Quarterly Holdings Report
for
Strategic Advisers® Large Cap Fund
Offered exclusively to certain managed account clients of Strategic Advisers LLC or its affiliates - not available for sale to the general public
February 28, 2022
LGC-NPRT3-0422
1.9899748.101
Common Stocks - 84.3% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 7.7% | |||
Diversified Telecommunication Services - 0.5% | |||
AT&T, Inc. | 4,075,060 | 96,538,171 | |
Deutsche Telekom AG | 303,100 | 5,432,972 | |
Liberty Global PLC Class C (a) | 366,800 | 9,489,116 | |
Lumen Technologies, Inc. (b) | 168,633 | 1,747,038 | |
Verizon Communications, Inc. | 3,148,455 | 168,977,580 | |
282,184,877 | |||
Entertainment - 0.9% | |||
Activision Blizzard, Inc. | 168,426 | 13,726,719 | |
Cinemark Holdings, Inc. (a)(b) | 111,800 | 1,960,972 | |
Electronic Arts, Inc. | 171,330 | 22,288,320 | |
Live Nation Entertainment, Inc. (a) | 2,635 | 318,361 | |
Netflix, Inc. (a) | 580,545 | 229,036,613 | |
Playtika Holding Corp. (a) | 622,237 | 12,818,082 | |
Sea Ltd. ADR (a) | 169,580 | 24,690,848 | |
Spotify Technology SA (a) | 23,200 | 3,623,608 | |
Take-Two Interactive Software, Inc. (a) | 14,900 | 2,413,800 | |
The Walt Disney Co. (a) | 1,621,272 | 240,694,041 | |
551,571,364 | |||
Interactive Media & Services - 4.7% | |||
Alphabet, Inc.: | |||
Class A (a) | 298,854 | 807,246,494 | |
Class C (a) | 436,222 | 1,176,848,436 | |
IAC (a) | 73,866 | 8,476,862 | |
Meta Platforms, Inc. Class A (a) | 3,202,564 | 675,837,081 | |
Snap, Inc. Class A (a) | 1,820,026 | 72,691,838 | |
Tongdao Liepin Group (a) | 421,000 | 1,012,822 | |
Twitter, Inc. (a) | 532,076 | 18,915,302 | |
Ziff Davis, Inc. (a) | 2,465 | 247,979 | |
Zoominfo Technologies, Inc. (a) | 442,192 | 24,183,480 | |
2,785,460,294 | |||
Media - 1.2% | |||
Altice U.S.A., Inc. Class A (a) | 148,800 | 1,720,128 | |
Charter Communications, Inc. Class A (a) | 410,207 | 246,854,368 | |
Comcast Corp. Class A | 6,209,571 | 290,359,540 | |
DISH Network Corp. Class A (a) | 630,309 | 20,144,676 | |
Fox Corp.: | |||
Class A | 1,186,425 | 49,628,158 | |
Class B | 17,680 | 676,437 | |
Interpublic Group of Companies, Inc. | 378,455 | 13,927,144 | |
Liberty Broadband Corp. Class C (a) | 323,677 | 47,483,416 | |
Liberty Media Corp. Liberty SiriusXM Series C (a) | 285,550 | 14,368,876 | |
News Corp.: | |||
Class A | 166,124 | 3,707,888 | |
Class B | 14,448 | 324,069 | |
Nexstar Broadcasting Group, Inc. Class A | 63,846 | 11,814,702 | |
Omnicom Group, Inc. | 239,074 | 20,055,918 | |
Paramount Global Class B | 419,300 | 12,834,773 | |
Tegna, Inc. | 536,100 | 12,287,412 | |
746,187,505 | |||
Wireless Telecommunication Services - 0.4% | |||
T-Mobile U.S., Inc. (a) | 1,887,854 | 232,602,491 | |
TOTAL COMMUNICATION SERVICES | 4,598,006,531 | ||
CONSUMER DISCRETIONARY - 10.4% | |||
Auto Components - 0.2% | |||
Aptiv PLC (a) | 185,249 | 23,978,631 | |
BorgWarner, Inc. | 481,663 | 19,753,000 | |
Compagnie Generale des Etablissements Michelin SCA ADR | 900,000 | 24,714,000 | |
Lear Corp. | 154,900 | 24,371,966 | |
Magna International, Inc. Class A (sub. vtg.) | 247,149 | 18,362,147 | |
The Goodyear Tire & Rubber Co. (a) | 857,300 | 13,279,577 | |
124,459,321 | |||
Automobiles - 1.3% | |||
Ferrari NV | 65,679 | 14,141,345 | |
Ford Motor Co. | 4,472,889 | 78,543,931 | |
General Motors Co. (a) | 1,576,315 | 73,645,437 | |
Harley-Davidson, Inc. | 418,400 | 17,279,920 | |
Rivian Automotive, Inc. (b) | 943,098 | 63,715,701 | |
Tesla, Inc. (a) | 636,196 | 553,764,084 | |
801,090,418 | |||
Distributors - 0.1% | |||
Genuine Parts Co. | 91,780 | 11,211,845 | |
LKQ Corp. | 517,467 | 24,295,076 | |
35,506,921 | |||
Diversified Consumer Services - 0.0% | |||
Service Corp. International | 101,900 | 6,200,615 | |
Hotels, Restaurants & Leisure - 1.5% | |||
Airbnb, Inc. Class A (a) | 25,086 | 3,800,278 | |
Booking Holdings, Inc. (a) | 46,723 | 101,494,037 | |
Caesars Entertainment, Inc. (a) | 123,482 | 10,395,950 | |
Chipotle Mexican Grill, Inc. (a) | 56,720 | 86,404,412 | |
Compass Group PLC | 287,300 | 6,493,859 | |
Cracker Barrel Old Country Store, Inc. | 50,407 | 6,768,148 | |
Darden Restaurants, Inc. | 124,778 | 18,120,261 | |
Domino's Pizza, Inc. | 11,280 | 4,875,329 | |
Expedia, Inc. (a) | 32,944 | 6,460,648 | |
Hilton Worldwide Holdings, Inc. (a) | 790,601 | 117,688,865 | |
Las Vegas Sands Corp. (a) | 549,608 | 23,556,199 | |
Marriott International, Inc. Class A (a) | 372,662 | 63,404,713 | |
McDonald's Corp. | 908,371 | 222,341,970 | |
MGM Resorts International | 474,692 | 21,024,109 | |
Royal Caribbean Cruises Ltd. (a) | 60,000 | 4,843,200 | |
Starbucks Corp. | 1,278,589 | 117,361,684 | |
Wynn Resorts Ltd. (a) | 128,515 | 11,119,118 | |
Yum China Holdings, Inc. | 225,377 | 11,724,112 | |
Yum! Brands, Inc. | 301,740 | 36,987,289 | |
874,864,181 | |||
Household Durables - 0.5% | |||
D.R. Horton, Inc. | 213,400 | 18,224,360 | |
Garmin Ltd. | 36,748 | 4,058,449 | |
Leggett & Platt, Inc. | 99,700 | 3,696,876 | |
Lennar Corp.: | |||
Class A | 1,056,400 | 94,949,232 | |
Class B | 6,000 | 453,000 | |
Mohawk Industries, Inc. (a) | 165,194 | 23,256,011 | |
Newell Brands, Inc. | 565,841 | 13,438,724 | |
NVR, Inc. (a) | 5,607 | 27,801,973 | |
PulteGroup, Inc. | 782,699 | 38,868,832 | |
Sony Group Corp. sponsored ADR | 310,000 | 31,784,300 | |
Tempur Sealy International, Inc. | 153,000 | 5,050,530 | |
Toll Brothers, Inc. | 52,000 | 2,821,520 | |
Whirlpool Corp. | 223,042 | 44,891,663 | |
309,295,470 | |||
Internet & Direct Marketing Retail - 3.2% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 320,590 | 33,722,862 | |
Amazon.com, Inc. (a) | 573,714 | 1,762,024,860 | |
Doordash, Inc. (a) | 166,689 | 17,494,011 | |
eBay, Inc. | 1,154,083 | 63,001,391 | |
Etsy, Inc. (a) | 53,405 | 8,271,900 | |
Farfetch Ltd. Class A (a) | 86,900 | 1,655,445 | |
1,886,170,469 | |||
Leisure Products - 0.0% | |||
Brunswick Corp. (b) | 45,700 | 4,365,264 | |
Hasbro, Inc. | 74,514 | 7,231,584 | |
Peloton Interactive, Inc. Class A (a)(b) | 386,100 | 11,220,066 | |
22,816,914 | |||
Multiline Retail - 0.4% | |||
Big Lots, Inc. (b) | 174,300 | 6,058,668 | |
Dollar General Corp. | 208,411 | 41,336,238 | |
Dollar Tree, Inc. (a) | 208,751 | 29,659,342 | |
Kohl's Corp. | 495,290 | 27,548,030 | |
Macy's, Inc. | 451,300 | 11,697,696 | |
Nordstrom, Inc. (a)(b) | 118,200 | 2,451,468 | |
Target Corp. | 667,674 | 133,381,235 | |
252,132,677 | |||
Specialty Retail - 2.7% | |||
Advance Auto Parts, Inc. | 175,927 | 35,973,553 | |
AutoNation, Inc. (a)(b) | 103,600 | 11,878,776 | |
AutoZone, Inc. (a) | 51,083 | 95,187,551 | |
Bath & Body Works, Inc. | 146,495 | 7,818,438 | |
Best Buy Co., Inc. | 694,469 | 67,113,484 | |
Burlington Stores, Inc. (a) | 344,517 | 77,822,945 | |
CarMax, Inc. (a) | 183,282 | 20,038,221 | |
Dick's Sporting Goods, Inc. (b) | 450,750 | 47,328,750 | |
Foot Locker, Inc. | 97,500 | 3,082,950 | |
Gap, Inc. (b) | 677,496 | 9,857,567 | |
Industria de Diseno Textil SA | 261,900 | 6,831,865 | |
Lowe's Companies, Inc. | 2,182,230 | 482,403,764 | |
Murphy U.S.A., Inc. (b) | 74,035 | 13,381,086 | |
O'Reilly Automotive, Inc. (a) | 334,449 | 217,137,669 | |
Penske Automotive Group, Inc. | 228,900 | 22,498,581 | |
Ross Stores, Inc. | 363,000 | 33,174,570 | |
Sally Beauty Holdings, Inc. (a) | 463,900 | 8,016,192 | |
Sleep Number Corp. (a)(b) | 111,000 | 7,292,700 | |
The Home Depot, Inc. | 1,050,922 | 331,912,695 | |
The ODP Corp. (a) | 62,070 | 2,731,080 | |
TJX Companies, Inc. | 602,249 | 39,808,659 | |
Tractor Supply Co. | 93,580 | 19,070,668 | |
Ulta Beauty, Inc. (a) | 123,135 | 46,114,058 | |
Williams-Sonoma, Inc. | 34,600 | 5,012,156 | |
1,611,487,978 | |||
Textiles, Apparel & Luxury Goods - 0.5% | |||
Capri Holdings Ltd. (a) | 64,400 | 4,362,456 | |
Columbia Sportswear Co. | 103,323 | 9,580,109 | |
Hanesbrands, Inc. (b) | 811,200 | 12,533,040 | |
lululemon athletica, Inc. (a) | 54,577 | 17,461,365 | |
NIKE, Inc. Class B | 1,317,853 | 179,952,827 | |
PVH Corp. | 78,900 | 7,723,521 | |
Ralph Lauren Corp. | 150,492 | 19,870,964 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 54,000 | 2,482,920 | |
Tapestry, Inc. | 425,427 | 17,399,964 | |
Under Armour, Inc.: | |||
Class A (sub. vtg.) (a) | 197,021 | 3,524,706 | |
Class C (non-vtg.) (a) | 169,421 | 2,648,050 | |
277,539,922 | |||
TOTAL CONSUMER DISCRETIONARY | 6,201,564,886 | ||
CONSUMER STAPLES - 4.6% | |||
Beverages - 1.3% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 480,737 | 103,656,512 | |
Keurig Dr. Pepper, Inc. | 1,381,448 | 53,420,594 | |
Molson Coors Beverage Co. Class B | 679,500 | 35,456,310 | |
Monster Beverage Corp. (a) | 1,376,114 | 116,144,022 | |
PepsiCo, Inc. | 1,050,717 | 172,044,402 | |
The Coca-Cola Co. | 5,327,969 | 331,612,791 | |
812,334,631 | |||
Food & Staples Retailing - 0.8% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 116,000 | 7,292,920 | |
Costco Wholesale Corp. | 310,227 | 161,085,370 | |
Kroger Co. | 1,786,486 | 83,607,545 | |
Sysco Corp. | 460,073 | 40,072,358 | |
U.S. Foods Holding Corp. (a) | 169,300 | 6,617,937 | |
Walgreens Boots Alliance, Inc. | 924,000 | 42,587,160 | |
Walmart, Inc. | 887,253 | 119,921,115 | |
461,184,405 | |||
Food Products - 0.8% | |||
Archer Daniels Midland Co. | 326,400 | 25,606,080 | |
Bunge Ltd. | 222,300 | 23,241,465 | |
Campbell Soup Co. | 134,773 | 6,060,742 | |
Conagra Brands, Inc. | 1,072,433 | 37,502,982 | |
Darling Ingredients, Inc. (a) | 193,800 | 14,046,624 | |
General Mills, Inc. | 438,400 | 29,561,312 | |
Ingredion, Inc. | 209,500 | 18,591,030 | |
Kellogg Co. | 146,200 | 9,348,028 | |
Local Bounti Corp. (a)(b) | 125,589 | 751,022 | |
Mondelez International, Inc. | 1,148,888 | 75,229,186 | |
Mowi ASA ADR | 289,000 | 7,438,282 | |
Pilgrim's Pride Corp. (a) | 14,400 | 339,552 | |
Post Holdings, Inc. (a) | 172,595 | 18,146,638 | |
The Hershey Co. | 42,447 | 8,585,330 | |
The J.M. Smucker Co. | 260,300 | 35,075,425 | |
The Kraft Heinz Co. | 1,678,667 | 65,837,320 | |
Tyson Foods, Inc. Class A | 1,190,558 | 110,317,104 | |
485,678,122 | |||
Household Products - 1.0% | |||
Colgate-Palmolive Co. | 438,975 | 33,779,126 | |
Energizer Holdings, Inc. | 504,634 | 16,849,729 | |
Kimberly-Clark Corp. | 250,631 | 32,619,625 | |
Procter & Gamble Co. | 3,455,733 | 538,714,217 | |
621,962,697 | |||
Personal Products - 0.2% | |||
Estee Lauder Companies, Inc. Class A | 338,695 | 100,365,489 | |
The Beauty Health Co. (a)(b) | 180,000 | 3,488,400 | |
103,853,889 | |||
Tobacco - 0.5% | |||
Altria Group, Inc. | 2,163,009 | 110,940,732 | |
Philip Morris International, Inc. | 1,666,047 | 168,387,370 | |
279,328,102 | |||
TOTAL CONSUMER STAPLES | 2,764,341,846 | ||
ENERGY - 3.2% | |||
Energy Equipment & Services - 0.2% | |||
Baker Hughes Co. Class A | 34,500 | 1,013,610 | |
Halliburton Co. | 1,631,053 | 54,689,207 | |
Liberty Oilfield Services, Inc. Class A (a) | 97,800 | 1,220,544 | |
Oceaneering International, Inc. (a) | 79,667 | 1,166,325 | |
Schlumberger Ltd. | 1,148,609 | 45,071,417 | |
U.S. Silica Holdings, Inc. (a) | 71,100 | 1,028,106 | |
Weatherford International PLC (a) | 33,600 | 954,240 | |
105,143,449 | |||
Oil, Gas & Consumable Fuels - 3.0% | |||
Africa Oil Corp. (b) | 658,600 | 1,506,856 | |
APA Corp. | 155,900 | 5,554,717 | |
Canadian Natural Resources Ltd. | 208,400 | 11,642,449 | |
Chevron Corp. | 2,010,314 | 289,485,216 | |
ConocoPhillips Co. | 3,039,691 | 288,345,088 | |
Coterra Energy, Inc. | 1,904,887 | 44,441,014 | |
CVR Energy, Inc. | 27,800 | 483,442 | |
Diamondback Energy, Inc. | 69,057 | 9,536,772 | |
EOG Resources, Inc. | 1,619,087 | 186,065,478 | |
Exxon Mobil Corp. | 4,726,527 | 370,654,247 | |
Genesis Energy LP | 338,396 | 4,043,832 | |
Harbour Energy PLC (a) | 260,495 | 1,379,472 | |
Hess Corp. | 123,700 | 12,501,122 | |
HollyFrontier Corp. | 361,400 | 11,004,630 | |
Imperial Oil Ltd. | 87,900 | 3,945,271 | |
Kinder Morgan, Inc. | 1,869,097 | 32,522,288 | |
Kosmos Energy Ltd. (a)(b) | 360,400 | 1,751,544 | |
Marathon Oil Corp. | 953,537 | 21,511,795 | |
Marathon Petroleum Corp. | 983,433 | 76,579,928 | |
MEG Energy Corp. (a) | 829,900 | 10,836,170 | |
Murphy Oil Corp. | 96,200 | 3,335,254 | |
Occidental Petroleum Corp. | 105,886 | 4,630,395 | |
ONEOK, Inc. | 399,553 | 26,090,811 | |
Ovintiv, Inc. | 112,300 | 5,148,955 | |
Phillips 66 Co. | 897,092 | 75,571,030 | |
Pioneer Natural Resources Co. | 753,700 | 180,586,520 | |
The Williams Companies, Inc. | 1,188,825 | 37,186,446 | |
Total SA sponsored ADR (b) | 814,383 | 41,150,773 | |
Tourmaline Oil Corp. | 100,800 | 3,976,331 | |
Valero Energy Corp. | 561,617 | 46,900,636 | |
1,808,368,482 | |||
TOTAL ENERGY | 1,913,511,931 | ||
FINANCIALS - 11.9% | |||
Banks - 5.0% | |||
Bank of America Corp. | 12,712,502 | 561,892,588 | |
BNP Paribas SA | 17,700 | 1,027,035 | |
Citigroup, Inc. | 2,831,653 | 167,718,807 | |
Citizens Financial Group, Inc. | 1,695,624 | 88,884,610 | |
Comerica, Inc. | 96,041 | 9,170,955 | |
Commerce Bancshares, Inc. | 289,605 | 20,787,847 | |
Cullen/Frost Bankers, Inc. (b) | 193,600 | 27,245,328 | |
East West Bancorp, Inc. | 65,100 | 5,700,156 | |
Eurobank Ergasias Services and Holdings SA (a) | 2,652,665 | 2,905,814 | |
Fifth Third Bancorp | 5,842,148 | 279,488,360 | |
First Horizon National Corp. | 1,203,684 | 28,262,500 | |
First Republic Bank | 40,257 | 6,974,928 | |
Huntington Bancshares, Inc. | 3,163,672 | 49,100,189 | |
JPMorgan Chase & Co. | 3,286,412 | 466,013,222 | |
KeyCorp | 2,544,271 | 63,784,874 | |
M&T Bank Corp. | 296,936 | 54,110,647 | |
Mitsubishi UFJ Financial Group, Inc. sponsored ADR (b) | 2,250,000 | 13,860,000 | |
Pinnacle Financial Partners, Inc. | 15,200 | 1,536,416 | |
Piraeus Financial Holdings SA (a) | 639,038 | 1,012,078 | |
PNC Financial Services Group, Inc. | 1,060,613 | 211,327,140 | |
Regions Financial Corp. | 2,661,100 | 64,372,009 | |
Signature Bank | 110,815 | 38,218,985 | |
Silvergate Capital Corp. (a) | 8,416 | 1,077,921 | |
Societe Generale Series A | 136,182 | 3,850,893 | |
Standard Chartered PLC (United Kingdom) | 277,629 | 1,978,550 | |
SVB Financial Group (a) | 99,390 | 60,230,340 | |
Synovus Financial Corp. | 29,100 | 1,532,115 | |
Truist Financial Corp. | 2,432,221 | 151,332,791 | |
U.S. Bancorp | 1,743,537 | 98,579,582 | |
UniCredit SpA | 275,939 | 3,486,358 | |
Wells Fargo & Co. | 9,823,135 | 524,260,715 | |
Zions Bancorp NA | 74,800 | 5,302,572 | |
3,015,026,325 | |||
Capital Markets - 2.6% | |||
Ameriprise Financial, Inc. | 361,200 | 108,284,148 | |
Bank of New York Mellon Corp. | 1,820,255 | 96,746,553 | |
BlackRock, Inc. Class A | 19,447 | 14,466,429 | |
Blackstone, Inc. | 338,947 | 43,205,574 | |
Brookfield Asset Management, Inc. Class A (b) | 1,358,155 | 74,209,589 | |
Cboe Global Markets, Inc. | 216,789 | 25,427,182 | |
Charles Schwab Corp. | 2,018,258 | 170,462,071 | |
CME Group, Inc. | 297,743 | 70,425,152 | |
FactSet Research Systems, Inc. | 63,317 | 25,712,401 | |
Goldman Sachs Group, Inc. | 655,727 | 223,793,068 | |
Intercontinental Exchange, Inc. | 562,634 | 72,084,668 | |
Invesco Ltd. | 785,014 | 16,673,697 | |
Jefferies Financial Group, Inc. | 1,501,138 | 53,350,445 | |
KKR & Co. LP | 657,818 | 39,548,018 | |
MarketAxess Holdings, Inc. | 27,400 | 10,451,182 | |
Moody's Corp. | 49,356 | 15,894,113 | |
Morgan Stanley | 1,445,389 | 131,154,598 | |
Northern Trust Corp. | 221,364 | 25,213,360 | |
Raymond James Financial, Inc. | 498,016 | 54,607,454 | |
S&P Global, Inc. | 234,870 | 88,240,659 | |
SEI Investments Co. | 423,194 | 24,790,705 | |
State Street Corp. | 1,670,971 | 142,583,955 | |
StepStone Group, Inc. Class A | 73,401 | 2,534,537 | |
T. Rowe Price Group, Inc. | 162,567 | 23,500,686 | |
Tradeweb Markets, Inc. Class A | 66,291 | 5,600,264 | |
Virtu Financial, Inc. Class A | 73,347 | 2,573,013 | |
1,561,533,521 | |||
Consumer Finance - 0.9% | |||
Ally Financial, Inc. | 171,200 | 8,542,880 | |
American Express Co. | 989,350 | 192,468,149 | |
Capital One Financial Corp. | 1,356,700 | 207,941,409 | |
Credit Acceptance Corp. (a)(b) | 6,900 | 3,795,828 | |
Discover Financial Services | 472,724 | 58,353,051 | |
Navient Corp. | 734,600 | 12,936,306 | |
OneMain Holdings, Inc. | 258,800 | 13,193,624 | |
Synchrony Financial | 266,800 | 11,413,704 | |
508,644,951 | |||
Diversified Financial Services - 1.0% | |||
Apollo Global Management, Inc. | 148,973 | 9,721,978 | |
Berkshire Hathaway, Inc.: | |||
Class A (a) | 1 | 476,205 | |
Class B (a) | 1,597,472 | 513,507,374 | |
Equitable Holdings, Inc. | 1,119,064 | 36,548,630 | |
Voya Financial, Inc. (b) | 459,676 | 30,959,179 | |
WeWork, Inc. (a)(b) | 206,200 | 1,319,680 | |
592,533,046 | |||
Insurance - 2.4% | |||
AFLAC, Inc. | 843,489 | 51,528,743 | |
AIA Group Ltd. | 89,400 | 928,316 | |
Alleghany Corp. (a) | 21,896 | 14,493,400 | |
Allstate Corp. | 467,500 | 57,203,300 | |
American Financial Group, Inc. | 224,300 | 30,367,977 | |
American International Group, Inc. | 1,495,516 | 91,585,400 | |
Aon PLC | 50,259 | 14,682,664 | |
Arch Capital Group Ltd. (a) | 185,000 | 8,715,350 | |
Arthur J. Gallagher & Co. | 330,063 | 52,212,666 | |
Assurant, Inc. | 193,394 | 32,820,896 | |
Axis Capital Holdings Ltd. | 200,700 | 10,962,234 | |
Brookfield Asset Management Reinsurance Partners Ltd. (b) | 9,502 | 525,461 | |
Chubb Ltd. | 899,407 | 183,155,241 | |
Cincinnati Financial Corp. | 445,939 | 54,756,850 | |
CNA Financial Corp. | 135,043 | 6,171,465 | |
Everest Re Group Ltd. | 101,190 | 30,176,882 | |
Fairfax Financial Holdings Ltd. | 25,770 | 12,518,551 | |
Fidelity National Financial, Inc. | 130,300 | 6,207,492 | |
First American Financial Corp. | 49,900 | 3,345,296 | |
Globe Life, Inc. | 42,300 | 4,270,608 | |
Hartford Financial Services Group, Inc. | 1,588,039 | 110,336,950 | |
Lincoln National Corp. | 405,600 | 27,345,552 | |
Loews Corp. | 755,036 | 46,313,908 | |
Markel Corp. (a) | 5,540 | 6,885,721 | |
Marsh & McLennan Companies, Inc. | 374,313 | 58,171,983 | |
MetLife, Inc. | 1,664,086 | 112,409,009 | |
Old Republic International Corp. | 94,800 | 2,497,980 | |
Principal Financial Group, Inc. | 125,400 | 8,858,256 | |
Progressive Corp. | 1,265,336 | 134,037,042 | |
Prudential Financial, Inc. | 431,455 | 48,176,265 | |
Prudential PLC (a) | 48,320 | 730,525 | |
Reinsurance Group of America, Inc. | 12,600 | 1,396,836 | |
RenaissanceRe Holdings Ltd. (b) | 251,867 | 37,976,506 | |
The Travelers Companies, Inc. | 618,213 | 106,227,540 | |
Unum Group | 479,100 | 13,376,472 | |
W.R. Berkley Corp. | 160,197 | 14,465,789 | |
Willis Towers Watson PLC | 58,900 | 13,093,470 | |
1,408,928,596 | |||
Mortgage Real Estate Investment Trusts - 0.0% | |||
Annaly Capital Management, Inc. | 1,475,500 | 10,269,480 | |
Thrifts & Mortgage Finance - 0.0% | |||
Radian Group, Inc. | 603,800 | 14,430,820 | |
TOTAL FINANCIALS | 7,111,366,739 | ||
HEALTH CARE - 11.8% | |||
Biotechnology - 2.1% | |||
AbbVie, Inc. | 3,771,943 | 557,380,017 | |
ADC Therapeutics SA (a)(b) | 59,300 | 990,310 | |
Alnylam Pharmaceuticals, Inc. (a) | 28,000 | 4,419,800 | |
Amgen, Inc. | 710,435 | 160,899,319 | |
Arcutis Biotherapeutics, Inc. (a)(b) | 62,000 | 1,103,600 | |
Argenx SE ADR (a) | 36,900 | 10,616,499 | |
Ascendis Pharma A/S sponsored ADR (a) | 48,400 | 5,439,676 | |
Atara Biotherapeutics, Inc. (a) | 85,000 | 1,092,250 | |
Avid Bioservices, Inc. (a)(b) | 90,000 | 1,843,200 | |
Beam Therapeutics, Inc. (a)(b) | 15,000 | 1,175,250 | |
Biogen, Inc. (a) | 221,516 | 46,742,091 | |
BioMarin Pharmaceutical, Inc. (a) | 83,820 | 6,548,018 | |
Blueprint Medicines Corp. (a) | 18,000 | 1,089,900 | |
Celldex Therapeutics, Inc. (a) | 38,000 | 1,136,200 | |
Century Therapeutics, Inc. (b) | 50,000 | 705,000 | |
Cytokinetics, Inc. (a)(b) | 80,000 | 2,825,600 | |
Erasca, Inc. (b) | 140,000 | 1,736,000 | |
Exelixis, Inc. (a) | 60,000 | 1,231,800 | |
Gilead Sciences, Inc. | 1,010,271 | 61,020,368 | |
Imago BioSciences, Inc. (b) | 17,500 | 412,125 | |
Innovent Biologics, Inc. (a)(c) | 400,000 | 1,788,959 | |
Instil Bio, Inc. (a)(b) | 60,000 | 643,800 | |
Mirati Therapeutics, Inc. (a) | 22,800 | 2,013,012 | |
Moderna, Inc. (a) | 125,891 | 19,336,858 | |
Neurocrine Biosciences, Inc. (a) | 277,514 | 24,940,183 | |
PTC Therapeutics, Inc. (a)(b) | 64,000 | 2,247,680 | |
Regeneron Pharmaceuticals, Inc. (a) | 268,474 | 166,013,583 | |
Relay Therapeutics, Inc. (a)(b) | 66,500 | 1,603,315 | |
Sarepta Therapeutics, Inc. (a) | 28,000 | 2,145,080 | |
Shattuck Labs, Inc. (a)(b) | 59,250 | 296,250 | |
TG Therapeutics, Inc. (a) | 140,000 | 1,381,800 | |
Vertex Pharmaceuticals, Inc. (a) | 570,731 | 131,279,545 | |
Xencor, Inc. (a) | 60,000 | 1,878,600 | |
Zentalis Pharmaceuticals, Inc. (a)(b) | 50,000 | 2,494,500 | |
1,226,470,188 | |||
Health Care Equipment & Supplies - 1.8% | |||
Abbott Laboratories | 1,147,018 | 138,353,311 | |
Alcon, Inc. (b) | 614,516 | 47,311,587 | |
Align Technology, Inc. (a) | 28,274 | 14,461,020 | |
Becton, Dickinson & Co. | 376,000 | 102,001,280 | |
Boston Scientific Corp. (a) | 2,839,861 | 125,436,660 | |
DexCom, Inc. (a) | 117,958 | 48,823,996 | |
Edwards Lifesciences Corp. (a) | 13,848 | 1,556,100 | |
Envista Holdings Corp. (a) | 128,000 | 6,144,000 | |
Hologic, Inc. (a) | 617,542 | 43,950,464 | |
IDEXX Laboratories, Inc. (a) | 37,006 | 19,700,144 | |
Insulet Corp. (a) | 47,467 | 12,564,040 | |
Intuitive Surgical, Inc. (a) | 833,965 | 242,125,058 | |
Masimo Corp. (a) | 10,000 | 1,574,500 | |
Medtronic PLC | 640,524 | 67,248,615 | |
Penumbra, Inc. (a) | 55,000 | 12,195,700 | |
ResMed, Inc. | 24,000 | 5,922,000 | |
STERIS PLC | 67,600 | 16,224,000 | |
Stryker Corp. | 204,783 | 53,929,603 | |
Tandem Diabetes Care, Inc. (a) | 28,000 | 3,153,640 | |
Teleflex, Inc. | 5,651 | 1,900,488 | |
The Cooper Companies, Inc. | 16,469 | 6,736,150 | |
Zimmer Biomet Holdings, Inc. | 599,993 | 76,313,110 | |
1,047,625,466 | |||
Health Care Providers & Services - 3.1% | |||
1Life Healthcare, Inc. (a) | 100,000 | 1,081,000 | |
agilon health, Inc. (a)(b) | 196,483 | 3,972,886 | |
Alignment Healthcare, Inc. (a)(b) | 160,000 | 1,350,400 | |
AmerisourceBergen Corp. | 257,506 | 36,702,330 | |
Anthem, Inc. | 318,594 | 143,956,699 | |
Cano Health, Inc. (a)(b) | 330,000 | 1,607,100 | |
Cardinal Health, Inc. | 417,968 | 22,574,452 | |
Centene Corp. (a) | 2,040,324 | 168,571,569 | |
Cigna Corp. | 362,851 | 86,278,711 | |
CVS Health Corp. | 2,046,137 | 212,082,100 | |
DaVita HealthCare Partners, Inc. (a) | 268,210 | 30,246,042 | |
Guardant Health, Inc. (a)(b) | 20,000 | 1,325,400 | |
HCA Holdings, Inc. | 497,845 | 124,615,582 | |
Henry Schein, Inc. (a) | 63,700 | 5,502,406 | |
Humana, Inc. | 310,241 | 134,743,871 | |
Laboratory Corp. of America Holdings (a) | 176,821 | 47,964,464 | |
LifeStance Health Group, Inc. (b) | 160,000 | 1,508,800 | |
McKesson Corp. | 389,147 | 106,999,859 | |
Oak Street Health, Inc. (a)(b) | 218,000 | 3,817,180 | |
Quest Diagnostics, Inc. | 278,643 | 36,577,467 | |
Surgery Partners, Inc. (a) | 72,631 | 3,796,422 | |
UnitedHealth Group, Inc. | 1,426,998 | 679,065,538 | |
Universal Health Services, Inc. Class B | 177,500 | 25,547,575 | |
1,879,887,853 | |||
Health Care Technology - 0.0% | |||
Change Healthcare, Inc. (a) | 110,000 | 2,356,200 | |
Doximity, Inc. | 30,000 | 1,840,500 | |
Phreesia, Inc. (a) | 50,000 | 1,539,500 | |
5,736,200 | |||
Life Sciences Tools & Services - 1.4% | |||
Agilent Technologies, Inc. | 451,343 | 58,837,073 | |
Avantor, Inc. (a) | 100,000 | 3,469,000 | |
Bio-Rad Laboratories, Inc. Class A (a) | 21,100 | 13,207,756 | |
Bio-Techne Corp. | 941 | 394,665 | |
Bruker Corp. | 70,000 | 4,925,900 | |
Charles River Laboratories International, Inc. (a) | 25,641 | 7,465,634 | |
Danaher Corp. | 822,351 | 225,661,338 | |
Illumina, Inc. (a) | 99,706 | 32,563,980 | |
IQVIA Holdings, Inc. (a) | 265,936 | 61,197,192 | |
Lonza Group AG | 8,000 | 5,535,219 | |
Maravai LifeSciences Holdings, Inc. (a) | 76,000 | 2,969,320 | |
Mettler-Toledo International, Inc. (a) | 11,870 | 16,721,744 | |
PerkinElmer, Inc. | 12,106 | 2,174,359 | |
Sartorius Stedim Biotech | 10,115 | 3,878,807 | |
Thermo Fisher Scientific, Inc. | 718,375 | 390,796,000 | |
Waters Corp. (a) | 46,905 | 14,856,221 | |
West Pharmaceutical Services, Inc. | 29,133 | 11,276,802 | |
855,931,010 | |||
Pharmaceuticals - 3.4% | |||
Arvinas Holding Co. LLC (a) | 34,000 | 2,203,540 | |
AstraZeneca PLC: | |||
(United Kingdom) | 56,000 | 6,806,596 | |
sponsored ADR | 1,132,354 | 68,937,712 | |
Bristol-Myers Squibb Co. | 3,530,902 | 242,467,040 | |
Elanco Animal Health, Inc. (a) | 2,064,540 | 58,653,581 | |
Eli Lilly & Co. | 1,156,792 | 289,140,160 | |
Jazz Pharmaceuticals PLC (a)(b) | 171,000 | 23,498,820 | |
Johnson & Johnson | 3,308,614 | 544,498,606 | |
Merck & Co., Inc. | 2,820,222 | 215,972,601 | |
Nektar Therapeutics (a)(b) | 80,000 | 819,200 | |
Novartis AG sponsored ADR | 491,414 | 42,979,068 | |
Novo Nordisk A/S Series B sponsored ADR | 179,552 | 18,484,878 | |
Organon & Co. | 251,873 | 9,402,419 | |
Pfizer, Inc. | 5,573,008 | 261,596,996 | |
Roche Holding AG: | |||
(participation certificate) | 16,500 | 6,249,105 | |
sponsored ADR (b) | 1,687,419 | 79,696,799 | |
Royalty Pharma PLC (b) | 225,000 | 8,833,500 | |
Sanofi SA sponsored ADR | 711,441 | 37,315,080 | |
UCB SA | 22,800 | 2,488,320 | |
Viatris, Inc. | 822,281 | 9,053,314 | |
Zoetis, Inc. Class A | 628,300 | 121,670,295 | |
2,050,767,630 | |||
TOTAL HEALTH CARE | 7,066,418,347 | ||
INDUSTRIALS - 7.4% | |||
Aerospace & Defense - 1.8% | |||
Curtiss-Wright Corp. | 5,460 | 805,459 | |
General Dynamics Corp. | 348,655 | 81,742,165 | |
Howmet Aerospace, Inc. | 546,863 | 19,643,319 | |
Huntington Ingalls Industries, Inc. | 115,300 | 23,567,320 | |
L3Harris Technologies, Inc. | 322,547 | 81,381,834 | |
Lockheed Martin Corp. | 244,621 | 106,116,590 | |
Moog, Inc. Class A | 127,400 | 10,588,214 | |
Northrop Grumman Corp. | 381,363 | 168,615,837 | |
Raytheon Technologies Corp. | 2,247,047 | 230,771,727 | |
Textron, Inc. | 978,311 | 71,543,883 | |
The Boeing Co. (a) | 897,737 | 184,341,316 | |
TransDigm Group, Inc. (a) | 127,627 | 85,074,882 | |
Vectrus, Inc. (a) | 37,733 | 1,729,681 | |
1,065,922,227 | |||
Air Freight & Logistics - 0.7% | |||
C.H. Robinson Worldwide, Inc. | 58,547 | 5,660,324 | |
Expeditors International of Washington, Inc. | 384,300 | 39,721,248 | |
FedEx Corp. | 637,731 | 141,748,469 | |
GXO Logistics, Inc. (a) | 49,068 | 4,118,277 | |
United Parcel Service, Inc. Class B | 1,148,796 | 241,729,654 | |
432,977,972 | |||
Airlines - 0.1% | |||
Delta Air Lines, Inc. (a) | 431,700 | 17,233,464 | |
Southwest Airlines Co. (a) | 411,915 | 18,041,877 | |
United Airlines Holdings, Inc. (a) | 517,457 | 22,975,091 | |
58,250,432 | |||
Building Products - 0.4% | |||
A.O. Smith Corp. | 206,178 | 14,139,687 | |
Carlisle Companies, Inc. | 52,350 | 12,427,890 | |
Carrier Global Corp. | 343,070 | 15,396,982 | |
Fortune Brands Home & Security, Inc. | 411,063 | 35,721,375 | |
Johnson Controls International PLC | 120,068 | 7,799,617 | |
Masco Corp. | 391,250 | 21,925,650 | |
Owens Corning | 182,805 | 17,035,598 | |
Trane Technologies PLC | 877,845 | 135,126,681 | |
259,573,480 | |||
Commercial Services & Supplies - 0.2% | |||
Copart, Inc. (a) | 81,680 | 10,036,838 | |
Deluxe Corp. (b) | 215,300 | 6,697,983 | |
Republic Services, Inc. | 415,460 | 49,971,529 | |
Waste Connections, Inc. (United States) | 280,097 | 34,589,179 | |
101,295,529 | |||
Construction & Engineering - 0.1% | |||
Quanta Services, Inc. | 299,400 | 32,616,636 | |
Electrical Equipment - 0.4% | |||
Acuity Brands, Inc. | 87,200 | 15,902,664 | |
AMETEK, Inc. | 230,900 | 29,968,511 | |
Eaton Corp. PLC | 766,900 | 118,325,001 | |
Emerson Electric Co. | 215,128 | 19,989,694 | |
Generac Holdings, Inc. (a) | 119,725 | 37,769,646 | |
Sensata Technologies, Inc. PLC (a) | 64,400 | 3,729,404 | |
225,684,920 | |||
Industrial Conglomerates - 0.9% | |||
3M Co. | 181,970 | 27,049,841 | |
General Electric Co. | 1,337,955 | 127,788,082 | |
Honeywell International, Inc. | 1,321,311 | 250,718,762 | |
Roper Technologies, Inc. | 242,752 | 108,806,301 | |
514,362,986 | |||
Machinery - 1.5% | |||
AGCO Corp. | 292,700 | 35,170,832 | |
Allison Transmission Holdings, Inc. | 309,700 | 12,369,418 | |
Caterpillar, Inc. | 241,056 | 45,217,284 | |
Crane Co. | 172,600 | 17,446,408 | |
Cummins, Inc. | 483,905 | 98,774,689 | |
Deere & Co. | 450,317 | 162,123,126 | |
Dover Corp. | 128,609 | 20,173,608 | |
Fortive Corp. | 713,034 | 46,168,952 | |
Illinois Tool Works, Inc. | 33,054 | 7,150,902 | |
Ingersoll Rand, Inc. | 1,944,278 | 98,224,925 | |
ITT, Inc. | 119,861 | 10,532,186 | |
Meritor, Inc. (a) | 117,300 | 4,177,053 | |
Middleby Corp. (a) | 34,400 | 6,110,128 | |
Nordson Corp. | 24,598 | 5,571,201 | |
Oshkosh Corp. | 285,637 | 31,717,132 | |
Otis Worldwide Corp. | 332,410 | 26,037,675 | |
PACCAR, Inc. | 638,751 | 58,643,729 | |
Parker Hannifin Corp. | 325,806 | 96,565,640 | |
Snap-On, Inc. | 84,740 | 17,810,653 | |
Stanley Black & Decker, Inc. | 456,445 | 74,263,602 | |
Timken Co. | 251,707 | 16,501,911 | |
Xylem, Inc. | 252,000 | 22,415,400 | |
913,166,454 | |||
Professional Services - 0.3% | |||
Booz Allen Hamilton Holding Corp. Class A | 57,500 | 4,639,675 | |
CoStar Group, Inc. (a) | 342,176 | 20,876,158 | |
Dun & Bradstreet Holdings, Inc. (a) | 168,841 | 3,133,689 | |
Equifax, Inc. | 50,140 | 10,947,568 | |
Jacobs Engineering Group, Inc. | 400,539 | 49,266,297 | |
Leidos Holdings, Inc. | 789,503 | 80,402,986 | |
Manpower, Inc. | 135,800 | 14,432,824 | |
Nielsen Holdings PLC | 137,605 | 2,397,079 | |
TransUnion Holding Co., Inc. | 71,055 | 6,448,952 | |
192,545,228 | |||
Road & Rail - 0.9% | |||
AMERCO | 11,800 | 6,815,798 | |
Canadian Pacific Railway Ltd. | 248,369 | 17,455,373 | |
CSX Corp. | 3,501,779 | 118,745,326 | |
Knight-Swift Transportation Holdings, Inc. Class A | 76,200 | 4,151,376 | |
Lyft, Inc. (a) | 1,404,412 | 54,687,803 | |
Norfolk Southern Corp. | 813,706 | 208,731,863 | |
Old Dominion Freight Lines, Inc. | 105,538 | 33,142,098 | |
Saia, Inc. (a) | 26,200 | 7,525,426 | |
Uber Technologies, Inc. (a) | 801,067 | 28,862,444 | |
Union Pacific Corp. | 311,124 | 76,520,948 | |
XPO Logistics, Inc. (a) | 46,300 | 3,365,084 | |
560,003,539 | |||
Trading Companies & Distributors - 0.1% | |||
United Rentals, Inc. (a) | 127,716 | 41,076,020 | |
W.W. Grainger, Inc. | 81,122 | 38,700,061 | |
79,776,081 | |||
TOTAL INDUSTRIALS | 4,436,175,484 | ||
INFORMATION TECHNOLOGY - 21.1% | |||
Communications Equipment - 0.6% | |||
Arista Networks, Inc. (a) | 40,527 | 4,973,879 | |
Cisco Systems, Inc. | 5,023,351 | 280,152,285 | |
CommScope Holding Co., Inc. (a) | 488,774 | 4,662,904 | |
F5, Inc. (a) | 140,103 | 28,139,688 | |
Motorola Solutions, Inc. | 173,994 | 38,353,497 | |
356,282,253 | |||
Electronic Equipment & Components - 0.3% | |||
Amphenol Corp. Class A | 133,259 | 10,129,017 | |
Arrow Electronics, Inc. (a) | 250,100 | 30,482,188 | |
CDW Corp. | 74,231 | 12,801,878 | |
Jabil, Inc. | 318,280 | 18,399,767 | |
Keysight Technologies, Inc. (a) | 109,830 | 17,283,947 | |
TD SYNNEX Corp. | 138,568 | 14,110,379 | |
TE Connectivity Ltd. | 62,396 | 8,887,062 | |
Teledyne Technologies, Inc. (a) | 85,193 | 36,580,170 | |
Trimble, Inc. (a) | 133,620 | 9,319,995 | |
Vishay Intertechnology, Inc. | 618,200 | 11,863,258 | |
Zebra Technologies Corp. Class A (a) | 6,722 | 2,778,471 | |
172,636,132 | |||
IT Services - 3.4% | |||
Accenture PLC Class A | 426,909 | 134,911,782 | |
Affirm Holdings, Inc. (a)(b) | 475,607 | 19,899,397 | |
Amdocs Ltd. | 226,500 | 17,825,550 | |
Automatic Data Processing, Inc. | 83,211 | 17,011,657 | |
Block, Inc. Class A (a) | 97,800 | 12,469,500 | |
Capgemini SA | 35,100 | 7,347,470 | |
Cognizant Technology Solutions Corp. Class A | 791,658 | 68,185,504 | |
CSG Systems International, Inc. (b) | 185,800 | 11,467,576 | |
Dlocal Ltd. (b) | 75,292 | 2,458,284 | |
DXC Technology Co. (a) | 320,804 | 10,916,960 | |
EPAM Systems, Inc. (a) | 15,500 | 3,220,125 | |
Fidelity National Information Services, Inc. | 640,260 | 60,971,979 | |
Fiserv, Inc. (a) | 1,017,016 | 99,331,953 | |
FleetCor Technologies, Inc. (a) | 507,418 | 118,837,296 | |
Gartner, Inc. (a) | 47,024 | 13,186,470 | |
Genpact Ltd. | 110,900 | 4,640,056 | |
Global Payments, Inc. | 507,561 | 67,698,486 | |
IBM Corp. | 849,513 | 104,073,838 | |
Kyndryl Holdings, Inc. (a)(b) | 362,062 | 5,742,303 | |
MasterCard, Inc. Class A | 1,320,135 | 476,331,111 | |
MongoDB, Inc. Class A (a) | 27,400 | 10,466,526 | |
Paychex, Inc. | 106,934 | 12,731,562 | |
PayPal Holdings, Inc. (a) | 956,887 | 107,104,362 | |
Shopify, Inc. Class A (a) | 32,809 | 22,777,976 | |
Snowflake Computing, Inc. (a) | 54,756 | 14,546,479 | |
The Western Union Co. (b) | 108,500 | 1,972,530 | |
Twilio, Inc. Class A (a) | 37,000 | 6,467,600 | |
VeriSign, Inc. (a) | 142,136 | 30,377,306 | |
Visa, Inc. Class A | 2,711,125 | 585,928,335 | |
Wix.com Ltd. (a) | 38,600 | 3,534,988 | |
Worldline SA (a)(c) | 26,200 | 1,336,023 | |
2,053,770,984 | |||
Semiconductors & Semiconductor Equipment - 4.6% | |||
Advanced Micro Devices, Inc. (a) | 2,851,071 | 351,651,097 | |
Analog Devices, Inc. | 546,559 | 87,607,942 | |
Applied Materials, Inc. | 356,835 | 47,887,257 | |
ASML Holding NV | 25,630 | 17,082,651 | |
ASML Holding NV (Netherlands) | 10,900 | 7,292,363 | |
Broadcom, Inc. | 369,938 | 217,316,379 | |
First Solar, Inc. (a) | 48,500 | 3,651,565 | |
Intel Corp. | 1,606,700 | 76,639,590 | |
KLA Corp. | 276,281 | 96,283,929 | |
Lam Research Corp. | 138,826 | 77,929,975 | |
Marvell Technology, Inc. | 136,200 | 9,306,546 | |
MediaTek, Inc. | 148,000 | 5,850,223 | |
Microchip Technology, Inc. | 741,627 | 52,158,627 | |
Micron Technology, Inc. | 544,416 | 48,376,806 | |
NVIDIA Corp. | 3,307,840 | 806,616,784 | |
NXP Semiconductors NV | 1,263,819 | 240,277,268 | |
onsemi (a) | 125,600 | 7,863,816 | |
Qorvo, Inc. (a) | 203,400 | 27,821,052 | |
Qualcomm, Inc. | 1,856,684 | 319,331,081 | |
Renesas Electronics Corp. (a) | 849,900 | 10,012,421 | |
Semtech Corp. (a) | 5,790 | 401,710 | |
Silergy Corp. | 26,000 | 3,465,642 | |
SolarEdge Technologies, Inc. (a) | 24,369 | 7,783,946 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 811,000 | 17,441,741 | |
Teradyne, Inc. | 385,920 | 45,507,686 | |
Texas Instruments, Inc. | 905,226 | 153,879,368 | |
2,739,437,465 | |||
Software - 7.7% | |||
Adobe, Inc. (a) | 561,437 | 262,572,856 | |
Anaplan, Inc. (a) | 117,900 | 5,584,923 | |
ANSYS, Inc. (a) | 110,000 | 35,660,900 | |
Atlassian Corp. PLC (a) | 82,420 | 25,197,442 | |
Autodesk, Inc. (a) | 370,710 | 81,641,463 | |
Cadence Design Systems, Inc. (a) | 64,731 | 9,802,215 | |
CCC Intelligent Solutions Holdings, Inc. (d) | 35,655 | 387,213 | |
Ceridian HCM Holding, Inc. (a) | 489,799 | 35,711,245 | |
Citrix Systems, Inc. | 246,209 | 25,236,423 | |
Consensus Cloud Solutions, Inc. (a) | 54,833 | 3,052,005 | |
Coupa Software, Inc. (a) | 37,900 | 4,586,279 | |
Cvent Holding Corp. (d) | 88,079 | 709,036 | |
Dropbox, Inc. Class A (a) | 301,000 | 6,829,690 | |
Elastic NV (a) | 30,300 | 2,625,495 | |
Envestnet, Inc. (a) | 100 | 7,482 | |
Five9, Inc. (a) | 30,801 | 3,388,110 | |
Fortinet, Inc. (a) | 108,446 | 37,361,816 | |
HashiCorp, Inc. (b) | 28,101 | 1,416,009 | |
HubSpot, Inc. (a) | 22,500 | 11,812,500 | |
Intuit, Inc. | 376,353 | 178,530,573 | |
Microsoft Corp. | 9,257,453 | 2,766,034,382 | |
NCR Corp. (a) | 312,300 | 12,654,396 | |
NortonLifeLock, Inc. | 1,775,487 | 51,453,613 | |
Oracle Corp. | 3,801,519 | 288,801,398 | |
Palo Alto Networks, Inc. (a) | 78,823 | 46,840,568 | |
Rimini Street, Inc. (a)(b) | 16,176 | 73,277 | |
Salesforce.com, Inc. (a) | 1,806,867 | 380,399,710 | |
ServiceNow, Inc. (a) | 27,419 | 15,900,826 | |
Splunk, Inc. (a) | 144,700 | 17,089,070 | |
SS&C Technologies Holdings, Inc. | 185,143 | 13,880,171 | |
Synopsys, Inc. (a) | 236,790 | 73,970,828 | |
UiPath, Inc. Class A (a)(b) | 212,455 | 7,374,313 | |
Unity Software, Inc. (a) | 114,700 | 12,209,815 | |
VMware, Inc. Class A (a) | 105,309 | 12,354,852 | |
Workday, Inc. Class A (a) | 483,530 | 110,752,547 | |
Yext, Inc. (a)(b) | 67,414 | 500,212 | |
Zoom Video Communications, Inc. Class A (a) | 367,610 | 48,745,086 | |
4,591,148,739 | |||
Technology Hardware, Storage & Peripherals - 4.5% | |||
Apple, Inc. | 15,049,201 | 2,484,924,069 | |
Dell Technologies, Inc. | 409,000 | 20,842,640 | |
Hewlett Packard Enterprise Co. | 2,378,424 | 37,864,510 | |
HP, Inc. | 2,403,403 | 82,580,927 | |
NetApp, Inc. | 25,194 | 1,974,706 | |
Pure Storage, Inc. Class A (a) | 214,500 | 5,564,130 | |
Seagate Technology Holdings PLC | 767,292 | 79,153,843 | |
Western Digital Corp. (a) | 112,800 | 5,746,032 | |
Xerox Holdings Corp. | 386,650 | 7,620,872 | |
2,726,271,729 | |||
TOTAL INFORMATION TECHNOLOGY | 12,639,547,302 | ||
MATERIALS - 2.3% | |||
Chemicals - 1.5% | |||
Air Products & Chemicals, Inc. | 187,457 | 44,296,089 | |
Albemarle Corp. U.S. | 47,478 | 9,300,465 | |
Axalta Coating Systems Ltd. (a) | 231,345 | 6,255,569 | |
Cabot Corp. | 215,400 | 15,758,664 | |
Celanese Corp. Class A | 270,835 | 37,721,899 | |
CF Industries Holdings, Inc. | 474,196 | 38,499,973 | |
Corteva, Inc. | 1,073,740 | 55,866,692 | |
Dow, Inc. | 477,714 | 28,166,017 | |
DuPont de Nemours, Inc. | 222,400 | 17,207,088 | |
Eastman Chemical Co. | 756,825 | 89,661,058 | |
Ecolab, Inc. | 136,000 | 23,971,360 | |
FMC Corp. | 54,000 | 6,331,500 | |
Huntsman Corp. | 745,300 | 30,139,932 | |
Ingevity Corp. (a)(b) | 136,575 | 9,318,512 | |
International Flavors & Fragrances, Inc. | 136,960 | 18,215,680 | |
Linde PLC | 750,179 | 219,982,490 | |
LyondellBasell Industries NV Class A | 284,288 | 27,641,322 | |
Olin Corp. | 295,400 | 15,216,054 | |
PPG Industries, Inc. | 348,876 | 46,557,502 | |
RPM International, Inc. | 497,806 | 42,099,453 | |
Sherwin-Williams Co. | 245,651 | 64,638,148 | |
The Chemours Co. LLC | 353,000 | 9,742,800 | |
The Mosaic Co. | 322,483 | 16,907,784 | |
Valvoline, Inc. (b) | 477,800 | 15,447,274 | |
888,943,325 | |||
Construction Materials - 0.1% | |||
Martin Marietta Materials, Inc. | 132,879 | 50,414,293 | |
Summit Materials, Inc. (a) | 304,800 | 9,515,856 | |
Vulcan Materials Co. | 164,334 | 29,818,404 | |
89,748,553 | |||
Containers & Packaging - 0.4% | |||
Amcor PLC | 919,500 | 10,693,785 | |
Avery Dennison Corp. | 103,966 | 18,318,809 | |
Ball Corp. | 336,321 | 30,181,447 | |
Berry Global Group, Inc. (a) | 418,500 | 25,382,025 | |
Crown Holdings, Inc. | 79,000 | 9,690,930 | |
International Paper Co. | 675,493 | 29,404,210 | |
O-I Glass, Inc. (a) | 154,700 | 1,977,066 | |
Packaging Corp. of America | 306,393 | 45,097,986 | |
Sealed Air Corp. | 607,418 | 40,775,970 | |
WestRock Co. | 971,534 | 43,981,344 | |
255,503,572 | |||
Metals & Mining - 0.3% | |||
Freeport-McMoRan, Inc. | 1,127,402 | 52,931,524 | |
Newmont Corp. | 342,300 | 22,660,260 | |
Nucor Corp. | 287,200 | 37,801,264 | |
Reliance Steel & Aluminum Co. | 128,500 | 24,526,795 | |
Steel Dynamics, Inc. | 123,300 | 8,702,514 | |
United States Steel Corp. (b) | 180,900 | 4,922,289 | |
151,544,646 | |||
Paper & Forest Products - 0.0% | |||
Schweitzer-Mauduit International, Inc. (b) | 240,600 | 7,511,532 | |
Sylvamo Corp. (a) | 28,090 | 980,341 | |
West Fraser Timber Co. Ltd. (b) | 97,800 | 9,753,594 | |
18,245,467 | |||
TOTAL MATERIALS | 1,403,985,563 | ||
REAL ESTATE - 1.9% | |||
Equity Real Estate Investment Trusts (REITs) - 1.8% | |||
Alexandria Real Estate Equities, Inc. | 68,616 | 12,995,870 | |
American Homes 4 Rent Class A | 249,109 | 9,468,633 | |
American Tower Corp. | 473,226 | 107,360,783 | |
Apple Hospitality (REIT), Inc. | 394,770 | 6,983,481 | |
AvalonBay Communities, Inc. | 108,859 | 25,972,669 | |
Boston Properties, Inc. | 125,994 | 15,410,326 | |
Brandywine Realty Trust (SBI) | 767,000 | 10,224,110 | |
Brixmor Property Group, Inc. | 574,868 | 14,440,684 | |
Camden Property Trust (SBI) | 117,173 | 19,346,434 | |
Corporate Office Properties Trust (SBI) | 56,400 | 1,478,244 | |
Crown Castle International Corp. | 236,700 | 39,431,853 | |
CubeSmart | 96,300 | 4,642,623 | |
Douglas Emmett, Inc. | 34,000 | 1,077,800 | |
Equinix, Inc. | 84,843 | 60,215,622 | |
Equity Lifestyle Properties, Inc. | 320,000 | 23,878,400 | |
Equity Residential (SBI) | 186,519 | 15,910,071 | |
Essex Property Trust, Inc. | 123,696 | 39,232,660 | |
Extra Space Storage, Inc. | 6,972 | 1,311,782 | |
Federal Realty Investment Trust (SBI) | 81,899 | 9,629,684 | |
Host Hotels & Resorts, Inc. | 1,860,546 | 33,992,175 | |
Invitation Homes, Inc. | 134,500 | 5,084,100 | |
Iron Mountain, Inc. | 56,059 | 2,756,982 | |
JBG SMITH Properties | 246,590 | 6,579,021 | |
Kilroy Realty Corp. | 25,600 | 1,833,472 | |
Kimco Realty Corp. | 897,919 | 21,128,034 | |
Lamar Advertising Co. Class A | 44,206 | 4,821,106 | |
Life Storage, Inc. | 12,700 | 1,607,693 | |
LXP Industrial Trust (REIT) | 196,400 | 3,036,344 | |
Mid-America Apartment Communities, Inc. | 77,515 | 15,860,344 | |
Omega Healthcare Investors, Inc. | 439,500 | 12,380,715 | |
Paramount Group, Inc. | 715,000 | 8,000,850 | |
Piedmont Office Realty Trust, Inc. Class A | 784,400 | 13,366,176 | |
Prologis (REIT), Inc. | 1,092,162 | 159,291,828 | |
Public Storage | 41,391 | 14,694,633 | |
Rayonier, Inc. | 419,340 | 16,647,798 | |
Rexford Industrial Realty, Inc. | 99,000 | 6,942,870 | |
SBA Communications Corp. Class A | 215,924 | 65,509,182 | |
Service Properties Trust | 340,500 | 2,938,515 | |
Simon Property Group, Inc. | 314,081 | 43,204,982 | |
SITE Centers Corp. | 166,350 | 2,586,743 | |
Sun Communities, Inc. | 388,819 | 70,376,239 | |
Ventas, Inc. | 290,128 | 15,666,912 | |
VICI Properties, Inc. | 26,300 | 735,348 | |
Vornado Realty Trust | 479,489 | 20,752,284 | |
Welltower, Inc. | 507,233 | 42,247,437 | |
Weyerhaeuser Co. | 1,216,976 | 47,316,027 | |
1,058,369,539 | |||
Real Estate Management & Development - 0.1% | |||
CBRE Group, Inc. | 343,269 | 33,245,603 | |
Cushman & Wakefield PLC (a) | 252,100 | 5,526,032 | |
Jones Lang LaSalle, Inc. (a) | 39,600 | 9,750,312 | |
Opendoor Technologies, Inc. (a)(b) | 437,121 | 3,649,960 | |
52,171,907 | |||
TOTAL REAL ESTATE | 1,110,541,446 | ||
UTILITIES - 2.0% | |||
Electric Utilities - 1.3% | |||
Alliant Energy Corp. | 114,300 | 6,675,120 | |
American Electric Power Co., Inc. | 139,931 | 12,684,745 | |
Constellation Energy Corp. | 172,070 | 7,911,779 | |
Duke Energy Corp. | 143,800 | 14,438,958 | |
Edison International | 390,067 | 24,738,049 | |
Entergy Corp. | 213,472 | 22,459,389 | |
Evergy, Inc. | 168,465 | 10,513,901 | |
Eversource Energy | 304,696 | 24,924,133 | |
Exelon Corp. | 1,704,937 | 72,562,119 | |
FirstEnergy Corp. | 387,000 | 16,195,950 | |
NextEra Energy, Inc. | 3,789,592 | 296,611,366 | |
NRG Energy, Inc. | 886,296 | 33,537,441 | |
OGE Energy Corp. | 40,900 | 1,535,795 | |
PG&E Corp. (a) | 899,049 | 10,222,187 | |
PPL Corp. | 877,824 | 22,972,654 | |
Southern Co. | 1,520,900 | 98,508,693 | |
Xcel Energy, Inc. | 1,142,256 | 76,908,096 | |
753,400,375 | |||
Gas Utilities - 0.1% | |||
Atmos Energy Corp. | 248,700 | 27,309,747 | |
UGI Corp. | 122,000 | 4,689,680 | |
31,999,427 | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
The AES Corp. | 204,900 | 4,350,027 | |
Vistra Corp. | 887,500 | 20,252,750 | |
24,602,777 | |||
Multi-Utilities - 0.6% | |||
Ameren Corp. | 963,104 | 82,778,789 | |
CenterPoint Energy, Inc. | 147,219 | 4,026,440 | |
CMS Energy Corp. | 540,674 | 34,608,543 | |
Dominion Energy, Inc. | 1,368,150 | 108,808,970 | |
DTE Energy Co. | 215,054 | 26,148,416 | |
MDU Resources Group, Inc. | 542,400 | 14,520,048 | |
NiSource, Inc. | 110,100 | 3,185,193 | |
Public Service Enterprise Group, Inc. | 353,252 | 22,901,327 | |
Sempra Energy | 292,293 | 42,154,496 | |
WEC Energy Group, Inc. | 458,033 | 41,626,039 | |
380,758,261 | |||
Water Utilities - 0.0% | |||
Essential Utilities, Inc. | 99,100 | 4,668,601 | |
TOTAL UTILITIES | 1,195,429,441 | ||
TOTAL COMMON STOCKS (Cost $28,246,177,957) | 50,440,889,516 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
Shares | Value ($) | ||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Porsche Automobil Holding SE (Germany) (Cost $3,917,472) | 39,500 | 3,942,431 | |
Equity Funds - 14.8% | |||
Shares | Value ($) | ||
Large Blend Funds - 5.0% | |||
Fidelity SAI U.S. Large Cap Index Fund (e) | 95,857,082 | 2,004,371,578 | |
Fidelity SAI U.S. Low Volatility Index Fund (e) | 36,609,119 | 649,445,771 | |
PIMCO StocksPLUS Absolute Return Fund Institutional Class | 28,388,540 | 309,718,966 | |
TOTAL LARGE BLEND FUNDS | 2,963,536,315 | ||
Large Growth Funds - 9.2% | |||
Fidelity Blue Chip Growth Fund (e) | 952,893 | 149,108,755 | |
Fidelity Growth Company Fund (e) | 113,228,092 | 3,545,171,542 | |
Fidelity SAI U.S. Momentum Index Fund (e) | 10,782,912 | 160,773,214 | |
Fidelity SAI U.S. Quality Index Fund (e) | 97,336,031 | 1,666,392,846 | |
TOTAL LARGE GROWTH FUNDS | 5,521,446,357 | ||
Mid-Cap Blend Funds - 0.6% | |||
Fidelity Mid Cap Index Fund (e) | 11,319,024 | 333,005,694 | |
TOTAL EQUITY FUNDS (Cost $5,981,937,426) | 8,817,988,366 | ||
Other - 0.0% | |||
Shares | Value ($) | ||
Commodity Funds - Broad Basket - 0.0% | |||
Fidelity SAI Inflation-Focused Fund (e) (Cost $10,022,703) | 1,173,878 | 13,476,115 | |
U.S. Treasury Obligations - 0.0% | |||
Principal Amount (f) | Value ($) | ||
U.S. Treasury Bills, yield at date of purchase 0.17% to 0.47% 6/23/22 (g) (Cost $5,876,041) | 5,880,000 | 5,871,711 | |
Money Market Funds - 1.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 0.07% (h) | 22,247,836 | 22,252,285 | |
Fidelity Securities Lending Cash Central Fund 0.07% (h)(i) | 384,764,496 | 384,802,973 | |
Invesco Government & Agency Portfolio Institutional Class 0.03% (j) | 536,603,357 | 536,603,357 | |
TOTAL MONEY MARKET FUNDS (Cost $943,658,230) | 943,658,615 | ||
TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $35,191,589,829) | 60,225,826,754 |
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (419,995,419) |
NET ASSETS - 100.0% | 59,805,831,335 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P 500 Index Contracts (United States) | 287 | Mar 2022 | 62,680,800 | (178,130) | (178,130) |
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 $3,124,982 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 $1,096,249 or 0.0% of net assets. |
(e) | Affiliated Fund |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(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 $3,273,379. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
(j) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
CCC Intelligent Solutions Holdings, Inc. | 2/02/21 | 356,550 |
Cvent Holding Corp. | 7/23/21 | 880,790 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | %ownership, end of period |
Fidelity Cash Central Fund 0.07% | 42,716,602 | 326,941,319 | 347,405,636 | 16,162 | 1,205 | (1,205) | 22,252,285 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.07% | 292,027,572 | 1,242,430,725 | 1,149,655,324 | 1,208,853 | - | - | 384,802,973 | 1.0% |
Total | 334,744,174 | 1,569,372,044 | 1,497,060,960 | 1,225,015 | 1,205 | (1,205) | 407,055,258 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Fund changes its name, the name presented below is the name in effect at period end.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Fidelity Blue Chip Growth Fund | - | 150,000,000 | - | - | - | (891,245) | 149,108,755 |
Fidelity Growth Company Fund | 3,660,707,600 | 587,235,301 | 240,000,000 | 387,235,288 | 150,514,456 | (613,285,815) | 3,545,171,542 |
Fidelity Mid Cap Index Fund | - | 335,533,084 | - | - | - | (2,527,390) | 333,005,694 |
Fidelity SAI Inflation-Focused Fund | 10,795,429 | 3,254,116 | - | 3,254,115 | - | (573,430) | 13,476,115 |
Fidelity SAI U.S. Large Cap Index Fund | 2,057,113,253 | 3,997,722,229 | 3,987,463,793 | 195,875,251 | 80,641,020 | (143,641,131) | 2,004,371,578 |
Fidelity SAI U.S. Low Volatility Index Fund | 1,442,168,893 | 31,368,798 | 860,966,340 | 31,368,799 | 109,701,276 | (72,826,856) | 649,445,771 |
Fidelity SAI U.S. Momentum Index Fund | 31,475,001 | 149,133,123 | 75 | 10,992,147 | 4 | (19,834,839) | 160,773,214 |
Fidelity SAI U.S. Quality Index Fund | 1,001,129,553 | 724,651,615 | - | 102,135,201 | - | (59,388,322) | 1,666,392,846 |
8,203,389,729 | 5,978,898,266 | 5,088,430,208 | 730,860,801 | 340,856,756 | (912,969,028) | 8,521,745,515 |
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 inputs to valuation techniques used to value investments are categorized 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 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 any 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. Treasury 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 any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund's NAV 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.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk(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.
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. 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 specified price at a specified future date.
The Fund used futures contracts to manage its exposure to the stock market.
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual 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 and annual report.
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