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 811-2546
Fidelity Commonwealth Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
William C. Coffey, 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: | May 31, 2019 |
Item 1.
Reports to Stockholders
Fidelity® Nasdaq Composite Index® Tracking Stock Semi-Annual Report May 31, 2019 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Account Type | Website | Phone Number |
Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.
Nasdaq®, OMX®, NASDAQ OMX®, Nasdaq Composite®, and The Nasdaq Stock Market®, Inc. are registered trademarks of The NASDAQ OMXGroup, Inc. (which with its Affiliates are the Corporations) and are licensed for use by Fidelity. The product has not been passed on by the Corporations as to its legality or suitability. The product is not issued, endorsed or sold by the Corporations. The Corporations make no warranties and bear no liability with respect to shares of the product.
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. © 2019 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.
Premium/Discount Analysis (Unaudited)
Shares of Fidelity® Nasdaq Composite Index® Tracking Stock (the fund) are listed on The Nasdaq Stock Market® and can be bought and sold on the secondary market at market prices. Although the market price is expected to approximate the fund's NAV, it is possible that the market price and NAV will vary significantly. The closing market price is the daily closing price as reported on The Nasdaq Stock Market.
Premiums or discounts are the differences (expressed as a basis point differential with 1 basis point equaling 1/100 of 1%) between the fund's NAV and closing market price. A premium indicates that the closing market price is trading above the NAV. A discount indicates that the closing market price is trading below the NAV. A discrepancy may exist with respect to the timing of when the NAV is calculated and the determination of the closing market price.
The chart below presents information about the differences between the fund's daily closing market price and the fund's NAV.
Period Ended May 31, 2019
From June 1, 2014 to May 31, 2019 | Closing Price Below NAV | Closing Price Above or Equal to NAV | ||
Basis Point Differential | Number of Days | % of Total Days | Number of Days | % of Total Days |
0 - <25 | 309 | 24.55% | 891 | 70.77% |
25 - <50 | 11 | 0.87% | 46 | 3.65% |
50 - <75 | 0 | -- | 1 | 0.08% |
75 - <100 | 0 | -- | 0 | -- |
100 or above | 0 | -- | 1 | 0.08% |
Total | 320 | 25.42% | 939 | 74.58% |
Investment Summary (Unaudited)
Top Ten Stocks as of May 31, 2019
% of fund's net assets | |
Microsoft Corp. | 6.9 |
Amazon.com, Inc. | 6.3 |
Apple, Inc. | 6.0 |
Facebook, Inc. Class A | 3.1 |
Alphabet, Inc. Class C | 2.8 |
Alphabet, Inc. Class A | 2.4 |
Cisco Systems, Inc. | 1.6 |
Intel Corp. | 1.4 |
Comcast Corp. Class A | 1.3 |
PepsiCo, Inc. | 1.3 |
33.1 |
Top Market Sectors as of May 31, 2019
% of fund's net assets | |
Information Technology | 31.9 |
Communication Services | 14.8 |
Consumer Discretionary | 12.4 |
Health Care | 9.4 |
Financials | 6.1 |
Industrials | 4.2 |
Consumer Staples | 3.9 |
Real Estate | 1.2 |
Utilities | 0.5 |
Energy | 0.4 |
Asset Allocation (% of fund's net assets)
As of May 31, 2019* | ||
Stocks and Equity Futures | 100.0% |
* Foreign investments - 4.7%
Schedule of Investments May 31, 2019 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 85.1% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 14.8% | |||
Diversified Telecommunication Services - 0.1% | |||
Atn International, Inc. | 4,076 | $238,446 | |
B Communications Ltd. (a) | 9,655 | 12,552 | |
Cogent Communications Group, Inc. | 4,045 | 236,633 | |
Consolidated Communications Holdings, Inc. | 5,256 | 21,024 | |
Frontier Communications Corp. (a)(b) | 1,245 | 2,341 | |
Iridium Communications, Inc. (a)(b) | 20,605 | 441,565 | |
952,561 | |||
Entertainment - 1.9% | |||
Activision Blizzard, Inc. | 107,866 | 4,678,148 | |
Changyou.com Ltd. (A Shares) ADR | 4,175 | 76,653 | |
Electronic Arts, Inc. (a) | 43,883 | 4,084,630 | |
NetEase, Inc. ADR | 11,299 | 2,809,044 | |
Netflix, Inc. (a) | 60,390 | 20,730,679 | |
Take-Two Interactive Software, Inc. (a) | 16,776 | 1,814,324 | |
Viacom, Inc.: | |||
Class A | 8,028 | 274,718 | |
Class B (non-vtg.) | 54,639 | 1,586,170 | |
Zynga, Inc. (a) | 147,092 | 925,209 | |
36,979,575 | |||
Interactive Media & Services - 9.0% | |||
Alphabet, Inc.: | |||
Class A (a) | 41,493 | 45,912,005 | |
Class C (a) | 48,754 | 53,806,377 | |
ANGI Homeservices, Inc. Class A (a)(b) | 21,130 | 304,695 | |
Baidu.com, Inc. sponsored ADR (a) | 39,720 | 4,369,200 | |
CarGurus, Inc. Class A (a)(b) | 18,014 | 615,358 | |
Facebook, Inc. Class A (a) | 336,302 | 59,683,516 | |
IAC/InterActiveCorp (a) | 14,206 | 3,137,395 | |
Liberty TripAdvisor Holdings, Inc. (a) | 27,216 | 289,850 | |
Match Group, Inc. (b) | 15,008 | 1,030,299 | |
Momo, Inc. ADR | 22,910 | 631,629 | |
SINA Corp. (a) | 10,468 | 421,442 | |
TripAdvisor, Inc. (a)(b) | 23,854 | 1,008,309 | |
TrueCar, Inc. (a) | 33,140 | 216,073 | |
Weibo Corp. sponsored ADR (a)(b) | 12,809 | 531,830 | |
Yandex NV Series A (a) | 51,453 | 1,848,192 | |
YY, Inc. ADR (a) | 5,381 | 368,329 | |
Zillow Group, Inc.: | |||
Class A (a) | 8,628 | 365,223 | |
Class C (a)(b) | 23,050 | 991,611 | |
175,531,333 | |||
Media - 3.2% | |||
AMC Networks, Inc. Class A (a)(b) | 9,930 | 524,006 | |
Charter Communications, Inc. Class A (a) | 32,089 | 12,091,135 | |
Comcast Corp. Class A | 631,392 | 25,887,072 | |
Criteo SA sponsored ADR (a) | 8,162 | 149,854 | |
Discovery Communications, Inc.: | |||
Class A (a)(b) | 26,715 | 728,251 | |
Class C (non-vtg.) (a) | 55,648 | 1,426,815 | |
DISH Network Corp. Class A (a) | 32,226 | 1,163,681 | |
Fox Corp.: | |||
Class A | 48,719 | 1,716,370 | |
Class B | 36,987 | 1,283,819 | |
GCI Liberty, Inc. (a)(b) | 16,628 | 965,921 | |
Liberty Broadband Corp.: | |||
Class A (a) | 4,279 | 417,288 | |
Class C (a) | 26,112 | 2,562,893 | |
Liberty Global PLC: | |||
Class A (a) | 30,000 | 738,000 | |
Class C (a) | 76,902 | 1,864,104 | |
Liberty Latin America Ltd.: | |||
Class A (a) | 7,492 | 127,739 | |
Class C (a) | 17,531 | 301,358 | |
Liberty Media Corp.: | |||
Liberty Braves Class C (a) | 14,144 | 376,372 | |
Liberty Formula One Group Series C (a) | 38,802 | 1,448,479 | |
Liberty SiriusXM Series A (a) | 21,219 | 764,308 | |
Liberty SiriusXM Series C (a) | 41,188 | 1,488,534 | |
Loral Space & Communications Ltd. (a) | 8,129 | 275,573 | |
MDC Partners, Inc. Class A (a) | 138 | 386 | |
News Corp.: | |||
Class A | 64,734 | 737,320 | |
Class B | 33,238 | 387,223 | |
Nexstar Broadcasting Group, Inc. Class A | 7,606 | 761,741 | |
Scholastic Corp. | 12,921 | 427,556 | |
Sinclair Broadcast Group, Inc. Class A | 9,930 | 533,042 | |
Sirius XM Holdings, Inc. (b) | 649,703 | 3,449,923 | |
VisionChina Media, Inc. ADR (a)(c) | 436 | 0 | |
62,598,763 | |||
Wireless Telecommunication Services - 0.6% | |||
Boingo Wireless, Inc. (a) | 13,765 | 260,159 | |
Gogo, Inc. (a)(b) | 19,656 | 96,118 | |
Millicom International Cellular SA | 13,918 | 782,192 | |
NII Holdings, Inc. (a) | 24,136 | 45,858 | |
Shenandoah Telecommunications Co. | 11,396 | 458,233 | |
T-Mobile U.S., Inc. (a) | 120,940 | 8,881,834 | |
VEON Ltd. sponsored ADR | 174,029 | 400,267 | |
Vodafone Group PLC sponsored ADR | 80,901 | 1,311,405 | |
12,236,066 | |||
TOTAL COMMUNICATION SERVICES | 288,298,298 | ||
CONSUMER DISCRETIONARY - 12.4% | |||
Auto Components - 0.2% | |||
ADOMANI, Inc. (a) | 6,963 | 2,159 | |
Dorman Products, Inc. (a) | 6,013 | 491,022 | |
Fox Factory Holding Corp. (a) | 9,530 | 638,701 | |
Gentex Corp. | 54,086 | 1,155,277 | |
Gentherm, Inc. (a) | 10,664 | 398,620 | |
The Goodyear Tire & Rubber Co. | 38,726 | 519,316 | |
3,205,095 | |||
Automobiles - 0.2% | |||
Tesla, Inc. (a)(b) | 24,277 | 4,495,129 | |
Distributors - 0.2% | |||
Core-Mark Holding Co., Inc. | 14,237 | 525,061 | |
LKQ Corp. (a) | 57,097 | 1,464,538 | |
Pool Corp. | 6,739 | 1,211,537 | |
3,201,136 | |||
Diversified Consumer Services - 0.1% | |||
Career Education Corp. (a) | 26,042 | 488,808 | |
Frontdoor, Inc. (a) | 11,192 | 450,030 | |
Grand Canyon Education, Inc. (a) | 9,036 | 1,083,055 | |
Houghton Mifflin Harcourt Co. (a) | 37,415 | 211,021 | |
Strategic Education, Inc. | 2,142 | 376,971 | |
Weight Watchers International, Inc. (a)(b) | 9,352 | 161,696 | |
2,771,581 | |||
Hotels, Restaurants & Leisure - 1.7% | |||
Bloomin' Brands, Inc. | 20,565 | 397,110 | |
Caesars Entertainment Corp. (a) | 28,087 | 246,885 | |
Churchill Downs, Inc. | 8,298 | 818,017 | |
Cracker Barrel Old Country Store, Inc. (b) | 3,055 | 479,910 | |
Dave & Buster's Entertainment, Inc. | 10,202 | 507,447 | |
Denny's Corp. (a) | 22,027 | 433,491 | |
Dunkin' Brands Group, Inc. | 13,657 | 1,013,623 | |
Eldorado Resorts, Inc. (a)(b) | 10,683 | 525,283 | |
Empire Resorts, Inc. (a) | 11,279 | 137,717 | |
Extended Stay America, Inc. unit | 28,670 | 491,404 | |
Golden Entertainment, Inc. (a) | 10,006 | 129,077 | |
Huazhu Group Ltd. ADR (b) | 27,473 | 840,674 | |
International Speedway Corp. Class A | 8,493 | 380,147 | |
Jack in the Box, Inc. | 4,518 | 375,898 | |
Marriott International, Inc. Class A | 46,374 | 5,789,330 | |
Melco Crown Entertainment Ltd. sponsored ADR | 30,470 | 588,071 | |
Monarch Casino & Resort, Inc. (a) | 6,819 | 293,422 | |
Papa John's International, Inc. (b) | 5,979 | 289,802 | |
Penn National Gaming, Inc. (a) | 22,091 | 416,415 | |
Playa Hotels & Resorts NV (a) | 35,316 | 284,294 | |
Ruth's Hospitality Group, Inc. | 11,986 | 274,120 | |
Scientific Games Corp. Class A (a) | 11,495 | 219,555 | |
Starbucks Corp. | 173,315 | 13,182,339 | |
Texas Roadhouse, Inc. Class A | 12,053 | 617,837 | |
The Cheesecake Factory, Inc. (b) | 8,249 | 356,769 | |
The Stars Group, Inc. (a)(b) | 39,564 | 655,400 | |
Wendy's Co. | 46,723 | 859,236 | |
Wingstop, Inc. | 8,243 | 656,802 | |
Wynn Resorts Ltd. | 13,112 | 1,407,311 | |
32,667,386 | |||
Household Durables - 0.3% | |||
Cavco Industries, Inc. (a) | 2,388 | 342,917 | |
Garmin Ltd. | 29,568 | 2,261,361 | |
GoPro, Inc. Class A (a) | 14,651 | 92,301 | |
Helen of Troy Ltd. (a) | 4,017 | 536,711 | |
iRobot Corp. (a)(b) | 5,653 | 492,433 | |
LGI Homes, Inc. (a)(b) | 4,433 | 302,331 | |
Newell Brands, Inc. | 71,144 | 954,752 | |
Roku, Inc. Class A (a) | 10,270 | 928,408 | |
Sonos, Inc. (b) | 5,008 | 50,831 | |
Universal Electronics, Inc. (a) | 5,301 | 208,806 | |
6,170,851 | |||
Internet & Direct Marketing Retail - 8.0% | |||
Amazon.com, Inc. (a) | 69,084 | 122,628,936 | |
Baozun, Inc. sponsored ADR (a)(b) | 6,897 | 270,569 | |
CNOVA NV (a)(b) | 49,959 | 189,760 | |
Ctrip.com International Ltd. ADR (a) | 64,418 | 2,226,286 | |
eBay, Inc. | 142,993 | 5,137,738 | |
Etsy, Inc. (a) | 25,156 | 1,567,470 | |
Expedia, Inc. | 20,595 | 2,368,425 | |
Groupon, Inc. (a) | 76,049 | 268,453 | |
JD.com, Inc. sponsored ADR (a) | 118,540 | 3,053,590 | |
Liberty Expedia Holdings, Inc. (a) | 13,255 | 546,504 | |
Liberty Interactive Corp. QVC Group Series A (a) | 61,454 | 770,019 | |
MakeMyTrip Ltd. (a)(b) | 14,861 | 349,234 | |
MercadoLibre, Inc. (a) | 6,638 | 3,787,112 | |
Overstock.com, Inc. (a)(b) | 4,468 | 42,669 | |
PetMed Express, Inc. (b) | 7,508 | 131,165 | |
Shutterfly, Inc. (a) | 7,724 | 366,736 | |
Stamps.com, Inc. (a) | 2,990 | 100,285 | |
The Booking Holdings, Inc. (a) | 6,341 | 10,502,091 | |
154,307,042 | |||
Leisure Products - 0.1% | |||
American Outdoor Brands Corp. (a) | 15,739 | 132,050 | |
Hasbro, Inc. | 19,563 | 1,861,224 | |
Mattel, Inc. (a)(b) | 62,380 | 614,443 | |
2,607,717 | |||
Media - 0.0% | |||
iQIYI, Inc. ADR (a)(b) | 49,949 | 910,570 | |
Multiline Retail - 0.2% | |||
Dollar Tree, Inc. (a) | 32,677 | 3,319,656 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 12,057 | 1,190,267 | |
4,509,923 | |||
Specialty Retail - 1.0% | |||
Ascena Retail Group, Inc. (a) | 83,721 | 87,907 | |
Bed Bath & Beyond, Inc. (b) | 9,344 | 118,575 | |
Conn's, Inc. (a) | 6,561 | 117,770 | |
Five Below, Inc. (a) | 9,463 | 1,218,172 | |
Michaels Companies, Inc. (a) | 33,762 | 307,572 | |
Monro, Inc. | 8,562 | 682,477 | |
O'Reilly Automotive, Inc. (a) | 11,393 | 4,231,018 | |
Office Depot, Inc. | 49,425 | 96,873 | |
Rent-A-Center, Inc. (a) | 16,382 | 390,875 | |
Ross Stores, Inc. | 52,758 | 4,905,966 | |
Sleep Number Corp. (a) | 12,246 | 426,283 | |
The Children's Place Retail Stores, Inc. (b) | 3,611 | 334,595 | |
Tile Shop Holdings, Inc. | 13,137 | 54,913 | |
Tractor Supply Co. | 20,221 | 2,037,872 | |
Ulta Beauty, Inc. (a) | 8,991 | 2,997,420 | |
Urban Outfitters, Inc. (a) | 22,168 | 498,115 | |
18,506,403 | |||
Textiles, Apparel & Luxury Goods - 0.4% | |||
Beyond Meat, Inc. (b) | 8,052 | 838,374 | |
Columbia Sportswear Co. | 14,199 | 1,331,582 | |
Crocs, Inc. (a) | 21,544 | 416,230 | |
Fossil Group, Inc. (a)(b) | 9,696 | 94,924 | |
G-III Apparel Group Ltd. (a) | 12,607 | 324,378 | |
Hexindai, Inc. ADR (b) | 24,797 | 65,712 | |
lululemon athletica, Inc. (a) | 20,020 | 3,315,112 | |
Steven Madden Ltd. | 20,463 | 619,210 | |
7,005,522 | |||
TOTAL CONSUMER DISCRETIONARY | 240,358,355 | ||
CONSUMER STAPLES - 3.9% | |||
Beverages - 1.6% | |||
Coca-Cola Bottling Co. Consolidated | 2,221 | 670,764 | |
MGP Ingredients, Inc. | 4,930 | 296,835 | |
Monster Beverage Corp. (a) | 78,056 | 4,828,544 | |
National Beverage Corp. (b) | 7,378 | 333,117 | |
PepsiCo, Inc. | 196,394 | 25,138,432 | |
31,267,692 | |||
Food & Staples Retailing - 1.2% | |||
Andersons, Inc. | 9,335 | 253,632 | |
Casey's General Stores, Inc. | 6,134 | 791,777 | |
Costco Wholesale Corp. | 61,796 | 14,805,086 | |
PriceSmart, Inc. | 7,422 | 360,709 | |
SpartanNash Co. | 10,827 | 124,944 | |
Sprouts Farmers Market LLC (a) | 27,159 | 544,538 | |
Walgreens Boots Alliance, Inc. | 134,307 | 6,626,707 | |
23,507,393 | |||
Food Products - 1.0% | |||
Bridgford Foods Corp. (a) | 2,969 | 85,507 | |
Cal-Maine Foods, Inc. | 5,619 | 208,015 | |
Calavo Growers, Inc. (b) | 4,942 | 432,178 | |
Hostess Brands, Inc. Class A (a)(b) | 28,337 | 379,432 | |
J&J Snack Foods Corp. | 2,704 | 434,938 | |
Lancaster Colony Corp. | 3,688 | 530,445 | |
Mondelez International, Inc. | 208,094 | 10,581,580 | |
Pilgrim's Pride Corp. (a) | 36,176 | 925,020 | |
Sanderson Farms, Inc. | 3,601 | 492,293 | |
SunOpta, Inc. (a) | 38,967 | 148,464 | |
The Hain Celestial Group, Inc. (a)(b) | 12,255 | 249,879 | |
The Kraft Heinz Co. | 168,227 | 4,651,477 | |
19,119,228 | |||
Household Products - 0.1% | |||
Central Garden & Pet Co. Class A (non-vtg.) (a) | 10,481 | 267,999 | |
WD-40 Co. (b) | 3,601 | 562,944 | |
830,943 | |||
Personal Products - 0.0% | |||
Inter Parfums, Inc. | 8,657 | 560,800 | |
TOTAL CONSUMER STAPLES | 75,286,056 | ||
ENERGY - 0.4% | |||
Energy Equipment & Services - 0.1% | |||
CSI Compressco LP | 12,403 | 39,938 | |
Geospace Technologies Corp. (a) | 5,178 | 64,777 | |
KLX Energy Services Holdings, Inc. (a) | 3,629 | 71,491 | |
Mammoth Energy Services, Inc. | 12,376 | 129,948 | |
NCS Multistage Holdings, Inc. (a)(b) | 12,389 | 33,079 | |
Patterson-UTI Energy, Inc. | 32,058 | 340,777 | |
RigNet, Inc. (a) | 13,262 | 110,605 | |
Smart Sand, Inc. (a)(b) | 48,659 | 162,034 | |
952,649 | |||
Oil, Gas & Consumable Fuels - 0.3% | |||
Abraxas Petroleum Corp. (a) | 214,378 | 204,752 | |
Alliance Resource Partners LP | 20,409 | 351,239 | |
Amplify Energy Corp. warrants 5/4/22 (a) | 322 | 7 | |
Approach Resources, Inc. (a)(b) | 9,510 | 2,033 | |
Berry Petroleum Corp. | 16,259 | 174,784 | |
Blueknight Energy Partners LP | 30,065 | 32,470 | |
Calumet Specialty Products Partners LP (a) | 520 | 2,210 | |
Capital Product Partners LP | 3,420 | 34,474 | |
Carrizo Oil & Gas, Inc. (a) | 10,631 | 108,224 | |
Centennial Resource Development, Inc. Class A (a)(b) | 50,630 | 399,977 | |
Clean Energy Fuels Corp. (a) | 84,883 | 226,638 | |
Diamondback Energy, Inc. | 26,053 | 2,554,757 | |
Extraction Oil & Gas, Inc. (a) | 7,088 | 24,028 | |
Golar LNG Ltd. | 18,562 | 337,643 | |
Golar LNG Partners LP | 12,746 | 143,138 | |
Green Plains, Inc. | 15,804 | 206,242 | |
Gulfport Energy Corp. (a) | 14,447 | 79,025 | |
Hallador Energy Co. | 2,455 | 13,895 | |
Hongli Clean Energy Technologies Corp. (a)(c) | 225 | 1,042 | |
Legacy Reserves, Inc. (a)(b) | 37,573 | 4,738 | |
Martin Midstream Partners LP | 23,274 | 156,634 | |
National Energy Services Reunited Corp. (a)(b) | 16,743 | 151,189 | |
Nextdecade Corp. (a) | 33,382 | 181,264 | |
PDC Energy, Inc. (a) | 11,968 | 365,263 | |
Renewable Energy Group, Inc. (a) | 3,031 | 47,405 | |
Rosehill Resources, Inc. (a) | 6,035 | 18,648 | |
StealthGas, Inc. (a) | 13,062 | 44,672 | |
Tellurian, Inc. (a)(b) | 32,576 | 250,509 | |
Ultra Petroleum Corp. (a)(b) | 939 | 347 | |
Viper Energy Partners LP | 6,538 | 183,064 | |
6,300,311 | |||
TOTAL ENERGY | 7,252,960 | ||
FINANCIALS - 6.1% | |||
Banks - 2.5% | |||
1st Source Corp. | 7,642 | 334,414 | |
American National Bankshares, Inc. | 450 | 15,696 | |
Ameris Bancorp | 9,977 | 352,088 | |
BancFirst Corp. | 8,616 | 450,014 | |
Bank OZK | 13,241 | 382,665 | |
Banner Corp. | 8,698 | 438,901 | |
BOK Financial Corp. | 14,491 | 1,085,811 | |
Boston Private Financial Holdings, Inc. | 24,729 | 253,472 | |
Bridge Bancorp, Inc. | 8,330 | 231,824 | |
Brookline Bancorp, Inc., Delaware | 24,234 | 347,758 | |
Camden National Corp. | 6,851 | 290,140 | |
Cathay General Bancorp | 11,734 | 394,732 | |
Centerstate Banks of Florida, Inc. | 22,633 | 495,436 | |
Chemical Financial Corp. | 12,225 | 462,839 | |
City Holding Co. | 4,983 | 364,008 | |
Columbia Banking Systems, Inc. | 14,403 | 480,340 | |
Commerce Bancshares, Inc. | 22,299 | 1,278,402 | |
Community Trust Bancorp, Inc. | 6,726 | 266,282 | |
ConnectOne Bancorp, Inc. | 12,092 | 254,053 | |
CVB Financial Corp. | 26,117 | 536,704 | |
Eagle Bancorp, Inc. | 6,100 | 323,788 | |
East West Bancorp, Inc. | 27,603 | 1,179,200 | |
Enterprise Bancorp, Inc. | 2,020 | 56,641 | |
Enterprise Financial Services Corp. | 7,974 | 312,501 | |
Farmers & Merchants Bancorp, Inc. | 749 | 22,133 | |
Fifth Third Bancorp | 136,135 | 3,607,578 | |
First Bancorp, North Carolina | 9,595 | 339,759 | |
First Busey Corp. | 13,554 | 334,919 | |
First Citizens Bancshares, Inc. | 2,263 | 950,686 | |
First Financial Bancorp, Ohio | 8,630 | 192,622 | |
First Financial Bankshares, Inc. (b) | 14,993 | 849,503 | |
First Financial Corp., Indiana | 5,814 | 219,944 | |
First Hawaiian, Inc. | 29,563 | 735,823 | |
First Internet Bancorp | 6,954 | 141,375 | |
First Merchants Corp. | 4,079 | 135,627 | |
First Midwest Bancorp, Inc., Delaware | 11,330 | 220,822 | |
First of Long Island Corp. | 8,609 | 183,802 | |
Flushing Financial Corp. | 11,018 | 231,709 | |
Fulton Financial Corp. | 29,024 | 457,418 | |
German American Bancorp, Inc. | 8,873 | 247,291 | |
Glacier Bancorp, Inc. | 17,533 | 690,976 | |
Great Southern Bancorp, Inc. | 5,614 | 310,005 | |
Grupo Financiero Galicia SA sponsored ADR (b) | 5,321 | 136,271 | |
Hancock Whitney Corp. | 12,624 | 479,460 | |
Hanmi Financial Corp. | 11,141 | 229,727 | |
HarborOne Bancorp, Inc. (a) | 14,733 | 264,310 | |
Heartland Financial U.S.A., Inc. | 8,379 | 345,969 | |
Home Bancshares, Inc. | 28,065 | 491,699 | |
Hope Bancorp, Inc. | 13,128 | 168,957 | |
Howard Bancorp, Inc. (a) | 6,142 | 85,374 | |
Huntington Bancshares, Inc. | 212,065 | 2,682,622 | |
IBERIABANK Corp. | 7,002 | 500,643 | |
Independent Bank Corp., Massachusetts | 10,054 | 697,245 | |
Independent Bank Group, Inc. | 12,370 | 638,787 | |
International Bancshares Corp. | 15,687 | 571,948 | |
Investar Holding Corp. | 1,472 | 35,166 | |
Investors Bancorp, Inc. | 41,886 | 436,033 | |
Lakeland Bancorp, Inc. | 17,012 | 262,155 | |
Lakeland Financial Corp. | 7,674 | 337,272 | |
LegacyTexas Financial Group, Inc. | 6,335 | 231,228 | |
Live Oak Bancshares, Inc. | 11,870 | 184,341 | |
Mid Penn Bancorp, Inc. | 2,503 | 60,072 | |
NBT Bancorp, Inc. | 12,448 | 447,506 | |
Old National Bancorp, Indiana | 20,216 | 322,243 | |
Opus Bank | 11,450 | 229,802 | |
Pacific Premier Bancorp, Inc. | 12,317 | 348,571 | |
PacWest Bancorp | 18,977 | 689,624 | |
People's Utah Bancorp | 8,798 | 246,344 | |
Peoples Financial Services Corp. | 512 | 22,221 | |
Peoples United Financial, Inc. | 52,182 | 802,037 | |
Pinnacle Financial Partners, Inc. | 10,597 | 561,111 | |
Popular, Inc. | 15,650 | 817,087 | |
Preferred Bank, Los Angeles | 5,471 | 239,466 | |
Premier Financial Bancorp, Inc. | 930 | 14,517 | |
Renasant Corp. | 4,572 | 154,534 | |
Republic Bancorp, Inc., Kentucky Class A | 7,595 | 348,155 | |
S&T Bancorp, Inc. | 10,303 | 388,423 | |
Sandy Spring Bancorp, Inc. | 10,686 | 343,555 | |
Seacoast Banking Corp., Florida (a) | 14,896 | 345,438 | |
ServisFirst Bancshares, Inc. | 13,050 | 408,987 | |
Signature Bank | 8,301 | 950,880 | |
Simmons First National Corp. Class A | 16,692 | 380,745 | |
South State Corp. | 5,656 | 372,674 | |
Southside Bancshares, Inc. | 11,163 | 363,579 | |
Stock Yards Bancorp, Inc. | 8,408 | 280,239 | |
SVB Financial Group (a) | 9,161 | 1,845,025 | |
Texas Capital Bancshares, Inc. (a) | 8,074 | 462,640 | |
The First Bancorp, Inc. | 948 | 23,965 | |
TowneBank | 6,512 | 165,144 | |
Trico Bancshares | 8,361 | 311,865 | |
Trustmark Corp. | 5,693 | 180,867 | |
UMB Financial Corp. | 9,318 | 575,293 | |
Umpqua Holdings Corp. | 42,243 | 674,621 | |
Union Bankshares Corp. | 6,339 | 204,750 | |
United Bankshares, Inc., West Virginia | 17,711 | 633,700 | |
United Community Bank, Inc. | 10,622 | 281,589 | |
Univest Corp. of Pennsylvania | 11,404 | 272,328 | |
Valley National Bancorp | 47,065 | 462,178 | |
Veritex Holdings, Inc. | 11,228 | 285,528 | |
Washington Trust Bancorp, Inc. | 6,143 | 301,560 | |
WesBanco, Inc. | 11,495 | 408,417 | |
Westamerica Bancorp. (b) | 7,362 | 440,910 | |
Wintrust Financial Corp. | 11,516 | 780,094 | |
Zions Bancorp NA | 32,690 | 1,407,958 | |
48,095,150 | |||
Capital Markets - 1.9% | |||
BGC Partners, Inc. Class A | 59,925 | 281,648 | |
Blucora, Inc. (a) | 15,269 | 472,881 | |
Carlyle Group LP | 23,786 | 468,584 | |
CME Group, Inc. | 59,094 | 11,353,139 | |
Diamond Hill Investment Group, Inc. | 1,415 | 203,053 | |
E*TRADE Financial Corp. | 48,681 | 2,180,909 | |
GTY Govtech, Inc. (a)(b) | 17,032 | 151,244 | |
LPL Financial | 18,380 | 1,474,444 | |
MarketAxess Holdings, Inc. | 7,292 | 2,171,703 | |
Morningstar, Inc. | 8,802 | 1,232,632 | |
Northern Trust Corp. | 40,101 | 3,429,438 | |
SEI Investments Co. | 29,316 | 1,473,129 | |
T. Rowe Price Group, Inc. | 43,401 | 4,389,577 | |
TD Ameritrade Holding Corp. | 93,242 | 4,638,790 | |
The NASDAQ OMX Group, Inc. | 30,276 | 2,744,217 | |
WisdomTree Investments, Inc. | 33,922 | 203,871 | |
36,869,259 | |||
Consumer Finance - 0.2% | |||
Credit Acceptance Corp. (a)(b) | 2,971 | 1,355,935 | |
Encore Capital Group, Inc. (a)(b) | 5,958 | 204,598 | |
First Cash Financial Services, Inc. | 6,308 | 597,494 | |
Navient Corp. | 46,518 | 606,595 | |
PRA Group, Inc. (a)(b) | 10,516 | 290,347 | |
SLM Corp. | 120,782 | 1,148,637 | |
World Acceptance Corp. (a) | 2,820 | 373,058 | |
4,576,664 | |||
Diversified Financial Services - 0.0% | |||
GDS Holdings Ltd. ADR (a)(b) | 14,048 | 456,420 | |
Insurance - 1.0% | |||
American National Insurance Co. | 4,939 | 559,934 | |
Amerisafe, Inc. | 6,680 | 397,928 | |
Arch Capital Group Ltd. (a) | 62,713 | 2,159,209 | |
Brighthouse Financial, Inc. (a) | 16,955 | 601,733 | |
Cincinnati Financial Corp. | 26,175 | 2,571,432 | |
eHealth, Inc. (a) | 9,886 | 697,556 | |
Enstar Group Ltd. (a) | 2,418 | 397,519 | |
Erie Indemnity Co. Class A (b) | 9,345 | 1,987,401 | |
Fanhua, Inc. ADR | 11,500 | 338,905 | |
James River Group Holdings Ltd. | 10,087 | 449,880 | |
Kinsale Capital Group, Inc. | 7,105 | 595,328 | |
Maiden Holdings Ltd. | 18,573 | 10,031 | |
National General Holdings Corp. | 18,054 | 410,187 | |
National Western Life Group, Inc. | 1,125 | 299,970 | |
Principal Financial Group, Inc. | 46,640 | 2,405,225 | |
Safety Insurance Group, Inc. | 4,919 | 448,268 | |
Selective Insurance Group, Inc. | 9,030 | 647,000 | |
State Auto Financial Corp. | 13,444 | 459,650 | |
Trupanion, Inc. (a)(b) | 11,680 | 342,574 | |
United Fire Group, Inc. | 8,136 | 381,904 | |
United Insurance Holdings Corp. | 17,345 | 233,811 | |
Willis Group Holdings PLC | 19,912 | 3,494,556 | |
19,890,001 | |||
Mortgage Real Estate Investment Trusts - 0.1% | |||
AGNC Investment Corp. | 88,150 | 1,445,660 | |
Real Estate Management & Development - 0.0% | |||
The RMR Group, Inc. | 4,986 | 240,425 | |
Thrifts & Mortgage Finance - 0.4% | |||
Capitol Federal Financial, Inc. | 38,113 | 506,141 | |
HomeStreet, Inc. (a) | 10,758 | 306,065 | |
Kearny Financial Corp. | 26,120 | 350,269 | |
LendingTree, Inc. (a)(b) | 1,812 | 680,841 | |
Meridian Bancorp, Inc. Maryland | 17,895 | 309,047 | |
Meta Financial Group, Inc. | 9,296 | 243,276 | |
NMI Holdings, Inc. (a) | 20,429 | 556,895 | |
Northfield Bancorp, Inc. | 18,634 | 279,696 | |
Northwest Bancshares, Inc. | 28,120 | 471,572 | |
OceanFirst Financial Corp. | 15,023 | 357,848 | |
TFS Financial Corp. | 58,660 | 1,007,192 | |
Trustco Bank Corp., New York | 36,010 | 265,754 | |
United Financial Bancorp, Inc. New | 18,602 | 242,570 | |
Washington Federal, Inc. | 10,277 | 324,445 | |
WMI Holdings Corp. (a) | 15,005 | 113,588 | |
WSFS Financial Corp. | 15,890 | 630,674 | |
6,645,873 | |||
TOTAL FINANCIALS | 118,219,452 | ||
HEALTH CARE - 9.4% | |||
Biotechnology - 5.4% | |||
Abeona Therapeutics, Inc. (a) | 225 | 1,224 | |
AC Immune SA (a) | 21,144 | 106,989 | |
ACADIA Pharmaceuticals, Inc. (a)(b) | 20,100 | 482,199 | |
Acceleron Pharma, Inc. (a) | 12,664 | 505,167 | |
Acorda Therapeutics, Inc. (a) | 12,507 | 116,190 | |
Aduro Biotech, Inc. (a) | 13,792 | 44,824 | |
Agios Pharmaceuticals, Inc. (a)(b) | 8,790 | 405,834 | |
Aimmune Therapeutics, Inc. (a)(b) | 15,736 | 307,954 | |
Akebia Therapeutics, Inc. (a) | 17,098 | 76,086 | |
Alder Biopharmaceuticals, Inc. (a) | 16,671 | 180,380 | |
Alexion Pharmaceuticals, Inc. (a) | 31,801 | 3,615,138 | |
Alkermes PLC (a) | 24,701 | 532,060 | |
Allakos, Inc. (a)(b) | 3,410 | 133,672 | |
Allogene Therapeutics, Inc. (b) | 16,480 | 432,270 | |
Alnylam Pharmaceuticals, Inc. (a) | 14,661 | 989,911 | |
AMAG Pharmaceuticals, Inc. (a)(b) | 7,170 | 68,330 | |
Amarin Corp. PLC ADR (a)(b) | 50,510 | 895,542 | |
Amgen, Inc. | 87,740 | 14,626,258 | |
Amicus Therapeutics, Inc. (a) | 30,188 | 340,219 | |
AnaptysBio, Inc. (a)(b) | 4,653 | 338,785 | |
Anika Therapeutics, Inc. (a)(b) | 6,227 | 236,626 | |
Apellis Pharmaceuticals, Inc. (a) | 31,134 | 625,482 | |
Aquinox Pharmaceuticals, Inc. (a) | 4,514 | 11,782 | |
Aravive, Inc. (a) | 6,168 | 35,836 | |
Arena Pharmaceuticals, Inc. (a) | 10,760 | 570,388 | |
Argenx SE ADR (a) | 1,847 | 228,345 | |
ArQule, Inc. (a)(b) | 47,123 | 338,814 | |
Array BioPharma, Inc. (a)(b) | 38,884 | 1,027,315 | |
Arrowhead Pharmaceuticals, Inc. (a)(b) | 20,778 | 492,646 | |
Ascendis Pharma A/S sponsored ADR (a) | 7,493 | 934,077 | |
Atara Biotherapeutics, Inc. (a)(b) | 10,706 | 237,780 | |
Audentes Therapeutics, Inc. (a) | 9,562 | 335,817 | |
AVEO Pharmaceuticals, Inc. (a)(b) | 159,613 | 136,661 | |
AVROBIO, Inc. | 8,193 | 116,013 | |
Axovant Gene Therapies Ltd. (a) | 1,881 | 12,415 | |
BeiGene Ltd. ADR (a)(b) | 5,077 | 598,731 | |
Biogen, Inc. (a) | 27,715 | 6,077,622 | |
BioMarin Pharmaceutical, Inc. (a) | 27,182 | 2,235,448 | |
bluebird bio, Inc. (a)(b) | 7,501 | 899,520 | |
Blueprint Medicines Corp. (a) | 7,968 | 605,568 | |
Calyxt, Inc. (a) | 451 | 5,728 | |
CareDx, Inc. (a) | 9,535 | 301,497 | |
Celgene Corp. (a) | 93,266 | 8,747,418 | |
Celldex Therapeutics, Inc. (a) | 5,175 | 15,732 | |
China Biologic Products Holdings, Inc. (a)(b) | 4,231 | 379,986 | |
Coherus BioSciences, Inc. (a)(b) | 16,642 | 314,534 | |
Corvus Pharmaceuticals, Inc. (a) | 19,212 | 72,429 | |
CRISPR Therapeutics AG (a)(b) | 9,496 | 337,773 | |
Cytokinetics, Inc. (a) | 14,164 | 146,881 | |
CytomX Therapeutics, Inc. (a) | 10,252 | 99,034 | |
DBV Technologies SA sponsored ADR (a)(b) | 5,892 | 53,146 | |
Deciphera Pharmaceuticals, Inc. (a)(b) | 16,034 | 365,896 | |
Denali Therapeutics, Inc. (a)(b) | 35,783 | 682,382 | |
Dicerna Pharmaceuticals, Inc. (a) | 20,165 | 249,643 | |
Eagle Pharmaceuticals, Inc. (a) | 5,979 | 303,793 | |
Editas Medicine, Inc. (a)(b) | 10,830 | 222,557 | |
Enanta Pharmaceuticals, Inc. (a) | 5,330 | 482,205 | |
Epizyme, Inc. (a) | 7,750 | 106,485 | |
Esperion Therapeutics, Inc. (a) | 4,177 | 198,825 | |
Exact Sciences Corp. (a) | 17,284 | 1,791,141 | |
Exelixis, Inc. (a) | 41,884 | 820,508 | |
Fate Therapeutics, Inc. (a)(b) | 17,081 | 329,322 | |
FibroGen, Inc. (a) | 15,652 | 567,228 | |
Five Prime Therapeutics, Inc. (a) | 983 | 8,257 | |
Genomic Health, Inc. (a) | 11,701 | 611,377 | |
Gilead Sciences, Inc. | 176,293 | 10,974,239 | |
Global Blood Therapeutics, Inc. (a)(b) | 8,430 | 512,375 | |
GlycoMimetics, Inc. (a)(b) | 38,445 | 455,189 | |
Grifols SA ADR (b) | 31,820 | 559,714 | |
Halozyme Therapeutics, Inc. (a) | 27,866 | 411,024 | |
ImmunoGen, Inc. (a) | 20,902 | 37,624 | |
Immunomedics, Inc. (a)(b) | 28,592 | 373,697 | |
Incyte Corp. (a) | 26,225 | 2,062,072 | |
Inovio Pharmaceuticals, Inc. (a)(b) | 45,807 | 109,479 | |
Insmed, Inc. (a)(b) | 12,754 | 308,774 | |
Insys Therapeutics, Inc. (a)(b) | 12,034 | 9,116 | |
Intellia Therapeutics, Inc. (a)(b) | 10,876 | 150,959 | |
Intercept Pharmaceuticals, Inc. (a)(b) | 3,653 | 302,541 | |
Intrexon Corp. (a)(b) | 17,468 | 84,545 | |
Ionis Pharmaceuticals, Inc. (a)(b) | 21,943 | 1,439,461 | |
Iovance Biotherapeutics, Inc. (a) | 50,233 | 821,310 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 31,353 | 342,688 | |
Lexicon Pharmaceuticals, Inc. (a)(b) | 23,325 | 125,489 | |
Ligand Pharmaceuticals, Inc.: | |||
Class B (a)(b) | 3,141 | 337,281 | |
General CVR (a) | 1,530 | 28 | |
Glucagon CVR | 1,530 | 99 | |
rights (a) | 1,530 | 8 | |
TR Beta CVR (a) | 1,530 | 337 | |
Macrogenics, Inc. (a) | 14,106 | 258,704 | |
Madrigal Pharmaceuticals, Inc. (a)(b) | 2,365 | 218,526 | |
Marker Therapeutics, Inc. (a)(b) | 18,334 | 102,854 | |
Mirati Therapeutics, Inc. (a)(b) | 6,254 | 423,959 | |
Moderna, Inc. (b) | 45,102 | 937,220 | |
Momenta Pharmaceuticals, Inc. (a) | 14,992 | 174,357 | |
Myriad Genetics, Inc. (a) | 18,287 | 452,969 | |
Natera, Inc. (a) | 18,050 | 413,345 | |
Neurocrine Biosciences, Inc. (a) | 17,548 | 1,487,719 | |
Novavax, Inc. (a)(b) | 9,251 | 52,546 | |
Novelion Therapeutics, Inc. (a)(b) | 44,134 | 38,397 | |
Opko Health, Inc. (a)(b) | 75,637 | 135,390 | |
Polarityte, Inc. (a)(b) | 19,553 | 122,597 | |
Portola Pharmaceuticals, Inc. (a)(b) | 4,683 | 130,609 | |
Prothena Corp. PLC (a) | 5,596 | 52,155 | |
PTC Therapeutics, Inc. (a) | 12,171 | 488,057 | |
Puma Biotechnology, Inc. (a) | 4,497 | 66,511 | |
Ra Pharmaceuticals, Inc. (a) | 27,196 | 588,249 | |
Regeneron Pharmaceuticals, Inc. (a) | 15,628 | 4,715,280 | |
REGENXBIO, Inc. (a) | 8,958 | 385,373 | |
Repligen Corp. (a) | 12,323 | 856,079 | |
Retrophin, Inc. (a) | 13,572 | 251,489 | |
Rigel Pharmaceuticals, Inc. (a) | 196,177 | 417,857 | |
Rocket Pharmaceuticals, Inc. (a)(b) | 19,320 | 315,496 | |
Rubius Therapeutics, Inc. (b) | 29,144 | 421,422 | |
Sage Therapeutics, Inc. (a)(b) | 7,022 | 1,206,871 | |
Sangamo Therapeutics, Inc. (a)(b) | 18,101 | 158,384 | |
Sarepta Therapeutics, Inc. (a)(b) | 11,304 | 1,286,960 | |
Scholar Rock Holding Corp. (b) | 12,292 | 225,435 | |
Seattle Genetics, Inc. (a) | 25,276 | 1,644,709 | |
Solid Biosciences, Inc. (a)(b) | 9,520 | 52,646 | |
Spark Therapeutics, Inc. (a) | 6,234 | 679,506 | |
Spectrum Pharmaceuticals, Inc. (a) | 26,758 | 196,939 | |
Tobira Therapeutics, Inc. rights (a)(c) | 1,750 | 13,860 | |
Ultragenyx Pharmaceutical, Inc. (a) | 7,679 | 421,807 | |
uniQure B.V. (a) | 16,231 | 962,661 | |
United Therapeutics Corp. (a) | 7,010 | 588,630 | |
Vertex Pharmaceuticals, Inc. (a) | 36,113 | 6,001,258 | |
Viking Therapeutics, Inc. (a)(b) | 14,447 | 111,097 | |
Voyager Therapeutics, Inc. (a) | 28,951 | 631,421 | |
Xencor, Inc. (a) | 13,648 | 420,904 | |
ZIOPHARM Oncology, Inc. (a)(b) | 23,248 | 99,501 | |
104,797,493 | |||
Health Care Equipment & Supplies - 1.8% | |||
Abiomed, Inc. (a) | 7,680 | 2,011,546 | |
Align Technology, Inc. (a) | 11,742 | 3,338,838 | |
Atrion Corp. | 503 | 444,255 | |
AxoGen, Inc. (a) | 10,058 | 210,514 | |
Cardiovascular Systems, Inc. (a) | 13,045 | 508,103 | |
CONMED Corp. | 7,653 | 615,913 | |
Dentsply Sirona, Inc. | 38,516 | 2,074,857 | |
DexCom, Inc. (a) | 15,013 | 1,821,077 | |
Heska Corp. (a) | 2,290 | 160,529 | |
Hologic, Inc. (a) | 49,359 | 2,172,290 | |
ICU Medical, Inc. (a) | 3,017 | 642,018 | |
IDEXX Laboratories, Inc. (a) | 11,797 | 2,946,537 | |
Inogen, Inc. (a) | 3,745 | 241,440 | |
Insulet Corp. (a)(b) | 10,444 | 1,146,647 | |
Integra LifeSciences Holdings Corp. (a) | 12,402 | 577,933 | |
Intuitive Surgical, Inc. (a) | 16,129 | 7,497,566 | |
iRhythm Technologies, Inc. (a)(b) | 6,830 | 467,582 | |
Lantheus Holdings, Inc. (a) | 8,284 | 198,733 | |
LeMaitre Vascular, Inc. | 8,038 | 207,461 | |
LivaNova PLC (a) | 7,973 | 573,259 | |
Masimo Corp. (a) | 7,650 | 1,000,161 | |
Meridian Bioscience, Inc. | 18,356 | 207,423 | |
Merit Medical Systems, Inc. (a) | 10,201 | 526,678 | |
Natus Medical, Inc. (a) | 15,352 | 382,265 | |
Neogen Corp. (a) | 10,454 | 589,083 | |
Novocure Ltd. (a)(b) | 15,960 | 847,795 | |
NuVasive, Inc. (a) | 8,218 | 476,315 | |
OraSure Technologies, Inc. (a) | 21,071 | 174,889 | |
Orthofix International NV (a) | 5,672 | 279,800 | |
Quidel Corp. (a) | 8,986 | 496,926 | |
Tactile Systems Technology, Inc. (a)(b) | 5,473 | 262,868 | |
Tandem Diabetes Care, Inc. (a) | 10,652 | 730,301 | |
Varex Imaging Corp. (a) | 11,348 | 302,765 | |
Wright Medical Group NV (a)(b) | 10,691 | 328,428 | |
34,462,795 | |||
Health Care Providers & Services - 0.5% | |||
Acadia Healthcare Co., Inc. (a)(b) | 15,346 | 494,448 | |
Amedisys, Inc. (a) | 7,410 | 832,217 | |
Apollo Medical Holdings, Inc. (a) | 2,459 | 43,869 | |
BioTelemetry, Inc. (a) | 11,431 | 547,088 | |
Corvel Corp. (a) | 6,423 | 475,174 | |
Covetrus, Inc. (a)(b) | 19,207 | 473,645 | |
G1 Therapeutics, Inc. (a) | 8,889 | 186,313 | |
Guardant Health, Inc. (b) | 13,240 | 1,017,891 | |
HealthEquity, Inc. (a) | 10,844 | 708,764 | |
Henry Schein, Inc. (a) | 19,441 | 1,253,167 | |
LHC Group, Inc. (a) | 3,310 | 374,957 | |
Magellan Health Services, Inc. (a) | 4,127 | 272,506 | |
National Research Corp. Class A | 9,322 | 475,329 | |
National Vision Holdings, Inc. (a) | 11,527 | 313,880 | |
OptiNose, Inc. (a)(b) | 33,805 | 256,580 | |
Patterson Companies, Inc. | 7,417 | 155,905 | |
Premier, Inc. (a) | 8,954 | 329,060 | |
Surgery Partners, Inc. (a) | 8,399 | 71,979 | |
The Ensign Group, Inc. | 15,399 | 820,151 | |
Tivity Health, Inc. (a)(b) | 13,565 | 248,240 | |
9,351,163 | |||
Health Care Technology - 0.3% | |||
Allscripts Healthcare Solutions, Inc. (a) | 18,231 | 177,388 | |
Cerner Corp. | 44,729 | 3,129,688 | |
HMS Holdings Corp. (a) | 24,734 | 752,656 | |
Inovalon Holdings, Inc. Class A (a)(b) | 21,618 | 298,112 | |
Medidata Solutions, Inc. (a)(b) | 10,251 | 934,379 | |
NantHealth, Inc. (a)(b) | 30,401 | 16,392 | |
Nextgen Healthcare, Inc. (a) | 23,615 | 454,589 | |
Omnicell, Inc. (a) | 10,695 | 849,718 | |
6,612,922 | |||
Life Sciences Tools & Services - 0.7% | |||
Accelerate Diagnostics, Inc. (a)(b) | 11,642 | 220,150 | |
Bio-Techne Corp. | 7,597 | 1,504,586 | |
Bruker Corp. | 26,223 | 1,095,335 | |
ICON PLC (a) | 8,745 | 1,237,942 | |
Illumina, Inc. (a) | 20,941 | 6,427,002 | |
Luminex Corp. | 16,032 | 338,275 | |
Medpace Holdings, Inc. (a) | 11,050 | 596,479 | |
NeoGenomics, Inc. (a) | 35,846 | 778,217 | |
Pacific Biosciences of California, Inc. (a) | 36,558 | 244,939 | |
PRA Health Sciences, Inc. (a) | 9,276 | 804,507 | |
Syneos Health, Inc. (a) | 17,255 | 711,424 | |
13,958,856 | |||
Pharmaceuticals - 0.7% | |||
Aerie Pharmaceuticals, Inc. (a) | 10,041 | 365,693 | |
Akcea Therapeutics, Inc. (a)(b) | 14,885 | 313,180 | |
Amphastar Pharmaceuticals, Inc. (a) | 16,101 | 309,944 | |
ANI Pharmaceuticals, Inc. rights (a)(c) | 739 | 0 | |
AstraZeneca PLC rights (a)(c) | 1,845 | 0 | |
Athenex, Inc. (a) | 14,762 | 213,311 | |
BeyondSpring, Inc. (a)(b) | 5,121 | 80,707 | |
Clementia Pharmaceuticals, Inc. rights 12/31/99 (a)(c) | 20,215 | 27,290 | |
Corcept Therapeutics, Inc. (a)(b) | 22,941 | 224,363 | |
Cyclerion Therapeutics, Inc. (a) | 3,129 | 43,650 | |
Dermira, Inc. (a) | 2,663 | 24,872 | |
Dova Pharmaceuticals, Inc. (a)(b) | 7,993 | 70,498 | |
Endo International PLC (a) | 23,441 | 116,033 | |
Evolus, Inc. (a) | 16,348 | 222,333 | |
GW Pharmaceuticals PLC ADR (a)(b) | 4,401 | 762,429 | |
Horizon Pharma PLC (a) | 30,794 | 733,821 | |
InflaRx NV (a) | 481 | 17,311 | |
Innoviva, Inc. (a)(b) | 22,663 | 309,803 | |
Intersect ENT, Inc. (a) | 9,699 | 228,702 | |
Intra-Cellular Therapies, Inc. (a) | 11,762 | 152,788 | |
Jazz Pharmaceuticals PLC (a) | 9,994 | 1,254,747 | |
Kala Pharmaceuticals, Inc. (a) | 4,373 | 24,183 | |
Mylan NV (a) | 64,080 | 1,076,544 | |
MyoKardia, Inc. (a) | 7,551 | 351,726 | |
Nektar Therapeutics (a) | 25,156 | 787,886 | |
ObsEva SA (a) | 7,330 | 92,431 | |
Omeros Corp. (a)(b) | 8,104 | 144,089 | |
Pacira Biosciences, Inc. (a) | 7,695 | 334,809 | |
Reata Pharmaceuticals, Inc. (a)(b) | 6,399 | 545,643 | |
Revance Therapeutics, Inc. (a) | 11,748 | 126,526 | |
Rhythm Pharmaceuticals, Inc. (a)(b) | 17,574 | 442,689 | |
Sanofi SA sponsored ADR | 37,456 | 1,514,346 | |
Supernus Pharmaceuticals, Inc. (a) | 11,651 | 349,880 | |
The Medicines Company (a)(b) | 14,674 | 523,128 | |
TherapeuticsMD, Inc. (a)(b) | 48,638 | 148,832 | |
Theravance Biopharma, Inc. (a) | 15,386 | 255,715 | |
Tricida, Inc. (b) | 15,160 | 556,978 | |
WAVE Life Sciences (a) | 7,314 | 167,710 | |
Zogenix, Inc. (a) | 16,677 | 628,556 | |
13,543,146 | |||
TOTAL HEALTH CARE | 182,726,375 | ||
INDUSTRIALS - 4.2% | |||
Aerospace & Defense - 0.2% | |||
AeroVironment, Inc. (a) | 2,904 | 188,034 | |
Axon Enterprise, Inc. (a)(b) | 12,194 | 814,315 | |
Elbit Systems Ltd. (b) | 8,146 | 1,157,710 | |
Kratos Defense & Security Solutions, Inc. (a) | 26,719 | 589,154 | |
Mercury Systems, Inc. (a) | 10,124 | 696,126 | |
3,445,339 | |||
Air Freight & Logistics - 0.3% | |||
Air Transport Services Group, Inc. (a) | 17,782 | 390,137 | |
Atlas Air Worldwide Holdings, Inc. (a) | 7,294 | 258,135 | |
C.H. Robinson Worldwide, Inc. | 22,135 | 1,762,610 | |
Expeditors International of Washington, Inc. | 27,456 | 1,910,663 | |
Forward Air Corp. | 8,200 | 457,806 | |
Hub Group, Inc. Class A (a) | 10,150 | 395,444 | |
5,174,795 | |||
Airlines - 0.4% | |||
Allegiant Travel Co. | 3,320 | 465,165 | |
American Airlines Group, Inc. | 64,659 | 1,760,665 | |
Hawaiian Holdings, Inc. | 9,393 | 234,637 | |
JetBlue Airways Corp. (a) | 47,724 | 822,285 | |
Ryanair Holdings PLC sponsored ADR (a) | 18,129 | 1,182,373 | |
SkyWest, Inc. | 10,781 | 633,060 | |
United Continental Holdings, Inc. (a) | 43,923 | 3,410,621 | |
8,508,806 | |||
Building Products - 0.1% | |||
AAON, Inc. | 23,170 | 1,051,686 | |
American Woodmark Corp. (a) | 2,351 | 170,424 | |
Apogee Enterprises, Inc. | 6,851 | 248,349 | |
Builders FirstSource, Inc. (a) | 10,234 | 144,095 | |
Caesarstone Sdot-Yam Ltd. (b) | 4,360 | 60,473 | |
Gibraltar Industries, Inc. (a) | 9,930 | 354,501 | |
Patrick Industries, Inc. (a) | 7,094 | 289,364 | |
Universal Forest Products, Inc. | 4,969 | 160,250 | |
2,479,142 | |||
Commercial Services & Supplies - 0.6% | |||
Casella Waste Systems, Inc. Class A (a) | 14,018 | 542,777 | |
Cimpress NV (a)(b) | 5,745 | 502,688 | |
Cintas Corp. | 14,600 | 3,238,718 | |
Copart, Inc. (a) | 36,453 | 2,605,660 | |
Healthcare Services Group, Inc. | 8,437 | 266,694 | |
Herman Miller, Inc. | 25,389 | 901,056 | |
Interface, Inc. | 17,251 | 249,622 | |
Kimball International, Inc. Class B | 16,060 | 247,966 | |
Matthews International Corp. Class A | 8,528 | 290,208 | |
McGrath RentCorp. | 7,428 | 417,676 | |
Mobile Mini, Inc. | 11,715 | 359,299 | |
Multi-Color Corp. | 5,692 | 283,120 | |
SP Plus Corp. (a) | 8,891 | 275,888 | |
Stericycle, Inc. (a) | 10,504 | 487,176 | |
Tetra Tech, Inc. | 6,373 | 430,305 | |
U.S. Ecology, Inc. | 6,430 | 382,714 | |
11,481,567 | |||
Construction & Engineering - 0.0% | |||
Aegion Corp. (a) | 13,635 | 196,344 | |
Primoris Services Corp. | 14,751 | 269,058 | |
465,402 | |||
Electrical Equipment - 0.1% | |||
Ballard Power Systems, Inc. (a) | 44,572 | 171,152 | |
Encore Wire Corp. | 6,732 | 335,994 | |
Sunrun, Inc. (a)(b) | 28,581 | 447,578 | |
TPI Composites, Inc. (a) | 10,291 | 214,567 | |
1,169,291 | |||
Industrial Conglomerates - 0.1% | |||
Icahn Enterprises LP | 29,033 | 2,009,084 | |
Raven Industries, Inc. | 10,616 | 347,674 | |
2,356,758 | |||
Machinery - 0.6% | |||
Altra Industrial Motion Corp. | 8,815 | 276,527 | |
Astec Industries, Inc. | 2,675 | 78,725 | |
Chart Industries, Inc. (a) | 8,082 | 619,324 | |
Columbus McKinnon Corp. (NY Shares) | 8,093 | 293,452 | |
Franklin Electric Co., Inc. | 20,603 | 903,029 | |
Kornit Digital Ltd. (a) | 8,028 | 227,754 | |
Lincoln Electric Holdings, Inc. | 9,568 | 726,594 | |
Middleby Corp. (a)(b) | 8,696 | 1,134,567 | |
Nordson Corp. | 8,732 | 1,096,914 | |
Omega Flex, Inc. | 3,992 | 340,997 | |
PACCAR, Inc. | 47,991 | 3,158,768 | |
RBC Bearings, Inc. (a) | 2,858 | 406,693 | |
Sun Hydraulics Corp. | 17,652 | 736,971 | |
TriMas Corp. (a) | 14,227 | 407,604 | |
Woodward, Inc. | 8,192 | 892,273 | |
11,300,192 | |||
Marine - 0.0% | |||
Golden Ocean Group Ltd. (b) | 47,321 | 215,785 | |
Star Bulk Carriers Corp. (a)(b) | 27,031 | 206,787 | |
422,572 | |||
Professional Services - 0.6% | |||
51job, Inc. sponsored ADR (a) | 7,081 | 498,148 | |
CoStar Group, Inc. (a) | 6,336 | 3,229,079 | |
Exponent, Inc. | 5,858 | 328,341 | |
Forrester Research, Inc. | 6,985 | 318,027 | |
Huron Consulting Group, Inc. (a) | 8,026 | 395,120 | |
ICF International, Inc. | 5,995 | 436,976 | |
IHS Markit Ltd. (a) | 64,552 | 3,704,639 | |
Kelly Services, Inc. Class A (non-vtg.) | 12,304 | 289,144 | |
Verisk Analytics, Inc. | 22,508 | 3,151,120 | |
12,350,594 | |||
Road & Rail - 0.9% | |||
AMERCO | 2,849 | 1,049,059 | |
ArcBest Corp. | 9,074 | 227,485 | |
Avis Budget Group, Inc. (a) | 13,658 | 387,341 | |
CSX Corp. | 114,408 | 8,519,964 | |
Heartland Express, Inc. | 24,254 | 433,662 | |
J.B. Hunt Transport Services, Inc. | 14,608 | 1,243,725 | |
Landstar System, Inc. | 5,473 | 526,776 | |
Lyft, Inc. (b) | 47,383 | 2,730,208 | |
Marten Transport Ltd. | 16,958 | 298,800 | |
Old Dominion Freight Lines, Inc. | 12,874 | 1,705,033 | |
Saia, Inc. (a) | 6,853 | 404,327 | |
Universal Logistics Holdings, Inc. | 12,008 | 226,591 | |
Werner Enterprises, Inc. (b) | 10,190 | 284,097 | |
18,037,068 | |||
Trading Companies & Distributors - 0.3% | |||
Beacon Roofing Supply, Inc. (a) | 5,858 | 202,452 | |
BMC Stock Holdings, Inc. (a) | 20,436 | 409,333 | |
Fastenal Co. | 76,114 | 2,328,327 | |
H&E Equipment Services, Inc. | 7,145 | 173,695 | |
HD Supply Holdings, Inc. (a) | 28,062 | 1,164,292 | |
Rush Enterprises, Inc. Class A | 9,998 | 352,629 | |
4,630,728 | |||
Transportation Infrastructure - 0.0% | |||
Yangtze River Port & Logisti (a)(b) | 32,208 | 22,607 | |
TOTAL INDUSTRIALS | 81,844,861 | ||
INFORMATION TECHNOLOGY - 31.9% | |||
Communications Equipment - 2.1% | |||
Acacia Communications, Inc. (a) | 10,479 | 488,321 | |
ADTRAN, Inc. | 17,108 | 268,253 | |
Cisco Systems, Inc. | 606,700 | 31,566,601 | |
CommScope Holding Co., Inc. (a) | 28,361 | 458,030 | |
EchoStar Holding Corp. Class A (a) | 8,331 | 356,400 | |
Extreme Networks, Inc. (a) | 12,130 | 68,292 | |
F5 Networks, Inc. (a) | 9,340 | 1,233,627 | |
Finisar Corp. (a) | 25,421 | 533,333 | |
InterDigital, Inc. | 5,104 | 324,206 | |
Ituran Location & Control Ltd. | 8,930 | 277,812 | |
Lumentum Holdings, Inc. (a) | 13,936 | 563,990 | |
NETGEAR, Inc. (a) | 8,397 | 211,604 | |
NetScout Systems, Inc. (a) | 14,792 | 362,552 | |
Quantenna Communications, Inc. (a) | 14,988 | 363,609 | |
Radware Ltd. (a) | 15,729 | 366,800 | |
Sierra Wireless, Inc. (a) | 8,683 | 104,715 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (b) | 77,208 | 746,601 | |
Ubiquiti Networks, Inc. (b) | 13,278 | 1,597,476 | |
ViaSat, Inc. (a)(b) | 8,897 | 774,306 | |
Viavi Solutions, Inc. (a) | 43,522 | 524,440 | |
41,190,968 | |||
Electronic Equipment & Components - 1.0% | |||
Avnet, Inc. | 17,958 | 733,405 | |
Cardtronics PLC (a)(b) | 9,977 | 301,305 | |
Casa Systems, Inc. (a) | 28,558 | 160,496 | |
CDW Corp. | 23,666 | 2,329,681 | |
Cognex Corp. | 28,035 | 1,138,221 | |
Coherent, Inc. (a) | 2,888 | 317,767 | |
Control4 Corp. (a) | 10,903 | 257,965 | |
ePlus, Inc. (a) | 4,586 | 324,047 | |
Flextronics International Ltd. (a) | 65,212 | 582,995 | |
FLIR Systems, Inc. | 23,649 | 1,142,956 | |
Hollysys Automation Technologies Ltd. | 17,538 | 312,527 | |
II-VI, Inc. (a)(b) | 11,264 | 354,028 | |
Insight Enterprises, Inc. (a) | 10,064 | 518,095 | |
IPG Photonics Corp. (a) | 7,721 | 966,438 | |
Itron, Inc. (a) | 13,028 | 738,036 | |
Littelfuse, Inc. | 3,605 | 588,372 | |
MTS Systems Corp. | 6,263 | 339,830 | |
National Instruments Corp. | 25,690 | 991,377 | |
Novanta, Inc. (a) | 8,966 | 717,459 | |
OSI Systems, Inc. (a) | 5,808 | 601,651 | |
PC Connection, Inc. | 10,046 | 318,860 | |
Plexus Corp. (a) | 8,789 | 435,319 | |
Sanmina Corp. (a) | 18,800 | 499,892 | |
ScanSource, Inc. (a) | 9,573 | 279,627 | |
Tech Data Corp. (a) | 5,705 | 517,158 | |
Trimble, Inc. (a) | 45,186 | 1,802,921 | |
TTM Technologies, Inc. (a) | 29,483 | 251,490 | |
Zebra Technologies Corp. Class A (a) | 8,859 | 1,518,787 | |
19,040,705 | |||
Internet Software & Services - 0.0% | |||
AGM Group Holdings, Inc. (a) | 330 | 4,785 | |
IT Services - 3.2% | |||
Akamai Technologies, Inc. (a) | 29,550 | 2,226,888 | |
Amdocs Ltd. | 25,210 | 1,497,978 | |
Automatic Data Processing, Inc. | 61,936 | 9,917,192 | |
Carbonite, Inc. (a) | 10,985 | 260,015 | |
Cass Information Systems, Inc. | 5,914 | 266,544 | |
Cognizant Technology Solutions Corp. Class A | 82,817 | 5,128,857 | |
CSG Systems International, Inc. | 9,674 | 433,879 | |
Endurance International Group Holdings, Inc. (a) | 41,797 | 185,997 | |
Euronet Worldwide, Inc. (a) | 7,075 | 1,096,908 | |
ExlService Holdings, Inc. (a) | 8,997 | 533,162 | |
Fiserv, Inc. (a) | 58,430 | 5,016,800 | |
Jack Henry & Associates, Inc. | 14,344 | 1,882,220 | |
ManTech International Corp. Class A | 5,485 | 336,614 | |
MoneyGram International, Inc. (a) | 16,077 | 22,347 | |
MongoDB, Inc. Class A (a)(b) | 6,045 | 848,355 | |
NIC, Inc. | 23,312 | 372,060 | |
Okta, Inc. (a)(b) | 16,578 | 1,876,961 | |
Paychex, Inc. | 48,759 | 4,183,035 | |
PayPal Holdings, Inc. (a) | 161,818 | 17,759,526 | |
Presidio, Inc. | 27,225 | 360,731 | |
QIWI PLC Class B sponsored ADR | 10,853 | 182,547 | |
Sabre Corp. | 42,575 | 863,421 | |
Sykes Enterprises, Inc. (a) | 13,606 | 336,885 | |
Ttec Holdings, Inc. | 13,059 | 518,181 | |
Tucows, Inc. (a)(b) | 4,916 | 291,273 | |
VeriSign, Inc. (a) | 19,580 | 3,817,708 | |
Virtusa Corp. (a) | 8,993 | 381,303 | |
Wix.com Ltd. (a) | 8,049 | 1,105,450 | |
61,702,837 | |||
Semiconductors & Semiconductor Equipment - 7.3% | |||
Advanced Energy Industries, Inc. (a) | 6,407 | 321,439 | |
Advanced Micro Devices, Inc. (a) | 162,024 | 4,441,078 | |
Ambarella, Inc. (a)(b) | 6,879 | 260,783 | |
Amkor Technology, Inc. (a) | 25,157 | 163,017 | |
Analog Devices, Inc. | 51,201 | 4,947,041 | |
Applied Materials, Inc. | 134,806 | 5,215,644 | |
ASML Holding NV | 11,086 | 2,084,722 | |
Axcelis Technologies, Inc. (a) | 9,932 | 147,292 | |
Broadcom, Inc. | 55,090 | 13,862,848 | |
Brooks Automation, Inc. | 18,319 | 650,141 | |
Cabot Microelectronics Corp. | 4,651 | 453,333 | |
Canadian Solar, Inc. (a) | 20,973 | 400,375 | |
Ceva, Inc. (a) | 4,699 | 107,278 | |
Cirrus Logic, Inc. (a) | 6,157 | 230,087 | |
Cree, Inc. (a) | 16,613 | 916,041 | |
Cypress Semiconductor Corp. | 59,915 | 1,067,685 | |
Diodes, Inc. (a) | 14,329 | 443,196 | |
Entegris, Inc. | 24,756 | 850,121 | |
First Solar, Inc. (a) | 13,501 | 783,598 | |
FormFactor, Inc. (a) | 25,745 | 369,698 | |
Himax Technologies, Inc. sponsored ADR (b) | 18,223 | 61,412 | |
Intel Corp. | 614,641 | 27,068,790 | |
KLA-Tencor Corp. | 23,007 | 2,371,331 | |
Kulicke & Soffa Industries, Inc. | 18,725 | 363,078 | |
Lam Research Corp. | 22,552 | 3,937,805 | |
Marvell Technology Group Ltd. | 111,123 | 2,478,043 | |
Maxim Integrated Products, Inc. | 39,894 | 2,098,025 | |
Mellanox Technologies Ltd. (a) | 8,901 | 977,152 | |
Microchip Technology, Inc. (b) | 31,646 | 2,532,629 | |
Micron Technology, Inc. (a) | 164,630 | 5,368,584 | |
MKS Instruments, Inc. | 8,458 | 604,409 | |
Monolithic Power Systems, Inc. | 6,633 | 772,413 | |
Nova Measuring Instruments Ltd. (a)(b) | 11,632 | 294,871 | |
NVIDIA Corp. | 84,883 | 11,498,251 | |
NXP Semiconductors NV | 49,350 | 4,350,696 | |
ON Semiconductor Corp. (a) | 75,309 | 1,337,488 | |
Power Integrations, Inc. | 3,751 | 244,415 | |
Qorvo, Inc. (a) | 20,071 | 1,227,944 | |
Qualcomm, Inc. | 163,853 | 10,948,657 | |
Rambus, Inc. (a) | 30,962 | 351,728 | |
Semtech Corp. (a) | 15,037 | 598,924 | |
Silicon Laboratories, Inc. (a) | 8,219 | 769,052 | |
Silicon Motion Technology Corp. sponsored ADR | 9,804 | 373,630 | |
Skyworks Solutions, Inc. | 25,988 | 1,731,580 | |
SolarEdge Technologies, Inc. (a)(b) | 8,139 | 436,088 | |
SunPower Corp. (a)(b) | 18,656 | 139,174 | |
Synaptics, Inc. (a)(b) | 8,512 | 225,142 | |
Teradyne, Inc. | 26,097 | 1,099,728 | |
Texas Instruments, Inc. | 134,961 | 14,077,782 | |
Tower Semiconductor Ltd. (a) | 12,076 | 179,932 | |
Universal Display Corp. (b) | 7,348 | 1,079,642 | |
Xilinx, Inc. | 35,534 | 3,635,484 | |
Xperi Corp. | 8,983 | 188,733 | |
141,138,029 | |||
Software - 11.9% | |||
2U, Inc. (a)(b) | 11,134 | 422,981 | |
ACI Worldwide, Inc. (a) | 23,441 | 737,454 | |
Adobe, Inc. (a) | 66,901 | 18,123,481 | |
Alarm.com Holdings, Inc. (a) | 11,994 | 699,370 | |
ANSYS, Inc. (a) | 15,470 | 2,776,865 | |
Aspen Technology, Inc. (a) | 14,082 | 1,599,856 | |
Atlassian Corp. PLC (a) | 19,211 | 2,418,281 | |
Autodesk, Inc. (a) | 30,480 | 4,904,537 | |
Benefitfocus, Inc. (a) | 10,875 | 308,415 | |
Blackbaud, Inc. | 9,844 | 757,200 | |
BlackLine, Inc. (a)(b) | 13,039 | 670,335 | |
Bottomline Technologies, Inc. (a) | 10,113 | 441,736 | |
Cadence Design Systems, Inc. (a) | 37,976 | 2,414,134 | |
Carbon Black, Inc. | 9,932 | 149,477 | |
CDK Global, Inc. | 25,074 | 1,213,582 | |
Check Point Software Technologies Ltd. (a) | 23,445 | 2,585,515 | |
Citrix Systems, Inc. | 20,481 | 1,927,672 | |
CommVault Systems, Inc. (a) | 7,355 | 338,698 | |
Cornerstone OnDemand, Inc. (a) | 13,771 | 733,030 | |
Coupa Software, Inc. (a) | 11,945 | 1,304,513 | |
CyberArk Software Ltd. (a) | 8,726 | 1,152,268 | |
Descartes Systems Group, Inc. (Canada) (a) | 19,050 | 764,058 | |
DocuSign, Inc. (a) | 23,590 | 1,322,455 | |
Dropbox, Inc. Class A (a) | 28,579 | 644,742 | |
Ebix, Inc. (b) | 6,087 | 285,663 | |
Everbridge, Inc. (a) | 8,947 | 703,592 | |
FireEye, Inc. (a) | 20,379 | 297,330 | |
Five9, Inc. (a) | 15,002 | 770,353 | |
Fortinet, Inc. (a) | 31,430 | 2,278,046 | |
Intuit, Inc. | 36,605 | 8,962,734 | |
j2 Global, Inc. | 10,531 | 887,658 | |
LivePerson, Inc. (a) | 19,375 | 539,206 | |
LogMeIn, Inc. | 10,472 | 752,204 | |
Magic Software Enterprises Ltd. | 7,663 | 65,519 | |
Manhattan Associates, Inc. (a) | 12,762 | 835,528 | |
Microsoft Corp. | 1,075,739 | 133,047,383 | |
MicroStrategy, Inc. Class A (a) | 2,997 | 398,331 | |
Mimecast Ltd. (a) | 14,950 | 678,730 | |
Monotype Imaging Holdings, Inc. | 15,074 | 245,555 | |
NICE Systems Ltd. sponsored ADR (a) | 9,096 | 1,272,076 | |
Nuance Communications, Inc. (a) | 48,496 | 832,676 | |
Nutanix, Inc. Class A (a) | 22,010 | 617,821 | |
Open Text Corp. | 50,609 | 2,012,228 | |
Parametric Technology Corp. (a) | 22,120 | 1,859,407 | |
Paylocity Holding Corp. (a) | 10,615 | 1,063,835 | |
Pegasystems, Inc. | 15,443 | 1,114,058 | |
Progress Software Corp. | 12,620 | 516,915 | |
Proofpoint, Inc. (a) | 8,897 | 999,667 | |
Qualys, Inc. (a) | 8,119 | 719,425 | |
Rapid7, Inc. (a) | 13,257 | 692,678 | |
RealPage, Inc. (a) | 17,103 | 997,447 | |
Sapiens International Corp. NV | 25,300 | 397,716 | |
Splunk, Inc. (a) | 25,422 | 2,897,854 | |
SPS Commerce, Inc. (a) | 5,237 | 533,807 | |
SS&C Technologies Holdings, Inc. | 43,469 | 2,419,050 | |
StoneCo Ltd. Class A (a)(b) | 15,745 | 396,774 | |
SurveyMonkey | 14,726 | 253,287 | |
Symantec Corp. | 86,447 | 1,619,152 | |
Synopsys, Inc. (a) | 22,752 | 2,649,243 | |
Talend SA ADR (a) | 7,751 | 361,507 | |
Tenable Holdings, Inc. | 7,976 | 222,132 | |
The Trade Desk, Inc. (a)(b) | 5,648 | 1,122,879 | |
TiVo Corp. | 14,350 | 103,320 | |
Upwork, Inc. | 15,130 | 226,647 | |
Varonis Systems, Inc. (a) | 7,417 | 463,859 | |
Verint Systems, Inc. (a) | 12,022 | 682,249 | |
Workday, Inc. Class A (a) | 21,053 | 4,297,338 | |
Zscaler, Inc. (a)(b) | 20,558 | 1,410,896 | |
231,914,430 | |||
Technology Hardware, Storage & Peripherals - 6.4% | |||
Apple, Inc. | 664,283 | 116,296,025 | |
Cray, Inc. (a) | 15,898 | 556,589 | |
Electronics for Imaging, Inc. (a) | 12,712 | 465,895 | |
Logitech International SA (b) | 32,829 | 1,183,814 | |
NetApp, Inc. | 36,667 | 2,170,686 | |
Seagate Technology LLC | 49,263 | 2,061,657 | |
Stratasys Ltd. (a)(b) | 14,565 | 319,119 | |
Western Digital Corp. | 39,529 | 1,471,269 | |
124,525,054 | |||
TOTAL INFORMATION TECHNOLOGY | 619,516,808 | ||
MATERIALS - 0.3% | |||
Chemicals - 0.1% | |||
A. Schulman, Inc. rights (a)(c) | 7,892 | 3,417 | |
Balchem Corp. | 3,344 | 303,267 | |
Innophos Holdings, Inc. | 4,330 | 115,135 | |
Innospec, Inc. | 6,854 | 553,186 | |
Loop Industries, Inc. (a)(b) | 4,993 | 42,191 | |
Methanex Corp. | 15,908 | 662,166 | |
1,679,362 | |||
Containers & Packaging - 0.0% | |||
Silgan Holdings, Inc. | 12,660 | 367,013 | |
Metals & Mining - 0.2% | |||
Ferroglobe PLC | 27,880 | 41,262 | |
Ferroglobe Representation & Warranty Insurance (a)(c) | 7,187 | 0 | |
Kaiser Aluminum Corp. | 4,412 | 393,197 | |
Pan American Silver Corp. | 28,305 | 307,675 | |
Royal Gold, Inc. | 10,305 | 906,737 | |
Schnitzer Steel Industries, Inc. Class A | 10,434 | 220,262 | |
SSR Mining, Inc. (a)(b) | 27,523 | 321,332 | |
Steel Dynamics, Inc. | 36,166 | 909,575 | |
3,100,040 | |||
Paper & Forest Products - 0.0% | |||
Mercer International, Inc. (SBI) | 24,270 | 347,789 | |
TOTAL MATERIALS | 5,494,204 | ||
REAL ESTATE - 1.2% | |||
Equity Real Estate Investment Trusts (REITs) - 1.1% | |||
Brookfield Property REIT, Inc. Class A | 24,364 | 449,272 | |
CareTrust (REIT), Inc. | 26,104 | 634,588 | |
CIM Commercial Trust Corp. | 18,636 | 388,561 | |
CyrusOne, Inc. | 16,938 | 1,000,020 | |
Equinix, Inc. | 14,234 | 6,914,735 | |
Gaming & Leisure Properties | 39,599 | 1,563,765 | |
Government Properties Income Trust | 9,681 | 231,473 | |
Hospitality Properties Trust (SBI) | 23,555 | 585,813 | |
Industrial Logistics Properties Trust | 19,813 | 373,673 | |
Lamar Advertising Co. Class A | 13,971 | 1,092,672 | |
Potlatch Corp. | 10,381 | 349,321 | |
Regency Centers Corp. | 26,022 | 1,716,411 | |
Retail Opportunity Investments Corp. | 29,049 | 486,280 | |
Sabra Health Care REIT, Inc. | 20,652 | 398,377 | |
SBA Communications Corp. Class A (a) | 20,809 | 4,503,276 | |
Senior Housing Properties Trust (SBI) | 41,710 | 328,675 | |
Uniti Group, Inc. (b) | 28,538 | 274,250 | |
21,291,162 | |||
Real Estate Management & Development - 0.1% | |||
Brookfield Property Partners LP | 71,045 | 1,314,616 | |
Colliers International Group, Inc. (b) | 8,418 | 518,558 | |
Cresud S.A.C.I.F. y A. sponsored ADR | 10,173 | 101,527 | |
FirstService Corp. | 8,335 | 753,151 | |
Newmark Group, Inc. | 27,810 | 221,924 | |
Redfin Corp. (a)(b) | 3,010 | 47,438 | |
2,957,214 | |||
TOTAL REAL ESTATE | 24,248,376 | ||
UTILITIES - 0.5% | |||
Electric Utilities - 0.4% | |||
Alliant Energy Corp. | 40,621 | 1,927,873 | |
MGE Energy, Inc. | 9,057 | 599,936 | |
Otter Tail Corp. | 10,862 | 539,516 | |
Xcel Energy, Inc. | 76,835 | 4,405,719 | |
7,473,044 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
Atlantica Yield PLC | 19,110 | 409,910 | |
Pattern Energy Group, Inc. | 24,574 | 521,215 | |
931,125 | |||
Water Utilities - 0.0% | |||
Connecticut Water Service, Inc. | 4,962 | 346,546 | |
Middlesex Water Co. | 7,030 | 415,895 | |
762,441 | |||
TOTAL UTILITIES | 9,166,610 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,219,052,635) | 1,652,412,355 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.8% | |||
U.S. Treasury Bills, yield at date of purchase 2.41% to 2.48% 9/12/19 (d) | |||
(Cost $15,094,157) | 15,200,000 | 15,101,918 | |
Shares | Value | ||
Money Market Funds - 18.8% | |||
Fidelity Cash Central Fund 2.41% (e) | 279,284,937 | $279,340,794 | |
Fidelity Securities Lending Cash Central Fund 2.42% (e)(f) | 85,469,505 | 85,478,052 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $364,815,779) | 364,818,846 | ||
TOTAL INVESTMENT IN SECURITIES - 104.7% | |||
(Cost $1,598,962,571) | 2,032,333,119 | ||
NET OTHER ASSETS (LIABILITIES) - (4.7)% | (91,275,602) | ||
NET ASSETS - 100% | $1,941,057,517 |
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) | 2,047 | June 2019 | $292,045,490 | $(482,276) | $(482,276) |
The notional amount of futures purchased as a percentage of Net Assets is 15.0%
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $275,710,572.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Level 3 security
(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $15,101,918.
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $3,108,759 |
Fidelity Securities Lending Cash Central Fund | 440,585 |
Total | $3,549,344 |
Amounts in the 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.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2019, 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 | $288,298,298 | $288,298,298 | $-- | $-- |
Consumer Discretionary | 240,358,355 | 240,358,355 | -- | -- |
Consumer Staples | 75,286,056 | 75,286,056 | -- | -- |
Energy | 7,252,960 | 7,251,918 | -- | 1,042 |
Financials | 118,219,452 | 118,219,452 | -- | -- |
Health Care | 182,726,375 | 182,685,225 | -- | 41,150 |
Industrials | 81,844,861 | 81,844,861 | -- | -- |
Information Technology | 619,516,808 | 619,516,808 | -- | -- |
Materials | 5,494,204 | 5,490,787 | -- | 3,417 |
Real Estate | 24,248,376 | 24,248,376 | -- | -- |
Utilities | 9,166,610 | 9,166,610 | -- | -- |
U.S. Government and Government Agency Obligations | 15,101,918 | -- | 15,101,918 | -- |
Money Market Funds | 364,818,846 | 364,818,846 | -- | -- |
Total Investments in Securities: | $2,032,333,119 | $2,017,185,592 | $15,101,918 | $45,609 |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(482,276) | $(482,276) | $-- | $-- |
Total Liabilities | $(482,276) | $(482,276) | $-- | $-- |
Total Derivative Instruments: | $(482,276) | $(482,276) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $0 | $(482,276) |
Total Equity Risk | 0 | (482,276) |
Total Value of Derivatives | $0 | $(482,276) |
(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 distributable earnings.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
May 31, 2019 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $82,244,105) — See accompanying schedule: Unaffiliated issuers (cost $1,234,146,792) | $1,667,514,273 | |
Fidelity Central Funds (cost $364,815,779) | 364,818,846 | |
Total Investment in Securities (cost $1,598,962,571) | $2,032,333,119 | |
Segregated cash with brokers for derivative instruments | 602,422 | |
Cash | 94,218 | |
Foreign currency held at value (cost $5,242) | 5,071 | |
Receivable for investments sold | 11,175,175 | |
Dividends receivable | 1,629,432 | |
Distributions receivable from Fidelity Central Funds | 712,672 | |
Prepaid expenses | 12,534 | |
Receivable from investment adviser for expense reductions | 101,251 | |
Other receivables | 589 | |
Total assets | 2,046,666,483 | |
Liabilities | ||
Payable for investments purchased | $3,081 | |
Payable for fund shares redeemed | 14,660,664 | |
Accrued management fee | 410,782 | |
Payable for daily variation margin on futures contracts | 4,981,972 | |
Other affiliated payables | 44,013 | |
Other payables and accrued expenses | 34,115 | |
Collateral on securities loaned | 85,474,339 | |
Total liabilities | 105,608,966 | |
Net Assets | $1,941,057,517 | |
Net Assets consist of: | ||
Paid in capital | $1,466,053,214 | |
Total distributable earnings (loss) | 475,004,303 | |
Net Assets, for 6,620,000 shares outstanding | $1,941,057,517 | |
Net Asset Value, offering price and redemption price per share ($1,941,057,517 ÷ 6,620,000 shares) | $293.21 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended May 31, 2019 (Unaudited) | ||
Investment Income | ||
Dividends | $9,416,654 | |
Interest | 189,523 | |
Income from Fidelity Central Funds | 3,549,344 | |
Total income | 13,155,521 | |
Expenses | ||
Management fee | $2,276,475 | |
Transfer agent and custody fees | 16,977 | |
Accounting and security lending fees | 244,737 | |
Independent trustees' fees and expenses | 5,030 | |
Audit | 36,162 | |
Legal | 17,827 | |
Miscellaneous | 14,754 | |
Total expenses before reductions | 2,611,962 | |
Expense reductions | (611,470) | |
Total expenses after reductions | 2,000,492 | |
Net investment income (loss) | 11,155,029 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 10,196,205 | |
Redemptions in-kind | 49,007,758 | |
Fidelity Central Funds | (1,814) | |
Foreign currency transactions | 871 | |
Futures contracts | (16,042,097) | |
Total net realized gain (loss) | 43,160,923 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (34,522,758) | |
Fidelity Central Funds | 1,825 | |
Assets and liabilities in foreign currencies | (87) | |
Futures contracts | 19,330,435 | |
Total change in net unrealized appreciation (depreciation) | (15,190,585) | |
Net gain (loss) | 27,970,338 | |
Net increase (decrease) in net assets resulting from operations | $39,125,367 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended May 31, 2019 (Unaudited) | Year ended November 30, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $11,155,029 | $16,915,802 |
Net realized gain (loss) | 43,160,923 | 92,537,507 |
Change in net unrealized appreciation (depreciation) | (15,190,585) | (4,534,483) |
Net increase (decrease) in net assets resulting from operations | 39,125,367 | 104,918,826 |
Distributions to shareholders | (9,766,700) | (16,311,200) |
Share transactions | ||
Proceeds from sales of shares | 174,367,151 | 447,694,234 |
Cost of shares redeemed | (110,990,240) | (167,424,839) |
Net increase (decrease) in net assets resulting from share transactions | 63,376,911 | 280,269,395 |
Total increase (decrease) in net assets | 92,735,578 | 368,877,021 |
Net Assets | ||
Beginning of period | 1,848,321,939 | 1,479,444,918 |
End of period | $1,941,057,517 | $1,848,321,939 |
Other Information | ||
Shares | ||
Sold | 600,000 | 1,550,000 |
Redeemed | (400,000) | (600,000) |
Net increase (decrease) | 200,000 | 950,000 |
See accompanying notes which are an integral part of the financial statements.
Fidelity Nasdaq Composite Index Tracking Stock
Six months ended (Unaudited) May 31, | Years endedNovember 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $287.90 | $270.47 | $209.73 | $201.07 | $188.45 | $160.07 |
Income from Investment Operations | ||||||
Net investment income (loss)A | 1.72 | 2.76 | 2.40 | 2.43 | 2.14 | 2.37B |
Net realized and unrealized gain (loss) | 5.12 | 17.36 | 60.58 | 8.56 | 12.44 | 28.15 |
Total from investment operations | 6.84 | 20.12 | 62.98 | 10.99 | 14.58 | 30.52 |
Distributions from net investment income | (1.53) | (2.69) | (2.24) | (2.33) | (1.96) | (2.14) |
Total distributions | (1.53) | (2.69) | (2.24) | (2.33) | (1.96) | (2.14) |
Net asset value, end of period | $293.21 | $287.90 | $270.47 | $209.73 | $201.07 | $188.45 |
Total ReturnC,D | 2.43% | 7.42% | 30.21% | 5.56% | 7.79% | 19.23% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .27%G | .27% | .31% | .32% | .42% | .48% |
Expenses net of fee waivers, if any | .21%G | .21% | .21% | .21% | .21% | .21% |
Expenses net of all reductions | .21%G | .21% | .21% | .21% | .21% | .21% |
Net investment income (loss) | 1.17%G | .95% | .99% | 1.25% | 1.11% | 1.40%B |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,941,058 | $1,848,322 | $1,479,445 | $755,017 | $663,523 | $471,113 |
Portfolio turnover rateH | 16%G | 10% | 12% | 6% | 9% | 7% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.46 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.13%.
C Total returns for periods of less than one year are not annualized.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended May 31, 2019
1. Organization.
Fidelity Nasdaq Composite Index Tracking Stock (the Fund) is an exchange-traded fund of Fidelity Commonwealth Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (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 May 31, 2019 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, market discount, capital loss carryforwards, expiring capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $518,328,599 |
Gross unrealized depreciation | (85,211,158) |
Net unrealized appreciation (depreciation) | $433,117,441 |
Tax cost | $1,599,697,954 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $(11,555,970) |
Long-term | (13,380,621) |
Total capital loss carryforward | $(24,936,591) |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.
The Fund used derivatives 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its 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. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments. 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, aggregated $182,060,550 and $132,234,881, respectively.
Securities received and delivered in-kind through subscriptions and redemptions totaled $141,386,582 and $90,178,345, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR Co., Inc. (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .24% of the Fund's average net assets. During January 2019, the Board approved to change the investment adviser from Fidelity Management & Research Company to FMR Co., Inc. effective February 1, 2019. There was no change to the management fee.
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.
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Prior to April 1, 2019, FSC had a separate agreement with the Fund for administration of the security lending program, based on the number and duration of lending transactions. For the period, the total fees paid for accounting and administration of securities lending were equivalent to an annualized rate of .03%.
Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $8,484. 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. Total security lending income during the period amounted to $440,585, including $10,397 from securities loaned to FCM.
8. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .21% of average net assets. This reimbursement will remain in place through March 31, 2020. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $611,449.
In addition, 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. During the period, these credits reduced the Fund's custody expenses by $21.
9. Share Transactions.
The Fund issues and redeems shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated stocks to the Fund and redemption proceeds are paid with a basket of securities from the Fund's portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. The Fund's shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of the Fund. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units.
10. Other.
The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (December 1, 2018 to May 31, 2019).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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.
Annualized Expense Ratio-A | Beginning Account Value December 1, 2018 | Ending Account Value May 31, 2019 | Expenses Paid During Period-B December 1, 2018 to May 31, 2019 | |
Actual | .21% | $1,000.00 | $1,024.30 | $1.06 |
Hypothetical- C | $1,000.00 | $1,023.88 | $1.06 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
C 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Nasdaq Composite Index Tracking Stock
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements for the fund, including the fund's sub-advisory agreement (Sub-Advisory Agreement) with Geode Capital Management, LLC (Geode). FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the advisory arrangements throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's advisory arrangements, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the fund's advisory arrangements. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the advisory arrangements. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its January 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and Sub-Advisory Agreement (together, the Advisory Contracts) for the fund to reflect the fact that, effective February 1, 2019, FMR Co., Inc. (FMRC) would assume the duties and rights of FMR under the fund's then current management contract. The Board noted that, with the exception of the date, term, entity name, and non-operating expense language clarification described below, the terms of the fund's Advisory Contracts, including the fees payable thereunder, would not change as a result of the approval of the Advisory Contracts. The Board considered that FMRC would render the same services to the fund under the amended and restated management contract that FMR rendered to the fund under the then current management contract and that the Sub-Advisory Agreement was simply being updated to reflect the change in investment adviser. The Board also considered that FMRC served as a sub-adviser under the then current sub-advisory agreements for the fund and that as a result of the approval of the Advisory Contracts, Geode would become the sole sub-adviser. The Board also considered that approval of the Advisory Contracts would not result in any changes to (i) the investment process or strategies employed in the management of the fund's assets; or (ii) the day-to-day management of the fund or the persons primarily responsible for such management. As a result, the Board considered that its prior experience with FMR as investment adviser for the fund and FMRC as sub-adviser for the fund was relevant to its consideration of the Advisory Contracts.
In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to approve the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the approval of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to approve the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to approve the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering pricing and bookkeeping and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally State Street Bank and Trust Company, the fund's transfer agent and custodian; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to a fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and its benchmark index for the most recent one-, three-, and five-year periods ended June 30, 2018, as shown below.Fidelity Nasdaq Composite Index Tracking Stock
Fidelity Nasdaq Composite Index Tracking Stock
ETF-SANN-0719
1.795572.115
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
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 Fidelity Commonwealth 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 Fidelity Commonwealth Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable
assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Commonwealth Trust
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | July 24, 2019 |
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: | July 24, 2019 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | July 24, 2019 |