Vitesse Energy, Inc.
 
4,013
99,803
W&T Offshore, Inc.
 
14,723
31,360
World Kinect Corp.
 
9,287
242,855
 
 
 
13,293,400
TOTAL ENERGY
 
 
21,911,794
FINANCIALS - 18.5%
 
 
 
Banks - 10.1%
 
 
 
1st Source Corp.
 
2,939
174,077
ACNB Corp.
 
1,330
55,860
Amalgamated Financial Corp.
 
2,898
96,112
Amerant Bancorp, Inc. Class A
 
4,726
100,758
Ameris Bancorp
 
10,569
655,172
Ames National Corp.
 
1,363
23,164
Arrow Financial Corp.
 
2,667
76,116
Associated Banc-Corp.
 
23,916
567,766
Atlantic Union Bankshares Corp.
 
14,356
542,657
Axos Financial, Inc. (a)
 
8,765
593,566
Banc of California, Inc.
 
22,314
342,743
BancFirst Corp.
 
3,203
348,198
Bancorp, Inc., Delaware (a)
 
8,015
402,834
Bank First National Corp.
 
1,552
142,800
Bank of Hawaii Corp.
 
6,273
453,099
Bank of Marin Bancorp (b)
 
2,603
57,813
Bank7 Corp.
 
655
27,477
BankUnited, Inc.
 
11,962
422,737
Bankwell Financial Group, Inc.
 
1,017
28,995
Banner Corp.
 
5,514
353,117
Bar Harbor Bankshares
 
2,416
77,674
BayCom Corp.
 
1,676
41,649
BCB Bancorp, Inc.
 
2,395
29,075
Berkshire Hills Bancorp, Inc.
 
6,921
188,459
Blue Foundry Bancorp (a)(b)
 
3,070
30,178
Bridgewater Bancshares, Inc. (a)(b)
 
3,160
46,136
Brookline Bancorp, Inc., Delaware
 
14,172
159,435
Burke & Herbert Financial Services Corp.
 
2,175
137,765
Business First Bancshares, Inc.
 
3,865
101,224
Byline Bancorp, Inc.
 
4,975
133,877
Cadence Bank
 
29,215
976,657
California Bancorp (a)
 
3,870
56,425
Camden National Corp.
 
2,316
97,156
Capital Bancorp, Inc.
 
1,386
34,997
Capital City Bank Group, Inc.
 
2,193
76,755
Capitol Federal Financial, Inc.
 
19,766
127,392
Carter Bankshares, Inc. (a)
 
3,633
66,847
Cathay General Bancorp
 
11,157
512,999
Central Pacific Financial Corp.
 
4,257
114,684
Chemung Financial Corp.
 
483
23,078
ChoiceOne Financial Services, Inc.
 
1,346
44,647
Citizens & Northern Corp.
 
2,449
46,335
Citizens Financial Services, Inc.
 
742
43,251
City Holding Co.
 
2,338
272,611
Civista Bancshares, Inc.
 
2,410
49,092
CNB Financial Corp., Pennsylvania
 
3,245
82,358
Coastal Financial Corp. of Washington (a)
 
1,813
114,201
Colony Bankcorp, Inc.
 
2,617
39,805
Columbia Financial, Inc. (a)
 
4,229
72,231
Community Bank System, Inc.
 
8,395
513,270
Community Trust Bancorp, Inc.
 
2,450
126,910
Community West Bank
 
2,719
50,954
ConnectOne Bancorp, Inc.
 
5,790
140,350
CrossFirst Bankshares, Inc. (a)
 
7,275
114,218
Customers Bancorp, Inc. (a)
 
4,733
218,333
CVB Financial Corp.
 
21,253
412,946
Dime Community Bancshares, Inc.
 
5,716
171,880
Eagle Bancorp, Inc.
 
4,714
123,554
Eastern Bankshares, Inc.
 
30,995
506,148
Enterprise Bancorp, Inc.
 
1,617
51,922
Enterprise Financial Services Corp.
 
5,915
311,839
Equity Bancshares, Inc.
 
2,302
97,812
Esquire Financial Holdings, Inc.
 
1,134
75,502
ESSA Bancorp, Inc.
 
1,338
25,181
Farmers & Merchants Bancorp, Inc.
 
2,057
55,765
Farmers National Banc Corp. (b)
 
5,791
79,684
FB Financial Corp.
 
5,703
280,588
Fidelity D & D Bancorp, Inc.
 
812
42,630
Financial Institutions, Inc.
 
2,458
59,017
First Bancorp, North Carolina
 
6,454
269,132
First Bancorp, Puerto Rico
 
25,955
500,412
First Bancshares, Inc.
 
4,878
163,267
First Bank Hamilton New Jersey
 
3,290
46,586
First Busey Corp.
 
8,549
207,826
First Business Finance Services, Inc.
 
1,269
54,313
First Commonwealth Financial Corp.
 
16,162
265,703
First Community Bankshares, Inc.
 
2,696
111,776
First Financial Bancorp, Ohio
 
15,155
387,665
First Financial Bankshares, Inc. (b)
 
20,884
754,748
First Financial Corp., Indiana
 
1,831
78,660
First Financial Northwest, Inc.
 
1,102
24,795
First Foundation, Inc.
 
9,964
67,058
First Internet Bancorp
 
1,303
45,566
First Interstate Bancsystem, Inc. Class A
 
12,782
393,686
First Merchants Corp.
 
9,370
347,159
First Mid-Illinois Bancshares, Inc.
 
3,670
140,011
First of Long Island Corp.
 
3,412
42,906
First Western Financial, Inc. (a)
 
1,282
24,371
Five Star Bancorp
 
2,696
81,096
Flagstar Financial, Inc.
 
40,596
410,832
Flushing Financial Corp.
 
4,433
69,487
FS Bancorp, Inc.
 
1,058
46,298
Fulton Financial Corp. (b)
 
29,069
526,440
FVCBankcorp, Inc. (a)
 
2,564
33,396
German American Bancorp, Inc.
 
4,554
184,391
Glacier Bancorp, Inc.
 
18,258
952,155
Great Southern Bancorp, Inc.
 
1,361
77,155
Greene County Bancorp, Inc.
 
1,144
32,032
Guaranty Bancshares, Inc. Texas
 
1,249
41,042
Hancock Whitney Corp.
 
13,926
725,266
Hanmi Financial Corp.
 
4,781
109,341
HarborOne Bancorp, Inc.
 
6,080
72,170
HBT Financial, Inc.
 
2,038
43,532
Heartland Financial U.S.A., Inc.
 
6,827
406,207
Heritage Commerce Corp.
 
9,493
92,177
Heritage Financial Corp., Washington
 
5,408
124,330
Hilltop Holdings, Inc.
 
7,345
224,977
Hingham Institution for Savings (b)
 
247
62,619
Home Bancorp, Inc.
 
1,137
53,610
Home Bancshares, Inc.
 
30,124
822,084
HomeStreet, Inc.
 
3,010
27,256
HomeTrust Bancshares, Inc.
 
2,376
78,764
Hope Bancorp, Inc.
 
18,579
230,194
Horizon Bancorp, Inc. Indiana
 
6,909
110,682
Independent Bank Corp.
 
3,201
104,929
Independent Bank Corp.
 
6,800
427,720
Independent Bank Group, Inc.
 
5,831
340,297
International Bancshares Corp.
 
8,683
531,921
Investar Holding Corp.
 
1,505
31,409
John Marshall Bankcorp, Inc.
 
2,004
42,765
Kearny Financial Corp.
 
9,199
64,301
Lakeland Financial Corp.
 
3,983
259,174
LCNB Corp.
 
2,065
32,400
LINKBANCORP, Inc.
 
3,580
25,651
Live Oak Bancshares, Inc.
 
5,558
220,708
Mercantile Bank Corp.
 
2,509
107,536
Metrocity Bankshares, Inc.
 
2,984
88,267
Metropolitan Bank Holding Corp. (a)
 
1,706
91,271
Mid Penn Bancorp, Inc.
 
2,412
76,195
Middlefield Banc Corp.
 
1,249
35,272
Midland States Bancorp, Inc.
 
3,276
81,278
MidWestOne Financial Group, Inc.
 
2,318
67,083
MVB Financial Corp.
 
1,860
35,321
National Bank Holdings Corp. Class A
 
5,912
265,804
National Bankshares, Inc.
 
936
26,751
NB Bancorp, Inc.
 
6,177
116,684
NBT Bancorp, Inc.
 
7,386
328,529
Nicolet Bankshares, Inc.
 
2,135
217,108
Northeast Bank
 
1,044
92,770
Northeast Community Bancorp, Inc.
 
1,989
51,634
Northfield Bancorp, Inc.
 
6,273
73,833
Northrim Bancorp, Inc.
 
847
55,284
Northwest Bancshares, Inc.
 
20,467
272,006
Norwood Financial Corp.
 
1,155
33,876
Oak Valley Bancorp Oakdale California
 
1,052
28,404
OceanFirst Financial Corp.
 
9,257
168,477
OFG Bancorp
 
7,364
296,548
Old National Bancorp, Indiana (b)
 
50,340
969,548
Old Second Bancorp, Inc.
 
6,862
112,674
Orange County Bancorp, Inc.
 
837
44,294
Origin Bancorp, Inc.
 
4,674
146,717
Orrstown Financial Services, Inc.
 
2,944
110,223
Pacific Premier Bancorp, Inc.
 
15,412
393,160
Park National Corp.
 
2,319
400,677
Parke Bancorp, Inc. (b)
 
1,626
34,341
Pathward Financial, Inc.
 
4,012
283,889
PCB Bancorp
 
1,677
31,477
Peapack-Gladstone Financial Corp.
 
2,631
84,560
Peoples Bancorp of North Carolina
 
654
16,841
Peoples Bancorp, Inc.
 
5,563
171,229
Peoples Financial Services Corp.
 
1,468
68,497
Pioneer Bancorp, Inc. (a)
 
1,795
20,104
Plumas Bancorp
 
895
37,151
Ponce Financial Group, Inc. (a)
 
2,919
32,839
Preferred Bank, Los Angeles
 
2,000
168,740
Premier Financial Corp.
 
5,612
138,392
Primis Financial Corp.
 
3,195
35,880
Princeton Bancorp, Inc.
 
773
27,148
Provident Bancorp, Inc. (a)
 
2,472
25,635
Provident Financial Services, Inc.
 
20,181
376,981
QCR Holdings, Inc.
 
2,617
207,005
RBB Bancorp
 
2,618
58,120
Red River Bancshares, Inc.
 
708
36,972
Renasant Corp.
 
9,844
335,779
Republic Bancorp, Inc., Kentucky Class A
 
1,340
90,450
S&T Bancorp, Inc.
 
6,095
231,488
Sandy Spring Bancorp, Inc.
 
7,072
237,902
Seacoast Banking Corp., Florida
 
13,545
361,652
ServisFirst Bancshares, Inc.
 
8,149
677,508
Shore Bancshares, Inc.
 
5,063
73,616
Sierra Bancorp
 
2,110
59,924
Simmons First National Corp. Class A
 
19,894
461,541
SmartFinancial, Inc.
 
2,537
84,127
South Plains Financial, Inc.
 
1,868
62,952
Southern First Bancshares, Inc. (a)
 
1,212
46,311
Southern Missouri Bancorp, Inc.
 
1,528
90,610
Southern States Bancshares, Inc.
 
1,350
41,999
Southside Bancshares, Inc.
 
4,591
148,748
Southstate Corp.
 
12,187
1,188,598
Stellar Bancorp, Inc.
 
7,867
214,140
Sterling Bancorp, Inc. (a)
 
3,151
14,715
Stock Yards Bancorp, Inc.
 
4,118
265,529
Texas Capital Bancshares, Inc. (a)
 
7,418
570,815
The Bank of NT Butterfield & Son Ltd.
 
7,501
274,312
The First Bancorp, Inc.
 
1,735
44,937
Third Coast Bancshares, Inc. (a)
 
1,828
59,538
Timberland Bancorp, Inc./Washington
 
1,211
34,974
Tompkins Financial Corp.
 
2,037
131,468
TowneBank
 
11,287
367,053
Trico Bancshares
 
5,117
218,649
Triumph Bancorp, Inc. (a)
 
3,532
312,123
Trustco Bank Corp., New York
 
2,961
97,654
Trustmark Corp.
 
9,776
339,423
UMB Financial Corp.
 
7,183
788,191
United Bankshares, Inc., West Virginia
 
21,158
797,233
United Community Bank, Inc.
 
19,200
546,432
Unity Bancorp, Inc.
 
1,154
44,637
Univest Corp. of Pennsylvania
 
4,663
129,771
USCB Financial Holdings, Inc.
 
1,691
24,553
Valley National Bancorp
 
69,146
654,813
Veritex Holdings, Inc.
 
8,461
228,447
Virginia National Bankshares C
 
780
30,943
WaFd, Inc.
 
10,699
363,552
Washington Trust Bancorp, Inc.
 
2,687
91,707
WesBanco, Inc.
 
9,159
288,051
West Bancorp., Inc.
 
2,595
55,974
Westamerica Bancorp.
 
4,102
211,335
WSFS Financial Corp.
 
9,496
466,918
 
 
 
42,869,122
Capital Markets - 1.9%
 
 
 
Alti Global, Inc. Class A (a)
 
5,418
22,105
Artisan Partners Asset Management, Inc. Class A,
 
10,151
447,659
B. Riley Financial, Inc. (b)
 
3,331
19,636
BGC Group, Inc. Class A
 
58,319
546,449
BrightSphere Investment Group, Inc.
 
4,334
114,374
Cohen & Steers, Inc.
 
4,422
436,761
Diamond Hill Investment Group, Inc.
 
421
63,537
Digitalbridge Group, Inc. Class A
 
25,454
399,373
Donnelley Financial Solutions, Inc. (a)
 
4,105
239,486
Forge Global Holdings, Inc. Class A (a)
 
18,002
20,882
GCM Grosvenor, Inc. Class A
 
6,786
78,310
Hamilton Lane, Inc. Class A
 
6,159
1,106,403
MarketWise, Inc. Class A
 
7,059
4,094
Moelis & Co. Class A
 
11,331
752,378
Open Lending Corp. (a)
 
16,337
91,487
P10, Inc. Class A
 
6,537
72,234
Patria Investments Ltd.
 
8,813
102,583
Perella Weinberg Partners Class A
 
8,471
171,368
Piper Sandler Cos.
 
2,788
790,788
PJT Partners, Inc. Class A
 
3,781
525,408
Silvercrest Asset Management Group Class A
 
1,473
25,674
StepStone Group, Inc. Class A
 
9,970
599,496
StoneX Group, Inc. (a)
 
4,341
390,864
Value Line, Inc.
 
147
7,107
Victory Capital Holdings, Inc.
 
6,609
396,077
Virtus Investment Partners, Inc.
 
1,078
233,247
WisdomTree Investments, Inc. (b)
 
22,344
231,260
 
 
 
7,889,040
Consumer Finance - 0.9%
 
 
 
Atlanticus Holdings Corp. (a)
 
862
32,058
Bread Financial Holdings, Inc.
 
7,970
397,305
Consumer Portfolio Services, Inc. (a)
 
1,234
12,352
Encore Capital Group, Inc. (a)
 
3,688
168,468
Enova International, Inc. (a)
 
4,100
356,331
FirstCash Holdings, Inc.
 
6,158
637,168
Green Dot Corp. Class A (a)
 
8,475
96,276
LendingClub Corp. (a)
 
17,646
250,220
LendingTree, Inc. (a)
 
1,613
91,989
Medallion Financial Corp.
 
3,056
28,910
MoneyLion, Inc. Class A (a)
 
1,360
58,439
Navient Corp.
 
12,308
175,143
Nelnet, Inc. Class A
 
2,257
254,364
NerdWallet, Inc. (a)
 
6,276
92,194
OppFi, Inc. Class A (b)
 
3,044
15,585
PRA Group, Inc. (a)
 
6,211
125,214
PROG Holdings, Inc.
 
6,667
291,148
Regional Management Corp.
 
1,322
37,968
Upstart Holdings, Inc. (a)
 
12,358
601,587
World Acceptance Corp. (a)
 
556
63,440
 
 
 
3,786,159
Financial Services - 2.8%
 
 
 
Acacia Research Corp. (a)
 
6,067
27,423
Alerus Financial Corp.
 
3,625
73,334
AvidXchange Holdings, Inc. (a)
 
27,918
230,044
Banco Latinoamericano de Comer Series E
 
4,414
141,116
Burford Capital Ltd.
 
32,145
433,958
Cannae Holdings, Inc.
 
8,998
178,610
Cantaloupe, Inc. (a)
 
9,446
83,692
Cass Information Systems, Inc.
 
2,204
91,157
Compass Diversified Holdings
 
10,757
233,427
Enact Holdings, Inc.
 
4,732
161,314
Essent Group Ltd.
 
16,709
1,002,707
EVERTEC, Inc.
 
10,261
336,150
Federal Agricultural Mortgage Corp. Class C (non-vtg.)
 
1,448
265,375
Flywire Corp. (a)
 
19,407
338,070
HA Sustainable Infrastructure Capital, Inc.
 
18,065
632,094
i3 Verticals, Inc. Class A (a)
 
3,621
83,247
International Money Express, Inc. (a)
 
5,038
88,618
Jackson Financial, Inc.
 
12,245
1,223,888
Marqeta, Inc. Class A (a)
 
74,789
423,306
Merchants Bancorp
 
2,896
106,978
Mr. Cooper Group, Inc. (a)
 
10,198
903,033
NCR Atleos Corp.
 
11,543
302,196
Newtekone, Inc.
 
3,670
48,004
NMI Holdings, Inc. (a)
 
12,579
486,556
Onity Group, Inc. (a)
 
969
28,799
PagSeguro Digital Ltd. (a)
 
30,280
243,451
Payoneer Global, Inc. (a)
 
45,574
392,848
Paysafe Ltd. (a)
 
5,171
109,832
Paysign, Inc. (a)
 
5,368
19,378
PennyMac Financial Services, Inc.
 
4,276
426,232
Priority Technology Holdings, Inc. (a)
 
2,979
16,057
Radian Group, Inc.
 
24,237
846,114
Remitly Global, Inc. (a)
 
23,594
424,220
Repay Holdings Corp. (a)
 
14,499
115,340
Sezzle, Inc. (a)
 
371
79,639
StoneCo Ltd. Class A (a)
 
45,932
509,845
SWK Holdings Corp. (a)
 
432
7,089
Velocity Financial, Inc. (a)
 
1,351
25,953
Walker & Dunlop, Inc.
 
5,168
565,224
Waterstone Financial, Inc.
 
2,499
36,835
 
 
 
11,741,153
Insurance - 1.9%
 
 
 
AMBAC Financial Group, Inc. (a)
 
6,724
76,048
American Coastal Insurance Cor (a)
 
3,818
46,389
Amerisafe, Inc.
 
3,030
163,772
Bowhead Specialty Holdings, Inc.
 
1,138
33,127
CNO Financial Group, Inc.
 
16,853
579,743
Crawford & Co. Class A
 
2,386
26,580
Donegal Group, Inc. Class A
 
2,339
35,459
Employers Holdings, Inc.
 
3,919
190,934
Enstar Group Ltd. (a)
 
2,021
651,773
F&G Annuities & Life, Inc.
 
3,011
120,741
Fidelis Insurance Holdings Ltd.
 
8,381
144,656
Genworth Financial, Inc. Class A (a)
 
68,570
462,162
GoHealth, Inc. (a)
 
742
8,414
Goosehead Insurance Class A (a)
 
3,601
392,149
Greenlight Capital Re, Ltd. (a)
 
4,455
60,053
Hamilton Insurance Group Ltd.
 
6,296
109,676
HCI Group, Inc.
 
1,326
150,249
Heritage Insurance Holdings, Inc. (a)
 
3,666
37,943
Hippo Holdings, Inc. (a)
 
3,134
69,481
Horace Mann Educators Corp.
 
6,571
244,704
Investors Title Co.
 
231
53,426
James River Group Holdings Ltd.
 
4,990
31,038
Kingsway Financial Services, Inc. (a)
 
1,939
17,354
Lemonade, Inc. (a)(b)
 
8,261
196,364
Maiden Holdings Ltd. (a)
 
14,007
21,641
MBIA, Inc.
 
7,704
30,354
Mercury General Corp.
 
4,281
289,524
NI Holdings, Inc. (a)
 
1,178
18,495
Oscar Health, Inc. Class A (a)
 
31,189
523,975
Palomar Holdings, Inc. (a)
 
3,930
352,796
ProAssurance Corp. (a)
 
8,135
121,130
Root, Inc. (a)
 
1,377
94,173
Safety Insurance Group, Inc.
 
2,341
183,218
Selective Insurance Group, Inc.
 
9,713
882,135
Selectquote, Inc. (a)
 
21,256
42,512
Siriuspoint Ltd. (a)
 
15,801
207,625
Skyward Specialty Insurance Group, Inc. (a)
 
5,968
263,845
Stewart Information Services Corp.
 
4,329
297,835
The Baldwin Insurance Group, Inc. Class A, (a)
 
10,574
489,153
Tiptree, Inc.
 
4,057
82,803
Trupanion, Inc. (a)
 
5,301
290,389
United Fire Group, Inc.
 
3,355
65,892
Universal Insurance Holdings, Inc.
 
3,826
76,290
 
 
 
8,236,020
Mortgage Real Estate Investment Trusts - 0.9%
 
 
 
AG Mortgage Investment Trust, Inc.
 
4,886
35,619
Angel Oak Mortgage (REIT), Inc.
 
2,157
19,456
Apollo Commercial Real Estate Finance, Inc.
 
23,203
206,275
Arbor Realty Trust, Inc. (b)
 
29,627
436,702
Ares Commercial Real Estate Corp.
 
8,828
56,058
Armour Residential REIT, Inc. (b)
 
8,130
152,438
Blackstone Mortgage Trust, Inc. (b)
 
27,992
509,734
BrightSpire Capital, Inc.
 
21,352
129,820
Chimera Investment Corp.
 
12,876
194,428
Claros Mortgage Trust, Inc.
 
14,057
88,419
Dynex Capital, Inc.
 
12,010
146,642
Ellington Financial LLC
 
13,348
161,377
Franklin BSP Realty Trust, Inc.
 
13,565
176,481
Granite Point Mortgage Trust, Inc.
 
8,377
24,963
Invesco Mortgage Capital, Inc. (b)
 
8,276
66,787
KKR Real Estate Finance Trust, Inc.
 
9,486
109,943
Ladder Capital Corp. Class A
 
18,630
212,568
MFA Financial, Inc.
 
16,879
207,443
New York Mortgage Trust, Inc.
 
14,722
84,946
Nexpoint Real Estate Finance, Inc.
 
1,405
21,258
Orchid Island Capital, Inc. (b)
 
11,728
88,781
PennyMac Mortgage Investment Trust
 
14,263
192,265
Ready Capital Corp.
 
26,081
178,655
Redwood Trust, Inc.
 
21,241
155,484
Seven Hills Realty Trust
 
2,251
28,408
Sunrise Realty Trust, Inc.
 
869
11,923
TPG RE Finance Trust, Inc.
 
9,692
85,387
Two Harbors Investment Corp.
 
17,154
197,271
 
 
 
3,979,531
TOTAL FINANCIALS
 
 
78,501,025
HEALTH CARE - 17.3%
 
 
 
Biotechnology - 8.9%
 
 
 
2seventy bio, Inc. (a)
 
7,773
33,735
4D Molecular Therapeutics, Inc. (a)
 
7,973
63,864
89Bio, Inc. (a)
 
13,476
104,843
Absci Corp. (a)
 
12,739
48,918
ACADIA Pharmaceuticals, Inc. (a)
 
19,146
279,340
Acelyrin, Inc. (a)
 
11,785
66,939
Achieve Life Sciences, Inc. (a)
 
5,314
24,870
Acrivon Therapeutics, Inc. (a)
 
1,945
15,560
Actinium Pharmaceuticals, Inc. (a)
 
4,705
8,469
Acumen Pharmaceuticals, Inc. (a)
 
6,404
18,444
ADC Therapeutics SA (a)(b)
 
12,761
35,986
ADMA Biologics, Inc. (a)
 
36,158
589,737
Adverum Biotechnologies, Inc. (a)
 
3,279
23,920
Aerovate Therapeutics, Inc. (a)
 
1,734
4,248
Agenus, Inc. (a)
 
3,301
13,864
Agios Pharmaceuticals, Inc. (a)
 
9,070
402,980
Akebia Therapeutics, Inc. (a)
 
32,916
54,641
Akero Therapeutics, Inc. (a)
 
10,899
336,016
Aldeyra Therapeutics, Inc. (a)
 
7,907
41,591
Alector, Inc. (a)
 
13,053
64,221
Alkermes PLC (a)
 
26,240
674,368
Allogene Therapeutics, Inc. (a)
 
20,419
52,171
Altimmune, Inc. (a)(b)
 
11,471
77,315
ALX Oncology Holdings, Inc. (a)
 
5,210
7,450
Amicus Therapeutics, Inc. (a)
 
47,024
537,014
AnaptysBio, Inc. (a)
 
3,143
67,983
Anavex Life Sciences Corp. (a)(b)
 
12,113
80,188
Anika Therapeutics, Inc. (a)
 
2,025
34,648
Annexon, Inc. (a)
 
15,427
112,926
Apogee Therapeutics, Inc. (a)
 
6,101
317,496
Applied Therapeutics, Inc. (a)
 
15,425
136,357
Arbutus Biopharma Corp. (a)
 
23,460
90,204
Arcellx, Inc. (a)
 
6,916
582,811
Arcturus Therapeutics Holdings, Inc. (a)
 
3,629
64,342
Arcus Biosciences, Inc. (a)(b)
 
8,666
132,590
Arcutis Biotherapeutics, Inc. (a)(b)
 
17,042
141,619
Ardelyx, Inc. (a)
 
37,129
217,947
ArriVent Biopharma, Inc. (b)
 
4,520
132,617
Arrowhead Pharmaceuticals, Inc. (a)(b)
 
19,130
367,870
Ars Pharmaceuticals, Inc. (a)(b)
 
7,995
117,686
Artiva Biotherapeutics, Inc. (b)
 
2,182
22,125
Astria Therapeutics, Inc. (a)
 
7,292
81,525
Atossa Therapeutics, Inc. (a)
 
20,280
27,986
Aura Biosciences, Inc. (a)
 
7,432
77,590
Aurinia Pharmaceuticals, Inc. (a)
 
21,637
156,003
Avid Bioservices, Inc. (a)(b)
 
10,008
99,680
Avidity Biosciences, Inc. (a)
 
17,319
731,901
Avita Medical, Inc. (a)
 
4,165
42,067
Beam Therapeutics, Inc. (a)(b)
 
12,220
267,740
BioCryst Pharmaceuticals, Inc. (a)(b)
 
32,884
263,401
Biohaven Ltd. (a)
 
12,042
599,210
Biomea Fusion, Inc. (a)
 
4,378
41,022
Black Diamond Therapeutics, Inc. (a)
 
6,265
17,166
bluebird bio, Inc. (a)(b)
 
30,415
14,113
Blueprint Medicines Corp. (a)
 
10,072
881,401
Boundless Bio, Inc. (a)
 
1,230
3,592
BridgeBio Pharma, Inc. (a)
 
22,497
526,655
C4 Therapeutics, Inc. (a)(b)
 
9,321
49,681
Cabaletta Bio, Inc. (a)
 
6,928
24,594
Candel Therapeutics, Inc. (a)
 
3,303
17,440
Capricor Therapeutics, Inc. (a)
 
4,106
82,531
Cardiff Oncology, Inc. (a)
 
6,122
19,101
CareDx, Inc. (a)
 
8,084
178,899
Cargo Therapeutics, Inc. (a)
 
5,514
107,523
Caribou Biosciences, Inc. (a)
 
12,867
25,219
Cartesian Therapeutics, Inc. (a)
 
1,140
22,572
Cartesian Therapeutics, Inc. rights (a)(c)
 
15,874
6,826
Catalyst Pharmaceutical Partners, Inc. (a)
 
17,969
391,724
Celcuity, Inc. (a)
 
4,327
67,069
Celldex Therapeutics, Inc. (a)
 
10,325
269,070
Century Therapeutics, Inc. (a)
 
7,759
8,923
Cervomed, Inc. (a)
 
852
11,630
CG Oncology, Inc.
 
7,611
270,419
Chinook Therapeutics, Inc. rights (a)(c)
 
702
0
Cibus, Inc. (a)
 
2,490
9,935
Climb Bio, Inc. (a)(b)
 
4,799
18,356
Cogent Biosciences, Inc. (a)
 
14,674
168,604
Coherus BioSciences, Inc. (a)(b)
 
17,789
13,253
Compass Therapeutics, Inc. (a)
 
16,237
26,629
Corbus Pharmaceuticals Holdings, Inc. (a)(b)
 
1,668
26,621
Crinetics Pharmaceuticals, Inc. (a)
 
14,069
787,301
Cullinan Oncology, Inc. (a)(b)
 
8,323
129,423
Cytokinetics, Inc. (a)
 
18,293
932,943
Day One Biopharmaceuticals, Inc. (a)
 
8,320
122,470
Denali Therapeutics, Inc. (a)
 
19,956
518,058
Design Therapeutics, Inc. (a)
 
5,072
26,577
Dianthus Therapeutics, Inc. (a)
 
3,795
105,729
Disc Medicine, Inc. (a)
 
3,161
141,676
Dynavax Technologies Corp. (a)
 
20,990
248,732
Dyne Therapeutics, Inc. (a)
 
12,944
373,564
Editas Medicine, Inc. (a)
 
12,951
37,558
Elevation Oncology, Inc. (a)
 
7,785
4,471
Enanta Pharmaceuticals, Inc. (a)
 
3,078
34,612
Entrada Therapeutics, Inc. (a)
 
3,890
66,675
Erasca, Inc. (a)
 
28,207
73,056
Fate Therapeutics, Inc. (a)
 
15,768
37,370
Fennec Pharmaceuticals, Inc. (a)
 
3,717
16,206
FibroBiologics, Inc. (b)
 
4,333
13,086
Foghorn Therapeutics, Inc. (a)(b)
 
4,052
30,876
Galectin Therapeutics, Inc. (a)
 
3,320
8,200
Generation Bio Co. (a)
 
8,107
17,673
Geron Corp. (a)
 
93,436
384,022
Greenwich Lifesciences, Inc. (a)(b)
 
951
12,791
Gyre Therapeutics, Inc. (a)(b)
 
1,167
16,688
Halozyme Therapeutics, Inc. (a)
 
19,957
1,009,225
Heron Therapeutics, Inc. (a)(b)
 
18,597
32,359
HilleVax, Inc. (a)
 
4,566
8,264
Humacyte, Inc. Class A (a)(b)
 
13,954
70,468
Ideaya Biosciences, Inc. (a)
 
13,335
375,380
IGM Biosciences, Inc. (a)(b)
 
2,441
41,839
ImmunityBio, Inc. (a)(b)
 
23,351
121,659
Immunome, Inc. (a)
 
8,153
93,515
Immunovant, Inc. (a)
 
9,302
272,177
Inhibrx Biosciences, Inc.
 
1,809
28,998
Inmune Bio, Inc. (a)
 
2,131
12,466
Inovio Pharmaceuticals, Inc. (a)
 
4,132
21,817
Inozyme Pharma, Inc. (a)(b)
 
8,397
36,023
Insmed, Inc. (a)
 
25,173
1,693,639
Intellia Therapeutics, Inc. (a)
 
15,393
218,888
Invivyd, Inc. (a)
 
12,355
11,027
Iovance Biotherapeutics, Inc. (a)
 
40,627
424,146
Ironwood Pharmaceuticals, Inc. Class A (a)
 
22,272
87,974
iTeos Therapeutics, Inc. (a)(b)
 
4,161
35,160
Janux Therapeutics, Inc. (a)(b)
 
4,484
242,091
Jasper Therapeutics, Inc. (a)
 
1,781
37,722
Kalvista Pharmaceuticals, Inc. (a)
 
6,094
62,585
Keros Therapeutics, Inc. (a)
 
4,698
272,672
Kiniksa Pharmaceuticals Intern (a)
 
6,047
136,602
Kodiak Sciences, Inc. (a)
 
5,085
19,323
Korro Bio, Inc. (a)
 
980
56,350
Krystal Biotech, Inc. (a)
 
3,981
686,842
Kura Oncology, Inc. (a)
 
11,697
195,574
Kymera Therapeutics, Inc. (a)
 
7,167
330,900
Kyverna Therapeutics, Inc.
 
2,660
12,715
Larimar Therapeutics, Inc. (a)(b)
 
6,692
55,042
Lenz Therapeutics, Inc.
 
2,005
54,055
Lexeo Therapeutics, Inc.
 
3,772
29,799
Lexicon Pharmaceuticals, Inc. (a)(b)
 
17,897
34,899
Lineage Cell Therapeutics, Inc. (a)
 
23,947
19,907
Lyell Immunopharma, Inc. (a)
 
25,306
24,301
Macrogenics, Inc. (a)
 
9,855
36,069
Madrigal Pharmaceuticals, Inc. (a)
 
2,811
729,005
MannKind Corp. (a)
 
42,289
298,983
MeiraGTx Holdings PLC (a)
 
6,115
33,877
Mersana Therapeutics, Inc. (a)
 
18,121
32,799
Metagenomi, Inc.
 
916
1,805
MiMedx Group, Inc. (a)
 
19,028
130,342
Mineralys Therapeutics, Inc. (a)
 
4,635
62,016
Mirum Pharmaceuticals, Inc. (a)
 
6,260
240,760
Monte Rosa Therapeutics, Inc. (a)
 
6,492
55,182
Myriad Genetics, Inc. (a)
 
14,291
313,830
Neurogene, Inc. (a)
 
1,642
72,264
Nkarta, Inc. (a)
 
8,465
26,072
Novavax, Inc. (a)(b)
 
22,534
216,552
Nurix Therapeutics, Inc. (a)
 
10,286
252,830
Nuvalent, Inc. Class A (a)
 
5,555
491,562
Ocugen, Inc. (a)(b)
 
41,325
37,647
Olema Pharmaceuticals, Inc. (a)
 
6,326
72,939
Omniab, Inc. (a)(c)
 
613
1,753
Omniab, Inc. (a)(c)
 
613
1,606
Oncternal Therapeutics, Inc. rights (a)(c)
 
19
0
Organogenesis Holdings, Inc. Class A (a)
 
11,241
31,138
ORIC Pharmaceuticals, Inc. (a)
 
9,991
93,716
Outlook Therapeutics, Inc. (a)(b)
 
2,352
13,548
Ovid Therapeutics, Inc. (a)
 
9,384
10,604
PepGen, Inc. (a)
 
2,427
16,067
Perspective Therapeutics, Inc. (a)(b)
 
8,739
103,208
Poseida Therapeutics, Inc. (a)
 
11,014
26,103
Praxis Precision Medicines, Inc. (a)
 
2,759
193,102
Precigen, Inc. (a)
 
19,632
15,474
Prelude Therapeutics, Inc. (a)(b)
 
2,073
2,488
Prime Medicine, Inc. (a)(b)
 
9,070
35,192
ProKidney Corp. Class A (a)
 
16,819
26,910
Protagonist Therapeutics, Inc. (a)
 
9,391
430,483
Prothena Corp. PLC (a)
 
6,761
114,937
PTC Therapeutics, Inc. (a)
 
12,198
486,944
Puma Biotechnology, Inc. (a)
 
6,525
18,596
Pyxis Oncology, Inc. (a)
 
7,825
27,857
Q32 Bio, Inc. (a)
 
961
45,388
RAPT Therapeutics, Inc. (a)
 
4,443
9,419
Recursion Pharmaceuticals, Inc. Class A (a)(b)
 
38,328
242,233
REGENXBIO, Inc. (a)
 
7,360
63,222
Regulus Therapeutics, Inc. (a)(b)
 
9,830
14,352
Relay Therapeutics, Inc. (a)
 
16,032
90,340
Renovaro, Inc. (a)(b)
 
7,240
3,852
Replimune Group, Inc. (a)
 
9,793
115,166
Revolution Medicines, Inc. (a)
 
24,423
1,306,631
Rhythm Pharmaceuticals, Inc. (a)
 
8,791
419,594
Rigel Pharmaceuticals, Inc. (a)
 
2,744
37,401
Rocket Pharmaceuticals, Inc. (a)
 
10,583
176,207
Sage Therapeutics, Inc. (a)
 
8,771
53,328
Sana Biotechnology, Inc. (a)(b)
 
21,310
74,585
Savara, Inc. (a)
 
18,345
66,684
Scholar Rock Holding Corp. (a)
 
10,990
312,556
Sera Prognostics, Inc. (a)
 
4,408
33,898
Shattuck Labs, Inc. (a)
 
6,155
7,755
Skye Bioscience, Inc. (a)(b)
 
2,652
13,896
Soleno Therapeutics, Inc. (a)
 
3,702
203,832
Solid Biosciences, Inc. (a)
 
3,582
19,773
SpringWorks Therapeutics, Inc. (a)
 
10,993
331,219
Spyre Therapeutics, Inc. (a)
 
5,543
180,314
Stoke Therapeutics, Inc. (a)
 
5,660
69,958
Summit Therapeutics, Inc. (a)(b)
 
14,054
261,264
Sutro Biopharma, Inc. (a)
 
13,009
42,279
Syndax Pharmaceuticals, Inc. (a)(b)
 
13,160
248,198
Tango Therapeutics, Inc. (a)
 
7,634
41,491
Taysha Gene Therapies, Inc. (a)
 
27,484
46,448
Tenaya Therapeutics, Inc. (a)(b)
 
8,575
16,464
Tevogen Bio Holdings, Inc. Class A (a)(b)
 
3,645
9,222
TG Therapeutics, Inc. (a)
 
22,403
561,419
Tourmaline Bio, Inc.
 
3,732
95,241
Travere Therapeutics, Inc. (a)
 
11,747
205,573
TScan Therapeutics, Inc. (a)
 
6,046
27,449
Twist Bioscience Corp. (a)
 
9,255
373,532
Tyra Biosciences, Inc. (a)
 
3,229
53,860
UroGen Pharma Ltd. (a)(b)
 
5,971
73,204
Vanda Pharmaceuticals, Inc. (a)
 
8,936
41,552
Vaxcyte, Inc. (a)
 
19,130
2,034,476
Vera Therapeutics, Inc. (a)
 
6,276
253,425
Veracyte, Inc. (a)
 
12,354
416,824
Verastem, Inc. (a)
 
5,999
22,556
Vericel Corp. (a)
 
7,746
341,134
Verve Therapeutics, Inc. (a)(b)
 
11,506
65,929
Vir Biotechnology, Inc. (a)
 
14,272
106,897
Viridian Therapeutics, Inc. (a)
 
10,052
216,822
Voyager Therapeutics, Inc. (a)
 
7,356
50,241
Werewolf Therapeutics, Inc. (a)
 
4,736
12,100
X4 Pharmaceuticals, Inc. (a)
 
27,332
13,671
Xbiotech, Inc. (a)
 
3,222
23,392
Xencor, Inc. (a)
 
9,474
199,049
XOMA Corp. (a)
 
1,300
39,260
Y-mAbs Therapeutics, Inc. (a)(b)
 
5,983
86,813
Zentalis Pharmaceuticals, Inc. (a)
 
8,929
24,376
Zura Bio Ltd. Class A (a)
 
6,940
30,536
Zymeworks, Inc. (a)
 
8,915
122,136
 
 
 
37,656,440
Health Care Equipment & Supplies - 3.1%
 
 
 
Accuray, Inc. (a)
 
15,528
26,863
Alphatec Holdings, Inc. (a)
 
16,423
128,921
Angiodynamics, Inc. (a)
 
5,948
39,792
Artivion, Inc. (a)
 
6,400
168,512
Atricure, Inc. (a)
 
7,551
250,542
Avanos Medical, Inc. (a)
 
7,315
136,644
AxoGen, Inc. (a)
 
6,753
94,542
Axonics, Inc. (a)
 
8,191
575,827
Bioventus, Inc. (a)
 
6,024
81,746
Cerus Corp. (a)
 
28,991
45,516
CONMED Corp.
 
4,922
335,877
CVRx, Inc. (a)
 
2,099
27,539
Embecta Corp.
 
9,158
128,945
Fractyl Health, Inc. (b)
 
5,321
14,979
Glaukos Corp. (a)
 
7,846
1,037,634
Haemonetics Corp. (a)
 
8,027
571,201
ICU Medical, Inc. (a)
 
3,440
587,311
Inari Medical, Inc. (a)
 
8,472
410,045
InMode Ltd. (a)
 
12,777
218,231
Inogen, Inc. (a)
 
3,751
32,746
Integer Holdings Corp. (a)
 
5,340
663,495
Integra LifeSciences Holdings Corp. (a)
 
10,733
201,351
IRadimed Corp.
 
1,314
64,741
iRhythm Technologies, Inc. (a)
 
5,005
362,562
Lantheus Holdings, Inc. (a)
 
11,032
1,211,755
LeMaitre Vascular, Inc.
 
3,281
290,008
LivaNova PLC (a)
 
8,737
451,004
Merit Medical Systems, Inc. (a)
 
9,154
903,134
Neogen Corp. (a)
 
34,970
499,372
NeuroPace, Inc. (a)
 
2,247
14,493
Nevro Corp. (a)
 
5,767
31,776
Novocure Ltd. (a)
 
17,103
259,624
Omnicell, Inc. (a)
 
7,314
355,753
OraSure Technologies, Inc. (a)
 
11,205
45,548
Orchestra BioMed Holdings, Inc. (a)
 
3,765
19,390
Orthofix Medical, Inc. (a)
 
5,405
87,507
OrthoPediatrics Corp. (a)
 
2,655
70,437
Paragon 28, Inc. (a)
 
7,476
39,623
PROCEPT BioRobotics Corp. (a)
 
6,801
612,090
Pulmonx Corp. (a)
 
6,294
39,338
Pulse Biosciences, Inc. (a)(b)
 
2,938
51,209
Pulse Biosciences, Inc.:
 
 
 
 warrants 6/26/29 (a)(b)
 
258
1,338
 warrants 6/26/30 (a)(b)
 
258
1,338
RxSight, Inc. (a)
 
5,769
292,258
Sanara Medtech, Inc. (a)
 
652
21,516
Semler Scientific, Inc. (a)
 
758
22,270
SI-BONE, Inc. (a)
 
6,540
90,252
Sight Sciences, Inc. (a)
 
5,949
29,745
Staar Surgical Co. (a)
 
7,960
230,760
Stereotaxis, Inc. (a)(b)
 
8,835
17,317
SurModics, Inc. (a)
 
2,190
82,169
Tactile Systems Technology, Inc. (a)(b)
 
3,820
55,428
Tandem Diabetes Care, Inc. (a)
 
10,405
326,405
TransMedics Group, Inc. (a)
 
5,147
421,900
Treace Medical Concepts, Inc. (a)
 
7,732
36,031
UFP Technologies, Inc. (a)
 
1,168
311,856
Utah Medical Products, Inc.
 
516
32,704
Varex Imaging Corp. (a)
 
6,106
80,172
Zimvie, Inc. (a)
 
4,260
58,639
Zynex, Inc. (a)(b)
 
2,328
20,091
 
 
 
13,319,812
Health Care Providers & Services - 2.7%
 
 
 
Accolade, Inc. (a)
 
11,425
36,217
AdaptHealth Corp. (a)
 
16,244
167,151
Addus HomeCare Corp. (a)
 
2,801
348,500
agilon health, Inc. (a)
 
49,629
126,554
AirSculpt Technologies, Inc. (a)
 
2,203
12,535
Alignment Healthcare, Inc. (a)(b)
 
16,019
198,636
AMN Healthcare Services, Inc. (a)
 
6,029
228,740
Ardent Health Partners, Inc.
 
1,891
32,903
Astrana Health, Inc. (a)
 
6,932
372,803
Aveanna Healthcare Holdings, Inc. (a)
 
8,406
39,088
BrightSpring Health Services, Inc. (a)
 
8,595
128,667
Brookdale Senior Living, Inc. (a)
 
30,384
190,508
Castle Biosciences, Inc. (a)
 
4,172
144,643
Community Health Systems, Inc. (a)
 
20,172
81,697
Concentra Group Holdings Parent, Inc.
 
3,648
73,945
Corvel Corp. (a)
 
1,425
424,394
Cross Country Healthcare, Inc. (a)
 
5,065
57,792
DocGo, Inc. Class A (a)
 
16,065
56,388
Enhabit Home Health & Hospice (a)
 
7,842
54,031
Fulgent Genetics, Inc. (a)
 
3,121
66,945
GeneDx Holdings Corp. Class A (a)
 
2,020
165,014
Guardant Health, Inc. (a)
 
18,891
413,335
HealthEquity, Inc. (a)
 
13,550
1,155,138
Hims & Hers Health, Inc. Class A (a)
 
30,424
572,884
InfuSystems Holdings, Inc. (a)
 
3,092
19,139
Innovage Holding Corp. (a)
 
3,148
18,258
LifeStance Health Group, Inc. (a)
 
22,490
150,908
Modivcare, Inc. (a)
 
1,724
27,877
Nano-X Imaging Ltd. (a)(b)
 
8,880
50,350
National Healthcare Corp.
 
2,002
232,292
National Research Corp. Class A
 
2,382
43,186
NeoGenomics, Inc. (a)
 
20,519
278,853
Opko Health, Inc. (a)(b)
 
52,162
78,765
Option Care Health, Inc. (a)
 
27,454
632,540
Owens & Minor, Inc. (a)
 
12,039
153,016
PACS Group, Inc.
 
6,341
270,634
Patterson Companies, Inc.
 
12,656
265,903
Pediatrix Medical Group, Inc. (a)
 
13,467
165,913
Pennant Group, Inc. (a)
 
4,596
146,934
Performant Financial Corp. (a)
 
11,674
45,412
Privia Health Group, Inc. (a)
 
16,447
301,967
Progyny, Inc. (a)
 
13,465
202,648
Quipt Home Medical Corp. (a)
 
6,198
16,239
RadNet, Inc. (a)
 
10,601
689,489
Select Medical Holdings Corp.
 
17,353
556,684
Sonida Senior Living, Inc. (a)
 
565
14,865
Surgery Partners, Inc. (a)
 
12,322
354,874
Talkspace, Inc. Class A (a)
 
19,522
61,104
The Ensign Group, Inc.
 
8,880
1,376,311
The Joint Corp. (a)
 
1,842
20,354
U.S. Physical Therapy, Inc.
 
2,405
192,833
Viemed Healthcare, Inc. (a)
 
5,598
47,863
 
 
 
11,563,719
Health Care Technology - 0.4%
 
 
 
Definitive Healthcare Corp. (a)
 
8,352
34,661
Evolent Health, Inc. Class A (a)
 
18,519
432,419
Health Catalyst, Inc. (a)
 
9,406
73,085
HealthStream, Inc.
 
3,893
113,812
Lifemd, Inc. (a)
 
5,776
23,566
OptimizeRx Corp. (a)
 
2,727
14,235
Phreesia, Inc. (a)
 
8,956
163,805
Schrodinger, Inc. (a)
 
8,986
158,109
Simulations Plus, Inc.
 
2,564
69,792
Teladoc Health, Inc. (a)
 
27,180
244,620
Waystar Holding Corp.
 
6,936
197,884
 
 
 
1,525,988
Life Sciences Tools & Services - 0.3%
 
 
 
Adaptive Biotechnologies Corp. (a)
 
18,727
90,639
Akoya Biosciences, Inc. (a)(b)
 
4,312
12,138
BioLife Solutions, Inc. (a)(b)
 
5,758
134,737
ChromaDex, Inc. (a)
 
7,947
27,735
Codexis, Inc. (a)
 
11,110
34,885
Conduit Pharmaceuticals, Inc. Class A (a)
 
3,371
307
CryoPort, Inc. (a)
 
6,773
45,108
Cytek Biosciences, Inc. (a)
 
19,591
96,878
Harvard Bioscience, Inc. (a)
 
6,101
14,337
Lifecore Biomedical (a)
 
3,645
20,704
Maravai LifeSciences Holdings, Inc. Class A (a)
 
17,648
130,772
MaxCyte, Inc. (a)
 
16,548
59,242
Mesa Laboratories, Inc.
 
818
93,285
Nautilus Biotechnology, Inc. Class A (a)
 
7,730
20,098
OmniAb, Inc. (a)
 
14,868
60,810
Pacific Biosciences of California, Inc. (a)(b)
 
43,351
94,072
Quanterix Corp. (a)
 
5,750
75,986
Quantum-Si, Inc. Class A (a)
 
15,559
10,907
Standard BioTools, Inc. (a)
 
46,577
91,291
 
 
 
1,113,931
Pharmaceuticals - 1.9%
 
 
 
Alto Neuroscience, Inc.
 
3,414
13,280
Alumis, Inc. (b)
 
2,080
23,546
Amneal Intermediate, Inc. Class A, (a)
 
25,452
215,578
Amphastar Pharmaceuticals, Inc. (a)
 
6,142
310,355
ANI Pharmaceuticals, Inc. (a)
 
2,964
169,674
Aquestive Therapeutics, Inc. (a)
 
11,852
65,067
Arvinas Holding Co. LLC (a)
 
10,277
271,621
Atea Pharmaceuticals, Inc. (a)
 
11,888
38,517
Avadel Pharmaceuticals PLC sponsored (a)
 
14,830
229,420
Axsome Therapeutics, Inc. (a)
 
5,846
520,469
Biote Corp. Class A (a)
 
4,115
20,987
Cassava Sciences, Inc. (a)(b)
 
6,488
167,423
Collegium Pharmaceutical, Inc. (a)
 
5,230
178,552
Contineum Therapeutics, Inc. Class A (b)
 
940
15,754
Corcept Therapeutics, Inc. (a)
 
12,967
634,994
CorMedix, Inc. (a)(b)
 
8,860
89,087
Edgewise Therapeutics, Inc. (a)
 
11,641
390,788
Enliven Therapeutics, Inc. (a)
 
5,640
157,074
Esperion Therapeutics, Inc. (a)(b)
 
30,578
62,379
Evolus, Inc. (a)
 
8,928
145,705
Eyepoint Pharmaceuticals, Inc. (a)
 
7,924
93,186
Fulcrum Therapeutics, Inc. (a)(b)
 
9,818
31,025
Harmony Biosciences Holdings, Inc. (a)
 
4,882
156,859
Harrow, Inc. (a)
 
4,915
221,470
Innoviva, Inc. (a)(b)
 
8,818
172,480
Ligand Pharmaceuticals, Inc. (a)
 
2,725
288,033
Liquidia Corp. (a)
 
9,278
100,666
Longboard Pharmaceuticals, Inc. (a)
 
5,171
308,812
Lyra Therapeutics, Inc. (a)
 
7,700
2,117
MediWound Ltd. (a)(b)
 
1,233
22,317
Mind Medicine (MindMed), Inc. (a)
 
11,434
72,034
Nektar Therapeutics (a)
 
28,277
33,650
Neumora Therapeutics, Inc. (a)
 
13,436
153,842
Novartis AG rights (a)(c)
 
7,778
0
Nuvation Bio, Inc. Class A (a)
 
28,767
63,575
Ocular Therapeutix, Inc. (a)
 
25,030
263,566
Omeros Corp. (a)(b)
 
8,836
35,697
Pacira Biosciences, Inc. (a)
 
7,332
121,711
Phathom Pharmaceuticals, Inc. (a)(b)
 
5,387
92,387
Phibro Animal Health Corp. Class A
 
3,282
75,880
Pliant Therapeutics, Inc. (a)
 
9,076
127,699
Prestige Consumer Healthcare, Inc. (a)
 
7,920
584,100
Rapport Therapeutics, Inc. (a)(b)
 
1,504
36,893
Revance Therapeutics, Inc. (a)
 
16,731
98,713
Scilex Holding Co. (a)
 
7,037
5,406
scPharmaceuticals, Inc. (a)
 
4,534
18,816
SIGA Technologies, Inc.
 
7,462
53,876
Supernus Pharmaceuticals, Inc. (a)
 
8,050
274,264
Tarsus Pharmaceuticals, Inc. (a)
 
5,883
261,735
Telomir Pharmaceuticals, Inc.
 
874
3,548
Terns Pharmaceuticals, Inc. (a)
 
9,150
62,769
Theravance Biopharma, Inc. (a)
 
5,891
48,542
Third Harmonics Bio, Inc. (a)
 
3,171
43,728
Trevi Therapeutics, Inc. (a)
 
9,447
27,821
Ventyx Biosciences, Inc. (a)
 
9,299
20,086
Verrica Pharmaceuticals, Inc. (a)(b)
 
2,940
4,116
WAVE Life Sciences (a)
 
12,373
169,634
Xeris Biopharma Holdings, Inc. (a)
 
22,621
72,840
Zevra Therapeutics, Inc. (a)
 
6,680
54,442
 
 
 
7,998,605
TOTAL HEALTH CARE
 
 
73,178,495
INDUSTRIALS - 17.0%
 
 
 
Aerospace & Defense - 1.1%
 
 
 
AAR Corp. (a)
 
5,516
323,789
AeroVironment, Inc. (a)
 
4,194
901,542
AerSale Corp. (a)
 
5,338
28,131
Archer Aviation, Inc. Class A (a)(b)
 
36,929
116,326
Astronics Corp. (a)
 
4,617
80,290
Byrna Technologies, Inc. (a)
 
2,783
40,103
Cadre Holdings, Inc.
 
4,156
144,504
Ducommun, Inc. (a)
 
2,173
127,751
Eve Holding, Inc. (a)(b)
 
5,069
15,613
Intuitive Machines, Inc. Class A (a)
 
4,529
35,326
Kratos Defense & Security Solutions, Inc. (a)
 
23,698
538,419
Leonardo DRS, Inc. (a)
 
11,871
356,961
Mercury Systems, Inc. (a)
 
8,779
284,001
Moog, Inc. Class A
 
4,550
858,130
National Presto Industries, Inc.
 
798
57,400
Park Aerospace Corp.
 
2,899
39,223
Redwire Corp. Class A (a)
 
3,695
28,415
Rocket Lab U.S.A., Inc. Class A (a)(b)
 
55,777
596,814
Triumph Group, Inc. (a)
 
11,689
161,776
V2X, Inc. (a)
 
1,968
121,229
Virgin Galactic Holdings, Inc. (a)(b)
 
3,062
20,117
VirTra, Inc. (a)
 
1,799
10,974
 
 
 
4,886,834
Air Freight & Logistics - 0.2%
 
 
 
Air Transport Services Group, Inc. (a)
 
8,230
141,885
Forward Air Corp.
 
3,974
140,401
Hub Group, Inc. Class A
 
9,793
424,918
Radiant Logistics, Inc. (a)
 
5,760
38,304
 
 
 
745,508
Building Products - 1.5%
 
 
 
American Woodmark Corp. (a)
 
2,491
225,959
Apogee Enterprises, Inc.
 
3,491
261,266
AZZ, Inc.
 
4,714
359,113
Caesarstone Sdot-Yam Ltd. (a)
 
3,416
13,766
CSW Industrials, Inc.
 
2,654
937,127
Gibraltar Industries, Inc. (a)
 
4,878
329,216
Griffon Corp.
 
6,005
377,594
Insteel Industries, Inc.
 
3,005
81,045
Janus International Group, Inc. (a)
 
22,541
165,902
Jeld-Wen Holding, Inc. (a)
 
13,752
194,728
MasterBrand, Inc. (a)
 
20,294
364,480
Quanex Building Products Corp.
 
7,070
205,454
Resideo Technologies, Inc. (a)
 
23,380
459,885
Tecnoglass, Inc.
 
3,624
248,353
UFP Industries, Inc.
 
9,694
1,185,964
Zurn Elkay Water Solutions Cor
 
22,992
830,011
 
 
 
6,239,863
Commercial Services & Supplies - 1.7%
 
 
 
ABM Industries, Inc.
 
10,116
536,755
ACCO Brands Corp.
 
14,854
72,785
ACV Auctions, Inc. Class A (a)
 
23,796
411,433
Aris Water Solution, Inc. Class A
 
4,296
70,884
Bridger Aerospace Group Holdings, Inc. (a)(b)
 
1,650
5,577
BrightView Holdings, Inc. (a)
 
9,414
154,201
Casella Waste Systems, Inc. Class A (a)
 
9,864
965,488
CECO Environmental Corp. (a)
 
4,721
112,360
Cimpress PLC (a)
 
2,767
190,951
CompX International, Inc. Class A
 
279
7,865
CoreCivic, Inc. (a)
 
17,541
242,241
Deluxe Corp.
 
7,072
132,671
Driven Brands Holdings, Inc. (a)
 
9,514
141,283
Ennis, Inc.
 
4,076
82,987
Enviri Corp. (a)
 
12,718
97,420
Healthcare Services Group, Inc. (a)
 
11,857
130,071
HNI Corp.
 
7,536
371,374
Interface, Inc.
 
9,252
161,632
LanzaTech Global, Inc. Class A (a)
 
17,935
30,310
Liquidity Services, Inc. (a)
 
3,438
74,192
Matthews International Corp. Class A
 
4,729
110,138
Millerknoll, Inc.
 
11,191
250,231
Montrose Environmental Group, Inc. (a)
 
5,111
134,777
NL Industries, Inc.
 
1,522
11,400
OpenLane, Inc. (a)
 
17,108
270,306
Perma-Fix Environmental Services, Inc. (a)
 
2,356
31,618
Pitney Bowes, Inc.
 
25,700
185,297
Quad/Graphics, Inc. Class A
 
4,996
31,725
Quest Resource Holding Corp. (a)
 
2,641
20,600
Steelcase, Inc. Class A
 
14,767
177,647
The Brink's Co.
 
7,177
737,724
The GEO Group, Inc. (a)
 
19,920
302,386
UniFirst Corp.
 
2,413
433,882
Viad Corp. (a)
 
3,253
121,792
Virco Manufacturing Co.
 
1,761
24,707
VSE Corp.
 
2,550
261,681
 
 
 
7,098,391
Construction & Engineering - 1.7%
 
 
 
Ameresco, Inc. Class A (a)
 
5,174
159,204
Arcosa, Inc.
 
7,784
728,894
Argan, Inc.
 
1,993
263,156
Bowman Consulting Group Ltd. (a)
 
2,127
43,178
Centuri Holdings, Inc. (b)
 
2,209
41,463
Concrete Pumping Holdings, Inc. (a)
 
3,724
20,668
Construction Partners, Inc. Class A (a)
 
6,881
541,741
Dycom Industries, Inc. (a)
 
4,550
793,202
Fluor Corp. (a)
 
27,342
1,429,440
Granite Construction, Inc.
 
7,055
592,973
Great Lakes Dredge & Dock Corp. (a)
 
10,454
119,489
IES Holdings, Inc. (a)
 
1,326
289,950
Limbach Holdings, Inc. (a)(b)
 
1,640
124,591
Matrix Service Co. (a)
 
4,229
47,492
MYR Group, Inc. (a)
 
2,623
343,613
Northwest Pipe Co. (a)
 
1,520
68,233
Orion Group Holdings, Inc. (a)
 
5,054
30,880
Primoris Services Corp.
 
8,572
536,779
Southland Holdings, Inc. (a)
 
1,727
5,008
Sterling Construction Co., Inc. (a)
 
4,851
749,237
Tutor Perini Corp. (a)
 
6,931
179,652
 
 
 
7,108,843
Electrical Equipment - 1.3%
 
 
 
374Water, Inc. (a)
 
10,340
16,130
Allient, Inc.
 
2,283
39,473
American Superconductor Corp. (a)
 
5,652
138,587
Amprius Technologies, Inc. (a)
 
2,833
3,825
Array Technologies, Inc. (a)
 
24,529
160,174
Atkore, Inc.
 
5,875
503,840
Blink Charging Co. (a)(b)
 
15,401
30,494
Bloom Energy Corp. Class A (a)(b)
 
31,927
306,499
ChargePoint Holdings, Inc. Class A (a)(b)
 
61,529
73,835
Energy Vault Holdings, Inc. Class A (a)
 
16,846
31,502
EnerSys
 
6,394
619,323
Enovix Corp. (a)(b)
 
24,658
222,045
Fluence Energy, Inc. Class A (a)(b)
 
9,758
212,237
Freyr Battery, Inc. (b)
 
18,115
17,572
FuelCell Energy, Inc. (a)
 
80,395
27,656
GrafTech International Ltd. (a)
 
41,132
69,924
LSI Industries, Inc.
 
4,506
73,718
NANO Nuclear Energy, Inc. (b)
 
631
12,342
Net Power, Inc. Class A (a)(b)
 
3,483
31,417
Nextracker, Inc. Class A (a)
 
23,110
920,240
NuScale Power Corp. Class A (a)
 
12,658
242,274
Plug Power, Inc. (a)(b)
 
119,634
234,483
Powell Industries, Inc.
 
1,499
382,215
Preformed Line Products Co.
 
383
47,109
SES AI Corp. Class A (a)
 
21,671
10,257
Shoals Technologies Group, Inc. (a)
 
27,550
149,046
SolarMax Technology, Inc.
 
755
705
Solidion Technology, Inc. Class A (a)(b)
 
2,110
1,018
Stem, Inc. (a)(b)
 
23,319
8,803
Sunrun, Inc. (a)
 
35,035
506,256
Thermon Group Holdings, Inc. (a)
 
5,335
139,830
TPI Composites, Inc. (a)(b)
 
7,307
24,880
Ultralife Corp. (a)
 
1,580
13,288
Vicor Corp. (a)
 
3,656
167,116
 
 
 
5,438,113
Ground Transportation - 0.5%
 
 
 
ArcBest Corp.
 
3,781
393,905
Covenant Transport Group, Inc. Class A
 
1,304
65,982
FTAI Infrastructure LLC
 
16,301
131,549
Heartland Express, Inc.
 
7,411
80,076
Hertz Global Holdings, Inc. (a)
 
19,342
53,771
Marten Transport Ltd.
 
9,397
145,466
P.A.M. Transportation Services, Inc. (a)
 
924
14,304
Proficient Auto Logistics, Inc. (b)
 
2,372
19,427
RXO, Inc. (a)
 
21,741
612,879
Universal Logistics Holdings, Inc.
 
1,127
47,379
Werner Enterprises, Inc.
 
9,888
364,768
 
 
 
1,929,506
Industrial Conglomerates - 0.0%
 
 
 
Brookfield Business Corp. Class A
 
4,062
96,716
Machinery - 3.7%
 
 
 
3D Systems Corp. (a)
 
20,701
62,103
Alamo Group, Inc.
 
1,640
278,046
Albany International Corp. Class A
 
5,013
340,483
Astec Industries, Inc.
 
3,628
115,298
Atmus Filtration Technologies, Inc.
 
13,383
521,134
Barnes Group, Inc.
 
7,447
348,222
Blue Bird Corp. (a)
 
5,152
216,951
Chart Industries, Inc. (a)
 
6,888
831,519
Columbus McKinnon Corp. (NY Shares)
 
4,561
145,085
Commercial Vehicle Group, Inc. (a)
 
5,434
15,813
Douglas Dynamics, Inc.
 
3,615
81,880
Eastern Co.
 
851
26,500
Energy Recovery, Inc. (a)
 
9,092
162,383
Enerpac Tool Group Corp. Class A
 
8,710
384,285
EnPro Industries, Inc. (b)
 
3,375
491,434
ESCO Technologies, Inc.
 
4,153
521,368
Federal Signal Corp.
 
9,641
786,416
Franklin Electric Co., Inc.
 
7,259
694,759
Gencor Industries, Inc. (a)
 
1,794
35,736
Gorman-Rupp Co.
 
3,349
123,746
Graham Corp. (a)
 
1,658
46,457
Helios Technologies, Inc.
 
5,335
246,104
Hillenbrand, Inc.
 
11,185
308,147
Hillman Solutions Corp. Class A (a)
 
31,687
335,882
Hyliion Holdings Corp. Class A (a)
 
23,047
55,082
Hyster-Yale Materials Handling, Inc. Class A
 
1,835
116,467
John Bean Technologies Corp.
 
5,084
566,459
Kadant, Inc.
 
1,881
626,486
Kennametal, Inc.
 
12,751
322,855
L.B. Foster Co. Class A (a)
 
1,454
27,408
Lindsay Corp.
 
1,722
206,123
Luxfer Holdings PLC sponsored
 
4,370
62,753
Manitowoc Co., Inc. (a)
 
5,389
50,333
Mayville Engineering Co., Inc. (a)
 
2,035
41,656
Miller Industries, Inc.
 
1,791
117,561
Mueller Industries, Inc.
 
17,906
1,467,755
Mueller Water Products, Inc.
 
24,908
537,764
NN, Inc. (a)
 
7,395
23,294
Omega Flex, Inc.
 
560
28,627
Park-Ohio Holdings Corp.
 
1,385
39,431
Proto Labs, Inc. (a)
 
4,082
111,847
REV Group, Inc.
 
8,241
218,387
Shyft Group, Inc. (The)
 
5,482
70,827
SPX Technologies, Inc. (a)
 
7,219
1,035,854
Standex International Corp.
 
1,866
343,120
Taylor Devices, Inc. (a)
 
405
19,043
Tennant Co.
 
3,030
265,307
Terex Corp.
 
10,677
552,108
The Greenbrier Companies, Inc.
 
4,923
291,786
Titan International, Inc. (a)
 
7,918
50,992
Trinity Industries, Inc.
 
13,077
448,280
Twin Disc, Inc.
 
1,857
21,560
Wabash National Corp.
 
6,993
121,958
Watts Water Technologies, Inc. Class A
 
4,383
835,356
 
 
 
15,796,230
Marine Transportation - 0.3%
 
 
 
Costamare, Inc.
 
6,846
93,174
Genco Shipping & Trading Ltd.
 
6,757
106,355
Golden Ocean Group Ltd.
 
19,539
209,458
Himalaya Shipping Ltd.
 
4,660
30,570
Matson, Inc.
 
5,445
843,376
Pangaea Logistics Solutions Ltd.
 
4,927
31,631
Safe Bulkers, Inc.
 
9,540
39,973
 
 
 
1,354,537
Passenger Airlines - 0.4%
 
 
 
Allegiant Travel Co.
 
2,474
160,835
Blade Air Mobility, Inc. (a)
 
9,184
33,016
Frontier Group Holdings, Inc. (a)
 
7,212
43,849
JetBlue Airways Corp. (a)
 
49,984
284,909
Joby Aviation, Inc. (a)(b)
 
64,466
309,437
SkyWest, Inc. (a)
 
6,337
603,282
Spirit Airlines, Inc. (b)
 
17,602
42,245
Sun Country Airlines Holdings, Inc. (a)
 
6,294
88,431
Wheels Up Experience, Inc. Class A (a)(b)
 
14,209
28,986
 
 
 
1,594,990
Professional Services - 2.2%
 
 
 
Alight, Inc. Class A (a)
 
67,914
470,644
Asure Software, Inc. (a)
 
3,763
37,329
Barrett Business Services, Inc.
 
4,109
148,705
BlackSky Technology, Inc. Class A (a)
 
2,050
12,956
CBIZ, Inc. (a)
 
7,671
528,762
Conduent, Inc. (a)
 
25,218
90,785
CRA International, Inc.
 
1,055
192,158
CSG Systems International, Inc.
 
4,720
219,999
DLH Holdings Corp. (a)
 
1,270
10,287
ExlService Holdings, Inc. (a)
 
25,161
1,048,459
Exponent, Inc.
 
8,102
764,667
First Advantage Corp. (a)
 
8,230
149,128
FiscalNote Holdings, Inc. Class A (a)
 
9,734
8,858
Forrester Research, Inc. (a)
 
1,803
26,450
Franklin Covey Co. (a)
 
1,808
71,976
Heidrick & Struggles International, Inc.
 
3,233
126,281
Hirequest, Inc.
 
891
11,859
Huron Consulting Group, Inc. (a)
 
2,800
324,044
IBEX Ltd. (a)
 
1,469
26,383
ICF International, Inc.
 
2,981
502,567
Innodata, Inc. (a)
 
4,383
88,142
Insperity, Inc.
 
5,736
451,825
Kelly Services, Inc. Class A (non-vtg.)
 
4,890
97,751
Kforce, Inc.
 
3,008
173,832
Korn Ferry
 
8,342
589,362
LegalZoom.com, Inc. (a)
 
22,005
157,996
Maximus, Inc.
 
9,754
843,136
MISTRAS Group, Inc. (a)
 
3,340
28,223
NV5 Global, Inc. (a)
 
9,167
209,466
Planet Labs PBC Class A (a)
 
34,504
76,254
Resources Connection, Inc.
 
5,026
40,459
Spire Global, Inc. (a)(b)
 
3,557
35,214
Sterling Check Corp. (a)(b)
 
5,356
89,659
TriNet Group, Inc.
 
5,085
431,666
TrueBlue, Inc. (a)
 
4,533
33,952
Ttec Holdings, Inc.
 
3,110
16,172
Upwork, Inc. (a)
 
19,983
270,969
Verra Mobility Corp. Class A (a)
 
26,666
692,516
Willdan Group, Inc. (a)
 
2,023
95,708
WNS Holdings Ltd.
 
7,263
348,551
 
 
 
9,543,150
Trading Companies & Distributors - 2.4%
 
 
 
Alta Equipment Group, Inc.
 
4,256
27,664
Applied Industrial Technologies, Inc.
 
6,158
1,426,131
Beacon Roofing Supply, Inc. (a)
 
10,195
938,654
BlueLinx Corp. (a)
 
1,335
146,129
Boise Cascade Co.
 
6,346
844,208
Custom Truck One Source, Inc. Class A (a)
 
7,997
32,708
Distribution Solutions Group I (a)
 
1,685
64,873
DNOW, Inc. (a)
 
16,811
198,874
DXP Enterprises, Inc. (a)
 
1,998
98,062
EVI Industries, Inc.
 
875
17,395
FTAI Aviation Ltd.
 
16,268
2,187,026
GATX Corp.
 
5,702
785,508
Global Industrial Co.
 
2,214
58,737
GMS, Inc. (a)
 
6,414
576,554
H&E Equipment Services, Inc.
 
5,154
269,297
Herc Holdings, Inc.
 
4,509
943,012
Hudson Technologies, Inc. (a)
 
6,907
52,977
Karat Packaging, Inc.
 
1,157
30,892
McGrath RentCorp.
 
3,904
443,885
MRC Global, Inc. (a)
 
13,543
166,037
Rush Enterprises, Inc.:
 
 
 
 Class A
 
10,621
600,936
 Class B
 
415
20,152
Titan Machinery, Inc. (a)(b)
 
3,249
44,593
Transcat, Inc. (a)
 
1,440
137,621
Willis Lease Finance Corp.
 
464
84,137
Xometry, Inc. Class A (a)(b)
 
6,722
132,289
 
 
 
10,328,351
Transportation Infrastructure - 0.0%
 
 
 
Sky Harbour Group Corp. Class A (a)(b)
 
1,853
20,457
TOTAL INDUSTRIALS
 
 
72,181,489
INFORMATION TECHNOLOGY - 12.5%
 
 
 
Communications Equipment - 0.6%
 
 
 
ADTRAN Holdings, Inc. (a)
 
12,605
76,575
Applied Optoelectronics, Inc. (a)
 
5,955
93,017
Aviat Networks, Inc. (a)
 
1,763
36,053
Calix, Inc. (a)
 
9,445
334,164
Clearfield, Inc. (a)
 
1,961
70,459
CommScope Holding Co., Inc. (a)
 
33,698
226,788
Digi International, Inc. (a)
 
5,757
166,780
Extreme Networks, Inc. (a)
 
20,176
301,228
Harmonic, Inc. (a)
 
17,712
196,426
Infinera Corp. (a)(b)
 
32,435
217,963
NETGEAR, Inc. (a)
 
4,481
98,224
NetScout Systems, Inc. (a)
 
11,024
231,835
Ribbon Communications, Inc. (a)
 
15,030
53,507
ViaSat, Inc. (a)
 
19,724
189,350
Viavi Solutions, Inc. (a)
 
35,318
325,632
 
 
 
2,618,001
Electronic Equipment, Instruments & Components - 2.9%
 
 
 
908 Devices, Inc. (a)
 
3,678
11,531
Advanced Energy Industries, Inc.
 
6,007
651,940
Aeva Technologies, Inc. (a)
 
3,535
13,009
Arlo Technologies, Inc. (a)
 
15,211
154,544
Badger Meter, Inc.
 
4,705
941,235
Bel Fuse, Inc.:
 
 
 
 Class A (b)
 
254
25,743
 Class B (non-vtg.)
 
1,684
127,007
Belden, Inc.
 
6,497
739,813
Benchmark Electronics, Inc.
 
5,723
247,806
Climb Global Solutions, Inc.
 
683
69,932
CTS Corp.
 
4,822
238,641
Daktronics, Inc. (a)
 
6,000
78,180
ePlus, Inc. (a)
 
4,223
375,636
Evolv Technologies Holdings, Inc. (a)
 
20,734
44,578
Fabrinet (a)
 
5,845
1,408,470
FARO Technologies, Inc. (a)
 
3,029
53,129
Insight Enterprises, Inc. (a)
 
4,467
781,368
Iteris, Inc. (a)
 
6,933
49,848
Itron, Inc. (a)
 
7,368
823,448
Kimball Electronics, Inc. (a)
 
3,865
68,758
Knowles Corp. (a)
 
13,958
241,753
Lightwave Logic, Inc. (a)(b)
 
19,318
60,852
Methode Electronics, Inc.
 
5,553
48,422
MicroVision, Inc. (a)(b)
 
32,581
32,907
Mirion Technologies, Inc. Class A (a)
 
32,046
474,281
Napco Security Technologies, Inc.
 
5,672
218,259
nLIGHT, Inc. (a)
 
7,427
92,689
Novanta, Inc. (a)
 
5,751
979,050
OSI Systems, Inc. (a)
 
2,593
342,821
Ouster, Inc. Class A (a)
 
7,015
46,509
Par Technology Corp. (a)(b)
 
5,856
345,445
PC Connection, Inc.
 
1,868
118,898
Plexus Corp. (a)
 
4,357
627,844
Powerfleet, Inc. (a)
 
15,031
75,606
Richardson Electronics Ltd.
 
1,893
26,010
Rogers Corp. (a)
 
3,011
301,943
Sanmina Corp. (a)
 
8,611
603,631
ScanSource, Inc. (a)
 
3,933
166,799
Smartrent, Inc. (a)
 
29,944
50,605
TTM Technologies, Inc. (a)
 
16,140
362,182
Vishay Intertechnology, Inc.
 
20,211
342,779
Vishay Precision Group, Inc. (a)
 
1,923
44,633
 
 
 
12,508,534
IT Services - 0.6%
 
 
 
Applied Digital Corp. (a)(b)
 
18,911
127,838
ASGN, Inc. (a)
 
7,236
666,436
Backblaze, Inc. Class A (a)
 
6,328
45,688
BigBear.ai Holdings, Inc. (a)(b)
 
15,703
24,968
BigCommerce Holdings, Inc. (a)
 
11,282
59,118
Core Scientific, Inc.
 
28,600
380,094
Couchbase, Inc. (a)
 
6,232
100,148
Digitalocean Holdings, Inc. (a)
 
10,533
416,896
Fastly, Inc. Class A (a)
 
20,713
149,755
Grid Dynamics Holdings, Inc. (a)
 
9,258
147,387
Hackett Group, Inc.
 
4,077
99,153
Information Services Group, Inc.
 
5,630
17,284
Rackspace Technology, Inc. (a)
 
10,705
25,531
Thoughtworks Holding, Inc. (a)
 
16,191
71,888
Tucows, Inc. (a)
 
1,250
23,150
Unisys Corp. (a)
 
10,655
73,626
 
 
 
2,428,960
Semiconductors & Semiconductor Equipment - 2.1%
 
 
 
ACM Research, Inc. Class A, (a)
 
8,153
153,236
AEHR Test Systems (a)(b)
 
4,404
62,008
Alpha & Omega Semiconductor Ltd. (a)
 
3,788
125,156
Ambarella, Inc. (a)
 
6,081
341,691
Axcelis Technologies, Inc. (a)
 
5,217
445,062
CEVA, Inc. (a)
 
3,729
87,016
Cohu, Inc. (a)
 
7,364
183,511
Credo Technology Group Holding Ltd. (a)
 
20,639
778,090
Diodes, Inc. (a)
 
7,307
427,313
Everspin Technologies, Inc. (a)
 
2,955
18,262
FormFactor, Inc. (a)
 
12,414
471,484
GCT Semiconductor Holding, Inc. Class A (a)
 
1,097
2,534
Ichor Holdings Ltd. (a)
 
5,306
144,642
Impinj, Inc. (a)
 
3,675
698,213
indie Semiconductor, Inc. (a)(b)
 
26,352
87,225
Kulicke & Soffa Industries, Inc.
 
8,645
387,815
MaxLinear, Inc. Class A (a)
 
12,746
165,316
Navitas Semiconductor Corp. Class A (a)(b)
 
19,899
49,151
NVE Corp.
 
774
58,336
PDF Solutions, Inc. (a)
 
5,042
142,789
Penguin Solutions, Inc. (a)
 
8,277
124,569
Photronics, Inc. (a)
 
9,895
225,606
Power Integrations, Inc.
 
9,057
547,315
QuickLogic Corp. (a)(b)
 
2,196
16,294
Rambus, Inc. (a)
 
17,433
833,646
Rigetti Computing, Inc. Class A (a)(b)
 
22,227
29,340
Semtech Corp. (a)
 
10,382
458,781
Silicon Laboratories, Inc. (a)
 
5,139
533,737
SiTime Corp. (a)
 
2,949
498,410
SkyWater Technology, Inc. (a)
 
4,335
42,526
Synaptics, Inc. (a)
 
6,230
427,814
Ultra Clean Holdings, Inc. (a)
 
7,085
236,993
Veeco Instruments, Inc. (a)
 
8,905
256,286
 
 
 
9,060,167
Software - 6.0%
 
 
 
8x8, Inc. (a)
 
19,992
44,582
A10 Networks, Inc.
 
11,407
167,113
ACI Worldwide, Inc. (a)
 
16,915
832,218
Adeia, Inc.
 
17,481
217,289
Agilysys, Inc. (a)
 
3,620
362,145
Airship AI Holdings, Inc. Class A (a)
 
1,093
2,077
Alarm.com Holdings, Inc. (a)
 
7,722
411,814
Alkami Technology, Inc. (a)
 
7,189
263,189
Altair Engineering, Inc. Class A (a)
 
9,165
953,068
Amplitude, Inc. Class A, (a)
 
12,270
110,307
Appian Corp. Class A (a)
 
6,433
229,980
Arteris, Inc. (a)
 
4,385
29,862
Asana, Inc. (a)
 
13,118
156,629
AudioEye, Inc. (a)
 
1,132
24,112
Aurora Innovation, Inc. Class A, (a)
 
150,112
779,832
AvePoint, Inc. (a)(b)
 
20,350
247,049
Bit Digital, Inc. (a)(b)
 
19,414
73,967
Blackbaud, Inc. (a)
 
6,618
499,725
BlackLine, Inc. (a)
 
9,248
512,062
Blend Labs, Inc. (a)
 
36,932
134,063
Box, Inc. Class A (a)
 
22,550
716,188
Braze, Inc. (a)
 
10,561
332,249
C3.ai, Inc. (a)(b)
 
13,529
333,219
Cerence, Inc. (a)
 
7,546
22,978
Cipher Mining, Inc. (a)(b)
 
28,863
142,295
Cleanspark, Inc. (a)
 
36,656
388,920
Clear Secure, Inc.
 
14,091
518,267
Clearwater Analytics Holdings, Inc. Class A (a)
 
24,321
635,021
CommVault Systems, Inc. (a)
 
7,005
1,094,111
Consensus Cloud Solutions, Inc. (a)
 
2,876
63,790
CS Disco, Inc. (a)
 
4,577
26,913
D-Wave Quantum, Inc. (a)(b)
 
13,951
14,788
Daily Journal Corp. (a)
 
222
107,670
Dave, Inc. (a)
 
1,271
49,010
Digimarc Corp. (a)(b)
 
2,443
75,684
Digital Turbine, Inc. (a)(b)
 
15,552
49,766
Domo, Inc. Class B (a)
 
5,258
41,801
E2open Parent Holdings, Inc. (a)
 
32,480
95,166
eGain Communications Corp. (a)
 
3,127
15,385
Enfusion, Inc. Class A (a)
 
7,925
70,612
Envestnet, Inc. (a)
 
8,120
509,774
EverCommerce, Inc. (a)
 
3,612
37,998
Freshworks, Inc. Class A (a)
 
33,172
388,112
Hut 8 Mining Corp. (a)(b)
 
12,922
204,038
Ilearningengines Holdings, Inc. Class A (a)(b)
 
4,556
6,834
Instructure Holdings, Inc. (a)
 
3,541
83,355
Intapp, Inc. (a)
 
6,240
313,061
InterDigital, Inc.
 
4,056
610,185
Jamf Holding Corp. (a)
 
13,157
218,932
Kaltura, Inc. (a)
 
15,415
19,577
Life360, Inc. (a)
 
928
39,783
Liveramp Holdings, Inc. (a)
 
10,569
264,542
Logility Supply Chain Solution Class A
 
5,134
54,164
Mara Holdings, Inc. (a)(b)
 
43,828
734,996
Matterport, Inc. Class A (a)(b)
 
42,949
195,847
MeridianLink, Inc. (a)
 
4,291
94,230
Mitek Systems, Inc. (a)
 
7,455
64,038
N-able, Inc. (a)
 
11,474
140,327
NCR Voyix Corp. (a)
 
23,142
296,449
Nextnav, Inc. Class A (a)
 
11,957
138,940
Olo, Inc. Class A (a)
 
16,854
84,439
ON24, Inc. (a)
 
4,263
25,791
Onespan, Inc. (a)
 
6,087
101,531
Ooma, Inc. (a)
 
3,981
47,613
Pagaya Technologies Ltd. Class A (a)(b)
 
7,501
86,412
Pagerduty, Inc. (a)
 
14,710
265,663
Porch Group, Inc. (a)
 
12,379
26,862
Prairie Operating Co. (a)
 
630
5,261
Progress Software Corp.
 
6,797
435,620
PROS Holdings, Inc. (a)
 
7,224
143,035
Q2 Holdings, Inc. (a)
 
9,460
800,884
Qualys, Inc. (a)
 
5,945
708,882
Rapid7, Inc. (a)
 
9,909
400,522
Red Violet, Inc. (a)
 
1,762
53,001
Rekor Systems, Inc. (a)
 
11,528
12,104
Repositrak, Inc.
 
1,958
37,692
Rimini Street, Inc. (a)
 
8,234
14,574
Riot Platforms, Inc. (a)(b)
 
45,748
422,712
Roadzen, Inc. (a)
 
2,151
2,108
Sapiens International Corp. NV
 
5,000
184,400
Semrush Holdings, Inc. Class A (a)
 
5,896
77,297
Silvaco Group, Inc.
 
966
6,038
SolarWinds, Inc.
 
8,720
114,058
SoundHound AI, Inc. (a)(b)
 
46,852
235,666
SoundThinking, Inc. (a)
 
1,535
16,256
Sprinklr, Inc. (a)
 
20,202
150,101
Sprout Social, Inc. (a)
 
7,942
210,384
SPS Commerce, Inc. (a)
 
5,968
984,720
Telos Corp. (a)
 
8,596
30,172
Tenable Holdings, Inc. (a)
 
18,895
748,431
TeraWulf, Inc. (a)(b)
 
37,322
243,339
Varonis Systems, Inc. (a)
 
17,682
890,642
Verint Systems, Inc. (a)(b)
 
9,826
209,294
Vertex, Inc. Class A (a)
 
8,700
361,137
Viant Technology, Inc. (a)
 
2,455
28,650
Weave Communications, Inc. (a)
 
6,309
88,452
Workiva, Inc. Class A (a)
 
8,085
644,860
Xperi, Inc. (a)
 
7,268
66,357
Yext, Inc. (a)
 
16,712
120,995
Zeta Global Holdings Corp. (a)
 
28,674
793,696
Zuora, Inc. (a)
 
22,356
221,324
 
 
 
25,361,073
Technology Hardware, Storage & Peripherals - 0.3%
 
 
 
CompoSecure, Inc. (b)
 
3,954
59,745
Corsair Gaming, Inc. (a)
 
7,233
46,400
CPI Card Group (a)
 
766
16,469
Diebold Nixdorf, Inc. (a)
 
4,046
187,249
Eastman Kodak Co. (a)
 
9,816
46,332
Immersion Corp.
 
4,757
40,102
IonQ, Inc. (a)(b)
 
31,822
478,285
Turtle Beach Corp. (a)
 
2,701
43,135
Xerox Holdings Corp.
 
18,494
151,096
 
 
 
1,068,813
TOTAL INFORMATION TECHNOLOGY
 
 
53,045,548
MATERIALS - 4.6%
 
 
 
Chemicals - 2.0%
 
 
 
AdvanSix, Inc.
 
4,092
116,090
American Vanguard Corp.
 
3,921
20,507
Arcadium Lithium PLC
 
173,600
935,704
Arq, Inc. (a)
 
4,070
23,850
ASP Isotopes, Inc. (a)(b)
 
8,317
58,136
Aspen Aerogels, Inc. (a)
 
9,321
166,287
Avient Corp.
 
14,488
675,286
Balchem Corp.
 
5,176
866,100
Cabot Corp.
 
8,678
935,749
Core Molding Technologies, Inc. (a)
 
1,183
17,804
Danimer Scientific, Inc. warrants 7/15/25 (a)
 
3,923
588
Ecovyst, Inc. (a)
 
18,361
122,284
H.B. Fuller Co.
 
8,739
639,520
Hawkins, Inc.
 
3,102
331,604
Ingevity Corp. (a)
 
5,836
243,886
Innospec, Inc.
 
3,995
430,581
Intrepid Potash, Inc. (a)
 
1,703
42,728
Koppers Holdings, Inc.
 
3,241
110,226
Kronos Worldwide, Inc. (b)
 
3,545
40,909
LSB Industries, Inc. (a)
 
8,388
68,782
Mativ Holdings, Inc.
 
8,630
133,334
Minerals Technologies, Inc.
 
5,139
386,915
Northern Technologies International Corp.
 
1,294
16,447
Orion SA
 
9,140
137,009
Perimeter Solutions SA (a)
 
21,573
286,489
PureCycle Technologies, Inc. (a)(b)
 
19,683
256,273
Quaker Chemical Corp.
 
2,244
340,146
Rayonier Advanced Materials, Inc. (a)
 
10,192
81,128
Sensient Technologies Corp.
 
6,748
509,339
Stepan Co.
 
3,393
245,450
Tronox Holdings PLC
 
18,952
229,698
Valhi, Inc.
 
403
13,722
 
 
 
8,482,571
Construction Materials - 0.5%
 
 
 
Knife River Holding Co. (a)
 
9,110
886,585
Smith-Midland Corp. (a)
 
750
25,800
Summit Materials, Inc. Class A (a)
 
19,376
918,616
United States Lime & Minerals, Inc.
 
1,711
192,967
 
 
 
2,023,968
Containers & Packaging - 0.3%
 
 
 
Ardagh Metal Packaging SA
 
23,403
86,123
Greif, Inc.:
 
 
 
 Class A
 
4,024
251,259
 Class B
 
748
50,064
Myers Industries, Inc.
 
5,828
68,654
O-I Glass, Inc. (a)
 
24,826
275,817
Pactiv Evergreen, Inc.
 
6,530
74,050
Ranpak Holdings Corp. (A Shares) (a)
 
6,893
41,909
TriMas Corp.
 
6,486
174,149
 
 
 
1,022,025
Metals & Mining - 1.7%
 
 
 
Alpha Metallurgical Resources
 
1,760
366,608
Arch Resources, Inc. Class A,
 
2,810
412,396
Caledonia Mining Corp. PLC
 
2,699
40,242
Carpenter Technology Corp.
 
7,630
1,140,685
Century Aluminum Co. (a)
 
8,500
150,025
Coeur d'Alene Mines Corp. (a)
 
63,449
408,612
Commercial Metals Co.
 
18,516
996,161
Compass Minerals International, Inc.
 
5,459
67,200
Constellium NV (a)
 
20,664
229,370
Contango ORE, Inc. (a)
 
1,588
34,158
Critical Metals Corp.
 
1,272
7,861
Dakota Gold Corp. (a)
 
10,475
22,940
Haynes International, Inc.
 
2,041
123,195
Hecla Mining Co.
 
94,281
611,884
i-80 Gold Corp. (a)(b)
 
51,426
53,997
Ivanhoe Electric, Inc. (a)
 
13,413
136,142
Kaiser Aluminum Corp.
 
2,583
191,814
Lifezone Metals Ltd. (a)
 
5,818
37,352
Materion Corp.
 
3,304
335,786
Metallus, Inc. (a)
 
6,785
95,601
Metals Acquisition Ltd. (a)(b)
 
8,652
103,651
Novagold Resources, Inc. (a)
 
39,031
135,047
Olympic Steel, Inc.
 
1,526
54,753
Perpetua Resources Corp. (a)
 
6,315
64,571
Piedmont Lithium, Inc. (a)(b)
 
2,895
37,925
Radius Recycling, Inc. Class A
 
4,150
67,189
Ramaco Resources, Inc.:
 
 
 
 Class A
 
3,788
38,448
 Class B (b)
 
1,428
14,594
Ryerson Holding Corp.
 
4,466
97,314
SSR Mining, Inc.
 
32,307
199,334
SunCoke Energy, Inc.
 
13,367
137,814
Tredegar Corp. (a)
 
4,119
31,922
Universal Stainless & Alloy Products, Inc. (a)
 
1,411
61,689
Warrior Metropolitan Coal, Inc.
 
8,299
523,916
Worthington Steel, Inc.
 
5,201
198,886
 
 
 
7,229,082
Paper & Forest Products - 0.1%
 
 
 
Clearwater Paper Corp. (a)
 
2,574
64,839
Sylvamo Corp.
 
5,645
479,938
 
 
 
544,777
TOTAL MATERIALS
 
 
19,302,423
REAL ESTATE - 6.3%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 5.6%
 
 
 
Acadia Realty Trust (SBI)
 
16,936
414,763
Alexander & Baldwin, Inc.
 
12,250
227,973
Alexanders, Inc.
 
364
82,639
Alpine Income Property Trust, Inc.
 
2,293
40,196
American Assets Trust, Inc.
 
8,046
216,840
American Healthcare (REIT), Inc.
 
13,391
356,201
Apartment Investment & Management Co. Class A (a)
 
23,092
194,896
Apple Hospitality (REIT), Inc.
 
37,128
548,381
Armada Hoffler Properties, Inc. Class A,
 
11,152
120,776
Braemar Hotels & Resorts, Inc.
 
11,022
31,523
Brandywine Realty Trust (SBI)
 
28,501
144,500
Broadstone Net Lease, Inc.
 
30,945
544,323
BRT Apartments Corp.
 
2,101
34,099
CareTrust (REIT), Inc.
 
23,151
756,343
CBL & Associates Properties, Inc.
 
3,814
100,880
Centerspace
 
2,518
175,404
Chatham Lodging Trust
 
8,188
64,685
City Office REIT, Inc.
 
6,762
34,621
Clipper Realty, Inc.
 
2,180
14,344
Community Healthcare Trust, Inc.
 
4,537
85,114
COPT Defense Properties (SBI)
 
18,305
589,421
CTO Realty Growth, Inc.
 
3,808
73,685
Curbline Properties Corp.
 
15,316
346,601
DiamondRock Hospitality Co.
 
34,317
294,097
Diversified Healthcare Trust (SBI)
 
34,923
124,675
Douglas Emmett, Inc.
 
26,199
466,080
Easterly Government Properties, Inc.
 
16,334
221,489
Elme Communities (SBI)
 
14,419
243,249
Empire State Realty Trust, Inc.
 
22,066
233,900
Equity Commonwealth (a)
 
17,224
340,863
Essential Properties Realty Trust, Inc.
 
28,508
903,419
Farmland Partners, Inc.
 
7,271
85,143
Four Corners Property Trust, Inc.
 
15,132
417,038
Franklin Street Properties Corp.
 
16,671
29,508
Getty Realty Corp.
 
8,203
257,492
Gladstone Commercial Corp.
 
6,811
107,239
Gladstone Land Corp.
 
5,782
75,339
Global Medical REIT, Inc.
 
10,468
95,154
Global Net Lease, Inc.
 
33,241
258,947
Hudson Pacific Properties, Inc.
 
21,965
94,889
Independence Realty Trust, Inc.
 
36,668
719,426
Industrial Logistics Properties Trust
 
10,724
37,909
InvenTrust Properties Corp.
 
11,212
330,193
JBG SMITH Properties
 
13,745
233,665
Kite Realty Group Trust
 
35,216
903,995
LTC Properties, Inc.
 
7,141
272,786
LXP Industrial Trust (REIT)
 
47,678
450,080
National Health Investors, Inc.
 
6,824
523,060
Net Lease Office Properties
 
2,383
71,585
NETSTREIT Corp.
 
12,937
200,524
NexPoint Diversified Real Estate Trust
 
6,103
32,651
NexPoint Residential Trust, Inc.
 
3,786
157,687
One Liberty Properties, Inc.
 
2,889
77,136
Orion Office (REIT), Inc.
 
9,911
36,968
Outfront Media, Inc.
 
23,980
425,885
Paramount Group, Inc.
 
30,340
147,149
Peakstone Realty Trust
 
5,952
78,090
Pebblebrook Hotel Trust
 
19,483
233,406
Phillips Edison & Co., Inc.
 
20,035
757,523
Piedmont Office Realty Trust, Inc. Class A
 
20,265
201,434
Plymouth Industrial REIT, Inc.
 
6,834
138,867
Postal Realty Trust, Inc. Class A
 
4,187
60,921
PotlatchDeltic Corp.
 
12,876
535,255
Retail Opportunity Investments Corp.
 
20,373
315,782
RLJ Lodging Trust
 
24,978
221,055
Ryman Hospitality Properties, Inc.
 
9,445
1,011,087
Sabra Health Care REIT, Inc.
 
37,432
726,181
Safehold, Inc.
 
8,539
181,710
Saul Centers, Inc.
 
1,846
72,252
Service Properties Trust
 
27,012
86,438
SITE Centers Corp.
 
8,042
128,270
SL Green Realty Corp. (b)
 
10,553
797,912
Strawberry Fields (REIT), Inc. (b)
 
1,047
13,255
Summit Hotel Properties, Inc.
 
17,648
108,006
Sunstone Hotel Investors, Inc.
 
33,498
337,995
Tanger, Inc.
 
17,267
573,782
Terreno Realty Corp.
 
15,468
927,307
The Macerich Co.
 
34,990
654,313
UMH Properties, Inc.
 
10,755
200,581
Uniti Group, Inc.
 
38,527
195,332
Universal Health Realty Income Trust (SBI)
 
2,196
86,874
Urban Edge Properties
 
20,115
447,358
Veris Residential, Inc.
 
12,963
213,501
Whitestone REIT
 
8,131
112,045
Xenia Hotels & Resorts, Inc.
 
16,670
236,214
 
 
 
23,720,174
Real Estate Management & Development - 0.7%
 
 
 
American Realty Investments, Inc. (a)
 
300
4,203
Anywhere Real Estate, Inc. (a)
 
15,481
59,757
Compass, Inc. Class A (a)
 
61,154
388,328
Cushman & Wakefield PLC (a)
 
36,891
499,873
eXp World Holdings, Inc. (b)
 
13,302
177,183
Forestar Group, Inc. (a)
 
3,064
96,730
FRP Holdings, Inc. (a)
 
2,147
62,263
Kennedy-Wilson Holdings, Inc.
 
18,052
192,976
Marcus & Millichap, Inc.
 
3,773
142,770
Maui Land & Pineapple, Inc. (a)
 
1,218
26,784
Newmark Group, Inc. Class A (b)
 
21,630
324,234
Offerpad Solutions, Inc. Class A (a)
 
1,759
5,295
Opendoor Technologies, Inc. Class A (a)(b)
 
99,081
173,392
RE/MAX Holdings, Inc. Class A (a)
 
2,810
34,394
Redfin Corp. (a)
 
18,747
194,406
Star Holdings (a)
 
1,905
24,270
Stratus Properties, Inc. (a)
 
871
19,415
Tejon Ranch Co. (a)
 
3,279
52,169
The Real Brokerage, Inc. (a)
 
15,428
84,237
The RMR Group, Inc. Class A
 
2,525
60,777
The St. Joe Co.
 
5,826
301,204
Transcontinental Realty Investors, Inc. (a)
 
179
4,955
 
 
 
2,929,615
TOTAL REAL ESTATE
 
 
26,649,789
UTILITIES - 2.8%
 
 
 
Electric Utilities - 0.8%
 
 
 
Allete, Inc.
 
9,311
595,066
Genie Energy Ltd. Class B
 
2,064
32,446
Hawaiian Electric Industries, Inc. (a)
 
26,532
272,484
MGE Energy, Inc.
 
5,855
529,819
Otter Tail Corp.
 
6,635
520,980
Portland General Electric Co.
 
16,245
770,013
TXNM Energy, Inc.
 
14,400
626,976
 
 
 
3,347,784
Gas Utilities - 1.0%
 
 
 
Brookfield Infrastructure Corp. A Shares
 
19,301
792,885
Chesapeake Utilities Corp.
 
3,573
428,010
New Jersey Resources Corp.
 
15,775
723,915
Northwest Natural Holding Co.
 
6,070
236,062
ONE Gas, Inc.
 
9,045
644,637
RGC Resources, Inc.
 
1,361
27,860
Southwest Gas Holdings, Inc.
 
9,773
715,872
Spire, Inc.
 
9,112
581,892
 
 
 
4,151,133
Independent Power and Renewable Electricity Producers - 0.2%
 
 
 
Altus Power, Inc. Class A (a)
 
12,657
43,540
Montauk Renewables, Inc. (a)
 
10,879
60,161
Ormat Technologies, Inc.
 
8,653
683,760
Sunnova Energy International, Inc. (a)(b)
 
17,252
104,720
 
 
 
892,181
Multi-Utilities - 0.4%
 
 
 
Avista Corp.
 
12,550
470,374
Black Hills Corp.
 
10,985
650,202
NorthWestern Energy Corp.
 
9,881
528,238
Unitil Corp.
 
2,551
147,677
 
 
 
1,796,491
Water Utilities - 0.4%
 
 
 
American States Water Co.
 
5,985
493,523
Cadiz, Inc. (a)(b)
 
6,587
20,024
California Water Service Group
 
9,311
483,800
Consolidated Water Co., Inc.
 
2,455
58,331
Global Water Resources, Inc.
 
1,872
23,381
Middlesex Water Co.
 
2,812
172,066
Pure Cycle Corp. (a)
 
3,264
34,337
SJW Group
 
5,230
291,102
York Water Co.
 
2,324
81,735
 
 
 
1,658,299
TOTAL UTILITIES
 
 
11,845,888
 
TOTAL COMMON STOCKS
 (Cost $362,021,921)
 
 
 
420,963,844
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (d)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (e)
 (Cost $193,459)
 
194,000
193,503
 
 
 
 
Money Market Funds - 4.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.87% (f)
 
2,503,265
2,503,766
Fidelity Securities Lending Cash Central Fund 4.87% (f)(g)
 
15,519,044
15,520,596
 
TOTAL MONEY MARKET FUNDS
 (Cost $18,024,362)
 
 
18,024,362
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.6%
 (Cost $380,239,742)
 
 
 
439,181,709
NET OTHER ASSETS (LIABILITIES) - (3.6)%  
(15,361,931)
NET ASSETS - 100.0%
423,819,778
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini Russell 2000 Index Contracts (United States)
27
Dec 2024
2,981,610
4,657
4,657
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.7%

 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Level 3 security
 
(d)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $193,503.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.87%
2,546,359
44,139,234
44,181,771
76,175
(56)
-
2,503,766
0.0%
Fidelity Securities Lending Cash Central Fund 4.87%
11,840,341
40,574,428
36,894,173
213,948
-
-
15,520,596
0.1%
Total
14,386,700
84,713,662
81,075,944
290,123
(56)
-
18,024,362
 
 
 
 
 
 
 
 
 
 
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.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
11,481,583
11,481,583
-
-
Consumer Discretionary
41,240,499
41,240,499
-
-
Consumer Staples
11,625,311
11,625,311
-
-
Energy
21,911,794
21,911,794
-
-
Financials
78,501,025
78,501,025
-
-
Health Care
73,178,495
73,125,329
42,981
10,185
Industrials
72,181,489
72,091,830
89,659
-
Information Technology
53,045,548
53,045,548
-
-
Materials
19,302,423
19,302,423
-
-
Real Estate
26,649,789
26,649,789
-
-
Utilities
11,845,888
11,845,888
-
-
 U.S. Government and Government Agency Obligations
193,503
-
193,503
-
  Money Market Funds
18,024,362
18,024,362
-
-
 Total Investments in Securities:
439,181,709
438,845,381
326,143
10,185
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
4,657
4,657
-
-
  Total Assets
4,657
4,657
-
-
 Total Derivative Instruments:
4,657
4,657
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
4,657
0
Total Equity Risk
4,657
0
Total Value of Derivatives
4,657
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of October 31, 2024 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $14,938,555) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $362,215,380)
$
421,157,347
 
 
Fidelity Central Funds (cost $18,024,362)
18,024,362
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $380,239,742)
 
 
$
439,181,709
Segregated cash with brokers for derivative instruments
 
 
18,753
Cash
 
 
7,262
Receivable for fund shares sold
 
 
463,258
Dividends receivable
 
 
108,631
Distributions receivable from Fidelity Central Funds
 
 
46,531
Other receivables
 
 
4,954
  Total assets
 
 
439,831,098
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
440,501
 
 
Payable for daily variation margin on futures contracts
50,242
 
 
Collateral on securities loaned
15,520,577
 
 
  Total liabilities
 
 
 
16,011,320
Net Assets  
 
 
$
423,819,778
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
358,609,158
Total accumulated earnings (loss)
 
 
 
65,210,620
Net Assets
 
 
$
423,819,778
Net Asset Value, offering price and redemption price per share ($423,819,778 ÷ 26,728,393 shares)
 
 
$
15.86
Statement of Operations
Six months ended October 31, 2024 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
2,539,801
Interest  
 
 
6,506
Income from Fidelity Central Funds (including $213,948 from security lending)
 
 
290,123
 Total income
 
 
 
2,836,430
Expenses
 
 
 
 
Independent trustees' fees and expenses
$
481
 
 
 Total expenses
 
 
 
481
Net Investment income (loss)
 
 
 
2,835,949
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
2,968,432
 
 
   Redemptions in-kind
 
12,433,715
 
 
   Fidelity Central Funds
 
(56)
 
 
 Futures contracts
 
800,607
 
 
Total net realized gain (loss)
 
 
 
16,202,698
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
24,999,244
 
 
 Futures contracts
 
(41)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
24,999,203
Net gain (loss)
 
 
 
41,201,901
Net increase (decrease) in net assets resulting from operations
 
 
$
44,037,850
Statement of Changes in Net Assets
 
 
Six months ended
October 31, 2024
(Unaudited)
 
Year ended
April 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
2,835,949
$
4,958,950
Net realized gain (loss)
 
16,202,698
 
(3,301,976)
Change in net unrealized appreciation (depreciation)
 
24,999,203
 
36,696,423
Net increase (decrease) in net assets resulting from operations
 
44,037,850
 
38,353,397
Distributions to shareholders
 
(1,144,037)
 
(4,955,699)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
100,894,388
 
153,091,221
  Reinvestment of distributions
 
816,751
 
3,626,735
Cost of shares redeemed
 
(67,327,311)
 
(126,338,692)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
34,383,828
 
30,379,264
Total increase (decrease) in net assets
 
77,277,641
 
63,776,962
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
346,542,137
 
282,765,175
End of period
$
423,819,778
$
346,542,137
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
6,648,297
 
11,216,014
  Issued in reinvestment of distributions
 
55,487
 
259,895
Redeemed
 
(4,404,993)
 
(9,310,316)
Net increase (decrease)
 
2,298,791
 
2,165,593
 
 
 
 
 
Financial Highlights
 
Fidelity Flex® Small Cap Index Fund
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.19
$
12.70
$
13.32
$
16.47
$
9.52
$
11.70
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.21
 
.22
 
.18
 
.14
 
.15
     Net realized and unrealized gain (loss)
 
1.60
 
1.50
 
(.68)
 
(2.89)
 
6.96
 
(1.98)
  Total from investment operations
 
1.71  
 
1.71  
 
(.46)  
 
(2.71)  
 
7.10
 
(1.83)
  Distributions from net investment income
 
(.04)
 
(.22)
 
(.16)
 
(.18)
 
(.15)
 
(.16)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.26)
 
-
 
(.19)
     Total distributions
 
(.04)
 
(.22)
 
(.16)
 
(.44)
 
(.15)
 
(.35)
  Net asset value, end of period
$
15.86
$
14.19
$
12.70
$
13.32
$
16.47
$
9.52
 Total Return C,D
 
12.10
%
 
13.47%
 
(3.46)%
 
(16.88)%
 
75.01%
 
(16.23)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
-% G,H
 
.04%
 
-% H
 
-% H
 
-% H
 
-% H
    Expenses net of fee waivers, if any H
 
-
% G
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of all reductions H
 
-% G
 
-%
 
-%
 
-%
 
-%
 
-%
    Net investment income (loss)
 
1.43% G
 
1.55%
 
1.66%
 
1.14%
 
1.09%
 
1.36%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
423,820
$
346,542
$
282,765
$
242,826
$
178,073
$
104,119
    Portfolio turnover rate I
 
15
% G,J
 
21%
 
16%
 
18%
 
47%
 
18%
 
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount represents less than .005%.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended October 31, 2024
 
1. Organization.
Fidelity Flex Small Cap Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the 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, the 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 the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing 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 circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$110,298,045
Gross unrealized depreciation
(57,188,627)
Net unrealized appreciation (depreciation)
$53,109,418
Tax cost
$386,076,948
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(4,549,550)
 Long-term
(2,508,800)
Total capital loss carryforward
$(7,058,350)
 
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The 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.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
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.
 
 
Purchases ($)
Sales ($)
Fidelity Flex Small Cap Index Fund
89,749,870
28,733,898
 
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.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Flex Small Cap Index Fund
1,357,749
12,433,715
20,238,738
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.
 
 
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Flex Small Cap Index Fund
 -
 -
9. 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.
10. 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.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Flex Small Cap Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that the fund's Advisory Contracts should be renewed through September 30, 2025.
 
1.9881630.107
ZAP-SANN-1224
Fidelity® Large Cap Value Index Fund
 
 
Semi-Annual Report
October 31, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Large Cap Value Index Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
A fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of a fund or the underlying data.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Large Cap Value Index Fund
Schedule of Investments October 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 4.3%
 
 
 
Diversified Telecommunication Services - 1.4%
 
 
 
AT&T, Inc.
 
2,663,311
60,031,030
Frontier Communications Parent, Inc. (a)
 
91,019
3,252,109
Iridium Communications, Inc.
 
39,368
1,154,663
Liberty Global Ltd.:
 
 
 
 Class A
 
61,450
1,217,325
 Class C
 
59,438
1,225,612
Verizon Communications, Inc.
 
1,563,427
65,867,180
 
 
 
132,747,919
Entertainment - 1.2%
 
 
 
Electronic Arts, Inc.
 
99,172
14,960,096
Liberty Media Corp. Liberty Formula One:
 
 
 
 Class A (a)
 
5,581
414,333
 Class C (a)
 
49,148
3,923,976
Liberty Media Corp. Liberty Live:
 
 
 
 Class C (a)
 
17,532
1,023,168
 Series A (a)
 
6,940
393,776
Madison Square Garden Sports Corp. (a)
 
6,341
1,412,141
Playtika Holding Corp.
 
26,075
204,167
Roku, Inc. Class A (a)
 
39,826
2,552,050
Take-Two Interactive Software, Inc. (a)
 
63,937
10,339,892
The Walt Disney Co.
 
681,410
65,551,642
TKO Group Holdings, Inc. (a)
 
25,246
2,947,975
Warner Bros Discovery, Inc. (a)
 
900,113
7,317,919
 
 
 
111,041,135
Interactive Media & Services - 0.1%
 
 
 
IAC, Inc. Class A (a)
 
27,580
1,322,461
Match Group, Inc. (a)
 
95,306
3,433,875
TripAdvisor, Inc. Class A (a)
 
37,883
607,643
Trump Media & Technology Group (a)
 
7,993
282,473
Zoominfo Technologies, Inc. (a)
 
115,698
1,278,463
 
 
 
6,924,915
Media - 1.2%
 
 
 
Charter Communications, Inc. Class A (a)
 
34,797
11,399,845
Comcast Corp. Class A
 
1,424,947
62,227,435
Fox Corp.:
 
 
 
 Class A
 
85,148
3,576,216
 Class B
 
49,032
1,910,287
Interpublic Group of Companies, Inc.
 
139,689
4,106,857
Liberty Broadband Corp.:
 
 
 
 Class A (a)
 
4,626
371,144
 Class C (a)
 
30,892
2,496,691
News Corp.:
 
 
 
 Class A
 
141,048
3,843,558
 Class B
 
42,190
1,225,198
Nexstar Media Group, Inc.
 
7,035
1,237,597
Omnicom Group, Inc.
 
71,782
7,249,982
Paramount Global:
 
 
 
 Class A (b)
 
3,961
86,706
 Class B (b)
 
218,188
2,386,977
Sirius XM Holdings, Inc.
 
90,473
2,412,010
The New York Times Co. Class A
 
59,607
3,328,455
 
 
 
107,858,958
Wireless Telecommunication Services - 0.4%
 
 
 
T-Mobile U.S., Inc.
 
179,502
40,057,666
TOTAL COMMUNICATION SERVICES
 
 
398,630,593
CONSUMER DISCRETIONARY - 6.1%
 
 
 
Automobile Components - 0.1%
 
 
 
Aptiv PLC (a)
 
100,973
5,738,296
BorgWarner, Inc.
 
84,094
2,828,081
Gentex Corp.
 
85,760
2,599,386
Lear Corp.
 
20,931
2,004,353
QuantumScape Corp. Class A (a)(b)
 
131,857
679,064
 
 
 
13,849,180
Automobiles - 0.5%
 
 
 
Ford Motor Co.
 
1,456,201
14,984,308
General Motors Co.
 
414,573
21,043,725
Harley-Davidson, Inc.
 
44,864
1,433,405
Lucid Group, Inc. Class A (a)(b)
 
329,077
727,260
Rivian Automotive, Inc. Class A (a)(b)
 
305,108
3,081,591
Thor Industries, Inc.
 
18,856
1,962,532
 
 
 
43,232,821
Broadline Retail - 0.2%
 
 
 
Dillard's, Inc. Class A (b)
 
1,139
423,161
eBay, Inc.
 
187,689
10,793,994
Etsy, Inc. (a)
 
15,006
771,909
Kohl's Corp.
 
40,951
756,774
Macy's, Inc.
 
101,533
1,557,516
Nordstrom, Inc.
 
37,087
838,537
Ollie's Bargain Outlet Holdings, Inc. (a)
 
22,601
2,075,450
 
 
 
17,217,341
Distributors - 0.1%
 
 
 
Genuine Parts Co.
 
51,570
5,915,079
LKQ Corp.
 
97,364
3,582,022
 
 
 
9,497,101
Diversified Consumer Services - 0.1%
 
 
 
ADT, Inc.
 
107,549
774,353
Bright Horizons Family Solutions, Inc. (a)
 
18,162
2,424,082
Grand Canyon Education, Inc. (a)
 
7,337
1,005,976
H&R Block, Inc.
 
41,418
2,473,897
Service Corp. International
 
52,886
4,318,142
 
 
 
10,996,450
Hotels, Restaurants & Leisure - 1.9%
 
 
 
Aramark
 
97,086
3,672,763
Booking Holdings, Inc.
 
771
3,605,389
Boyd Gaming Corp.
 
25,456
1,763,846
Caesars Entertainment, Inc. (a)
 
79,746
3,193,827
Carnival Corp. (a)
 
370,046
8,141,012
Choice Hotels International, Inc. (b)
 
1,562
217,915
Darden Restaurants, Inc.
 
20,834
3,333,857
Domino's Pizza, Inc.
 
8,394
3,472,850
Doordash, Inc. (a)
 
16,337
2,560,008
Dutch Bros, Inc. Class A (a)
 
24,510
811,771
Hilton Worldwide Holdings, Inc.
 
44,373
10,420,999
Hyatt Hotels Corp. Class A
 
13,880
2,018,846
Marriott International, Inc. Class A
 
85,084
22,123,542
Marriott Vacations Worldwide Corp.
 
12,903
993,918
McDonald's Corp.
 
250,215
73,090,304
MGM Resorts International (a)
 
86,641
3,194,454
Penn Entertainment, Inc. (a)
 
55,854
1,103,117
Planet Fitness, Inc. (a)
 
14,746
1,157,856
Royal Caribbean Cruises Ltd.
 
57,410
11,846,554
Starbucks Corp.
 
94,158
9,199,237
Travel+Leisure Co.
 
24,848
1,187,983
Vail Resorts, Inc.
 
2,253
373,300
Wendy's Co.
 
32,487
620,827
Wyndham Hotels & Resorts, Inc.
 
26,027
2,298,705
Wynn Resorts Ltd.
 
35,038
3,364,349
Yum! Brands, Inc.
 
64,366
8,442,245
 
 
 
182,209,474
Household Durables - 0.9%
 
 
 
D.R. Horton, Inc.
 
109,975
18,585,775
Garmin Ltd.
 
57,423
11,389,852
Leggett & Platt, Inc.
 
49,302
591,624
Lennar Corp.:
 
 
 
 Class A
 
88,292
15,036,128
 Class B
 
4,144
664,366
Mohawk Industries, Inc. (a)
 
19,445
2,610,880
Newell Brands, Inc.
 
153,796
1,353,405
NVR, Inc. (a)
 
1,066
9,756,895
PulteGroup, Inc.
 
76,523
9,912,024
SharkNinja, Inc.
 
19,680
1,814,693
Toll Brothers, Inc.
 
37,897
5,549,637
TopBuild Corp. (a)
 
10,832
3,827,812
Whirlpool Corp.
 
19,617
2,030,556
 
 
 
83,123,647
Leisure Products - 0.1%
 
 
 
Brunswick Corp.
 
25,029
1,995,812
Hasbro, Inc.
 
6,497
426,398
Mattel, Inc. (a)
 
125,469
2,557,058
Polaris, Inc.
 
19,097
1,335,071
YETI Holdings, Inc. (a)
 
22,168
780,535
 
 
 
7,094,874
Specialty Retail - 1.8%
 
 
 
Advance Auto Parts, Inc. (b)
 
22,068
787,607
AutoNation, Inc. (a)
 
9,422
1,464,838
AutoZone, Inc. (a)
 
550
1,654,950
Bath & Body Works, Inc.
 
83,424
2,367,573
Best Buy Co., Inc.
 
79,928
7,227,889
CarMax, Inc. (a)
 
54,209
3,923,647
Carvana Co. Class A (a)
 
26,078
6,449,350
Dick's Sporting Goods, Inc.
 
18,869
3,693,607
Five Below, Inc. (a)
 
4,111
389,682
Floor & Decor Holdings, Inc. Class A (a)
 
24,716
2,546,984
GameStop Corp. Class A (a)(b)
 
138,900
3,080,802
Gap, Inc.
 
74,411
1,545,516
Lithia Motors, Inc. Class A (sub. vtg.)
 
10,046
3,338,989
Lowe's Companies, Inc.
 
212,422
55,618,452
O'Reilly Automotive, Inc. (a)
 
1,673
1,929,203
Penske Automotive Group, Inc.
 
6,841
1,030,049
RH (a)
 
4,438
1,411,506
Ross Stores, Inc.
 
93,827
13,109,508
The Home Depot, Inc.
 
74,337
29,270,194
TJX Companies, Inc.
 
171,937
19,434,039
Ulta Beauty, Inc. (a)
 
2,377
877,065
Wayfair LLC Class A (a)(b)
 
34,768
1,489,113
Williams-Sonoma, Inc.
 
19,253
2,582,405
 
 
 
165,222,968
Textiles, Apparel & Luxury Goods - 0.4%
 
 
 
Amer Sports, Inc.
 
21,574
385,096
Birkenstock Holding PLC (a)
 
14,561
669,806
Capri Holdings Ltd. (a)
 
42,501
838,970
Carter's, Inc.
 
13,162
719,961
Columbia Sportswear Co. (b)
 
12,331
992,276
Crocs, Inc. (a)
 
18,080
1,949,386
NIKE, Inc. Class B
 
170,461
13,147,657
PVH Corp.
 
20,564
2,024,731
Ralph Lauren Corp. Class A
 
14,910
2,951,136
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)
 
44,605
2,741,423
Tapestry, Inc.
 
84,903
4,028,647
Under Armour, Inc.:
 
 
 
 Class A (sub. vtg.) (a)
 
70,155
599,825
 Class C (non-vtg.) (a)
 
71,541
565,174
VF Corp.
 
129,726
2,686,625
 
 
 
34,300,713
TOTAL CONSUMER DISCRETIONARY
 
 
566,744,569
CONSUMER STAPLES - 7.8%
 
 
 
Beverages - 1.1%
 
 
 
Boston Beer Co., Inc. Class A (a)
 
2,622
763,186
Brown-Forman Corp.:
 
 
 
 Class A
 
18,016
785,137
 Class B (non-vtg.) (b)
 
63,917
2,814,266
Coca-Cola Consolidated, Inc.
 
2,238
2,516,094
Constellation Brands, Inc. Class A (sub. vtg.)
 
59,093
13,729,668
Keurig Dr. Pepper, Inc.
 
415,667
13,696,228
Molson Coors Beverage Co. Class B
 
64,898
3,534,994
Monster Beverage Corp. (a)
 
53,091
2,796,834
PepsiCo, Inc.
 
107,114
17,789,493
The Coca-Cola Co.
 
614,993
40,165,193
 
 
 
98,591,093
Consumer Staples Distribution & Retail - 2.3%
 
 
 
Albertsons Companies, Inc.
 
154,941
2,804,432
BJ's Wholesale Club Holdings, Inc. (a)
 
48,907
4,143,890
Casey's General Stores, Inc.
 
11,349
4,471,733
Dollar General Corp.
 
81,469
6,520,779
Dollar Tree, Inc. (a)
 
74,985
4,847,030
Grocery Outlet Holding Corp. (a)
 
35,927
513,756
Kroger Co.
 
246,044
13,721,874
Maplebear, Inc. (NASDAQ) (a)
 
63,800
2,813,580
Performance Food Group Co. (a)
 
48,556
3,945,175
Sysco Corp.
 
70,009
5,247,175
Target Corp.
 
171,622
25,750,165
U.S. Foods Holding Corp. (a)
 
84,931
5,235,996
Walgreens Boots Alliance, Inc.
 
265,470
2,511,346
Walmart, Inc.
 
1,610,248
131,959,824
 
 
 
214,486,755
Food Products - 1.4%
 
 
 
Archer Daniels Midland Co.
 
176,831
9,762,840
Bunge Global SA
 
52,223
4,387,776
Campbell Soup Co.
 
71,189
3,320,967
Conagra Brands, Inc.
 
176,695
5,113,553
Darling Ingredients, Inc. (a)
 
58,781
2,298,925
Flowers Foods, Inc.
 
69,478
1,544,496
Freshpet, Inc. (a)
 
11,752
1,557,610
General Mills, Inc.
 
207,075
14,085,242
Hormel Foods Corp.
 
107,506
3,284,308
Ingredion, Inc.
 
24,294
3,225,271
Kellanova
 
97,215
7,840,390
Lamb Weston Holdings, Inc.
 
36,224
2,814,243
McCormick & Co., Inc. (non-vtg.)
 
93,408
7,308,242
Mondelez International, Inc.
 
496,784
34,019,768
Pilgrim's Pride Corp. (a)(b)
 
13,854
671,088
Post Holdings, Inc. (a)
 
18,313
1,999,963
Seaboard Corp.
 
95
262,771
The Hershey Co.
 
46,501
8,257,648
The J.M. Smucker Co.
 
38,263
4,343,233
The Kraft Heinz Co.
 
329,614
11,028,884
Tyson Foods, Inc. Class A
 
104,299
6,110,878
 
 
 
133,238,096
Household Products - 1.6%
 
 
 
Church & Dwight Co., Inc.
 
90,470
9,038,858
Colgate-Palmolive Co.
 
135,656
12,712,324
Kimberly-Clark Corp.
 
73,465
9,857,534
Procter & Gamble Co.
 
680,209
112,356,923
Reynolds Consumer Products, Inc.
 
20,154
543,150
Spectrum Brands Holdings, Inc.
 
10,060
901,577
 
 
 
145,410,366
Personal Care Products - 0.2%
 
 
 
BellRing Brands, Inc. (a)
 
48,314
3,180,511
Coty, Inc. Class A (a)
 
141,409
1,052,083
Estee Lauder Companies, Inc. Class A
 
54,631
3,766,261
Kenvue, Inc.
 
710,178
16,284,382
 
 
 
24,283,237
Tobacco - 1.2%
 
 
 
Altria Group, Inc.
 
637,601
34,723,750
Philip Morris International, Inc.
 
576,738
76,533,133
 
 
 
111,256,883
TOTAL CONSUMER STAPLES
 
 
727,266,430
ENERGY - 6.8%
 
 
 
Energy Equipment & Services - 0.5%
 
 
 
Baker Hughes Co. Class A
 
370,154
14,095,464
Halliburton Co.
 
326,922
9,068,816
NOV, Inc.
 
145,988
2,264,274
Schlumberger Ltd.
 
529,988
21,236,619
TechnipFMC PLC
 
159,016
4,244,137
 
 
 
50,909,310
Oil, Gas & Consumable Fuels - 6.3%
 
 
 
Antero Midstream GP LP
 
77,663
1,116,017
Antero Resources Corp. (a)
 
107,551
2,783,420
APA Corp.
 
134,166
3,166,318
Cheniere Energy, Inc.
 
41,646
7,970,211
Chevron Corp.
 
639,213
95,127,679
Chord Energy Corp.
 
22,910
2,866,041
Civitas Resources, Inc.
 
26,863
1,310,646
ConocoPhillips Co.
 
434,713
47,618,462
Coterra Energy, Inc.
 
275,098
6,580,344
Devon Energy Corp.
 
233,361
9,026,403
Diamondback Energy, Inc.
 
69,944
12,364,001
DT Midstream, Inc.
 
36,003
3,245,670
EOG Resources, Inc.
 
213,430
26,029,923
EQT Corp.
 
204,985
7,490,152
Expand Energy Corp.
 
83,922
7,109,872
Exxon Mobil Corp.
 
1,665,052
194,444,773
Hess Corp.
 
36,572
4,918,203
HF Sinclair Corp.
 
58,544
2,260,384
Kinder Morgan, Inc.
 
718,947
17,621,391
Marathon Oil Corp.
 
207,322
5,742,819
Marathon Petroleum Corp.
 
130,640
19,004,201
Matador Resources Co.
 
40,268
2,098,365
New Fortress Energy, Inc. Class A (b)
 
11,368
95,605
Occidental Petroleum Corp.
 
247,308
12,392,604
ONEOK, Inc.
 
216,402
20,965,026
Ovintiv, Inc.
 
97,634
3,827,253
Permian Resource Corp. Class A
 
190,951
2,602,662
Phillips 66 Co.
 
155,164
18,902,078
Range Resources Corp.
 
87,897
2,639,547
The Williams Companies, Inc.
 
451,345
23,636,938
Valero Energy Corp.
 
118,471
15,372,797
Viper Energy, Inc. Class A
 
26,593
1,380,177
 
 
 
581,709,982
TOTAL ENERGY
 
 
632,619,292
FINANCIALS - 21.9%
 
 
 
Banks - 7.1%
 
 
 
Bank of America Corp.
 
2,517,941
105,300,293
Bank OZK
 
39,401
1,723,794
BOK Financial Corp.
 
8,410
893,394
Citigroup, Inc.
 
711,019
45,626,089
Citizens Financial Group, Inc.
 
167,446
7,052,826
Columbia Banking Systems, Inc.
 
77,304
2,203,937
Comerica, Inc.
 
49,153
3,131,538
Commerce Bancshares, Inc.
 
44,170
2,760,625
Cullen/Frost Bankers, Inc.
 
21,804
2,776,739
East West Bancorp, Inc.
 
51,150
4,986,614
Fifth Third Bancorp
 
253,227
11,060,955
First Citizens Bancshares, Inc.
 
4,443
8,607,646
First Hawaiian, Inc.
 
47,220
1,168,223
First Horizon National Corp.
 
202,383
3,507,297
FNB Corp., Pennsylvania
 
131,870
1,912,115
Huntington Bancshares, Inc.
 
535,374
8,346,481
JPMorgan Chase & Co.
 
1,063,345
235,977,522
KeyCorp
 
343,167
5,919,631
M&T Bank Corp.
 
61,625
11,997,155
Pinnacle Financial Partners, Inc.
 
28,100
2,963,145
PNC Financial Services Group, Inc.
 
147,292
27,730,665
Popular, Inc.
 
23,720
2,116,536
Prosperity Bancshares, Inc.
 
33,260
2,434,632
Regions Financial Corp.
 
340,680
8,132,032
Synovus Financial Corp.
 
53,269
2,656,525
TFS Financial Corp.
 
18,727
240,642
Truist Financial Corp.
 
495,075
21,312,979
U.S. Bancorp
 
578,360
27,940,572
Webster Financial Corp.
 
63,279
3,277,852
Wells Fargo & Co.
 
1,300,017
84,397,104
Western Alliance Bancorp.
 
39,805
3,312,174
Wintrust Financial Corp.
 
24,056
2,787,850
Zions Bancorporation NA
 
53,618
2,791,353
 
 
 
657,046,935
Capital Markets - 5.0%
 
 
 
Affiliated Managers Group, Inc.
 
11,629
2,254,863
Ameriprise Financial, Inc.
 
3,270
1,668,681
Bank of New York Mellon Corp.
 
274,075
20,654,292
BlackRock, Inc.
 
54,770
53,731,013
Carlyle Group LP
 
81,176
4,061,235
Cboe Global Markets, Inc.
 
39,116
8,354,004
Charles Schwab Corp.
 
497,867
35,263,920
CME Group, Inc.
 
133,350
30,051,756
Coinbase Global, Inc. Class A (a)
 
11,711
2,099,197
Evercore, Inc. Class A
 
13,298
3,512,933
FactSet Research Systems, Inc.
 
9,110
4,136,487
Franklin Resources, Inc.
 
105,653
2,194,413
Goldman Sachs Group, Inc.
 
85,523
44,282,954
Houlihan Lokey Class A
 
17,647
3,048,872
Interactive Brokers Group, Inc.
 
39,136
5,971,371
Intercontinental Exchange, Inc.
 
210,779
32,854,123
Invesco Ltd.
 
135,474
2,349,119
Janus Henderson Group PLC
 
47,917
1,979,451
Jefferies Financial Group, Inc.
 
46,466
2,972,895
KKR & Co., Inc. Class A
 
177,873
24,589,164
Lazard, Inc. Class A
 
2,596
137,562
MarketAxess Holdings, Inc.
 
13,695
3,963,607
Morgan Stanley
 
405,257
47,111,126
MSCI, Inc.
 
11,996
6,852,115
NASDAQ, Inc.
 
152,749
11,291,206
Northern Trust Corp.
 
73,915
7,429,936
Raymond James Financial, Inc.
 
70,114
10,392,297
Robinhood Markets, Inc. (a)
 
246,255
5,784,530
S&P Global, Inc.
 
116,102
55,770,757
SEI Investments Co.
 
37,047
2,769,634
State Street Corp.
 
111,769
10,372,163
Stifel Financial Corp.
 
36,805
3,813,734
T. Rowe Price Group, Inc.
 
81,338
8,935,793
TPG, Inc. Class A
 
23,426
1,585,472
Tradeweb Markets, Inc. Class A
 
26,038
3,306,826
Virtu Financial, Inc. Class A
 
30,101
931,927
XP, Inc. Class A
 
135,994
2,374,455
 
 
 
468,853,883
Consumer Finance - 1.0%
 
 
 
Ally Financial, Inc.
 
87,925
3,081,771
American Express Co.
 
130,107
35,139,299
Capital One Financial Corp.
 
140,427
22,860,111
Credit Acceptance Corp. (a)(b)
 
488
207,400
Discover Financial Services
 
92,731
13,764,062
OneMain Holdings, Inc.
 
41,845
2,078,441
SLM Corp.
 
80,055
1,763,612
SoFi Technologies, Inc. Class A (a)(b)
 
321,667
3,593,020
Synchrony Financial
 
146,352
8,069,849
 
 
 
90,557,565
Financial Services - 4.7%
 
 
 
Affirm Holdings, Inc. Class A, (a)
 
85,840
3,764,084
Apollo Global Management, Inc.
 
48,766
6,986,217
Berkshire Hathaway, Inc. Class B (a)
 
679,098
306,218,853
Block, Inc. Class A (a)
 
119,070
8,611,142
Corebridge Financial, Inc.
 
94,781
3,011,192
Euronet Worldwide, Inc. (a)
 
16,020
1,577,489
Fidelity National Information Services, Inc.
 
208,457
18,704,847
Fiserv, Inc. (a)
 
144,992
28,693,917
Global Payments, Inc.
 
94,391
9,789,291
Jack Henry & Associates, Inc.
 
26,891
4,892,280
MGIC Investment Corp.
 
95,372
2,388,115
PayPal Holdings, Inc. (a)
 
379,313
30,079,521
Rocket Companies, Inc. Class A (a)
 
51,315
826,172
The Western Union Co.
 
103,290
1,111,400
UWM Holdings Corp. Class A
 
10,942
70,466
Voya Financial, Inc.
 
37,570
3,016,871
WEX, Inc. (a)(b)
 
13,763
2,375,494
 
 
 
432,117,351
Insurance - 4.0%
 
 
 
AFLAC, Inc.
 
206,939
21,685,138
Allstate Corp.
 
82,220
15,335,674
American Financial Group, Inc.
 
26,610
3,430,827
American International Group, Inc.
 
240,935
18,282,148
Aon PLC
 
72,821
26,715,840
Arch Capital Group Ltd.
 
133,776
13,184,963
Arthur J. Gallagher & Co.
 
74,521
20,955,305
Assurant, Inc.
 
19,284
3,696,743
Assured Guaranty Ltd.
 
19,270
1,608,274
Axis Capital Holdings Ltd.
 
28,785
2,252,714
Brighthouse Financial, Inc. (a)
 
22,891
1,082,744
Brown & Brown, Inc.
 
49,594
5,189,516
Chubb Ltd.
 
150,095
42,392,832
Cincinnati Financial Corp.
 
56,769
7,994,778
CNA Financial Corp.
 
8,135
389,748
Everest Re Group Ltd.
 
13,355
4,749,172
Fidelity National Financial, Inc.
 
96,219
5,789,497
First American Financial Corp.
 
37,045
2,376,437
Globe Life, Inc.
 
32,923
3,476,669
Hanover Insurance Group, Inc.
 
13,231
1,962,554
Hartford Financial Services Group, Inc.
 
108,502
11,982,961
Kemper Corp.
 
22,457
1,398,397
Lincoln National Corp.
 
63,075
2,191,856
Loews Corp.
 
66,401
5,243,023
Markel Group, Inc. (a)
 
3,637
5,608,290
Marsh & McLennan Companies, Inc.
 
157,849
34,448,966
MetLife, Inc.
 
218,217
17,112,577
Old Republic International Corp.
 
92,155
3,218,974
Primerica, Inc.
 
12,811
3,546,213
Principal Financial Group, Inc.
 
85,197
7,020,233
Progressive Corp.
 
34,047
8,267,633
Prudential Financial, Inc.
 
133,302
16,326,829
Reinsurance Group of America, Inc.
 
24,354
5,140,642
RenaissanceRe Holdings Ltd.
 
19,021
4,991,110
RLI Corp.
 
14,421
2,249,243
The Travelers Companies, Inc.
 
84,741
20,841,202
Unum Group
 
68,489
4,395,624
W.R. Berkley Corp.
 
108,959
6,229,186
White Mountains Insurance Group Ltd.
 
925
1,662,355
Willis Towers Watson PLC
 
37,903
11,453,908
 
 
 
375,880,795
Mortgage Real Estate Investment Trusts - 0.1%
 
 
 
AGNC Investment Corp.
 
273,723
2,548,361
Annaly Capital Management, Inc.
 
185,542
3,527,153
Rithm Capital Corp.
 
190,079
2,012,937
Starwood Property Trust, Inc.
 
116,008
2,289,998
 
 
 
10,378,449
TOTAL FINANCIALS
 
 
2,034,834,978
HEALTH CARE - 15.0%
 
 
 
Biotechnology - 2.4%
 
 
 
AbbVie, Inc.
 
373,352
76,115,272
Alnylam Pharmaceuticals, Inc. (a)
 
5,245
1,398,265
Amgen, Inc.
 
43,970
14,077,435
Biogen, Inc. (a)
 
54,022
9,399,828
BioMarin Pharmaceutical, Inc. (a)
 
70,014
4,613,222
Exact Sciences Corp. (a)
 
40,922
2,820,753
Exelixis, Inc. (a)
 
17,617
584,884
Gilead Sciences, Inc.
 
463,009
41,124,459
Grail, Inc. (b)
 
9,844
133,583
Incyte Corp. (a)
 
55,485
4,112,548
Ionis Pharmaceuticals, Inc. (a)
 
4,060
155,863
Moderna, Inc. (a)
 
119,847
6,514,883
Regeneron Pharmaceuticals, Inc. (a)
 
35,511
29,765,320
Repligen Corp. (a)
 
17,702
2,376,848
Roivant Sciences Ltd. (a)
 
157,722
1,821,689
United Therapeutics Corp. (a)
 
16,192
6,055,322
Vertex Pharmaceuticals, Inc. (a)
 
47,961
22,828,477
 
 
 
223,898,651
Health Care Equipment & Supplies - 3.4%
 
 
 
Abbott Laboratories
 
641,711
72,750,776
Align Technology, Inc. (a)
 
11,504
2,358,665
Baxter International, Inc.
 
188,828
6,741,160
Becton, Dickinson & Co.
 
107,241
25,050,425
Boston Scientific Corp. (a)
 
544,905
45,782,918
Dentsply Sirona, Inc.
 
74,922
1,735,943
Edwards Lifesciences Corp. (a)
 
179,362
12,019,048
Enovis Corp. (a)
 
20,161
832,044
Envista Holdings Corp. (a)
 
63,711
1,336,020
GE Healthcare Technologies, Inc.
 
148,299
12,953,918
Globus Medical, Inc. Class A (a)
 
41,510
3,052,645
Hologic, Inc. (a)
 
84,794
6,857,291
Masimo Corp. (a)(b)
 
7,623
1,097,788
Medtronic PLC
 
476,229
42,503,438
QuidelOrtho Corp. (a)
 
19,984
760,391
ResMed, Inc.
 
39,199
9,504,582
Solventum Corp.
 
51,397
3,730,394
STERIS PLC
 
36,547
8,107,952
Stryker Corp.
 
94,377
33,624,638
Teleflex, Inc.
 
17,462
3,510,910
The Cooper Companies, Inc. (a)
 
72,372
7,575,901
Zimmer Biomet Holdings, Inc.
 
75,817
8,106,354
 
 
 
309,993,201
Health Care Providers & Services - 4.0%
 
 
 
Acadia Healthcare Co., Inc. (a)
 
33,736
1,440,190
Amedisys, Inc. (a)
 
11,882
1,124,037
Cardinal Health, Inc.
 
36,670
3,979,428
Centene Corp. (a)
 
195,007
12,141,136
Chemed Corp.
 
4,942
2,669,866
Cigna Group
 
93,992
29,589,622
CVS Health Corp.
 
467,939
26,419,836
Elevance Health, Inc.
 
72,459
29,400,964
Encompass Health Corp.
 
36,692
3,649,386
HCA Holdings, Inc.
 
52,820
18,948,647
Henry Schein, Inc. (a)
 
47,364
3,326,374
Humana, Inc.
 
44,709
11,527,321
Labcorp Holdings, Inc.
 
31,168
7,114,719
McKesson Corp.
 
27,379
13,705,654
Molina Healthcare, Inc. (a)
 
7,946
2,552,414
Premier, Inc. Class A
 
38,611
778,012
Quest Diagnostics, Inc.
 
41,159
6,372,648
R1 RCM, Inc. (a)
 
58,157
829,319
Tenet Healthcare Corp. (a)
 
35,262
5,466,315
UnitedHealth Group, Inc.
 
317,996
179,508,742
Universal Health Services, Inc. Class B
 
21,459
4,384,288
 
 
 
364,928,918
Health Care Technology - 0.0%
 
 
 
Certara, Inc. (a)
 
44,589
454,808
Doximity, Inc. Class A (a)
 
42,070
1,756,002
 
 
 
2,210,810
Life Sciences Tools & Services - 2.3%
 
 
 
10X Genomics, Inc. Class A (a)
 
12,733
204,110
Agilent Technologies, Inc.
 
108,623
14,154,663
Avantor, Inc. (a)
 
251,490
5,625,831
Azenta, Inc. (a)
 
19,648
807,336
Bio-Rad Laboratories, Inc. Class A (a)
 
7,158
2,563,924
Bio-Techne Corp.
 
57,591
4,247,336
Bruker Corp.
 
14,815
838,677
Charles River Laboratories International, Inc. (a)
 
18,938
3,381,948
Danaher Corp.
 
239,471
58,828,446
Fortrea Holdings, Inc. (a)
 
29,815
501,488
Illumina, Inc. (a)
 
59,070
8,514,350
IQVIA Holdings, Inc. (a)
 
59,288
12,202,656
Mettler-Toledo International, Inc. (a)
 
7,825
10,107,944
QIAGEN NV
 
82,846
3,487,817
Revvity, Inc.
 
45,619
5,409,957
Sotera Health Co. (a)
 
55,847
875,122
Thermo Fisher Scientific, Inc.
 
141,678
77,401,525
Waters Corp. (a)
 
8,523
2,753,867
West Pharmaceutical Services, Inc.
 
10,579
3,257,591
 
 
 
215,164,588
Pharmaceuticals - 2.9%
 
 
 
Bristol-Myers Squibb Co.
 
752,489
41,966,312
Catalent, Inc. (a)
 
67,104
3,932,294
Elanco Animal Health, Inc. (a)
 
182,523
2,307,091
Jazz Pharmaceuticals PLC (a)
 
22,823
2,511,215
Johnson & Johnson
 
894,980
143,071,503
Organon & Co.
 
95,382
1,791,274
Perrigo Co. PLC
 
50,244
1,287,754
Pfizer, Inc.
 
2,103,421
59,526,814
Royalty Pharma PLC Class A
 
145,107
3,917,889
Viatris, Inc.
 
440,075
5,104,870
Zoetis, Inc. Class A
 
29,691
5,308,157
 
 
 
270,725,173
TOTAL HEALTH CARE
 
 
1,386,921,341
INDUSTRIALS - 14.7%
 
 
 
Aerospace & Defense - 3.3%
 
 
 
BWX Technologies, Inc.
 
26,906
3,275,806
Curtiss-Wright Corp.
 
14,143
4,878,769
GE Aerospace
 
317,025
54,458,555
General Dynamics Corp.
 
101,285
29,535,719
Hexcel Corp.
 
30,168
1,770,560
Howmet Aerospace, Inc.
 
141,100
14,070,492
Huntington Ingalls Industries, Inc.
 
14,642
2,708,184
L3Harris Technologies, Inc.
 
70,230
17,379,818
Loar Holdings, Inc. (b)
 
389
33,524
Lockheed Martin Corp.
 
53,856
29,408,069
Northrop Grumman Corp.
 
51,173
26,048,080
RTX Corp.
 
493,314
59,686,061
Spirit AeroSystems Holdings, Inc. Class A (a)
 
37,614
1,217,565
Textron, Inc.
 
69,295
5,572,704
The Boeing Co. (a)
 
213,307
31,848,868
TransDigm Group, Inc.
 
16,113
20,983,960
Woodward, Inc.
 
22,288
3,657,238
 
 
 
306,533,972
Air Freight & Logistics - 0.8%
 
 
 
C.H. Robinson Worldwide, Inc.
 
43,056
4,436,490
Expeditors International of Washington, Inc.
 
43,813
5,213,747
FedEx Corp.
 
83,971
22,995,458
GXO Logistics, Inc. (a)
 
43,521
2,602,991
United Parcel Service, Inc. Class B
 
270,434
36,254,382
 
 
 
71,503,068
Building Products - 1.2%
 
 
 
A.O. Smith Corp.
 
44,561
3,346,531
Advanced Drain Systems, Inc.
 
16,142
2,419,363
Allegion PLC
 
32,428
4,527,922
Armstrong World Industries, Inc.
 
10,679
1,490,254
Builders FirstSource, Inc. (a)
 
40,449
6,932,959
Carlisle Companies, Inc.
 
14,764
6,233,804
Carrier Global Corp.
 
311,160
22,627,555
Fortune Brands Innovations, Inc.
 
45,654
3,804,348
Hayward Holdings, Inc. (a)
 
52,854
859,406
Johnson Controls International PLC
 
247,550
18,702,403
Masco Corp.
 
81,598
6,520,496
Owens Corning
 
31,988
5,655,159
Simpson Manufacturing Co. Ltd.
 
14,236
2,559,490
The AZEK Co., Inc. Class A, (a)
 
15,861
697,884
Trane Technologies PLC
 
55,344
20,486,135
 
 
 
106,863,709
Commercial Services & Supplies - 0.4%
 
 
 
Cintas Corp.
 
6,541
1,346,203
Clean Harbors, Inc. (a)
 
18,879
4,365,958
Copart, Inc. (a)
 
21,998
1,132,237
MSA Safety, Inc.
 
13,721
2,277,000
RB Global, Inc.
 
67,892
5,753,168
Republic Services, Inc.
 
76,119
15,071,562
Stericycle, Inc. (a)
 
34,175
2,100,737
Tetra Tech, Inc.
 
77,558
3,791,035
Veralto Corp.
 
50,371
5,147,412
Vestis Corp.
 
48,742
658,992
 
 
 
41,644,304
Construction & Engineering - 0.4%
 
 
 
AECOM
 
50,325
5,374,710
API Group Corp. (a)
 
84,322
2,878,753
EMCOR Group, Inc.
 
10,429
4,652,064
MasTec, Inc. (a)
 
23,230
2,854,735
MDU Resources Group, Inc.
 
75,301
2,172,434
Quanta Services, Inc.
 
37,382
11,275,533
Valmont Industries, Inc.
 
7,379
2,299,887
Willscot Holdings Corp. (a)
 
48,341
1,602,021
 
 
 
33,110,137
Electrical Equipment - 1.6%
 
 
 
Acuity Brands, Inc.
 
11,416
3,432,677
AMETEK, Inc.
 
85,615
15,696,654
Eaton Corp. PLC
 
148,104
49,108,324
Emerson Electric Co.
 
211,959
22,948,801
GE Vernova LLC
 
101,065
30,487,268
Generac Holdings, Inc. (a)
 
11,133
1,843,068
Hubbell, Inc.
 
19,854
8,478,254
nVent Electric PLC
 
61,246
4,567,114
Regal Rexnord Corp.
 
24,612
4,098,882
Rockwell Automation, Inc.
 
38,592
10,292,872
Sensata Technologies PLC
 
55,402
1,902,505
 
 
 
152,856,419
Ground Transportation - 1.0%
 
 
 
Avis Budget Group, Inc. (b)
 
3,869
321,127
CSX Corp.
 
724,776
24,381,465
J.B. Hunt Transport Services, Inc.
 
30,399
5,490,667
Knight-Swift Transportation Holdings, Inc.
 
58,015
3,021,421
Landstar System, Inc.
 
13,187
2,317,879
Lyft, Inc. (a)
 
41,626
539,889
Norfolk Southern Corp.
 
83,821
20,991,293
Ryder System, Inc.
 
15,774
2,307,421
Saia, Inc. (a)
 
4,085
1,995,972
Schneider National, Inc. Class B
 
17,403
492,157
U-Haul Holding Co. (a)(b)
 
1,875
137,494
U-Haul Holding Co. Class N
 
20,797
1,419,603
Union Pacific Corp.
 
117,917
27,364,998
 
 
 
90,781,386
Industrial Conglomerates - 0.7%
 
 
 
3M Co.
 
166,863
21,436,890
Honeywell International, Inc.
 
204,284
42,017,133
 
 
 
63,454,023
Machinery - 3.5%
 
 
 
AGCO Corp.
 
23,074
2,303,708
Allison Transmission Holdings, Inc.
 
32,404
3,462,691
Caterpillar, Inc.
 
155,643
58,552,897
CNH Industrial NV Class A
 
323,677
3,634,893
Crane Co.
 
18,131
2,851,644
Cummins, Inc.
 
50,667
16,668,430
Deere & Co.
 
93,554
37,860,368
Donaldson Co., Inc.
 
44,518
3,256,937
Dover Corp.
 
50,849
9,627,241
ESAB Corp.
 
20,964
2,579,411
Flowserve Corp.
 
48,684
2,562,726
Fortive Corp.
 
130,487
9,320,686
Gates Industrial Corp. PLC (a)
 
75,979
1,470,194
Graco, Inc.
 
62,017
5,051,285
IDEX Corp.
 
28,088
6,028,808
Illinois Tool Works, Inc.
 
68,650
17,926,575
Ingersoll Rand, Inc.
 
149,664
14,367,744
ITT, Inc.
 
30,547
4,280,246
Lincoln Electric Holdings, Inc.
 
14,753
2,840,838
Middleby Corp. (a)
 
19,742
2,560,537
Nordson Corp.
 
21,038
5,215,110
Oshkosh Corp.
 
24,184
2,472,572
Otis Worldwide Corp.
 
149,821
14,712,422
PACCAR, Inc.
 
190,762
19,892,661
Parker Hannifin Corp.
 
47,452
30,087,890
Pentair PLC
 
61,216
6,067,730
RBC Bearings, Inc. (a)
 
10,537
2,954,048
Snap-On, Inc.
 
19,183
6,332,884
Stanley Black & Decker, Inc.
 
56,985
5,296,186
Timken Co.
 
23,957
1,988,431
Toro Co.
 
38,716
3,115,864
Westinghouse Air Brake Tech Co.
 
64,868
12,193,887
Xylem, Inc.
 
89,610
10,912,706
 
 
 
328,450,250
Marine Transportation - 0.0%
 
 
 
Kirby Corp. (a)
 
21,507
2,468,143
Passenger Airlines - 0.4%
 
 
 
Alaska Air Group, Inc. (a)
 
46,522
2,228,869
American Airlines Group, Inc. (a)(b)
 
225,215
3,017,881
Delta Air Lines, Inc.
 
238,880
13,668,714
Southwest Airlines Co. (b)
 
221,537
6,774,601
United Airlines Holdings, Inc. (a)
 
121,389
9,499,903
 
 
 
35,189,968
Professional Services - 0.9%
 
 
 
Amentum Holdings, Inc.
 
46,224
1,374,702
Automatic Data Processing, Inc.
 
10,980
3,175,855
Broadridge Financial Solutions, Inc.
 
3,777
796,418
CACI International, Inc. (a)
 
8,184
4,522,151
Clarivate PLC (a)(b)
 
151,336
998,818
Concentrix Corp.
 
17,431
740,992
Dayforce, Inc. (a)(b)
 
49,926
3,542,250
Dun & Bradstreet Holdings, Inc.
 
112,125
1,333,166
Equifax, Inc.
 
36,398
9,646,198
FTI Consulting, Inc. (a)
 
13,038
2,543,453
Genpact Ltd.
 
65,126
2,485,859
Jacobs Solutions, Inc.
 
46,225
6,498,311
KBR, Inc.
 
45,100
3,022,151
Leidos Holdings, Inc.
 
49,989
9,155,985
ManpowerGroup, Inc.
 
17,473
1,098,178
Parsons Corp. (a)
 
16,961
1,834,502
Paychex, Inc.
 
76,450
10,651,779
Paycom Software, Inc.
 
6,986
1,460,284
Paycor HCM, Inc. (a)
 
24,297
366,642
Robert Half, Inc.
 
37,508
2,554,670
Science Applications International Corp.
 
18,944
2,733,430
SS&C Technologies Holdings, Inc.
 
79,685
5,572,372
TransUnion
 
67,851
6,873,306
 
 
 
82,981,472
Trading Companies & Distributors - 0.5%
 
 
 
Air Lease Corp. Class A
 
38,665
1,714,793
Core & Main, Inc. Class A (a)
 
24,398
1,080,343
Fastenal Co.
 
33,328
2,605,583
Ferguson Enterprises, Inc.
 
69,996
13,771,013
MSC Industrial Direct Co., Inc. Class A
 
17,012
1,345,139
SiteOne Landscape Supply, Inc. (a)
 
10,432
1,457,768
United Rentals, Inc.
 
18,677
15,180,666
W.W. Grainger, Inc.
 
2,114
2,344,912
Watsco, Inc.
 
12,822
6,064,934
WESCO International, Inc.
 
16,169
3,103,963
 
 
 
48,669,114
TOTAL INDUSTRIALS
 
 
1,364,505,965
INFORMATION TECHNOLOGY - 9.0%
 
 
 
Communications Equipment - 1.2%
 
 
 
Ciena Corp. (a)
 
53,365
3,389,211
Cisco Systems, Inc.
 
1,504,289
82,389,909
F5, Inc. (a)
 
21,657
5,065,139
Juniper Networks, Inc.
 
120,759
4,697,525
Lumentum Holdings, Inc. (a)
 
24,742
1,580,272
Motorola Solutions, Inc.
 
32,029
14,392,231
Ubiquiti, Inc.
 
853
226,634
 
 
 
111,740,921
Electronic Equipment, Instruments & Components - 0.9%
 
 
 
Amphenol Corp. Class A
 
182,709
12,245,157
Arrow Electronics, Inc. (a)
 
19,685
2,336,019
Avnet, Inc.
 
33,286
1,804,434
CDW Corp.
 
24,760
4,660,575
Cognex Corp.
 
60,286
2,425,306
Coherent Corp. (a)
 
49,013
4,530,762
Corning, Inc.
 
284,237
13,526,839
Crane NXT Co.
 
18,170
986,086
IPG Photonics Corp. (a)
 
10,233
828,464
Jabil, Inc.
 
37,609
4,629,292
Keysight Technologies, Inc. (a)
 
64,617
9,628,579
Littelfuse, Inc.
 
9,048
2,213,412
TD SYNNEX Corp.
 
27,943
3,223,225
Teledyne Technologies, Inc. (a)
 
17,166
7,816,023
Trimble, Inc. (a)
 
90,300
5,463,150
Vontier Corp.
 
57,254
2,122,978
Zebra Technologies Corp. Class A (a)
 
14,906
5,693,645
 
 
 
84,133,946
IT Services - 2.1%
 
 
 
Accenture PLC Class A
 
232,790
80,270,648
Akamai Technologies, Inc. (a)
 
55,823
5,642,589
Amdocs Ltd.
 
42,466
3,726,179
Cognizant Technology Solutions Corp. Class A
 
184,583
13,768,046
DXC Technology Co. (a)
 
66,307
1,316,857
EPAM Systems, Inc. (a)
 
19,301
3,641,134
Globant SA (a)
 
3,867
811,645
IBM Corp.
 
340,348
70,356,739
Kyndryl Holdings, Inc. (a)
 
84,290
1,929,398
Okta, Inc. Class A (a)
 
32,722
2,352,385
Twilio, Inc. Class A (a)
 
50,767
4,094,359
VeriSign, Inc. (a)
 
29,311
5,183,357
 
 
 
193,093,336
Semiconductors & Semiconductor Equipment - 3.2%
 
 
 
Advanced Micro Devices, Inc. (a)
 
203,059
29,254,710
Allegro MicroSystems LLC (a)
 
45,539
949,033
Amkor Technology, Inc.
 
41,798
1,063,759
Analog Devices, Inc.
 
183,821
41,012,303
Applied Materials, Inc.
 
25,001
4,539,682
Astera Labs, Inc. (a)
 
7,759
544,371
Cirrus Logic, Inc. (a)
 
19,933
2,189,042
First Solar, Inc. (a)
 
39,536
7,688,961
GlobalFoundries, Inc. (a)
 
36,455
1,330,608
Intel Corp.
 
1,580,949
34,022,022
Lattice Semiconductor Corp. (a)
 
6,766
342,766
MACOM Technology Solutions Holdings, Inc. (a)
 
20,682
2,324,657
Marvell Technology, Inc.
 
292,412
23,425,125
Microchip Technology, Inc.
 
196,648
14,428,064
Micron Technology, Inc.
 
408,957
40,752,565
MKS Instruments, Inc.
 
23,324
2,316,773
ON Semiconductor Corp. (a)
 
159,202
11,222,149
Onto Innovation, Inc. (a)
 
13,491
2,675,670
Qorvo, Inc. (a)
 
35,092
2,500,656
Qualcomm, Inc.
 
25,687
4,181,073
Skyworks Solutions, Inc.
 
59,557
5,216,002
Teradyne, Inc.
 
5,154
547,406
Texas Instruments, Inc.
 
296,826
60,303,170
Universal Display Corp.
 
8,578
1,546,785
Wolfspeed, Inc. (a)(b)
 
46,147
614,217
 
 
 
294,991,569
Software - 1.1%
 
 
 
ANSYS, Inc. (a)
 
32,352
10,365,904
Aspen Technology, Inc. (a)
 
9,971
2,340,493
Bill Holdings, Inc. (a)
 
28,516
1,664,194
CCC Intelligent Solutions Holdings, Inc. Class A (a)
 
167,635
1,745,080
Dolby Laboratories, Inc. Class A
 
21,670
1,579,743
DoubleVerify Holdings, Inc. (a)
 
23,424
399,379
Dropbox, Inc. Class A (a)
 
62,081
1,604,794
Fair Isaac Corp. (a)
 
1,355
2,700,664
Fortinet, Inc. (a)
 
43,069
3,387,808
Gen Digital, Inc.
 
201,570
5,867,703
Guidewire Software, Inc. (a)
 
16,539
3,080,554
HashiCorp, Inc. Class A (a)
 
11,402
386,072
Informatica, Inc. Class A (a)(b)
 
23,984
654,763
MicroStrategy, Inc. Class A (a)(b)
 
54,412
13,303,734
nCino, Inc. (a)
 
11,656
434,769
Nutanix, Inc. Class A (a)
 
64,470
4,003,587
PTC, Inc. (a)
 
17,251
3,197,128
Roper Technologies, Inc.
 
39,605
21,296,797
Salesforce, Inc.
 
52,877
15,406,771
SentinelOne, Inc. Class A (a)
 
85,490
2,204,787
Tyler Technologies, Inc. (a)
 
2,358
1,427,981
UiPath, Inc. Class A (a)
 
23,211
286,888
Unity Software, Inc. (a)(b)
 
61,314
1,231,185
Zoom Video Communications, Inc. Class A (a)
 
97,777
7,307,853
 
 
 
105,878,631
Technology Hardware, Storage & Peripherals - 0.5%
 
 
 
Dell Technologies, Inc. Class C
 
84,882
10,493,962
Hewlett Packard Enterprise Co.
 
481,164
9,377,886
HP, Inc.
 
274,925
9,765,336
NetApp, Inc.
 
42,174
4,863,084
Pure Storage, Inc. Class A (a)
 
14,568
729,128
Western Digital Corp. (a)
 
120,989
7,901,792
 
 
 
43,131,188
TOTAL INFORMATION TECHNOLOGY
 
 
832,969,591
MATERIALS - 4.5%
 
 
 
Chemicals - 2.4%
 
 
 
Air Products & Chemicals, Inc.
 
82,331
25,566,245
Albemarle Corp. (b)
 
43,496
4,120,376
Ashland, Inc.
 
18,515
1,565,814
Axalta Coating Systems Ltd. (a)
 
81,659
3,096,509
Celanese Corp.
 
30,134
3,795,980
CF Industries Holdings, Inc.
 
67,586
5,557,597
Corteva, Inc.
 
259,413
15,803,440
Dow, Inc.
 
261,007
12,888,526
DuPont de Nemours, Inc.
 
155,088
12,870,753
Eastman Chemical Co.
 
43,360
4,556,702
Ecolab, Inc.
 
12,223
3,003,558
Element Solutions, Inc.
 
82,972
2,248,541
FMC Corp.
 
46,166
3,000,328
Huntsman Corp.
 
60,581
1,332,782
International Flavors & Fragrances, Inc.
 
94,821
9,428,052
Linde PLC
 
178,254
81,310,562
LyondellBasell Industries NV Class A
 
96,533
8,383,891
NewMarket Corp.
 
2,494
1,309,275
Olin Corp.
 
43,482
1,784,066
PPG Industries, Inc.
 
86,665
10,790,659
RPM International, Inc.
 
36,479
4,636,846
Sherwin-Williams Co.
 
7,742
2,777,597
The Chemours Co. LLC
 
51,182
929,465
The Mosaic Co.
 
118,619
3,174,244
The Scotts Miracle-Gro Co.
 
15,746
1,369,587
Westlake Corp.
 
12,431
1,640,146
 
 
 
226,941,541
Construction Materials - 0.5%
 
 
 
CRH PLC
 
254,820
24,317,473
Eagle Materials, Inc.
 
2,997
855,524
Martin Marietta Materials, Inc.
 
21,460
12,711,616
Vulcan Materials Co.
 
36,412
9,974,339
 
 
 
47,858,952
Containers & Packaging - 0.7%
 
 
 
Amcor PLC
 
533,309
5,935,729
Aptargroup, Inc.
 
24,474
4,109,429
Avery Dennison Corp.
 
18,508
3,831,711
Ball Corp.
 
113,828
6,744,309
Berry Global Group, Inc.
 
42,462
2,991,448
Crown Holdings, Inc.
 
43,350
4,055,393
Graphic Packaging Holding Co.
 
110,111
3,111,737
International Paper Co.
 
128,453
7,134,280
Packaging Corp. of America
 
32,871
7,525,487
Sealed Air Corp.
 
51,023
1,846,012
Silgan Holdings, Inc.
 
30,727
1,589,815
Smurfit Westrock PLC
 
191,685
9,871,778
Sonoco Products Co.
 
36,308
1,906,896
 
 
 
60,654,024
Metals & Mining - 0.9%
 
 
 
Alcoa Corp.
 
92,899
3,724,321
ATI, Inc. (a)
 
45,747
2,411,324
Cleveland-Cliffs, Inc. (a)(b)
 
114,964
1,492,233
Freeport-McMoRan, Inc.
 
530,860
23,899,317
MP Materials Corp. (a)(b)
 
48,558
873,558
Newmont Corp.
 
428,154
19,455,318
Nucor Corp.
 
88,893
12,608,583
Reliance, Inc.
 
21,173
6,062,677
Royal Gold, Inc.
 
24,348
3,556,269
Steel Dynamics, Inc.
 
55,109
7,191,725
United States Steel Corp.
 
82,609
3,209,360
 
 
 
84,484,685
Paper & Forest Products - 0.0%
 
 
 
Louisiana-Pacific Corp.
 
7,213
713,366
TOTAL MATERIALS
 
 
420,652,568
REAL ESTATE - 4.8%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 4.4%
 
 
 
Agree Realty Corp.
 
36,718
2,726,312
Alexandria Real Estate Equities, Inc.
 
64,230
7,164,857
American Homes 4 Rent Class A
 
125,182
4,411,414
Americold Realty Trust
 
105,351
2,705,414
AvalonBay Communities, Inc.
 
52,603
11,657,351
Brixmor Property Group, Inc.
 
111,094
2,993,983
BXP, Inc.
 
58,227
4,690,767
Camden Property Trust (SBI)
 
38,364
4,442,168
Cousins Properties, Inc.
 
56,159
1,720,150
Crown Castle, Inc.
 
161,225
17,330,075
CubeSmart
 
82,955
3,968,567
Digital Realty Trust, Inc.
 
119,766
21,345,894
EastGroup Properties, Inc.
 
17,926
3,070,365
EPR Properties
 
27,700
1,256,749
Equinix, Inc.
 
33,269
30,210,914
Equity Lifestyle Properties, Inc.
 
68,322
4,790,739
Equity Residential (SBI)
 
140,066
9,856,444
Essex Property Trust, Inc.
 
23,671
6,719,250
Extra Space Storage, Inc.
 
77,557
12,665,058
Federal Realty Investment Trust (SBI)
 
30,556
3,386,827
First Industrial Realty Trust, Inc.
 
48,961
2,569,963
Gaming & Leisure Properties
 
96,573
4,846,999
Healthcare Realty Trust, Inc.
 
140,957
2,421,641
Healthpeak Properties, Inc.
 
259,042
5,815,493
Highwoods Properties, Inc. (SBI)
 
38,663
1,296,757
Host Hotels & Resorts, Inc.
 
258,424
4,455,230
Invitation Homes, Inc.
 
226,921
7,127,589
Iron Mountain, Inc.
 
46,317
5,730,802
Kilroy Realty Corp.
 
43,329
1,742,692
Kimco Realty Corp.
 
244,252
5,793,657
Lamar Advertising Co. Class A
 
24,149
3,187,668
Lineage, Inc. (b)
 
22,845
1,691,444
Medical Properties Trust, Inc. (b)
 
220,069
1,018,919
Mid-America Apartment Communities, Inc.
 
43,058
6,516,398
National Storage Affiliates Trust
 
25,479
1,073,940
NNN (REIT), Inc.
 
67,198
2,919,081
Omega Healthcare Investors, Inc.
 
91,476
3,884,986
Park Hotels & Resorts, Inc.
 
76,992
1,069,419
Prologis, Inc.
 
342,795
38,715,267
Public Storage Operating Co.
 
49,735
16,365,799
Rayonier, Inc.
 
54,769
1,710,436
Realty Income Corp.
 
323,233
19,190,343
Regency Centers Corp.
 
68,154
4,868,922
Rexford Industrial Realty, Inc.
 
79,950
3,429,056
SBA Communications Corp. Class A
 
39,792
9,131,070
Simon Property Group, Inc.
 
89,266
15,096,666
STAG Industrial, Inc.
 
67,088
2,501,041
Sun Communities, Inc.
 
45,732
6,067,722
UDR, Inc.
 
121,719
5,135,325
Ventas, Inc.
 
149,542
9,793,506
VICI Properties, Inc.
 
386,599
12,278,384
Vornado Realty Trust
 
64,975
2,690,615
Welltower, Inc.
 
223,634
30,163,754
Weyerhaeuser Co.
 
270,310
8,422,860
WP Carey, Inc.
 
80,341
4,476,601
 
 
 
410,313,343
Real Estate Management & Development - 0.4%
 
 
 
CBRE Group, Inc. (a)
 
113,429
14,855,796
CoStar Group, Inc. (a)
 
150,510
10,955,623
Howard Hughes Holdings, Inc. (a)
 
11,476
872,635
Jones Lang LaSalle, Inc. (a)
 
12,087
3,275,094
Seaport Entertainment Group, Inc. (b)
 
3,013
81,803
Zillow Group, Inc.:
 
 
 
 Class A (a)
 
17,431
1,011,870
 Class C (a)
 
58,805
3,533,592
 
 
 
34,586,413
TOTAL REAL ESTATE
 
 
444,899,756
UTILITIES - 4.8%
 
 
 
Electric Utilities - 3.2%
 
 
 
Alliant Energy Corp.
 
95,009
5,700,540
American Electric Power Co., Inc.
 
195,597
19,315,204
Avangrid, Inc.
 
26,299
939,137
Constellation Energy Corp.
 
98,232
25,831,087
Duke Energy Corp.
 
286,230
32,993,732
Edison International
 
141,073
11,624,415
Entergy Corp.
 
79,053
12,235,823
Evergy, Inc.
 
82,573
4,990,712
Eversource Energy
 
130,238
8,576,172
Exelon Corp.
 
371,067
14,582,933
FirstEnergy Corp.
 
213,499
8,930,663
IDACORP, Inc.
 
18,746
1,939,836
NextEra Energy, Inc.
 
762,847
60,455,625
NRG Energy, Inc.
 
45,495
4,112,748
OGE Energy Corp.
 
74,113
2,963,779
PG&E Corp.
 
792,776
16,029,931
Pinnacle West Capital Corp.
 
42,095
3,696,362
PPL Corp.
 
273,866
8,917,077
Southern Co.
 
406,242
36,980,209
Xcel Energy, Inc.
 
206,261
13,780,297
 
 
 
294,596,282
Gas Utilities - 0.1%
 
 
 
Atmos Energy Corp.
 
55,779
7,741,010
National Fuel Gas Co.
 
33,774
2,044,340
UGI Corp.
 
77,795
1,860,078
 
 
 
11,645,428
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
Brookfield Renewable Corp. (b)
 
50,099
1,532,027
Clearway Energy, Inc.:
 
 
 
 Class A
 
12,249
326,313
 Class C
 
30,917
877,424
The AES Corp.
 
262,946
4,335,980
 
 
 
7,071,744
Multi-Utilities - 1.3%
 
 
 
Ameren Corp.
 
98,664
8,594,621
CenterPoint Energy, Inc.
 
234,900
6,936,597
CMS Energy Corp.
 
110,361
7,682,229
Consolidated Edison, Inc.
 
128,434
13,059,169
Dominion Energy, Inc.
 
310,811
18,502,579
DTE Energy Co.
 
76,662
9,522,954
NiSource, Inc.
 
166,297
5,847,003
Public Service Enterprise Group, Inc.
 
184,931
16,534,681
Sempra
 
234,960
19,588,615
WEC Energy Group, Inc.
 
117,288
11,204,523
 
 
 
117,472,971
Water Utilities - 0.1%
 
 
 
American Water Works Co., Inc.
 
72,327
9,989,082
Essential Utilities, Inc.
 
93,360
3,603,696
 
 
 
13,592,778
TOTAL UTILITIES
 
 
444,379,203
 
TOTAL COMMON STOCKS
 (Cost $7,333,118,182)
 
 
 
9,254,424,286
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (d)
 (Cost $1,396,099)
 
1,400,000
1,396,413
 
 
 
 
Money Market Funds - 0.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.87% (e)
 
21,638,371
21,642,699
Fidelity Securities Lending Cash Central Fund 4.87% (e)(f)
 
64,372,828
64,379,265
 
TOTAL MONEY MARKET FUNDS
 (Cost $86,021,964)
 
 
86,021,964
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.6%
 (Cost $7,420,536,245)
 
 
 
9,341,842,663
NET OTHER ASSETS (LIABILITIES) - (0.6)%  
(56,018,366)
NET ASSETS - 100.0%
9,285,824,297
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
51
Dec 2024
14,633,175
(177,599)
(177,599)
CME E-mini S&P MidCap 400 Index Contracts (United States)
51
Dec 2024
15,879,360
(68,412)
(68,412)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(246,011)
The notional amount of futures purchased as a percentage of Net Assets is 0.4%

 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,396,413.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.87%
70,417,559
377,681,857
426,457,086
485,159
369
-
21,642,699
0.0%
Fidelity Securities Lending Cash Central Fund 4.87%
43,309,594
154,236,684
133,167,013
319,335
-
-
64,379,265
0.3%
Total
113,727,153
531,918,541
559,624,099
804,494
369
-
86,021,964
 
 
 
 
 
 
 
 
 
 
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.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
398,630,593
398,630,593
-
-
Consumer Discretionary
566,744,569
566,744,569
-
-
Consumer Staples
727,266,430
727,266,430
-
-
Energy
632,619,292
632,619,292
-
-
Financials
2,034,834,978
2,034,834,978
-
-
Health Care
1,386,921,341
1,386,921,341
-
-
Industrials
1,364,505,965
1,364,505,965
-
-
Information Technology
832,969,591
832,969,591
-
-
Materials
420,652,568
420,652,568
-
-
Real Estate
444,899,756
444,899,756
-
-
Utilities
444,379,203
444,379,203
-
-
 U.S. Government and Government Agency Obligations
1,396,413
-
1,396,413
-
  Money Market Funds
86,021,964
86,021,964
-
-
 Total Investments in Securities:
9,341,842,663
9,340,446,250
1,396,413
-
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(246,011)
(246,011)
-
-
  Total Liabilities
(246,011)
(246,011)
-
-
 Total Derivative Instruments:
(246,011)
(246,011)
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
0
(246,011)
Total Equity Risk
0
(246,011)
Total Value of Derivatives
0
(246,011)
 
(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).
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of October 31, 2024 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $61,917,585) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $7,334,514,281)
$
9,255,820,699
 
 
Fidelity Central Funds (cost $86,021,964)
86,021,964
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $7,420,536,245)
 
 
$
9,341,842,663
Segregated cash with brokers for derivative instruments
 
 
263,275
Receivable for fund shares sold
 
 
8,142,550
Dividends receivable
 
 
7,993,418
Distributions receivable from Fidelity Central Funds
 
 
57,172
Other receivables
 
 
540,204
  Total assets
 
 
9,358,839,282
Liabilities
 
 
 
 
Payable for investments purchased
$
1,741,613
 
 
Payable for fund shares redeemed
6,136,275
 
 
Accrued management fee
268,334
 
 
Payable for daily variation margin on futures contracts
490,680
 
 
Collateral on securities loaned
64,378,083
 
 
  Total liabilities
 
 
 
73,014,985
Net Assets  
 
 
$
9,285,824,297
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
7,313,048,409
Total accumulated earnings (loss)
 
 
 
1,972,775,888
Net Assets
 
 
$
9,285,824,297
Net Asset Value, offering price and redemption price per share ($9,285,824,297 ÷ 499,243,461 shares)
 
 
$
18.60
Statement of Operations
Six months ended October 31, 2024 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
89,245,640
Interest  
 
 
42,644
Income from Fidelity Central Funds (including $319,335 from security lending)
 
 
804,494
 Total income
 
 
 
90,092,778
Expenses
 
 
 
 
Management fee
$
1,462,642
 
 
Independent trustees' fees and expenses
8,781
 
 
 Total expenses before reductions
 
1,471,423
 
 
 Expense reductions
 
(2,129)
 
 
 Total expenses after reductions
 
 
 
1,469,294
Net Investment income (loss)
 
 
 
88,623,484
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
57,484,849
 
 
   Redemptions in-kind
 
7,241,395
 
 
   Fidelity Central Funds
 
369
 
 
 Foreign currency transactions
 
2,263
 
 
 Futures contracts
 
2,905,285
 
 
Total net realized gain (loss)
 
 
 
67,634,161
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
673,482,407
 
 
 Futures contracts
 
(433,343)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
673,049,064
Net gain (loss)
 
 
 
740,683,225
Net increase (decrease) in net assets resulting from operations
 
 
$
829,306,709
Statement of Changes in Net Assets
 
 
Six months ended
October 31, 2024
(Unaudited)
 
Year ended
April 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
88,623,484
$
152,911,436
Net realized gain (loss)
 
67,634,161
 
96,605,974
Change in net unrealized appreciation (depreciation)
 
673,049,064
 
604,003,788
Net increase (decrease) in net assets resulting from operations
 
829,306,709
 
853,521,198
Distributions to shareholders
 
(23,572,145)
 
(131,573,825)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,915,600,995
 
3,471,142,691
  Reinvestment of distributions
 
19,338,863
 
111,440,014
Cost of shares redeemed
 
(1,135,193,602)
 
(2,610,421,200)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
799,746,256
 
972,161,505
Total increase (decrease) in net assets
 
1,605,480,820
 
1,694,108,878
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
7,680,343,477
 
5,986,234,599
End of period
$
9,285,824,297
$
7,680,343,477
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
105,981,841
 
218,880,611
  Issued in reinvestment of distributions
 
1,125,007
 
7,090,273
Redeemed
 
(63,220,248)
 
(165,204,513)
Net increase (decrease)
 
43,886,600
 
60,766,371
 
 
 
 
 
Financial Highlights
 
Fidelity® Large Cap Value Index Fund
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.87
$
15.17
$
15.30
$
15.35
$
10.77
$
12.58
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.19
 
.36
 
.34
 
.30
 
.28
 
.33
     Net realized and unrealized gain (loss)
 
1.59
 
1.66
 
(.17)
 
(.10)
 
4.60
 
(1.64)
  Total from investment operations
 
1.78  
 
2.02  
 
.17  
 
.20  
 
4.88
 
(1.31)
  Distributions from net investment income
 
(.05)
 
(.32)
 
(.30)
 
(.25)
 
(.30)
 
(.28)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.22)
     Total distributions
 
(.05)
 
(.32)
 
(.30)
 
(.25)
 
(.30)
 
(.50)
  Net asset value, end of period
$
18.60
$
16.87
$
15.17
$
15.30
$
15.35
$
10.77
 Total Return C,D
 
10.58
%
 
13.49%
 
1.18%
 
1.27%
 
45.93%
 
(11.04)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.03% G,H
 
.04%
 
.04%
 
.04%
 
.04%
 
.04%
    Expenses net of fee waivers, if any
 
.03
% G,H
 
.04%
 
.04%
 
.04%
 
.04%
 
.04%
    Expenses net of all reductions
 
.03% G,H
 
.03%
 
.03%
 
.04%
 
.04%
 
.04%
    Net investment income (loss)
 
2.10% G
 
2.30%
 
2.28%
 
1.90%
 
2.24%
 
2.65%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
9,285,824
$
7,680,343
$
5,986,235
$
5,307,593
$
3,689,832
$
2,298,504
    Portfolio turnover rate I
 
27
% G,J
 
27% J
 
16%
 
16%
 
31%
 
27%
 
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HThe size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended October 31, 2024
 
1. Organization.
Fidelity Large Cap Value Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the 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, the 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 the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing 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 circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$2,220,099,790
Gross unrealized depreciation
(378,335,513)
Net unrealized appreciation (depreciation)
$1,841,764,277
Tax cost
$7,499,832,375
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Long-term
(22,865,754)
Total capital loss carryforward
$(22,865,754)
 
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The 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.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
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, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Large Cap Value Index Fund
2,015,074,394
1,127,362,500
 
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.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Large Cap Value Index Fund
813,008
7,241,395
15,113,821
 
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.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Large Cap Value Index Fund
14,708,782
105,591,637
229,471,197
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .035% of the Fund's average net assets. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.
 
Under the expense contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, as necessary so that the total expenses do not exceed .035% of average net assets. This expense contract will remain in place through June 30, 2025.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding is presented in the table below. Interest expense on borrowings is paid by the investment adviser under the Expense Contract.
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Fidelity Large Cap Value Index Fund
 Borrower
 13,920,000
5.58%
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Large Cap Value Index Fund
34,407
 1,346
-
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,129.
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.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Large Cap Value Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for 2023 and below the competitive median of the asset size peer group for 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for 2023 and below the competitive median of the total expense asset size peer group for 2023.
Other Contractual Arrangements. The Board considered that current contractual arrangements for the fund oblige FMR to pay all expenses of the fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.035%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.
Fees Charged to Other Clients. The Board also considered fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2025.
 
1.9879610.108
LC2-I-SANN-1224
Fidelity® Series Large Cap Growth Index Fund
 
 
Semi-Annual Report
October 31, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Series Large Cap Growth Index Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
A fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of a fund or the underlying data.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Series Large Cap Growth Index Fund
Schedule of Investments October 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.9%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 13.1%
 
 
 
Diversified Telecommunication Services - 0.0%
 
 
 
Iridium Communications, Inc.
 
531
15,574
Entertainment - 1.6%
 
 
 
Liberty Media Corp. Liberty Formula One:
 
 
 
 Class A (a)
 
756
56,125
 Class C (a)
 
3,646
291,097
Live Nation Entertainment, Inc. (a)
 
8,553
1,001,898
Madison Square Garden Sports Corp. (a)
 
71
15,812
Netflix, Inc. (a)
 
23,165
17,513,435
Roblox Corp. Class A (a)
 
27,694
1,432,334
Roku, Inc. Class A (a)
 
972
62,286
Spotify Technology SA (a)
 
7,956
3,063,856
TKO Group Holdings, Inc. (a)
 
551
64,340
 
 
 
23,501,183
Interactive Media & Services - 11.3%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A
 
318,463
54,492,204
 Class C
 
266,401
46,004,789
Meta Platforms, Inc. Class A
 
118,621
67,326,907
Pinterest, Inc. Class A (a)
 
32,577
1,035,623
TripAdvisor, Inc. Class A (a)
 
279
4,475
Trump Media & Technology Group (a)(b)
 
2,018
71,316
 
 
 
168,935,314
Media - 0.2%
 
 
 
Liberty Broadband Corp.:
 
 
 
 Class A (a)
 
192
15,404
 Class C (a)
 
1,490
120,422
Nexstar Media Group, Inc.
 
669
117,690
The Trade Desk, Inc. Class A (a)
 
23,932
2,876,866
 
 
 
3,130,382
TOTAL COMMUNICATION SERVICES
 
 
195,582,453
CONSUMER DISCRETIONARY - 14.1%
 
 
 
Automobiles - 2.5%
 
 
 
Tesla, Inc. (a)
 
150,470
37,594,930
Broadline Retail - 6.4%
 
 
 
Amazon.com, Inc. (a)
 
502,932
93,746,525
Coupang, Inc. Class A (a)
 
62,706
1,617,188
Etsy, Inc. (a)
 
4,045
208,075
 
 
 
95,571,788
Distributors - 0.1%
 
 
 
Pool Corp.
 
2,026
732,683
Diversified Consumer Services - 0.1%
 
 
 
Bright Horizons Family Solutions, Inc. (a)
 
487
65,000
Duolingo, Inc. Class A (a)
 
1,974
578,323
Grand Canyon Education, Inc. (a)
 
538
73,765
H&R Block, Inc.
 
1,483
88,580
 
 
 
805,668
Hotels, Restaurants & Leisure - 2.3%
 
 
 
Airbnb, Inc. Class A (a)
 
23,667
3,190,075
Booking Holdings, Inc.
 
1,732
8,099,265
Cava Group, Inc. (a)
 
4,055
541,586
Chipotle Mexican Grill, Inc. (a)
 
73,959
4,124,693
Choice Hotels International, Inc. (b)
 
1,271
177,317
Churchill Downs, Inc.
 
3,745
524,675
Darden Restaurants, Inc.
 
3,379
540,708
Domino's Pizza, Inc.
 
650
268,925
Doordash, Inc. (a)
 
16,396
2,569,253
Draftkings Holdings, Inc. Class A (a)
 
24,553
867,212
Dutch Bros, Inc. Class A (a)
 
2,471
81,840
Expedia Group, Inc. Class A (a)
 
6,851
1,070,880
Hilton Worldwide Holdings, Inc.
 
6,829
1,603,791
Hyatt Hotels Corp. Class A
 
370
53,817
Las Vegas Sands Corp.
 
19,160
993,446
Light & Wonder, Inc. Class A (a)
 
4,940
463,273
McDonald's Corp.
 
2,494
728,522
Norwegian Cruise Line Holdings Ltd. (a)
 
23,010
583,073
Planet Fitness, Inc. (a)
 
2,526
198,342
Royal Caribbean Cruises Ltd.
 
4,458
919,908
Starbucks Corp.
 
47,607
4,651,204
Texas Roadhouse, Inc.
 
3,596
687,268
Vail Resorts, Inc.
 
1,708
282,999
Wendy's Co.
 
4,426
84,581
Wingstop, Inc.
 
1,606
462,030
Wyndham Hotels & Resorts, Inc.
 
328
28,969
Wynn Resorts Ltd.
 
466
44,745
Yum! Brands, Inc.
 
5,853
767,679
 
 
 
34,610,076
Household Durables - 0.1%
 
 
 
SharkNinja, Inc.
 
678
62,518
Tempur Sealy International, Inc.
 
9,173
439,478
TopBuild Corp. (a)
 
147
51,947
 
 
 
553,943
Leisure Products - 0.0%
 
 
 
Hasbro, Inc.
 
6,643
435,980
YETI Holdings, Inc. (a)
 
1,464
51,547
 
 
 
487,527
Specialty Retail - 2.2%
 
 
 
AutoZone, Inc. (a)
 
843
2,536,587
Burlington Stores, Inc. (a)
 
3,442
852,824
CarMax, Inc. (a)
 
545
39,447
Carvana Co. Class A (a)
 
2,033
502,781
Dick's Sporting Goods, Inc.
 
256
50,112
Five Below, Inc. (a)
 
2,314
219,344
Floor & Decor Holdings, Inc. Class A (a)
 
2,035
209,707
Murphy U.S.A., Inc.
 
1,014
495,288
O'Reilly Automotive, Inc. (a)
 
2,887
3,329,115
RH (a)
 
170
54,069
Ross Stores, Inc.
 
4,086
570,896
The Home Depot, Inc.
 
42,848
16,871,400
TJX Companies, Inc.
 
36,257
4,098,129
Tractor Supply Co.
 
5,844
1,551,640
Ulta Beauty, Inc. (a)
 
2,247
829,098
Valvoline, Inc. (a)
 
6,910
278,335
Williams-Sonoma, Inc.
 
4,047
542,824
 
 
 
33,031,596
Textiles, Apparel & Luxury Goods - 0.4%
 
 
 
Crocs, Inc. (a)
 
587
63,290
Deckers Outdoor Corp. (a)
 
8,213
1,321,390
lululemon athletica, Inc. (a)
 
6,535
1,946,777
NIKE, Inc. Class B
 
40,246
3,104,174
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)
 
564
34,663
 
 
 
6,470,294
TOTAL CONSUMER DISCRETIONARY
 
 
209,858,505
CONSUMER STAPLES - 3.5%
 
 
 
Beverages - 1.3%
 
 
 
Boston Beer Co., Inc. Class A (a)
 
89
25,905
Celsius Holdings, Inc. (a)(b)
 
9,429
283,624
Monster Beverage Corp. (a)
 
31,069
1,636,715
PepsiCo, Inc.
 
58,795
9,764,674
The Coca-Cola Co.
 
120,397
7,863,128
 
 
 
19,574,046
Consumer Staples Distribution & Retail - 1.5%
 
 
 
Casey's General Stores, Inc.
 
347
136,725
Costco Wholesale Corp.
 
23,999
20,979,446
Performance Food Group Co. (a)
 
1,229
99,856
Sysco Corp.
 
16,756
1,255,862
 
 
 
22,471,889
Food Products - 0.0%
 
 
 
Freshpet, Inc. (a)
 
828
109,743
Lamb Weston Holdings, Inc.
 
2,471
191,972
Pilgrim's Pride Corp. (a)
 
186
9,010
The Hershey Co.
 
1,080
191,786
 
 
 
502,511
Household Products - 0.6%
 
 
 
Colgate-Palmolive Co.
 
24,164
2,264,408
Kimberly-Clark Corp.
 
7,482
1,003,935
Procter & Gamble Co.
 
28,485
4,705,152
The Clorox Co.
 
6,726
1,066,407
 
 
 
9,039,902
Personal Care Products - 0.1%
 
 
 
elf Beauty, Inc. (a)
 
2,878
302,910
Estee Lauder Companies, Inc. Class A
 
4,560
314,366
 
 
 
617,276
TOTAL CONSUMER STAPLES
 
 
52,205,624
ENERGY - 0.4%
 
 
 
Energy Equipment & Services - 0.0%
 
 
 
Weatherford International PLC
 
3,843
303,597
Oil, Gas & Consumable Fuels - 0.4%
 
 
 
Antero Midstream GP LP
 
7,236
103,981
Cheniere Energy, Inc.
 
6,344
1,214,115
Civitas Resources, Inc.
 
1,578
76,991
EQT Corp.
 
2,029
74,140
Hess Corp.
 
9,785
1,315,887
Matador Resources Co.
 
430
22,407
New Fortress Energy, Inc. Class A (b)
 
1,658
13,944
Permian Resource Corp. Class A
 
7,820
106,587
Targa Resources Corp.
 
11,892
1,985,488
Texas Pacific Land Corp. (b)
 
1,017
1,185,822
Viper Energy, Inc. Class A (b)
 
1,507
78,213
 
 
 
6,177,575
TOTAL ENERGY
 
 
6,481,172
FINANCIALS - 6.6%
 
 
 
Banks - 0.2%
 
 
 
Nu Holdings Ltd. Class A (a)
 
172,335
2,600,535
Popular, Inc.
 
356
31,766
 
 
 
2,632,301
Capital Markets - 1.7%
 
 
 
Ameriprise Financial, Inc.
 
4,951
2,526,495
Ares Management Corp. Class A,
 
9,924
1,664,056
Blackstone, Inc.
 
38,213
6,410,231
Blue Owl Capital, Inc. Class A
 
27,208
608,371
Charles Schwab Corp.
 
8,026
568,482
Coinbase Global, Inc. Class A (a)
 
8,978
1,609,307
FactSet Research Systems, Inc.
 
721
327,377
Goldman Sachs Group, Inc.
 
4,596
2,379,763
Houlihan Lokey Class A
 
240
41,465
Jefferies Financial Group, Inc.
 
2,662
170,315
KKR & Co., Inc. Class A
 
10,519
1,454,147
Lazard, Inc. Class A
 
5,501
291,498
LPL Financial
 
4,033
1,138,032
Moody's Corp.
 
8,558
3,885,674
Morgan Stanley
 
3,683
428,149
Morningstar, Inc.
 
1,431
469,440
MSCI, Inc.
 
2,409
1,376,021
TPG, Inc. Class A
 
1,176
79,592
Tradeweb Markets, Inc. Class A
 
2,455
311,785
XP, Inc. Class A
 
2,536
44,279
 
 
 
25,784,479
Consumer Finance - 0.2%
 
 
 
Ally Financial, Inc.
 
2,180
76,409
American Express Co.
 
11,395
3,077,562
Credit Acceptance Corp. (a)(b)
 
265
112,625
SoFi Technologies, Inc. Class A (a)
 
8,539
95,381
 
 
 
3,361,977
Financial Services - 3.8%
 
 
 
Apollo Global Management, Inc.
 
21,132
3,027,370
Block, Inc. Class A (a)
 
12,719
919,838
Corpay, Inc. (a)
 
3,704
1,221,283
Equitable Holdings, Inc.
 
17,663
800,840
Fiserv, Inc. (a)
 
9,873
1,953,867
MasterCard, Inc. Class A
 
44,724
22,343,663
Shift4 Payments, Inc. Class A (a)(b)
 
3,281
296,734
The Western Union Co.
 
3,766
40,522
Toast, Inc. (a)
 
24,051
722,252
UWM Holdings Corp. Class A
 
3,135
20,189
Visa, Inc. Class A
 
85,291
24,721,596
WEX, Inc. (a)
 
186
32,104
 
 
 
56,100,258
Insurance - 0.7%
 
 
 
Allstate Corp.
 
2,198
409,971
Arthur J. Gallagher & Co.
 
798
224,398
Brown & Brown, Inc.
 
5,665
592,786
Everest Re Group Ltd.
 
379
134,776
Kinsale Capital Group, Inc.
 
1,183
506,454
Markel Group, Inc. (a)
 
163
251,348
Marsh & McLennan Companies, Inc.
 
3,672
801,377
Progressive Corp.
 
26,682
6,479,190
RLI Corp.
 
121
18,872
Ryan Specialty Group Holdings, Inc. Class A
 
5,615
369,860
 
 
 
9,789,032
TOTAL FINANCIALS
 
 
97,668,047
HEALTH CARE - 7.5%
 
 
 
Biotechnology - 1.7%
 
 
 
AbbVie, Inc.
 
41,444
8,449,188
Alnylam Pharmaceuticals, Inc. (a)
 
6,075
1,619,534
Amgen, Inc.
 
22,626
7,243,940
Apellis Pharmaceuticals, Inc. (a)
 
5,592
152,438
Exact Sciences Corp. (a)
 
3,863
266,277
Exelixis, Inc. (a)
 
12,844
426,421
Incyte Corp. (a)
 
460
34,095
Ionis Pharmaceuticals, Inc. (a)
 
7,801
299,480
Natera, Inc. (a)
 
6,143
743,057
Neurocrine Biosciences, Inc. (a)
 
5,368
645,609
Regeneron Pharmaceuticals, Inc. (a)
 
479
401,498
Repligen Corp. (a)
 
450
60,422
Sarepta Therapeutics, Inc. (a)
 
4,876
614,376
Ultragenyx Pharmaceutical, Inc. (a)
 
4,817
245,619
Vertex Pharmaceuticals, Inc. (a)
 
7,007
3,335,192
Viking Therapeutics, Inc. (a)
 
5,640
409,126
 
 
 
24,946,272
Health Care Equipment & Supplies - 1.3%
 
 
 
Align Technology, Inc. (a)
 
2,358
483,461
DexCom, Inc. (a)
 
21,689
1,528,641
Edwards Lifesciences Corp. (a)
 
6,260
419,483
GE Healthcare Technologies, Inc.
 
2,212
193,218
IDEXX Laboratories, Inc. (a)
 
4,467
1,817,712
Inspire Medical Systems, Inc. (a)
 
1,564
305,043
Insulet Corp. (a)
 
3,788
877,036
Intuitive Surgical, Inc. (a)
 
19,131
9,638,963
Masimo Corp. (a)
 
1,191
171,516
Penumbra, Inc. (a)
 
1,975
452,018
ResMed, Inc.
 
2,133
517,189
Stryker Corp.
 
5,826
2,075,687
 
 
 
18,479,967
Health Care Providers & Services - 0.6%
 
 
 
Cardinal Health, Inc.
 
7,820
848,626
Cencora, Inc.
 
8,979
2,047,930
Chemed Corp.
 
90
48,622
Cigna Group
 
1,358
427,512
DaVita, Inc. (a)
 
2,760
385,876
Elevance Health, Inc.
 
2,016
818,012
HCA Holdings, Inc.
 
2,503
897,926
McKesson Corp.
 
3,024
1,513,784
Molina Healthcare, Inc. (a)
 
1,987
638,264
UnitedHealth Group, Inc.
 
3,385
1,910,833
 
 
 
9,537,385
Health Care Technology - 0.1%
 
 
 
Doximity, Inc. Class A (a)
 
434
18,115
Veeva Systems, Inc. Class A (a)
 
7,996
1,669,805
 
 
 
1,687,920
Life Sciences Tools & Services - 0.2%
 
 
 
10X Genomics, Inc. Class A (a)(b)
 
4,014
64,344
Bruker Corp.
 
3,686
208,664
Fortrea Holdings, Inc. (a)
 
438
7,367
IQVIA Holdings, Inc. (a)
 
1,087
223,726
Medpace Holdings, Inc. (a)
 
1,389
436,452
Waters Corp. (a)
 
1,949
629,741
West Pharmaceutical Services, Inc.
 
2,387
735,029
 
 
 
2,305,323
Pharmaceuticals - 3.6%
 
 
 
Eli Lilly & Co.
 
43,342
35,962,591
Intra-Cellular Therapies, Inc. (a)
 
5,524
468,159
Merck & Co., Inc.
 
137,290
14,047,513
Zoetis, Inc. Class A
 
20,439
3,654,084
 
 
 
54,132,347
TOTAL HEALTH CARE
 
 
111,089,214
INDUSTRIALS - 4.6%
 
 
 
Aerospace & Defense - 0.6%
 
 
 
Axon Enterprise, Inc. (a)
 
3,889
1,646,992
BWX Technologies, Inc.
 
1,032
125,646
GE Aerospace
 
12,678
2,177,827
HEICO Corp.
 
2,386
584,451
HEICO Corp. Class A
 
4,406
845,996
Howmet Aerospace, Inc.
 
1,326
132,229
Loar Holdings, Inc. (b)
 
480
41,366
Lockheed Martin Corp.
 
3,692
2,016,017
Spirit AeroSystems Holdings, Inc. Class A (a)
 
699
22,627
The Boeing Co. (a)
 
5,371
801,944
TransDigm Group, Inc.
 
597
777,473
 
 
 
9,172,568
Air Freight & Logistics - 0.0%
 
 
 
Expeditors International of Washington, Inc.
 
1,235
146,965
Building Products - 0.3%
 
 
 
AAON, Inc.
 
3,654
417,360
Advanced Drain Systems, Inc.
 
1,419
212,680
Armstrong World Industries, Inc.
 
797
111,221
Builders FirstSource, Inc. (a)
 
602
103,183
Carlisle Companies, Inc.
 
331
139,758
Lennox International, Inc.
 
1,733
1,044,254
Simpson Manufacturing Co. Ltd.
 
244
43,869
The AZEK Co., Inc. Class A, (a)
 
5,374
236,456
Trane Technologies PLC
 
4,175
1,545,418
Trex Co., Inc. (a)
 
5,939
420,778
 
 
 
4,274,977
Commercial Services & Supplies - 0.8%
 
 
 
Cintas Corp.
 
17,754
3,653,951
Copart, Inc. (a)
 
44,033
2,266,379
Rollins, Inc.
 
15,096
711,625
Tetra Tech, Inc.
 
3,067
149,915
Veralto Corp.
 
5,992
612,322
Waste Management, Inc.
 
21,701
4,684,161
 
 
 
12,078,353
Construction & Engineering - 0.1%
 
 
 
Comfort Systems U.S.A., Inc.
 
1,905
744,931
EMCOR Group, Inc.
 
1,002
446,962
Quanta Services, Inc.
 
2,404
725,119
Willscot Holdings Corp. (a)
 
2,985
98,923
 
 
 
2,015,935
Electrical Equipment - 0.2%
 
 
 
Generac Holdings, Inc. (a)
 
1,543
255,444
Rockwell Automation, Inc.
 
564
150,424
Vertiv Holdings Co.
 
19,388
2,118,915
 
 
 
2,524,783
Ground Transportation - 1.0%
 
 
 
Avis Budget Group, Inc. (b)
 
325
26,975
Lyft, Inc. (a)
 
13,293
172,410
Old Dominion Freight Lines, Inc.
 
10,648
2,143,655
Saia, Inc. (a)
 
830
405,546
U-Haul Holding Co. (a)(b)
 
324
23,759
U-Haul Holding Co. Class N
 
2,171
148,192
Uber Technologies, Inc. (a)
 
108,793
7,838,536
Union Pacific Corp.
 
15,832
3,674,132
XPO, Inc. (a)
 
6,189
807,850
 
 
 
15,241,055
Industrial Conglomerates - 0.1%
 
 
 
3M Co.
 
5,554
713,522
Honeywell International, Inc.
 
5,475
1,126,098
 
 
 
1,839,620
Machinery - 0.2%
 
 
 
Caterpillar, Inc.
 
3,760
1,414,512
Illinois Tool Works, Inc.
 
6,008
1,568,869
Lincoln Electric Holdings, Inc.
 
827
159,247
 
 
 
3,142,628
Passenger Airlines - 0.0%
 
 
 
American Airlines Group, Inc. (a)(b)
 
2,281
30,565
Professional Services - 0.9%
 
 
 
Automatic Data Processing, Inc.
 
20,645
5,971,360
Booz Allen Hamilton Holding Corp. Class A
 
6,934
1,259,630
Broadridge Financial Solutions, Inc.
 
5,796
1,222,145
Dayforce, Inc. (a)(b)
 
913
64,777
Equifax, Inc.
 
1,354
358,837
KBR, Inc.
 
554
37,124
Paychex, Inc.
 
6,256
871,648
Paycom Software, Inc.
 
1,719
359,323
Paycor HCM, Inc. (a)
 
351
5,297
Paylocity Holding Corp. (a)
 
2,348
433,370
TransUnion
 
628
63,616
Verisk Analytics, Inc.
 
7,702
2,115,893
 
 
 
12,763,020
Trading Companies & Distributors - 0.4%
 
 
 
Core & Main, Inc. Class A (a)
 
6,756
299,156
Fastenal Co.
 
26,125
2,042,453
Ferguson Enterprises, Inc.
 
726
142,833
SiteOne Landscape Supply, Inc. (a)
 
883
123,390
United Rentals, Inc.
 
874
710,387
W.W. Grainger, Inc.
 
2,046
2,269,485
 
 
 
5,587,704
TOTAL INDUSTRIALS
 
 
68,818,173
INFORMATION TECHNOLOGY - 48.6%
 
 
 
Communications Equipment - 0.5%
 
 
 
Arista Networks, Inc. (a)
 
13,947
5,389,679
Motorola Solutions, Inc.
 
4,239
1,904,795
Ubiquiti, Inc.
 
91
24,178
 
 
 
7,318,652
Electronic Equipment, Instruments & Components - 0.2%
 
 
 
Amphenol Corp. Class A
 
37,317
2,500,985
CDW Corp.
 
3,666
690,051
Cognex Corp.
 
450
18,104
Jabil, Inc.
 
463
56,991
Zebra Technologies Corp. Class A (a)
 
586
223,834
 
 
 
3,489,965
IT Services - 0.6%
 
 
 
Cloudflare, Inc. Class A (a)
 
16,245
1,424,849
EPAM Systems, Inc. (a)
 
168
31,693
Gartner, Inc. (a)
 
4,081
2,050,703
Globant SA (a)
 
1,697
356,183
GoDaddy, Inc. Class A (a)
 
7,657
1,277,188
MongoDB, Inc. Class A (a)
 
3,825
1,034,280
Okta, Inc. Class A (a)
 
3,818
274,476
Snowflake, Inc. Class A (a)
 
17,128
1,966,637
Twilio, Inc. Class A (a)
 
1,818
146,622
VeriSign, Inc. (a)
 
324
57,296
 
 
 
8,619,927
Semiconductors & Semiconductor Equipment - 16.9%
 
 
 
Advanced Micro Devices, Inc. (a)
 
57,523
8,287,339
Applied Materials, Inc.
 
41,398
7,517,049
Astera Labs, Inc.
 
53
3,718
Broadcom, Inc.
 
246,176
41,793,300
Enphase Energy, Inc. (a)
 
7,095
589,169
Entegris, Inc.
 
8,186
857,156
KLA Corp.
 
7,294
4,859,482
Lam Research Corp.
 
70,729
5,258,701
Lattice Semiconductor Corp. (a)
 
6,312
319,766
Marvell Technology, Inc.
 
3,685
295,205
MKS Instruments, Inc.
 
191
18,972
Monolithic Power Systems, Inc.
 
2,544
1,931,659
NVIDIA Corp.
 
1,266,945
168,199,618
Onto Innovation, Inc. (a)
 
679
134,666
Qualcomm, Inc.
 
56,716
9,231,663
Teradyne, Inc.
 
7,730
821,003
Texas Instruments, Inc.
 
5,962
1,211,240
Universal Display Corp.
 
1,256
226,482
 
 
 
251,556,188
Software - 18.3%
 
 
 
Adobe, Inc. (a)
 
24,003
11,475,354
AppFolio, Inc. Class A, (a)
 
1,209
251,315
AppLovin Corp. Class A, (a)
 
14,193
2,404,152
Atlassian Corp. PLC Class A, (a)
 
8,500
1,602,590
Autodesk, Inc. (a)
 
11,664
3,310,243
Bentley Systems, Inc. Class B
 
7,694
371,312
Bill Holdings, Inc. (a)
 
1,426
83,221
Cadence Design Systems, Inc. (a)
 
14,757
4,074,703
Confluent, Inc. Class A (a)
 
13,338
349,055
Crowdstrike Holdings, Inc. Class A (a)
 
12,281
3,645,860
Datadog, Inc. Class A (a)
 
16,187
2,030,497
DocuSign, Inc. (a)
 
11,008
763,735
DoubleVerify Holdings, Inc. (a)
 
4,599
78,413
Dropbox, Inc. Class A (a)
 
4,019
103,891
Dynatrace, Inc. (a)
 
15,988
860,154
Elastic NV (a)
 
4,359
349,723
Fair Isaac Corp. (a)
 
1,086
2,164,517
Five9, Inc. (a)
 
3,967
117,146
Fortinet, Inc. (a)
 
27,876
2,192,726
GitLab, Inc. Class A (a)
 
6,357
341,689
Guidewire Software, Inc. (a)
 
2,044
380,715
HashiCorp, Inc. Class A (a)(b)
 
5,887
199,334
HubSpot, Inc. (a)
 
2,647
1,468,529
Intuit, Inc.
 
14,784
9,022,675
Manhattan Associates, Inc. (a)
 
3,319
874,092
Microsoft Corp.
 
402,615
163,602,605
MicroStrategy, Inc. Class A (a)
 
529
129,341
nCino, Inc. (a)
 
2,890
107,797
Nutanix, Inc. Class A (a)
 
3,699
229,708
Oracle Corp.
 
85,029
14,271,267
Palantir Technologies, Inc. Class A (a)
 
108,892
4,525,552
Palo Alto Networks, Inc. (a)
 
16,671
6,007,061
Pegasystems, Inc.
 
2,387
189,623
Procore Technologies, Inc. (a)
 
5,638
370,135
PTC, Inc. (a)
 
3,876
718,339
RingCentral, Inc. Class A (a)
 
4,397
158,336
Salesforce, Inc.
 
43,047
12,542,604
SentinelOne, Inc. Class A (a)
 
2,225
57,383
ServiceNow, Inc. (a)
 
11,116
10,371,117
Smartsheet, Inc. Class A (a)
 
7,326
413,333
Synopsys, Inc. (a)
 
8,239
4,231,633
Teradata Corp. (a)
 
5,198
167,532
Tyler Technologies, Inc. (a)
 
1,951
1,181,506
UiPath, Inc. Class A (a)
 
20,444
252,688
Unity Software, Inc. (a)
 
7,090
142,367
Workday, Inc. Class A (a)
 
11,458
2,679,453
Zscaler, Inc. (a)
 
4,963
897,261
 
 
 
271,762,282
Technology Hardware, Storage & Peripherals - 12.1%
 
 
 
Apple, Inc.
 
787,006
177,792,518
Dell Technologies, Inc. Class C
 
2,309
285,462
HP, Inc.
 
12,961
460,375
NetApp, Inc.
 
4,969
572,975
Pure Storage, Inc. Class A (a)
 
14,511
726,276
Super Micro Computer, Inc. (a)(b)
 
26,823
780,818
 
 
 
180,618,424
TOTAL INFORMATION TECHNOLOGY
 
 
723,365,438
MATERIALS - 0.7%
 
 
 
Chemicals - 0.5%
 
 
 
Celanese Corp.
 
1,494
188,199
Ecolab, Inc.
 
11,731
2,882,659
RPM International, Inc.
 
1,534
194,987
Sherwin-Williams Co.
 
11,566
4,149,534
The Chemours Co. LLC
 
641
11,641
 
 
 
7,427,020
Construction Materials - 0.1%
 
 
 
Eagle Materials, Inc.
 
1,379
393,649
Martin Marietta Materials, Inc.
 
192
113,729
Vulcan Materials Co.
 
1,863
510,332
 
 
 
1,017,710
Containers & Packaging - 0.0%
 
 
 
Avery Dennison Corp.
 
1,660
343,670
Sealed Air Corp.
 
388
14,038
 
 
 
357,708
Metals & Mining - 0.1%
 
 
 
Cleveland-Cliffs, Inc. (a)
 
8,453
109,720
Southern Copper Corp.
 
4,657
510,174
 
 
 
619,894
Paper & Forest Products - 0.0%
 
 
 
Louisiana-Pacific Corp.
 
2,394
236,767
TOTAL MATERIALS
 
 
9,659,099
REAL ESTATE - 0.6%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.6%
 
 
 
American Tower Corp.
 
25,289
5,400,213
Equinix, Inc.
 
273
247,906
Iron Mountain, Inc.
 
9,010
1,114,807
Lamar Advertising Co. Class A
 
1,170
154,440
Public Storage Operating Co.
 
1,288
423,829
Simon Property Group, Inc.
 
4,483
758,165
 
 
 
8,099,360
Real Estate Management & Development - 0.0%
 
 
 
Jones Lang LaSalle, Inc. (a)
 
786
212,975
TOTAL REAL ESTATE
 
 
8,312,335
UTILITIES - 0.2%
 
 
 
Electric Utilities - 0.1%
 
 
 
Constellation Energy Corp.
 
2,705
711,307
NRG Energy, Inc.
 
4,648
420,179
 
 
 
1,131,486
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
Vistra Corp.
 
18,649
2,330,379
TOTAL UTILITIES
 
 
3,461,865
 
TOTAL COMMON STOCKS
 (Cost $881,602,093)
 
 
 
1,486,501,925
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.08% 11/21/24 (d)
 (Cost $158,557)
 
159,000
158,593
 
 
 
 
Money Market Funds - 0.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.87% (e)
 
1,644,943
1,645,272
Fidelity Securities Lending Cash Central Fund 4.87% (e)(f)
 
2,261,456
2,261,682
 
TOTAL MONEY MARKET FUNDS
 (Cost $3,906,954)
 
 
3,906,954
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
 (Cost $885,667,604)
 
 
 
1,490,567,472
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(2,339,365)
NET ASSETS - 100.0%
1,488,228,107
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini NASDAQ 100 Index Contracts (United States)
4
Dec 2024
1,601,740
25,541
25,541
CME E-mini S&P 500 Index Contracts (United States)
2
Dec 2024
573,850
(2,294)
(2,294)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
23,247
The notional amount of futures purchased as a percentage of Net Assets is 0.1%

 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $144,628.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.87%
5,302,174
84,260,548
87,917,418
82,752
(32)
-
1,645,272
0.0%
Fidelity Securities Lending Cash Central Fund 4.87%
2,567,307
30,473,661
30,779,286
4,359
-
-
2,261,682
0.0%
Total
7,869,481
114,734,209
118,696,704
87,111
(32)
-
3,906,954
 
 
 
 
 
 
 
 
 
 
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.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
195,582,453
195,582,453
-
-
Consumer Discretionary
209,858,505
209,858,505
-
-
Consumer Staples
52,205,624
52,205,624
-
-
Energy
6,481,172
6,481,172
-
-
Financials
97,668,047
97,668,047
-
-
Health Care
111,089,214
111,089,214
-
-
Industrials
68,818,173
68,818,173
-
-
Information Technology
723,365,438
723,365,438
-
-
Materials
9,659,099
9,659,099
-
-
Real Estate
8,312,335
8,312,335
-
-
Utilities
3,461,865
3,461,865
-
-
 U.S. Government and Government Agency Obligations
158,593
-
158,593
-
  Money Market Funds
3,906,954
3,906,954
-
-
 Total Investments in Securities:
1,490,567,472
1,490,408,879
158,593
-
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
25,541
25,541
-
-
  Total Assets
25,541
25,541
-
-
 Liabilities
 
 
 
 
Futures Contracts
(2,294)
(2,294)
-
-
  Total Liabilities
(2,294)
(2,294)
-
-
 Total Derivative Instruments:
23,247
23,247
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
25,541
(2,294)
Total Equity Risk
25,541
(2,294)
Total Value of Derivatives
25,541
(2,294)
 
(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).
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of October 31, 2024 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $2,079,773) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $881,760,650)
$
1,486,660,518
 
 
Fidelity Central Funds (cost $3,906,954)
3,906,954
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $885,667,604)
 
 
$
1,490,567,472
Receivable for investments sold
 
 
29,175,372
Receivable for fund shares sold
 
 
371,494
Dividends receivable
 
 
246,820
Distributions receivable from Fidelity Central Funds
 
 
15,448
  Total assets
 
 
1,520,376,606
Liabilities
 
 
 
 
Payable for investments purchased
$
29,264
 
 
Payable for fund shares redeemed
29,795,546
 
 
Payable for daily variation margin on futures contracts
52,390
 
 
Other payables and accrued expenses
9,624
 
 
Collateral on securities loaned
2,261,675
 
 
  Total liabilities
 
 
 
32,148,499
Net Assets  
 
 
$
1,488,228,107
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
896,589,828
Total accumulated earnings (loss)
 
 
 
591,638,279
Net Assets
 
 
$
1,488,228,107
Net Asset Value, offering price and redemption price per share ($1,488,228,107 ÷ 62,700,755 shares)
 
 
$
23.74
Statement of Operations
Six months ended October 31, 2024 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
4,230,207
Interest  
 
 
5,794
Income from Fidelity Central Funds (including $4,359 from security lending)
 
 
87,111
 Total income
 
 
 
4,323,112
Expenses
 
 
 
 
Custodian fees and expenses
$
16,517
 
 
Independent trustees' fees and expenses
1,591
 
 
 Total expenses before reductions
 
18,108
 
 
 Expense reductions
 
(1,569)
 
 
 Total expenses after reductions
 
 
 
16,539
Net Investment income (loss)
 
 
 
4,306,573
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
12,129,270
 
 
   Fidelity Central Funds
 
(32)
 
 
 Futures contracts
 
582,104
 
 
Total net realized gain (loss)
 
 
 
12,711,342
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
175,218,305
 
 
 Futures contracts
 
(13,034)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
175,205,271
Net gain (loss)
 
 
 
187,916,613
Net increase (decrease) in net assets resulting from operations
 
 
$
192,223,186
Statement of Changes in Net Assets
 
 
Six months ended
October 31, 2024
(Unaudited)
 
Year ended
April 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
4,306,573
$
7,961,729
Net realized gain (loss)
 
12,711,342
 
6,407,255
Change in net unrealized appreciation (depreciation)
 
175,205,271
 
242,799,061
Net increase (decrease) in net assets resulting from operations
 
192,223,186
 
257,168,045
Distributions to shareholders
 
(2,158,234)
 
(8,147,076)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
318,863,978
 
292,824,105
  Reinvestment of distributions
 
2,158,234
 
8,147,076
Cost of shares redeemed
 
(174,829,272)
 
(211,591,405)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
146,192,940
 
89,379,776
Total increase (decrease) in net assets
 
336,257,892
 
338,400,745
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,151,970,215
 
813,569,470
End of period
$
1,488,228,107
$
1,151,970,215
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
13,785,226
 
15,607,253
  Issued in reinvestment of distributions
 
93,511
 
447,053
Redeemed
 
(7,548,830)
 
(11,738,549)
Net increase (decrease)
 
6,329,907
 
4,315,757
 
 
 
 
 
Financial Highlights
 
Fidelity® Series Large Cap Growth Index Fund
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.44
$
15.63
$
15.47
$
16.85
$
11.52
$
10.54
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.15
 
.15
 
.13
 
.12
 
.14
     Net realized and unrealized gain (loss)
 
3.27
 
4.82
 
.20
 
(.92)
 
5.67
 
.99
  Total from investment operations
 
3.34  
 
4.97  
 
.35  
 
(.79)  
 
5.79
 
1.13
  Distributions from net investment income
 
(.04)
 
(.16)
 
(.13)
 
(.12)
 
(.13)
 
(.10)
  Distributions from net realized gain
 
-
 
-
 
(.06)
 
(.46)
 
(.33)
 
(.05)
     Total distributions
 
(.04)
 
(.16)
 
(.19)
 
(.59) C
 
(.46)
 
(.15)
  Net asset value, end of period
$
23.74
$
20.44
$
15.63
$
15.47
$
16.85
$
11.52
 Total Return D,E
 
16.34
%
 
31.91%
 
2.39%
 
(5.34)%
 
51.21%
 
10.77%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
-% H,I
 
-% I
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of fee waivers, if any
 
-
% H,I
 
-% I
 
-% I
 
-% I
 
-% I
 
.01%
    Expenses net of all reductions
 
-% H,I
 
-% I
 
-% I
 
-% I
 
-% I
 
.01%
    Net investment income (loss)
 
.65% H
 
.83%
 
1.04%
 
.73%
 
.85%
 
1.24%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,488,228
$
1,151,970
$
813,569
$
643,492
$
546,009
$
297,828
    Portfolio turnover rate J
 
43
% H
 
28%
 
29%
 
40%
 
40%
 
45%
 
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees 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.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount represents less than .005%.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
 (Unaudited)
For the period ended October 31, 2024
 
1. Organization.
Fidelity Series Large Cap Growth Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may operate as a non-diversified fund, as defined under the 1940 Act, to the approximate extent the Index is non-diversified.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the 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, the 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 the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing 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 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 circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due foreign currency transactions, futures contracts, certain deemed distributions, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$617,041,381
Gross unrealized depreciation
(18,038,913)
Net unrealized appreciation (depreciation)
$599,002,468
Tax cost
$891,565,004
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(11,219,783)
 Long-term
(10,274,819)
Total capital loss carryforward
$(21,494,602)
 
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The 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.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
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, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Series Large Cap Growth Index Fund
429,619,223
278,393,057
 
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Series Large Cap Growth Index Fund
430
 17
1,682
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,569.
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.
 
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
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.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series Large Cap Growth Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, collective investment trusts, and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies, collective investment trusts, and 529 plans.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds, collective investment trusts, and 529 plans that invest in the fund. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through August 31, 2027.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the changes in flows for different types of funds; (vi) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2025.
 
1.9891256.106
CGI-SANN-1224

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies


See Item 7.


Item 9.

Proxy Disclosures for Open-End Management Investment Companies


See Item 7.


Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies


See Item 7.


Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract


See Item 7.


Item 12.

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


Not applicable.


Item 13.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 14.  

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


Not applicable.


Item 15.

Submission of Matters to a Vote of Security Holders


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


Item 16.

Controls and Procedures


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




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


Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies


Not applicable.


Item 18.

Recovery of Erroneously Awarded Compensation


(a)

Not applicable.


(b)

Not applicable.


Item 19.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

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

(a)

(3)

Not applicable.

(b)


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




SIGNATURES


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


Fidelity Salem Street Trust



By:

/s/Laura M. Del Prato


Laura M. Del Prato


President and Treasurer (Principal Executive Officer)



Date:

December 20, 2024


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



By:

/s/Laura M. Del Prato


Laura M. Del Prato


President and Treasurer (Principal Executive Officer)



Date:

December 20, 2024



By:

/s/Stephanie Caron


Stephanie Caron


Chief Financial Officer (Principal Financial Officer)



Date:

December 20, 2024