Fidelity Flex® Funds
Fidelity Flex® Mid Cap Index Fund
Annual Report
April 30, 2023
Contents
Performance |
Management's Discussion of Fund Performance |
Investment Summary |
Schedule of Investments |
Financial Statements |
Notes to Financial Statements |
Report of Independent Registered Public AccountingFirm |
Trustees and Officers |
Shareholder Expense Example |
Distributions |
Liquidity Risk Management Program |
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You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.
A fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of a fund or the underlying data.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursem*nt by Fidelity, a fund's total return will be greater than it would be had the reimbursem*nt not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns | |||
Periods ended April 30, 2023 | Past 1 year | Past 5 years | Life of Fund A |
Fidelity Flex® Mid Cap Index Fund | -1.62% | 8.04% | 8.68% |
A From March 9, 2017
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity Flex® Mid Cap Index Fund, on March 9, 2017, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Index performed over the same period. |
|
Market Recap:
U.S. equities gained 2.66% for the 12 months ending April 30, 2023, according to the S&P 500 ® index, as markets digested multiple crosscurrents and sustained year-to-date momentum. The upturn followed a year in which the S&P 500 ® returned -18.11% amid a multitude of risk factors. Record inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March 2022, the Fed has raised its benchmark rate nine times, by 4.75 percentage points, while also shrinking its massive asset portfolio. Against this backdrop, stocks struggled to gain traction until a rally in late 2022, as risky assets regained favor. The S&P 500 ® continued to advance in 2023, gaining 7.50% in the first quarter and adding 1.56% in April, supported by moderating inflation data, a resilient labor market, earnings that continued to exceed lowered expectations and indications from the Fed it was nearing the end of its interest rate hiking regime. Indeed, the central bank stepped down to hikes of 25 basis points (0.25 percentage points) in February and March, as stress in the financial system started to show, with two regional banks failing in March. For the full 12 months, value stocks handily outpaced growth. By sector, energy (+19%) led the way, followed by information technology (+9%) and industrials (+7%). In contrast, real estate (-16%), consumer discretionary (-8%) and materials (-3%) lagged most.
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending April 30, 2023, the fund returned -1.62%, roughly in line with the -1.69% result of the benchmark Russell MidCap ® Index. By sector, stocks in the real estate sector returned -16% and detracted most. Information technology (-7%) and financials (-7%) also hurt. Other notable detractors included the materials (-8%), communication services (-12%), and consumer staples (0%) sectors. Conversely, industrials advanced roughly 9% and contributed most, driven by the capital goods industry (+15%). Health care stocks also helped (+6%), benefiting from the health care equipment & services industry (+11%). The consumer discretionary sector rose about 4%. Other notable contributors included the energy (+5%) and utilities (+1%) sectors. Turning to individual stocks, the biggest individual detractor was First Republic Bank (-98%), from the banks segment. In software & services, CrowdStrike Holdings (-40%), Zoom Video Communications (-50%), and Datadog (-44%) hurt. Rivian Automotive, within the automobiles & components group, returned roughly -57% and hindered the fund. Conversely, the top contributor was O'Reilly Automotive (+51%), from the consumer discretionary distribution & retail category. In consumer services, Chipotle Mexican Grill (+42%) was helpful and Cadence Design Systems (+39%) from the software & services industry also contributed. AutoZone, within the consumer discretionary distribution & retail segment, rose 36%, and Motorola Solutions, within the technology hardware & equipment category, gained approximately 38% and boosted the fund.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Top Holdings (% of Fund's net assets) | ||
Cadence Design Systems, Inc. | 0.6 | |
O'Reilly Automotive, Inc. | 0.6 | |
Chipotle Mexican Grill, Inc. | 0.6 | |
Synopsys, Inc. | 0.6 | |
AutoZone, Inc. | 0.5 | |
Motorola Solutions, Inc. | 0.5 | |
DexCom, Inc. | 0.5 | |
Phillips 66 Co. | 0.5 | |
Amphenol Corp. Class A | 0.5 | |
Corteva, Inc. | 0.5 | |
5.4 | ||
Market Sectors (% of Fund's net assets) | ||
Industrials | 17.2 | |
Information Technology | 14.0 | |
Financials | 13.3 | |
Consumer Discretionary | 12.3 | |
Health Care | 11.1 | |
Real Estate | 7.4 | |
Materials | 6.1 | |
Utilities | 5.8 | |
Energy | 4.8 | |
Consumer Staples | 4.2 | |
Communication Services | 3.6 | |
Asset Allocation (% of Fund's net assets) |
|
Futures - 0.2% |
Common Stocks - 99.8% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 3.6% | |||
Diversified Telecommunication Services - 0.1% | |||
Frontier Communications Parent, Inc. (a) | 7,496 | 168,960 | |
Lumen Technologies, Inc. (b) | 31,221 | 73,994 | |
242,954 | |||
Entertainment - 1.7% | |||
AMC Entertainment Holdings, Inc. Class A (a)(b) | 15,827 | 87,049 | |
Electronic Arts, Inc. | 8,358 | 1,063,806 | |
Liberty Media Corp. Liberty Formula One: | |||
Class A (a) | 687 | 44,504 | |
Series C (a) | 6,088 | 439,493 | |
Live Nation Entertainment, Inc. (a) | 4,766 | 323,039 | |
Madison Square Garden Sports Corp. | 569 | 114,085 | |
Playtika Holding Corp. (a) | 2,784 | 27,840 | |
Roblox Corp. (a) | 13,681 | 487,044 | |
Roku, Inc. Class A (a) | 3,722 | 209,214 | |
Spotify Technology SA (a) | 4,277 | 571,407 | |
Take-Two Interactive Software, Inc. (a) | 5,050 | 627,665 | |
Warner Bros Discovery, Inc. | 72,151 | 981,975 | |
World Wrestling Entertainment, Inc. Class A | 1,312 | 140,607 | |
5,117,728 | |||
Interactive Media & Services - 0.4% | |||
IAC, Inc. (a) | 2,352 | 121,763 | |
Match Group, Inc. (a) | 8,532 | 314,831 | |
Pinterest, Inc. Class A (a) | 18,170 | 417,910 | |
TripAdvisor, Inc. (a) | 3,120 | 55,318 | |
Zoominfo Technologies, Inc. (a) | 8,418 | 184,438 | |
1,094,260 | |||
Media - 1.4% | |||
Altice U.S.A., Inc. Class A (a) | 6,483 | 22,691 | |
Cable One, Inc. | 176 | 133,480 | |
DISH Network Corp. Class A (a) | 7,663 | 57,549 | |
Fox Corp.: | |||
Class A | 8,957 | 297,910 | |
Class B | 4,204 | 128,390 | |
Interpublic Group of Companies, Inc. | 11,872 | 424,187 | |
Liberty Broadband Corp.: | |||
Class A (a) | 550 | 46,492 | |
Class C (a) | 3,625 | 307,328 | |
Liberty Media Corp. Liberty SiriusXM: | |||
Series A (a) | 2,288 | 64,293 | |
Series C (a) | 4,744 | 132,547 | |
News Corp.: | |||
Class A | 11,660 | 205,333 | |
Class B | 3,585 | 63,634 | |
Nexstar Broadcasting Group, Inc. Class A | 1,105 | 191,662 | |
Omnicom Group, Inc. | 6,131 | 555,285 | |
Paramount Global: | |||
Class A (b) | 840 | 22,226 | |
Class B (b) | 17,008 | 396,797 | |
Sirius XM Holdings, Inc. (b) | 21,457 | 81,537 | |
The New York Times Co. Class A | 4,970 | 197,558 | |
The Trade Desk, Inc. (a) | 13,423 | 863,636 | |
4,192,535 | |||
TOTAL COMMUNICATION SERVICES | 10,647,477 | ||
CONSUMER DISCRETIONARY - 12.3% | |||
Automobile Components - 0.6% | |||
Aptiv PLC (a) | 8,271 | 850,755 | |
BorgWarner, Inc. | 7,131 | 343,215 | |
Gentex Corp. | 7,186 | 198,262 | |
Lear Corp. | 1,802 | 230,043 | |
QuantumScape Corp. Class A (a)(b) | 7,898 | 55,286 | |
1,677,561 | |||
Automobiles - 0.2% | |||
Harley-Davidson, Inc. | 4,119 | 152,815 | |
Lucid Group, Inc. Class A (a)(b) | 17,782 | 141,189 | |
Rivian Automotive, Inc. (a)(b) | 15,912 | 203,992 | |
Thor Industries, Inc. | 1,577 | 124,615 | |
622,611 | |||
Broadline Retail - 0.5% | |||
eBay, Inc. | 16,591 | 770,320 | |
Etsy, Inc. (a) | 3,824 | 386,339 | |
Kohl's Corp. | 3,343 | 73,646 | |
Macy's, Inc. | 8,265 | 135,050 | |
Nordstrom, Inc. (b) | 3,428 | 52,997 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 1,909 | 124,562 | |
1,542,914 | |||
Distributors - 0.5% | |||
Genuine Parts Co. | 4,246 | 714,644 | |
LKQ Corp. | 7,646 | 441,404 | |
Pool Corp. | 1,163 | 408,585 | |
1,564,633 | |||
Diversified Consumer Services - 0.3% | |||
ADT, Inc. | 6,399 | 42,873 | |
Bright Horizons Family Solutions, Inc. (a) | 1,762 | 134,123 | |
Grand Canyon Education, Inc. (a) | 939 | 111,459 | |
H&R Block, Inc. | 4,658 | 157,953 | |
Mister Car Wash, Inc. (a) | 2,388 | 21,062 | |
Service Corp. International | 4,571 | 320,838 | |
788,308 | |||
Hotels, Restaurants & Leisure - 3.8% | |||
ARAMARK Holdings Corp. | 7,192 | 249,562 | |
Boyd Gaming Corp. | 2,331 | 161,771 | |
Caesars Entertainment, Inc. (a) | 6,261 | 283,561 | |
Carnival Corp. (a)(b) | 29,872 | 275,121 | |
Chipotle Mexican Grill, Inc. (a) | 841 | 1,738,868 | |
Choice Hotels International, Inc. | 983 | 125,352 | |
Churchill Downs, Inc. | 1,089 | 318,565 | |
Darden Restaurants, Inc. | 3,744 | 568,826 | |
Domino's Pizza, Inc. | 1,080 | 342,868 | |
Doordash, Inc. (a) | 7,646 | 467,859 | |
Draftkings Holdings, Inc. | 10,810 | 236,847 | |
Expedia, Inc. (a) | 4,506 | 423,384 | |
Hilton Worldwide Holdings, Inc. | 8,026 | 1,155,905 | |
Hyatt Hotels Corp. Class A (a) | 1,450 | 165,735 | |
Las Vegas Sands Corp. (a) | 10,121 | 646,226 | |
Marriott Vacations Worldwide Corp. | 1,140 | 153,398 | |
MGM Resorts International | 9,673 | 434,511 | |
Norwegian Cruise Line Holdings Ltd. (a)(b) | 12,793 | 170,787 | |
Penn Entertainment, Inc. (a) | 4,739 | 141,175 | |
Planet Fitness, Inc. (a) | 2,553 | 212,256 | |
Royal Caribbean Cruises Ltd. (a) | 6,731 | 440,409 | |
Six Flags Entertainment Corp. (a) | 2,278 | 55,287 | |
Travel+Leisure Co. | 2,443 | 93,494 | |
Vail Resorts, Inc. | 1,228 | 295,359 | |
Wendy's Co. | 5,236 | 115,716 | |
Wyndham Hotels & Resorts, Inc. | 2,648 | 180,647 | |
Wynn Resorts Ltd. (a) | 3,183 | 363,753 | |
Yum! Brands, Inc. | 8,622 | 1,212,081 | |
11,029,323 | |||
Household Durables - 1.6% | |||
D.R. Horton, Inc. | 9,648 | 1,059,543 | |
Garmin Ltd. | 4,709 | 462,283 | |
Leggett & Platt, Inc. | 4,061 | 131,211 | |
Lennar Corp.: | |||
Class A | 7,659 | 864,012 | |
Class B | 464 | 45,388 | |
Mohawk Industries, Inc. (a) | 1,612 | 170,711 | |
Newell Brands, Inc. | 11,543 | 140,247 | |
NVR, Inc. (a) | 89 | 519,760 | |
PulteGroup, Inc. | 6,924 | 464,947 | |
Tempur Sealy International, Inc. | 5,091 | 190,760 | |
Toll Brothers, Inc. | 3,367 | 215,185 | |
TopBuild Corp. (a) | 976 | 220,068 | |
Whirlpool Corp. | 1,628 | 227,253 | |
4,711,368 | |||
Leisure Products - 0.3% | |||
Brunswick Corp. | 2,207 | 187,132 | |
Hasbro, Inc. | 4,016 | 237,828 | |
Mattel, Inc. (a) | 10,769 | 193,842 | |
Peloton Interactive, Inc. Class A (a) | 9,361 | 83,126 | |
Polaris, Inc. | 1,686 | 183,184 | |
YETI Holdings, Inc. (a) | 2,645 | 104,345 | |
989,457 | |||
Specialty Retail - 3.4% | |||
Advance Auto Parts, Inc. | 1,814 | 227,711 | |
AutoNation, Inc. (a) | 1,032 | 135,914 | |
AutoZone, Inc. (a) | 573 | 1,526,077 | |
Bath & Body Works, Inc. | 6,997 | 245,595 | |
Best Buy Co., Inc. | 6,041 | 450,175 | |
Burlington Stores, Inc. (a) | 1,986 | 382,921 | |
CarMax, Inc. (a) | 4,822 | 337,685 | |
Carvana Co. Class A (a)(b) | 3,146 | 21,833 | |
Dick's Sporting Goods, Inc. | 1,624 | 235,496 | |
Five Below, Inc. (a) | 1,666 | 328,802 | |
Floor & Decor Holdings, Inc. Class A (a)(b) | 3,159 | 313,815 | |
GameStop Corp. Class A (b) | 8,184 | 157,869 | |
Gap, Inc. | 5,970 | 57,312 | |
Leslie's, Inc. (a) | 5,375 | 58,319 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 827 | 182,676 | |
O'Reilly Automotive, Inc. (a) | 1,896 | 1,739,220 | |
Penske Automotive Group, Inc. | 789 | 109,340 | |
Petco Health & Wellness Co., Inc. (a) | 2,479 | 24,691 | |
RH (a) | 556 | 141,852 | |
Ross Stores, Inc. | 10,427 | 1,112,874 | |
Tractor Supply Co. | 3,377 | 805,077 | |
Ulta Beauty, Inc. (a) | 1,541 | 849,754 | |
Victoria's Secret & Co. (a) | 2,473 | 76,688 | |
Wayfair LLC Class A (a) | 2,411 | 83,975 | |
Williams-Sonoma, Inc. (b) | 2,023 | 244,864 | |
9,850,535 | |||
Textiles, Apparel & Luxury Goods - 1.1% | |||
Capri Holdings Ltd. (a) | 3,751 | 155,667 | |
Carter's, Inc. | 1,132 | 78,980 | |
Columbia Sportswear Co. | 1,103 | 92,145 | |
Deckers Outdoor Corp. (a) | 804 | 385,389 | |
Hanesbrands, Inc. | 10,720 | 56,173 | |
lululemon athletica, Inc. (a) | 3,415 | 1,297,461 | |
PVH Corp. | 1,929 | 165,527 | |
Ralph Lauren Corp. | 1,239 | 142,225 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 4,093 | 217,707 | |
Tapestry, Inc. | 7,224 | 294,811 | |
Under Armour, Inc.: | |||
Class A (sub. vtg.) (a) | 5,892 | 52,262 | |
Class C (non-vtg.) (a) | 5,700 | 45,828 | |
VF Corp. | 10,676 | 250,993 | |
3,235,168 | |||
TOTAL CONSUMER DISCRETIONARY | 36,011,878 | ||
CONSUMER STAPLES - 4.2% | |||
Beverages - 0.3% | |||
Boston Beer Co., Inc. Class A (a) | 287 | 91,125 | |
Brown-Forman Corp.: | |||
Class A | 1,439 | 94,801 | |
Class B (non-vtg.) | 5,569 | 362,486 | |
Molson Coors Beverage Co. Class B | 5,352 | 318,337 | |
866,749 | |||
Consumer Staples Distribution & Retail - 1.1% | |||
Albertsons Companies, Inc. | 7,136 | 149,142 | |
BJ's Wholesale Club Holdings, Inc. (a) | 4,098 | 312,964 | |
Casey's General Stores, Inc. | 1,131 | 258,795 | |
Dollar Tree, Inc. (a) | 6,384 | 981,285 | |
Grocery Outlet Holding Corp. (a) | 2,692 | 80,168 | |
Kroger Co. | 20,051 | 975,080 | |
Performance Food Group Co. (a) | 4,647 | 291,320 | |
U.S. Foods Holding Corp. (a) | 6,165 | 236,736 | |
3,285,490 | |||
Food Products - 2.2% | |||
Bunge Ltd. | 4,227 | 395,647 | |
Campbell Soup Co. | 5,924 | 321,673 | |
Conagra Brands, Inc. | 14,382 | 545,941 | |
Darling Ingredients, Inc. (a) | 4,897 | 291,714 | |
Flowers Foods, Inc. | 5,742 | 157,962 | |
Freshpet, Inc. (a) | 1,395 | 96,213 | |
Hormel Foods Corp. | 8,775 | 354,861 | |
Ingredion, Inc. | 2,002 | 212,552 | |
Kellogg Co. | 7,800 | 544,206 | |
Lamb Weston Holdings, Inc. | 4,410 | 493,082 | |
McCormick & Co., Inc. (non-vtg.) | 7,659 | 672,843 | |
Pilgrim's Pride Corp. (a) | 1,404 | 32,025 | |
Post Holdings, Inc. (a) | 1,647 | 149,037 | |
Seaboard Corp. | 8 | 31,529 | |
The Hershey Co. | 4,461 | 1,218,121 | |
The J.M. Smucker Co. | 3,155 | 487,164 | |
Tyson Foods, Inc. Class A | 8,507 | 531,602 | |
6,536,172 | |||
Household Products - 0.5% | |||
Church & Dwight Co., Inc. | 7,422 | 720,825 | |
Reynolds Consumer Products, Inc. | 1,668 | 46,754 | |
Spectrum Brands Holdings, Inc. | 1,222 | 81,263 | |
The Clorox Co. | 3,770 | 624,387 | |
1,473,229 | |||
Personal Care Products - 0.1% | |||
Coty, Inc. Class A (a) | 10,703 | 127,045 | |
Olaplex Holdings, Inc. (a) | 3,836 | 14,193 | |
141,238 | |||
TOTAL CONSUMER STAPLES | 12,302,878 | ||
ENERGY - 4.8% | |||
Energy Equipment & Services - 0.7% | |||
Baker Hughes Co. Class A | 28,804 | 842,229 | |
Halliburton Co. | 27,485 | 900,134 | |
NOV, Inc. | 11,974 | 200,565 | |
1,942,928 | |||
Oil, Gas & Consumable Fuels - 4.1% | |||
Antero Midstream GP LP | 10,310 | 110,936 | |
Antero Resources Corp. (a) | 8,669 | 199,300 | |
APA Corp. | 9,799 | 361,093 | |
Cheniere Energy, Inc. | 7,611 | 1,164,483 | |
Chesapeake Energy Corp. | 3,697 | 305,668 | |
Coterra Energy, Inc. | 23,973 | 613,709 | |
Devon Energy Corp. | 19,891 | 1,062,776 | |
Diamondback Energy, Inc. | 5,476 | 778,687 | |
DT Midstream, Inc. | 2,964 | 146,036 | |
Enviva, Inc. | 918 | 19,737 | |
EQT Corp. | 11,276 | 392,856 | |
Hess Corp. | 8,610 | 1,248,967 | |
HF Sinclair Corp. | 4,128 | 182,086 | |
Marathon Oil Corp. | 19,361 | 467,762 | |
New Fortress Energy, Inc. | 1,687 | 51,099 | |
ONEOK, Inc. | 13,592 | 889,053 | |
Ovintiv, Inc. | 7,500 | 270,600 | |
PDC Energy, Inc. | 2,681 | 174,399 | |
Phillips 66 Co. | 14,252 | 1,410,948 | |
Range Resources Corp. | 7,216 | 190,863 | |
Southwestern Energy Co. (a) | 33,634 | 174,560 | |
Targa Resources Corp. | 6,906 | 521,610 | |
Texas Pacific Land Corp. | 175 | 258,589 | |
The Williams Companies, Inc. | 37,245 | 1,127,034 | |
Vitesse Energy, Inc. | 774 | 14,242 | |
12,137,093 | |||
TOTAL ENERGY | 14,080,021 | ||
FINANCIALS - 13.3% | |||
Banks - 2.2% | |||
Bank of Hawaii Corp. | 1,187 | 57,486 | |
Bank OZK | 3,430 | 122,520 | |
BOK Financial Corp. | 883 | 74,057 | |
Citizens Financial Group, Inc. | 14,919 | 461,594 | |
Columbia Banking Systems, Inc. | 6,340 | 135,422 | |
Comerica, Inc. | 3,990 | 173,046 | |
Commerce Bancshares, Inc. | 3,477 | 194,190 | |
Cullen/Frost Bankers, Inc. | 1,779 | 196,135 | |
East West Bancorp, Inc. | 4,319 | 223,249 | |
Fifth Third Bancorp | 20,827 | 545,667 | |
First Citizens Bancshares, Inc. | 336 | 338,412 | |
First Hawaiian, Inc. | 3,929 | 75,083 | |
First Horizon National Corp. | 16,161 | 283,626 | |
First Republic Bank (b) | 5,678 | 19,930 | |
FNB Corp., Pennsylvania | 11,008 | 126,372 | |
Huntington Bancshares, Inc. | 43,936 | 492,083 | |
KeyCorp | 28,425 | 320,066 | |
M&T Bank Corp. | 5,253 | 660,827 | |
New York Community Bancorp, Inc. | 20,427 | 218,365 | |
PacWest Bancorp (b) | 3,564 | 36,175 | |
Pinnacle Financial Partners, Inc. | 2,290 | 124,187 | |
Popular, Inc. | 2,146 | 128,781 | |
Prosperity Bancshares, Inc. | 2,680 | 167,822 | |
Regions Financial Corp. | 28,619 | 522,583 | |
Synovus Financial Corp. | 4,387 | 135,120 | |
Webster Financial Corp. | 5,278 | 196,869 | |
Western Alliance Bancorp. | 3,225 | 119,712 | |
Wintrust Financial Corp. | 1,823 | 124,639 | |
Zions Bancorp NA | 4,511 | 125,676 | |
6,399,694 | |||
Capital Markets - 4.2% | |||
Affiliated Managers Group, Inc. | 1,144 | 165,171 | |
Ameriprise Financial, Inc. | 3,217 | 981,571 | |
Ares Management Corp. | 4,686 | 410,447 | |
Bank of New York Mellon Corp. | 22,468 | 956,912 | |
Blue Owl Capital, Inc. Class A | 12,904 | 145,299 | |
Carlyle Group LP | 6,342 | 192,353 | |
Cboe Global Markets, Inc. | 3,238 | 452,349 | |
Coinbase Global, Inc. (a)(b) | 4,881 | 262,549 | |
Evercore, Inc. Class A | 1,110 | 126,618 | |
FactSet Research Systems, Inc. | 1,160 | 477,560 | |
Franklin Resources, Inc. | 8,716 | 234,286 | |
Interactive Brokers Group, Inc. | 2,835 | 220,705 | |
Invesco Ltd. | 11,395 | 195,196 | |
Janus Henderson Group PLC | 4,165 | 108,082 | |
Jefferies Financial Group, Inc. | 6,046 | 193,653 | |
KKR & Co. LP | 17,497 | 928,566 | |
Lazard Ltd. Class A | 2,532 | 79,252 | |
LPL Financial | 2,434 | 508,317 | |
MarketAxess Holdings, Inc. | 1,136 | 361,668 | |
Morningstar, Inc. | 759 | 135,337 | |
MSCI, Inc. | 2,376 | 1,146,301 | |
NASDAQ, Inc. | 10,504 | 581,606 | |
Northern Trust Corp. | 6,288 | 491,470 | |
Raymond James Financial, Inc. | 5,949 | 538,563 | |
Robinhood Markets, Inc. (a) | 17,468 | 154,592 | |
SEI Investments Co. | 3,139 | 184,918 | |
State Street Corp. | 10,669 | 770,942 | |
Stifel Financial Corp. | 3,113 | 186,687 | |
T. Rowe Price Group, Inc. | 6,731 | 756,093 | |
Tradeweb Markets, Inc. Class A | 3,285 | 231,297 | |
Virtu Financial, Inc. Class A | 2,902 | 58,185 | |
12,236,545 | |||
Consumer Finance - 0.7% | |||
Ally Financial, Inc. | 9,107 | 240,243 | |
Credit Acceptance Corp. (a) | 202 | 98,879 | |
Discover Financial Services | 8,160 | 844,315 | |
OneMain Holdings, Inc. | 3,519 | 135,024 | |
SLM Corp. | 7,310 | 109,796 | |
SoFi Technologies, Inc. (a)(b) | 24,624 | 153,408 | |
Synchrony Financial | 13,308 | 392,719 | |
Upstart Holdings, Inc. (a)(b) | 2,162 | 30,052 | |
2,004,436 | |||
Financial Services - 1.4% | |||
Affirm Holdings, Inc. (a) | 6,789 | 66,940 | |
Apollo Global Management, Inc. | 14,777 | 936,714 | |
Corebridge Financial, Inc. | 2,474 | 41,712 | |
Equitable Holdings, Inc. | 11,286 | 293,323 | |
Euronet Worldwide, Inc. (a) | 1,446 | 160,130 | |
FleetCor Technologies, Inc. (a) | 2,194 | 469,340 | |
Global Payments, Inc. | 7,979 | 899,313 | |
Jack Henry & Associates, Inc. | 2,220 | 362,615 | |
MGIC Investment Corp. | 9,029 | 134,261 | |
Rocket Companies, Inc. (a)(b) | 3,421 | 30,481 | |
Shift4 Payments, Inc. (a) | 1,546 | 104,772 | |
TFS Financial Corp. | 1,507 | 18,144 | |
The Western Union Co. | 11,339 | 123,935 | |
Toast, Inc. (a) | 7,767 | 141,359 | |
UWM Holdings Corp. Class A | 2,746 | 16,476 | |
Voya Financial, Inc. | 2,970 | 227,146 | |
WEX, Inc. (a) | 1,333 | 236,408 | |
4,263,069 | |||
Insurance - 4.6% | |||
AFLAC, Inc. | 18,653 | 1,302,912 | |
Allstate Corp. | 8,084 | 935,804 | |
American Financial Group, Inc. | 2,056 | 252,333 | |
Arch Capital Group Ltd. (a) | 10,833 | 813,233 | |
Arthur J. Gallagher & Co. | 6,361 | 1,323,470 | |
Assurant, Inc. | 1,629 | 200,579 | |
Assured Guaranty Ltd. | 1,758 | 94,703 | |
Axis Capital Holdings Ltd. | 2,384 | 134,791 | |
Brighthouse Financial, Inc. (a) | 2,065 | 91,273 | |
Brown & Brown, Inc. | 7,220 | 464,896 | |
Cincinnati Financial Corp. | 4,690 | 499,204 | |
CNA Financial Corp. | 827 | 32,179 | |
Erie Indemnity Co. Class A | 769 | 167,127 | |
Everest Re Group Ltd. | 1,189 | 449,442 | |
F&G Annuities & Life, Inc. | 535 | 9,807 | |
Fidelity National Financial, Inc. | 7,947 | 282,039 | |
First American Financial Corp. | 3,083 | 177,612 | |
Globe Life, Inc. | 2,738 | 297,128 | |
Hanover Insurance Group, Inc. | 1,084 | 129,603 | |
Hartford Financial Services Group, Inc. | 9,707 | 689,100 | |
Kemper Corp. | 1,948 | 94,770 | |
Lincoln National Corp. | 5,195 | 112,887 | |
Loews Corp. | 5,938 | 341,851 | |
Markel Corp. (a) | 404 | 552,886 | |
Old Republic International Corp. | 8,547 | 215,983 | |
Primerica, Inc. | 1,123 | 204,959 | |
Principal Financial Group, Inc. | 7,404 | 553,005 | |
Prudential Financial, Inc. | 11,257 | 979,359 | |
Reinsurance Group of America, Inc. | 2,046 | 291,187 | |
RenaissanceRe Holdings Ltd. | 1,315 | 283,264 | |
Ryan Specialty Group Holdings, Inc. (a) | 2,520 | 102,967 | |
Unum Group | 6,047 | 255,183 | |
W.R. Berkley Corp. | 6,293 | 370,784 | |
White Mountains Insurance Group Ltd. | 77 | 110,275 | |
Willis Towers Watson PLC | 3,292 | 762,427 | |
13,579,022 | |||
Mortgage Real Estate Investment Trusts - 0.2% | |||
AGNC Investment Corp. | 17,466 | 173,088 | |
Annaly Capital Management, Inc. | 14,316 | 286,034 | |
Rithm Capital Corp. | 13,201 | 107,720 | |
Starwood Property Trust, Inc. (b) | 8,916 | 159,507 | |
726,349 | |||
TOTAL FINANCIALS | 39,209,115 | ||
HEALTH CARE - 11.1% | |||
Biotechnology - 2.3% | |||
Alnylam Pharmaceuticals, Inc. (a) | 3,756 | 748,195 | |
Biogen, Inc. (a) | 4,384 | 1,333,744 | |
BioMarin Pharmaceutical, Inc. (a) | 5,643 | 541,954 | |
Exact Sciences Corp. (a) | 5,346 | 342,518 | |
Exelixis, Inc. (a) | 9,799 | 179,322 | |
Horizon Therapeutics PLC (a) | 6,768 | 752,331 | |
Incyte Corp. (a) | 5,585 | 415,580 | |
Ionis Pharmaceuticals, Inc. (a) | 4,323 | 152,905 | |
Mirati Therapeutics, Inc. (a) | 1,365 | 60,483 | |
Natera, Inc. (a) | 2,975 | 150,892 | |
Neurocrine Biosciences, Inc. (a) | 2,925 | 295,542 | |
Novavax, Inc. (a)(b) | 2,637 | 20,226 | |
Repligen Corp. (a) | 1,694 | 256,861 | |
Sarepta Therapeutics, Inc. (a) | 2,572 | 315,764 | |
Seagen, Inc. (a) | 4,157 | 831,400 | |
Ultragenyx Pharmaceutical, Inc. (a) | 2,046 | 89,349 | |
United Therapeutics Corp. (a) | 1,363 | 313,667 | |
6,800,733 | |||
Health Care Equipment & Supplies - 3.5% | |||
Align Technology, Inc. (a) | 2,400 | 780,720 | |
Dentsply Sirona, Inc. | 6,547 | 274,516 | |
DexCom, Inc. (a) | 11,786 | 1,430,113 | |
Enovis Corp. (a) | 1,552 | 90,404 | |
Envista Holdings Corp. (a) | 4,982 | 191,757 | |
Globus Medical, Inc. (a) | 2,364 | 137,443 | |
Hologic, Inc. (a) | 7,437 | 639,656 | |
ICU Medical, Inc. (a) | 619 | 117,078 | |
IDEXX Laboratories, Inc. (a) | 2,513 | 1,236,798 | |
Insulet Corp. (a) | 2,105 | 669,474 | |
Integra LifeSciences Holdings Corp. (a) | 2,204 | 121,925 | |
Masimo Corp. (a) | 1,452 | 274,631 | |
Novocure Ltd. (a) | 3,161 | 208,310 | |
Penumbra, Inc. (a) | 1,091 | 309,975 | |
QuidelOrtho Corp. | 1,494 | 134,385 | |
ResMed, Inc. | 4,417 | 1,064,320 | |
STERIS PLC | 3,051 | 575,266 | |
Tandem Diabetes Care, Inc. (a) | 1,963 | 77,696 | |
Teleflex, Inc. | 1,434 | 390,794 | |
The Cooper Companies, Inc. | 1,486 | 566,835 | |
Zimmer Biomet Holdings, Inc. | 6,415 | 888,093 | |
10,180,189 | |||
Health Care Providers & Services - 1.8% | |||
Acadia Healthcare Co., Inc. (a) | 2,723 | 196,846 | |
agilon health, Inc. (a) | 5,788 | 140,475 | |
Amedisys, Inc. (a) | 977 | 78,453 | |
AmerisourceBergen Corp. | 4,986 | 831,914 | |
Cardinal Health, Inc. | 7,873 | 646,373 | |
Chemed Corp. | 446 | 245,858 | |
DaVita HealthCare Partners, Inc. (a) | 1,700 | 153,612 | |
Encompass Health Corp. | 2,989 | 191,744 | |
Enhabit Home Health & Hospice | 1,481 | 18,142 | |
Guardant Health, Inc. (a) | 2,959 | 66,755 | |
Henry Schein, Inc. (a) | 4,131 | 333,826 | |
Laboratory Corp. of America Holdings | 2,708 | 613,931 | |
Molina Healthcare, Inc. (a) | 1,753 | 522,201 | |
Oak Street Health, Inc. (a) | 3,573 | 139,240 | |
Premier, Inc. | 3,600 | 119,988 | |
Quest Diagnostics, Inc. | 3,383 | 469,594 | |
Tenet Healthcare Corp. (a) | 3,249 | 238,217 | |
Universal Health Services, Inc. Class B | 1,898 | 285,364 | |
5,292,533 | |||
Health Care Technology - 0.4% | |||
Certara, Inc. (a) | 3,553 | 85,876 | |
Definitive Healthcare Corp. (a) | 1,017 | 10,882 | |
Doximity, Inc. (a) | 3,415 | 125,501 | |
Teladoc Health, Inc. (a) | 4,894 | 129,838 | |
Veeva Systems, Inc. Class A (a) | 4,258 | 762,523 | |
1,114,620 | |||
Life Sciences Tools & Services - 2.5% | |||
10X Genomics, Inc. (a) | 2,810 | 147,328 | |
Agilent Technologies, Inc. | 9,043 | 1,224,693 | |
Avantor, Inc. (a) | 18,656 | 363,419 | |
Azenta, Inc. (a) | 2,090 | 90,894 | |
Bio-Rad Laboratories, Inc. Class A (a) | 654 | 294,817 | |
Bio-Techne Corp. | 4,760 | 380,229 | |
Bruker Corp. | 3,278 | 259,388 | |
Charles River Laboratories International, Inc. (a) | 1,543 | 293,355 | |
IQVIA Holdings, Inc. (a) | 5,672 | 1,067,641 | |
Maravai LifeSciences Holdings, Inc. (a) | 3,346 | 46,141 | |
Mettler-Toledo International, Inc. (a) | 673 | 1,003,780 | |
PerkinElmer, Inc. | 3,856 | 503,169 | |
QIAGEN NV (a) | 6,939 | 309,549 | |
Sotera Health Co. (a) | 3,026 | 50,746 | |
Syneos Health, Inc. (a) | 3,129 | 122,845 | |
Waters Corp. (a) | 1,805 | 542,150 | |
West Pharmaceutical Services, Inc. | 2,265 | 818,209 | |
7,518,353 | |||
Pharmaceuticals - 0.6% | |||
Catalent, Inc. (a) | 5,478 | 274,557 | |
Elanco Animal Health, Inc. (a) | 13,568 | 128,489 | |
Jazz Pharmaceuticals PLC (a) | 1,881 | 264,224 | |
Organon & Co. | 7,754 | 190,981 | |
Perrigo Co. PLC | 4,093 | 152,219 | |
Royalty Pharma PLC | 11,361 | 399,339 | |
Viatris, Inc. | 37,090 | 346,050 | |
1,755,859 | |||
TOTAL HEALTH CARE | 32,662,287 | ||
INDUSTRIALS - 17.2% | |||
Aerospace & Defense - 1.5% | |||
Axon Enterprise, Inc. (a) | 2,065 | 435,116 | |
BWX Technologies, Inc. | 2,788 | 180,049 | |
Curtiss-Wright Corp. | 1,171 | 198,871 | |
HEICO Corp. | 1,411 | 237,951 | |
HEICO Corp. Class A | 2,368 | 317,857 | |
Hexcel Corp. | 2,560 | 184,525 | |
Howmet Aerospace, Inc. | 11,336 | 502,071 | |
Huntington Ingalls Industries, Inc. | 1,201 | 242,194 | |
Mercury Systems, Inc. (a) | 1,493 | 71,171 | |
Spirit AeroSystems Holdings, Inc. Class A | 3,199 | 95,202 | |
Textron, Inc. | 6,380 | 427,077 | |
TransDigm Group, Inc. | 1,571 | 1,201,815 | |
Woodward, Inc. | 1,773 | 170,243 | |
4,264,142 | |||
Air Freight & Logistics - 0.4% | |||
C.H. Robinson Worldwide, Inc. | 3,554 | 358,492 | |
Expeditors International of Washington, Inc. | 4,849 | 552,010 | |
GXO Logistics, Inc. (a) | 3,234 | 171,822 | |
1,082,324 | |||
Building Products - 1.9% | |||
A.O. Smith Corp. | 3,827 | 261,346 | |
Advanced Drain Systems, Inc. | 1,908 | 163,554 | |
Allegion PLC | 2,677 | 295,755 | |
Armstrong World Industries, Inc. | 1,383 | 94,957 | |
Builders FirstSource, Inc. (a) | 4,443 | 421,063 | |
Carlisle Companies, Inc. | 1,572 | 339,316 | |
Carrier Global Corp. | 25,558 | 1,068,836 | |
Fortune Brands Home & Security, Inc. | 3,914 | 253,197 | |
Hayward Holdings, Inc. (a) | 2,039 | 24,550 | |
Lennox International, Inc. | 978 | 275,708 | |
Masco Corp. | 6,880 | 368,149 | |
MasterBrand, Inc. | 3,909 | 31,546 | |
Owens Corning | 2,857 | 305,156 | |
The AZEK Co., Inc. (a) | 3,404 | 92,385 | |
Trane Technologies PLC | 7,025 | 1,305,315 | |
Trex Co., Inc. (a) | 3,369 | 184,150 | |
5,484,983 | |||
Commercial Services & Supplies - 1.5% | |||
Cintas Corp. | 2,647 | 1,206,423 | |
Clean Harbors, Inc. (a) | 1,555 | 225,724 | |
Copart, Inc. (a) | 13,032 | 1,030,180 | |
Driven Brands Holdings, Inc. (a) | 1,906 | 58,514 | |
MSA Safety, Inc. | 1,125 | 145,969 | |
Republic Services, Inc. | 6,305 | 911,829 | |
Ritchie Bros. Auctioneers, Inc. | 2,142 | 122,501 | |
Rollins, Inc. | 7,072 | 298,792 | |
Stericycle, Inc. (a) | 2,802 | 127,911 | |
Tetra Tech, Inc. | 1,607 | 222,361 | |
4,350,204 | |||
Construction & Engineering - 0.6% | |||
AECOM | 4,027 | 334,442 | |
MasTec, Inc. (a) | 1,865 | 165,631 | |
MDU Resources Group, Inc. | 6,194 | 180,989 | |
Quanta Services, Inc. | 4,350 | 737,934 | |
Valmont Industries, Inc. | 641 | 186,249 | |
Willscot Mobile Mini Holdings (a) | 6,213 | 282,070 | |
1,887,315 | |||
Electrical Equipment - 1.3% | |||
Acuity Brands, Inc. | 981 | 154,390 | |
AMETEK, Inc. | 7,046 | 971,855 | |
ChargePoint Holdings, Inc. Class A (a)(b) | 7,738 | 67,088 | |
Generac Holdings, Inc. (a) | 1,907 | 194,934 | |
Hubbell, Inc. Class B | 1,638 | 441,146 | |
nVent Electric PLC | 5,054 | 211,914 | |
Plug Power, Inc. (a)(b) | 15,926 | 143,812 | |
Regal Rexnord Corp. | 1,987 | 258,628 | |
Rockwell Automation, Inc. | 3,513 | 995,619 | |
Sensata Technologies, Inc. PLC | 4,628 | 201,087 | |
Sunrun, Inc. (a) | 6,356 | 133,730 | |
Vertiv Holdings Co. | 9,262 | 138,189 | |
3,912,392 | |||
Ground Transportation - 0.9% | |||
Avis Budget Group, Inc. (a) | 782 | 138,156 | |
Hertz Global Holdings, Inc. (a) | 5,577 | 93,024 | |
J.B. Hunt Transport Services, Inc. | 2,520 | 441,731 | |
Knight-Swift Transportation Holdings, Inc. Class A | 4,767 | 268,477 | |
Landstar System, Inc. | 1,093 | 192,401 | |
Lyft, Inc. (a) | 10,001 | 102,510 | |
Old Dominion Freight Lines, Inc. | 3,037 | 973,024 | |
RXO, Inc. | 3,474 | 62,845 | |
Ryder System, Inc. | 1,483 | 117,394 | |
Schneider National, Inc. Class B | 1,650 | 43,181 | |
U-Haul Holding Co. | 357 | 21,798 | |
U-Haul Holding Co. (non-vtg.) | 2,372 | 128,325 | |
XPO, Inc. (a) | 3,123 | 137,974 | |
2,720,840 | |||
Machinery - 4.2% | |||
AGCO Corp. | 1,895 | 234,866 | |
Allison Transmission Holdings, Inc. | 2,827 | 137,929 | |
Crane Co. | 1,438 | 103,637 | |
Crane Nxt Co. | 1,448 | 68,577 | |
Cummins, Inc. | 4,310 | 1,013,022 | |
Donaldson Co., Inc. | 3,712 | 235,898 | |
Dover Corp. | 4,280 | 625,565 | |
ESAB Corp. | 1,737 | 101,371 | |
Flowserve Corp. | 3,991 | 133,259 | |
Fortive Corp. | 10,827 | 683,075 | |
Gates Industrial Corp. PLC (a) | 3,273 | 44,087 | |
Graco, Inc. | 5,127 | 406,520 | |
IDEX Corp. | 2,323 | 479,281 | |
Ingersoll Rand, Inc. | 12,412 | 707,732 | |
ITT, Inc. | 2,550 | 215,322 | |
Lincoln Electric Holdings, Inc. | 1,710 | 286,938 | |
Middleby Corp. (a) | 1,637 | 230,621 | |
Nordson Corp. | 1,748 | 378,110 | |
Oshkosh Corp. | 2,014 | 154,111 | |
Otis Worldwide Corp. | 12,747 | 1,087,319 | |
PACCAR, Inc. | 15,649 | 1,168,824 | |
Parker Hannifin Corp. | 3,914 | 1,271,580 | |
Pentair PLC | 5,025 | 291,852 | |
Snap-On, Inc. | 1,607 | 416,872 | |
Stanley Black & Decker, Inc. | 4,519 | 390,170 | |
Timken Co. | 1,869 | 143,633 | |
Toro Co. | 3,191 | 332,694 | |
Westinghouse Air Brake Tech Co. | 5,538 | 540,896 | |
Xylem, Inc. | 5,477 | 568,732 | |
12,452,493 | |||
Marine Transportation - 0.1% | |||
Kirby Corp. (a) | 1,819 | 130,677 | |
Passenger Airlines - 0.8% | |||
Alaska Air Group, Inc. (a) | 3,835 | 166,669 | |
American Airlines Group, Inc. (a) | 19,727 | 269,076 | |
Copa Holdings SA Class A | 867 | 78,307 | |
Delta Air Lines, Inc. (a) | 19,581 | 671,824 | |
JetBlue Airways Corp. (a) | 9,748 | 69,601 | |
Southwest Airlines Co. | 18,115 | 548,703 | |
United Airlines Holdings, Inc. (a) | 9,974 | 436,861 | |
2,241,041 | |||
Professional Services - 2.7% | |||
Booz Allen Hamilton Holding Corp. Class A | 4,012 | 384,029 | |
Broadridge Financial Solutions, Inc. | 3,569 | 518,968 | |
CACI International, Inc. Class A (a) | 709 | 222,144 | |
Clarivate Analytics PLC (a) | 14,475 | 128,249 | |
Concentrix Corp. | 1,295 | 124,980 | |
CoStar Group, Inc. (a) | 12,334 | 949,101 | |
Dun & Bradstreet Holdings, Inc. | 7,723 | 86,266 | |
Equifax, Inc. | 3,718 | 774,757 | |
FTI Consulting, Inc. (a) | 1,030 | 185,915 | |
Genpact Ltd. | 5,461 | 243,288 | |
Jacobs Solutions, Inc. | 3,853 | 444,867 | |
KBR, Inc. | 4,161 | 236,054 | |
Leidos Holdings, Inc. | 4,166 | 388,521 | |
Manpower, Inc. | 1,532 | 115,988 | |
Paychex, Inc. | 9,864 | 1,083,659 | |
Robert Half International, Inc. | 3,238 | 236,374 | |
Science Applications International Corp. | 1,686 | 172,023 | |
SS&C Technologies Holdings, Inc. | 6,740 | 394,560 | |
TransUnion Holding Co., Inc. | 5,882 | 404,740 | |
Verisk Analytics, Inc. | 4,750 | 922,023 | |
8,016,506 | |||
Trading Companies & Distributors - 1.3% | |||
Air Lease Corp. Class A | 3,166 | 127,337 | |
Core & Main, Inc. (a) | 2,230 | 58,114 | |
Fastenal Co. | 17,603 | 947,746 | |
MSC Industrial Direct Co., Inc. Class A | 1,409 | 127,839 | |
SiteOne Landscape Supply, Inc. (a) | 1,363 | 201,370 | |
United Rentals, Inc. | 2,136 | 771,331 | |
Univar Solutions, Inc. (a) | 4,911 | 174,341 | |
W.W. Grainger, Inc. | 1,378 | 958,495 | |
Watsco, Inc. | 1,006 | 348,458 | |
WESCO International, Inc. | 1,363 | 196,272 | |
3,911,303 | |||
TOTAL INDUSTRIALS | 50,454,220 | ||
INFORMATION TECHNOLOGY - 14.0% | |||
Communications Equipment - 1.3% | |||
Arista Networks, Inc. (a) | 7,525 | 1,205,204 | |
Ciena Corp. (a) | 4,506 | 207,456 | |
F5, Inc. (a) | 1,822 | 244,804 | |
Juniper Networks, Inc. | 9,778 | 294,807 | |
Lumentum Holdings, Inc. (a) | 2,081 | 100,408 | |
Motorola Solutions, Inc. | 5,035 | 1,467,199 | |
Ubiquiti, Inc. | 126 | 29,301 | |
ViaSat, Inc. (a) | 2,204 | 77,206 | |
3,626,385 | |||
Electronic Equipment, Instruments & Components - 2.3% | |||
Amphenol Corp. Class A | 17,907 | 1,351,441 | |
Arrow Electronics, Inc. (a) | 1,776 | 203,228 | |
Avnet, Inc. | 2,776 | 114,538 | |
CDW Corp. | 4,131 | 700,576 | |
Cognex Corp. | 5,313 | 253,377 | |
Coherent Corp. (a) | 3,612 | 123,314 | |
Corning, Inc. | 22,501 | 747,483 | |
IPG Photonics Corp. (a) | 997 | 114,635 | |
Jabil, Inc. | 3,973 | 310,490 | |
Keysight Technologies, Inc. (a) | 5,483 | 793,061 | |
Littelfuse, Inc. | 737 | 178,531 | |
National Instruments Corp. | 3,996 | 232,687 | |
TD SYNNEX Corp. | 1,422 | 126,615 | |
Teledyne Technologies, Inc. (a) | 1,416 | 586,790 | |
Trimble, Inc. (a) | 7,529 | 354,616 | |
Vontier Corp. | 4,807 | 130,414 | |
Zebra Technologies Corp. Class A (a) | 1,579 | 454,799 | |
6,776,595 | |||
IT Services - 1.7% | |||
Akamai Technologies, Inc. (a) | 4,738 | 388,374 | |
Amdocs Ltd. | 3,637 | 331,876 | |
Cloudflare, Inc. (a) | 8,649 | 406,935 | |
DXC Technology Co. (a) | 7,027 | 167,594 | |
EPAM Systems, Inc. (a) | 1,677 | 473,652 | |
Gartner, Inc. (a) | 2,347 | 709,874 | |
Globant SA (a) | 1,246 | 195,460 | |
GoDaddy, Inc. (a) | 4,779 | 361,675 | |
Kyndryl Holdings, Inc. (a) | 6,277 | 90,765 | |
MongoDB, Inc. Class A (a) | 2,028 | 486,639 | |
Okta, Inc. (a) | 4,620 | 316,609 | |
Thoughtworks Holding, Inc. (a) | 2,604 | 16,223 | |
Twilio, Inc. Class A (a) | 5,326 | 280,201 | |
VeriSign, Inc. (a) | 2,835 | 628,803 | |
Wix.com Ltd. (a) | 1,690 | 147,419 | |
5,002,099 | |||
Semiconductors & Semiconductor Equipment - 2.3% | |||
Allegro MicroSystems LLC (a) | 2,038 | 72,899 | |
Cirrus Logic, Inc. (a) | 1,677 | 143,870 | |
Enphase Energy, Inc. (a) | 4,004 | 657,457 | |
Entegris, Inc. | 4,537 | 339,912 | |
First Solar, Inc. (a) | 3,250 | 593,385 | |
GlobalFoundries, Inc. (a)(b) | 1,931 | 113,543 | |
Lattice Semiconductor Corp. (a) | 4,153 | 330,994 | |
Microchip Technology, Inc. | 16,268 | 1,187,401 | |
MKS Instruments, Inc. | 1,750 | 146,773 | |
Monolithic Power Systems, Inc. | 1,401 | 647,220 | |
onsemi (a) | 13,264 | 954,477 | |
Qorvo, Inc. (a) | 3,047 | 280,568 | |
Skyworks Solutions, Inc. | 4,860 | 514,674 | |
Teradyne, Inc. | 4,785 | 437,253 | |
Universal Display Corp. | 1,331 | 177,635 | |
Wolfspeed, Inc. (a)(b) | 3,768 | 175,400 | |
6,773,461 | |||
Software - 5.5% | |||
Alteryx, Inc. Class A (a) | 1,825 | 75,062 | |
ANSYS, Inc. (a) | 2,660 | 835,027 | |
AppLovin Corp. (a) | 6,712 | 114,104 | |
Aspen Technology, Inc. | 825 | 146,025 | |
Bentley Systems, Inc. Class B | 5,158 | 219,524 | |
Bill Holdings, Inc. (a) | 3,023 | 232,197 | |
Black Knight, Inc. (a) | 4,728 | 258,338 | |
Cadence Design Systems, Inc. (a) | 8,343 | 1,747,430 | |
CCC Intelligent Solutions Holdings, Inc. Class A (a) | 5,253 | 45,596 | |
Ceridian HCM Holding, Inc. (a) | 4,175 | 265,029 | |
Confluent, Inc. (a) | 3,801 | 83,622 | |
Crowdstrike Holdings, Inc. (a) | 6,589 | 791,009 | |
Datadog, Inc. Class A (a) | 8,121 | 547,193 | |
DocuSign, Inc. (a) | 6,037 | 298,469 | |
Dolby Laboratories, Inc. Class A | 1,812 | 151,646 | |
DoubleVerify Holdings, Inc. (a) | 2,633 | 77,463 | |
Dropbox, Inc. Class A (a) | 8,193 | 166,646 | |
Dynatrace, Inc. (a) | 6,604 | 279,217 | |
Elastic NV (a) | 2,370 | 135,683 | |
Fair Isaac Corp. (a) | 742 | 540,139 | |
Five9, Inc. (a) | 2,141 | 138,822 | |
Fortinet, Inc. (a) | 19,735 | 1,244,292 | |
Gen Digital, Inc. | 16,765 | 296,238 | |
Guidewire Software, Inc. (a) | 2,507 | 191,008 | |
HubSpot, Inc. (a) | 1,416 | 596,065 | |
Informatica, Inc. (a) | 1,142 | 17,655 | |
Jamf Holding Corp. (a) | 2,005 | 37,935 | |
Manhattan Associates, Inc. (a) | 1,897 | 314,295 | |
nCino, Inc. (a) | 2,137 | 52,848 | |
NCR Corp. (a) | 3,902 | 86,976 | |
New Relic, Inc. (a) | 1,628 | 116,353 | |
Nutanix, Inc. Class A (a) | 7,011 | 168,124 | |
Palantir Technologies, Inc. (a) | 56,212 | 435,643 | |
Paycom Software, Inc. (a) | 1,566 | 454,719 | |
Paycor HCM, Inc. (a) | 1,849 | 43,452 | |
Paylocity Holding Corp. (a) | 1,229 | 237,553 | |
Pegasystems, Inc. | 1,263 | 57,618 | |
Procore Technologies, Inc. (a) | 2,167 | 115,739 | |
PTC, Inc. (a) | 3,252 | 409,069 | |
RingCentral, Inc. (a) | 2,602 | 71,711 | |
SentinelOne, Inc. (a) | 5,861 | 94,186 | |
Smartsheet, Inc. (a) | 3,881 | 158,616 | |
Splunk, Inc. (a) | 4,980 | 429,475 | |
Synopsys, Inc. (a) | 4,663 | 1,731,465 | |
Teradata Corp. (a) | 3,116 | 120,620 | |
Tyler Technologies, Inc. (a) | 1,257 | 476,441 | |
UiPath, Inc. Class A (a) | 11,486 | 161,723 | |
Unity Software, Inc. (a) | 7,228 | 194,939 | |
Zoom Video Communications, Inc. Class A (a) | 7,508 | 461,216 | |
Zscaler, Inc. (a) | 2,578 | 232,278 | |
16,156,493 | |||
Technology Hardware, Storage & Peripherals - 0.9% | |||
Dell Technologies, Inc. | 7,234 | 314,607 | |
Hewlett Packard Enterprise Co. | 39,282 | 562,518 | |
HP, Inc. | 30,053 | 892,875 | |
NetApp, Inc. | 6,651 | 418,281 | |
Pure Storage, Inc. Class A (a) | 8,726 | 199,215 | |
Western Digital Corp. (a) | 9,725 | 334,929 | |
2,722,425 | |||
TOTAL INFORMATION TECHNOLOGY | 41,057,458 | ||
MATERIALS - 6.1% | |||
Chemicals - 3.2% | |||
Albemarle Corp. | 3,581 | 664,132 | |
Ashland, Inc. | 1,552 | 157,699 | |
Axalta Coating Systems Ltd. (a) | 6,746 | 212,971 | |
Celanese Corp. Class A | 3,312 | 351,867 | |
CF Industries Holdings, Inc. | 5,990 | 428,764 | |
Corteva, Inc. | 21,876 | 1,337,061 | |
DuPont de Nemours, Inc. | 14,026 | 977,893 | |
Eastman Chemical Co. | 3,658 | 308,260 | |
Element Solutions, Inc. | 6,878 | 124,836 | |
FMC Corp. | 3,851 | 475,907 | |
Ginkgo Bioworks Holdings, Inc. Class A (a)(b) | 26,321 | 32,112 | |
Huntsman Corp. | 5,554 | 148,792 | |
International Flavors & Fragrances, Inc. | 7,798 | 756,094 | |
LyondellBasell Industries NV Class A | 7,858 | 743,445 | |
NewMarket Corp. | 175 | 69,930 | |
Olin Corp. | 3,724 | 206,310 | |
PPG Industries, Inc. | 7,206 | 1,010,714 | |
RPM International, Inc. | 3,900 | 319,917 | |
The Chemours Co. LLC | 4,515 | 131,251 | |
The Mosaic Co. | 10,392 | 445,297 | |
The Scotts Miracle-Gro Co. Class A | 1,232 | 82,310 | |
Valvoline, Inc. | 5,239 | 181,007 | |
Westlake Corp. | 1,013 | 115,259 | |
9,281,828 | |||
Construction Materials - 0.5% | |||
Eagle Materials, Inc. | 1,089 | 161,401 | |
Martin Marietta Materials, Inc. | 1,903 | 691,170 | |
Vulcan Materials Co. | 4,051 | 709,411 | |
1,561,982 | |||
Containers & Packaging - 1.3% | |||
Amcor PLC | 45,324 | 497,204 | |
Aptargroup, Inc. | 2,007 | 237,850 | |
Ardagh Group SA (a) | 363 | 2,606 | |
Ardagh Metal Packaging SA | 4,497 | 18,348 | |
Avery Dennison Corp. | 2,487 | 433,932 | |
Ball Corp. | 9,430 | 501,487 | |
Berry Global Group, Inc. | 3,710 | 214,475 | |
Crown Holdings, Inc. | 3,520 | 301,946 | |
Graphic Packaging Holding Co. | 9,342 | 230,374 | |
International Paper Co. | 10,860 | 359,575 | |
Packaging Corp. of America | 2,790 | 377,375 | |
Sealed Air Corp. | 4,454 | 213,747 | |
Silgan Holdings, Inc. | 2,583 | 127,239 | |
Sonoco Products Co. | 2,970 | 180,041 | |
WestRock Co. | 7,763 | 232,347 | |
3,928,546 | |||
Metals & Mining - 1.1% | |||
Alcoa Corp. | 5,390 | 200,185 | |
Cleveland-Cliffs, Inc. (a) | 15,602 | 239,959 | |
MP Materials Corp. (a) | 2,785 | 60,351 | |
Nucor Corp. | 7,842 | 1,162,028 | |
Reliance Steel & Aluminum Co. | 1,786 | 442,571 | |
Royal Gold, Inc. | 2,001 | 265,012 | |
SSR Mining, Inc. | 6,315 | 90,431 | |
Steel Dynamics, Inc. | 5,088 | 528,898 | |
United States Steel Corp. | 6,858 | 156,911 | |
3,146,346 | |||
Paper & Forest Products - 0.0% | |||
Louisiana-Pacific Corp. | 2,171 | 129,696 | |
TOTAL MATERIALS | 18,048,398 | ||
REAL ESTATE - 7.4% | |||
Equity Real Estate Investment Trusts (REITs) - 6.9% | |||
Alexandria Real Estate Equities, Inc. | 5,250 | 651,945 | |
American Homes 4 Rent Class A | 9,414 | 313,110 | |
Americold Realty Trust | 8,211 | 242,963 | |
Apartment Income (REIT) Corp. | 4,590 | 169,738 | |
AvalonBay Communities, Inc. | 4,273 | 770,721 | |
Boston Properties, Inc. | 4,799 | 256,075 | |
Brixmor Property Group, Inc. | 9,098 | 194,060 | |
Camden Property Trust (SBI) | 3,173 | 349,189 | |
Cousins Properties, Inc. | 4,595 | 100,217 | |
CubeSmart | 6,832 | 310,788 | |
Douglas Emmett, Inc. | 5,200 | 66,976 | |
EastGroup Properties, Inc. | 1,256 | 209,199 | |
EPR Properties | 2,263 | 94,955 | |
Equity Lifestyle Properties, Inc. | 5,424 | 373,714 | |
Equity Residential (SBI) | 11,332 | 716,749 | |
Essex Property Trust, Inc. | 1,963 | 431,330 | |
Extra Space Storage, Inc. | 4,049 | 615,610 | |
Federal Realty Investment Trust (SBI) | 2,453 | 242,577 | |
First Industrial Realty Trust, Inc. | 4,026 | 211,244 | |
Gaming & Leisure Properties | 7,469 | 388,388 | |
Healthcare Trust of America, Inc. | 11,617 | 229,784 | |
Healthpeak Properties, Inc. | 16,706 | 367,031 | |
Highwoods Properties, Inc. (SBI) | 3,174 | 72,748 | |
Host Hotels & Resorts, Inc. | 21,663 | 350,291 | |
Hudson Pacific Properties, Inc. | 4,178 | 23,230 | |
Invitation Homes, Inc. | 18,670 | 623,018 | |
Iron Mountain, Inc. | 8,830 | 487,769 | |
JBG SMITH Properties | 3,250 | 46,378 | |
Kilroy Realty Corp. | 3,538 | 103,451 | |
Kimco Realty Corp. | 18,460 | 354,247 | |
Lamar Advertising Co. Class A | 2,643 | 279,312 | |
Life Storage, Inc. | 2,571 | 345,491 | |
Medical Properties Trust, Inc. (b) | 18,134 | 159,035 | |
Mid-America Apartment Communities, Inc. | 3,514 | 540,453 | |
National Retail Properties, Inc. | 5,523 | 240,251 | |
National Storage Affiliates Trust | 2,587 | 99,729 | |
Omega Healthcare Investors, Inc. | 7,192 | 192,458 | |
Park Hotels & Resorts, Inc. | 6,836 | 82,374 | |
Rayonier, Inc. | 4,439 | 139,207 | |
Realty Income Corp. | 19,196 | 1,206,277 | |
Regency Centers Corp. | 5,232 | 321,402 | |
Rexford Industrial Realty, Inc. | 5,969 | 332,891 | |
SBA Communications Corp. Class A | 3,262 | 851,023 | |
Simon Property Group, Inc. | 9,979 | 1,130,820 | |
SL Green Realty Corp. | 1,947 | 46,085 | |
Spirit Realty Capital, Inc. | 4,259 | 163,801 | |
Sun Communities, Inc. | 3,722 | 517,097 | |
UDR, Inc. | 10,031 | 414,581 | |
Ventas, Inc. | 12,211 | 586,739 | |
VICI Properties, Inc. | 30,664 | 1,040,736 | |
Vornado Realty Trust | 5,361 | 80,469 | |
Welltower, Inc. | 14,468 | 1,146,155 | |
Weyerhaeuser Co. | 22,486 | 672,556 | |
WP Carey, Inc. | 6,386 | 473,841 | |
20,430,278 | |||
Real Estate Management & Development - 0.5% | |||
CBRE Group, Inc. (a) | 9,633 | 738,466 | |
Howard Hughes Corp. (a) | 1,115 | 86,268 | |
Jones Lang LaSalle, Inc. (a) | 1,459 | 202,859 | |
Opendoor Technologies, Inc. (a) | 14,153 | 19,531 | |
WeWork, Inc. (a) | 6,305 | 2,658 | |
Zillow Group, Inc.: | |||
Class A (a) | 1,812 | 77,517 | |
Class C (a) | 4,745 | 206,597 | |
1,333,896 | |||
TOTAL REAL ESTATE | 21,764,174 | ||
UTILITIES - 5.8% | |||
Electric Utilities - 2.8% | |||
Alliant Energy Corp. | 7,656 | 422,152 | |
Avangrid, Inc. | 2,158 | 86,881 | |
Constellation Energy Corp. | 9,986 | 772,916 | |
Edison International | 11,501 | 846,474 | |
Entergy Corp. | 6,208 | 667,857 | |
Evergy, Inc. | 6,804 | 422,596 | |
Eversource Energy | 10,542 | 818,165 | |
FirstEnergy Corp. | 16,594 | 660,441 | |
Hawaiian Electric Industries, Inc. | 3,337 | 130,844 | |
IDACORP, Inc. | 1,539 | 171,014 | |
NRG Energy, Inc. | 6,488 | 221,695 | |
OGE Energy Corp. | 6,108 | 229,294 | |
PG&E Corp. (a) | 50,342 | 861,352 | |
Pinnacle West Capital Corp. | 3,454 | 271,001 | |
PPL Corp. | 22,540 | 647,349 | |
Xcel Energy, Inc. | 16,675 | 1,165,749 | |
8,395,780 | |||
Gas Utilities - 0.3% | |||
Atmos Energy Corp. | 4,345 | 495,938 | |
National Fuel Gas Co. | 2,683 | 149,980 | |
UGI Corp. | 6,402 | 216,900 | |
862,818 | |||
Independent Power and Renewable Electricity Producers - 0.3% | |||
Brookfield Renewable Corp. | 3,891 | 129,998 | |
The AES Corp. | 20,379 | 482,167 | |
Vistra Corp. | 12,021 | 286,821 | |
898,986 | |||
Multi-Utilities - 2.0% | |||
Ameren Corp. | 7,865 | 699,749 | |
CenterPoint Energy, Inc. | 19,256 | 586,730 | |
CMS Energy Corp. | 8,859 | 551,561 | |
Consolidated Edison, Inc. | 10,853 | 1,068,695 | |
DTE Energy Co. | 5,895 | 662,657 | |
NiSource, Inc. | 12,420 | 353,473 | |
Public Service Enterprise Group, Inc. | 15,229 | 962,473 | |
WEC Energy Group, Inc. | 9,654 | 928,425 | |
5,813,763 | |||
Water Utilities - 0.4% | |||
American Water Works Co., Inc. | 5,903 | 875,120 | |
Essential Utilities, Inc. | 7,062 | 301,547 | |
1,176,667 | |||
TOTAL UTILITIES | 17,148,014 | ||
TOTAL COMMON STOCKS (Cost $266,873,130) | 293,385,920 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
Shares | Value ($) | ||
REAL ESTATE - 0.0% | |||
Real Estate Management & Development - 0.0% | |||
Brookfield Property Preferred LP 6.25% (Cost $74) | 3 | 45 | |
Money Market Funds - 1.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.88% (c) | 736,253 | 736,400 | |
Fidelity Securities Lending Cash Central Fund 4.88% (c)(d) | 3,217,906 | 3,218,228 | |
TOTAL MONEY MARKET FUNDS (Cost $3,954,628) | 3,954,628 | ||
TOTAL INVESTMENT IN SECURITIES - 101.1% (Cost $270,827,832) | 297,340,593 |
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (3,378,076) |
NET ASSETS - 100.0% | 293,962,517 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P MidCap 400 Index Contracts (United States) | 2 | Jun 2023 | 500,120 | 21,918 | 21,918 |
The notional amount of futures purchased as a percentage of Net Assets is 0.2% |
Legend
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.88% | 101,705 | 35,401,940 | 34,767,245 | 17,387 | - | - | 736,400 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.88% | 9,145,255 | 26,866,454 | 32,793,481 | 110,013 | - | - | 3,218,228 | 0.0% |
Total | 9,246,960 | 62,268,394 | 67,560,726 | 127,400 | - | - | 3,954,628 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 10,647,477 | 10,647,477 | - | - |
Consumer Discretionary | 36,011,878 | 36,011,878 | - | - |
Consumer Staples | 12,302,878 | 12,302,878 | - | - |
Energy | 14,080,021 | 14,080,021 | - | - |
Financials | 39,209,115 | 39,209,115 | - | - |
Health Care | 32,662,287 | 32,662,287 | - | - |
Industrials | 50,454,220 | 50,454,220 | - | - |
Information Technology | 41,057,458 | 41,057,458 | - | - |
Materials | 18,048,398 | 18,048,398 | - | - |
Real Estate | 21,764,219 | 21,764,219 | - | - |
Utilities | 17,148,014 | 17,148,014 | - | - |
Money Market Funds | 3,954,628 | 3,954,628 | - | - |
Total Investments in Securities: | 297,340,593 | 297,340,593 | - | - |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | 21,918 | 21,918 | - | - |
Total Assets | 21,918 | 21,918 | - | - |
Total Derivative Instruments: | 21,918 | 21,918 | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Equity Risk | ||
Futures Contracts (a) | 21,918 | |
Total Equity Risk | 21,918 | |
Total Value of Derivatives | 21,918 |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Statement of Assets and Liabilities | ||||
April 30, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $3,145,156) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $266,873,204) | $ | 293,385,965 | ||
Fidelity Central Funds (cost $3,954,628) | 3,954,628 | |||
Total Investment in Securities (cost $270,827,832) | $ | 297,340,593 | ||
Segregated cash with brokers for derivative instruments | 28,800 | |||
Receivable for investments sold | 6,496 | |||
Receivable for fund shares sold | 399,603 | |||
Dividends receivable | 130,497 | |||
Distributions receivable from Fidelity Central Funds | 19,483 | |||
Receivable for daily variation margin on futures contracts | 4,440 | |||
Other receivables | 1,364 | |||
Total assets | 297,931,276 | |||
Liabilities | ||||
Payable for investments purchased | $ | 380,259 | ||
Payable for fund shares redeemed | 370,302 | |||
Collateral on securities loaned | 3,218,198 | |||
Total Liabilities | 3,968,759 | |||
Net Assets | $ | 293,962,517 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 273,380,387 | ||
Total accumulated earnings (loss) | 20,582,130 | |||
Net Assets | $ | 293,962,517 | ||
Net Asset Value , offering price and redemption price per share ($293,962,517 ÷ 19,825,567 shares) | $ | 14.83 |
Statement of Operations | ||||
Year ended April 30, 2023 | ||||
Investment Income | ||||
Dividends | $ | 4,463,427 | ||
Income from Fidelity Central Funds (including $110,013 from security lending) | 127,400 | |||
Total Income | 4,590,827 | |||
Expenses | ||||
Independent trustees' fees and expenses | $ | 926 | ||
Total expenses before reductions | 926 | |||
Expense reductions | (46) | |||
Total expenses after reductions | 880 | |||
Net Investment income (loss) | 4,589,947 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (2,716,392) | |||
Futures contracts | (52,115) | |||
Total net realized gain (loss) | (2,768,507) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (4,289,597) | |||
Futures contracts | 26,239 | |||
Total change in net unrealized appreciation (depreciation) | (4,263,358) | |||
Net gain (loss) | (7,031,865) | |||
Net increase (decrease) in net assets resulting from operations | $ | (2,441,918) |
Statement of Changes in Net Assets | ||||
Year ended April 30, 2023 | Year ended April 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,589,947 | $ | 2,997,312 |
Net realized gain (loss) | (2,768,507) | 3,645,981 | ||
Change in net unrealized appreciation (depreciation) | (4,263,358) | (24,785,005) | ||
Net increase (decrease) in net assets resulting from operations | (2,441,918) | (18,141,712) | ||
Distributions to shareholders | (4,597,577) | (6,913,831) | ||
Share transactions | ||||
Proceeds from sales of shares | 118,927,737 | 148,157,214 | ||
Reinvestment of distributions | 3,203,047 | 4,691,590 | ||
Cost of shares redeemed | (72,465,560) | (65,791,393) | ||
Net increase (decrease) in net assets resulting from share transactions | 49,665,224 | 87,057,411 | ||
Total increase (decrease) in net assets | 42,625,729 | 62,001,868 | ||
Net Assets | ||||
Beginning of period | 251,336,788 | 189,334,920 | ||
End of period | $ | 293,962,517 | $ | 251,336,788 |
Other Information | ||||
Shares | ||||
Sold | 8,137,991 | 8,732,269 | ||
Issued in reinvestment of distributions | 224,077 | 271,847 | ||
Redeemed | (4,909,134) | (3,885,387) | ||
Net increase (decrease) | 3,452,934 | 5,118,729 | ||
Financial Highlights
Fidelity Flex® Mid Cap Index Fund |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 15.35 | $ | 16.82 | $ | 10.78 | $ | 12.23 | $ | 11.28 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .26 | .21 | .19 | .22 | .20 | |||||
Net realized and unrealized gain (loss) | (.52) | (1.18) | 6.17 | (1.39) | .98 | |||||
Total from investment operations | (.26) | (.97) | 6.36 | (1.17) | 1.18 | |||||
Distributions from net investment income | (.23) | (.19) | (.20) | (.18) | (.19) | |||||
Distributions from net realized gain | (.03) | (.31) | (.12) | (.10) | (.05) | |||||
Total distributions | (.26) | (.50) | (.32) | (.28) | (.23) C | |||||
Net asset value, end of period | $ | 14.83 | $ | 15.35 | $ | 16.82 | $ | 10.78 | $ | 12.23 |
Total Return D | (1.62)% | (6.09)% | 59.64% | (9.88)% | 10.75% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions G | -% | -% | -% | -% | -% | |||||
Expenses net of fee waivers, if any G | -% | -% | -% | -% | -% | |||||
Expenses net of all reductions G | -% | -% | -% | -% | -% | |||||
Net investment income (loss) | 1.75% | 1.27% | 1.35% | 1.84% | 1.76% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 293,963 | $ | 251,337 | $ | 189,335 | $ | 88,365 | $ | 76,766 |
Portfolio turnover rate H | 13% | 13% | 26% | 38% | 25% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
C Total distributions per share do not sum due to rounding.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursem*nts, waivers or reductions occur.
G Amount represents less than .005%.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended April 30, 2023
1 . Organization.
Fidelity Flex Mid Cap Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2023 is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, passive foreign investment companies (PFIC), partnership and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $56,737,810 |
Gross unrealized depreciation | (36,568,435) |
Net unrealized appreciation (depreciation) | $20,169,375 |
Tax Cost | $277,171,218 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $1,136,911 |
Net unrealized appreciation (depreciation) on securities and other investments | $20,169,375 |
The Fund intends to elect to defer to its next fiscal year $724,157 of capital losses recognized during the period November 1, 2022 to April 30, 2023.
The tax character of distributions paid was as follows:
April 30, 2023 | April 30, 2022 | |
Ordinary Income | $4,117,732 | $4,060,909 |
Long-term Capital Gains | 479,845 | 2,852,922 |
Total | $4,597,577 | $6,913,831 |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Flex Mid Cap Index Fund | 89,211,818 | 35,624,317 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.
Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Flex Mid Cap Index Fund | $ 83 | $ 21,514 |
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $46.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Flex Mid Cap Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Flex Mid Cap Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of April 30, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
June 13, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 299 funds. Mr. Chiel oversees 188 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants).
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's alternative investment, high income and other equity funds. The asset allocation funds may invest in Fidelity ® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circ*mstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circ*mstances occur or to mitigate the effects of such events or circ*mstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hanco*ck Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity ® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity ® funds (2001-2005), and managed a number of Fidelity ® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity ® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity ® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and an international banker at Chemical Bank NA (now JPMorgan Chase & Co.). Ms. McAuliffe also currently serves as director or trustee of several not-for-profit entities.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity ® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity ® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as President of First to Four LLC (leadership and mentoring services, 2012-2022), a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). General Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity ® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity ® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity ® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity ® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity ® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity ® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity ® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Laura M. Bishop (1961)
Year of Election or Appointment: 2022
Member of the Advisory Board
Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon.
Carol J. Zierhoffer (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Zierhoffer also serves as a Member of the Advisory Board of other funds.Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016).
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner serves as Senior Vice President (2022-present), and is an employee of Fidelity Investments. Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain other Fidelity entities. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments.
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Vice President Assistant Treasurer and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Christopher M. Gouveia (1973)
Year of Election or Appointment: 2023
Chief Compliance Officer
Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia serves as Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maheralso serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2021
Deputy Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio- A | Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 | |||||||
Fidelity Flex® Mid Cap Index Fund | -%- D | |||||||||
Actual | $ 1,000 | $ 1,038.10 | $- E | |||||||
Hypothetical- B | $ 1,000 | $ 1,024.79 | $- E | |||||||
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
D Amount represents less than .005%.
E Amount represents less than $.005.
Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2023, $188,058, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 95% and 74% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 98.44% and 77.76% of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund designates 0.31% and 14.91% of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
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1.9881627.106
ZMP-ANN-0623