Quarterly Holdings Report
for
Strategic Advisers® Large Cap Fund
Offered exclusively to certain clients of Strategic Advisers LLC - not available for sale to the general publicFebruary 28, 2021
LGC-QTLY-0421
1.9899748.100
Schedule of Investments February 28, 2021 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 81.6% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 8.1% | |||
Diversified Telecommunication Services - 0.7% | |||
AT&T, Inc. | 5,256,478 | $146,603,171 | |
Liberty Global PLC Class C (a) | 145,100 | 3,525,930 | |
Lumen Technologies, Inc. | 170,671 | 2,097,547 | |
Verizon Communications, Inc. | 3,821,015 | 211,302,130 | |
363,528,778 | |||
Entertainment - 1.4% | |||
Activision Blizzard, Inc. | 973,986 | 93,122,801 | |
Cinemark Holdings, Inc. (b) | 198,900 | 4,465,305 | |
Electronic Arts, Inc. | 301,023 | 40,328,051 | |
Live Nation Entertainment, Inc. (a) | 36,565 | 3,249,166 | |
Netflix, Inc. (a) | 510,812 | 275,251,046 | |
Nintendo Co. Ltd. ADR | 48,687 | 3,754,741 | |
Playtika Holding Corp. | 184,765 | 5,496,759 | |
Spotify Technology SA (a) | 19,378 | 5,956,410 | |
Take-Two Interactive Software, Inc. (a) | 5,000 | 922,300 | |
The Walt Disney Co. (a) | 1,492,837 | 282,205,906 | |
Vivendi SA | 203,429 | 7,041,128 | |
Warner Music Group Corp. Class A | 95,272 | 3,379,298 | |
Zynga, Inc. (a) | 1,041,313 | 11,610,640 | |
736,783,551 | |||
Interactive Media & Services - 4.2% | |||
Alphabet, Inc.: | |||
Class A (a) | 213,358 | 431,390,674 | |
Class C (a) | 483,661 | 985,149,744 | |
Facebook, Inc. Class A (a) | 3,268,908 | 842,136,079 | |
Match Group, Inc. (a) | 18,763 | 2,867,925 | |
Pinterest, Inc. Class A (a) | 106,715 | 8,599,095 | |
Snap, Inc. Class A (a) | 78,659 | 5,164,750 | |
Tongdao Liepin Group (a) | 446,200 | 1,087,247 | |
Twitter, Inc. (a) | 477,449 | 36,792,220 | |
Zoominfo Technologies, Inc. | 7,900 | 414,118 | |
2,313,601,852 | |||
Media - 1.6% | |||
Charter Communications, Inc. Class A (a) | 293,149 | 179,823,460 | |
Comcast Corp. Class A | 9,673,235 | 509,972,949 | |
Discovery Communications, Inc.: | |||
Class A (a)(b) | 88,500 | 4,693,155 | |
Class C (non-vtg.) (a) | 241,694 | 10,876,230 | |
DISH Network Corp. Class A (a) | 508,944 | 16,036,825 | |
Fox Corp. Class A | 648,565 | 21,603,700 | |
Interpublic Group of Companies, Inc. | 305,410 | 7,977,309 | |
Liberty Broadband Corp. Class C (a) | 333,175 | 49,812,994 | |
Liberty Media Corp. Liberty SiriusXM Series C (a) | 240,835 | 10,625,640 | |
Nexstar Broadcasting Group, Inc. Class A | 104,703 | 14,401,898 | |
Omnicom Group, Inc. | 152,000 | 10,446,960 | |
Tegna, Inc. | 536,100 | 9,773,103 | |
ViacomCBS, Inc. Class B | 157,700 | 10,170,073 | |
856,214,296 | |||
Wireless Telecommunication Services - 0.2% | |||
T-Mobile U.S., Inc. | 1,118,590 | 134,197,242 | |
TOTAL COMMUNICATION SERVICES | 4,404,325,719 | ||
CONSUMER DISCRETIONARY - 10.3% | |||
Auto Components - 0.4% | |||
Aptiv PLC | 426,929 | 63,971,041 | |
BorgWarner, Inc. | 508,725 | 22,892,625 | |
Compagnie Generale des Etablissements Michelin SCA ADR | 800,042 | 23,041,210 | |
Cooper Tire & Rubber Co. | 320,927 | 18,369,861 | |
Lear Corp. | 180,500 | 29,979,245 | |
Magna International, Inc. Class A (sub. vtg.) | 302,995 | 25,521,007 | |
The Goodyear Tire & Rubber Co. | 871,600 | 14,651,596 | |
198,426,585 | |||
Automobiles - 0.8% | |||
Ferrari NV | 134,176 | 26,483,659 | |
Ford Motor Co. | 5,661,520 | 66,239,784 | |
General Motors Co. | 2,243,150 | 115,140,890 | |
Harley-Davidson, Inc. | 468,000 | 16,693,560 | |
Tesla, Inc. (a) | 321,128 | 216,921,964 | |
441,479,857 | |||
Distributors - 0.1% | |||
Genuine Parts Co. | 102,000 | 10,745,700 | |
LKQ Corp. (a) | 290,493 | 11,442,519 | |
Pool Corp. | 17,331 | 5,801,899 | |
27,990,118 | |||
Diversified Consumer Services - 0.0% | |||
Service Corp. International | 123,200 | 5,884,032 | |
Hotels, Restaurants & Leisure - 1.2% | |||
Airbnb, Inc. | 197,718 | 36,719,198 | |
Airbnb, Inc. Class A (b) | 40,565 | 8,370,588 | |
Carnival Corp. | 103,609 | 2,771,541 | |
Chipotle Mexican Grill, Inc. (a) | 5,944 | 8,571,248 | |
Domino's Pizza, Inc. | 30,160 | 10,450,742 | |
Elior SA (c) | 57,908 | 470,916 | |
Hilton Worldwide Holdings, Inc. | 410,742 | 50,800,571 | |
Hyatt Hotels Corp. Class A | 27,700 | 2,436,215 | |
Las Vegas Sands Corp. | 726,994 | 45,509,824 | |
Marriott International, Inc. Class A | 407,140 | 60,285,220 | |
McDonald's Corp. | 667,945 | 137,690,182 | |
Royal Caribbean Cruises Ltd. | 134,812 | 12,573,915 | |
Starbucks Corp. | 896,004 | 96,795,312 | |
Travel+Leisure Co. | 289,680 | 17,505,362 | |
Wynn Resorts Ltd. | 199,067 | 26,223,096 | |
Yum China Holdings, Inc. | 256,294 | 15,336,633 | |
Yum! Brands, Inc. | 976,259 | 101,072,094 | |
633,582,657 | |||
Household Durables - 0.7% | |||
D.R. Horton, Inc. | 531,658 | 40,868,550 | |
Garmin Ltd. | 60,564 | 7,511,147 | |
Lennar Corp.: | |||
Class A | 1,168,368 | 96,939,493 | |
Class B | 6,000 | 396,960 | |
Mohawk Industries, Inc. (a) | 197,177 | 34,504,003 | |
Newell Brands, Inc. | 1,109,109 | 25,698,056 | |
NVR, Inc. (a) | 3,700 | 16,653,108 | |
PulteGroup, Inc. | 1,079,472 | 48,694,982 | |
Sony Corp. | 36,500 | 3,854,443 | |
Sony Corp. sponsored ADR | 304,345 | 32,202,744 | |
Toll Brothers, Inc. | 60,700 | 3,242,594 | |
Whirlpool Corp. | 257,365 | 48,919,939 | |
359,486,019 | |||
Internet & Direct Marketing Retail - 3.7% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 445,721 | 105,974,625 | |
Amazon.com, Inc. (a) | 519,119 | 1,605,598,729 | |
Doordash, Inc. (b) | 37,137 | 6,294,350 | |
eBay, Inc. | 1,609,831 | 90,826,665 | |
Etsy, Inc. (a) | 74,361 | 16,379,497 | |
Expedia, Inc. | 17,740 | 2,856,140 | |
Ocado Group PLC (a) | 3,831 | 117,422 | |
The Booking Holdings, Inc. (a) | 85,163 | 198,302,897 | |
2,026,350,325 | |||
Leisure Products - 0.0% | |||
Brunswick Corp. | 55,400 | 4,895,698 | |
Polaris, Inc. | 20,300 | 2,390,528 | |
7,286,226 | |||
Multiline Retail - 0.6% | |||
Big Lots, Inc. | 174,300 | 11,075,022 | |
Dillard's, Inc. Class A | 86,540 | 6,897,238 | |
Dollar General Corp. | 356,944 | 67,458,847 | |
Dollar Tree, Inc. (a) | 489,214 | 48,040,815 | |
Kohl's Corp. | 381,560 | 21,081,190 | |
Macy's, Inc. | 451,300 | 6,864,273 | |
Target Corp. | 944,844 | 173,322,183 | |
334,739,568 | |||
Specialty Retail - 2.5% | |||
Advance Auto Parts, Inc. | 186,325 | 29,877,214 | |
AutoNation, Inc. (a) | 62,100 | 4,658,742 | |
AutoZone, Inc. (a) | 77,543 | 89,943,677 | |
Best Buy Co., Inc. | 745,990 | 74,860,097 | |
Burlington Stores, Inc. (a) | 119,907 | 31,034,330 | |
CarMax, Inc. (a) | 319,151 | 38,141,736 | |
Dick's Sporting Goods, Inc. | 336,730 | 24,032,420 | |
Gap, Inc. | 343,674 | 8,574,666 | |
L Brands, Inc. | 30,218 | 1,651,716 | |
Lowe's Companies, Inc. | 1,691,860 | 270,274,635 | |
Murphy U.S.A., Inc. | 97,856 | 12,197,750 | |
O'Reilly Automotive, Inc. (a) | 288,480 | 129,045,758 | |
Penske Automotive Group, Inc. | 237,800 | 16,165,644 | |
Ross Stores, Inc. | 567,693 | 66,215,712 | |
Sally Beauty Holdings, Inc. (a) | 463,900 | 7,468,790 | |
Sleep Number Corp. (a) | 190,200 | 26,082,126 | |
The Home Depot, Inc. | 1,402,594 | 362,346,134 | |
The ODP Corp. | 62,070 | 2,375,419 | |
TJX Companies, Inc. | 1,540,186 | 101,636,874 | |
Tractor Supply Co. | 153,016 | 24,323,423 | |
Ulta Beauty, Inc. (a) | 183,336 | 59,094,693 | |
Williams-Sonoma, Inc. | 37,500 | 4,923,375 | |
1,384,924,931 | |||
Textiles, Apparel & Luxury Goods - 0.3% | |||
Columbia Sportswear Co. | 197,448 | 20,350,965 | |
Hanesbrands, Inc. | 996,963 | 17,636,275 | |
NIKE, Inc. Class B | 833,511 | 112,340,613 | |
PVH Corp. | 30,453 | 3,044,082 | |
Ralph Lauren Corp. | 136,491 | 15,980,366 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 66,700 | 2,441,220 | |
VF Corp. | 212,369 | 16,804,759 | |
188,598,280 | |||
TOTAL CONSUMER DISCRETIONARY | 5,608,748,598 | ||
CONSUMER STAPLES - 4.5% | |||
Beverages - 1.0% | |||
Anheuser-Busch InBev SA NV ADR | 181,177 | 10,459,348 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 407,788 | 87,323,722 | |
Diageo PLC sponsored ADR | 21,472 | 3,386,993 | |
Keurig Dr. Pepper, Inc. | 1,227,921 | 37,476,149 | |
Molson Coors Beverage Co. Class B | 506,500 | 22,513,925 | |
Monster Beverage Corp. (a) | 1,273,148 | 111,706,006 | |
PepsiCo, Inc. | 577,048 | 74,548,831 | |
The Coca-Cola Co. | 4,506,110 | 220,754,329 | |
568,169,303 | |||
Food & Staples Retailing - 0.7% | |||
Casey's General Stores, Inc. | 26,100 | 5,271,156 | |
Costco Wholesale Corp. | 348,980 | 115,512,380 | |
Kroger Co. | 1,446,068 | 46,577,850 | |
Performance Food Group Co. (a) | 34,085 | 1,848,770 | |
Sysco Corp. | 658,060 | 52,401,318 | |
Walgreens Boots Alliance, Inc. | 1,230,500 | 58,977,865 | |
Walmart, Inc. | 681,548 | 88,546,716 | |
369,136,055 | |||
Food Products - 0.8% | |||
Archer Daniels Midland Co. | 393,300 | 22,252,914 | |
Bunge Ltd. | 98,700 | 7,558,446 | |
Campbell Soup Co. | 118,394 | 5,384,559 | |
Conagra Brands, Inc. | 1,759,406 | 59,696,646 | |
Darling Ingredients, Inc. (a) | 92,700 | 5,843,808 | |
General Mills, Inc. | 442,611 | 24,348,031 | |
Ingredion, Inc. | 209,500 | 18,896,900 | |
Kellogg Co. | 94,141 | 5,432,877 | |
Lamb Weston Holdings, Inc. | 77,760 | 6,202,915 | |
Mondelez International, Inc. | 1,385,775 | 73,667,799 | |
Pilgrim's Pride Corp. (a) | 262,000 | 5,866,180 | |
Post Holdings, Inc. (a) | 207,204 | 19,904,016 | |
The a2 Milk Co. Ltd. (a) | 305,873 | 2,115,832 | |
The Hershey Co. | 47,670 | 6,943,136 | |
The J.M. Smucker Co. | 364,654 | 40,841,248 | |
The Kraft Heinz Co. | 2,077,868 | 75,592,838 | |
Tyson Foods, Inc. Class A | 1,076,690 | 72,859,612 | |
453,407,757 | |||
Household Products - 1.3% | |||
Clorox Co. | 71,267 | 12,902,890 | |
Colgate-Palmolive Co. | 582,674 | 43,817,085 | |
Energizer Holdings, Inc. | 320,232 | 13,385,698 | |
Kimberly-Clark Corp. | 111,261 | 14,278,124 | |
Procter & Gamble Co. | 4,802,299 | 593,227,995 | |
Reckitt Benckiser Group PLC | 43,849 | 3,678,098 | |
Spectrum Brands Holdings, Inc. | 8,559 | 663,750 | |
681,953,640 | |||
Personal Products - 0.3% | |||
Coty, Inc. Class A | 912,459 | 6,998,561 | |
Estee Lauder Companies, Inc. Class A | 443,979 | 126,915,837 | |
133,914,398 | |||
Tobacco - 0.4% | |||
Altria Group, Inc. | 1,826,154 | 79,620,314 | |
British American Tobacco PLC sponsored ADR | 130,688 | 4,581,921 | |
Philip Morris International, Inc. | 1,639,156 | 137,721,887 | |
221,924,122 | |||
TOTAL CONSUMER STAPLES | 2,428,505,275 | ||
ENERGY - 2.5% | |||
Energy Equipment & Services - 0.2% | |||
Baker Hughes Co. Class A | 132,100 | 3,233,808 | |
Halliburton Co. | 1,958,205 | 42,747,615 | |
NOV, Inc. | 189,665 | 2,863,942 | |
Oceaneering International, Inc. (a) | 102,067 | 1,204,391 | |
SBM Offshore NV | 57,500 | 1,018,796 | |
Schlumberger Ltd. | 1,068,166 | 29,812,513 | |
Subsea 7 SA | 475,500 | 4,956,484 | |
Technip Energies NV ADR (a) | 90,590 | 1,147,775 | |
86,985,324 | |||
Oil, Gas & Consumable Fuels - 2.3% | |||
Africa Oil Corp. (a) | 1,135,300 | 1,132,981 | |
Apache Corp. | 261,479 | 5,158,981 | |
Cabot Oil & Gas Corp. | 1,755,551 | 32,495,249 | |
Canadian Natural Resources Ltd. | 235,200 | 6,415,050 | |
Cenovus Energy, Inc. (Canada) | 1,185,969 | 8,778,743 | |
Cheniere Energy, Inc. (a) | 194,000 | 13,073,660 | |
Chevron Corp. | 2,143,104 | 214,310,400 | |
ConocoPhillips Co. | 3,295,404 | 171,393,962 | |
Continental Resources, Inc. (b) | 258,200 | 6,243,276 | |
Diamondback Energy, Inc. | 88,495 | 6,130,934 | |
EnQuest PLC (a) | 1,004,700 | 273,231 | |
EOG Resources, Inc. | 1,495,623 | 96,557,421 | |
Equitrans Midstream Corp. | 547,948 | 3,961,664 | |
Exxon Mobil Corp. | 3,947,303 | 214,614,864 | |
Hess Corp. | 660,720 | 43,296,982 | |
HollyFrontier Corp. | 170,034 | 6,440,888 | |
Kinder Morgan, Inc. | 1,099,124 | 16,157,123 | |
Kosmos Energy Ltd. | 2,268,500 | 6,986,980 | |
Magellan Midstream Partners LP | 232,429 | 9,685,316 | |
Marathon Oil Corp. | 784,074 | 8,703,221 | |
Marathon Petroleum Corp. | 1,052,917 | 57,510,327 | |
MEG Energy Corp. (a) | 928,200 | 4,791,980 | |
Occidental Petroleum Corp. | 97,617 | 2,597,588 | |
PBF Energy, Inc. Class A | 512,500 | 7,277,500 | |
Phillips 66 Co. | 1,099,364 | 91,302,180 | |
Pioneer Natural Resources Co. | 548,129 | 81,435,526 | |
Royal Dutch Shell PLC Class B sponsored ADR | 261,929 | 10,183,800 | |
SK Innovation Co., Ltd. | 7,380 | 1,705,053 | |
TC Energy Corp. | 708,526 | 29,708,495 | |
The Williams Companies, Inc. | 1,424,917 | 32,545,104 | |
Total SA sponsored ADR | 443,969 | 20,600,162 | |
Valero Energy Corp. | 893,815 | 68,805,879 | |
1,280,274,520 | |||
TOTAL ENERGY | 1,367,259,844 | ||
FINANCIALS - 12.0% | |||
Banks - 5.1% | |||
Bank of America Corp. | 19,367,857 | 672,258,316 | |
BNP Paribas SA | 40,900 | 2,431,399 | |
CIT Group, Inc. | 325,700 | 14,770,495 | |
Citigroup, Inc. | 1,947,022 | 128,269,809 | |
Citizens Financial Group, Inc. | 1,982,699 | 86,128,445 | |
Comerica, Inc. | 157,500 | 10,725,750 | |
Commerce Bancshares, Inc. | 253,100 | 18,736,993 | |
Cullen/Frost Bankers, Inc. | 185,376 | 19,353,254 | |
East West Bancorp, Inc. | 318,200 | 22,961,312 | |
EFG Eurobank Ergasias SA (a) | 3,514,900 | 2,463,116 | |
Fifth Third Bancorp | 5,212,180 | 180,810,524 | |
First Horizon National Corp. | 175,900 | 2,849,580 | |
Huntington Bancshares, Inc. | 4,098,071 | 62,864,409 | |
JPMorgan Chase & Co. | 3,554,097 | 523,056,455 | |
KeyCorp | 2,107,990 | 42,454,919 | |
M&T Bank Corp. | 254,198 | 38,368,646 | |
Mitsubishi UFJ Financial Group, Inc. sponsored ADR (b) | 2,150,000 | 11,287,500 | |
PNC Financial Services Group, Inc. | 1,544,061 | 259,958,110 | |
Regions Financial Corp. | 3,353,300 | 69,178,579 | |
Signature Bank | 93,400 | 20,392,956 | |
Societe Generale Series A | 181,800 | 4,498,889 | |
Standard Chartered PLC (United Kingdom) | 334,600 | 2,154,147 | |
SVB Financial Group (a) | 50,544 | 25,542,916 | |
Truist Financial Corp. | 1,713,124 | 97,579,543 | |
U.S. Bancorp | 1,623,187 | 81,159,350 | |
UniCredit SpA | 177,600 | 1,829,979 | |
Wells Fargo & Co. | 10,861,171 | 392,848,555 | |
Western Alliance Bancorp. | 53,400 | 4,886,634 | |
Zions Bancorp NA | 90,600 | 4,817,202 | |
2,804,637,782 | |||
Capital Markets - 2.8% | |||
Ameriprise Financial, Inc. | 488,939 | 108,172,864 | |
Apollo Global Management LLC Class A | 684,374 | 33,849,138 | |
Bank of New York Mellon Corp. | 1,924,200 | 81,124,272 | |
BlackRock, Inc. Class A | 139,109 | 96,611,201 | |
Brookfield Asset Management, Inc. Class A (b) | 1,432,349 | 57,795,282 | |
Cboe Global Markets, Inc. | 239,753 | 23,725,957 | |
Charles Schwab Corp. | 2,022,193 | 124,809,752 | |
CME Group, Inc. | 157,924 | 31,537,423 | |
FactSet Research Systems, Inc. | 72,003 | 21,882,432 | |
Goldman Sachs Group, Inc. | 933,680 | 298,292,086 | |
Intercontinental Exchange, Inc. | 456,089 | 50,311,178 | |
Invesco Ltd. | 461,782 | 10,353,152 | |
KKR & Co. LP | 630,126 | 28,708,541 | |
LPL Financial | 43,900 | 5,774,606 | |
Moody's Corp. | 60,360 | 16,592,360 | |
Morgan Stanley | 2,935,712 | 225,668,181 | |
NASDAQ, Inc. | 90,600 | 12,529,074 | |
Northern Trust Corp. | 346,284 | 32,941,997 | |
Raymond James Financial, Inc. | 239,839 | 27,998,805 | |
S&P Global, Inc. | 128,011 | 42,161,703 | |
SEI Investments Co. | 486,218 | 27,228,208 | |
State Street Corp. | 1,470,305 | 106,994,095 | |
StepStone Group, Inc. Class A | 62,200 | 2,239,822 | |
T. Rowe Price Group, Inc. | 221,401 | 35,897,958 | |
Tradeweb Markets, Inc. Class A | 206,439 | 15,026,695 | |
Vesper Healthcare Acquisition Corp. Class A (a) | 130,000 | 1,435,200 | |
Virtu Financial, Inc. Class A | 227,070 | 6,192,199 | |
1,525,854,181 | |||
Consumer Finance - 0.8% | |||
360 Finance, Inc. ADR (a) | 69,700 | 1,633,071 | |
Ally Financial, Inc. | 262,200 | 10,881,300 | |
American Express Co. | 265,067 | 35,852,962 | |
Capital One Financial Corp. | 2,648,333 | 318,303,143 | |
Discover Financial Services | 511,965 | 48,160,548 | |
Navient Corp. | 734,600 | 9,094,348 | |
OneMain Holdings, Inc. | 206,400 | 9,682,224 | |
SLM Corp. | 295,392 | 4,664,240 | |
Synchrony Financial | 406,594 | 15,727,056 | |
453,998,892 | |||
Diversified Financial Services - 0.9% | |||
Berkshire Hathaway, Inc.: | |||
Class A (a) | 1 | 364,580 | |
Class B (a) | 1,593,716 | 383,304,635 | |
Equitable Holdings, Inc. | 1,971,018 | 58,283,002 | |
Jaws Acquisition Corp. (a)(b) | 320,000 | 4,582,400 | |
Jefferies Financial Group, Inc. | 146,000 | 4,239,840 | |
Voya Financial, Inc. | 339,300 | 20,453,004 | |
471,227,461 | |||
Insurance - 2.3% | |||
AFLAC, Inc. | 1,176,327 | 56,334,300 | |
Alleghany Corp. | 21,021 | 13,588,605 | |
Allstate Corp. | 666,378 | 71,035,895 | |
American Financial Group, Inc. | 295,600 | 31,540,520 | |
American International Group, Inc. | 1,533,701 | 67,406,159 | |
Aon PLC | 63,282 | 14,409,944 | |
Arch Capital Group Ltd. (a) | 215,300 | 7,712,046 | |
Arthur J. Gallagher & Co. | 77,017 | 9,226,637 | |
Assurant, Inc. | 32,700 | 4,029,294 | |
Assured Guaranty Ltd. | 214,700 | 9,494,034 | |
Axis Capital Holdings Ltd. | 200,700 | 10,141,371 | |
Chubb Ltd. | 1,213,759 | 197,332,938 | |
Cincinnati Financial Corp. | 279,576 | 27,362,103 | |
CNA Financial Corp. | 129,583 | 5,512,461 | |
Everest Re Group Ltd. | 110,700 | 26,768,367 | |
Fairfax Financial Holdings Ltd. | 31,084 | 12,670,528 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 8,400 | 3,421,848 | |
First American Financial Corp. | 50,400 | 2,648,016 | |
Globe Life, Inc. | 114,700 | 10,712,980 | |
Hartford Financial Services Group, Inc. | 2,152,951 | 109,133,086 | |
Lincoln National Corp. | 677,400 | 38,523,738 | |
Loews Corp. | 985,554 | 47,119,337 | |
Markel Corp. (a) | 6,800 | 7,403,840 | |
Marsh & McLennan Companies, Inc. | 157,203 | 18,112,930 | |
MetLife, Inc. | 1,874,884 | 107,993,318 | |
Old Republic International Corp. | 107,700 | 2,081,841 | |
Principal Financial Group, Inc. | 151,700 | 8,583,186 | |
Progressive Corp. | 1,405,689 | 120,818,970 | |
Prudential Financial, Inc. | 592,125 | 51,349,080 | |
Reinsurance Group of America, Inc. | 18,700 | 2,285,701 | |
RenaissanceRe Holdings Ltd. | 35,400 | 5,911,092 | |
The Travelers Companies, Inc. | 717,029 | 104,327,720 | |
Unum Group | 479,100 | 12,686,568 | |
W.R. Berkley Corp. | 177,424 | 12,300,806 | |
Willis Towers Watson PLC | 119,937 | 26,462,900 | |
1,256,442,159 | |||
Mortgage Real Estate Investment Trusts - 0.0% | |||
Annaly Capital Management, Inc. | 1,720,500 | 14,297,355 | |
Thrifts & Mortgage Finance - 0.1% | |||
MGIC Investment Corp. | 722,000 | 8,793,960 | |
Radian Group, Inc. | 789,100 | 16,097,640 | |
Rocket Cos., Inc. (b) | 585,674 | 12,796,977 | |
37,688,577 | |||
TOTAL FINANCIALS | 6,564,146,407 | ||
HEALTH CARE - 10.8% | |||
Biotechnology - 1.8% | |||
AbbVie, Inc. | 2,653,631 | 285,902,204 | |
ADC Therapeutics SA (a)(b) | 90,500 | 2,406,395 | |
Agios Pharmaceuticals, Inc. (a) | 25,000 | 1,186,000 | |
Alexion Pharmaceuticals, Inc. (a) | 367,916 | 56,199,169 | |
Alnylam Pharmaceuticals, Inc. (a) | 43,523 | 6,445,756 | |
Amgen, Inc. | 1,040,405 | 234,007,893 | |
Arcutis Biotherapeutics, Inc. (a) | 66,400 | 2,268,888 | |
Argenx SE ADR (a) | 28,000 | 9,259,040 | |
Ascendis Pharma A/S sponsored ADR (a) | 47,400 | 7,345,578 | |
Avid Bioservices, Inc. (a) | 130,000 | 2,675,400 | |
BioAtla, Inc. | 50,000 | 2,655,000 | |
Biogen, Inc. (a) | 250,300 | 68,301,864 | |
BioMarin Pharmaceutical, Inc. (a) | 129,890 | 10,057,383 | |
Crinetics Pharmaceuticals, Inc. (a) | 31,000 | 473,990 | |
Exelixis, Inc. (a) | 86,000 | 1,862,760 | |
Forma Therapeutics Holdings, Inc. | 30,000 | 1,158,300 | |
Generation Bio Co. | 54,000 | 1,885,680 | |
Gilead Sciences, Inc. | 525,845 | 32,286,883 | |
Gritstone Oncology, Inc. (a)(b) | 27,201 | 369,118 | |
Heron Therapeutics, Inc. (a) | 6,100 | 110,288 | |
Incyte Corp. (a) | 158,681 | 12,481,847 | |
Innovent Biologics, Inc. (a)(c) | 330,000 | 3,399,364 | |
Insmed, Inc. (a) | 55,037 | 1,968,673 | |
Intercept Pharmaceuticals, Inc. (a) | 69,800 | 1,511,868 | |
Mirati Therapeutics, Inc. (a) | 10,800 | 2,169,936 | |
Neurocrine Biosciences, Inc. (a) | 59,513 | 6,517,269 | |
Novavax, Inc. (a) | 10,000 | 2,312,300 | |
Prelude Therapeutics, Inc. (b) | 36,000 | 2,243,880 | |
PTC Therapeutics, Inc. (a) | 54,000 | 3,083,400 | |
Regeneron Pharmaceuticals, Inc. (a) | 207,347 | 93,424,338 | |
Revolution Medicines, Inc. | 40,000 | 1,827,200 | |
Seagen, Inc. (a) | 51,600 | 7,797,276 | |
Shattuck Labs, Inc. | 59,250 | 2,447,025 | |
Stoke Therapeutics, Inc. (a) | 20,600 | 1,233,734 | |
TG Therapeutics, Inc. (a) | 69,000 | 3,020,130 | |
Turning Point Therapeutics, Inc. (a) | 21,800 | 2,570,438 | |
Vaxcyte, Inc. | 25,452 | 599,649 | |
Vertex Pharmaceuticals, Inc. (a) | 377,988 | 80,341,349 | |
Xencor, Inc. (a) | 54,000 | 2,660,580 | |
Zentalis Pharmaceuticals, Inc. | 50,000 | 2,102,000 | |
Zymeworks, Inc. (a) | 55,000 | 1,997,050 | |
962,566,895 | |||
Health Care Equipment & Supplies - 2.0% | |||
Abbott Laboratories | 1,273,871 | 152,584,268 | |
Abiomed, Inc. (a) | 9,523 | 3,090,690 | |
Alcon, Inc. (a) | 542,806 | 37,127,930 | |
Alcon, Inc. (Switzerland) (a) | 66,459 | 4,569,170 | |
Align Technology, Inc. (a) | 5,090 | 2,886,590 | |
Becton, Dickinson & Co. | 353,501 | 85,246,766 | |
Boston Scientific Corp. (a) | 2,423,158 | 93,970,067 | |
Danaher Corp. | 901,647 | 198,064,796 | |
Dentsply Sirona, Inc. | 18,875 | 1,001,696 | |
DexCom, Inc. (a) | 4,200 | 1,670,676 | |
Envista Holdings Corp. (a) | 70,000 | 2,697,800 | |
Genmark Diagnostics, Inc. (a) | 280,000 | 5,474,000 | |
Hill-Rom Holdings, Inc. | 92,800 | 9,898,976 | |
Hologic, Inc. (a) | 665,278 | 47,959,891 | |
IDEXX Laboratories, Inc. (a) | 19,423 | 10,103,262 | |
Insulet Corp. (a) | 44,000 | 11,400,400 | |
Intuitive Surgical, Inc. (a) | 173,759 | 128,025,631 | |
Masimo Corp. (a) | 10,800 | 2,707,884 | |
Medtronic PLC | 949,879 | 111,107,347 | |
Penumbra, Inc. (a) | 46,000 | 13,083,780 | |
ResMed, Inc. | 22,760 | 4,387,673 | |
Stryker Corp. | 182,246 | 44,229,282 | |
Tandem Diabetes Care, Inc. (a) | 28,000 | 2,687,720 | |
The Cooper Companies, Inc. | 14,969 | 5,779,980 | |
West Pharmaceutical Services, Inc. | 8,527 | 2,393,103 | |
Zimmer Biomet Holdings, Inc. | 672,481 | 109,654,752 | |
1,091,804,130 | |||
Health Care Providers & Services - 3.0% | |||
1Life Healthcare, Inc. (a) | 85,000 | 4,038,350 | |
AmerisourceBergen Corp. | 270,998 | 27,430,418 | |
Anthem, Inc. | 322,651 | 97,824,557 | |
Cardinal Health, Inc. | 484,804 | 24,977,102 | |
Centene Corp. (a) | 1,440,256 | 84,312,586 | |
Cigna Corp. | 1,020,790 | 214,263,821 | |
Covetrus, Inc. (a) | 29,401 | 1,092,541 | |
CVS Health Corp. | 1,775,632 | 120,973,808 | |
DaVita HealthCare Partners, Inc. (a) | 312,525 | 31,918,178 | |
HCA Holdings, Inc. | 927,323 | 159,527,376 | |
Henry Schein, Inc. (a) | 71,200 | 4,403,720 | |
Humana, Inc. | 224,919 | 85,390,498 | |
Laboratory Corp. of America Holdings (a) | 111,461 | 26,740,609 | |
McKesson Corp. | 434,781 | 73,704,075 | |
Molina Healthcare, Inc. (a) | 41,900 | 9,082,244 | |
Option Care Health, Inc. (a) | 100,000 | 1,919,000 | |
Quest Diagnostics, Inc. | 577,591 | 66,763,744 | |
Rede D'Oregon Sao Luiz SA (c) | 300,000 | 3,699,011 | |
Surgery Partners, Inc. (a) | 86,000 | 3,394,420 | |
UnitedHealth Group, Inc. | 1,770,593 | 588,226,406 | |
Universal Health Services, Inc. Class B | 215,793 | 27,045,337 | |
1,656,727,801 | |||
Health Care Technology - 0.1% | |||
Cerner Corp. | 327,819 | 22,665,406 | |
Inspire Medical Systems, Inc. (a) | 16,000 | 3,724,640 | |
Phreesia, Inc. (a) | 56,000 | 3,430,000 | |
Veeva Systems, Inc. Class A (a) | 37,763 | 10,577,794 | |
40,397,840 | |||
Life Sciences Tools & Services - 0.8% | |||
10X Genomics, Inc. (a) | 17,000 | 3,025,830 | |
Agilent Technologies, Inc. | 379,757 | 46,356,937 | |
Avantor, Inc. (a) | 188,835 | 5,262,831 | |
Bio-Rad Laboratories, Inc. Class A (a) | 28,900 | 16,892,050 | |
Bruker Corp. | 100,000 | 6,098,000 | |
Illumina, Inc. (a) | 111,072 | 48,806,148 | |
IQVIA Holdings, Inc. (a) | 261,750 | 50,462,783 | |
Lonza Group AG | 8,400 | 5,298,265 | |
Maravai LifeSciences Holdings, Inc. | 70,000 | 2,276,400 | |
Mettler-Toledo International, Inc. (a) | 3,469 | 3,871,577 | |
PerkinElmer, Inc. | 46,089 | 5,811,362 | |
Thermo Fisher Scientific, Inc. | 521,127 | 234,548,840 | |
Waters Corp. (a) | 6,139 | 1,681,349 | |
430,392,372 | |||
Pharmaceuticals - 3.1% | |||
AstraZeneca PLC: | |||
(United Kingdom) | 136,000 | 13,159,053 | |
sponsored ADR (b) | 1,430,625 | 69,213,638 | |
Atea Pharmaceuticals, Inc. (b) | 28,000 | 2,110,080 | |
Bayer AG | 149,127 | 9,058,148 | |
Bristol-Myers Squibb Co. | 3,196,322 | 196,030,428 | |
Elanco Animal Health, Inc. (a) | 2,561,800 | 84,180,748 | |
Eli Lilly & Co. | 1,401,120 | 287,075,477 | |
GlaxoSmithKline PLC sponsored ADR | 267,962 | 9,006,203 | |
Intra-Cellular Therapies, Inc. (a) | 15,600 | 552,708 | |
Jazz Pharmaceuticals PLC (a) | 218,900 | 36,783,956 | |
Johnson & Johnson | 2,683,662 | 425,253,081 | |
Merck & Co., Inc. | 2,356,054 | 171,096,641 | |
Nektar Therapeutics (a) | 84,000 | 1,905,960 | |
Novartis AG sponsored ADR | 755,820 | 64,932,496 | |
Novo Nordisk A/S Series B sponsored ADR | 204,181 | 14,547,896 | |
Pfizer, Inc. | 2,931,132 | 98,163,611 | |
Pliant Therapeutics, Inc. (b) | 72,500 | 2,399,025 | |
Roche Holding AG: | |||
(participation certificate) | 48,600 | 15,943,668 | |
sponsored ADR | 930,705 | 38,251,976 | |
Royalty Pharma PLC | 122,000 | 5,681,540 | |
Sanofi SA sponsored ADR | 647,378 | 29,708,176 | |
Theravance Biopharma, Inc. (a) | 80,000 | 1,325,600 | |
UCB SA | 32,000 | 3,182,975 | |
Viatris, Inc. (a) | 626,164 | 9,298,535 | |
Zoetis, Inc. Class A | 640,767 | 99,472,669 | |
1,688,334,288 | |||
TOTAL HEALTH CARE | 5,870,223,326 | ||
INDUSTRIALS - 7.8% | |||
Aerospace & Defense - 1.3% | |||
Airbus Group NV | 22,441 | 2,607,075 | |
BWX Technologies, Inc. | 31,700 | 1,838,917 | |
Curtiss-Wright Corp. | 5,460 | 603,275 | |
General Dynamics Corp. | 413,412 | 67,580,460 | |
Howmet Aerospace, Inc. | 828,577 | 23,291,299 | |
Huntington Ingalls Industries, Inc. | 145,028 | 25,511,875 | |
L3Harris Technologies, Inc. | 157,567 | 28,663,013 | |
Lockheed Martin Corp. | 152,192 | 50,261,408 | |
Moog, Inc. Class A | 127,400 | 9,893,884 | |
MTU Aero Engines Holdings AG | 2,814 | 668,861 | |
Northrop Grumman Corp. | 254,528 | 74,235,636 | |
Raytheon Technologies Corp. | 2,224,879 | 160,169,039 | |
Safran SA (a) | 3,472 | 473,277 | |
Teledyne Technologies, Inc. (a) | 77,155 | 28,624,505 | |
Textron, Inc. | 1,263,426 | 63,600,865 | |
The Boeing Co. | 637,331 | 135,120,545 | |
TransDigm Group, Inc. (a) | 94,337 | 54,401,318 | |
Vectrus, Inc. (a) | 37,733 | 2,060,222 | |
729,605,474 | |||
Air Freight & Logistics - 0.6% | |||
C.H. Robinson Worldwide, Inc. | 37,756 | 3,430,133 | |
Expeditors International of Washington, Inc. | 421,193 | 38,682,365 | |
FedEx Corp. | 500,474 | 127,370,633 | |
United Parcel Service, Inc. Class B | 1,132,671 | 178,769,464 | |
348,252,595 | |||
Airlines - 0.2% | |||
Alaska Air Group, Inc. | 22,090 | 1,436,292 | |
American Airlines Group, Inc. | 66,000 | 1,382,040 | |
Delta Air Lines, Inc. | 725,900 | 34,799,646 | |
Ryanair Holdings PLC sponsored ADR (a) | 9,572 | 1,029,181 | |
Southwest Airlines Co. | 26,033 | 1,513,298 | |
United Airlines Holdings, Inc. (a) | 781,599 | 41,174,635 | |
81,335,092 | |||
Building Products - 0.5% | |||
A.O. Smith Corp. | 135,592 | 8,050,097 | |
Allegion PLC | 216,600 | 23,561,748 | |
Carrier Global Corp. | 264,870 | 9,675,701 | |
Fortune Brands Home & Security, Inc. | 336,165 | 27,948,758 | |
Johnson Controls International PLC | 1,096,455 | 61,171,224 | |
Masco Corp. | 293,457 | 15,617,782 | |
Owens Corning | 195,605 | 15,847,917 | |
Trane Technologies PLC | 598,316 | 91,685,944 | |
253,559,171 | |||
Commercial Services & Supplies - 0.1% | |||
Deluxe Corp. | 215,300 | 8,510,809 | |
Herman Miller, Inc. | 68,300 | 2,619,647 | |
Republic Services, Inc. | 27,438 | 2,444,451 | |
Rollins, Inc. | 62,319 | 2,067,121 | |
Waste Connection, Inc. (United States) | 365,989 | 35,753,465 | |
Waste Management, Inc. | 38,536 | 4,273,257 | |
55,668,750 | |||
Construction & Engineering - 0.2% | |||
Jacobs Engineering Group, Inc. | 645,413 | 74,274,128 | |
MasTec, Inc. (a) | 170,900 | 14,825,575 | |
Quanta Services, Inc. | 76,700 | 6,431,295 | |
95,530,998 | |||
Electrical Equipment - 0.5% | |||
Acuity Brands, Inc. | 115,989 | 14,301,444 | |
AMETEK, Inc. | 272,000 | 32,087,840 | |
Eaton Corp. PLC | 548,883 | 71,459,078 | |
Emerson Electric Co. | 482,000 | 41,403,800 | |
Generac Holdings, Inc. (a) | 35,275 | 11,625,229 | |
Hubbell, Inc. Class B | 71,094 | 12,619,896 | |
Plug Power, Inc. (a) | 54,000 | 2,612,520 | |
Rockwell Automation, Inc. | 25,366 | 6,171,040 | |
Sensata Technologies, Inc. PLC (a) | 77,200 | 4,422,788 | |
Shoals Technologies Group, Inc. | 185,400 | 6,047,748 | |
Sunrun, Inc. (a) | 615,815 | 38,537,703 | |
Vertiv Holdings Co. | 1,043 | 21,830 | |
Vertiv Holdings LLC (d) | 450,000 | 9,418,500 | |
250,729,416 | |||
Industrial Conglomerates - 1.1% | |||
3M Co. | 694,802 | 121,632,038 | |
Carlisle Companies, Inc. | 113,934 | 16,548,914 | |
General Electric Co. | 14,153,502 | 177,484,915 | |
Honeywell International, Inc. | 1,183,058 | 239,391,786 | |
Roper Technologies, Inc. | 150,910 | 56,986,634 | |
612,044,287 | |||
Machinery - 1.8% | |||
AGCO Corp. | 331,600 | 42,935,568 | |
Allison Transmission Holdings, Inc. | 309,700 | 11,743,824 | |
Caterpillar, Inc. | 189,755 | 40,964,309 | |
Crane Co. | 183,100 | 15,354,766 | |
Cummins, Inc. | 601,714 | 152,353,985 | |
Deere & Co. | 379,295 | 132,419,470 | |
Dover Corp. | 294,235 | 36,267,406 | |
Epiroc AB (A Shares) | 20,900 | 443,549 | |
Flowserve Corp. | 308,082 | 11,399,034 | |
Fortive Corp. | 920,648 | 60,597,051 | |
Illinois Tool Works, Inc. | 91,444 | 18,488,148 | |
Ingersoll Rand, Inc. (a) | 829,571 | 38,442,320 | |
ITT, Inc. | 222,538 | 18,466,203 | |
Kornit Digital Ltd. (a) | 19,500 | 2,206,035 | |
Meritor, Inc. (a) | 117,300 | 3,562,401 | |
Middleby Corp. (a) | 59,745 | 8,747,265 | |
Oshkosh Corp. | 318,400 | 33,750,400 | |
Otis Worldwide Corp. | 924,741 | 58,915,249 | |
PACCAR, Inc. | 745,931 | 67,872,262 | |
Parker Hannifin Corp. | 240,441 | 68,996,949 | |
Pentair PLC | 117,600 | 6,577,368 | |
Snap-On, Inc. | 140,387 | 28,514,004 | |
Stanley Black & Decker, Inc. | 314,721 | 55,025,820 | |
Timken Co. | 226,400 | 17,738,440 | |
Westinghouse Air Brake Co. | 162,651 | 11,780,812 | |
Xylem, Inc. | 225,000 | 22,401,000 | |
965,963,638 | |||
Professional Services - 0.2% | |||
Clarivate Analytics PLC (a) | 317,983 | 7,234,113 | |
CoStar Group, Inc. (a) | 27,736 | 22,847,807 | |
Dun & Bradstreet Holdings, Inc. (a) | 78,800 | 1,722,568 | |
Equifax, Inc. | 197,816 | 32,022,454 | |
IHS Markit Ltd. | 237,929 | 21,451,679 | |
Manpower, Inc. | 83,100 | 7,847,964 | |
Nielsen Holdings PLC | 51,823 | 1,161,353 | |
Robert Half International, Inc. | 72,212 | 5,617,371 | |
99,905,309 | |||
Road & Rail - 1.2% | |||
AMERCO | 13,900 | 7,988,608 | |
CSX Corp. | 1,162,280 | 106,406,734 | |
J.B. Hunt Transport Services, Inc. | 134,398 | 19,739,034 | |
Kansas City Southern | 27,975 | 5,940,212 | |
Knight-Swift Transportation Holdings, Inc. Class A | 228,530 | 9,872,496 | |
Lyft, Inc. (a) | 983,085 | 54,757,835 | |
Norfolk Southern Corp. | 957,780 | 241,418,027 | |
Old Dominion Freight Lines, Inc. | 137,230 | 29,472,887 | |
Ryder System, Inc. | 35,005 | 2,372,289 | |
Uber Technologies, Inc. (a) | 606,961 | 31,410,232 | |
Union Pacific Corp. | 764,132 | 157,380,627 | |
666,758,981 | |||
Trading Companies & Distributors - 0.1% | |||
Beijer Ref AB (B Shares) | 3,900 | 165,073 | |
Fastenal Co. | 105,161 | 4,876,316 | |
United Rentals, Inc. (a) | 95,402 | 28,370,647 | |
W.W. Grainger, Inc. | 88,222 | 32,881,222 | |
66,293,258 | |||
TOTAL INDUSTRIALS | 4,225,646,969 | ||
INFORMATION TECHNOLOGY - 20.2% | |||
Communications Equipment - 0.7% | |||
Arista Networks, Inc. (a) | 6,112 | 1,710,382 | |
Ciena Corp. (a) | 109,300 | 5,702,181 | |
Cisco Systems, Inc. | 5,708,663 | 256,147,709 | |
CommScope Holding Co., Inc. (a) | 950,724 | 13,871,063 | |
F5 Networks, Inc. (a) | 203,148 | 38,594,057 | |
Juniper Networks, Inc. | 242,600 | 5,647,728 | |
Motorola Solutions, Inc. | 210,963 | 37,019,787 | |
358,692,907 | |||
Electronic Equipment & Components - 0.4% | |||
Amphenol Corp. Class A | 336,550 | 42,297,604 | |
Arrow Electronics, Inc. (a) | 392,887 | 39,390,851 | |
CDW Corp. | 225,267 | 35,342,140 | |
Corning, Inc. | 395,200 | 15,112,448 | |
Flex Ltd. (a) | 1,210,500 | 22,018,995 | |
Insight Enterprises, Inc. (a) | 26,100 | 2,181,699 | |
IPG Photonics Corp. (a) | 13,813 | 3,140,386 | |
Jabil, Inc. | 912,981 | 39,413,390 | |
Keysight Technologies, Inc. (a) | 103,001 | 14,576,702 | |
Trimble, Inc. (a) | 151,407 | 11,225,315 | |
Vishay Intertechnology, Inc. | 618,200 | 14,756,434 | |
Vontier Corp. (a) | 60,989 | 1,915,055 | |
Zebra Technologies Corp. Class A (a) | 3,507 | 1,751,501 | |
243,122,520 | |||
IT Services - 3.9% | |||
Accenture PLC Class A | 428,294 | 107,458,965 | |
Akamai Technologies, Inc. (a) | 191,024 | 18,051,768 | |
Amadeus IT Holding SA Class A (a) | 25,300 | 1,766,377 | |
Amdocs Ltd. | 324,656 | 24,612,171 | |
Automatic Data Processing, Inc. | 79,010 | 13,749,320 | |
Booz Allen Hamilton Holding Corp. Class A | 249,887 | 19,276,283 | |
Broadridge Financial Solutions, Inc. | 12,204 | 1,738,948 | |
Capgemini SA | 73,500 | 11,807,932 | |
Cognizant Technology Solutions Corp. Class A | 996,299 | 73,208,051 | |
CSG Systems International, Inc. | 185,800 | 8,574,670 | |
DXC Technology Co. | 257,854 | 6,503,078 | |
Edenred SA | 25,807 | 1,428,897 | |
Fidelity National Information Services, Inc. | 762,303 | 105,197,842 | |
Fiserv, Inc. (a) | 969,816 | 111,887,672 | |
FleetCor Technologies, Inc. (a) | 351,210 | 97,394,045 | |
Gartner, Inc. (a) | 37,882 | 6,782,393 | |
Genpact Ltd. | 409,713 | 16,568,794 | |
Global Payments, Inc. | 395,879 | 78,380,083 | |
GoDaddy, Inc. (a) | 37,800 | 3,066,336 | |
IBM Corp. | 406,030 | 48,289,148 | |
Jack Henry & Associates, Inc. | 29,251 | 4,342,018 | |
Leidos Holdings, Inc. | 531,151 | 46,980,306 | |
Liveramp Holdings, Inc. (a) | 37,000 | 2,336,920 | |
MasterCard, Inc. Class A | 1,291,697 | 457,066,983 | |
MongoDB, Inc. Class A (a) | 1,800 | 694,674 | |
PayPal Holdings, Inc. (a) | 1,037,782 | 269,667,653 | |
Sabre Corp. | 79,500 | 1,167,855 | |
Shopify, Inc. (a) | 15,323 | 19,628,303 | |
Snowflake Computing, Inc. | 29,987 | 7,782,826 | |
The Western Union Co. | 399,100 | 9,267,102 | |
Twilio, Inc. Class A (a) | 1,058 | 415,667 | |
Unisys Corp. (a) | 145,800 | 3,579,390 | |
VeriSign, Inc. (a) | 156,003 | 30,269,262 | |
Visa, Inc. Class A | 2,526,540 | 536,611,831 | |
Wix.com Ltd. (a) | 4,800 | 1,673,136 | |
2,147,226,699 | |||
Semiconductors & Semiconductor Equipment - 4.7% | |||
Advanced Micro Devices, Inc. (a) | 2,289,195 | 193,459,869 | |
Analog Devices, Inc. | 808,907 | 126,043,889 | |
Applied Materials, Inc. | 1,478,736 | 174,771,808 | |
Array Technologies, Inc. | 174,424 | 6,467,642 | |
ASML Holding NV | 26,790 | 15,192,341 | |
Broadcom, Inc. | 529,591 | 248,838,923 | |
Cirrus Logic, Inc. (a) | 54,450 | 4,452,921 | |
eMemory Technology, Inc. | 40,000 | 1,169,591 | |
Enphase Energy, Inc. (a) | 9,157 | 1,612,181 | |
Intel Corp. | 2,889,036 | 175,595,608 | |
KLA Corp. | 75,152 | 23,389,557 | |
Lam Research Corp. | 248,989 | 141,224,071 | |
Marvell Technology Group Ltd. | 308,103 | 14,875,213 | |
Maxim Integrated Products, Inc. | 194,638 | 18,134,422 | |
Microchip Technology, Inc. | 533,551 | 81,435,889 | |
Micron Technology, Inc. (a) | 1,602,327 | 146,660,990 | |
Monolithic Power Systems, Inc. | 18,983 | 7,109,513 | |
NVIDIA Corp. | 778,548 | 427,095,862 | |
NXP Semiconductors NV | 930,361 | 169,837,401 | |
ON Semiconductor Corp. (a) | 442,300 | 17,811,421 | |
Qorvo, Inc. (a) | 131,975 | 23,059,992 | |
Qualcomm, Inc. | 2,020,989 | 275,238,492 | |
Semtech Corp. (a) | 22,200 | 1,627,482 | |
SiTime Corp. (a) | 2,100 | 204,603 | |
Skyworks Solutions, Inc. | 32,821 | 5,836,230 | |
Teradyne, Inc. | 151,357 | 19,466,024 | |
Texas Instruments, Inc. | 1,343,121 | 231,379,455 | |
Xilinx, Inc. | 273,937 | 35,693,991 | |
2,587,685,381 | |||
Software - 7.0% | |||
Adobe, Inc. (a) | 539,880 | 248,166,640 | |
ANSYS, Inc. (a) | 104,000 | 35,462,960 | |
Atlassian Corp. PLC (a) | 51,900 | 12,336,630 | |
Autodesk, Inc. (a) | 425,021 | 117,305,796 | |
CDK Global, Inc. | 58,500 | 2,933,190 | |
Ceridian HCM Holding, Inc. (a) | 295,168 | 26,464,763 | |
Citrix Systems, Inc. | 245,007 | 32,728,035 | |
Cognyte Software Ltd. (a) | 230,379 | 6,651,042 | |
Coupa Software, Inc. (a) | 73,929 | 25,598,656 | |
Digital Turbine, Inc. (a) | 39,200 | 3,236,744 | |
Dynatrace, Inc. (a) | 23,643 | 1,176,476 | |
Elastic NV (a) | 94,400 | 12,686,416 | |
Envestnet, Inc. (a) | 100 | 6,402 | |
Fortinet, Inc. (a) | 77,505 | 13,086,719 | |
Intuit, Inc. | 383,086 | 149,457,172 | |
j2 Global, Inc. (a) | 164,500 | 18,322,010 | |
LivePerson, Inc. (a) | 17,474 | 1,146,644 | |
Microsoft Corp. | 8,882,547 | 2,064,126,272 | |
NortonLifeLock, Inc. | 2,259,376 | 44,080,426 | |
Nuance Communications, Inc. (a) | 268,500 | 11,975,100 | |
Nutanix, Inc. Class A (a) | 308,290 | 9,336,563 | |
Oracle Corp. | 4,939,911 | 318,673,659 | |
Palo Alto Networks, Inc. (a) | 80,713 | 28,920,275 | |
Paylocity Holding Corp. (a) | 80,089 | 15,312,216 | |
PTC, Inc. (a) | 12,212 | 1,672,311 | |
Rapid7, Inc. (a) | 50,900 | 3,880,616 | |
RingCentral, Inc. (a) | 4,600 | 1,739,536 | |
Salesforce.com, Inc.(a) | 1,658,565 | 359,079,323 | |
SAP SE sponsored ADR (b) | 62,836 | 7,750,821 | |
ServiceNow, Inc. (a) | 8,671 | 4,625,632 | |
Splunk, Inc. (a) | 163,300 | 23,353,533 | |
SS&C Technologies Holdings, Inc. | 90,343 | 5,987,934 | |
SVMK, Inc. (a) | 703,500 | 13,099,170 | |
Synopsys, Inc. (a) | 111,358 | 27,306,095 | |
Technology One Ltd. | 447,913 | 2,915,711 | |
Tyler Technologies, Inc. (a) | 10,104 | 4,682,396 | |
Verint Systems, Inc. (a) | 82,400 | 4,061,496 | |
Viant Technology, Inc. | 10,500 | 520,695 | |
VMware, Inc. Class A (a)(b) | 112,659 | 15,570,600 | |
Workday, Inc. Class A (a) | 451,849 | 110,784,338 | |
Yext, Inc. (a) | 545,500 | 9,229,860 | |
Zendesk, Inc. (a) | 10,700 | 1,563,698 | |
Zoom Video Communications, Inc. Class A (a) | 11,855 | 4,429,147 | |
3,801,443,718 | |||
Technology Hardware, Storage & Peripherals - 3.5% | |||
Apple, Inc. | 13,675,429 | 1,658,282,521 | |
Hewlett Packard Enterprise Co. | 2,411,900 | 35,117,264 | |
HP, Inc. | 2,779,763 | 80,529,734 | |
NCR Corp. (a) | 312,300 | 10,855,548 | |
NetApp, Inc. | 157,900 | 9,884,540 | |
Samsung Electronics Co. Ltd. | 143,910 | 10,529,767 | |
Seagate Technology LLC | 969,619 | 71,005,199 | |
Western Digital Corp. | 39,600 | 2,713,788 | |
Xerox Holdings Corp. | 386,650 | 9,851,842 | |
1,888,770,203 | |||
TOTAL INFORMATION TECHNOLOGY | 11,026,941,428 | ||
MATERIALS - 2.2% | |||
Chemicals - 1.3% | |||
Albemarle Corp. U.S. | 45,500 | 7,153,055 | |
Amyris, Inc. (a)(b) | 555,200 | 7,661,760 | |
Cabot Corp. | 215,400 | 10,604,142 | |
Celanese Corp. Class A | 366,978 | 50,976,914 | |
CF Industries Holdings, Inc. | 147,970 | 6,700,082 | |
Corteva, Inc. | 647,000 | 29,212,050 | |
Dow, Inc. | 177,676 | 10,537,964 | |
DuPont de Nemours, Inc. | 91,372 | 6,425,279 | |
Eastman Chemical Co. | 787,718 | 86,066,069 | |
Ecolab, Inc. | 96,892 | 20,285,309 | |
FMC Corp. | 130,720 | 13,292,917 | |
Huntsman Corp. | 1,026,100 | 28,012,530 | |
Ingevity Corp. (a) | 136,575 | 9,489,231 | |
International Flavors & Fragrances, Inc. | 130,462 | 17,678,906 | |
LG Chemical Ltd. | 1,640 | 1,208,700 | |
Linde PLC | 586,494 | 143,262,889 | |
Livent Corp. (a) | 16,093 | 299,652 | |
LyondellBasell Industries NV Class A | 702,600 | 72,431,034 | |
Nutrien Ltd. | 33,014 | 1,781,967 | |
PPG Industries, Inc. | 311,750 | 42,030,135 | |
RPM International, Inc. | 402,165 | 32,028,421 | |
Sherwin-Williams Co. | 89,228 | 60,705,378 | |
The Chemours Co. LLC | 353,000 | 8,306,090 | |
The Mosaic Co. | 348,831 | 10,255,631 | |
The Scotts Miracle-Gro Co. Class A | 10,700 | 2,280,705 | |
Valvoline, Inc. | 749,085 | 18,697,162 | |
Westlake Chemical Corp. | 157,098 | 13,446,018 | |
710,829,990 | |||
Construction Materials - 0.2% | |||
Martin Marietta Materials, Inc. | 153,230 | 51,618,590 | |
Summit Materials, Inc. (a) | 495,100 | 13,719,221 | |
Vulcan Materials Co. | 140,377 | 23,441,555 | |
88,779,366 | |||
Containers & Packaging - 0.5% | |||
Amcor PLC | 1,108,800 | 12,130,272 | |
Avery Dennison Corp. | 38,100 | 6,675,501 | |
Ball Corp. | 111,485 | 9,519,704 | |
Berry Global Group, Inc. (a) | 981,286 | 54,363,244 | |
Crown Holdings, Inc. | 510,515 | 48,784,813 | |
Graphic Packaging Holding Co. | 840,975 | 13,346,273 | |
International Paper Co. | 998,843 | 49,592,555 | |
O-I Glass, Inc. | 154,700 | 1,806,896 | |
Packaging Corp. of America | 275,559 | 36,379,299 | |
Sealed Air Corp. | 766,839 | 32,130,554 | |
Sonoco Products Co. | 48,200 | 2,871,274 | |
WestRock Co. | 885,856 | 38,614,463 | |
306,214,848 | |||
Metals & Mining - 0.2% | |||
BHP Billiton Ltd. sponsored ADR (b) | 61,291 | 4,652,600 | |
Freeport-McMoRan, Inc. | 1,035,524 | 35,114,619 | |
Newmont Corp. | 392,296 | 21,333,056 | |
Nucor Corp. | 373,002 | 22,312,980 | |
Reliance Steel & Aluminum Co. | 136,200 | 18,005,640 | |
Steel Dynamics, Inc. | 148,700 | 6,182,946 | |
107,601,841 | |||
Paper & Forest Products - 0.0% | |||
Schweitzer-Mauduit International, Inc. | 240,600 | 11,236,020 | |
TOTAL MATERIALS | 1,224,662,065 | ||
REAL ESTATE - 1.6% | |||
Equity Real Estate Investment Trusts (REITs) - 1.5% | |||
Alexandria Real Estate Equities, Inc. | 64,527 | 10,304,317 | |
American Homes 4 Rent Class A | 422,314 | 13,150,858 | |
American Tower Corp. | 462,392 | 99,936,783 | |
Apartment Income (REIT) Corp. | 181,767 | 7,430,635 | |
AvalonBay Communities, Inc. | 176,876 | 31,085,957 | |
Brandywine Realty Trust (SBI) | 767,000 | 9,380,410 | |
Brixmor Property Group, Inc. | 691,815 | 13,614,919 | |
Camden Property Trust (SBI) | 75,800 | 7,894,570 | |
Corporate Office Properties Trust (SBI) | 61,300 | 1,593,800 | |
Crown Castle International Corp. | 116,948 | 18,214,651 | |
CubeSmart | 88,400 | 3,267,264 | |
Digital Realty Trust, Inc. | 37,300 | 5,025,429 | |
Douglas Emmett, Inc. | 52,300 | 1,712,825 | |
Duke Realty Corp. | 130,508 | 5,122,439 | |
EastGroup Properties, Inc. | 60,558 | 8,242,549 | |
Equinix, Inc. | 77,191 | 50,046,013 | |
Equity Lifestyle Properties, Inc. | 231,777 | 14,289,052 | |
Equity Residential (SBI) | 203,552 | 13,314,336 | |
Extra Space Storage, Inc. | 56,073 | 7,048,376 | |
Federal Realty Investment Trust (SBI) | 108,640 | 10,991,109 | |
Host Hotels & Resorts, Inc. | 133,600 | 2,216,424 | |
Invitation Homes, Inc. | 68,700 | 2,001,918 | |
Kilroy Realty Corp. | 61,400 | 3,896,444 | |
Kimco Realty Corp. | 787,937 | 14,442,885 | |
Lamar Advertising Co. Class A | 35,427 | 3,067,624 | |
Lexington Corporate Properties Trust | 170,800 | 1,830,976 | |
Mid-America Apartment Communities, Inc. | 159,627 | 21,506,546 | |
Omega Healthcare Investors, Inc. | 439,500 | 16,323,030 | |
Outfront Media, Inc. | 323,069 | 6,551,839 | |
Paramount Group, Inc. | 715,000 | 6,628,050 | |
Park Hotels & Resorts, Inc. | 418,700 | 9,106,725 | |
Piedmont Office Realty Trust, Inc. Class A | 784,400 | 13,381,864 | |
Potlatch Corp. | 20,195 | 1,024,896 | |
Prologis (REIT), Inc. | 1,256,418 | 124,473,331 | |
Public Storage | 192,259 | 44,977,070 | |
Rayonier, Inc. | 453,373 | 14,798,095 | |
SBA Communications Corp. Class A | 138,088 | 35,230,391 | |
Service Properties Trust | 584,000 | 7,498,560 | |
Simon Property Group, Inc. | 103,470 | 11,683,832 | |
SITE Centers Corp. | 166,350 | 2,219,109 | |
Sun Communities, Inc. | 248,781 | 37,802,273 | |
Ventas, Inc. | 673,446 | 35,625,293 | |
VEREIT, Inc. | 497,660 | 19,408,740 | |
VICI Properties, Inc. | 55,200 | 1,573,200 | |
Welltower, Inc. | 334,359 | 22,702,976 | |
Weyerhaeuser Co. | 1,113,277 | 37,706,692 | |
829,345,075 | |||
Real Estate Management & Development - 0.1% | |||
CBRE Group, Inc. (a) | 551,413 | 41,780,563 | |
Cushman & Wakefield PLC (a) | 252,100 | 3,902,508 | |
Jones Lang LaSalle, Inc. (a) | 46,400 | 8,072,672 | |
Opendoor Technologies, Inc. (a)(b) | 390,119 | 10,931,134 | |
64,686,877 | |||
TOTAL REAL ESTATE | 894,031,952 | ||
UTILITIES - 1.6% | |||
Electric Utilities - 1.0% | |||
American Electric Power Co., Inc. | 494,901 | 37,043,340 | |
Duke Energy Corp. | 128,878 | 11,030,668 | |
Edison International | 254,679 | 13,750,119 | |
Entergy Corp. | 331,328 | 28,762,584 | |
Evergy, Inc. | 391,245 | 20,982,469 | |
Exelon Corp. | 1,490,700 | 57,541,020 | |
FirstEnergy Corp. | 520,912 | 17,263,024 | |
NextEra Energy, Inc. | 2,944,467 | 216,359,435 | |
NRG Energy, Inc. | 954,108 | 34,834,483 | |
OGE Energy Corp. | 94,000 | 2,751,380 | |
PG&E Corp. (a) | 374,018 | 3,930,929 | |
Pinnacle West Capital Corp. | 220,910 | 15,448,236 | |
PPL Corp. | 69,800 | 1,828,062 | |
Southern Co. | 1,030,690 | 58,460,737 | |
Xcel Energy, Inc. | 863,648 | 50,601,136 | |
570,587,622 | |||
Gas Utilities - 0.0% | |||
Atmos Energy Corp. | 38,549 | 3,261,631 | |
UGI Corp. | 147,300 | 5,643,063 | |
8,904,694 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
NextEra Energy Partners LP (b) | 19,400 | 1,409,216 | |
Sunnova Energy International, Inc. (a) | 21,900 | 981,996 | |
The AES Corp. | 737,067 | 19,576,500 | |
Vistra Corp. | 1,383,400 | 23,863,650 | |
45,831,362 | |||
Multi-Utilities - 0.5% | |||
Ameren Corp. | 811,131 | 56,998,175 | |
CenterPoint Energy, Inc. | 478,603 | 9,304,042 | |
Dominion Energy, Inc. | 323,694 | 22,114,774 | |
DTE Energy Co. | 179,800 | 21,166,056 | |
MDU Resources Group, Inc. | 780,700 | 21,937,670 | |
NiSource, Inc. | 405,018 | 8,748,389 | |
Public Service Enterprise Group, Inc. | 939,397 | 50,567,741 | |
Sempra Energy | 535,303 | 62,084,442 | |
WEC Energy Group, Inc. | 131,300 | 10,588,032 | |
263,509,321 | |||
TOTAL UTILITIES | 888,832,999 | ||
TOTAL COMMON STOCKS | |||
(Cost $25,944,188,048) | 44,503,324,582 | ||
Convertible Preferred Stocks - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Internet & Direct Marketing Retail - 0.0% | |||
The Honest Co., Inc. Series D (a)(d)(e) | |||
(Cost $1,468,003) | 32,084 | 976,618 | |
Equity Funds - 17.4% | |||
Large Blend Funds - 6.6% | |||
Fidelity SAI U.S. Large Cap Index Fund (f) | 108,460,997 | 2,165,966,115 | |
Fidelity SAI U.S. Low Volatility Index Fund (f) | 72,274,062 | 1,165,780,624 | |
PIMCO StocksPLUS Absolute Return Fund Institutional Class | 23,140,982 | 295,278,924 | |
TOTAL LARGE BLEND FUNDS | 3,627,025,663 | ||
Large Growth Funds - 8.7% | |||
Fidelity Growth Company Fund (f) | 110,487,574 | 3,758,787,267 | |
Fidelity SAI U.S. Momentum Index Fund (f) | 1,765,283 | 29,868,593 | |
Fidelity SAI U.S. Quality Index Fund (f) | 57,548,412 | 924,227,503 | |
TOTAL LARGE GROWTH FUNDS | 4,712,883,363 | ||
Mid-Cap Blend Funds - 0.6% | |||
Fidelity Mid Cap Index Fund (f) | 11,520,456 | 327,641,780 | |
Mid-Cap Growth Funds - 1.5% | |||
Janus Henderson Enterprise Fund | 5,060,125 | 806,685,085 | |
TOTAL EQUITY FUNDS | |||
(Cost $5,820,335,570) | 9,474,235,891 | ||
Other - 0.0% | |||
Commodity Funds - Broad Basket - 0.0% | |||
Fidelity SAI Inflation-Focused Fund (f) | |||
(Cost $6,768,588) | 858,825 | 9,687,545 | |
U.S. Treasury Obligations - 0.0% | |||
U.S. Treasury Bills, yield at date of purchase 0.08% to 0.11% 3/25/21 (g) | |||
(Cost $5,799,612) | 5,800,000 | 5,799,879 | |
Money Market Funds - 1.4% | |||
Fidelity Cash Central Fund 0.07% (h) | 39,199,431 | 39,207,271 | |
Fidelity Securities Lending Cash Central Fund 0.08% (h)(i) | 142,101,202 | 142,115,413 | |
Invesco Government & Agency Portfolio Institutional Class .03% (j) | 567,037,380 | 567,037,380 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $748,358,474) | 748,360,064 | ||
TOTAL INVESTMENT IN SECURITIES - 100.4% | |||
(Cost $32,526,918,295) | 54,742,384,579 | ||
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (221,261,706) | ||
NET ASSETS - 100% | $54,521,122,873 |
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) | 167 | March 2021 | $31,806,820 | $1,277,440 | $1,277,440 |
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) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $7,569,291 or 0.0% of net assets.
(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,395,118 or 0.0% of net assets.
(e) Level 3 security
(f) Affiliated Fund
(g) 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 $1,966,959.
(h) 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.
(i) Investment made with cash collateral received from securities on loan.
(j) The rate quoted is the annualized seven-day yield of the fund at period end.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
The Honest Co., Inc. Series D | 8/12/15 | $1,468,003 |
Vertiv Holdings LLC | 2/6/20 | $4,500,000 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $9,069 |
Fidelity Securities Lending Cash Central Fund | 894,312 |
Total | $903,381 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases(a) | Sales Proceeds(a) | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Growth Company Fund | $-- | $318,557,044 | $416,500,000 | $318,557,042 | $74,738,851 | $2,561,114,897 | $3,758,787,267 |
Fidelity Mid Cap Index Fund | -- | 8,298,009 | 150,000,000 | 8,298,009 | 27,701,291 | 103,221,376 | 327,641,780 |
Fidelity SAI Inflation-Focused Fund | -- | 74,085 | -- | 74,086 | -- | 2,918,958 | 9,687,545 |
Fidelity SAI U.S. Large Cap Index Fund | -- | 2,585,746,796 | 1,622,832,955 | 46,191,931 | 17,704,963 | 235,896,880 | 2,165,966,115 |
Fidelity SAI U.S. Low Volatility Index Fund | -- | 489,144,472 | -- | 9,144,471 | -- | 109,002,261 | 1,165,780,624 |
Fidelity SAI U.S. Momentum Index Fund | -- | 347,007 | -- | 347,008 | -- | 2,514,838 | 29,868,593 |
Fidelity SAI U.S. Quality Index Fund | -- | 51,536,345 | 560,000,000 | 51,536,345 | 184,562,136 | 356,655,101 | 924,227,503 |
Fidelity SAI U.S. Value Index Fund | -- | -- | 91,205,300 | -- | 13,347,569 | -- | -- |
Total | $-- | $3,453,703,758 | $2,840,538,255 | $434,148,892 | $318,054,810 | $3,371,324,311 | $8,381,959,427 |
(a) Excludes the value of securities received and delivered through merger transactions, if applicable.
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
If an unaffiliated Underlying Fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus report.
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