UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02546
Fidelity Commonwealth Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | November 30 |
Date of reporting period: | November 30, 2023 |
Item 1.
Reports to Stockholders
Contents
Average Annual Total Returns | |||
Periods ended November 30, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Nasdaq Composite Index® ETF - NAV | 25.60% | 15.51% | 14.58% |
Fidelity® Nasdaq Composite Index® ETF - Market Price | 25.85% | 15.53% | 14.59% |
Nasdaq Composite Index® | 25.13% | 15.17% | 14.51% |
S&P 500® Index | 13.84% | 12.51% | 11.82% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Nasdaq Composite Index® ETF-NAV on November 30, 2013. The chart shows how the value of your investment would have changed, and also shows how the Nasdaq Composite Index® and S&P 500 Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Apple, Inc. | 12.8 | |
Microsoft Corp. | 12.1 | |
Amazon.com, Inc. | 6.5 | |
NVIDIA Corp. | 5.0 | |
Alphabet, Inc. Class A | 3.4 | |
Alphabet, Inc. Class C | 3.4 | |
Tesla, Inc. | 3.3 | |
Meta Platforms, Inc. Class A | 3.1 | |
Broadcom, Inc. | 1.7 | |
Adobe, Inc. | 1.2 | |
52.5 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 47.3 | |
Consumer Discretionary | 14.9 | |
Communication Services | 14.1 | |
Health Care | 7.1 | |
Industrials | 4.4 | |
Consumer Staples | 4.0 | |
Financials | 4.0 | |
Materials | 1.1 | |
Real Estate | 1.0 | |
Utilities | 0.8 | |
Energy | 0.7 | |
Asset Allocation (% of Fund's net assets) |
Futures - 0.6% |
Common Stocks - 99.4% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 14.1% | |||
Diversified Telecommunication Services - 0.1% | |||
Cogent Communications Group, Inc. (a) | 13,389 | 855,022 | |
Consolidated Communications Holdings, Inc. (b) | 87,401 | 375,824 | |
GCI Liberty, Inc. Class A (c) | 18,738 | 0 | |
Iridium Communications, Inc. | 32,759 | 1,248,118 | |
Liberty Global Ltd.: | |||
Class A | 48,929 | 782,864 | |
Class C (a) | 63,582 | 1,070,721 | |
Liberty Latin America Ltd. Class C (b) | 99,735 | 681,190 | |
Nextplat Corp. (a)(b) | 28,115 | 43,016 | |
Shenandoah Telecommunications Co. | 8,780 | 195,531 | |
5,252,286 | |||
Entertainment - 1.5% | |||
Atlanta Braves Holdings, Inc. | 16,990 | 610,791 | |
Bilibili, Inc. ADR (a)(b) | 28,572 | 323,721 | |
Electronic Arts, Inc. | 58,751 | 8,108,226 | |
Grom Social Enterprises, Inc. (a)(b) | 76,433 | 87,898 | |
iQIYI, Inc. ADR (b) | 118,843 | 533,605 | |
Liberty Media Corp. Liberty Formula One: | |||
Class A | 8,548 | 490,057 | |
Class C | 49,242 | 3,134,746 | |
Liberty Media Corp. Liberty Live: | |||
Class C | 15,179 | 519,881 | |
Series A | 6,719 | 221,391 | |
NetEase, Inc. ADR | 29,794 | 3,381,023 | |
Netflix, Inc. (b) | 99,457 | 47,139,634 | |
Playtika Holding Corp. (b) | 20,066 | 174,374 | |
Roku, Inc. Class A (b) | 28,363 | 2,955,425 | |
Take-Two Interactive Software, Inc. (b) | 36,897 | 5,837,105 | |
Warner Bros Discovery, Inc. (b) | 543,408 | 5,678,614 | |
Warner Music Group Corp. Class A | 36,892 | 1,221,494 | |
80,417,985 | |||
Interactive Media & Services - 10.1% | |||
Alphabet, Inc.: | |||
Class A (b) | 1,333,120 | 176,678,394 | |
Class C (b) | 1,303,461 | 174,559,497 | |
Baidu, Inc. sponsored ADR (b) | 32,676 | 3,877,334 | |
CarGurus, Inc. Class A (b) | 17,650 | 381,593 | |
FaZe Holdings, Inc. Class A (a)(b) | 379,986 | 68,017 | |
Hello Group, Inc. ADR | 54,865 | 354,428 | |
IAC, Inc. (b) | 13,770 | 658,619 | |
JOYY, Inc. ADR | 9,975 | 383,140 | |
Kanzhun Ltd. ADR (b) | 70,262 | 1,161,431 | |
Match Group, Inc. (b) | 62,564 | 2,025,822 | |
Meta Platforms, Inc. Class A (b) | 499,919 | 163,548,501 | |
MoneyHero Ltd. (a) | 31,460 | 84,942 | |
QuinStreet, Inc. (b) | 36,448 | 455,236 | |
Taboola.com Ltd. (b) | 127,057 | 438,347 | |
Vimeo, Inc. (b) | 115,650 | 407,088 | |
Weibo Corp. sponsored ADR | 24,956 | 252,305 | |
Yandex NV Series A (a)(b)(c) | 50,190 | 642,432 | |
Ziff Davis, Inc. (b) | 11,767 | 750,970 | |
Zoominfo Technologies, Inc. (b) | 96,450 | 1,385,987 | |
528,114,083 | |||
Media - 1.6% | |||
Advantage Solutions, Inc. Class A (a)(b) | 150,653 | 414,296 | |
Charter Communications, Inc. Class A (b) | 34,157 | 13,667,240 | |
Comcast Corp. Class A | 930,487 | 38,978,100 | |
comScore, Inc. (a)(b) | 191,869 | 128,936 | |
Criteo SA sponsored ADR (a)(b) | 15,163 | 377,862 | |
E.W. Scripps Co. Class A (b) | 43,656 | 301,663 | |
Fox Corp.: | |||
Class A | 64,233 | 1,897,443 | |
Class B | 59,547 | 1,647,070 | |
Integral Ad Science Holding Corp. (b) | 47,896 | 698,803 | |
Liberty Broadband Corp.: | |||
Class A (b) | 5,797 | 480,803 | |
Class C (b) | 30,030 | 2,496,094 | |
Liberty Media Corp. Liberty SiriusXM (b) | 52,467 | 1,416,084 | |
Liberty Media Corp. Liberty SiriusXM Class A | 25,404 | 684,384 | |
Magnite, Inc. (b) | 27,187 | 219,671 | |
News Corp.: | |||
Class A (a) | 93,152 | 2,053,070 | |
Class B (a) | 50,719 | 1,168,566 | |
Nexstar Broadcasting Group, Inc. Class A (a) | 9,249 | 1,312,711 | |
Paramount Global Class B (a) | 142,767 | 2,051,562 | |
Scholastic Corp. | 11,676 | 443,571 | |
Sirius XM Holdings, Inc. (a) | 901,880 | 4,220,798 | |
TechTarget, Inc. (b) | 14,037 | 415,495 | |
The Trade Desk, Inc. (b) | 96,304 | 6,785,580 | |
81,859,802 | |||
Wireless Telecommunication Services - 0.8% | |||
Gogo, Inc. (b) | 36,096 | 362,043 | |
Millicom International Cellular SA (a)(b) | 46,742 | 788,070 | |
T-Mobile U.S., Inc. | 265,902 | 40,004,956 | |
VEON Ltd. sponsored ADR (b) | 7,459 | 149,702 | |
41,304,771 | |||
TOTAL COMMUNICATION SERVICES | 736,948,927 | ||
CONSUMER DISCRETIONARY - 14.9% | |||
Automobile Components - 0.1% | |||
Dorman Products, Inc. (b) | 8,225 | 592,529 | |
Fox Factory Holding Corp. (b) | 11,579 | 723,803 | |
Garrett Motion, Inc. (a)(b) | 19,543 | 144,618 | |
Gentex Corp. | 53,902 | 1,639,160 | |
Gentherm, Inc. (b) | 9,948 | 456,812 | |
Luminar Technologies, Inc. (a)(b) | 106,770 | 266,925 | |
Mobileye Global, Inc. (a)(b) | 17,481 | 717,595 | |
Patrick Industries, Inc. (a) | 9,405 | 771,586 | |
The Goodyear Tire & Rubber Co. (b) | 46,530 | 646,302 | |
Visteon Corp. (b) | 6,569 | 779,543 | |
XPEL, Inc. (b) | 8,977 | 410,249 | |
7,149,122 | |||
Automobiles - 3.5% | |||
Cenntro Electric Group Ltd. (a)(b) | 691,107 | 107,122 | |
Faraday Future Intelligent Electric, Inc. (a)(b) | 69,919 | 27,059 | |
Gogoro, Inc. (a)(b) | 56,883 | 143,345 | |
Li Auto, Inc. ADR (b) | 49,111 | 1,814,651 | |
Lucid Group, Inc. Class A (a)(b) | 547,461 | 2,310,285 | |
NWTN, Inc. (a) | 73,434 | 533,131 | |
Rivian Automotive, Inc. (a)(b) | 224,354 | 3,760,173 | |
Tesla, Inc. (b) | 718,543 | 172,507,803 | |
VinFast Auto PTE Ltd. (a) | 234,999 | 1,985,742 | |
183,189,311 | |||
Broadline Retail - 7.5% | |||
Amazon.com, Inc. (b) | 2,318,211 | 338,667,445 | |
eBay, Inc. | 128,676 | 5,277,003 | |
Etsy, Inc. (b) | 19,273 | 1,461,086 | |
Global-e Online Ltd. (a)(b) | 35,078 | 1,201,422 | |
JD.com, Inc. sponsored ADR | 110,909 | 3,042,234 | |
MercadoLibre, Inc. (b) | 11,069 | 17,936,872 | |
Ollie's Bargain Outlet Holdings, Inc. (b) | 16,893 | 1,237,750 | |
Ozon Holdings PLC ADR (a)(b)(c) | 22,832 | 301,382 | |
PDD Holdings, Inc. ADR (b) | 147,094 | 21,687,539 | |
390,812,733 | |||
Distributors - 0.1% | |||
LKQ Corp. | 63,462 | 2,825,963 | |
Pool Corp. | 8,390 | 2,914,015 | |
5,739,978 | |||
Diversified Consumer Services - 0.1% | |||
American Public Education, Inc. (b) | 17,515 | 137,843 | |
Duolingo, Inc. (b) | 8,385 | 1,780,052 | |
Grand Canyon Education, Inc. (a)(b) | 9,514 | 1,300,754 | |
Laureate Education, Inc. Class A | 38,202 | 501,592 | |
Rover Group, Inc. Class A (b) | 21,719 | 237,606 | |
Strategic Education, Inc. | 6,981 | 621,100 | |
Udemy, Inc. (b) | 77,063 | 1,146,697 | |
5,725,644 | |||
Hotels, Restaurants & Leisure - 2.3% | |||
Airbnb, Inc. Class A (b) | 89,338 | 11,286,963 | |
Bloomin' Brands, Inc. (a) | 30,849 | 720,016 | |
Booking Holdings, Inc. (b) | 8,089 | 25,283,787 | |
Caesars Entertainment, Inc. (b) | 45,914 | 2,053,274 | |
Churchill Downs, Inc. (a) | 18,826 | 2,179,486 | |
Dave & Buster's Entertainment, Inc. (b) | 16,492 | 676,832 | |
Doordash, Inc. (b) | 82,600 | 7,762,748 | |
Draftkings Holdings, Inc. (b) | 92,165 | 3,524,390 | |
Expedia, Inc. (b) | 32,560 | 4,434,021 | |
Golden Entertainment, Inc. | 11,193 | 398,919 | |
H World Group Ltd. ADR (b) | 40,082 | 1,466,200 | |
Jack in the Box, Inc. (a) | 4,931 | 356,511 | |
Krispy Kreme, Inc. (a) | 55,755 | 724,815 | |
Light & Wonder, Inc. Class A (b) | 25,089 | 2,218,369 | |
MakeMyTrip Ltd. (a)(b) | 20,711 | 874,626 | |
Marriott International, Inc. Class A | 72,915 | 14,779,871 | |
Melco Crown Entertainment Ltd. sponsored ADR (b) | 68,790 | 480,154 | |
Monarch Casino & Resort, Inc. (a) | 6,575 | 413,436 | |
Papa John's International, Inc. (a) | 8,393 | 547,559 | |
Penn Entertainment, Inc. (b) | 37,892 | 930,628 | |
Playa Hotels & Resorts NV (b) | 64,128 | 484,166 | |
Red Rock Resorts, Inc. (a) | 9,881 | 440,001 | |
Sabre Corp. (b) | 133,507 | 471,280 | |
Sportradar Holding AG (a)(b) | 61,520 | 618,891 | |
Starbucks Corp. | 252,411 | 25,064,412 | |
Target Hospitality Corp. (a)(b) | 21,910 | 239,038 | |
Texas Roadhouse, Inc. Class A | 17,692 | 1,991,412 | |
TH International Ltd. (a)(b) | 55,528 | 105,503 | |
The Cheesecake Factory, Inc. (a) | 13,826 | 433,445 | |
Trip.com Group Ltd. ADR (b) | 93,012 | 3,272,162 | |
Wendy's Co. (a) | 58,845 | 1,103,344 | |
Wingstop, Inc. | 7,005 | 1,683,722 | |
Wynn Resorts Ltd. | 24,937 | 2,105,182 | |
119,125,163 | |||
Household Durables - 0.1% | |||
Cavco Industries, Inc. (b) | 2,755 | 779,059 | |
Helen of Troy Ltd. (a)(b) | 7,049 | 740,356 | |
LGI Homes, Inc. (b) | 7,893 | 931,927 | |
Newell Brands, Inc. | 32,052 | 244,557 | |
Snap One Holdings Corp. (b) | 20,280 | 145,002 | |
Sonos, Inc. (b) | 32,611 | 492,426 | |
3,333,327 | |||
Leisure Products - 0.1% | |||
BRP, Inc. (a) | 6,244 | 385,442 | |
Hasbro, Inc. | 28,432 | 1,319,529 | |
Malibu Boats, Inc. Class A (b) | 7,993 | 353,610 | |
Mattel, Inc. (b) | 86,780 | 1,648,820 | |
Peloton Interactive, Inc. Class A (a)(b) | 106,812 | 604,556 | |
4,311,957 | |||
Specialty Retail - 0.8% | |||
Academy Sports & Outdoors, Inc. | 22,530 | 1,146,101 | |
Five Below, Inc. (b) | 12,313 | 2,320,508 | |
Monro, Inc. (a) | 9,766 | 282,433 | |
National Vision Holdings, Inc. (b) | 110 | 2,030 | |
Newegg Commerce, Inc. (a)(b) | 232,509 | 292,961 | |
O'Reilly Automotive, Inc. (b) | 14,545 | 14,288,717 | |
Petco Health & Wellness Co., Inc. (a)(b) | 72,490 | 218,920 | |
Ross Stores, Inc. | 80,426 | 10,485,942 | |
Sleep Number Corp. (b) | 10,499 | 106,460 | |
Stitch Fix, Inc. (b) | 153,153 | 572,792 | |
The ODP Corp. (b) | 17,611 | 802,181 | |
The RealReal, Inc. (a)(b) | 213,231 | 481,902 | |
Tractor Supply Co. (a) | 24,158 | 4,904,316 | |
Ulta Beauty, Inc. (b) | 11,566 | 4,927,000 | |
Upbound Group, Inc. (a) | 27,368 | 796,409 | |
Urban Outfitters, Inc. (b) | 24,508 | 874,936 | |
42,503,608 | |||
Textiles, Apparel & Luxury Goods - 0.3% | |||
Columbia Sportswear Co. (a) | 16,901 | 1,323,855 | |
Crocs, Inc. (b) | 9,679 | 1,022,199 | |
G-III Apparel Group Ltd. (b) | 23,309 | 670,600 | |
lululemon athletica, Inc. (b) | 26,697 | 11,928,220 | |
Steven Madden Ltd. (a) | 23,371 | 886,228 | |
15,831,102 | |||
TOTAL CONSUMER DISCRETIONARY | 777,721,945 | ||
CONSUMER STAPLES - 4.0% | |||
Beverages - 1.7% | |||
Celsius Holdings, Inc. (b) | 55,161 | 2,731,021 | |
Coca-Cola Bottling Co. Consolidated | 2,121 | 1,557,917 | |
Coca-Cola European Partners PLC | 105,090 | 6,372,658 | |
Keurig Dr. Pepper, Inc. | 319,595 | 10,089,614 | |
MGP Ingredients, Inc. (a) | 6,787 | 579,949 | |
Monster Beverage Corp. | 238,532 | 13,155,040 | |
National Beverage Corp. (a)(b) | 24,548 | 1,167,012 | |
PepsiCo, Inc. | 305,997 | 51,496,235 | |
87,149,446 | |||
Consumer Staples Distribution & Retail - 1.5% | |||
Andersons, Inc. | 11,193 | 558,083 | |
Casey's General Stores, Inc. | 9,009 | 2,481,079 | |
Chefs' Warehouse Holdings (b) | 14,426 | 388,059 | |
Costco Wholesale Corp. | 98,634 | 58,464,317 | |
Dollar Tree, Inc. (b) | 50,924 | 6,293,697 | |
Grocery Outlet Holding Corp. (b) | 26,911 | 759,159 | |
Ingles Markets, Inc. Class A | 5,421 | 442,462 | |
Maplebear, Inc. (a) | 62,395 | 1,509,335 | |
PriceSmart, Inc. | 8,658 | 583,463 | |
Sprouts Farmers Market LLC (a)(b) | 27,710 | 1,193,747 | |
Walgreens Boots Alliance, Inc. (a) | 196,058 | 3,909,397 | |
76,582,798 | |||
Food Products - 0.7% | |||
Beyond Meat, Inc. (a)(b) | 31,394 | 228,862 | |
Bridgford Foods Corp. (a)(b) | 2,811 | 30,106 | |
Cal-Maine Foods, Inc. | 13,584 | 650,945 | |
Freshpet, Inc. (a)(b) | 7,202 | 510,982 | |
J&J Snack Foods Corp. (a) | 5,057 | 832,129 | |
Lancaster Colony Corp. (a) | 6,383 | 1,058,940 | |
Mission Produce, Inc. (a)(b) | 35,462 | 300,009 | |
Mondelez International, Inc. | 308,381 | 21,913,554 | |
Pilgrim's Pride Corp. (b) | 59,936 | 1,531,964 | |
Sovos Brands, Inc. (a)(b) | 31,546 | 691,173 | |
The Kraft Heinz Co. | 276,632 | 9,712,550 | |
The Simply Good Foods Co. (b) | 27,092 | 1,049,544 | |
38,510,758 | |||
Household Products - 0.1% | |||
Central Garden & Pet Co. Class A (non-vtg.) (b) | 13,581 | 492,719 | |
Reynolds Consumer Products, Inc. | 52,269 | 1,371,539 | |
WD-40 Co. (a) | 3,726 | 901,245 | |
2,765,503 | |||
Personal Care Products - 0.0% | |||
Inter Parfums, Inc. | 8,693 | 1,088,016 | |
Oddity Tech Ltd. (a) | 5,445 | 185,566 | |
The Beauty Health Co. (a)(b) | 60,184 | 154,071 | |
1,427,653 | |||
TOTAL CONSUMER STAPLES | 206,436,158 | ||
ENERGY - 0.7% | |||
Energy Equipment & Services - 0.3% | |||
Baker Hughes Co. Class A | 223,900 | 7,556,625 | |
Championx Corp. | 50,981 | 1,494,763 | |
CSI Compressco LP | 73,617 | 136,191 | |
Patterson-UTI Energy, Inc. | 93,777 | 1,098,129 | |
ProFrac Holding Corp. (a)(b) | 44,971 | 362,466 | |
Smart Sand, Inc. (b) | 104,072 | 202,940 | |
Weatherford International PLC (b) | 22,052 | 1,999,896 | |
12,851,010 | |||
Oil, Gas & Consumable Fuels - 0.4% | |||
Alliance Resource Partners LP | 38,617 | 810,185 | |
Amplify Energy Corp. warrants 5/4/22 (b)(c) | 322 | 0 | |
APA Corp. | 62,565 | 2,252,340 | |
Chesapeake Energy Corp. (a) | 30,227 | 2,427,530 | |
Chord Energy Corp. | 8,976 | 1,455,369 | |
Clean Energy Fuels Corp. (b) | 95,615 | 345,170 | |
Diamondback Energy, Inc. | 40,499 | 6,253,451 | |
Golar LNG Ltd. | 33,009 | 710,684 | |
Green Plains, Inc. (b) | 19,238 | 478,641 | |
New Fortress Energy, Inc. (a) | 50,926 | 1,959,632 | |
Plains All American Pipeline LP | 168,600 | 2,677,368 | |
Plains GP Holdings LP Class A | 54,983 | 888,525 | |
TORM PLC (a) | 26,796 | 755,647 | |
Viper Energy, Inc. | 23,109 | 712,219 | |
21,726,761 | |||
TOTAL ENERGY | 34,577,771 | ||
FINANCIALS - 4.0% | |||
Banks - 1.2% | |||
Ameris Bancorp | 19,930 | 848,619 | |
BancFirst Corp. | 9,429 | 816,834 | |
Bancorp, Inc., Delaware (b) | 20,523 | 800,602 | |
Bank of Marin Bancorp | 7,995 | 153,744 | |
Bank OZK | 30,453 | 1,274,763 | |
Banner Corp. | 11,585 | 522,947 | |
BCB Bancorp, Inc. | 29,612 | 342,907 | |
BOK Financial Corp. | 17,401 | 1,248,870 | |
Broadway Financial Corp. (a)(b) | 15,187 | 114,662 | |
Business First Bancshares, Inc. | 8,302 | 167,949 | |
Capitol Federal Financial, Inc. | 44 | 237 | |
Carver Bancorp, Inc. (b) | 33,279 | 64,228 | |
Cathay General Bancorp | 21,140 | 775,415 | |
City Holding Co. | 5,482 | 527,752 | |
Columbia Banking Systems, Inc. | 55,817 | 1,251,975 | |
Columbia Financial, Inc. (a)(b) | 39,760 | 654,052 | |
Commerce Bancshares, Inc. | 31,157 | 1,575,609 | |
CVB Financial Corp. | 42,712 | 763,691 | |
Dime Community Bancshares, Inc. | 16,826 | 338,203 | |
East West Bancorp, Inc. | 30,586 | 1,924,471 | |
Eastern Bankshares, Inc. | 52,163 | 623,869 | |
Enterprise Bancorp, Inc. | 10,134 | 273,922 | |
Enterprise Financial Services Corp. | 13,043 | 511,416 | |
Fifth Third Bancorp | 157,581 | 4,561,970 | |
First Bancorp, North Carolina | 18,219 | 570,983 | |
First Busey Corp. | 18,657 | 404,857 | |
First Citizens Bancshares, Inc. | 3,092 | 4,538,716 | |
First Financial Bancorp, Ohio | 27,433 | 554,421 | |
First Financial Bankshares, Inc. (a) | 36,208 | 950,460 | |
First Hawaiian, Inc. | 36,869 | 724,476 | |
First Internet Bancorp | 22,020 | 483,119 | |
First Interstate Bancsystem, Inc. | 29,940 | 775,147 | |
First Merchants Corp. | 16,981 | 520,807 | |
Flushing Financial Corp. | 13,747 | 194,245 | |
Fulton Financial Corp. | 49,605 | 705,879 | |
German American Bancorp, Inc. | 15,028 | 433,107 | |
Hancock Whitney Corp. | 23,432 | 966,570 | |
Hanmi Financial Corp. | 18,168 | 302,316 | |
Hope Bancorp, Inc. | 55,570 | 544,586 | |
Horizon Bancorp, Inc. Indiana | 21,361 | 232,621 | |
Huntington Bancshares, Inc. | 335,034 | 3,772,483 | |
Independent Bank Corp. | 12,007 | 684,639 | |
Independent Bank Group, Inc. | 17,815 | 689,084 | |
Inter & Co., Inc. Class A (a)(b) | 53,179 | 279,722 | |
International Bancshares Corp. | 17,412 | 781,276 | |
Investar Holding Corp. | 18,685 | 205,722 | |
Kearny Financial Corp. | 27,521 | 217,416 | |
Lakeland Financial Corp. | 8,571 | 476,119 | |
NBT Bancorp, Inc. | 12,043 | 427,888 | |
Northwest Bancshares, Inc. | 44,202 | 492,410 | |
OceanFirst Financial Corp. | 28,972 | 401,552 | |
Old National Bancorp, Indiana | 77,874 | 1,159,544 | |
Pacific Premier Bancorp, Inc. | 30,957 | 697,152 | |
Pathward Financial, Inc. | 16,985 | 842,286 | |
Pinnacle Financial Partners, Inc. | 19,789 | 1,436,088 | |
Popular, Inc. | 18,934 | 1,397,140 | |
Premier Financial Corp. | 17,275 | 344,982 | |
Republic Bancorp, Inc., Kentucky Class A (a) | 11,483 | 539,127 | |
Seacoast Banking Corp., Florida | 24,687 | 573,726 | |
Simmons First National Corp. Class A | 32,756 | 523,768 | |
Southstate Corp. | 18,692 | 1,384,143 | |
Stock Yards Bancorp, Inc. | 9,917 | 437,538 | |
Texas Capital Bancshares, Inc. (b) | 13,920 | 763,930 | |
TFS Financial Corp. (a) | 83,595 | 1,104,290 | |
TowneBank | 20,959 | 550,383 | |
Trico Bancshares | 11,985 | 412,524 | |
Trustmark Corp. | 20,488 | 469,380 | |
UMB Financial Corp. | 12,761 | 914,453 | |
United Bankshares, Inc., West Virginia | 34,823 | 1,152,990 | |
United Community Bank, Inc. | 25,493 | 628,402 | |
Valley National Bancorp | 131,231 | 1,194,202 | |
Veritex Holdings, Inc. | 27,509 | 526,522 | |
WaFd, Inc. | 20,977 | 560,715 | |
Washington Trust Bancorp, Inc. | 11,776 | 314,890 | |
WesBanco, Inc. | 20,264 | 539,428 | |
Westamerica Bancorp. | 9,454 | 479,412 | |
Wintrust Financial Corp. | 15,089 | 1,292,675 | |
WSFS Financial Corp. | 18,380 | 708,917 | |
Zions Bancorp NA | 37,484 | 1,335,555 | |
63,753,490 | |||
Capital Markets - 1.4% | |||
B. Riley Financial, Inc. (a) | 16,483 | 303,287 | |
BGC Group, Inc. Class A | 66,591 | 432,842 | |
Carlyle Group LP (a) | 72,889 | 2,498,635 | |
CME Group, Inc. | 80,522 | 17,582,784 | |
Coinbase Global, Inc. (a)(b) | 40,957 | 5,108,157 | |
CONX Corp. Class A (b) | 24,009 | 253,775 | |
Freedom Holding Corp. (a)(b) | 19,933 | 1,622,746 | |
Futu Holdings Ltd. ADR (b) | 19,157 | 1,032,945 | |
Greenpro Capital Corp. (a)(b) | 65,820 | 52,965 | |
Hamilton Lane, Inc. Class A | 14,526 | 1,421,369 | |
Interactive Brokers Group, Inc. | 23,271 | 1,811,415 | |
LPL Financial | 17,771 | 3,950,493 | |
MarketAxess Holdings, Inc. (a) | 8,928 | 2,143,791 | |
Morningstar, Inc. (a) | 10,223 | 2,896,789 | |
NASDAQ, Inc. | 129,161 | 7,212,350 | |
Northern Trust Corp. | 47,998 | 3,803,842 | |
Robinhood Markets, Inc. (a)(b) | 196,047 | 1,725,214 | |
SEI Investments Co. | 33,182 | 1,946,788 | |
StepStone Group, Inc. Class A (a) | 27,972 | 716,643 | |
T. Rowe Price Group, Inc. | 52,164 | 5,223,181 | |
TPG, Inc. (a) | 29,111 | 1,018,885 | |
Tradeweb Markets, Inc. Class A | 26,823 | 2,599,149 | |
Up Fintech Holdings Ltd. ADR (a)(b) | 62,256 | 276,417 | |
Victory Capital Holdings, Inc. (a) | 21,236 | 682,737 | |
Virtu Financial, Inc. Class A | 30,955 | 556,571 | |
Virtus Investment Partners, Inc. | 2,374 | 464,402 | |
XP, Inc. Class A (a) | 110,923 | 2,583,397 | |
69,921,569 | |||
Consumer Finance - 0.2% | |||
Credit Acceptance Corp. (a)(b) | 3,164 | 1,445,948 | |
Encore Capital Group, Inc. (a)(b) | 6,958 | 311,718 | |
FirstCash Holdings, Inc. | 11,727 | 1,313,424 | |
LendingTree, Inc. (b) | 17,117 | 302,971 | |
Navient Corp. (a) | 34,857 | 597,100 | |
Qifu Technology, Inc. ADR | 34,875 | 541,260 | |
SLM Corp. | 64,724 | 972,802 | |
SoFi Technologies, Inc. (a)(b) | 217,273 | 1,583,920 | |
Upstart Holdings, Inc. (a)(b) | 21,798 | 583,314 | |
7,652,457 | |||
Financial Services - 0.6% | |||
A-Mark Precious Metals, Inc. (a) | 5,342 | 153,102 | |
Accretion Acquisition Corp. (b) | 42,004 | 443,142 | |
Affirm Holdings, Inc. (a)(b) | 52,541 | 1,807,936 | |
Atlantic Coastal Acquisition Corp. Class A (b) | 43,976 | 462,628 | |
AvidXchange Holdings, Inc. (b) | 69,369 | 740,167 | |
Enact Holdings, Inc. | 42,625 | 1,181,139 | |
Euronet Worldwide, Inc. (a)(b) | 13,091 | 1,141,797 | |
Flywire Corp. (b) | 20,772 | 483,988 | |
Focus Impact BH3 Acquisition Co. (b) | 15,485 | 159,805 | |
Jack Henry & Associates, Inc. (a) | 17,226 | 2,733,594 | |
LM Funding America, Inc. (a)(b) | 102,869 | 32,404 | |
Marblegate Acquisition Corp. (b) | 16,925 | 176,697 | |
Merchants Bancorp | 17,247 | 580,362 | |
Mr. Cooper Group, Inc. (b) | 19,513 | 1,180,927 | |
NMI Holdings, Inc. (b) | 19,918 | 547,745 | |
Nuvei Corp. (d) | 13,193 | 270,852 | |
Payoneer Global, Inc. (b) | 116,148 | 601,647 | |
PayPal Holdings, Inc. (b) | 255,643 | 14,727,593 | |
PepperLime Health Acquisition Corp. Class A (b) | 53,472 | 579,102 | |
Remitly Global, Inc. (b) | 54,439 | 1,172,616 | |
RMG Acquisition Corp. III Class A (b) | 782 | 8,289 | |
Screaming Eagle Acquisition Corp. (b) | 23,509 | 248,255 | |
StoneBridge Acquisition Corp. (b) | 16,751 | 187,276 | |
StoneCo Ltd. Class A (b) | 110,901 | 1,730,056 | |
Vector Acquisition Corp. II Class A (b) | 66,919 | 702,650 | |
32,053,769 | |||
Insurance - 0.6% | |||
Arch Capital Group Ltd. (b) | 86,393 | 7,230,230 | |
Brighthouse Financial, Inc. (b) | 19,472 | 1,013,128 | |
BRP Group, Inc. (b) | 21,181 | 370,456 | |
Cincinnati Financial Corp. | 37,032 | 3,806,519 | |
Enstar Group Ltd. (b) | 4,331 | 1,189,466 | |
Erie Indemnity Co. Class A | 11,085 | 3,277,169 | |
Goosehead Insurance (a)(b) | 14,641 | 1,072,892 | |
James River Group Holdings Ltd. (a) | 10,690 | 95,996 | |
Oxbridge Re Holdings Ltd. (a)(b) | 82,836 | 88,635 | |
Palomar Holdings, Inc. (b) | 5,069 | 296,587 | |
Principal Financial Group, Inc. (a) | 57,385 | 4,236,735 | |
Safety Insurance Group, Inc. | 5,161 | 397,036 | |
Selective Insurance Group, Inc. | 15,494 | 1,575,585 | |
Trupanion, Inc. (a)(b) | 9,609 | 247,143 | |
Willis Towers Watson PLC | 24,823 | 6,113,905 | |
31,011,482 | |||
Mortgage Real Estate Investment Trusts - 0.0% | |||
AGNC Investment Corp. | 133,527 | 1,177,708 | |
New York Mortgage Trust, Inc. | 58,987 | 518,496 | |
1,696,204 | |||
TOTAL FINANCIALS | 206,088,971 | ||
HEALTH CARE - 7.1% | |||
Biotechnology - 4.1% | |||
89Bio, Inc. (b) | 38,313 | 308,037 | |
Abcam PLC ADR (b) | 38,107 | 913,425 | |
ACADIA Pharmaceuticals, Inc. (b) | 60,315 | 1,343,818 | |
Acelyrin, Inc. (a) | 31,924 | 214,529 | |
Agios Pharmaceuticals, Inc. (b) | 23,956 | 532,542 | |
Aileron Therapeutics, Inc. (a)(b) | 28,259 | 59,909 | |
Akero Therapeutics, Inc. (b) | 11,910 | 199,373 | |
Alkermes PLC (b) | 42,989 | 1,037,754 | |
Allakos, Inc. (b) | 112,187 | 249,055 | |
Alnylam Pharmaceuticals, Inc. (a)(b) | 26,864 | 4,519,868 | |
Ambrx Biopharma, Inc. | 17,946 | 207,097 | |
Amgen, Inc. | 119,199 | 32,140,818 | |
Amicus Therapeutics, Inc. (b) | 69,935 | 770,684 | |
Apellis Pharmaceuticals, Inc. (a)(b) | 28,688 | 1,545,423 | |
Applied Genetic Technologies Corp. (a)(c) | 14,225 | 0 | |
Aptorum Group Ltd. (a)(b) | 36,044 | 53,706 | |
Arcellx, Inc. (b) | 15,124 | 794,464 | |
Arcturus Therapeutics Holdings, Inc. (b) | 14,912 | 356,993 | |
Argenx SE ADR (b) | 7,020 | 3,163,282 | |
Arrowhead Pharmaceuticals, Inc. (b) | 25,543 | 541,512 | |
Ascendis Pharma A/S sponsored ADR (b) | 13,892 | 1,395,174 | |
Aurinia Pharmaceuticals, Inc. (a)(b) | 39,864 | 344,425 | |
Beam Therapeutics, Inc. (a)(b) | 32,190 | 903,895 | |
BeiGene Ltd. ADR (b) | 10,907 | 2,038,955 | |
Biogen, Inc. (b) | 33,333 | 7,802,589 | |
BioMarin Pharmaceutical, Inc. (b) | 43,475 | 3,959,703 | |
BioNTech SE ADR (b) | 19,400 | 1,947,954 | |
Blueprint Medicines Corp. (b) | 17,178 | 1,196,276 | |
BridgeBio Pharma, Inc. (b) | 58,315 | 1,674,224 | |
Carisma Therapeutics, Inc. rights (a)(b)(c) | 449,253 | 4 | |
Catalyst Pharmaceutical Partners, Inc. (b) | 19,663 | 283,737 | |
Celldex Therapeutics, Inc. (b) | 18,547 | 560,305 | |
Cerevel Therapeutics Holdings (b) | 41,121 | 1,066,268 | |
Clementia Pharmaceuticals, Inc. rights (b)(c) | 20,215 | 0 | |
CRISPR Therapeutics AG (a)(b) | 19,937 | 1,330,396 | |
CureVac NV (a)(b) | 72,010 | 388,854 | |
Cyclerion Therapeutics, Inc. (a)(b) | 12,987 | 28,052 | |
Cytokinetics, Inc. (b) | 32,231 | 1,079,094 | |
Day One Biopharmaceuticals, Inc. (a)(b) | 45,758 | 529,878 | |
Denali Therapeutics, Inc. (b) | 34,273 | 634,736 | |
Design Therapeutics, Inc. (b) | 35,369 | 84,886 | |
Dynavax Technologies Corp. (a)(b) | 37,622 | 515,421 | |
Editas Medicine, Inc. (a)(b) | 66,985 | 705,352 | |
Entrada Therapeutics, Inc. (a)(b) | 18,201 | 236,067 | |
Exact Sciences Corp. (b) | 42,467 | 2,717,888 | |
Exelixis, Inc. (b) | 81,076 | 1,768,268 | |
Forte Biosciences, Inc. (a)(b) | 119,212 | 56,506 | |
Galectin Therapeutics, Inc. (a)(b) | 69,221 | 134,981 | |
Genmab A/S ADR (b) | 15,695 | 496,119 | |
Geron Corp. (b) | 191,709 | 369,998 | |
Gilead Sciences, Inc. | 280,127 | 21,457,728 | |
Grifols SA ADR (b) | 42,453 | 411,370 | |
Halozyme Therapeutics, Inc. (b) | 34,653 | 1,337,952 | |
HilleVax, Inc. (b) | 15,946 | 218,620 | |
Immatics NV (a)(b) | 37,088 | 327,858 | |
Immunocore Holdings PLC ADR (b) | 6,494 | 342,429 | |
ImmunoGen, Inc. (b) | 59,727 | 1,752,987 | |
Immunovant, Inc. (b) | 34,319 | 1,342,902 | |
Impel Pharmaceuticals, Inc. (a)(b) | 87,484 | 36,700 | |
Incyte Corp. (b) | 51,688 | 2,808,726 | |
Inhibrx, Inc. (b) | 18,827 | 391,037 | |
Inmune Bio, Inc. (a)(b) | 37,201 | 351,549 | |
Insmed, Inc. (b) | 41,384 | 1,035,428 | |
Intellia Therapeutics, Inc. (b) | 26,985 | 799,566 | |
Ionis Pharmaceuticals, Inc. (a)(b) | 36,825 | 1,821,733 | |
Iovance Biotherapeutics, Inc. (b) | 97,715 | 593,130 | |
Ironwood Pharmaceuticals, Inc. Class A (b) | 50,960 | 504,504 | |
Karuna Therapeutics, Inc. (a)(b) | 7,721 | 1,476,332 | |
Keros Therapeutics, Inc. (b) | 12,263 | 372,059 | |
Kinnate Biopharma, Inc. (a)(b) | 49,891 | 113,253 | |
Krystal Biotech, Inc. (b) | 10,447 | 1,088,891 | |
Kura Oncology, Inc. (b) | 51,821 | 501,109 | |
Kymera Therapeutics, Inc. (b) | 24,389 | 506,316 | |
Legend Biotech Corp. ADR (b) | 19,660 | 1,195,721 | |
Lyell Immunopharma, Inc. (a)(b) | 196,841 | 340,535 | |
Macrogenics, Inc. (b) | 59,270 | 486,607 | |
Madrigal Pharmaceuticals, Inc. (b) | 6,397 | 1,300,510 | |
MannKind Corp. (a)(b) | 107,695 | 389,856 | |
Merus BV (a)(b) | 20,392 | 504,498 | |
Mirati Therapeutics, Inc. (b) | 22,407 | 1,271,597 | |
Moderna, Inc. (b) | 87,391 | 6,790,281 | |
Monte Rosa Therapeutics, Inc. (b) | 26,372 | 81,753 | |
Moonlake Immunotherapeutics (a)(b) | 13,906 | 610,612 | |
Morphic Holding, Inc. (b) | 10,973 | 260,060 | |
Mural Oncology PLC | 4,309 | 15,555 | |
Myriad Genetics, Inc. (b) | 26,054 | 497,371 | |
Natera, Inc. (b) | 25,489 | 1,426,110 | |
Neurocrine Biosciences, Inc. (a)(b) | 22,975 | 2,678,655 | |
Nurix Therapeutics, Inc. (a)(b) | 51,686 | 321,487 | |
Nuvalent, Inc. Class A (b) | 14,437 | 943,747 | |
Omniab, Inc. (c) | 2,320 | 9,303 | |
Omniab, Inc. (c) | 2,320 | 8,816 | |
Organogenesis Holdings, Inc. Class A (b) | 86,768 | 221,258 | |
Prime Medicine, Inc. (a)(b) | 40,520 | 294,175 | |
ProKidney Corp. (a)(b) | 44,391 | 74,577 | |
Prothena Corp. PLC (a)(b) | 14,744 | 480,360 | |
PTC Therapeutics, Inc. (b) | 19,273 | 443,664 | |
RAPT Therapeutics, Inc. (b) | 21,658 | 314,474 | |
RayzeBio, Inc. (a) | 12,486 | 298,166 | |
Recursion Pharmaceuticals, Inc. (a)(b) | 66,124 | 452,949 | |
Regeneron Pharmaceuticals, Inc. (b) | 24,229 | 19,960,092 | |
REGENXBIO, Inc. (b) | 30,110 | 587,747 | |
Relay Therapeutics, Inc. (a)(b) | 56,526 | 447,121 | |
Repligen Corp. (a)(b) | 11,441 | 1,799,097 | |
Replimune Group, Inc. (b) | 24,497 | 273,876 | |
Revolution Medicines, Inc. (b) | 24,670 | 575,551 | |
Rhythm Pharmaceuticals, Inc. (b) | 20,027 | 669,503 | |
Rocket Pharmaceuticals, Inc. (b) | 28,459 | 663,948 | |
Roivant Sciences Ltd. (b) | 192,028 | 1,835,788 | |
Sage Therapeutics, Inc. (b) | 19,417 | 380,185 | |
Sana Biotechnology, Inc. (b) | 83,310 | 338,239 | |
Sarepta Therapeutics, Inc. (b) | 22,386 | 1,819,534 | |
Savara, Inc. (b) | 304,262 | 1,171,409 | |
Seagen, Inc. (b) | 42,069 | 8,969,531 | |
SpringWorks Therapeutics, Inc. (a)(b) | 25,217 | 766,345 | |
Summit Therapeutics, Inc. (a)(b) | 237,383 | 481,887 | |
Tango Therapeutics, Inc. (b) | 36,234 | 275,378 | |
TG Therapeutics, Inc. (a)(b) | 64,472 | 825,886 | |
Tiziana Life Sciences Ltd. (a)(b) | 154,868 | 91,372 | |
Tobira Therapeutics, Inc. rights (a)(b)(c) | 1,750 | 0 | |
Twist Bioscience Corp. (a)(b) | 27,105 | 651,875 | |
Tyra Biosciences, Inc. (b) | 15,227 | 178,308 | |
Ultragenyx Pharmaceutical, Inc. (b) | 23,666 | 919,424 | |
United Therapeutics Corp. (b) | 10,501 | 2,520,240 | |
Vaxart, Inc. (a)(b) | 271,466 | 194,098 | |
Vaxcyte, Inc. (b) | 24,390 | 1,262,670 | |
VectivBio Holding AG (b) | 3 | 51 | |
Vera Therapeutics, Inc. (b) | 19,436 | 263,358 | |
Veracyte, Inc. (b) | 18,587 | 475,827 | |
Vertex Pharmaceuticals, Inc. (b) | 57,307 | 20,333,097 | |
Verve Therapeutics, Inc. (a)(b) | 30,150 | 340,092 | |
Xencor, Inc. (b) | 24,239 | 444,543 | |
Xenon Pharmaceuticals, Inc. (b) | 19,218 | 702,994 | |
Zai Lab Ltd. ADR (a)(b) | 19,350 | 528,062 | |
Zentalis Pharmaceuticals, Inc. (b) | 15,254 | 171,608 | |
215,425,906 | |||
Health Care Equipment & Supplies - 1.6% | |||
Abiomed, Inc. (c) | 10,350 | 28,773 | |
Align Technology, Inc. (b) | 17,165 | 3,669,877 | |
Alphatec Holdings, Inc. (b) | 58,761 | 697,493 | |
Angiodynamics, Inc. (b) | 41,474 | 270,825 | |
Atricure, Inc. (b) | 13,251 | 470,145 | |
Atrion Corp. | 341 | 105,147 | |
Axonics Modulation Technologies, Inc. (b) | 13,549 | 758,609 | |
Bioventus, Inc. (a)(b) | 55,660 | 222,640 | |
Cerus Corp. (b) | 168,484 | 271,259 | |
Cue Health, Inc. (a)(b) | 156,058 | 54,308 | |
Dentsply Sirona, Inc. | 52,640 | 1,671,320 | |
DexCom, Inc. (b) | 85,874 | 9,920,164 | |
Embecta Corp. | 20,637 | 378,483 | |
Establishment Labs Holdings, Inc. (a)(b) | 8,889 | 228,003 | |
GE Healthcare Holding LLC (a) | 101,448 | 6,945,130 | |
Hologic, Inc. (b) | 57,760 | 4,118,288 | |
ICU Medical, Inc. (a)(b) | 5,643 | 495,230 | |
IDEXX Laboratories, Inc. (b) | 17,987 | 8,378,704 | |
Inari Medical, Inc. (b) | 13,444 | 802,472 | |
InMode Ltd. (b) | 20,139 | 478,301 | |
Insulet Corp. (b) | 16,186 | 3,060,611 | |
Integra LifeSciences Holdings Corp. (b) | 21,692 | 850,109 | |
Intuitive Surgical, Inc. (b) | 80,188 | 24,925,638 | |
iRhythm Technologies, Inc. (b) | 6,911 | 589,370 | |
Lantheus Holdings, Inc. (b) | 14,107 | 1,010,343 | |
LivaNova PLC (b) | 14,928 | 669,521 | |
Masimo Corp. (b) | 4,994 | 468,237 | |
Merit Medical Systems, Inc. (b) | 14,113 | 1,009,926 | |
Neogen Corp. (b) | 30,212 | 512,698 | |
Novocure Ltd. (b) | 23,769 | 291,646 | |
Omnicell, Inc. (b) | 7,304 | 243,661 | |
OrthoPediatrics Corp. (b) | 11,427 | 352,294 | |
PROCEPT BioRobotics Corp. (a)(b) | 17,153 | 635,862 | |
QuidelOrtho Corp. (b) | 16,123 | 1,108,134 | |
Shockwave Medical, Inc. (b) | 7,738 | 1,350,668 | |
Silk Road Medical, Inc. (b) | 21,136 | 197,199 | |
Staar Surgical Co. (b) | 8,691 | 272,550 | |
Tandem Diabetes Care, Inc. (b) | 22,568 | 456,776 | |
The Cooper Companies, Inc. | 11,214 | 3,778,221 | |
TransMedics Group, Inc. (a)(b) | 7,045 | 533,166 | |
82,281,801 | |||
Health Care Providers & Services - 0.4% | |||
23andMe Holding Co. Class A (b) | 362,421 | 311,863 | |
Acadia Healthcare Co., Inc. (b) | 22,791 | 1,663,515 | |
Accolade, Inc. (b) | 34,737 | 303,254 | |
AdaptHealth Corp. (b) | 47,278 | 400,917 | |
Addus HomeCare Corp. (b) | 5,835 | 508,812 | |
AirSculpt Technologies, Inc. (a)(b) | 26,205 | 131,811 | |
Amedisys, Inc. (b) | 8,331 | 779,615 | |
Apollo Medical Holdings, Inc. (b) | 17,116 | 568,765 | |
Aveanna Healthcare Holdings, Inc. (b) | 73,318 | 200,158 | |
Clover Health Investments Corp. (a)(b) | 439,286 | 404,582 | |
Corvel Corp. (b) | 4,917 | 1,026,965 | |
Fulgent Genetics, Inc. (b) | 13,052 | 359,974 | |
Guardant Health, Inc. (b) | 29,359 | 738,966 | |
HealthEquity, Inc. (b) | 19,970 | 1,338,389 | |
Henry Schein, Inc. (b) | 30,655 | 2,045,608 | |
LifeStance Health Group, Inc. (a)(b) | 105,587 | 725,383 | |
National Research Corp. Class A | 8,245 | 341,590 | |
NeoGenomics, Inc. (b) | 37,396 | 679,485 | |
Nutex Health, Inc. (a)(b) | 464,390 | 88,327 | |
Opko Health, Inc. (b) | 241,175 | 352,116 | |
Option Care Health, Inc. (b) | 34,789 | 1,034,973 | |
P3 Health Partners, Inc. Class A (b) | 87,045 | 104,454 | |
Patterson Companies, Inc. | 27,167 | 690,313 | |
Premier, Inc. | 32,505 | 669,278 | |
Privia Health Group, Inc. (b) | 32,447 | 670,355 | |
Progyny, Inc. (b) | 23,688 | 813,920 | |
R1 RCM, Inc. (a)(b) | 91,875 | 972,038 | |
RadNet, Inc. (b) | 21,136 | 702,349 | |
Surgery Partners, Inc. (b) | 21,508 | 704,387 | |
The Ensign Group, Inc. | 14,818 | 1,586,563 | |
20,918,725 | |||
Health Care Technology - 0.0% | |||
Certara, Inc. (b) | 43,026 | 620,005 | |
Schrodinger, Inc. (b) | 21,518 | 668,995 | |
Simulations Plus, Inc. (a) | 9,420 | 369,264 | |
SOPHiA GENETICS SA (a)(b) | 29,104 | 116,998 | |
Veradigm, Inc. (b) | 37,809 | 434,047 | |
2,209,309 | |||
Life Sciences Tools & Services - 0.4% | |||
10X Genomics, Inc. (a)(b) | 15,088 | 656,630 | |
AbCellera Biologics, Inc. (a)(b) | 88,259 | 415,700 | |
Adaptive Biotechnologies Corp. (b) | 70,052 | 306,828 | |
Azenta, Inc. (b) | 13,887 | 782,810 | |
Bio-Techne Corp. | 33,680 | 2,118,472 | |
Bruker Corp. | 36,075 | 2,348,122 | |
Cytek Biosciences, Inc. (b) | 52,601 | 365,051 | |
Fortrea Holdings, Inc. (a) | 20,060 | 590,566 | |
ICON PLC (b) | 17,837 | 4,761,409 | |
Illumina, Inc. (b) | 35,774 | 3,647,159 | |
Maravai LifeSciences Holdings, Inc. (b) | 35,186 | 179,449 | |
Medpace Holdings, Inc. (b) | 8,390 | 2,271,341 | |
OmniAb, Inc. (b) | 60,716 | 266,543 | |
Pacific Biosciences of California, Inc. (a)(b) | 76,137 | 645,642 | |
Sotera Health Co. (a)(b) | 104,553 | 1,427,148 | |
20,782,870 | |||
Pharmaceuticals - 0.6% | |||
Aclaris Therapeutics, Inc. (b) | 53,296 | 46,618 | |
Amphastar Pharmaceuticals, Inc. (b) | 16,531 | 931,026 | |
Amylyx Pharmaceuticals, Inc. (b) | 28,219 | 399,581 | |
AstraZeneca PLC sponsored ADR | 134,318 | 8,675,600 | |
Atea Pharmaceuticals, Inc. (b) | 87,517 | 261,676 | |
Avadel Pharmaceuticals PLC sponsored ADR (a)(b) | 38,015 | 438,693 | |
Axsome Therapeutics, Inc. (a)(b) | 12,717 | 857,762 | |
Cassava Sciences, Inc. (a)(b) | 17,353 | 361,463 | |
CinCor Pharma, Inc. rights (b)(c) | 12,042 | 0 | |
Clearmind Medicine, Inc. (a) | 9,682 | 33,887 | |
Corcept Therapeutics, Inc. (b) | 30,535 | 777,726 | |
Dova Pharmaceuticals, Inc. rights (b)(c) | 7,729 | 0 | |
Eyepoint Pharmaceuticals, Inc. (a)(b) | 27,004 | 168,775 | |
GH Research PLC (a)(b) | 29,483 | 183,974 | |
Harmony Biosciences Holdings, Inc. (b) | 17,590 | 511,165 | |
Indivior PLC (b) | 29,410 | 485,265 | |
Innoviva, Inc. (b) | 27,914 | 386,609 | |
Intra-Cellular Therapies, Inc. (b) | 24,660 | 1,513,384 | |
Jazz Pharmaceuticals PLC (b) | 15,195 | 1,796,505 | |
Ligand Pharmaceuticals, Inc.: | |||
Class B (b) | 6,408 | 373,650 | |
General CVR (b) | 1,530 | 8 | |
Glucagon CVR (b) | 1,530 | 5 | |
rights (b) | 1,530 | 5 | |
TR Beta CVR (b) | 1,530 | 207 | |
Neumora Therapeutics, Inc. (a) | 34,304 | 420,224 | |
Pacira Biosciences, Inc. (b) | 14,933 | 407,372 | |
Revance Therapeutics, Inc. (b) | 34,397 | 232,868 | |
Royalty Pharma PLC | 99,865 | 2,703,346 | |
Sanofi SA sponsored ADR | 65,654 | 3,069,325 | |
Satsuma Pharmaceuticals, Inc. rights (b)(c) | 218,164 | 2 | |
Scilex Holding Co. | 45,036 | 55,732 | |
Scilex Holding Co. (a)(b) | 68,055 | 85,069 | |
SIGA Technologies, Inc. (a) | 81,146 | 440,623 | |
Supernus Pharmaceuticals, Inc. (b) | 18,876 | 514,371 | |
Tilray Brands, Inc. Class 2 (a)(b) | 288,215 | 521,669 | |
Ventyx Biosciences, Inc. (a)(b) | 15,609 | 33,715 | |
Verona Pharma PLC ADR (b) | 21,010 | 284,055 | |
Viatris, Inc. (a) | 285,787 | 2,623,525 | |
WAVE Life Sciences (b) | 72,375 | 384,311 | |
29,979,791 | |||
TOTAL HEALTH CARE | 371,598,402 | ||
INDUSTRIALS - 4.4% | |||
Aerospace & Defense - 0.2% | |||
AeroVironment, Inc. (b) | 7,367 | 1,013,773 | |
Axon Enterprise, Inc. (b) | 16,021 | 3,682,747 | |
Elbit Systems Ltd. (a) | 10,640 | 2,153,217 | |
Kratos Defense & Security Solutions, Inc. (b) | 38,717 | 737,559 | |
Leonardo DRS, Inc. (b) | 58,323 | 1,074,893 | |
Lilium NV (a)(b) | 380,299 | 410,723 | |
Mercury Systems, Inc. (a)(b) | 18,048 | 618,866 | |
Rocket Lab U.S.A., Inc. Class A (a)(b) | 148,511 | 650,478 | |
Woodward, Inc. | 15,091 | 2,040,001 | |
12,382,257 | |||
Air Freight & Logistics - 0.1% | |||
Air Transport Services Group, Inc. (b) | 19,518 | 310,531 | |
C.H. Robinson Worldwide, Inc. (a) | 28,783 | 2,361,645 | |
Forward Air Corp. | 8,315 | 528,252 | |
Hub Group, Inc. Class A (b) | 9,631 | 727,622 | |
3,928,050 | |||
Building Products - 0.1% | |||
AAON, Inc. (a) | 21,300 | 1,333,380 | |
CSW Industrials, Inc. | 3,417 | 605,937 | |
Gibraltar Industries, Inc. (b) | 9,770 | 656,446 | |
UFP Industries, Inc. (a) | 15,958 | 1,749,476 | |
4,345,239 | |||
Commercial Services & Supplies - 0.5% | |||
ACV Auctions, Inc. Class A (b) | 22,101 | 345,439 | |
Casella Waste Systems, Inc. Class A (b) | 13,202 | 1,067,778 | |
Cimpress PLC (b) | 4,744 | 334,405 | |
Cintas Corp. | 23,123 | 12,792,800 | |
Copart, Inc. | 217,935 | 10,944,696 | |
Fuel Tech, Inc. (b) | 232,747 | 246,712 | |
Matthews International Corp. Class A | 12,098 | 413,147 | |
Millerknoll, Inc. (a) | 25,569 | 659,680 | |
Stericycle, Inc. (b) | 1,820 | 85,485 | |
Tetra Tech, Inc. (a) | 12,282 | 1,942,398 | |
28,832,540 | |||
Construction & Engineering - 0.1% | |||
Construction Partners, Inc. Class A (b) | 15,419 | 646,981 | |
MYR Group, Inc. (b) | 5,430 | 675,601 | |
Willscot Mobile Mini Holdings (b) | 48,805 | 2,036,145 | |
3,358,727 | |||
Electrical Equipment - 0.1% | |||
Array Technologies, Inc. (b) | 43,571 | 674,043 | |
Ballard Power Systems, Inc. (a)(b) | 141,562 | 496,883 | |
Encore Wire Corp. (a) | 5,215 | 961,125 | |
Enovix Corp. (a)(b) | 46,598 | 515,840 | |
Fluence Energy, Inc. (a)(b) | 29,376 | 736,750 | |
Plug Power, Inc. (a)(b) | 153,132 | 618,653 | |
Shoals Technologies Group, Inc. (b) | 38,164 | 528,571 | |
SunPower Corp. (a)(b) | 41,125 | 170,669 | |
Sunrun, Inc. (a)(b) | 59,478 | 767,266 | |
Vicor Corp. (b) | 8,388 | 306,749 | |
5,776,549 | |||
Ground Transportation - 0.8% | |||
ArcBest Corp. | 7,080 | 843,865 | |
Avis Budget Group, Inc. (a)(b) | 8,136 | 1,487,668 | |
CSX Corp. (a) | 469,589 | 15,167,725 | |
Grab Holdings Ltd. (b) | 876,467 | 2,664,460 | |
Heartland Express, Inc. (a) | 30,260 | 406,089 | |
Hertz Global Holdings, Inc. (a)(b) | 72,722 | 606,501 | |
J.B. Hunt Transport Services, Inc. | 23,306 | 4,317,903 | |
Landstar System, Inc. | 7,800 | 1,346,670 | |
Lyft, Inc. (b) | 78,173 | 916,969 | |
Marten Transport Ltd. | 29,393 | 554,058 | |
Old Dominion Freight Lines, Inc. | 25,264 | 9,829,212 | |
Saia, Inc. (b) | 6,042 | 2,358,736 | |
Universal Logistics Holdings, Inc. | 13,044 | 322,709 | |
Werner Enterprises, Inc. | 17,464 | 698,735 | |
41,521,300 | |||
Industrial Conglomerates - 0.6% | |||
Honeywell International, Inc. | 150,760 | 29,536,899 | |
Icahn Enterprises LP | 94,180 | 1,588,817 | |
31,125,716 | |||
Machinery - 0.4% | |||
Astec Industries, Inc. | 8,613 | 267,778 | |
Columbus McKinnon Corp. (NY Shares) | 12,679 | 442,751 | |
Franklin Electric Co., Inc. | 12,369 | 1,100,841 | |
Hillman Solutions Corp. Class A (b) | 62,808 | 459,755 | |
Kornit Digital Ltd. (a)(b) | 14,153 | 263,104 | |
Lincoln Electric Holdings, Inc. | 13,306 | 2,635,386 | |
Microvast Holdings, Inc. (a)(b) | 171,402 | 200,540 | |
Middleby Corp. (b) | 12,141 | 1,532,558 | |
Nikola Corp. (a)(b) | 268,461 | 261,051 | |
NN, Inc. (a)(b) | 45,635 | 109,524 | |
Nordson Corp. | 13,125 | 3,088,838 | |
Omega Flex, Inc. (a) | 3,105 | 218,965 | |
PACCAR, Inc. (a) | 118,965 | 10,923,366 | |
Symbotic, Inc. (a)(b) | 23,121 | 1,222,638 | |
22,727,095 | |||
Marine Transportation - 0.0% | |||
Golden Ocean Group Ltd. (a) | 47,402 | 447,951 | |
Passenger Airlines - 0.2% | |||
Allegiant Travel Co. | 5,653 | 387,174 | |
American Airlines Group, Inc. (b) | 158,303 | 1,967,706 | |
Ryanair Holdings PLC sponsored ADR (b) | 23,891 | 2,824,394 | |
Sun Country Airlines Holdings, Inc. (b) | 23,273 | 353,284 | |
United Airlines Holdings, Inc. (b) | 71,778 | 2,828,053 | |
8,360,611 | |||
Professional Services - 1.1% | |||
Automatic Data Processing, Inc. | 91,933 | 21,137,235 | |
Concentrix Corp. | 12,751 | 1,198,466 | |
Conduent, Inc. (b) | 122,509 | 372,427 | |
CSG Systems International, Inc. | 10,726 | 527,612 | |
ExlService Holdings, Inc. (b) | 43,145 | 1,224,024 | |
Exponent, Inc. | 13,381 | 1,029,802 | |
First Advantage Corp. (a) | 31,697 | 491,620 | |
Forrester Research, Inc. (b) | 13,808 | 333,877 | |
Headhunter Group PLC ADR (b)(c) | 12,021 | 32,719 | |
Huron Consulting Group, Inc. (b) | 6,814 | 709,814 | |
ICF International, Inc. | 5,770 | 807,512 | |
Kelly Services, Inc. Class A (non-vtg.) | 22,957 | 477,276 | |
Kforce, Inc. (a) | 7,476 | 521,077 | |
LegalZoom.com, Inc. (b) | 40,500 | 466,965 | |
NV5 Global, Inc. (b) | 5,014 | 487,762 | |
Paychex, Inc. | 81,494 | 9,939,823 | |
Paycor HCM, Inc. (a)(b) | 36,380 | 771,620 | |
Paylocity Holding Corp. (b) | 13,320 | 2,086,844 | |
SS&C Technologies Holdings, Inc. | 59,213 | 3,331,323 | |
Ttec Holdings, Inc. (a) | 18,000 | 336,960 | |
Upwork, Inc. (b) | 45,507 | 641,194 | |
Verisk Analytics, Inc. | 33,490 | 8,085,491 | |
Verra Mobility Corp. (b) | 47,048 | 944,724 | |
55,956,167 | |||
Trading Companies & Distributors - 0.2% | |||
Beacon Roofing Supply, Inc. (b) | 17,189 | 1,381,308 | |
Fastenal Co. (a) | 131,308 | 7,874,541 | |
FTAI Aviation Ltd. (a) | 27,619 | 1,138,179 | |
H&E Equipment Services, Inc. | 13,515 | 598,850 | |
McGrath RentCorp. | 7,382 | 750,676 | |
Rush Enterprises, Inc. Class A | 19,034 | 755,079 | |
12,498,633 | |||
TOTAL INDUSTRIALS | 231,260,835 | ||
INFORMATION TECHNOLOGY - 47.3% | |||
Communications Equipment - 1.0% | |||
ADTRAN Holdings, Inc. (a) | 45,906 | 240,088 | |
Applied Optoelectronics, Inc. (a)(b) | 34,418 | 456,039 | |
Cisco Systems, Inc. | 915,468 | 44,290,342 | |
Extreme Networks, Inc. (b) | 41,843 | 675,346 | |
F5, Inc. (b) | 13,534 | 2,316,885 | |
Harmonic, Inc. (b) | 42,337 | 468,247 | |
Lumentum Holdings, Inc. (b) | 17,623 | 754,264 | |
NetScout Systems, Inc. (b) | 22,851 | 458,848 | |
Radware Ltd. (b) | 15,780 | 240,645 | |
ViaSat, Inc. (a)(b) | 29,459 | 602,437 | |
Viavi Solutions, Inc. (b) | 62,244 | 502,932 | |
51,006,073 | |||
Electronic Equipment, Instruments & Components - 0.6% | |||
Advanced Energy Industries, Inc. (a) | 10,084 | 958,484 | |
Avnet, Inc. | 24,663 | 1,153,242 | |
CDW Corp. | 30,955 | 6,527,790 | |
Cognex Corp. | 36,043 | 1,358,821 | |
ePlus, Inc. (b) | 8,781 | 557,418 | |
Evolv Technologies Holdings, Inc. (b) | 66,622 | 266,488 | |
Flex Ltd. (b) | 108,285 | 2,755,853 | |
Innoviz Technologies Ltd. (a)(b) | 184,450 | 315,410 | |
Insight Enterprises, Inc. (b) | 9,269 | 1,403,512 | |
IPG Photonics Corp. (b) | 12,279 | 1,175,837 | |
Itron, Inc. (b) | 11,153 | 751,489 | |
Lightwave Logic, Inc. (a)(b) | 64,002 | 254,728 | |
Littelfuse, Inc. | 6,142 | 1,429,858 | |
MicroVision, Inc. (a)(b) | 128,730 | 324,400 | |
Movella Holdings, Inc. (a)(b) | 86,297 | 30,981 | |
Napco Security Technologies, Inc. (a) | 6,213 | 190,118 | |
Nayax Ltd. (a)(b) | 7,362 | 140,761 | |
Novanta, Inc. (b) | 9,309 | 1,344,592 | |
OSI Systems, Inc. (b) | 5,475 | 675,013 | |
PC Connection, Inc. | 8,277 | 493,558 | |
Plexus Corp. (b) | 8,072 | 822,456 | |
Sanmina Corp. (b) | 16,541 | 828,870 | |
Spectaire Holdings, Inc. Class A (a)(b) | 15,313 | 25,266 | |
Trimble, Inc. (b) | 54,323 | 2,520,587 | |
TTM Technologies, Inc. (b) | 35,491 | 532,720 | |
Zebra Technologies Corp. Class A (b) | 11,616 | 2,752,760 | |
29,591,012 | |||
IT Services - 0.6% | |||
Akamai Technologies, Inc. (b) | 36,009 | 4,160,120 | |
Amdocs Ltd. | 29,051 | 2,433,602 | |
Chindata Group Holdings Ltd. ADR (a)(b) | 32,751 | 275,763 | |
Cognizant Technology Solutions Corp. Class A | 116,490 | 8,198,566 | |
Grid Dynamics Holdings, Inc. (b) | 35,384 | 448,669 | |
Kingsoft Cloud Holdings Ltd. ADR (a)(b) | 81,212 | 354,896 | |
MongoDB, Inc. Class A (b) | 15,781 | 6,560,793 | |
Okta, Inc. (b) | 33,049 | 2,215,935 | |
Taoping, Inc. (a)(b) | 7,203 | 10,372 | |
Thoughtworks Holding, Inc. (b) | 89,098 | 347,482 | |
VeriSign, Inc. (b) | 24,228 | 5,141,182 | |
Wix.com Ltd. (b) | 14,872 | 1,509,508 | |
31,656,888 | |||
Semiconductors & Semiconductor Equipment - 13.7% | |||
Advanced Micro Devices, Inc. (b) | 356,945 | 43,247,456 | |
AEHR Test Systems (a)(b) | 8,475 | 194,586 | |
Allegro MicroSystems LLC (a)(b) | 39,871 | 1,085,289 | |
Ambarella, Inc. (b) | 9,556 | 561,033 | |
Amkor Technology, Inc. | 62,529 | 1,761,442 | |
Analog Devices, Inc. | 113,268 | 20,771,086 | |
Applied Materials, Inc. | 189,601 | 28,398,438 | |
Arm Holdings Ltd. ADR (a) | 21,415 | 1,317,023 | |
ASML Holding NV (depository receipt) | 18,840 | 12,882,038 | |
Axcelis Technologies, Inc. (b) | 9,065 | 1,126,598 | |
Broadcom, Inc. | 92,958 | 86,054,009 | |
Camtek Ltd. (a)(b) | 13,959 | 886,117 | |
Canadian Solar, Inc. (a)(b) | 16,824 | 353,809 | |
CEVA, Inc. (b) | 10,451 | 227,414 | |
Cirrus Logic, Inc. (b) | 12,130 | 920,788 | |
Cohu, Inc. (b) | 13,553 | 430,037 | |
Credo Technology Group Holding Ltd. (b) | 45,601 | 816,714 | |
Diodes, Inc. (b) | 12,125 | 805,343 | |
Enphase Energy, Inc. (b) | 29,944 | 3,024,943 | |
Entegris, Inc. (a) | 33,686 | 3,516,818 | |
First Solar, Inc. (b) | 24,568 | 3,876,339 | |
FormFactor, Inc. (b) | 22,576 | 848,406 | |
GlobalFoundries, Inc. (a)(b) | 120,289 | 6,458,316 | |
Impinj, Inc. (a)(b) | 8,399 | 702,072 | |
indie Semiconductor, Inc. (a)(b) | 54,108 | 403,646 | |
Intel Corp. | 921,702 | 41,200,079 | |
KLA Corp. | 31,072 | 16,922,433 | |
Kulicke & Soffa Industries, Inc. | 16,791 | 865,072 | |
Lam Research Corp. | 30,121 | 21,564,226 | |
Lattice Semiconductor Corp. (b) | 34,153 | 1,999,658 | |
MACOM Technology Solutions Holdings, Inc. (b) | 17,957 | 1,508,029 | |
Marvell Technology, Inc. | 192,225 | 10,712,699 | |
Maxeon Solar Technologies Ltd. (a)(b) | 21,179 | 87,469 | |
MaxLinear, Inc. Class A (b) | 16,482 | 308,708 | |
Microchip Technology, Inc. (a) | 123,408 | 10,297,164 | |
Micron Technology, Inc. | 245,423 | 18,681,599 | |
MKS Instruments, Inc. | 13,465 | 1,111,536 | |
Monolithic Power Systems, Inc. | 10,496 | 5,759,365 | |
Navitas Semiconductor Corp. (a)(b) | 58,620 | 406,823 | |
Nova Ltd. (a)(b) | 8,123 | 1,044,699 | |
NVIDIA Corp. | 555,585 | 259,847,105 | |
NXP Semiconductors NV (a) | 57,741 | 11,783,783 | |
ON Semiconductor Corp. (b) | 92,643 | 6,608,225 | |
PDF Solutions, Inc. (b) | 5,404 | 162,066 | |
Photronics, Inc. (b) | 23,193 | 490,068 | |
Power Integrations, Inc. (a) | 15,288 | 1,168,156 | |
Qorvo, Inc. (b) | 21,954 | 2,118,561 | |
Qualcomm, Inc. | 246,622 | 31,826,569 | |
Rambus, Inc. (b) | 28,411 | 1,922,572 | |
Rigetti Computing, Inc. Class A (a)(b) | 127,731 | 135,395 | |
Semtech Corp. (b) | 17,174 | 281,138 | |
Silicon Laboratories, Inc. (b) | 9,166 | 965,821 | |
Silicon Motion Tech Corp. sponsored ADR | 9,760 | 573,888 | |
SiTime Corp. (b) | 4,945 | 546,917 | |
Skyworks Solutions, Inc. | 37,718 | 3,656,006 | |
SMART Global Holdings, Inc. (a)(b) | 19,960 | 332,534 | |
SolarEdge Technologies, Inc. (b) | 11,911 | 945,495 | |
Synaptics, Inc. (b) | 6,583 | 666,463 | |
Teradyne, Inc. (a) | 34,606 | 3,191,711 | |
Texas Instruments, Inc. | 203,066 | 31,010,209 | |
Tower Semiconductor Ltd. (b) | 19,982 | 547,107 | |
Ultra Clean Holdings, Inc. (b) | 16,975 | 460,702 | |
Universal Display Corp. | 11,267 | 1,906,376 | |
714,286,186 | |||
Software - 18.2% | |||
ACI Worldwide, Inc. (b) | 30,962 | 827,924 | |
Adeia, Inc. (a) | 32,112 | 295,109 | |
Adobe, Inc. (b) | 102,853 | 62,844,212 | |
Agilysys, Inc. (b) | 2,954 | 254,310 | |
Alarm.com Holdings, Inc. (b) | 13,293 | 724,203 | |
Altair Engineering, Inc. Class A (b) | 13,202 | 956,617 | |
Amplitude, Inc. (b) | 36,289 | 386,478 | |
ANSYS, Inc. (b) | 19,546 | 5,734,015 | |
AppFolio, Inc. (b) | 4,825 | 913,131 | |
Appian Corp. Class A (b) | 15,799 | 572,556 | |
AppLovin Corp. (b) | 64,943 | 2,434,064 | |
Aspen Technology, Inc. (b) | 13,731 | 2,584,998 | |
Atlassian Corp. PLC (b) | 32,725 | 6,248,839 | |
Aurora Innovation, Inc. (a)(b) | 332,826 | 728,889 | |
Autodesk, Inc. (b) | 48,960 | 10,694,333 | |
AvePoint, Inc. (b) | 70,359 | 576,240 | |
Bentley Systems, Inc. Class B (a) | 57,056 | 2,970,335 | |
Blackbaud, Inc. (b) | 13,544 | 1,019,051 | |
BlackLine, Inc. (b) | 15,165 | 877,295 | |
Braze, Inc. (b) | 17,373 | 954,473 | |
Cadence Design Systems, Inc. (b) | 60,494 | 16,531,195 | |
CCC Intelligent Solutions Holdings, Inc. Class A (a)(b) | 138,444 | 1,617,026 | |
Check Point Software Technologies Ltd. (b) | 27,875 | 4,069,750 | |
Cipher Mining, Inc. (a)(b) | 115,877 | 320,979 | |
Cognyte Software Ltd. (b) | 93,989 | 482,164 | |
CommVault Systems, Inc. (b) | 12,624 | 928,874 | |
Confluent, Inc. (b) | 38,708 | 821,384 | |
Crowdstrike Holdings, Inc. (b) | 48,513 | 11,497,096 | |
CyberArk Software Ltd. (a)(b) | 9,770 | 1,946,868 | |
Datadog, Inc. Class A (b) | 64,746 | 7,547,441 | |
Descartes Systems Group, Inc. (a)(b) | 21,441 | 1,737,579 | |
Digital Turbine, Inc. (b) | 39,219 | 182,368 | |
DocuSign, Inc. (b) | 43,302 | 1,866,316 | |
Dropbox, Inc. Class A (a)(b) | 66,788 | 1,882,086 | |
Everbridge, Inc. (b) | 15,474 | 315,051 | |
EverCommerce, Inc. (a)(b) | 59,960 | 558,827 | |
Five9, Inc. (b) | 12,474 | 950,768 | |
Fortinet, Inc. (b) | 177,830 | 9,346,745 | |
Freshworks, Inc. (b) | 41,410 | 829,028 | |
Gen Digital, Inc. | 130,469 | 2,880,756 | |
GitLab, Inc. (b) | 20,173 | 975,163 | |
HashiCorp, Inc. (a)(b) | 19,796 | 424,030 | |
Intapp, Inc. (b) | 17,134 | 642,525 | |
InterDigital, Inc. (a) | 8,244 | 823,740 | |
Intuit, Inc. | 62,507 | 35,720,250 | |
Jamf Holding Corp. (a)(b) | 2,353 | 38,754 | |
JFrog Ltd. (a)(b) | 30,322 | 818,088 | |
Magic Software Enterprises Ltd. | 23,713 | 217,448 | |
Manhattan Associates, Inc. (b) | 14,824 | 3,306,493 | |
Marathon Digital Holdings, Inc. (a)(b) | 68,868 | 824,350 | |
Matterport, Inc. (a)(b) | 98,009 | 246,983 | |
Microsoft Corp. | 1,669,330 | 632,525,830 | |
MicroStrategy, Inc. Class A (a)(b) | 2,838 | 1,414,175 | |
MMTEC, Inc. (a)(b) | 97,986 | 112,684 | |
Monday.com Ltd. (a)(b) | 9,780 | 1,758,835 | |
nCino, Inc. (a)(b) | 23,723 | 655,466 | |
Nextnav, Inc. (a)(b) | 56,335 | 223,087 | |
NICE Ltd. sponsored ADR (b) | 11,211 | 2,127,287 | |
Nutanix, Inc. Class A (b) | 49,064 | 2,114,168 | |
Open Text Corp. (a) | 65,391 | 2,624,795 | |
Pagaya Technologies Ltd. Class A (a)(b) | 212,069 | 269,328 | |
Palo Alto Networks, Inc. (b) | 65,494 | 19,326,624 | |
Pegasystems, Inc. | 24,568 | 1,277,045 | |
Progress Software Corp. | 13,253 | 713,807 | |
PTC, Inc. (b) | 27,495 | 4,326,613 | |
Qualys, Inc. (b) | 8,870 | 1,639,531 | |
Rapid7, Inc. (b) | 17,293 | 936,416 | |
Riot Platforms, Inc. (a)(b) | 56,027 | 703,139 | |
Roper Technologies, Inc. | 24,093 | 12,968,057 | |
Sapiens International Corp. NV | 18,177 | 467,694 | |
Semantix, Inc. (a)(b) | 21,639 | 18,372 | |
Smith Micro Software, Inc. (b) | 128,066 | 87,021 | |
Splunk, Inc. (b) | 37,884 | 5,740,941 | |
Sprout Social, Inc. (a)(b) | 14,628 | 832,333 | |
SPS Commerce, Inc. (b) | 9,378 | 1,615,642 | |
Synopsys, Inc. (b) | 33,451 | 18,171,587 | |
Telos Corp. (b) | 65,119 | 267,639 | |
Tenable Holdings, Inc. (b) | 26,826 | 1,110,328 | |
Varonis Systems, Inc. (b) | 31,492 | 1,319,200 | |
Verint Systems, Inc. (b) | 17,569 | 431,670 | |
Workday, Inc. Class A (b) | 45,342 | 12,274,986 | |
Zoom Video Communications, Inc. Class A (b) | 57,647 | 3,910,196 | |
Zscaler, Inc. (b) | 31,096 | 6,142,393 | |
951,054,086 | |||
Technology Hardware, Storage & Peripherals - 13.2% | |||
Apple, Inc. | 3,512,541 | 667,207,155 | |
Corsair Gaming, Inc. (b) | 30,686 | 396,156 | |
Logitech International SA (a) | 38,027 | 3,334,968 | |
Nano Dimension Ltd. ADR (a)(b) | 113,436 | 260,903 | |
NetApp, Inc. | 49,324 | 4,507,720 | |
Seagate Technology Holdings PLC | 49,403 | 3,907,777 | |
Stratasys Ltd. (b) | 25,171 | 277,888 | |
Super Micro Computer, Inc. (b) | 12,726 | 3,480,179 | |
Western Digital Corp. (b) | 66,494 | 3,212,325 | |
Xerox Holdings Corp. | 39,601 | 554,018 | |
687,139,089 | |||
TOTAL INFORMATION TECHNOLOGY | 2,464,733,334 | ||
MATERIALS - 1.1% | |||
Chemicals - 0.9% | |||
Alto Ingredients, Inc. (a)(b) | 77,392 | 188,836 | |
Balchem Corp. | 8,611 | 1,073,964 | |
Innospec, Inc. | 7,376 | 774,996 | |
Linde PLC | 109,904 | 45,474,978 | |
Methanex Corp. (a) | 19,889 | 849,061 | |
PureCycle Technologies, Inc. (a)(b) | 60,400 | 244,016 | |
48,605,851 | |||
Containers & Packaging - 0.0% | |||
Pactiv Evergreen, Inc. | 66,895 | 765,279 | |
TriMas Corp. | 14,925 | 382,528 | |
1,147,807 | |||
Metals & Mining - 0.2% | |||
Ferroglobe PLC (a)(b) | 36,039 | 208,666 | |
Kaiser Aluminum Corp. (a) | 5,823 | 340,529 | |
Royal Gold, Inc. (a) | 14,325 | 1,744,785 | |
Schnitzer Steel Industries, Inc. Class A | 11,394 | 292,028 | |
Sigma Lithium Corp. (a)(b) | 34,044 | 1,020,980 | |
SSR Mining, Inc. (a) | 44,921 | 530,068 | |
Steel Dynamics, Inc. | 40,541 | 4,829,649 | |
8,966,705 | |||
TOTAL MATERIALS | 58,720,363 | ||
REAL ESTATE - 1.0% | |||
Equity Real Estate Investment Trusts (REITs) - 0.7% | |||
Diversified Healthcare Trust (SBI) | 112,209 | 262,569 | |
Equinix, Inc. | 20,474 | 16,686,515 | |
Gaming & Leisure Properties | 55,265 | 2,582,533 | |
Host Hotels & Resorts, Inc. | 158,937 | 2,776,629 | |
Lamar Advertising Co. Class A | 21,143 | 2,141,574 | |
Office Properties Income Trust | 42,855 | 239,131 | |
Phillips Edison & Co., Inc. (a) | 31,363 | 1,105,232 | |
Potlatch Corp. | 15,533 | 712,033 | |
Regency Centers Corp. | 40,369 | 2,534,366 | |
Retail Opportunity Investments Corp. | 37,606 | 483,989 | |
Sabra Health Care REIT, Inc. | 64,197 | 937,276 | |
SBA Communications Corp. Class A | 24,457 | 6,039,901 | |
Service Properties Trust | 51,355 | 367,188 | |
Uniti Group, Inc. | 86,542 | 478,577 | |
37,347,513 | |||
Real Estate Management & Development - 0.3% | |||
Colliers International Group, Inc. (a) | 10,489 | 1,091,590 | |
Comstock Holding Companies, Inc. (b) | 131,344 | 589,735 | |
CoStar Group, Inc. (b) | 89,536 | 7,435,069 | |
eXp World Holdings, Inc. (a) | 38,542 | 466,744 | |
FirstService Corp. | 10,586 | 1,661,155 | |
Opendoor Technologies, Inc. (a)(b) | 181,213 | 545,451 | |
Redfin Corp. (b) | 29,893 | 208,354 | |
Zillow Group, Inc.: | |||
Class A (a)(b) | 16,914 | 666,242 | |
Class C (b) | 39,724 | 1,626,301 | |
14,290,641 | |||
TOTAL REAL ESTATE | 51,638,154 | ||
UTILITIES - 0.8% | |||
Electric Utilities - 0.8% | |||
Alliant Energy Corp. | 54,564 | 2,759,301 | |
American Electric Power Co., Inc. | 115,860 | 9,216,663 | |
Constellation Energy Corp. | 73,618 | 8,910,723 | |
Evergy, Inc. | 51,622 | 2,634,787 | |
Exelon Corp. | 219,322 | 8,446,090 | |
MGE Energy, Inc. | 10,281 | 758,224 | |
Otter Tail Corp. (a) | 11,468 | 875,123 | |
Xcel Energy, Inc. | 119,954 | 7,298,001 | |
40,898,912 | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
Atlantica Sustainable Infrastructure PLC (a) | 27,331 | 519,836 | |
Enlight Renewable Energy Ltd. | 29,230 | 503,341 | |
Montauk Renewables, Inc. (a)(b) | 58,650 | 541,926 | |
ReNew Energy Global PLC (a)(b) | 86,377 | 556,268 | |
2,121,371 | |||
Multi-Utilities - 0.0% | |||
NorthWestern Energy Corp. | 14,285 | 718,678 | |
Water Utilities - 0.0% | |||
Middlesex Water Co. (a) | 6,269 | 400,589 | |
TOTAL UTILITIES | 44,139,550 | ||
TOTAL COMMON STOCKS (Cost $3,136,661,182) | 5,183,864,410 | ||
U.S. Treasury Obligations - 0.0% | |||
Principal Amount (e) | Value ($) | ||
U.S. Treasury Bills, yield at date of purchase 5.42% 2/22/24 (f) (Cost $1,975,577) | 2,000,000 | 1,975,799 | |
Money Market Funds - 3.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (g) | 24,001,536 | 24,006,336 | |
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | 168,209,293 | 168,226,114 | |
TOTAL MONEY MARKET FUNDS (Cost $192,230,248) | 192,232,450 | ||
TOTAL INVESTMENT IN SECURITIES - 103.1% (Cost $3,330,867,007) | 5,378,072,659 |
NET OTHER ASSETS (LIABILITIES) - (3.1)% | (164,059,852) |
NET ASSETS - 100.0% | 5,214,012,807 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini NASDAQ 100 Index Contracts (United States) | 94 | Dec 2023 | 30,052,740 | 1,155,980 | 1,155,980 |
The notional amount of futures purchased as a percentage of Net Assets is 0.6% |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing |
(c) | Level 3 security |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $270,852 or 0.0% of net assets. |
(e) | Amount is stated in United States dollars unless otherwise noted. |
(f) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,554,953. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.40% | 15,662,762 | 135,931,471 | 127,587,897 | 928,980 | - | - | 24,006,336 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.39% | 181,796,200 | 731,429,419 | 744,999,504 | 5,901,692 | - | (1) | 168,226,114 | 0.6% |
Total | 197,458,962 | 867,360,890 | 872,587,401 | 6,830,672 | - | (1) | 192,232,450 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 736,948,927 | 736,306,495 | - | 642,432 |
Consumer Discretionary | 777,721,945 | 777,420,563 | - | 301,382 |
Consumer Staples | 206,436,158 | 206,436,158 | - | - |
Energy | 34,577,771 | 34,577,771 | - | - |
Financials | 206,088,971 | 206,088,971 | - | - |
Health Care | 371,598,402 | 371,495,772 | 55,732 | 46,898 |
Industrials | 231,260,835 | 231,228,116 | - | 32,719 |
Information Technology | 2,464,733,334 | 2,464,733,334 | - | - |
Materials | 58,720,363 | 58,720,363 | - | - |
Real Estate | 51,638,154 | 51,638,154 | - | - |
Utilities | 44,139,550 | 44,139,550 | - | - |
U.S. Government and Government Agency Obligations | 1,975,799 | - | 1,975,799 | - |
Money Market Funds | 192,232,450 | 192,232,450 | - | - |
Total Investments in Securities: | 5,378,072,659 | 5,375,017,697 | 2,031,531 | 1,023,431 |
Derivative Instruments: Assets | ||||
Futures Contracts | 1,155,980 | 1,155,980 | - | - |
Total Assets | 1,155,980 | 1,155,980 | - | - |
Total Derivative Instruments: | 1,155,980 | 1,155,980 | - | - |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Equity Risk | ||
Futures Contracts (a) | 1,155,980 | 0 |
Total Equity Risk | 1,155,980 | 0 |
Total Value of Derivatives | 1,155,980 | 0 |
Statement of Assets and Liabilities | ||||
November 30, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $161,401,732) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $3,138,636,759) | $ | 5,185,840,209 | ||
Fidelity Central Funds (cost $192,230,248) | 192,232,450 | |||
Total Investment in Securities (cost $3,330,867,007) | $ | 5,378,072,659 | ||
Foreign currency held at value (cost $162,298) | 149,448 | |||
Dividends receivable | 4,368,826 | |||
Distributions receivable from Fidelity Central Funds | 647,581 | |||
Other receivables | 34 | |||
Total assets | 5,383,238,548 | |||
Liabilities | ||||
Payable to custodian bank | $ | 60 | ||
Accrued management fee | 887,218 | |||
Payable for daily variation margin on futures contracts | 69,331 | |||
Other payables and accrued expenses | 45,255 | |||
Collateral on securities loaned | 168,223,877 | |||
Total Liabilities | 169,225,741 | |||
Net Assets | $ | 5,214,012,807 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 3,319,280,084 | ||
Total accumulated earnings (loss) | 1,894,732,723 | |||
Net Assets | $ | 5,214,012,807 | ||
Net Asset Value, offering price and redemption price per share ($5,214,012,807 ÷ 92,900,000 shares) | $ | 56.13 |
Statement of Operations | ||||
Year ended November 30, 2023 | ||||
Investment Income | ||||
Dividends | $ | 39,441,104 | ||
Interest | 91,012 | |||
Income from Fidelity Central Funds (including $5,901,692 from security lending) | 6,830,672 | |||
Total Income | 46,362,788 | |||
Expenses | ||||
Management fee | $ | 9,545,506 | ||
Independent trustees' fees and expenses | 25,493 | |||
Total expenses before reductions | 9,570,999 | |||
Expense reductions | (8,207) | |||
Total expenses after reductions | 9,562,792 | |||
Net Investment income (loss) | 36,799,996 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (65,036,556) | |||
Redemptions in-kind | 103,885,514 | |||
Foreign currency transactions | 506 | |||
Futures contracts | 6,496,810 | |||
Total net realized gain (loss) | 45,346,274 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 961,640,838 | |||
Fidelity Central Funds | (1) | |||
Assets and liabilities in foreign currencies | 7,664 | |||
Futures contracts | (197,677) | |||
Total change in net unrealized appreciation (depreciation) | 961,450,824 | |||
Net gain (loss) | 1,006,797,098 | |||
Net increase (decrease) in net assets resulting from operations | $ | 1,043,597,094 |
Statement of Changes in Net Assets | ||||
Year ended November 30, 2023 | Year ended November 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 36,799,996 | $ | 33,181,824 |
Net realized gain (loss) | 45,346,274 | (11,193,628) | ||
Change in net unrealized appreciation (depreciation) | 961,450,824 | (1,248,907,963) | ||
Net increase (decrease) in net assets resulting from operations | 1,043,597,094 | (1,226,919,767) | ||
Distributions to shareholders | (39,030,200) | (30,404,100) | ||
Share transactions | ||||
Proceeds from sales of shares | 369,571,529 | 597,612,198 | ||
Cost of shares redeemed | (159,557,590) | (125,564,199) | ||
Net increase (decrease) in net assets resulting from share transactions | 210,013,939 | 472,047,999 | ||
Total increase (decrease) in net assets | 1,214,580,833 | (785,275,868) | ||
Net Assets | ||||
Beginning of period | 3,999,431,974 | 4,784,707,842 | ||
End of period | $ | 5,214,012,807 | $ | 3,999,431,974 |
Other Information | ||||
Shares | ||||
Sold | 7,650,000 | 12,250,000 | ||
Redeemed | (3,450,000) | (2,650,000) | ||
Net increase (decrease) | 4,200,000 | 9,600,000 | ||
Fidelity® Nasdaq Composite Index® ETF |
Years ended November 30, | 2023 | 2022 | 2021 A | 2020 A | 2019 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 45.09 | $ | 60.49 | $ | 47.46 | $ | 34.09 | $ | 28.79 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .40 | .40 | .34 | .35 | .35 | |||||
Net realized and unrealized gain (loss) | 11.07 | (15.43) | 13.01 | 13.68 | 5.30 | |||||
Total from investment operations | 11.47 | (15.03) | 13.35 | 14.03 | 5.65 | |||||
Distributions from net investment income | (.43) | (.37) | (.32) | (.34) | (.35) | |||||
Distributions from net realized gain | - | - | - | (.32) | - | |||||
Total distributions | (.43) | (.37) | (.32) | (.66) | (.35) | |||||
Net asset value, end of period | $ | 56.13 | $ | 45.09 | $ | 60.49 | $ | 47.46 | $ | 34.09 |
Total Return D,E | 25.60% | (24.90)% | 28.23% | 41.87% | 19.83% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .21% | .21% | .21% | .21% | .27% | |||||
Expenses net of fee waivers, if any | .21% | .21% | .21% | .21% | .21% | |||||
Expenses net of all reductions | .21% | .21% | .21% | .21% | .21% | |||||
Net investment income (loss) | .81% | .81% | .62% | .90% | 1.15% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 5,214,013 | $ | 3,999,432 | $ | 4,784,708 | $ | 3,346,121 | $ | 2,202,470 |
Portfolio turnover rate H,I | 4% | 8% | 11% | 19% | 6% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $2,298,607,192 |
Gross unrealized depreciation | (253,457,069) |
Net unrealized appreciation (depreciation) | $2,045,150,123 |
Tax Cost | $3,332,922,536 |
Undistributed ordinary income | $7,258,065 |
Capital loss carryforward | $(157,605,575) |
Net unrealized appreciation (depreciation) on securities and other investments | $2,045,080,234 |
Short-term | $(94,148,632) |
Long-term | (63,456,943) |
Total capital loss carryforward | $(157,605,575) |
November 30, 2023 | November 30, 2022 | |
Ordinary Income | $39,030,200 | $30,404,100 |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
Fidelity Nasdaq Composite Index ETF | 237,051,391 | 189,030,513 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Nasdaq Composite Index ETF | $636,495 | $285,874 | $1,282,576 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2023 to November 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value June 1, 2023 | Ending Account Value November 30, 2023 | Expenses Paid During Period- C June 1, 2023 to November 30, 2023 | |||||||
Fidelity® Nasdaq Composite Index® ETF | .21% | |||||||||
Actual | $ 1,000 | $ 1,108.70 | $ 1.11 | |||||||
Hypothetical-B | $ 1,000 | $ 1,024.02 | $ 1.07 | |||||||
Item 2.
Code of Ethics
As of the end of the period, November 30, 2023, Fidelity Commonwealth Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Nasdaq Composite Index ETF (the “Fund”):
Services Billed by PwC
November 30, 2023 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Nasdaq Composite Index ETF | $48,900 | $- | $13,100 | $1,500 |
November 30, 2022 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Nasdaq Composite Index ETF | $46,400 | $- | $13,600 | $1,500 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by PwC
November 30, 2023A | November 30, 2022A | |
Audit-Related Fees | $8,284,200 | $7,914,600 |
Tax Fees | $1,000 | $1,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | November 30, 2023A | November 30, 2022A |
PwC | $13,602,400 | $12,898,100 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into
account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable
to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
Item 5.
Audit Committee of Listed Registrants
The Audit Committee is a separately-designated standing audit committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. As of November 30, 2023, the members of the Audit Committee were Donald F. Donahue, Vijay Advani, Thomas Kennedy, Karen Peetz and Susan Tomasky.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Commonwealth Trust
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | January 22, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | January 22, 2024 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | January 22, 2024 |