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 811-05251
Fidelity Concord Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, 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: | February 29 |
Date of reporting period: | February 29, 2020 |
Item 1.
Reports to Stockholders
Fidelity® 500 Index Fund
February 29, 2020
See the inside front cover for important information about access to your fund’s shareholder reports.
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.
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Account Type | Website | Phone Number |
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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 1-800-544-8544 to request a free copy of the proxy voting guidelines.
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. © 2020 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following the end of this reporting period, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended February 29, 2020 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® 500 Index Fund | 8.18% | 9.22% | 12.64% |
The initial offering of Fidelity 500 Index Fund (formerly named Institutional Premium Class) took place on May 4, 2011. Returns prior to May 4, 2011 are those of the former Premium Class and have not been restated to reflect current expenses.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® 500 Index Fund on February 28, 2010.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
Period Ending Values | ||
$32,873 | Fidelity® 500 Index Fund | |
$32,918 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: U.S. stocks stalled to begin the new year and declined in late February, as the outbreak and spread of the new coronavirus threatened to hamper global economic growth and corporate earnings. For the 12 months ending February 29, 2020, the U.S. equity bellwether S&P 500® index gained 8.19%. The period began with equities rising amid upbeat company earnings and signs the U.S. Federal Reserve may pause on rates. The uptrend extended until May, when the index dipped as trade talks between the U.S. and China broke down. The bull market roared back to record a series of highs in July, when the Fed cut interest rates for the first time since 2008. Volatility intensified in August, as the Treasury yield curve inverted, which some investors viewed as a sign the U.S. economy could be heading for recession. But the market proved resilient, hitting a new high on October 30, when the Fed lowered rates for the third time in 2019, and moving higher through December 31. Following a roughly flat January, stocks sank in late February, after a surge in coronavirus cases outside China created considerable uncertainty and pushed investors to safer asset classes. By sector, information technology (+27%) led the way by a wide margin, followed by utilities and communication services (+13% each). In contrast, energy (-25%) was by far the weakest category, struggling due to sluggish oil prices. Other notable laggards included materials and industrials (-2% each).Comments from the Geode Capital Management, LLC, passive equity index team: For the fiscal year, the fund gained 8.18%, roughly in line with the 8.19% increase in the benchmark S&P 500® index. At the individual-stock level, the largest positive impact on performance came from the two largest companies in the index, Apple and Microsoft. Apple (+60%), a maker of consumer electronics and personal computers, reported especially strong growth in services and wearable electronics, while software company Microsoft (+47%) benefited from strong earnings growth and a decision to buy back stock and increase its quarterly dividend. Better-than-expected financial results lifted shares of social media company Facebook (+19%). Electronic-payment processors Visa (+23%) and Mastercard (+30%) both enjoyed strong financial results driven by growth in non-cash financial transactions, boosting these companies' share prices. Other notable contributors included Alphabet, returning roughly 20%, the parent company of online search giant Google – whose shares rose on the company's strong financial results and announcement of a $25 billion share buyback plan – and online retailer Amazon.com (+15%). In contrast, ample oil supply weighed on energy stocks, especially Exxon Mobil (-32%), Chevron (-19%), Occidental Petroleum (-47%) and Schlumberger (-35%). Shares of aircraft manufacturer Boeing (-36%) were hampered by continued fallout from the aircraft manufacturer's beleaguered 737 MAX jet, which remains grounded following deadly crashes in March 2019 and October 2018. Shares of pharmaceutical company Pfizer (-20%) declined on revenue estimates shy of expectations and investors' apparent dissatisfaction with the company's plans to merge one of its business units with Mylan.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to Shareholders: On March 22, 2019, Pat Waddell retired and is no longer a portfolio manager with Geode Capital Management.Investment Summary (Unaudited)
Top Ten Stocks as of February 29, 2020
% of fund's net assets | |
Microsoft Corp. | 5.0 |
Apple, Inc. | 4.7 |
Amazon.com, Inc. | 3.2 |
Facebook, Inc. Class A | 1.9 |
Berkshire Hathaway, Inc. Class B | 1.7 |
Alphabet, Inc. Class A | 1.7 |
Alphabet, Inc. Class C | 1.6 |
JPMorgan Chase & Co. | 1.5 |
Johnson & Johnson | 1.4 |
Visa, Inc. Class A | 1.3 |
24.0 |
Top Market Sectors as of February 29, 2020
% of fund's net assets | |
Information Technology | 24.3 |
Health Care | 14.0 |
Financials | 12.2 |
Communication Services | 10.7 |
Consumer Discretionary | 9.9 |
Industrials | 8.8 |
Consumer Staples | 7.2 |
Energy | 3.5 |
Utilities | 3.4 |
Real Estate | 3.0 |
Schedule of Investments February 29, 2020
Showing Percentage of Net Assets
Common Stocks - 99.5% | |||
Shares | Value (000s) | ||
COMMUNICATION SERVICES - 10.7% | |||
Diversified Telecommunication Services - 2.0% | |||
AT&T, Inc. | 65,270,323 | $2,298,821 | |
CenturyLink, Inc. (a) | 8,545,309 | 103,142 | |
Verizon Communications, Inc. | 36,953,314 | 2,001,391 | |
4,403,354 | |||
Entertainment - 1.9% | |||
Activision Blizzard, Inc. | 6,751,204 | 392,447 | |
Electronic Arts, Inc. (b) | 2,491,396 | 252,553 | |
Live Nation Entertainment, Inc. (b) | 1,259,087 | 76,515 | |
Netflix, Inc. (b) | 3,915,782 | 1,445,041 | |
Take-Two Interactive Software, Inc. (b) | 1,011,248 | 108,689 | |
The Walt Disney Co. | 16,104,463 | 1,894,690 | |
4,169,935 | |||
Interactive Media & Services - 5.3% | |||
Alphabet, Inc.: | |||
Class A (b) | 2,677,182 | 3,585,416 | |
Class C (b) | 2,670,583 | 3,576,792 | |
Facebook, Inc. Class A (b) | 21,501,841 | 4,138,459 | |
Twitter, Inc. (b) | 6,936,766 | 230,301 | |
11,530,968 | |||
Media - 1.4% | |||
Charter Communications, Inc. Class A (b) | 1,400,916 | 690,890 | |
Comcast Corp. Class A | 40,563,258 | 1,639,973 | |
Discovery Communications, Inc.: | |||
Class A (a)(b) | 1,412,978 | 36,314 | |
Class C (non-vtg.) (b) | 2,996,972 | 75,224 | |
DISH Network Corp. Class A (b) | 2,287,499 | 76,677 | |
Fox Corp.: | |||
Class A | 3,167,159 | 97,358 | |
Class B | 1,451,160 | 44,188 | |
Interpublic Group of Companies, Inc. | 3,464,396 | 73,999 | |
News Corp.: | |||
Class A | 3,462,068 | 41,804 | |
Class B | 1,097,473 | 13,653 | |
Omnicom Group, Inc. | 1,945,440 | 134,780 | |
ViacomCBS, Inc. Class B | 4,708,864 | 115,885 | |
3,040,745 | |||
Wireless Telecommunication Services - 0.1% | |||
T-Mobile U.S., Inc. (b) | 2,828,495 | 255,017 | |
TOTAL COMMUNICATION SERVICES | 23,400,019 | ||
CONSUMER DISCRETIONARY - 9.9% | |||
Auto Components - 0.1% | |||
Aptiv PLC | 2,281,003 | 178,169 | |
BorgWarner, Inc. | 1,845,020 | 58,303 | |
236,472 | |||
Automobiles - 0.3% | |||
Ford Motor Co. | 33,026,527 | 229,865 | |
General Motors Co. | 11,234,271 | 342,645 | |
Harley-Davidson, Inc. (a) | 1,378,601 | 42,006 | |
614,516 | |||
Distributors - 0.1% | |||
Genuine Parts Co. | 1,298,197 | 113,255 | |
LKQ Corp. (b) | 2,738,246 | 80,997 | |
194,252 | |||
Diversified Consumer Services - 0.0% | |||
H&R Block, Inc. | 1,744,520 | 36,059 | |
Hotels, Restaurants & Leisure - 1.8% | |||
Carnival Corp. | 3,579,028 | 119,754 | |
Chipotle Mexican Grill, Inc. (b) | 228,481 | 176,748 | |
Darden Restaurants, Inc. | 1,095,452 | 106,807 | |
Hilton Worldwide Holdings, Inc. | 2,521,132 | 245,054 | |
Las Vegas Sands Corp. | 3,019,468 | 176,065 | |
Marriott International, Inc. Class A | 2,424,587 | 300,649 | |
McDonald's Corp. | 6,728,901 | 1,306,551 | |
MGM Mirage, Inc. | 4,601,393 | 113,010 | |
Norwegian Cruise Line Holdings Ltd. (b) | 1,900,998 | 70,831 | |
Royal Caribbean Cruises Ltd. | 1,535,907 | 123,502 | |
Starbucks Corp. | 10,552,259 | 827,614 | |
Wynn Resorts Ltd. | 863,297 | 93,219 | |
Yum! Brands, Inc. | 2,702,504 | 241,198 | |
3,901,002 | |||
Household Durables - 0.4% | |||
D.R. Horton, Inc. | 2,996,167 | 159,606 | |
Garmin Ltd. | 1,290,916 | 114,104 | |
Leggett & Platt, Inc. | 1,175,876 | 46,635 | |
Lennar Corp. Class A | 2,500,742 | 150,895 | |
Mohawk Industries, Inc. (b) | 531,154 | 64,349 | |
Newell Brands, Inc. | 3,012,025 | 46,476 | |
NVR, Inc. (b) | 31,034 | 113,807 | |
PulteGroup, Inc. | 2,276,108 | 91,500 | |
Whirlpool Corp. | 564,694 | 72,202 | |
859,574 | |||
Internet & Direct Marketing Retail - 3.7% | |||
Amazon.com, Inc. (b) | 3,721,163 | 7,009,741 | |
eBay, Inc. | 6,832,731 | 236,686 | |
Expedia, Inc. | 1,248,624 | 123,139 | |
The Booking Holdings, Inc. (b) | 373,984 | 634,150 | |
8,003,716 | |||
Leisure Products - 0.0% | |||
Hasbro, Inc. | 1,137,024 | 87,835 | |
Multiline Retail - 0.5% | |||
Dollar General Corp. | 2,274,856 | 341,911 | |
Dollar Tree, Inc. (b) | 2,114,580 | 175,574 | |
Kohl's Corp. | 1,398,940 | 54,769 | |
Macy's, Inc. (a) | 2,760,920 | 36,527 | |
Nordstrom, Inc. (a) | 957,159 | 33,213 | |
Target Corp. | 4,527,705 | 466,354 | |
1,108,348 | |||
Specialty Retail - 2.3% | |||
Advance Auto Parts, Inc. | 618,831 | 82,292 | |
AutoZone, Inc. (b) | 212,895 | 219,816 | |
Best Buy Co., Inc. | 2,034,716 | 153,926 | |
CarMax, Inc. (a)(b) | 1,469,185 | 128,275 | |
Gap, Inc. (a) | 1,901,193 | 27,244 | |
L Brands, Inc. | 2,075,061 | 44,946 | |
Lowe's Companies, Inc. | 6,848,469 | 729,841 | |
O'Reilly Automotive, Inc. (b) | 676,015 | 249,260 | |
Ross Stores, Inc. | 3,232,065 | 351,584 | |
The Home Depot, Inc. | 9,746,597 | 2,123,199 | |
Tiffany & Co., Inc. | 964,524 | 128,851 | |
TJX Companies, Inc. | 10,835,213 | 647,946 | |
Tractor Supply Co. | 1,057,782 | 93,624 | |
Ulta Beauty, Inc. (b) | 510,735 | 131,305 | |
5,112,109 | |||
Textiles, Apparel & Luxury Goods - 0.7% | |||
Capri Holdings Ltd. (b) | 1,354,862 | 34,983 | |
Hanesbrands, Inc. (a) | 3,231,771 | 42,789 | |
NIKE, Inc. Class B | 11,133,286 | 995,093 | |
PVH Corp. | 662,479 | 49,096 | |
Ralph Lauren Corp. | 444,383 | 46,887 | |
Tapestry, Inc. | 2,465,497 | 57,816 | |
Under Armour, Inc.: | |||
Class A (sub. vtg.) (a)(b) | 1,682,394 | 23,873 | |
Class C (non-vtg.) (b) | 1,737,649 | 21,686 | |
VF Corp. | 2,926,099 | 210,679 | |
1,482,902 | |||
TOTAL CONSUMER DISCRETIONARY | 21,636,785 | ||
CONSUMER STAPLES - 7.2% | |||
Beverages - 1.9% | |||
Brown-Forman Corp. Class B (non-vtg.) | 1,627,927 | 99,971 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 1,496,598 | 257,984 | |
Molson Coors Beverage Co. Class B | 1,678,505 | 83,271 | |
Monster Beverage Corp. (b) | 3,410,982 | 212,879 | |
PepsiCo, Inc. | 12,459,305 | 1,645,002 | |
The Coca-Cola Co. | 34,453,813 | 1,842,934 | |
4,142,041 | |||
Food & Staples Retailing - 1.5% | |||
Costco Wholesale Corp. | 3,947,349 | 1,109,758 | |
Kroger Co. | 7,165,887 | 201,576 | |
Sysco Corp. | 4,558,889 | 303,850 | |
Walgreens Boots Alliance, Inc. | 6,698,893 | 306,541 | |
Walmart, Inc. | 12,675,108 | 1,364,856 | |
3,286,581 | |||
Food Products - 1.1% | |||
Archer Daniels Midland Co. | 4,974,000 | 187,271 | |
Campbell Soup Co. | 1,509,364 | 68,103 | |
Conagra Brands, Inc. | 4,348,264 | 116,055 | |
General Mills, Inc. | 5,400,273 | 264,613 | |
Hormel Foods Corp. (a) | 2,484,502 | 103,355 | |
Kellogg Co. | 2,224,808 | 134,534 | |
Lamb Weston Holdings, Inc. | 1,305,076 | 113,398 | |
McCormick & Co., Inc. (non-vtg.) | 1,104,100 | 161,408 | |
Mondelez International, Inc. | 12,864,857 | 679,264 | |
The Hershey Co. | 1,325,135 | 190,806 | |
The J.M. Smucker Co. | 1,019,093 | 104,956 | |
The Kraft Heinz Co. | 5,489,556 | 135,976 | |
Tyson Foods, Inc. Class A | 2,637,475 | 178,900 | |
2,438,639 | |||
Household Products - 1.7% | |||
Church & Dwight Co., Inc. | 2,192,672 | 152,435 | |
Clorox Co. | 1,121,372 | 178,769 | |
Colgate-Palmolive Co. | 7,657,706 | 517,431 | |
Kimberly-Clark Corp. | 3,062,979 | 401,832 | |
Procter & Gamble Co. | 22,152,617 | 2,508,341 | |
3,758,808 | |||
Personal Products - 0.2% | |||
Coty, Inc. Class A | 2,626,824 | 24,246 | |
Estee Lauder Companies, Inc. Class A | 1,988,498 | 365,088 | |
389,334 | |||
Tobacco - 0.8% | |||
Altria Group, Inc. | 16,691,753 | 673,846 | |
Philip Morris International, Inc. | 13,901,775 | 1,138,138 | |
1,811,984 | |||
TOTAL CONSUMER STAPLES | 15,827,387 | ||
ENERGY - 3.5% | |||
Energy Equipment & Services - 0.3% | |||
Baker Hughes Co. Class A | 5,202,974 | 83,716 | |
Halliburton Co. | 7,843,196 | 133,021 | |
Helmerich & Payne, Inc. | 968,975 | 35,745 | |
National Oilwell Varco, Inc. | 3,104,430 | 58,084 | |
Schlumberger Ltd. | 12,369,545 | 335,091 | |
TechnipFMC PLC | 3,754,865 | 55,722 | |
701,379 | |||
Oil, Gas & Consumable Fuels - 3.2% | |||
Apache Corp. | 3,281,951 | 81,786 | |
Cabot Oil & Gas Corp. | 3,644,821 | 50,772 | |
Chevron Corp. | 16,894,980 | 1,576,977 | |
Cimarex Energy Co. | 667,698 | 22,067 | |
Concho Resources, Inc. | 1,796,198 | 122,177 | |
ConocoPhillips Co. | 9,804,121 | 474,716 | |
Devon Energy Corp. | 3,457,856 | 56,156 | |
Diamondback Energy, Inc. | 1,439,807 | 89,268 | |
EOG Resources, Inc. | 5,198,073 | 328,830 | |
Exxon Mobil Corp. | 37,526,012 | 1,930,338 | |
Hess Corp. | 2,314,171 | 130,010 | |
HollyFrontier Corp. | 1,326,662 | 44,682 | |
Kinder Morgan, Inc. | 17,404,258 | 333,640 | |
Marathon Oil Corp. | 7,044,476 | 58,328 | |
Marathon Petroleum Corp. | 5,801,705 | 275,117 | |
Noble Energy, Inc. | 3,527,313 | 55,837 | |
Occidental Petroleum Corp. | 7,981,806 | 261,324 | |
ONEOK, Inc. | 3,690,923 | 246,258 | |
Phillips 66 Co. | 3,970,348 | 297,220 | |
Pioneer Natural Resources Co. | 1,480,059 | 181,722 | |
The Williams Companies, Inc. | 10,829,682 | 206,305 | |
Valero Energy Corp. | 3,669,193 | 243,084 | |
7,066,614 | |||
TOTAL ENERGY | 7,767,993 | ||
FINANCIALS - 12.2% | |||
Banks - 4.9% | |||
Bank of America Corp. | 72,334,311 | 2,061,528 | |
Citigroup, Inc. | 19,301,522 | 1,224,875 | |
Citizens Financial Group, Inc. | 3,884,226 | 123,091 | |
Comerica, Inc. | 1,288,020 | 67,801 | |
Fifth Third Bancorp | 6,340,888 | 154,718 | |
First Republic Bank | 1,505,747 | 151,433 | |
Huntington Bancshares, Inc. | 9,227,694 | 113,224 | |
JPMorgan Chase & Co. | 28,024,557 | 3,253,931 | |
KeyCorp | 8,800,621 | 143,890 | |
M&T Bank Corp. | 1,179,065 | 165,517 | |
Peoples United Financial, Inc. | 3,968,247 | 55,516 | |
PNC Financial Services Group, Inc. | 3,915,059 | 494,863 | |
Regions Financial Corp. | 8,619,077 | 116,530 | |
SVB Financial Group (b) | 460,761 | 95,912 | |
Truist Financial Corp. | 11,982,436 | 552,870 | |
U.S. Bancorp | 12,699,273 | 589,754 | |
Wells Fargo & Co. | 34,388,361 | 1,404,765 | |
Zions Bancorp NA | 1,523,099 | 60,848 | |
10,831,066 | |||
Capital Markets - 2.7% | |||
Ameriprise Financial, Inc. | 1,132,031 | 159,956 | |
Bank of New York Mellon Corp. | 7,498,279 | 299,181 | |
BlackRock, Inc. Class A | 1,053,720 | 487,883 | |
Cboe Global Markets, Inc. | 990,546 | 112,922 | |
Charles Schwab Corp. | 10,215,188 | 416,269 | |
CME Group, Inc. | 3,201,963 | 636,614 | |
E*TRADE Financial Corp. | 2,018,564 | 92,410 | |
Franklin Resources, Inc. (a) | 2,492,148 | 54,229 | |
Goldman Sachs Group, Inc. | 2,847,397 | 571,672 | |
Intercontinental Exchange, Inc. | 4,975,466 | 443,911 | |
Invesco Ltd. | 3,325,549 | 47,888 | |
MarketAxess Holdings, Inc. | 338,852 | 109,900 | |
Moody's Corp. | 1,450,761 | 348,226 | |
Morgan Stanley | 10,991,277 | 494,937 | |
MSCI, Inc. | 756,859 | 223,606 | |
Northern Trust Corp. | 1,893,170 | 166,145 | |
Raymond James Financial, Inc. | 1,103,149 | 92,256 | |
S&P Global, Inc. | 2,183,719 | 580,673 | |
State Street Corp. | 3,248,979 | 221,288 | |
T. Rowe Price Group, Inc. | 2,087,909 | 246,394 | |
The NASDAQ OMX Group, Inc. | 1,025,209 | 105,135 | |
5,911,495 | |||
Consumer Finance - 0.6% | |||
American Express Co. | 5,995,240 | 659,057 | |
Capital One Financial Corp. | 4,161,227 | 367,270 | |
Discover Financial Services | 2,800,842 | 183,679 | |
Synchrony Financial | 5,039,271 | 146,643 | |
1,356,649 | |||
Diversified Financial Services - 1.7% | |||
Berkshire Hathaway, Inc. Class B (b) | 17,477,236 | 3,606,253 | |
Insurance - 2.3% | |||
AFLAC, Inc. | 6,558,465 | 281,030 | |
Allstate Corp. | 2,894,553 | 304,652 | |
American International Group, Inc. | 7,773,039 | 327,711 | |
Aon PLC | 2,092,019 | 435,140 | |
Arthur J. Gallagher & Co. | 1,666,588 | 162,476 | |
Assurant, Inc. | 541,783 | 65,334 | |
Chubb Ltd. | 4,049,369 | 587,280 | |
Cincinnati Financial Corp. | 1,357,569 | 126,580 | |
Everest Re Group Ltd. | 364,388 | 90,324 | |
Globe Life, Inc. | 890,151 | 82,481 | |
Hartford Financial Services Group, Inc. | 3,220,371 | 160,858 | |
Lincoln National Corp. | 1,772,093 | 80,435 | |
Loews Corp. | 2,285,558 | 104,290 | |
Marsh & McLennan Companies, Inc. | 4,509,219 | 471,484 | |
MetLife, Inc. | 6,984,382 | 298,373 | |
Principal Financial Group, Inc. | 2,307,336 | 102,423 | |
Progressive Corp. | 5,223,681 | 382,165 | |
Prudential Financial, Inc. | 3,591,878 | 271,007 | |
The Travelers Companies, Inc. | 2,306,245 | 276,311 | |
Unum Group | 1,843,008 | 42,961 | |
W.R. Berkley Corp. | 1,296,501 | 87,047 | |
Willis Group Holdings PLC | 1,148,802 | 217,411 | |
4,957,773 | |||
TOTAL FINANCIALS | 26,663,236 | ||
HEALTH CARE - 14.0% | |||
Biotechnology - 2.1% | |||
AbbVie, Inc. | 13,213,296 | 1,132,512 | |
Alexion Pharmaceuticals, Inc. (b) | 1,977,240 | 185,920 | |
Amgen, Inc. | 5,309,046 | 1,060,376 | |
Biogen, Inc. (b) | 1,612,253 | 497,203 | |
Gilead Sciences, Inc. | 11,304,105 | 784,053 | |
Incyte Corp. (b) | 1,597,399 | 120,460 | |
Regeneron Pharmaceuticals, Inc. (b) | 713,736 | 317,306 | |
Vertex Pharmaceuticals, Inc. (b) | 2,297,641 | 514,741 | |
4,612,571 | |||
Health Care Equipment & Supplies - 3.5% | |||
Abbott Laboratories | 15,791,737 | 1,216,438 | |
Abiomed, Inc. (b) | 319,758 | 48,047 | |
Align Technology, Inc. (b) | 640,818 | 139,923 | |
Baxter International, Inc. | 4,561,828 | 380,776 | |
Becton, Dickinson & Co. | 2,416,566 | 574,708 | |
Boston Scientific Corp. (b) | 12,453,846 | 465,649 | |
Danaher Corp. | 5,711,891 | 825,825 | |
Dentsply Sirona, Inc. | 1,987,274 | 97,853 | |
Edwards Lifesciences Corp. (b) | 1,863,577 | 381,735 | |
Hologic, Inc. (b) | 2,395,882 | 112,894 | |
IDEXX Laboratories, Inc. (b) | 766,473 | 195,075 | |
Intuitive Surgical, Inc. (b) | 1,032,656 | 551,397 | |
Medtronic PLC | 11,976,305 | 1,205,655 | |
ResMed, Inc. | 1,284,731 | 204,221 | |
STERIS PLC | 757,538 | 120,161 | |
Stryker Corp. | 2,876,934 | 548,315 | |
Teleflex, Inc. | 413,656 | 138,583 | |
The Cooper Companies, Inc. | 442,945 | 143,767 | |
Varian Medical Systems, Inc. (b) | 812,176 | 99,873 | |
Zimmer Biomet Holdings, Inc. | 1,837,791 | 250,215 | |
7,701,110 | |||
Health Care Providers & Services - 2.7% | |||
AmerisourceBergen Corp. | 1,343,140 | 113,254 | |
Anthem, Inc. | 2,265,599 | 582,463 | |
Cardinal Health, Inc. | 2,613,386 | 136,210 | |
Centene Corp. (b) | 5,216,354 | 276,571 | |
Cigna Corp. | 3,336,560 | 610,390 | |
CVS Health Corp. | 11,411,889 | 675,356 | |
DaVita HealthCare Partners, Inc. (b) | 801,279 | 62,195 | |
HCA Holdings, Inc. | 2,363,839 | 300,231 | |
Henry Schein, Inc. (b) | 1,311,126 | 79,900 | |
Humana, Inc. | 1,183,229 | 378,255 | |
Laboratory Corp. of America Holdings (b) | 867,590 | 152,427 | |
McKesson Corp. (a) | 1,609,984 | 225,172 | |
Quest Diagnostics, Inc. | 1,203,521 | 127,645 | |
UnitedHealth Group, Inc. | 8,465,172 | 2,158,280 | |
Universal Health Services, Inc. Class B | 717,706 | 88,809 | |
5,967,158 | |||
Health Care Technology - 0.1% | |||
Cerner Corp. | 2,806,464 | 194,404 | |
Life Sciences Tools & Services - 1.0% | |||
Agilent Technologies, Inc. | 2,765,103 | 213,106 | |
Illumina, Inc. (b) | 1,313,448 | 348,944 | |
IQVIA Holdings, Inc. (b) | 1,612,372 | 224,910 | |
Mettler-Toledo International, Inc. (b) | 217,603 | 152,692 | |
PerkinElmer, Inc. | 992,690 | 85,808 | |
Thermo Fisher Scientific, Inc. | 3,582,863 | 1,041,897 | |
Waters Corp. (b) | 575,719 | 112,202 | |
2,179,559 | |||
Pharmaceuticals - 4.6% | |||
Allergan PLC | 2,865,309 | 546,328 | |
Bristol-Myers Squibb Co. | 20,945,341 | 1,237,032 | |
Eli Lilly & Co. | 7,549,335 | 952,198 | |
Johnson & Johnson | 23,401,697 | 3,147,060 | |
Merck & Co., Inc. | 22,748,419 | 1,741,619 | |
Mylan NV (b) | 4,507,916 | 77,491 | |
Perrigo Co. PLC | 1,154,841 | 58,539 | |
Pfizer, Inc. | 49,447,493 | 1,652,535 | |
Zoetis, Inc. Class A | 4,255,741 | 566,992 | |
9,979,794 | |||
TOTAL HEALTH CARE | 30,634,596 | ||
INDUSTRIALS - 8.8% | |||
Aerospace & Defense - 2.4% | |||
Arconic, Inc. | 3,461,120 | 101,584 | |
General Dynamics Corp. | 2,093,813 | 334,361 | |
Harris Corp. | 1,975,220 | 390,560 | |
Huntington Ingalls Industries, Inc. | 365,443 | 75,109 | |
Lockheed Martin Corp. | 2,156,513 | 797,629 | |
Northrop Grumman Corp. | 1,400,437 | 460,520 | |
Raytheon Co. | 2,488,216 | 469,178 | |
Textron, Inc. | 2,039,535 | 82,805 | |
The Boeing Co. | 4,777,122 | 1,314,234 | |
TransDigm Group, Inc. | 444,961 | 248,204 | |
United Technologies Corp. | 7,249,090 | 946,659 | |
5,220,843 | |||
Air Freight & Logistics - 0.5% | |||
C.H. Robinson Worldwide, Inc. | 1,208,462 | 83,263 | |
Expeditors International of Washington, Inc. | 1,521,643 | 107,154 | |
FedEx Corp. | 2,144,738 | 302,773 | |
United Parcel Service, Inc. Class B | 6,261,260 | 566,581 | |
1,059,771 | |||
Airlines - 0.3% | |||
Alaska Air Group, Inc. | 1,100,552 | 55,534 | |
American Airlines Group, Inc. | 3,412,891 | 65,016 | |
Delta Air Lines, Inc. | 5,143,008 | 237,247 | |
Southwest Airlines Co. | 4,232,058 | 195,479 | |
United Airlines Holdings, Inc. (b) | 1,944,420 | 119,757 | |
673,033 | |||
Building Products - 0.3% | |||
A.O. Smith Corp. | 1,224,624 | 48,434 | |
Allegion PLC | 830,216 | 95,467 | |
Fortune Brands Home & Security, Inc. | 1,243,318 | 76,775 | |
Johnson Controls International PLC | 6,892,654 | 252,064 | |
Masco Corp. | 2,538,440 | 104,888 | |
577,628 | |||
Commercial Services & Supplies - 0.4% | |||
Cintas Corp. | 749,067 | 199,806 | |
Copart, Inc. (b) | 1,827,744 | 154,408 | |
Republic Services, Inc. | 1,882,036 | 169,873 | |
Rollins, Inc. | 1,258,049 | 47,101 | |
Waste Management, Inc. | 3,487,354 | 386,434 | |
957,622 | |||
Construction & Engineering - 0.1% | |||
Jacobs Engineering Group, Inc. | 1,210,679 | 111,794 | |
Quanta Services, Inc. | 1,271,397 | 48,478 | |
160,272 | |||
Electrical Equipment - 0.5% | |||
AMETEK, Inc. | 2,042,484 | 175,654 | |
Eaton Corp. PLC | 3,693,737 | 335,096 | |
Emerson Electric Co. | 5,442,803 | 348,938 | |
Rockwell Automation, Inc. | 1,032,415 | 189,448 | |
1,049,136 | |||
Industrial Conglomerates - 1.3% | |||
3M Co. | 5,138,092 | 766,809 | |
General Electric Co. | 76,806,567 | 835,655 | |
Honeywell International, Inc. | 6,384,367 | 1,035,353 | |
Roper Technologies, Inc. | 929,760 | 326,997 | |
2,964,814 | |||
Machinery - 1.5% | |||
Caterpillar, Inc. | 4,938,012 | 613,499 | |
Cummins, Inc. | 1,368,880 | 207,098 | |
Deere & Co. | 2,813,397 | 440,240 | |
Dover Corp. | 1,297,955 | 133,352 | |
Flowserve Corp. | 1,169,234 | 46,992 | |
Fortive Corp. | 2,640,365 | 182,608 | |
IDEX Corp. | 679,598 | 100,581 | |
Illinois Tool Works, Inc. | 2,613,310 | 438,461 | |
PACCAR, Inc. | 3,090,390 | 206,747 | |
Parker Hannifin Corp. | 1,147,837 | 212,086 | |
Pentair PLC | 1,501,914 | 59,160 | |
Snap-On, Inc. | 490,050 | 70,935 | |
Stanley Black & Decker, Inc. | 1,358,230 | 195,178 | |
Trane Technologies PLC | 2,140,804 | 276,249 | |
Westinghouse Air Brake Co. | 1,627,048 | 111,778 | |
Xylem, Inc. | 1,609,010 | 124,441 | |
3,419,405 | |||
Professional Services - 0.3% | |||
Equifax, Inc. | 1,081,879 | 153,670 | |
IHS Markit Ltd. | 3,582,836 | 255,241 | |
Nielsen Holdings PLC | 2,876,894 | 52,388 | |
Robert Half International, Inc. | 1,050,409 | 52,951 | |
Verisk Analytics, Inc. | 1,464,182 | 227,109 | |
741,359 | |||
Road & Rail - 1.0% | |||
CSX Corp. | 6,948,203 | 489,501 | |
J.B. Hunt Transport Services, Inc. | 761,822 | 73,470 | |
Kansas City Southern | 885,639 | 133,448 | |
Norfolk Southern Corp. | 2,329,780 | 424,835 | |
Old Dominion Freight Lines, Inc. | 570,583 | 110,579 | |
Union Pacific Corp. | 6,202,690 | 991,252 | |
2,223,085 | |||
Trading Companies & Distributors - 0.2% | |||
Fastenal Co. | 5,124,473 | 175,359 | |
United Rentals, Inc. (b) | 671,520 | 88,963 | |
W.W. Grainger, Inc. | 389,848 | 108,198 | |
372,520 | |||
TOTAL INDUSTRIALS | 19,419,488 | ||
INFORMATION TECHNOLOGY - 24.3% | |||
Communications Equipment - 0.9% | |||
Arista Networks, Inc. (b) | 484,665 | 93,599 | |
Cisco Systems, Inc. | 37,904,705 | 1,513,535 | |
F5 Networks, Inc. (b) | 543,196 | 65,156 | |
Juniper Networks, Inc. | 2,990,616 | 63,461 | |
Motorola Solutions, Inc. | 1,530,891 | 253,638 | |
1,989,389 | |||
Electronic Equipment & Components - 0.5% | |||
Amphenol Corp. Class A | 2,649,162 | 242,875 | |
CDW Corp. | 1,283,793 | 146,635 | |
Corning, Inc. | 6,872,012 | 163,966 | |
FLIR Systems, Inc. | 1,198,660 | 50,907 | |
IPG Photonics Corp. (b) | 317,702 | 40,551 | |
Keysight Technologies, Inc. (b) | 1,676,013 | 158,819 | |
TE Connectivity Ltd. | 2,988,541 | 247,660 | |
Zebra Technologies Corp. Class A (b) | 481,785 | 101,642 | |
1,153,055 | |||
IT Services - 5.6% | |||
Accenture PLC Class A | 5,674,301 | 1,024,722 | |
Akamai Technologies, Inc. (b) | 1,443,909 | 124,913 | |
Alliance Data Systems Corp. | 272,665 | 23,416 | |
Automatic Data Processing, Inc. | 3,866,165 | 598,250 | |
Broadridge Financial Solutions, Inc. | 1,024,365 | 106,903 | |
Cognizant Technology Solutions Corp. Class A | 4,892,513 | 298,101 | |
DXC Technology Co. | 1,850,062 | 44,605 | |
Fidelity National Information Services, Inc. | 5,491,463 | 767,267 | |
Fiserv, Inc. (b) | 5,102,896 | 558,053 | |
FleetCor Technologies, Inc. (b) | 775,390 | 206,091 | |
Gartner, Inc. (b) | 799,265 | 103,417 | |
Global Payments, Inc. | 2,685,403 | 494,034 | |
IBM Corp. | 7,913,184 | 1,029,901 | |
Jack Henry & Associates, Inc. | 687,434 | 104,311 | |
Leidos Holdings, Inc. | 1,188,985 | 122,049 | |
MasterCard, Inc. Class A | 7,880,844 | 2,287,415 | |
Paychex, Inc. | 2,846,431 | 220,541 | |
PayPal Holdings, Inc. (b) | 10,491,429 | 1,132,969 | |
The Western Union Co. | 3,746,064 | 83,874 | |
VeriSign, Inc. (b) | 923,166 | 175,171 | |
Visa, Inc. Class A | 15,210,934 | 2,764,739 | |
12,270,742 | |||
Semiconductors & Semiconductor Equipment - 4.4% | |||
Advanced Micro Devices, Inc. (b) | 10,450,954 | 475,309 | |
Analog Devices, Inc. | 3,290,786 | 358,860 | |
Applied Materials, Inc. | 8,253,761 | 479,709 | |
Broadcom, Inc. | 3,544,263 | 966,237 | |
Intel Corp. | 38,867,339 | 2,157,915 | |
KLA-Tencor Corp. | 1,409,893 | 216,715 | |
Lam Research Corp. | 1,296,284 | 380,369 | |
Maxim Integrated Products, Inc. | 2,417,898 | 134,483 | |
Microchip Technology, Inc. (a) | 2,135,273 | 193,691 | |
Micron Technology, Inc. (b) | 9,891,523 | 519,898 | |
NVIDIA Corp. | 5,468,233 | 1,476,806 | |
Qorvo, Inc. (b) | 1,038,017 | 104,404 | |
Qualcomm, Inc. | 10,034,239 | 785,681 | |
Skyworks Solutions, Inc. | 1,522,304 | 152,504 | |
Texas Instruments, Inc. | 8,352,233 | 953,324 | |
Xilinx, Inc. | 2,246,863 | 187,591 | |
9,543,496 | |||
Software - 7.9% | |||
Adobe, Inc. (b) | 4,282,004 | 1,477,805 | |
ANSYS, Inc. (b) | 764,668 | 185,195 | |
Autodesk, Inc. (b) | 1,965,999 | 375,270 | |
Cadence Design Systems, Inc. (b) | 2,507,104 | 165,820 | |
Citrix Systems, Inc. | 1,026,932 | 106,174 | |
Fortinet, Inc. (b) | 1,268,400 | 129,453 | |
Intuit, Inc. | 2,325,848 | 618,327 | |
Microsoft Corp. | 68,163,539 | 11,043,175 | |
Nortonlifelock, Inc. | 5,123,228 | 97,495 | |
Oracle Corp. | 19,357,375 | 957,416 | |
Paycom Software, Inc. (b) | 438,309 | 123,888 | |
Salesforce.com, Inc. (b) | 7,925,363 | 1,350,482 | |
ServiceNow, Inc. (b) | 1,685,145 | 549,509 | |
Synopsys, Inc. (b) | 1,343,211 | 185,269 | |
17,365,278 | |||
Technology Hardware, Storage & Peripherals - 5.0% | |||
Apple, Inc. | 37,318,624 | 10,201,419 | |
Hewlett Packard Enterprise Co. | 11,561,915 | 147,877 | |
HP, Inc. | 13,240,932 | 275,279 | |
NetApp, Inc. | 2,039,204 | 95,272 | |
Seagate Technology LLC | 2,065,650 | 99,048 | |
Western Digital Corp. | 2,657,320 | 147,641 | |
Xerox Holdings Corp. | 1,661,215 | 53,491 | |
11,020,027 | |||
TOTAL INFORMATION TECHNOLOGY | 53,341,987 | ||
MATERIALS - 2.5% | |||
Chemicals - 1.8% | |||
Air Products & Chemicals, Inc. | 1,969,582 | 432,540 | |
Albemarle Corp. U.S. (a) | 947,407 | 77,545 | |
Celanese Corp. Class A | 1,080,012 | 101,240 | |
CF Industries Holdings, Inc. | 1,942,760 | 71,610 | |
Corteva, Inc. | 6,686,978 | 181,886 | |
Dow, Inc. | 6,625,282 | 267,728 | |
DuPont de Nemours, Inc. | 6,619,126 | 283,961 | |
Eastman Chemical Co. | 1,214,976 | 74,733 | |
Ecolab, Inc. | 2,240,656 | 404,326 | |
FMC Corp. | 1,158,113 | 107,820 | |
International Flavors & Fragrances, Inc. (a) | 954,046 | 114,276 | |
Linde PLC | 4,799,678 | 916,786 | |
LyondellBasell Industries NV Class A | 2,293,855 | 163,919 | |
PPG Industries, Inc. | 2,112,801 | 220,682 | |
Sherwin-Williams Co. | 734,057 | 379,324 | |
The Mosaic Co. | 2,507,727 | 42,707 | |
3,841,083 | |||
Construction Materials - 0.1% | |||
Martin Marietta Materials, Inc. | 558,448 | 127,064 | |
Vulcan Materials Co. | 1,182,595 | 142,219 | |
269,283 | |||
Containers & Packaging - 0.3% | |||
Amcor PLC (a) | 14,476,002 | 134,916 | |
Avery Dennison Corp. | 746,102 | 85,421 | |
Ball Corp. | 2,922,913 | 205,948 | |
International Paper Co. | 3,503,564 | 129,492 | |
Packaging Corp. of America | 845,772 | 76,644 | |
Sealed Air Corp. | 1,380,602 | 41,846 | |
WestRock Co. | 2,304,299 | 76,618 | |
750,885 | |||
Metals & Mining - 0.3% | |||
Freeport-McMoRan, Inc. | 12,026,148 | 119,780 | |
Newmont Corp. | 7,325,279 | 326,927 | |
Nucor Corp. | 2,709,233 | 112,027 | |
558,734 | |||
TOTAL MATERIALS | 5,419,985 | ||
REAL ESTATE - 3.0% | |||
Equity Real Estate Investment Trusts (REITs) - 2.9% | |||
Alexandria Real Estate Equities, Inc. | 1,095,433 | 166,374 | |
American Tower Corp. | 3,957,678 | 897,601 | |
Apartment Investment & Management Co. Class A | 1,330,289 | 63,641 | |
AvalonBay Communities, Inc. | 1,247,881 | 250,312 | |
Boston Properties, Inc. | 1,284,842 | 165,668 | |
Crown Castle International Corp. | 3,714,896 | 532,307 | |
Digital Realty Trust, Inc. | 1,864,918 | 223,995 | |
Duke Realty Corp. | 3,284,259 | 106,640 | |
Equinix, Inc. | 761,970 | 436,456 | |
Equity Residential (SBI) | 3,118,970 | 234,235 | |
Essex Property Trust, Inc. | 590,444 | 167,308 | |
Extra Space Storage, Inc. | 1,157,184 | 116,135 | |
Federal Realty Investment Trust (SBI) | 627,564 | 73,011 | |
HCP, Inc. (a) | 4,092,444 | 129,485 | |
Host Hotels & Resorts, Inc. | 6,408,004 | 92,788 | |
Iron Mountain, Inc. | 2,565,630 | 78,021 | |
Kimco Realty Corp. | 3,551,964 | 61,627 | |
Mid-America Apartment Communities, Inc. | 1,019,182 | 131,739 | |
Prologis, Inc. | 6,596,227 | 555,930 | |
Public Storage | 1,342,262 | 280,694 | |
Realty Income Corp. | 2,912,091 | 210,806 | |
Regency Centers Corp. | 1,497,190 | 85,999 | |
SBA Communications Corp. Class A | 1,006,092 | 266,705 | |
Simon Property Group, Inc. | 2,741,810 | 337,462 | |
SL Green Realty Corp. | 728,338 | 57,131 | |
UDR, Inc. | 2,618,436 | 117,777 | |
Ventas, Inc. | 3,330,404 | 179,076 | |
Vornado Realty Trust | 1,415,358 | 75,835 | |
Welltower, Inc. | 3,625,456 | 271,257 | |
Weyerhaeuser Co. | 6,221,587 | 161,637 | |
6,527,652 | |||
Real Estate Management & Development - 0.1% | |||
CBRE Group, Inc. (b) | 2,991,017 | 167,916 | |
TOTAL REAL ESTATE | 6,695,568 | ||
UTILITIES - 3.4% | |||
Electric Utilities - 2.1% | |||
Alliant Energy Corp. | 2,147,553 | 111,930 | |
American Electric Power Co., Inc. | 4,413,468 | 393,946 | |
Duke Energy Corp. | 6,513,925 | 597,327 | |
Edison International | 3,204,107 | 215,284 | |
Entergy Corp. | 1,636,851 | 191,364 | |
Evergy, Inc. | 2,036,319 | 133,073 | |
Eversource Energy | 2,892,810 | 250,112 | |
Exelon Corp. | 8,685,819 | 374,446 | |
FirstEnergy Corp. | 4,827,696 | 214,977 | |
NextEra Energy, Inc. | 4,329,960 | 1,094,441 | |
Pinnacle West Capital Corp. | 1,004,397 | 89,883 | |
PPL Corp. | 6,855,477 | 205,733 | |
Southern Co. | 9,002,938 | 543,417 | |
Xcel Energy, Inc. | 4,685,409 | 291,995 | |
4,707,928 | |||
Gas Utilities - 0.0% | |||
Atmos Energy Corp. | 1,066,339 | 110,100 | |
Independent Power and Renewable Electricity Producers - 0.1% | |||
NRG Energy, Inc. | 2,247,998 | 74,656 | |
The AES Corp. | 5,931,901 | 99,241 | |
173,897 | |||
Multi-Utilities - 1.1% | |||
Ameren Corp. | 2,198,284 | 173,664 | |
CenterPoint Energy, Inc. | 4,487,543 | 103,303 | |
CMS Energy Corp. | 2,536,136 | 153,233 | |
Consolidated Edison, Inc. | 2,970,268 | 234,117 | |
Dominion Energy, Inc. | 7,354,354 | 574,963 | |
DTE Energy Co. | 1,716,462 | 191,677 | |
NiSource, Inc. | 3,337,627 | 90,183 | |
Public Service Enterprise Group, Inc. | 4,518,670 | 231,853 | |
Sempra Energy | 2,518,747 | 352,070 | |
WEC Energy Group, Inc. | 2,818,429 | 260,226 | |
2,365,289 | |||
Water Utilities - 0.1% | |||
American Water Works Co., Inc. | 1,531,682 | 189,408 | |
TOTAL UTILITIES | 7,546,622 | ||
TOTAL COMMON STOCKS | |||
(Cost $138,657,159) | 218,353,666 | ||
Principal Amount (000s) | Value (000s) | ||
U.S. Treasury Obligations - 0.0% | |||
U.S. Treasury Bills, yield at date of purchase 1.82% 3/19/20 (c) | |||
(Cost $12,988) | 13,000 | 12,991 | |
Shares | Value (000s) | ||
Money Market Funds - 0.5% | |||
Fidelity Cash Central Fund 1.60% (d) | 108,537,504 | $108,559 | |
Fidelity Securities Lending Cash Central Fund 1.60% (d)(e) | 834,892,724 | 834,976 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $943,518) | 943,535 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $139,613,665) | 219,310,192 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 94,169 | ||
NET ASSETS - 100% | $219,404,361 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount (000s) | Value (000s) | Unrealized Appreciation/(Depreciation) (000s) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P 500 Index Contracts (United States) | 6,771 | March 2020 | $999,095 | $(55,877) | $(55,877) |
The notional amount of futures purchased as a percentage of Net Assets is 0.5%
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) 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 $12,991,000.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(e) 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 |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $11,346 |
Fidelity Securities Lending Cash Central Fund | 7,726 |
Total | $19,072 |
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. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of February 29, 2020, 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 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $23,400,019 | $23,400,019 | $-- | $-- |
Consumer Discretionary | 21,636,785 | 21,636,785 | -- | -- |
Consumer Staples | 15,827,387 | 15,827,387 | -- | -- |
Energy | 7,767,993 | 7,767,993 | -- | -- |
Financials | 26,663,236 | 26,663,236 | -- | -- |
Health Care | 30,634,596 | 30,634,596 | -- | -- |
Industrials | 19,419,488 | 19,419,488 | -- | -- |
Information Technology | 53,341,987 | 53,341,987 | -- | -- |
Materials | 5,419,985 | 5,419,985 | -- | -- |
Real Estate | 6,695,568 | 6,695,568 | -- | -- |
Utilities | 7,546,622 | 7,546,622 | -- | -- |
U.S. Government and Government Agency Obligations | 12,991 | -- | 12,991 | -- |
Money Market Funds | 943,535 | 943,535 | -- | -- |
Total Investments in Securities: | $219,310,192 | $219,297,201 | $12,991 | $-- |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(55,877) | $(55,877) | $-- | $-- |
Total Liabilities | $(55,877) | $(55,877) | $-- | $-- |
Total Derivative Instruments: | $(55,877) | $(55,877) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 29, 2020. 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 | |
(Amounts in thousands) | ||
Equity Risk | ||
Futures Contracts(a) | $0 | $(55,877) |
Total Equity Risk | 0 | (55,877) |
Total Value of Derivatives | $0 | $(55,877) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | February 29, 2020 | |
Assets | ||
Investment in securities, at value (including securities loaned of $808,965) — See accompanying schedule: Unaffiliated issuers (cost $138,670,147) | $218,366,657 | |
Fidelity Central Funds (cost $943,518) | 943,535 | |
Total Investment in Securities (cost $139,613,665) | $219,310,192 | |
Segregated cash with brokers for derivative instruments | 18,808 | |
Cash | 38 | |
Receivable for investments sold | 421,103 | |
Receivable for fund shares sold | 965,900 | |
Dividends receivable | 433,989 | |
Distributions receivable from Fidelity Central Funds | 824 | |
Other receivables | 3,784 | |
Total assets | 221,154,638 | |
Liabilities | ||
Payable for investments purchased | $11,897 | |
Payable for fund shares redeemed | 893,925 | |
Accrued management fee | 3,045 | |
Payable for daily variation margin on futures contracts | 2,832 | |
Other payables and accrued expenses | 3,778 | |
Collateral on securities loaned | 834,800 | |
Total liabilities | 1,750,277 | |
Net Assets | $219,404,361 | |
Net Assets consist of: | ||
Paid in capital | $140,283,541 | |
Total accumulated earnings (loss) | 79,120,820 | |
Net Assets | $219,404,361 | |
Net Asset Value and Maximum Offering Price | ||
Net Asset Value, offering price and redemption price per share ($219,404,361 ÷ 2,135,147 shares) | $102.76 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Year ended February 29, 2020 | |
Investment Income | ||
Dividends | $4,091,187 | |
Interest | 751 | |
Income from Fidelity Central Funds (including $7,726 from security lending) | 19,072 | |
Total income | 4,111,010 | |
Expenses | ||
Management fee | $31,332 | |
Independent trustees' fees and expenses | 1,087 | |
Legal | 1 | |
Interest | 56 | |
Commitment fees | 499 | |
Total expenses before reductions | 32,975 | |
Expense reductions | (64) | |
Total expenses after reductions | 32,911 | |
Net investment income (loss) | 4,078,099 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 636,411 | |
Fidelity Central Funds | 161 | |
Futures contracts | 144,129 | |
Total net realized gain (loss) | 780,701 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 9,597,675 | |
Fidelity Central Funds | (162) | |
Futures contracts | (108,646) | |
Total change in net unrealized appreciation (depreciation) | 9,488,867 | |
Net gain (loss) | 10,269,568 | |
Net increase (decrease) in net assets resulting from operations | $14,347,667 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Year ended February 29, 2020 | Year ended February 28, 2019 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $4,078,099 | $3,126,822 |
Net realized gain (loss) | 780,701 | 1,314,826 |
Change in net unrealized appreciation (depreciation) | 9,488,867 | 3,394,757 |
Net increase (decrease) in net assets resulting from operations | 14,347,667 | 7,836,405 |
Distributions to shareholders | (4,559,102) | (3,914,806) |
Share transactions - net increase (decrease) | 30,022,438 | 28,151,548 |
Total increase (decrease) in net assets | 39,811,003 | 32,073,147 |
Net Assets | ||
Beginning of period | 179,593,358 | 147,520,211 |
End of period | $219,404,361 | $179,593,358 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity 500 Index Fund
Years ended February 28, | 2020 A | 2019 | 2018 | 2017 | 2016 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $97.10 | $95.15 | $83.00 | $68.15 | $74.73 |
Income from Investment Operations | |||||
Net investment income (loss)B | 2.05 | 1.86 | 1.74 | 1.61 | 1.50 |
Net realized and unrealized gain (loss) | 5.92 | 2.46 | 12.25 | 15.21 | (6.05) |
Total from investment operations | 7.97 | 4.32 | 13.99 | 16.82 | (4.55) |
Distributions from net investment income | (2.19) | (1.81) | (1.69) | (1.58) | (1.57) |
Distributions from net realized gain | (.12) | (.57) | (.15) | (.40) | (.46) |
Total distributions | (2.31) | (2.37)C | (1.84) | (1.97)D | (2.03) |
Net asset value, end of period | $102.76 | $97.10 | $95.15 | $83.00 | $68.15 |
Total ReturnE | 8.18% | 4.67% | 17.08% | 24.97% | (6.19)% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .02% | .02% | .02% | .02% | .03% |
Expenses net of fee waivers, if any | .02% | .02% | .02% | .02% | .02% |
Expenses net of all reductions | .02% | .02% | .02% | .02% | .02% |
Net investment income (loss) | 1.96% | 1.99% | 1.96% | 2.11% | 2.09% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $219,404 | $179,593 | $32,225 | $14,824 | $6,722 |
Portfolio turnover rateH | 4%I | 4%I | 4%I | 5% | 5% |
A For the year ended February 29.
B Calculated based on average shares outstanding during the period.
C Total distributions of $2.37 per share is comprised of distributions from net investment income of $1.807 and distributions from net realized gain of $.565 per share.
D Total distributions of $1.97 per share is comprised of distributions from net investment income of $1.576 and distributions from net realized gain of $.398 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F 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.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other 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 brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended February 29, 2020
(Amounts in thousands except percentages)
1. Organization.
Fidelity 500 Index Fund (the Fund) is a fund of Fidelity Concord Street 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.
Effective after the close of business November 2, 2018, the Fund's publicly offered shares classes were consolidated into a single share class. The surviving class is Fidelity 500 Index Fund (formerly Institutional Premium Class). All prior fiscal period dollar and share amounts for the classes that closed, which are presented in the Notes to Financial Statements, are for the period March 1, 2018 through November 2, 2018.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
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 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 February 29, 2020 is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. 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.
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.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $3,778 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of February 29, 2020, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, market discount, certain deemed distributions, redemptions in-kind, short-term gain distributions from the Underlying Funds, deferred trustees compensation 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 | $89,193,298 |
Gross unrealized depreciation | (10,776,593) |
Net unrealized appreciation (depreciation) | $78,416,705 |
Tax Cost | $140,893,487 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $824,213 |
Capital loss carryforward | $(116,319) |
Net unrealized appreciation (depreciation) on securities and other investments | $78,416,705 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
No expiration | |
Long-term | $(116,319) |
The tax character of distributions paid was as follows:
February 29, 2020 | February 28, 2019 | |
Ordinary Income | $4,336,119 | $ 3,332,208 |
Long-term Capital Gains | 222,983 | 582,598 |
Total | $4,559,102 | $ 3,914,806 |
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 and is representative of volume of activity during the period. 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 and in-kind transactions are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity 500 Index Fund | 38,368,978 | 8,352,103 |
Unaffiliated Redemptions In-Kind. During the period, 8,304 shares of the Fund were redeemed in-kind for investments and cash with a value of $850,431. The net realized gain of $637,507 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.
Unaffiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $197,324 in exchange for 1,900 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
Prior Fiscal Year Unaffiliated Redemptions In-Kind. During the prior period, 4,681 shares of the Fund were redeemed in-kind for investments and cash with a value of $476,075. The Fund had a net realized gain of $358,360 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
Prior Fiscal Year Unaffiliated Exchanges In-Kind. During the prior period, the Fund received investments and cash valued at $285,906 in exchange for 2,971 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .015% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity 500 Index Fund | Borrower | $98,779 | 2.56% | $56 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 2,548 shares of the Fund were redeemed in-kind for investments and cash with a value of $236,624. The Fund had a net realized gain of $176,347 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Commitment fees on the Statement of Operations, and are as follows:
Amount | |
Fidelity 500 Index Fund | $499 |
During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $218. 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, and includes an amount less than five-hundred dollars from securities loaned to NFS, as affiliated borrower.
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $64.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended February 29, 2020 | Year ended February 28, 2019 | |
Distributions to shareholders | ||
Investor Class | $– | $53,009 |
Premium Class | – | 1,076,162 |
Institutional Class | – | 478,603 |
Fidelity 500 Index Fund | 4,559,102 | 2,307,032 |
Total | $4,559,102 | $3,914,806 |
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended February 29, 2020 | Year ended February 28, 2019 | Year ended February 29, 2020 | Year ended February 28, 2019 | |
Investor Class | ||||
Shares sold | – | 10,373 | $– | $1,004,051 |
Reinvestment of distributions | – | 511 | – | 48,869 |
Shares redeemed | – | (51,747) | – | (4,949,484) |
Net increase (decrease) | – | (40,863) | $– | $(3,896,564) |
Premium Class | ||||
Shares sold | – | 91,082 | $– | $8,804,912 |
Reinvestment of distributions | – | 10,441 | – | 997,936 |
Shares redeemed | – | (910,197) | – | (87,667,470) |
Net increase (decrease) | – | (808,674) | $– | $(77,864,622) |
Institutional Class | ||||
Shares sold | – | 67,809(a) | $– | $6,571,382(a) |
Reinvestment of distributions | – | 4,876 | – | 466,026 |
Shares redeemed | – | (434,837)(b) | – | (42,201,722)(b) |
Net increase (decrease) | – | (362,152) | $– | $(35,164,314) |
Fidelity 500 Index Fund | ||||
Shares sold | 645,007(c) | 1,654,635(a) | $67,830,497(c) | $158,508,205(a) |
Reinvestment of distributions | 41,509 | 24,262 | 4,344,871 | 2,222,530 |
Shares redeemed | (400,973)(d) | (167,957)(e) | (42,152,930)(d) | (15,653,687)(e) |
Net increase (decrease) | 285,543 | 1,510,940 | $30,022,438 | $145,077,048 |
(a) Amount includes in-kind exchanges (see the Prior Fiscal Year Unaffiliated Exchanges In-Kind note for additional details).
(b) Amount includes in-kind redemptions (see the Prior Fiscal Year Affiliated Redemptions In-Kind note for additional details).
(c) Amount includes in-kind exchanges (see the Unaffiliated Exchanges In-Kind note for additional details)
(d) Amount includes in-kind redemptions (see the Unaffiliated Redemptions In-Kind note for additional details).
(e) Amount includes in-kind redemptions (see the Prior Fiscal Year Unaffiliated Redemptions In-Kind note for additional details).
12. 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.
13. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity 500 Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity 500 Index Fund (one of the funds constituting Fidelity Concord Street Trust, referred to hereafter as the “Fund”) as of February 29, 2020, the related statement of operations for the year ended February 29, 2020, the statement of changes in net assets for each of the two years in the period ended February 29, 2020, including the related notes, and the financial highlights for each of the five years in the period ended February 29, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 29, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 29, 2020 and the financial highlights for each of the five years in the period ended February 29, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
April 9, 2020
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 302 funds. Mr. Chiel oversees 173 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
James C. Curvey (1935)
Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Previously, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity), Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail), Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005) and Chairman (2014-2017) and a member of the Board (2010-2017) of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes). Mr. Lacy currently serves as a member of the Board of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present), Trustee of the California Chapter of The Nature Conservancy (2015-present) and a member of the Board of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008
Trustee
Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of XL Group plc. (global insurance and re-insurance, 2006-2018).
Cornelia M. Small (1944)
Year of Election or Appointment: 2005
Trustee
Ms. Small also serves as Trustee of other Fidelity® funds. Previously, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments and a member of Scudder, Stevens & Clark and Scudder Kemper Investments. Ms. Small previously served as a member of the Board (2009-2019) and Chair of the Investment Committee (2010-2019) of the Teagle Foundation and a member of the Investment Committee of the Berkshire Taconic Community Foundation (2008-2019).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Vicki L. Fuller (1957)
Year of Election or Appointment: 2018
Member of the Advisory Board
Ms. Fuller also serves as a member of the Advisory Board of other Fidelity® funds. Previously, Ms. Fuller served as Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Member of the Advisory Board
Ms. Kampling also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Member of the Advisory Board
Ms. Tomasky also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Member of the Advisory Board
Mr. Wiley also serves as Trustee or a member of the Advisory Board of other Fidelity® funds. Previously, Mr. Wiley served as Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley currently serves as a member of the Board of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018) and a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of certain funds (2017-2019), as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
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 (September 1, 2019 to February 29, 2020).
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 September 1, 2019 | Ending Account Value February 29, 2020 | Expenses Paid During Period-B September 1, 2019 to February 29, 2020 | |
Fidelity 500 Index Fund | .02% | |||
Actual | $1,000.00 | $1,019.10 | $.10 | |
Hypothetical-C | $1,000.00 | $1,024.76 | $.10 |
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 182/366 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
A total of 0.08% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates 98%, 94%, 94%, and 94% of the dividends distributed in April, July, October, and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 100%, 98%, 98%, and 98% of the dividends distributed in April, July, October, and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund designates 1%, 3%, 3%, and 3% of the dividends distributed in April, July, October, and December, respectively during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity 500 Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode 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 renewal of the Advisory Contracts throughout the year.Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.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 Contracts, 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 renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. 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 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services 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 provided by and the profits 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 are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.In considering whether to renew 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 renewal 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 renew 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 renew 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, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; 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 over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.The Board noted that it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.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 ETFs with innovative structures, strategies and pricing 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 target date 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) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) 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 and a peer group of funds with similar objectives (peer group), if any. 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 an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2019, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.Fidelity 500 Index Fund
Fidelity 500 Index Fund
The Board considered that effective July 1, 2016, the fund's management fee rate was reduced from 0.025% to 0.015%. The Board considered that the chart below reflects the fund's lower management fee rate for 2016, as if the lower fee rate were in effect for the entire year.
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot not be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2018 through November 30, 2019. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
U5I-U5A-ANN-0420
1.925889.108
Fidelity® Total Market Index Fund
Fidelity® Extended Market Index Fund
Fidelity® International Index Fund
February 29, 2020
See the inside front cover for important information about access to your fund’s shareholder reports.
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
Fidelity® Total Market Index Fund | |
Fidelity® Extended Market Index Fund | |
Fidelity® International Index Fund | |
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 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds 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 Funds nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following the end of this reporting period, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Fidelity® Total Market Index Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended February 29, 2020 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Total Market Index Fund | 6.77% | 8.68% | 12.46% |
The initial offering of Fidelity Total Market Index Fund (formerly named Institutional Premium Class) took place on September 8, 2011. Returns prior to September 8, 2011 are those of the former Premium Class and have not been restated to reflect current expenses.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Total Market Index Fund on February 28, 2010.
The chart shows how the value of your investment would have changed, and also shows how the Dow Jones U.S. Total Stock Market Index℠ performed over the same period.
Period Ending Values | ||
$32,344 | Fidelity® Total Market Index Fund | |
$32,345 | Dow Jones U.S. Total Stock Market Index℠ |
Fidelity® Total Market Index Fund
Management's Discussion of Fund Performance
Market Recap: U.S. stocks stalled to begin the new year and declined in late February, as the outbreak and spread of the new coronavirus threatened to hamper global economic growth and corporate earnings. For the 12 months ending February 29, 2020, the U.S. equity bellwether S&P 500® index gained 8.19%. The period began with equities rising amid upbeat company earnings and signs the U.S. Federal Reserve may pause on rates. The uptrend extended until May, when the index dipped as trade talks between the U.S. and China broke down. The bull market roared back to record a series of highs in July, when the Fed cut interest rates for the first time since 2008. Volatility intensified in August, as the Treasury yield curve inverted, which some investors viewed as a sign the U.S. economy could be heading for recession. But the market proved resilient, hitting a new high on October 30, when the Fed lowered rates for the third time in 2019, and moving higher through December 31. Following a roughly flat January, stocks sank in late February, after a surge in coronavirus cases outside China created considerable uncertainty and pushed investors to safer asset classes. By sector, information technology (+27%) led the way by a wide margin, followed by utilities and communication services (+13% each). In contrast, energy (-25%) was by far the weakest category, struggling due to sluggish oil prices. Other notable laggards included materials and industrials (-2% each).Comments from the Geode Capital Management, LLC, passive equity index team: For the fiscal year, the fund gained 6.77%, in line with the benchmark Dow Jones U.S. Total Stock Market Index. At the individual-stock level, the largest positive impact on performance came from the two largest companies in the index, Apple and Microsoft. Apple (+60%), a maker of consumer electronics and personal computers, reported especially strong growth in services and wearable electronics, while software company Microsoft (+47%) benefited from strong earnings growth and a decision to buy back stock and increase its quarterly dividend. Better-than-expected financial results lifted shares of social media company Facebook (+19%). Electronic-payment processors Visa (+23%) and Mastercard (+30%) both enjoyed strong financial results driven by growth in non-cash financial transactions, boosting these companies' share prices. Other notable contributors included Alphabet (returning roughly 20%), the parent company of online search giant Google – whose shares rose on the company's strong financial results and announcement of a $25 billion share buyback plan – and online retailer Amazon.com (+15%). In contrast, ample oil supply weighed on energy stocks, especially Exxon Mobil (-31%), Chevron (-19%), Occidental Petroleum (-47%) and Schlumberger (-35%). Shares of Boeing (-36%) were hampered by continued fallout from the aircraft manufacturer's beleaguered 737 MAX jet, which remains grounded following deadly crashes in March 2019 and October 2018. Shares of pharmaceutical company Pfizer (-20%) declined on revenue estimates shy of expectations and investors' apparent dissatisfaction with the company's plans to merge one of its business units with Mylan.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to Shareholders: On March 22, 2019, Pat Waddell retired and is no longer a portfolio manager with Geode Capital Management.Fidelity® Total Market Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of February 29, 2020
% of fund's net assets | |
Microsoft Corp. | 4.2 |
Apple, Inc. | 3.9 |
Amazon.com, Inc. | 2.7 |
Facebook, Inc. Class A | 1.6 |
Berkshire Hathaway, Inc. Class B | 1.4 |
Alphabet, Inc. Class A | 1.4 |
Alphabet, Inc. Class C | 1.4 |
JPMorgan Chase & Co. | 1.3 |
Johnson & Johnson | 1.2 |
Visa, Inc. Class A | 1.1 |
20.2 |
Top Market Sectors as of February 29, 2020
% of fund's net assets | |
Information Technology | 23.4 |
Health Care | 14.0 |
Financials | 13.0 |
Consumer Discretionary | 10.2 |
Communication Services | 9.7 |
Industrials | 9.6 |
Consumer Staples | 6.5 |
Real Estate | 4.1 |
Utilities | 3.3 |
Energy | 3.3 |
Fidelity® Total Market Index Fund
Schedule of Investments February 29, 2020
Showing Percentage of Net Assets
Common Stocks - 99.8% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 9.7% | |||
Diversified Telecommunication Services - 1.8% | |||
Alaska Communication Systems Group, Inc. (a) | 95,774 | $201,125 | |
AT&T, Inc. | 11,481,639 | 404,383,326 | |
ATN International, Inc. | 16,985 | 915,492 | |
Bandwidth, Inc. (a) | 27,155 | 1,707,778 | |
CenturyLink, Inc. | 1,543,079 | 18,624,964 | |
Cincinnati Bell, Inc. (a) | 83,774 | 1,093,251 | |
Cogent Communications Group, Inc. | 65,899 | 4,811,286 | |
Consolidated Communications Holdings, Inc. (b) | 109,987 | 684,119 | |
Frontier Communications Corp. (a)(b) | 174,758 | 94,544 | |
GCI Liberty, Inc. (a) | 148,708 | 10,277,210 | |
Globalstar, Inc. (a)(b) | 1,067,098 | 435,803 | |
GlowPoint, Inc. (a) | 1,324 | 2,118 | |
IDT Corp. Class B (a) | 31,569 | 243,081 | |
Iridium Communications, Inc. (a) | 149,882 | 4,057,306 | |
Ooma, Inc. (a) | 26,417 | 338,930 | |
ORBCOMM, Inc. (a) | 115,630 | 382,735 | |
Pareteum Corp. (a)(b) | 311,958 | 174,696 | |
PDVWireless, Inc. (a) | 16,847 | 789,282 | |
Verizon Communications, Inc. | 6,499,866 | 352,032,743 | |
Vonage Holdings Corp. (a) | 363,821 | 3,259,836 | |
Zayo Group Holdings, Inc. (a) | 369,129 | 12,915,824 | |
817,425,449 | |||
Entertainment - 1.7% | |||
Activision Blizzard, Inc. | 1,204,781 | 70,033,920 | |
AMC Entertainment Holdings, Inc. Class A (b) | 80,472 | 503,755 | |
Ballantyne of Omaha, Inc. (a) | 12,668 | 38,004 | |
Chicken Soup For The Soul Entertainment, Inc. (a)(b) | 3,642 | 32,159 | |
Cinedigm Corp. (a) | 3,959 | 2,015 | |
Cinemark Holdings, Inc. | 171,430 | 4,450,323 | |
Electronic Arts, Inc. (a) | 458,564 | 46,484,633 | |
Gaia, Inc. Class A (a)(b) | 15,337 | 129,291 | |
Global Eagle Entertainment, Inc. (a) | 73,746 | 22,124 | |
Glu Mobile, Inc. (a) | 191,484 | 1,363,366 | |
Lions Gate Entertainment Corp.: | |||
Class A (a)(b) | 132,862 | 1,056,253 | |
Class B (a) | 118,561 | 877,351 | |
Live Nation Entertainment, Inc. (a) | 222,862 | 13,543,324 | |
LiveXLive Media, Inc. (a)(b) | 48,854 | 61,556 | |
Marcus Corp. | 40,620 | 1,085,366 | |
Netflix, Inc. (a) | 689,019 | 254,268,682 | |
Reading International, Inc. Class A (a) | 16,881 | 140,619 | |
Roku, Inc. Class A (a)(b) | 143,522 | 16,314,146 | |
Rosetta Stone, Inc. (a) | 41,439 | 715,652 | |
Sciplay Corp. (A Shares) | 39,902 | 360,714 | |
Take-Two Interactive Software, Inc. (a) | 176,407 | 18,960,224 | |
The Madison Square Garden Co. (a) | 27,695 | 7,417,275 | |
The Walt Disney Co. | 2,832,774 | 333,275,861 | |
World Wrestling Entertainment, Inc. Class A | 73,175 | 3,422,395 | |
Zynga, Inc. (a) | 1,487,546 | 9,981,434 | |
784,540,442 | |||
Interactive Media & Services - 4.6% | |||
Alphabet, Inc.: | |||
Class A (a) | 470,705 | 630,391,671 | |
Class C (a) | 469,869 | 629,309,648 | |
ANGI Homeservices, Inc. Class A (a)(b) | 118,167 | 842,531 | |
Autoweb, Inc. (a) | 6,653 | 13,040 | |
CarGurus, Inc. Class A (a) | 110,133 | 2,807,290 | |
Cars.com, Inc. (a)(b) | 110,140 | 1,000,071 | |
DHI Group, Inc. (a) | 99,689 | 227,291 | |
Eventbrite, Inc. (a) | 57,116 | 834,465 | |
EverQuote, Inc. Class A (a)(b) | 19,074 | 774,786 | |
Facebook, Inc. Class A (a) | 3,781,968 | 727,915,381 | |
IAC/InterActiveCorp (a) | 113,396 | 23,125,980 | |
Liberty TripAdvisor Holdings, Inc. (a) | 106,963 | 465,824 | |
Match Group, Inc. (a)(b) | 83,288 | 5,413,720 | |
MeetMe, Inc. (a) | 120,608 | 615,101 | |
Pinterest, Inc. Class A | 159,977 | 3,119,552 | |
QuinStreet, Inc. (a) | 76,178 | 981,173 | |
Snap, Inc. Class A (a) | 1,237,080 | 17,529,424 | |
Travelzoo, Inc. (a) | 7,598 | 62,152 | |
TripAdvisor, Inc. | 164,000 | 3,845,800 | |
TrueCar, Inc. (a) | 152,594 | 401,322 | |
Twitter, Inc. (a) | 1,219,541 | 40,488,761 | |
Yelp, Inc. (a) | 100,059 | 3,128,845 | |
Zedge, Inc. (a) | 10,522 | 15,278 | |
Zillow Group, Inc.: | |||
Class A (a) | 71,415 | 3,975,673 | |
Class C (a)(b) | 178,028 | 9,935,743 | |
2,107,220,522 | |||
Media - 1.5% | |||
A.H. Belo Corp. Class A | 15,639 | 39,098 | |
Altice U.S.A., Inc. Class A (a) | 484,388 | 12,526,274 | |
AMC Networks, Inc. Class A (a) | 69,897 | 2,166,807 | |
Boston Omaha Corp. (a)(b) | 12,351 | 240,350 | |
Cable One, Inc. | 7,931 | 12,475,622 | |
Cardlytics, Inc. (a) | 31,649 | 2,512,614 | |
Cbdmd, Inc. (a)(b) | 27,468 | 28,017 | |
Central European Media Enterprises Ltd. Class A (a) | 134,373 | 595,272 | |
Charter Communications, Inc. Class A (a) | 246,417 | 121,525,472 | |
Clear Channel Outdoor Holdings, Inc. (a) | 593,161 | 1,227,843 | |
Comcast Corp. Class A | 7,134,903 | 288,464,128 | |
comScore, Inc. (a) | 77,792 | 272,272 | |
Cumulus Media, Inc. (a) | 23,165 | 279,138 | |
Daily Journal Corp. (a)(b) | 2,118 | 529,500 | |
Discovery Communications, Inc.: | |||
Class A (a)(b) | 257,297 | 6,612,533 | |
Class C (non-vtg.) (a) | 512,583 | 12,865,833 | |
DISH Network Corp. Class A (a) | 403,664 | 13,530,817 | |
E.W. Scripps Co. Class A | 87,573 | 1,042,119 | |
Emerald Expositions Events, Inc. | 41,496 | 284,663 | |
Emmis Communications Corp. Class A (a) | 1,406 | 5,076 | |
Entercom Communications Corp. Class A | 190,652 | 661,562 | |
Entravision Communication Corp. Class A | 94,991 | 190,932 | |
Fluent, Inc. (a) | 73,907 | 172,203 | |
Fox Corp.: | |||
Class A | 570,819 | 17,546,976 | |
Class B | 243,008 | 7,399,594 | |
Gray Television, Inc. (a) | 134,748 | 2,549,432 | |
Harte-Hanks, Inc. (a) | 3,208 | 9,560 | |
Hemisphere Media Group, Inc. (a) | 19,748 | 249,417 | |
iHeartMedia, Inc. (a)(b) | 94,443 | 1,427,034 | |
Insignia Systems, Inc. (a) | 3,553 | 2,736 | |
Interpublic Group of Companies, Inc. | 601,453 | 12,847,036 | |
John Wiley & Sons, Inc. Class A | 69,800 | 2,595,862 | |
Lee Enterprises, Inc. (a) | 84,524 | 126,786 | |
Liberty Broadband Corp.: | |||
Class A (a) | 21,417 | 2,648,855 | |
Class C (a) | 256,052 | 32,234,386 | |
Liberty Global PLC: | |||
Class A (a) | 260,485 | 5,084,667 | |
Class C (a) | 650,286 | 12,088,817 | |
Liberty Latin America Ltd.: | |||
Class A (a) | 54,620 | 827,493 | |
Class C (a) | 195,666 | 2,972,167 | |
Liberty Media Corp.: | |||
Liberty Braves Class A (a) | 10,065 | 261,891 | |
Liberty Braves Class C (a) | 62,524 | 1,624,374 | |
Liberty Formula One Group Series C (a) | 326,081 | 12,736,724 | |
Liberty Media Class A (a) | 32,828 | 1,230,722 | |
Liberty SiriusXM Series A (a) | 96,454 | 4,308,600 | |
Liberty SiriusXM Series C (a) | 264,227 | 11,789,809 | |
Loral Space & Communications Ltd. (a) | 19,922 | 618,777 | |
Marchex, Inc. Class B (a) | 35,256 | 91,313 | |
MDC Partners, Inc. Class A (a) | 94,948 | 238,319 | |
Mediaco Holding, Inc. (a) | 178 | 1,202 | |
Meredith Corp. | 61,632 | 1,624,003 | |
MSG Network, Inc. Class A (a)(b) | 75,678 | 956,570 | |
National CineMedia, Inc. | 107,573 | 827,236 | |
New Media Investment Group, Inc. | 194,937 | 818,735 | |
News Corp.: | |||
Class A | 701,794 | 8,474,163 | |
Class B | 106,485 | 1,324,673 | |
Nexstar Broadcasting Group, Inc. Class A | 71,203 | 8,186,921 | |
Omnicom Group, Inc. | 343,606 | 23,805,024 | |
Saga Communications, Inc. Class A | 7,361 | 211,850 | |
Salem Communications Corp. Class A | 7,646 | 9,405 | |
Scholastic Corp. | 49,875 | 1,600,489 | |
Sinclair Broadcast Group, Inc. Class A | 105,821 | 2,456,105 | |
Sirius XM Holdings, Inc. (b) | 2,145,656 | 13,603,459 | |
Srax, Inc. (a)(b) | 18,248 | 52,554 | |
Srax, Inc. rights(a)(c) | 7,116 | 1,281 | |
TechTarget, Inc. (a) | 37,024 | 856,365 | |
Tegna, Inc. | 343,541 | 4,919,507 | |
The New York Times Co. Class A | 225,719 | 8,455,434 | |
Townsquare Media, Inc. | 906 | 8,072 | |
Tribune Publishing Co. | 36,517 | 418,850 | |
Urban One, Inc.: | |||
Class A (a) | 5,499 | 10,723 | |
Class D (non-vtg.) (a) | 22,803 | 42,870 | |
ViacomCBS, Inc.: | |||
Class A | 12,243 | 367,290 | |
Class B | 855,184 | 21,046,078 | |
WideOpenWest, Inc. (a) | 48,779 | 306,820 | |
712,145,171 | |||
Wireless Telecommunication Services - 0.1% | |||
Boingo Wireless, Inc. (a) | 71,614 | 907,349 | |
Gogo, Inc. (a)(b) | 77,279 | 278,977 | |
NII Holdings, Inc. (a)(c) | 149,032 | 323,399 | |
Shenandoah Telecommunications Co. | 71,752 | 3,187,941 | |
Spok Holdings, Inc. | 30,428 | 303,063 | |
Sprint Corp. (a) | 954,799 | 8,774,603 | |
T-Mobile U.S., Inc. (a) | 495,271 | 44,653,633 | |
Telephone & Data Systems, Inc. | 157,684 | 3,175,756 | |
U.S. Cellular Corp. (a) | 26,021 | 817,320 | |
62,422,041 | |||
TOTAL COMMUNICATION SERVICES | 4,483,753,625 | ||
CONSUMER DISCRETIONARY - 10.2% | |||
Auto Components - 0.2% | |||
Adient PLC (a) | 138,917 | 3,324,284 | |
American Axle & Manufacturing Holdings, Inc. (a) | 182,266 | 1,153,744 | |
Aptiv PLC | 401,647 | 31,372,647 | |
Autoliv, Inc. | 121,882 | 8,133,186 | |
BorgWarner, Inc. | 322,689 | 10,196,972 | |
Cooper Tire & Rubber Co. | 81,352 | 2,073,662 | |
Cooper-Standard Holding, Inc. (a) | 28,729 | 496,437 | |
Dana, Inc. | 221,089 | 3,179,260 | |
Delphi Technologies PLC (a) | 136,238 | 1,923,681 | |
Dorman Products, Inc. (a) | 47,024 | 2,851,535 | |
Fox Factory Holding Corp. (a) | 62,454 | 3,959,584 | |
Garrett Motion, Inc. (a) | 116,114 | 805,831 | |
Gentex Corp. | 393,679 | 10,511,229 | |
Gentherm, Inc. (a) | 53,919 | 2,198,817 | |
Horizon Global Corp. (a)(b) | 37,011 | 113,624 | |
LCI Industries | 39,858 | 3,848,290 | |
Lear Corp. | 85,908 | 9,552,970 | |
Modine Manufacturing Co. (a) | 79,796 | 595,278 | |
Motorcar Parts of America, Inc. (a)(b) | 27,975 | 468,302 | |
Shiloh Industries, Inc. (a) | 16,667 | 57,668 | |
Standard Motor Products, Inc. | 32,083 | 1,411,652 | |
Stoneridge, Inc. (a) | 42,435 | 937,814 | |
Strattec Security Corp. | 3,057 | 63,922 | |
Superior Industries International, Inc. | 42,371 | 110,165 | |
Sypris Solutions, Inc. (a) | 11,882 | 10,813 | |
Tenneco, Inc. (b) | 95,694 | 877,514 | |
The Goodyear Tire & Rubber Co. | 357,708 | 3,464,402 | |
Veoneer, Inc. (a)(b) | 156,282 | 1,923,831 | |
Visteon Corp. (a)(b) | 44,466 | 2,892,069 | |
Workhorse Group, Inc. (a)(b) | 80,566 | 242,504 | |
XPEL, Inc. (a) | 34,573 | 446,337 | |
109,198,024 | |||
Automobiles - 0.6% | |||
Arcimoto, Inc. (a)(b) | 19,951 | 30,126 | |
Ford Motor Co. | 6,098,580 | 42,446,117 | |
General Motors Co. | 1,974,143 | 60,211,362 | |
Harley-Davidson, Inc. | 244,927 | 7,462,926 | |
Tesla, Inc. (a) | 223,778 | 149,481,466 | |
Thor Industries, Inc. (b) | 87,811 | 6,621,828 | |
Winnebago Industries, Inc. | 50,752 | 2,633,521 | |
268,887,346 | |||
Distributors - 0.1% | |||
Core-Mark Holding Co., Inc. | 73,260 | 1,685,713 | |
Educational Development Corp. | 4,042 | 20,857 | |
Funko, Inc. (a)(b) | 28,375 | 230,121 | |
Genuine Parts Co. | 226,249 | 19,737,963 | |
LKQ Corp. (a) | 478,005 | 14,139,388 | |
Pool Corp. | 62,570 | 13,199,767 | |
Weyco Group, Inc. | 9,583 | 210,251 | |
49,224,060 | |||
Diversified Consumer Services - 0.2% | |||
Adtalem Global Education, Inc. (a) | 84,113 | 2,596,568 | |
American Public Education, Inc. (a) | 27,073 | 602,645 | |
Aspen Group, Inc. (a) | 21,363 | 187,567 | |
Bright Horizons Family Solutions, Inc. (a) | 90,215 | 14,177,287 | |
Career Education Corp. (a) | 116,709 | 1,742,465 | |
Carriage Services, Inc. | 23,866 | 504,766 | |
Chegg, Inc. (a) | 183,740 | 7,204,445 | |
Collectors Universe, Inc. | 15,005 | 345,190 | |
Franchise Group, Inc. | 18,133 | 420,686 | |
Frontdoor, Inc. (a) | 134,256 | 5,692,454 | |
Graham Holdings Co. | 6,796 | 3,417,572 | |
Grand Canyon Education, Inc. (a) | 75,693 | 6,106,911 | |
H&R Block, Inc. | 305,561 | 6,315,946 | |
Houghton Mifflin Harcourt Co. (a) | 163,395 | 893,771 | |
HyreCar, Inc. (a)(b) | 7,702 | 24,184 | |
K12, Inc. (a) | 59,896 | 1,190,732 | |
Laureate Education, Inc. Class A (a) | 170,268 | 3,184,012 | |
Lincoln Educational Services Corp. (a) | 11,052 | 32,603 | |
OneSpaWorld Holdings Ltd. (b) | 59,208 | 723,522 | |
Regis Corp. (a) | 39,677 | 506,279 | |
Select Interior Concepts, Inc. (a) | 30,016 | 224,220 | |
Service Corp. International | 289,189 | 13,820,342 | |
ServiceMaster Global Holdings, Inc. (a) | 213,410 | 7,633,676 | |
Strategic Education, Inc. | 35,142 | 5,179,228 | |
Universal Technical Institute, Inc. (a) | 20,747 | 153,528 | |
Weight Watchers International, Inc. (a) | 71,605 | 2,148,150 | |
Xpresspa Group, Inc. (a) | 348 | 275 | |
Zovio, Inc. (a) | 36,795 | 57,768 | |
85,086,792 | |||
Hotels, Restaurants & Leisure - 1.9% | |||
ARAMARK Holdings Corp. | 391,698 | 13,607,589 | |
BBQ Holdings, Inc. (a) | 5,376 | 23,762 | |
BFC Financial Corp. Class A | 110,855 | 385,775 | |
Biglari Holdings, Inc. (a) | 174 | 104,400 | |
Biglari Holdings, Inc. (a) | 1,745 | 184,028 | |
BJ's Restaurants, Inc. | 31,905 | 1,051,270 | |
Bloomin' Brands, Inc. | 139,999 | 2,518,582 | |
Bluegreen Vacations Corp. (b) | 15,559 | 120,738 | |
Boyd Gaming Corp. | 128,705 | 3,437,711 | |
Brinker International, Inc. | 56,153 | 1,928,856 | |
Caesars Entertainment Corp. (a) | 872,869 | 11,094,165 | |
Carnival Corp. | 627,942 | 21,010,939 | |
Carrols Restaurant Group, Inc. (a) | 59,929 | 247,207 | |
Century Casinos, Inc. (a) | 39,038 | 272,485 | |
Chipotle Mexican Grill, Inc. (a) | 40,062 | 30,991,162 | |
Choice Hotels International, Inc. | 50,493 | 4,609,001 | |
Churchill Downs, Inc. | 56,033 | 7,039,986 | |
Chuy's Holdings, Inc. (a) | 28,676 | 614,813 | |
Cracker Barrel Old Country Store, Inc. | 36,998 | 5,302,923 | |
Darden Restaurants, Inc. | 192,163 | 18,735,893 | |
Dave & Buster's Entertainment, Inc. | 49,217 | 1,624,653 | |
Del Taco Restaurants, Inc. (a) | 62,726 | 401,446 | |
Denny's Corp. (a) | 93,142 | 1,621,602 | |
Dine Brands Global, Inc. | 27,228 | 2,228,612 | |
Domino's Pizza, Inc. | 64,257 | 21,812,681 | |
Dover Motorsports, Inc. | 7,047 | 11,628 | |
Drive Shack, Inc. (a) | 83,508 | 238,833 | |
Dunkin' Brands Group, Inc. | 130,362 | 8,671,680 | |
El Pollo Loco Holdings, Inc. (a)(b) | 39,614 | 511,021 | |
Eldorado Resorts, Inc. (a)(b) | 103,529 | 5,195,085 | |
Everi Holdings, Inc. (a) | 136,909 | 1,423,854 | |
Extended Stay America, Inc. unit | 288,816 | 3,171,200 | |
Fiesta Restaurant Group, Inc. (a) | 35,738 | 345,229 | |
Golden Entertainment, Inc. (a) | 31,284 | 509,304 | |
Good Times Restaurants, Inc. (a) | 5,599 | 7,559 | |
Habit Restaurants, Inc. Class A (a) | 33,692 | 470,340 | |
Hilton Grand Vacations, Inc. (a) | 132,498 | 3,532,397 | |
Hilton Worldwide Holdings, Inc. | 441,939 | 42,956,471 | |
Hyatt Hotels Corp. Class A | 57,836 | 4,430,238 | |
Inspired Entertainment, Inc. (a) | 15,999 | 83,195 | |
J. Alexanders Holdings, Inc. (a) | 14,499 | 119,037 | |
Jack in the Box, Inc. | 36,993 | 2,547,338 | |
Kura Sushi U.S.A., Inc. Class A (a) | 5,622 | 104,625 | |
Las Vegas Sands Corp. | 532,285 | 31,037,538 | |
Lindblad Expeditions Holdings (a) | 44,800 | 533,120 | |
Luby's, Inc. (a) | 10,306 | 24,322 | |
Marriott International, Inc. Class A | 425,236 | 52,729,264 | |
Marriott Vacations Worldwide Corp. | 59,462 | 5,754,732 | |
McDonald's Corp. | 1,183,210 | 229,743,886 | |
MGM Mirage, Inc. | 810,257 | 19,899,912 | |
Monarch Casino & Resort, Inc. (a) | 18,204 | 860,685 | |
Nathan's Famous, Inc. | 6,187 | 368,127 | |
Noodles & Co. (a)(b) | 69,097 | 561,068 | |
Norwegian Cruise Line Holdings Ltd. (a) | 335,849 | 12,513,734 | |
Papa John's International, Inc. | 34,493 | 1,987,142 | |
Penn National Gaming, Inc. (a) | 175,946 | 5,202,723 | |
Planet Fitness, Inc. (a) | 129,226 | 8,721,463 | |
Playa Hotels & Resorts NV (a) | 99,336 | 526,481 | |
PlayAGS, Inc. (a) | 45,259 | 438,560 | |
Potbelly Corp. (a) | 36,935 | 184,675 | |
Rave Restaurant Group, Inc. (a) | 6,403 | 8,004 | |
RCI Hospitality Holdings, Inc. | 10,918 | 219,998 | |
Red Lion Hotels Corp. (a) | 31,607 | 81,230 | |
Red Robin Gourmet Burgers, Inc. (a)(b) | 21,184 | 582,560 | |
Red Rock Resorts, Inc. | 109,034 | 2,247,191 | |
Royal Caribbean Cruises Ltd. | 270,753 | 21,771,249 | |
Ruth's Hospitality Group, Inc. | 42,226 | 807,783 | |
Scientific Games Corp. Class A (a) | 89,540 | 1,633,210 | |
SeaWorld Entertainment, Inc. (a) | 61,434 | 1,671,619 | |
Shake Shack, Inc. Class A (a)(b) | 47,072 | 2,797,960 | |
Six Flags Entertainment Corp. | 124,651 | 3,151,177 | |
Starbucks Corp. | 1,854,962 | 145,484,670 | |
Target Hospitality Corp. (a) | 59,831 | 280,009 | |
Texas Roadhouse, Inc. Class A | 103,119 | 5,797,350 | |
The Cheesecake Factory, Inc. | 64,593 | 2,301,449 | |
Town Sports International Holdings, Inc. (a)(b) | 29,114 | 41,342 | |
Twin River Worldwide Holdings, Inc. | 40,331 | 1,048,606 | |
Vail Resorts, Inc. | 63,091 | 13,413,778 | |
Wendy's Co. | 291,643 | 5,506,220 | |
Wingstop, Inc. | 46,050 | 3,888,923 | |
Wyndham Destinations, Inc. | 140,955 | 5,624,105 | |
Wyndham Hotels & Resorts, Inc. | 150,552 | 7,670,624 | |
Wynn Resorts Ltd. | 151,913 | 16,403,566 | |
Yum! Brands, Inc. | 474,725 | 42,369,206 | |
881,188,574 | |||
Household Durables - 0.5% | |||
Bassett Furniture Industries, Inc. | 12,880 | 127,126 | |
Beazer Homes U.S.A., Inc. (a) | 48,130 | 590,074 | |
Cavco Industries, Inc. (a) | 13,807 | 2,785,148 | |
Century Communities, Inc. (a) | 42,977 | 1,432,423 | |
Comstock Holding Companies, Inc. (a)(b) | 1,055 | 1,920 | |
CSS Industries, Inc. | 11,366 | 106,499 | |
D.R. Horton, Inc. | 525,908 | 28,015,119 | |
Dixie Group, Inc. (a) | 7,832 | 7,440 | |
Emerson Radio Corp. (a) | 16,730 | 13,786 | |
Ethan Allen Interiors, Inc. | 37,783 | 498,736 | |
Flexsteel Industries, Inc. | 18,067 | 248,241 | |
Garmin Ltd. | 226,297 | 20,002,392 | |
GoPro, Inc. Class A (a)(b) | 211,717 | 803,466 | |
Green Brick Partners, Inc. (a) | 37,339 | 408,489 | |
Hamilton Beach Brands Holding Co. Class A | 14,460 | 167,736 | |
Helen of Troy Ltd. (a) | 40,215 | 6,619,389 | |
Hooker Furniture Corp. | 18,554 | 349,001 | |
Hovnanian Enterprises, Inc. Class A (a) | 9,472 | 234,432 | |
Installed Building Products, Inc. (a) | 34,640 | 2,287,972 | |
iRobot Corp. (a)(b) | 42,357 | 2,032,712 | |
KB Home | 135,296 | 4,409,297 | |
Koss Corp. (a) | 1,883 | 2,260 | |
La-Z-Boy, Inc. | 75,789 | 2,171,355 | |
Legacy Housing Corp. (a)(b) | 6,771 | 97,299 | |
Leggett & Platt, Inc. | 205,809 | 8,162,385 | |
Lennar Corp.: | |||
Class A | 404,067 | 24,381,403 | |
Class B | 67,544 | 3,229,279 | |
LGI Homes, Inc. (a)(b) | 31,514 | 2,374,580 | |
Libbey, Inc. (a) | 29,574 | 42,587 | |
Lifetime Brands, Inc. | 9,906 | 63,002 | |
Lovesac (a)(b) | 16,529 | 143,637 | |
M.D.C. Holdings, Inc. | 77,982 | 3,067,812 | |
M/I Homes, Inc. (a) | 44,331 | 1,650,443 | |
Meritage Homes Corp. (a) | 55,593 | 3,527,932 | |
Mohawk Industries, Inc. (a) | 93,955 | 11,382,648 | |
New Home Co. LLC (a) | 12,535 | 61,547 | |
Newell Brands, Inc. | 596,918 | 9,210,445 | |
Nova LifeStyle, Inc. (a)(b) | 3,687 | 5,899 | |
NVR, Inc. (a) | 5,436 | 19,934,790 | |
PulteGroup, Inc. | 395,948 | 15,917,110 | |
Purple Innovation, Inc. (a) | 14,822 | 201,283 | |
Skyline Champion Corp. (a) | 78,366 | 1,996,766 | |
Sonos, Inc. (a)(b) | 97,412 | 1,124,134 | |
Taylor Morrison Home Corp. (a) | 216,165 | 4,868,036 | |
Tempur Sealy International, Inc. (a) | 69,916 | 5,226,221 | |
Toll Brothers, Inc. | 198,841 | 7,363,082 | |
TopBuild Corp. (a) | 54,229 | 5,477,129 | |
TRI Pointe Homes, Inc. (a) | 227,416 | 3,486,287 | |
Tupperware Brands Corp. | 73,103 | 208,344 | |
Turtle Beach Corp. (a)(b) | 22,969 | 151,825 | |
Universal Electronics, Inc. (a) | 23,004 | 971,229 | |
VOXX International Corp. (a) | 27,686 | 102,715 | |
Vuzix Corp. (a)(b) | 33,713 | 53,604 | |
Whirlpool Corp. | 97,845 | 12,510,462 | |
Zagg, Inc. (a)(b) | 43,858 | 294,726 | |
220,603,654 | |||
Internet & Direct Marketing Retail - 3.2% | |||
1-800-FLOWERS.com, Inc. Class A (a) | 43,386 | 782,683 | |
Amazon.com, Inc. (a) | 654,509 | 1,232,931,329 | |
Blue Apron Holdings, Inc. Class A (a)(b) | 9,002 | 25,746 | |
Chewy, Inc. (b) | 83,989 | 2,486,074 | |
Duluth Holdings, Inc. (a)(b) | 15,571 | 106,817 | |
eBay, Inc. | 1,201,239 | 41,610,919 | |
Etsy, Inc. (a) | 184,185 | 10,647,735 | |
EVINE Live, Inc. (a)(b) | 5,035 | 15,055 | |
Expedia, Inc. | 218,763 | 21,574,407 | |
Groupon, Inc. (a) | 704,132 | 943,537 | |
GrubHub, Inc. (a) | 144,447 | 6,949,345 | |
Lands' End, Inc. (a)(b) | 28,326 | 298,556 | |
Leaf Group Ltd. (a) | 15,179 | 39,921 | |
Liberty Interactive Corp. QVC Group Series A (a) | 601,231 | 4,100,395 | |
Liquidity Services, Inc. (a) | 40,558 | 158,987 | |
Overstock.com, Inc. (a)(b) | 50,691 | 327,464 | |
PetMed Express, Inc. (b) | 32,928 | 869,299 | |
Quotient Technology, Inc. (a) | 128,888 | 1,153,548 | |
Remark Holdings, Inc. (a)(b) | 23,962 | 15,753 | |
Revolve Group, Inc. (b) | 22,002 | 358,633 | |
RumbleON, Inc. Class B (a) | 15,059 | 5,158 | |
Shutterstock, Inc. | 31,919 | 1,230,158 | |
Stamps.com, Inc. (a) | 26,242 | 3,703,009 | |
Stitch Fix, Inc. (a)(b) | 37,044 | 890,167 | |
The Booking Holdings, Inc. (a) | 65,815 | 111,599,863 | |
The RealReal, Inc. (b) | 25,701 | 359,557 | |
The Rubicon Project, Inc. (a) | 75,221 | 853,758 | |
U.S. Auto Parts Network, Inc. (a) | 3,560 | 8,402 | |
Waitr Holdings, Inc. (a) | 114,062 | 40,994 | |
Wayfair LLC Class A (a)(b) | 103,819 | 6,562,399 | |
1,450,649,668 | |||
Leisure Products - 0.1% | |||
Acushnet Holdings Corp. | 57,791 | 1,470,781 | |
American Outdoor Brands Corp. (a) | 91,968 | 916,001 | |
Brunswick Corp. | 125,809 | 6,693,039 | |
Callaway Golf Co. | 147,274 | 2,500,713 | |
Clarus Corp. | 34,544 | 399,329 | |
Escalade, Inc. | 4,952 | 42,042 | |
Hasbro, Inc. | 197,751 | 15,276,265 | |
JAKKS Pacific, Inc. (a)(b) | 25,693 | 18,150 | |
Johnson Outdoors, Inc. Class A | 9,788 | 610,869 | |
Malibu Boats, Inc. Class A (a) | 32,528 | 1,429,280 | |
Marine Products Corp. | 13,508 | 169,931 | |
Mattel, Inc. (a)(b) | 548,036 | 6,461,344 | |
MCBC Holdings, Inc. (a) | 30,360 | 490,921 | |
Nautilus, Inc. (a) | 42,641 | 137,304 | |
Peloton Interactive, Inc. Class A (a)(b) | 66,314 | 1,769,921 | |
Polaris, Inc. | 90,356 | 7,457,081 | |
Sturm, Ruger & Co., Inc. | 28,596 | 1,373,752 | |
Summer Infant, Inc. (a) | 22,993 | 10,347 | |
Vista Outdoor, Inc. (a) | 90,022 | 661,662 | |
YETI Holdings, Inc. (a)(b) | 47,513 | 1,437,268 | |
49,326,000 | |||
Multiline Retail - 0.4% | |||
Big Lots, Inc. | 60,678 | 959,319 | |
Dillard's, Inc. Class A | 15,955 | 898,107 | |
Dollar General Corp. | 399,181 | 59,996,904 | |
Dollar Tree, Inc. (a) | 372,193 | 30,903,185 | |
JC Penney Corp., Inc. (a)(b) | 530,404 | 365,979 | |
Kohl's Corp. | 244,374 | 9,567,242 | |
Macy's, Inc. | 481,280 | 6,367,334 | |
Nordstrom, Inc. | 170,039 | 5,900,353 | |
Ollie's Bargain Outlet Holdings, Inc. (a)(b) | 86,968 | 4,424,062 | |
Target Corp. | 796,603 | 82,050,109 | |
Tuesday Morning Corp. (a) | 78,043 | 128,771 | |
201,561,365 | |||
Specialty Retail - 2.2% | |||
Aaron's, Inc. Class A | 106,807 | 4,200,719 | |
Abercrombie & Fitch Co. Class A | 102,754 | 1,349,160 | |
Advance Auto Parts, Inc. | 107,575 | 14,305,324 | |
America's Car Mart, Inc. (a) | 10,423 | 1,071,172 | |
American Eagle Outfitters, Inc. | 244,077 | 3,143,712 | |
Asbury Automotive Group, Inc. (a) | 30,239 | 2,680,385 | |
Ascena Retail Group, Inc. (a)(b) | 14,392 | 54,690 | |
At Home Group, Inc. (a)(b) | 73,497 | 367,485 | |
AutoNation, Inc. (a) | 92,379 | 3,947,355 | |
AutoZone, Inc. (a) | 37,305 | 38,517,786 | |
Barnes & Noble Education, Inc. (a) | 70,687 | 233,974 | |
Bed Bath & Beyond, Inc. (b) | 200,620 | 2,168,702 | |
Best Buy Co., Inc. | 356,295 | 26,953,717 | |
Big 5 Sporting Goods Corp. | 28,630 | 63,845 | |
Blink Charging Co. (a)(b) | 28,601 | 64,924 | |
Boot Barn Holdings, Inc. (a) | 44,652 | 1,369,477 | |
Build-A-Bear Workshop, Inc. (a) | 23,020 | 87,706 | |
Burlington Stores, Inc. (a) | 103,892 | 22,467,684 | |
Caleres, Inc. | 68,429 | 788,986 | |
Camping World Holdings, Inc. | 51,555 | 705,272 | |
CarMax, Inc. (a)(b) | 257,751 | 22,504,240 | |
Carvana Co. Class A (a)(b) | 79,031 | 6,552,460 | |
Chico's FAS, Inc. | 202,946 | 813,813 | |
Citi Trends, Inc. | 22,059 | 436,106 | |
Conn's, Inc. (a)(b) | 29,724 | 242,251 | |
Destination XL Group, Inc. (a) | 36,252 | 29,002 | |
Dick's Sporting Goods, Inc. | 99,653 | 3,628,366 | |
DSW, Inc. Class A | 88,276 | 1,192,609 | |
Express, Inc. (a) | 113,752 | 420,882 | |
Five Below, Inc. (a) | 86,887 | 8,423,695 | |
Floor & Decor Holdings, Inc. Class A (a) | 110,849 | 5,658,841 | |
Foot Locker, Inc. | 168,064 | 6,092,320 | |
Francesca's Holdings Corp. (a) | 3,389 | 21,961 | |
GameStop Corp. Class A (b) | 118,770 | 427,572 | |
Gap, Inc. | 324,540 | 4,650,658 | |
Genesco, Inc. (a) | 26,046 | 896,243 | |
GNC Holdings, Inc. Class A (a)(b) | 141,320 | 237,418 | |
Group 1 Automotive, Inc. | 27,259 | 2,323,285 | |
Guess?, Inc. | 66,115 | 1,071,063 | |
Haverty Furniture Companies, Inc. | 34,757 | 584,613 | |
Hibbett Sports, Inc. (a)(b) | 32,731 | 638,909 | |
J.Jill, Inc. (b) | 17,318 | 14,720 | |
Kirkland's, Inc. (a)(b) | 25,171 | 29,702 | |
L Brands, Inc. | 369,650 | 8,006,619 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 35,871 | 4,274,388 | |
Lowe's Companies, Inc. | 1,203,184 | 128,223,319 | |
Lumber Liquidators Holdings, Inc. (a)(b) | 47,411 | 464,628 | |
MarineMax, Inc. (a) | 32,553 | 551,122 | |
Michaels Companies, Inc. (a)(b) | 124,422 | 533,770 | |
Monro, Inc. | 53,442 | 2,999,165 | |
Murphy U.S.A., Inc. (a) | 44,935 | 4,381,163 | |
National Vision Holdings, Inc. (a) | 126,427 | 4,402,188 | |
O'Reilly Automotive, Inc. (a) | 118,712 | 43,771,489 | |
Office Depot, Inc. | 890,002 | 2,091,505 | |
Party City Holdco, Inc. (a)(b) | 89,546 | 178,197 | |
Penske Automotive Group, Inc. | 51,774 | 2,382,639 | |
Rent-A-Center, Inc. | 78,206 | 1,665,006 | |
RH (a) | 25,581 | 4,640,393 | |
Ross Stores, Inc. | 566,594 | 61,634,095 | |
RTW Retailwinds, Inc. (a) | 35,033 | 9,813 | |
Sally Beauty Holdings, Inc. (a)(b) | 184,310 | 2,292,816 | |
Shoe Carnival, Inc. (b) | 15,042 | 449,906 | |
Signet Jewelers Ltd. | 81,950 | 1,911,074 | |
Sleep Number Corp. (a) | 46,998 | 2,070,262 | |
Sonic Automotive, Inc. Class A (sub. vtg.) | 40,361 | 1,130,108 | |
Sportsman's Warehouse Holdings, Inc. (a) | 60,019 | 360,114 | |
Stage Stores, Inc. (a)(b) | 27,291 | 15,829 | |
Stein Mart, Inc. (a)(b) | 28,499 | 25,150 | |
Tailored Brands, Inc. (b) | 77,717 | 254,135 | |
The Buckle, Inc. (b) | 46,350 | 1,048,901 | |
The Cato Corp. Class A (sub. vtg.) | 41,489 | 670,877 | |
The Children's Place Retail Stores, Inc. (b) | 24,891 | 1,433,722 | |
The Container Store Group, Inc. (a) | 20,987 | 79,331 | |
The Home Depot, Inc. | 1,714,185 | 373,418,060 | |
Tiffany & Co., Inc. | 168,562 | 22,518,198 | |
Tilly's, Inc. | 36,218 | 235,417 | |
TJX Companies, Inc. | 1,908,380 | 114,121,124 | |
Tractor Supply Co. | 186,446 | 16,502,335 | |
Trans World Entertainment Corp. (a) | 105 | 420 | |
TravelCenters of America LLC (a) | 14,987 | 181,193 | |
Ulta Beauty, Inc. (a) | 89,351 | 22,971,249 | |
Urban Outfitters, Inc. (a) | 108,234 | 2,544,581 | |
Williams-Sonoma, Inc. | 123,251 | 7,689,630 | |
Winmark Corp. | 3,605 | 721,000 | |
Zumiez, Inc. (a) | 31,295 | 830,256 | |
1,035,117,991 | |||
Textiles, Apparel & Luxury Goods - 0.8% | |||
Capri Holdings Ltd. (a) | 238,849 | 6,167,081 | |
Carter's, Inc. | 70,251 | 6,425,859 | |
Centric Brands, Inc. (a)(b) | 21,692 | 44,035 | |
Charles & Colvard Ltd. (a) | 34,272 | 29,470 | |
Cherokee, Inc. (a) | 4,776 | 2,722 | |
Columbia Sportswear Co. | 44,737 | 3,637,118 | |
Crocs, Inc. (a) | 108,242 | 2,832,693 | |
Culp, Inc. | 14,133 | 128,893 | |
Deckers Outdoor Corp. (a) | 44,363 | 7,710,289 | |
Delta Apparel, Inc. (a) | 10,797 | 213,349 | |
Fossil Group, Inc. (a) | 73,399 | 336,901 | |
G-III Apparel Group Ltd. (a) | 70,148 | 1,568,509 | |
Hanesbrands, Inc. | 564,029 | 7,467,744 | |
Iconix Brand Group, Inc. (a)(b) | 7,172 | 8,248 | |
Kontoor Brands, Inc. | 73,975 | 2,495,917 | |
Lakeland Industries, Inc. (a) | 10,402 | 219,586 | |
Levi Strauss & Co. Class A (b) | 74,282 | 1,262,051 | |
lululemon athletica, Inc. (a) | 187,528 | 40,770,462 | |
Movado Group, Inc. | 27,656 | 406,543 | |
NIKE, Inc. Class B | 1,958,587 | 175,058,506 | |
Oxford Industries, Inc. | 27,762 | 1,676,547 | |
PVH Corp. | 115,289 | 8,544,068 | |
Ralph Lauren Corp. | 77,138 | 8,138,830 | |
Rocky Brands, Inc. | 10,160 | 247,396 | |
Sequential Brands Group, Inc. (a)(b) | 58,395 | 14,015 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 208,185 | 6,886,760 | |
Steven Madden Ltd. | 123,429 | 4,036,128 | |
Superior Group of Companies, Inc. | 16,493 | 198,246 | |
Tapestry, Inc. | 430,128 | 10,086,502 | |
Under Armour, Inc.: | |||
Class A (sub. vtg.) (a)(b) | 330,875 | 4,695,116 | |
Class C (non-vtg.) (a) | 264,580 | 3,301,958 | |
Unifi, Inc. (a) | 23,226 | 496,340 | |
Vera Bradley, Inc. (a) | 33,322 | 275,240 | |
VF Corp. | 512,702 | 36,914,544 | |
Vince Holding Corp. (a) | 3,162 | 34,150 | |
Wolverine World Wide, Inc. | 133,254 | 3,503,248 | |
345,835,064 | |||
TOTAL CONSUMER DISCRETIONARY | 4,696,678,538 | ||
CONSUMER STAPLES - 6.5% | |||
Beverages - 1.6% | |||
Alkaline Water Co., Inc. (a)(b) | 59,159 | 53,835 | |
Boston Beer Co., Inc. Class A (a) | 14,696 | 5,449,130 | |
Brown-Forman Corp.: | |||
Class A | 72,643 | 4,263,418 | |
Class B (non-vtg.) | 298,718 | 18,344,272 | |
Celsius Holdings, Inc. (a)(b) | 39,132 | 231,270 | |
Coca-Cola Bottling Co. Consolidated | 7,651 | 1,502,503 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 262,616 | 45,269,746 | |
Craft Brew Alliance, Inc. (a) | 16,113 | 256,358 | |
Keurig Dr. Pepper, Inc. | 423,227 | 11,799,569 | |
MGP Ingredients, Inc. | 20,346 | 585,151 | |
Molson Coors Beverage Co. Class B | 295,147 | 14,642,243 | |
Monster Beverage Corp. (a) | 598,403 | 37,346,331 | |
National Beverage Corp. (b) | 18,480 | 781,519 | |
New Age Beverages Corp. (a)(b) | 132,589 | 267,830 | |
PepsiCo, Inc. | 2,191,663 | 289,365,266 | |
Primo Water Corp. (a) | 58,601 | 820,414 | |
REED'S, Inc. (a)(b) | 35,577 | 28,924 | |
The Coca-Cola Co. | 6,060,406 | 324,171,117 | |
755,178,896 | |||
Food & Staples Retailing - 1.4% | |||
Andersons, Inc. | 59,736 | 1,097,350 | |
BJ's Wholesale Club Holdings, Inc. (a) | 195,599 | 3,767,237 | |
Casey's General Stores, Inc. | 56,768 | 9,254,319 | |
Chefs' Warehouse Holdings (a) | 40,401 | 1,237,079 | |
Costco Wholesale Corp. | 694,334 | 195,205,061 | |
Grocery Outlet Holding Corp. (b) | 73,899 | 2,338,903 | |
HF Foods Group, Inc. (a) | 50,669 | 907,482 | |
Ingles Markets, Inc. Class A | 22,054 | 788,872 | |
Kroger Co. | 1,261,844 | 35,495,672 | |
Natural Grocers by Vitamin Cottage, Inc. | 14,440 | 99,636 | |
Performance Food Group Co. (a) | 185,067 | 7,846,841 | |
PriceSmart, Inc. | 35,547 | 1,979,612 | |
Rite Aid Corp. (a)(b) | 83,643 | 1,139,218 | |
SpartanNash Co. | 56,220 | 698,815 | |
Sprouts Farmers Market LLC (a) | 185,231 | 2,959,991 | |
Sysco Corp. | 801,669 | 53,431,239 | |
U.S. Foods Holding Corp. (a) | 344,642 | 11,593,757 | |
United Natural Foods, Inc. (a) | 78,778 | 509,694 | |
Village Super Market, Inc. Class A (b) | 10,604 | 217,912 | |
Walgreens Boots Alliance, Inc. | 1,178,368 | 53,922,120 | |
Walmart, Inc. | 2,229,308 | 240,051,885 | |
Weis Markets, Inc. | 28,201 | 1,050,487 | |
625,593,182 | |||
Food Products - 1.1% | |||
Alico, Inc. | 3,906 | 127,218 | |
Arcadia Biosciences, Inc. (a)(b) | 10,882 | 44,834 | |
Archer Daniels Midland Co. | 873,108 | 32,872,516 | |
B&G Foods, Inc. Class A (b) | 104,040 | 1,539,792 | |
Beyond Meat, Inc. (b) | 15,954 | 1,430,276 | |
Bunge Ltd. | 221,755 | 10,411,397 | |
Cal-Maine Foods, Inc. (b) | 48,245 | 1,683,268 | |
Calavo Growers, Inc. (b) | 25,796 | 1,868,920 | |
Campbell Soup Co. | 264,711 | 11,943,760 | |
Coffee Holding Co., Inc. (a) | 10,373 | 40,455 | |
Conagra Brands, Inc. | 766,180 | 20,449,344 | |
Darling International, Inc. (a) | 255,592 | 6,568,714 | |
Farmer Brothers Co. (a) | 19,225 | 237,429 | |
Flowers Foods, Inc. | 307,371 | 6,617,698 | |
Fresh Del Monte Produce, Inc. | 49,347 | 1,353,095 | |
Freshpet, Inc. (a) | 48,263 | 3,207,559 | |
General Mills, Inc. | 948,959 | 46,498,991 | |
Hormel Foods Corp. | 436,541 | 18,160,106 | |
Hostess Brands, Inc. Class A (a) | 186,369 | 2,368,750 | |
Ingredion, Inc. | 105,175 | 8,761,078 | |
J&J Snack Foods Corp. | 23,415 | 3,765,600 | |
John B. Sanfilippo & Son, Inc. | 14,363 | 1,008,139 | |
Kellogg Co. | 392,148 | 23,713,190 | |
Lamb Weston Holdings, Inc. | 229,410 | 19,933,435 | |
Lancaster Colony Corp. | 30,946 | 4,470,150 | |
Landec Corp. (a) | 46,292 | 474,956 | |
Lifeway Foods, Inc. (a) | 1,384 | 2,837 | |
Limoneira Co. | 21,611 | 360,904 | |
McCormick & Co., Inc. (non-vtg.) | 194,791 | 28,476,496 | |
Mondelez International, Inc. | 2,263,877 | 119,532,706 | |
Pilgrim's Pride Corp. (a) | 81,228 | 1,718,784 | |
Post Holdings, Inc. (a) | 104,235 | 10,554,836 | |
Sanderson Farms, Inc. | 30,318 | 3,746,092 | |
Seaboard Corp. | 420 | 1,434,300 | |
Seneca Foods Corp. Class A (a) | 11,256 | 390,808 | |
The Hain Celestial Group, Inc. (a) | 124,439 | 2,952,937 | |
The Hershey Co. | 232,980 | 33,546,790 | |
The J.M. Smucker Co. | 179,254 | 18,461,369 | |
The Kraft Heinz Co. | 979,974 | 24,273,956 | |
The Simply Good Foods Co. (a) | 127,355 | 2,809,451 | |
Tootsie Roll Industries, Inc. | 28,042 | 899,587 | |
TreeHouse Foods, Inc. (a) | 89,013 | 3,392,285 | |
Tyson Foods, Inc. Class A | 463,891 | 31,465,727 | |
513,570,535 | |||
Household Products - 1.5% | |||
Central Garden & Pet Co. Class A (non-vtg.) (a) | 83,921 | 2,124,041 | |
Church & Dwight Co., Inc. | 383,770 | 26,679,690 | |
Clorox Co. | 197,017 | 31,408,450 | |
Colgate-Palmolive Co. | 1,346,133 | 90,958,207 | |
Energizer Holdings, Inc. (b) | 99,106 | 4,260,567 | |
Kimberly-Clark Corp. | 537,539 | 70,519,741 | |
Oil-Dri Corp. of America | 9,041 | 275,118 | |
Procter & Gamble Co. | 3,917,616 | 443,591,660 | |
Spectrum Brands Holdings, Inc. | 73,535 | 3,962,801 | |
WD-40 Co. | 22,141 | 3,819,101 | |
677,599,376 | |||
Personal Products - 0.2% | |||
BellRing Brands, Inc. Class A (a) | 66,640 | 1,309,476 | |
Coty, Inc. Class A | 463,443 | 4,277,579 | |
Cyanotech Corp. (a) | 1,622 | 4,152 | |
Edgewell Personal Care Co. (a) | 84,799 | 2,574,498 | |
elf Beauty, Inc. (a) | 43,588 | 695,664 | |
Estee Lauder Companies, Inc. Class A | 349,042 | 64,084,111 | |
Herbalife Nutrition Ltd. (a) | 147,502 | 4,773,165 | |
Inter Parfums, Inc. | 28,357 | 1,703,121 | |
LifeVantage Corp. (a)(b) | 21,148 | 251,873 | |
Mannatech, Inc. | 422 | 6,541 | |
MediFast, Inc. | 18,332 | 1,523,573 | |
Natura & Co. Holding SA ADR (a) | 1 | 20 | |
Natural Health Trends Corp. | 15,505 | 54,888 | |
Nature's Sunshine Products, Inc. (a) | 4,926 | 40,393 | |
Nu Skin Enterprises, Inc. Class A | 88,051 | 2,159,011 | |
Revlon, Inc. (a)(b) | 16,265 | 281,547 | |
USANA Health Sciences, Inc. (a) | 21,354 | 1,411,499 | |
Veru, Inc. (a) | 75,080 | 310,080 | |
Youngevity International, Inc. (a)(b) | 12,762 | 14,038 | |
85,475,229 | |||
Tobacco - 0.7% | |||
22nd Century Group, Inc. (a)(b) | 182,517 | 135,063 | |
Altria Group, Inc. | 2,935,860 | 118,520,668 | |
Philip Morris International, Inc. | 2,445,193 | 200,187,951 | |
Pyxus International, Inc. (a)(b) | 11,586 | 44,606 | |
Turning Point Brands, Inc. | 13,840 | 361,916 | |
Universal Corp. | 39,347 | 1,941,774 | |
Vector Group Ltd. | 183,655 | 2,134,071 | |
323,326,049 | |||
TOTAL CONSUMER STAPLES | 2,980,743,267 | ||
ENERGY - 3.3% | |||
Energy Equipment & Services - 0.4% | |||
Apergy Corp. (a) | 120,512 | 2,241,523 | |
Archrock, Inc. | 213,173 | 1,502,870 | |
Aspen Aerogels, Inc. (a) | 43,695 | 347,375 | |
Baker Hughes Co. Class A | 1,017,693 | 16,374,680 | |
Cactus, Inc. | 78,791 | 2,151,782 | |
Core Laboratories NV (b) | 67,749 | 1,818,383 | |
COVIA Corp. (a) | 48,832 | 75,201 | |
Dawson Geophysical Co. (a) | 16,756 | 32,507 | |
Diamond Offshore Drilling, Inc. (a)(b) | 96,794 | 295,222 | |
DMC Global, Inc. (b) | 22,652 | 816,831 | |
Dril-Quip, Inc. (a) | 57,462 | 2,046,796 | |
ENGlobal Corp. (a) | 3,975 | 4,015 | |
Enservco Corp. (a)(b) | 14,482 | 2,019 | |
Era Group, Inc. (a) | 29,732 | 291,374 | |
Exterran Corp. (a) | 49,663 | 253,281 | |
Forum Energy Technologies, Inc. (a) | 130,744 | 101,980 | |
Frank's International NV (a) | 162,418 | 636,679 | |
FTS International, Inc. (a) | 50,663 | 46,863 | |
Geospace Technologies Corp. (a) | 18,281 | 225,405 | |
Gulf Island Fabrication, Inc. (a) | 16,117 | 71,721 | |
Halliburton Co. | 1,374,356 | 23,309,078 | |
Helix Energy Solutions Group, Inc. (a) | 221,809 | 1,488,338 | |
Helmerich & Payne, Inc. | 167,020 | 6,161,368 | |
Hi-Crush, Inc. (a)(b) | 150,034 | 90,020 | |
Independence Contract Drilling, Inc. (a) | 50,604 | 19,999 | |
ION Geophysical Corp. (a) | 18,615 | 65,525 | |
KLX Energy Services Holdings, Inc. (a) | 37,317 | 90,307 | |
Liberty Oilfield Services, Inc. Class A | 78,407 | 524,543 | |
Mammoth Energy Services, Inc. (b) | 20,002 | 21,802 | |
Matrix Service Co. (a) | 45,698 | 552,032 | |
Mitcham Industries, Inc. (a) | 16,422 | 43,518 | |
Nabors Industries Ltd. | 553,497 | 974,155 | |
National Oilwell Varco, Inc. | 600,363 | 11,232,792 | |
Natural Gas Services Group, Inc. (a) | 16,673 | 164,729 | |
NCS Multistage Holdings, Inc. (a) | 29,261 | 31,894 | |
Newpark Resources, Inc. (a) | 153,674 | 539,396 | |
Nextier Oilfield Solutions, Inc. (a) | 266,682 | 1,242,738 | |
Nine Energy Service, Inc. (a) | 20,239 | 82,170 | |
Noble Corp. (a)(b) | 406,146 | 284,790 | |
Oceaneering International, Inc. (a) | 152,054 | 1,602,649 | |
Oil States International, Inc. (a) | 96,884 | 766,352 | |
Patterson-UTI Energy, Inc. | 322,215 | 1,846,292 | |
Profire Energy, Inc. (a) | 29,334 | 34,907 | |
ProPetro Holding Corp. (a) | 137,624 | 1,205,586 | |
Quintana Energy Services, Inc. (a) | 1,903 | 4,244 | |
Ranger Energy Services, Inc. Class A (a) | 3,186 | 21,920 | |
RigNet, Inc. (a) | 20,511 | 72,199 | |
RPC, Inc. (b) | 97,557 | 335,596 | |
SAExploration Holdings, Inc. (a) | 5,900 | 11,741 | |
Schlumberger Ltd. | 2,170,882 | 58,809,193 | |
SEACOR Holdings, Inc. (a) | 28,458 | 1,061,483 | |
SEACOR Marine Holdings, Inc. (a) | 36,271 | 288,354 | |
Select Energy Services, Inc. Class A (a) | 103,115 | 670,248 | |
Smart Sand, Inc. (a) | 29,122 | 47,469 | |
Solaris Oilfield Infrastructure, Inc. Class A | 51,752 | 548,571 | |
Superior Drilling Products, Inc. (a) | 18,281 | 11,144 | |
Synthesis Energy Systems, Inc. (a) | 1,522 | 5,281 | |
TechnipFMC PLC | 657,888 | 9,763,058 | |
TETRA Technologies, Inc. (a) | 184,288 | 232,203 | |
Tidewater, Inc. (a) | 62,562 | 868,986 | |
Transocean Ltd. (United States) (a)(b) | 884,263 | 2,962,281 | |
U.S. Silica Holdings, Inc. | 117,609 | 539,825 | |
U.S. Well Services, Inc. (a) | 24,436 | 25,658 | |
Valaris PLC Class A (b) | 315,963 | 1,165,903 | |
159,156,844 | |||
Oil, Gas & Consumable Fuels - 2.9% | |||
Abraxas Petroleum Corp. (a) | 265,534 | 50,451 | |
Adams Resources & Energy, Inc. | 1,474 | 44,729 | |
Aemetis, Inc. (a) | 7,091 | 5,318 | |
Altus Midstream Co. (a)(b) | 102,473 | 149,611 | |
Amplify Energy Corp. New | 36,298 | 151,726 | |
Antero Midstream GP LP (b) | 464,960 | 2,027,226 | |
Antero Resources Corp. (a)(b) | 349,952 | 559,923 | |
Apache Corp. | 594,103 | 14,805,047 | |
Arch Coal, Inc. | 25,397 | 1,278,739 | |
Barnwell Industries, Inc. (a) | 2,008 | 1,185 | |
Berry Petroleum Corp. | 62,893 | 400,628 | |
Bonanza Creek Energy, Inc. (a) | 32,665 | 532,113 | |
Brigham Minerals, Inc. Class A | 42,999 | 685,834 | |
Cabot Oil & Gas Corp. | 644,462 | 8,977,356 | |
California Resources Corp. (a)(b) | 73,044 | 463,829 | |
Callon Petroleum Co. (a) | 631,728 | 1,434,023 | |
Centennial Resource Development, Inc. Class A (a) | 298,555 | 707,575 | |
Chaparral Energy, Inc. Class A (a)(b) | 47,004 | 25,189 | |
Cheniere Energy, Inc. (a) | 361,088 | 18,520,204 | |
Chesapeake Energy Corp. (a)(b) | 1,735,658 | 477,306 | |
Chevron Corp. | 2,971,725 | 277,380,812 | |
Cimarex Energy Co. | 156,931 | 5,186,570 | |
Clean Energy Fuels Corp. (a) | 209,519 | 473,513 | |
CNX Resources Corp. (a) | 290,660 | 1,543,405 | |
Comstock Resources, Inc. (a)(b) | 25,564 | 153,128 | |
Concho Resources, Inc. | 317,230 | 21,577,985 | |
ConocoPhillips Co. | 1,725,281 | 83,538,106 | |
CONSOL Energy, Inc. (a)(b) | 42,400 | 241,256 | |
Contango Oil & Gas Co. (a)(b) | 117,477 | 385,325 | |
Continental Resources, Inc. | 134,195 | 2,542,995 | |
Contura Energy, Inc. (a) | 29,324 | 166,854 | |
CVR Energy, Inc. | 47,741 | 1,356,799 | |
Delek U.S. Holdings, Inc. | 115,531 | 2,470,053 | |
Denbury Resources, Inc. (a) | 803,650 | 604,666 | |
Devon Energy Corp. | 605,399 | 9,831,680 | |
Diamond S Shipping, Inc. (a) | 39,114 | 402,874 | |
Diamondback Energy, Inc. | 250,498 | 15,530,876 | |
Dorian LPG Ltd. (a) | 53,709 | 597,244 | |
Earthstone Energy, Inc. (a) | 26,477 | 101,936 | |
EOG Resources, Inc. | 913,293 | 57,774,915 | |
EQT Corp. | 394,245 | 2,314,218 | |
Equitrans Midstream Corp. (b) | 322,437 | 2,276,405 | |
Evolution Petroleum Corp. | 44,969 | 211,804 | |
Extraction Oil & Gas, Inc. (a)(b) | 121,921 | 83,943 | |
Exxon Mobil Corp. | 6,649,790 | 342,065,198 | |
Falcon Minerals Corp. | 69,442 | 277,421 | |
Gevo, Inc. (a)(b) | 276 | 403 | |
Goodrich Petroleum Corp. (a) | 18,445 | 98,312 | |
Green Plains, Inc. | 63,519 | 761,593 | |
Gulfport Energy Corp. (a)(b) | 229,160 | 187,820 | |
Hallador Energy Co. | 21,030 | 27,129 | |
Hess Corp. | 408,742 | 22,963,126 | |
Highpoint Resources, Inc. (a) | 167,127 | 113,763 | |
HollyFrontier Corp. | 234,422 | 7,895,333 | |
Houston American Energy Corp. (a)(b) | 25,729 | 3,756 | |
International Seaways, Inc. | 41,158 | 818,633 | |
Kinder Morgan, Inc. | 3,054,522 | 58,555,187 | |
Kosmos Energy Ltd. | 559,712 | 1,707,122 | |
Laredo Petroleum, Inc. (a) | 276,483 | 298,602 | |
Lilis Energy, Inc. (a)(b) | 41,728 | 11,254 | |
Lonestar Resources U.S., Inc. (a) | 24,365 | 33,624 | |
Magnolia Oil & Gas Corp. Class A (a)(b) | 159,778 | 1,199,933 | |
Marathon Oil Corp. | 1,238,380 | 10,253,786 | |
Marathon Petroleum Corp. | 1,018,650 | 48,304,383 | |
Matador Resources Co. (a)(b) | 178,410 | 1,719,872 | |
Montage Resources Corp. (a) | 42,162 | 147,145 | |
Murphy Oil Corp. | 233,885 | 4,408,732 | |
NACCO Industries, Inc. Class A | 5,538 | 228,276 | |
Nextdecade Corp. (a) | 20,714 | 79,335 | |
Noble Energy, Inc. | 755,421 | 11,958,314 | |
Northern Oil & Gas, Inc. (a) | 342,903 | 497,209 | |
Oasis Petroleum, Inc. (a) | 446,034 | 729,266 | |
Occidental Petroleum Corp. | 1,406,543 | 46,050,218 | |
ONEOK, Inc. | 649,047 | 43,304,416 | |
Overseas Shipholding Group, Inc. (a) | 101,293 | 174,224 | |
Pacific Ethanol, Inc. (a) | 36,167 | 15,913 | |
Panhandle Royalty Co. Class A | 22,781 | 151,494 | |
Par Pacific Holdings, Inc. (a) | 57,186 | 948,716 | |
Parsley Energy, Inc. Class A | 479,900 | 6,430,660 | |
PBF Energy, Inc. Class A | 162,809 | 3,645,294 | |
PDC Energy, Inc. (a) | 151,406 | 2,881,256 | |
Peabody Energy Corp. | 124,567 | 727,471 | |
Penn Virginia Corp. (a) | 21,684 | 344,776 | |
Phillips 66 Co. | 697,959 | 52,249,211 | |
Pioneer Natural Resources Co. | 259,914 | 31,912,241 | |
PrimeEnergy Corp. (a) | 89 | 11,659 | |
QEP Resources, Inc. | 376,545 | 847,226 | |
Range Resources Corp. (b) | 308,328 | 854,069 | |
Renewable Energy Group, Inc. (a) | 64,830 | 1,714,754 | |
Rex American Resources Corp. (a) | 8,946 | 626,309 | |
Ring Energy, Inc. (a)(b) | 91,164 | 128,541 | |
SandRidge Energy, Inc. (a) | 51,200 | 105,472 | |
SilverBow Resources, Inc. (a) | 8,845 | 24,854 | |
SM Energy Co. | 175,603 | 1,153,712 | |
Southwestern Energy Co. (a)(b) | 891,049 | 1,265,290 | |
Talos Energy, Inc. (a) | 36,205 | 514,111 | |
Targa Resources Corp. | 366,022 | 11,859,113 | |
Tellurian, Inc. (a)(b) | 144,246 | 259,643 | |
Tengasco, Inc. (a) | 889 | 560 | |
The Williams Companies, Inc. | 1,909,433 | 36,374,699 | |
Torchlight Energy Resources, Inc. (a) | 65,282 | 43,693 | |
TransAtlantic Petroleum Ltd. (a) | 12,963 | 4,148 | |
U.S. Energy Corp. (a) | 159 | 628 | |
Unit Corp. (a) | 89,509 | 31,346 | |
Uranium Energy Corp. (a)(b) | 262,731 | 157,665 | |
VAALCO Energy, Inc. (a) | 66,191 | 132,382 | |
Valero Energy Corp. | 646,096 | 42,803,860 | |
Vertex Energy, Inc. (a) | 12,570 | 13,450 | |
W&T Offshore, Inc. (a) | 145,172 | 377,447 | |
Whiting Petroleum Corp. (a)(b) | 133,476 | 246,931 | |
World Fuel Services Corp. | 104,159 | 2,945,617 | |
WPX Energy, Inc. (a) | 646,775 | 6,034,411 | |
Zion Oil & Gas, Inc. (a) | 177,996 | 33,784 | |
1,350,791,165 | |||
TOTAL ENERGY | 1,509,948,009 | ||
FINANCIALS - 13.0% | |||
Banks - 5.1% | |||
1st Constitution Bancorp | 12,298 | 225,299 | |
1st Source Corp. | 26,578 | 1,117,605 | |
ACNB Corp. | 13,074 | 398,496 | |
Allegiance Bancshares, Inc. | 31,797 | 1,054,706 | |
Amalgamated Bank | 27,901 | 446,695 | |
American National Bankshares, Inc. | 20,045 | 619,190 | |
Ameris Bancorp | 100,938 | 3,450,061 | |
Ames National Corp. | 10,393 | 268,867 | |
Arrow Financial Corp. | 20,756 | 657,343 | |
Associated Banc-Corp. | 244,732 | 4,143,313 | |
Atlantic Capital Bancshares, Inc. (a) | 42,615 | 772,610 | |
Auburn National Bancorp., Inc. | 4,890 | 272,618 | |
Banc of California, Inc. | 68,841 | 1,055,333 | |
BancFirst Corp. | 30,737 | 1,576,808 | |
Bancorp, Inc., Delaware (a) | 88,961 | 1,082,655 | |
BancorpSouth Bank | 147,835 | 3,617,522 | |
Bank First National Corp. | 9,513 | 563,170 | |
Bank of America Corp. | 12,726,979 | 362,718,902 | |
Bank of Commerce Holdings | 20,467 | 213,982 | |
Bank of Hawaii Corp. | 62,404 | 4,644,106 | |
Bank of Marin Bancorp | 20,310 | 774,420 | |
Bank OZK | 190,105 | 4,826,766 | |
BankFinancial Corp. | 24,120 | 273,521 | |
BankUnited, Inc. | 146,420 | 4,348,674 | |
Bankwell Financial Group, Inc. | 14,320 | 407,690 | |
Banner Corp. | 64,040 | 2,922,786 | |
Bar Harbor Bankshares | 20,966 | 428,126 | |
BayCom Corp. (a) | 21,104 | 449,726 | |
BB&T Corp. | 2,114,356 | 97,556,386 | |
BCB Bancorp, Inc. | 12,517 | 141,943 | |
Berkshire Hills Bancorp, Inc. | 70,707 | 1,725,958 | |
BOK Financial Corp. | 50,134 | 3,629,702 | |
Boston Private Financial Holdings, Inc. | 134,374 | 1,310,818 | |
Bridge Bancorp, Inc. | 35,132 | 966,833 | |
Brookline Bancorp, Inc., Delaware | 128,152 | 1,777,468 | |
Bryn Mawr Bank Corp. | 31,986 | 1,063,215 | |
Business First Bancshares, Inc. | 17,207 | 414,172 | |
Byline Bancorp, Inc. | 38,982 | 682,185 | |
C & F Financial Corp. | 3,911 | 177,951 | |
Cadence Bancorp Class A | 199,446 | 2,816,178 | |
Cambridge Bancorp | 7,869 | 538,790 | |
Camden National Corp. | 24,121 | 989,202 | |
Capital Bancorp, Inc. (a) | 18,695 | 258,739 | |
Capital City Bank Group, Inc. | 19,094 | 508,855 | |
Capstar Financial Holdings, Inc. | 23,862 | 320,705 | |
Carolina Financial Corp. | 37,918 | 1,228,543 | |
Carter Bank & Trust | 39,415 | 666,114 | |
Cathay General Bancorp | 118,126 | 3,635,918 | |
CB Financial Services, Inc. | 5,665 | 166,041 | |
CBTX, Inc. | 31,653 | 789,742 | |
Centerstate Banks of Florida, Inc. | 201,780 | 4,082,009 | |
Central Pacific Financial Corp. | 48,026 | 1,148,782 | |
Central Valley Community Bancorp | 22,607 | 388,840 | |
Century Bancorp, Inc. Class A (non-vtg.) | 5,679 | 410,592 | |
Chemung Financial Corp. | 5,246 | 188,331 | |
CIT Group, Inc. | 145,267 | 5,768,553 | |
Citigroup, Inc. | 3,431,643 | 217,772,065 | |
Citizens & Northern Corp. | 25,247 | 572,854 | |
Citizens Financial Group, Inc. | 676,002 | 21,422,503 | |
City Holding Co. | 27,137 | 1,897,419 | |
Civista Bancshares, Inc. | 27,243 | 521,431 | |
CNB Financial Corp., Pennsylvania | 25,443 | 637,856 | |
Coastal Financial Corp. of Washington (a) | 15,353 | 251,636 | |
Codorus Valley Bancorp, Inc. | 17,470 | 359,882 | |
Colony Bankcorp, Inc. | 9,980 | 148,403 | |
Columbia Banking Systems, Inc. | 116,014 | 3,851,665 | |
Comerica, Inc. | 223,025 | 11,740,036 | |
Commerce Bancshares, Inc. | 164,621 | 10,048,466 | |
Community Bank System, Inc. | 80,246 | 4,879,759 | |
Community Bankers Trust Corp. | 17,049 | 139,290 | |
Community Financial Corp. | 6,525 | 207,104 | |
Community Trust Bancorp, Inc. | 26,983 | 1,043,702 | |
ConnectOne Bancorp, Inc. | 47,609 | 1,000,265 | |
County Bancorp, Inc. | 7,793 | 192,020 | |
CrossFirst Bankshares, Inc. (a)(b) | 11,708 | 155,131 | |
Cullen/Frost Bankers, Inc. | 91,325 | 7,158,967 | |
Customers Bancorp, Inc. (a) | 49,238 | 999,039 | |
CVB Financial Corp. | 206,873 | 3,835,425 | |
Eagle Bancorp, Inc. | 56,310 | 2,107,120 | |
East West Bancorp, Inc. | 231,906 | 8,984,038 | |
Enterprise Bancorp, Inc. | 10,967 | 301,263 | |
Enterprise Financial Services Corp. | 44,300 | 1,695,361 | |
Equity Bancshares, Inc. (a) | 23,730 | 621,251 | |
Esquire Financial Holdings, Inc. (a) | 9,982 | 228,688 | |
Evans Bancorp, Inc. | 4,444 | 174,516 | |
Farmers & Merchants Bancorp, Inc. | 13,108 | 348,673 | |
Farmers National Banc Corp. | 47,695 | 716,856 | |
FB Financial Corp. | 29,717 | 967,883 | |
Fidelity D & D Bancorp, Inc. (b) | 5,673 | 279,679 | |
Fifth Third Bancorp | 1,106,358 | 26,995,135 | |
Financial Institutions, Inc. | 21,594 | 581,095 | |
First Bancorp, North Carolina | 47,869 | 1,536,595 | |
First Bancorp, Puerto Rico | 345,031 | 2,739,546 | |
First Bancshares, Inc. | 28,005 | 835,669 | |
First Bank Hamilton New Jersey | 17,697 | 172,546 | |
First Busey Corp. | 79,715 | 1,759,310 | |
First Business Finance Services, Inc. | 8,017 | 192,408 | |
First Capital, Inc. (b) | 5,994 | 368,631 | |
First Choice Bancorp | 11,465 | 259,682 | |
First Citizens Bancshares, Inc. | 13,624 | 6,175,895 | |
First Commonwealth Financial Corp. | 159,221 | 1,878,808 | |
First Community Bankshares, In | 21,841 | 571,361 | |
First Community Corp. | 13,413 | 261,554 | |
First Financial Bancorp, Ohio | 157,189 | 3,238,093 | |
First Financial Bankshares, Inc. | 211,129 | 6,067,847 | |
First Financial Corp., Indiana | 19,406 | 775,270 | |
First Financial Northwest, Inc. | 2,998 | 41,822 | |
First Foundation, Inc. | 63,218 | 915,081 | |
First Hawaiian, Inc. | 203,557 | 4,875,190 | |
First Horizon National Corp. | 484,374 | 6,456,705 | |
First Internet Bancorp | 13,430 | 326,215 | |
First Interstate Bancsystem, Inc. | 56,998 | 1,941,352 | |
First Merchants Corp. | 88,198 | 3,085,166 | |
First Mid-Illinois Bancshares, Inc. | 24,657 | 694,588 | |
First Midwest Bancorp, Inc., Delaware | 170,171 | 3,088,604 | |
First Northwest Bancorp | 20,578 | 327,602 | |
First of Long Island Corp. | 34,821 | 721,143 | |
First Republic Bank | 263,982 | 26,548,670 | |
First Savings Financial Group, Inc. | 2,434 | 152,003 | |
First United Corp. | 6,102 | 131,986 | |
First Western Financial, Inc. (a) | 10,890 | 203,099 | |
Flushing Financial Corp. | 42,143 | 765,106 | |
FNB Corp., Pennsylvania | 500,022 | 5,045,222 | |
FNCM Bancorp, Inc. | 19,280 | 127,441 | |
Franklin Financial Network, Inc. | 18,094 | 605,968 | |
Franklin Financial Services Corp. | 7,585 | 235,287 | |
Fulton Financial Corp. | 258,587 | 3,736,582 | |
FVCBankcorp, Inc. (a) | 20,878 | 322,148 | |
German American Bancorp, Inc. | 38,595 | 1,152,061 | |
Glacier Bancorp, Inc. | 134,908 | 5,030,719 | |
Great Southern Bancorp, Inc. | 19,882 | 1,020,145 | |
Great Western Bancorp, Inc. | 87,930 | 2,362,679 | |
Guaranty Bancshares, Inc. Texas | 14,733 | 406,778 | |
Hancock Whitney Corp. | 144,367 | 4,836,295 | |
Hanmi Financial Corp. | 51,858 | 808,985 | |
HarborOne Bancorp, Inc. | 87,218 | 871,744 | |
Hawthorn Bancshares, Inc. | 7,034 | 152,919 | |
HBT Financial, Inc. | 18,682 | 289,197 | |
Heartland Financial U.S.A., Inc. | 52,731 | 2,259,523 | |
Heritage Commerce Corp. | 91,990 | 943,817 | |
Heritage Financial Corp., Washington | 57,962 | 1,344,139 | |
Hilltop Holdings, Inc. | 111,396 | 2,320,379 | |
Home Bancshares, Inc. | 244,039 | 4,090,094 | |
HomeTrust Bancshares, Inc. | 25,814 | 613,341 | |
Hope Bancorp, Inc. | 220,293 | 2,689,778 | |
Horizon Bancorp, Inc. Indiana | 69,522 | 1,044,220 | |
Howard Bancorp, Inc. (a) | 24,716 | 389,277 | |
Huntington Bancshares, Inc. | 1,601,729 | 19,653,215 | |
IBERIABANK Corp. | 81,057 | 4,878,821 | |
Independent Bank Corp. | 39,569 | 774,365 | |
Independent Bank Corp., Massachusetts | 54,064 | 3,650,942 | |
Independent Bank Group, Inc. | 57,686 | 2,670,285 | |
International Bancshares Corp. | 89,989 | 3,068,625 | |
Investar Holding Corp. | 17,521 | 374,249 | |
Investors Bancorp, Inc. | 344,040 | 3,626,182 | |
JPMorgan Chase & Co. | 4,929,937 | 572,414,985 | |
KeyCorp | 1,529,524 | 25,007,717 | |
Lakeland Bancorp, Inc. | 82,725 | 1,191,654 | |
Lakeland Financial Corp. | 41,964 | 1,715,069 | |
LCNB Corp. | 17,540 | 277,658 | |
Level One Bancorp, Inc. | 9,927 | 240,730 | |
Live Oak Bancshares, Inc. | 44,662 | 686,455 | |
M&T Bank Corp. | 207,690 | 29,155,522 | |
Macatawa Bank Corp. | 33,702 | 324,887 | |
Mackinac Financial Corp. | 9,259 | 129,533 | |
Mainstreet Bancshares, Inc. (a) | 12,877 | 261,146 | |
Malvern Bancorp, Inc. (a) | 4,294 | 82,101 | |
Mercantil Bank Holding Corp. Class A (a)(b) | 38,468 | 710,119 | |
Mercantile Bank Corp. | 23,459 | 673,039 | |
Metropolitan Bank Holding Corp. (a) | 12,518 | 535,145 | |
Mid Penn Bancorp, Inc. | 10,648 | 226,483 | |
Middlefield Banc Corp. | 10,954 | 260,815 | |
Midland States Bancorp, Inc. | 31,097 | 740,731 | |
MidWestOne Financial Group, Inc. | 20,934 | 601,434 | |
MutualFirst Financial, Inc. | 14,231 | 476,739 | |
MVB Financial Corp. | 16,558 | 292,083 | |
National Bank Holdings Corp. | 45,385 | 1,388,327 | |
National Bankshares, Inc. | 10,351 | 361,767 | |
NBT Bancorp, Inc. | 71,153 | 2,397,145 | |
Nicolet Bankshares, Inc. (a) | 13,677 | 908,837 | |
Northeast Bank | 9,096 | 161,909 | |
Northrim Bancorp, Inc. | 11,189 | 391,056 | |
Norwood Financial Corp. | 5,360 | 165,517 | |
OFG Bancorp | 85,323 | 1,428,307 | |
Ohio Valley Banc Corp. | 2,970 | 82,566 | |
Old National Bancorp, Indiana | 264,294 | 4,165,273 | |
Old Point Financial Corp. | 1,327 | 35,166 | |
Old Second Bancorp, Inc. | 33,292 | 354,227 | |
Opus Bank | 37,044 | 876,831 | |
Origin Bancorp, Inc. | 32,572 | 984,977 | |
Orrstown Financial Services, Inc. | 17,921 | 318,994 | |
Pacific City Financial Corp. | 21,803 | 291,506 | |
Pacific Mercantile Bancorp (a) | 23,933 | 156,282 | |
Pacific Premier Bancorp, Inc. | 94,608 | 2,443,725 | |
PacWest Bancorp | 188,629 | 5,968,222 | |
Park National Corp. | 22,600 | 1,973,432 | |
Parke Bancorp, Inc. | 12,173 | 225,201 | |
Peapack-Gladstone Financial Corp. | 24,512 | 672,854 | |
Penns Woods Bancorp, Inc. | 11,259 | 339,571 | |
People's Utah Bancorp | 24,792 | 594,264 | |
Peoples Bancorp of North Carolina | 2,990 | 76,036 | |
Peoples Bancorp, Inc. | 27,094 | 773,534 | |
Peoples Financial Services Corp. | 8,541 | 375,121 | |
Peoples United Financial, Inc. | 699,575 | 9,787,054 | |
Pinnacle Financial Partners, Inc. | 117,082 | 6,163,196 | |
PNC Financial Services Group, Inc. | 690,580 | 87,289,312 | |
Popular, Inc. | 150,255 | 7,209,235 | |
Preferred Bank, Los Angeles | 21,586 | 1,103,692 | |
Premier Financial Bancorp, Inc. | 22,021 | 366,650 | |
Prosperity Bancshares, Inc. | 148,462 | 9,590,645 | |
QCR Holdings, Inc. | 21,933 | 834,770 | |
RBB Bancorp | 15,932 | 268,773 | |
Regions Financial Corp. | 1,543,557 | 20,868,891 | |
Reliant Bancorp, Inc. | 16,054 | 318,672 | |
Renasant Corp. | 92,285 | 2,614,434 | |
Republic Bancorp, Inc., Kentucky Class A | 15,356 | 548,823 | |
Republic First Bancorp, Inc. (a) | 81,890 | 248,127 | |
Richmond Mutual Bancorp., Inc. (a) | 20,485 | 275,523 | |
S&T Bancorp, Inc. | 63,212 | 2,077,778 | |
Sandy Spring Bancorp, Inc. | 57,808 | 1,778,174 | |
SB One Bancorp | 5,564 | 121,963 | |
Seacoast Banking Corp., Florida (a) | 80,780 | 2,011,422 | |
Select Bancorp, Inc. New (a) | 33,142 | 347,991 | |
ServisFirst Bancshares, Inc. | 73,308 | 2,532,791 | |
Shore Bancshares, Inc. | 14,735 | 229,277 | |
Sierra Bancorp | 20,538 | 489,215 | |
Signature Bank | 85,475 | 10,692,923 | |
Silvergate Capital Corp. (a) | 4,555 | 67,141 | |
Simmons First National Corp. Class A | 190,129 | 4,064,958 | |
SmartFinancial, Inc. | 23,618 | 448,506 | |
South Plains Financial, Inc. | 4,215 | 84,426 | |
South State Corp. | 53,414 | 3,638,562 | |
Southern First Bancshares, Inc. (a) | 13,815 | 526,628 | |
Southern National Bancorp of Virginia, Inc. | 27,408 | 388,920 | |
Southside Bancshares, Inc. | 52,500 | 1,691,550 | |
Spirit of Texas Bancshares, Inc. (a) | 21,188 | 390,707 | |
Sterling Bancorp | 319,798 | 5,302,251 | |
Stock Yards Bancorp, Inc. | 33,969 | 1,186,877 | |
Summit Financial Group, Inc. | 14,847 | 325,446 | |
SVB Financial Group (a) | 80,763 | 16,811,626 | |
Synovus Financial Corp. | 235,792 | 6,842,684 | |
TCF Financial Corp. | 238,679 | 8,697,463 | |
Texas Capital Bancshares, Inc. (a) | 77,859 | 3,665,602 | |
The Bank of Princeton | 5,641 | 153,774 | |
The First Bancorp, Inc. | 12,524 | 319,362 | |
Tompkins Financial Corp. | 19,875 | 1,579,665 | |
TowneBank | 104,104 | 2,400,638 | |
Trico Bancshares | 43,601 | 1,474,586 | |
TriState Capital Holdings, Inc. (a) | 38,139 | 757,822 | |
Triumph Bancorp, Inc. (a) | 38,167 | 1,292,716 | |
Trustmark Corp. | 102,169 | 2,748,346 | |
U.S. Bancorp | 2,239,735 | 104,013,293 | |
UMB Financial Corp. | 67,514 | 3,925,939 | |
Umpqua Holdings Corp. | 337,848 | 5,199,481 | |
Union Bankshares Corp. | 130,186 | 3,871,732 | |
Union Bankshares, Inc. | 1,287 | 38,584 | |
United Bankshares, Inc., West Virginia | 157,747 | 4,555,733 | |
United Community Bank, Inc. | 123,873 | 3,068,334 | |
United Security Bancshares, California | 17,486 | 151,429 | |
Unity Bancorp, Inc. | 4,170 | 71,432 | |
Univest Corp. of Pennsylvania | 49,412 | 1,156,241 | |
Valley National Bancorp | 619,372 | 5,760,160 | |
Veritex Holdings, Inc. | 76,727 | 1,846,819 | |
Washington Trust Bancorp, Inc. | 25,038 | 1,074,631 | |
Webster Financial Corp. | 142,184 | 5,398,726 | |
Wellesley Bancorp, Inc. | 1,565 | 61,301 | |
Wells Fargo & Co. | 6,051,347 | 247,197,525 | |
WesBanco, Inc. | 103,229 | 3,159,840 | |
West Bancorp., Inc. | 30,067 | 614,870 | |
Westamerica Bancorp. | 42,647 | 2,465,850 | |
Western Alliance Bancorp. | 145,603 | 6,703,562 | |
Wintrust Financial Corp. | 89,386 | 4,774,106 | |
Zions Bancorp NA | 266,899 | 10,662,615 | |
2,340,339,482 | |||
Capital Markets - 2.8% | |||
Affiliated Managers Group, Inc. | 76,657 | 5,766,140 | |
Ameriprise Financial, Inc. | 198,268 | 28,015,268 | |
Apollo Global Management LLC Class A | 313,407 | 13,056,536 | |
Ares Management Corp. | 116,930 | 4,044,609 | |
Artisan Partners Asset Management, Inc. | 84,647 | 2,419,211 | |
Ashford, Inc. (a) | 2,235 | 46,600 | |
Assetmark Financial Holdings, Inc. (a) | 19,920 | 527,681 | |
Associated Capital Group, Inc. | 5,126 | 210,935 | |
B. Riley Financial, Inc. | 23,337 | 552,153 | |
Bank of New York Mellon Corp. | 1,320,549 | 52,689,905 | |
BGC Partners, Inc. Class A | 460,975 | 2,148,144 | |
BlackRock, Inc. Class A | 185,693 | 85,977,716 | |
Blucora, Inc. (a) | 80,325 | 1,397,655 | |
BrightSphere Investment Group, Inc. | 106,489 | 995,672 | |
Cboe Global Markets, Inc. | 174,301 | 19,870,314 | |
Charles Schwab Corp. | 1,796,220 | 73,195,965 | |
CME Group, Inc. | 563,802 | 112,095,114 | |
Cohen & Co., Inc. (b) | 486 | 1,939 | |
Cohen & Steers, Inc. | 36,183 | 2,266,865 | |
Cowen Group, Inc. Class A | 43,911 | 657,348 | |
Diamond Hill Investment Group, Inc. | 5,519 | 699,423 | |
Donnelley Financial Solutions, Inc. (a) | 55,117 | 479,518 | |
E*TRADE Financial Corp. | 355,639 | 16,281,153 | |
Eaton Vance Corp. (non-vtg.) | 176,187 | 7,269,476 | |
Evercore, Inc. Class A | 61,585 | 4,102,793 | |
FactSet Research Systems, Inc. | 60,080 | 15,980,679 | |
Federated Hermes, Inc. Class B (non-vtg.) | 150,114 | 4,330,789 | |
Focus Financial Partners, Inc. Class A (a) | 47,365 | 1,287,854 | |
Franklin Resources, Inc. | 440,014 | 9,574,705 | |
Gain Capital Holdings, Inc. | 23,604 | 139,264 | |
GAMCO Investors, Inc. Class A | 5,653 | 87,961 | |
Goldman Sachs Group, Inc. | 500,672 | 100,519,917 | |
Great Elm Capital Group, Inc. (a) | 40,893 | 128,813 | |
Greenhill & Co., Inc. | 26,271 | 384,082 | |
Hamilton Lane, Inc. Class A | 40,504 | 2,516,919 | |
Houlihan Lokey | 63,967 | 3,276,390 | |
Interactive Brokers Group, Inc. | 123,106 | 6,290,717 | |
Intercontinental Exchange, Inc. | 874,817 | 78,051,173 | |
INTL FCStone, Inc. (a) | 25,151 | 1,145,628 | |
Invesco Ltd. | 590,558 | 8,504,035 | |
Janus Henderson Group PLC | 245,254 | 5,199,385 | |
KKR & Co. LP | 860,785 | 24,618,451 | |
Lazard Ltd. Class A | 176,540 | 6,323,663 | |
Legg Mason, Inc. | 126,754 | 6,314,884 | |
LPL Financial | 126,263 | 10,035,383 | |
Manning & Napier, Inc. Class A | 15,374 | 24,906 | |
MarketAxess Holdings, Inc. | 59,415 | 19,270,067 | |
Moelis & Co. Class A | 80,835 | 2,583,487 | |
Moody's Corp. | 255,042 | 61,217,731 | |
Morgan Stanley | 1,934,066 | 87,090,992 | |
Morningstar, Inc. | 33,282 | 4,889,126 | |
MSCI, Inc. | 132,776 | 39,227,341 | |
Northern Trust Corp. | 330,939 | 29,043,207 | |
Och-Ziff Capital Management Group LLC Class A | 27,311 | 619,413 | |
Oppenheimer Holdings, Inc. Class A (non-vtg.) | 13,623 | 323,274 | |
Piper Jaffray Companies | 24,531 | 1,719,132 | |
PJT Partners, Inc. | 34,334 | 1,543,313 | |
Pzena Investment Management, Inc. | 24,334 | 158,901 | |
Raymond James Financial, Inc. | 193,209 | 16,158,069 | |
S&P Global, Inc. | 383,814 | 102,059,981 | |
Safeguard Scientifics, Inc. | 30,517 | 269,465 | |
SEI Investments Co. | 196,864 | 10,770,429 | |
Silvercrest Asset Management Group Class A | 4,236 | 48,968 | |
State Street Corp. | 572,783 | 39,012,250 | |
Stifel Financial Corp. | 109,314 | 5,951,054 | |
T. Rowe Price Group, Inc. | 368,391 | 43,473,822 | |
TD Ameritrade Holding Corp. | 416,532 | 17,590,146 | |
The Blackstone Group LP | 1,035,531 | 55,752,989 | |
The NASDAQ OMX Group, Inc. | 180,850 | 18,546,168 | |
Tradeweb Markets, Inc. Class A | 102,874 | 4,960,584 | |
U.S. Global Investments, Inc. Class A | 5,385 | 5,816 | |
Victory Capital Holdings, Inc. | 20,662 | 408,488 | |
Virtu Financial, Inc. Class A | 116,655 | 2,194,281 | |
Virtus Investment Partners, Inc. | 11,492 | 1,268,717 | |
Waddell & Reed Financial, Inc. Class A (b) | 113,723 | 1,564,828 | |
Westwood Holdings Group, Inc. | 11,777 | 298,900 | |
WisdomTree Investments, Inc. | 197,212 | 800,681 | |
1,288,325,351 | |||
Consumer Finance - 0.7% | |||
Ally Financial, Inc. | 594,983 | 14,916,224 | |
American Express Co. | 1,056,241 | 116,112,573 | |
Asta Funding, Inc. (a) | 3,151 | 31,321 | |
Atlanticus Holdings Corp. (a) | 8,957 | 116,441 | |
Capital One Financial Corp. | 730,461 | 64,470,488 | |
Consumer Portfolio Services, Inc. (a) | 8,413 | 30,876 | |
Credit Acceptance Corp. (a)(b) | 21,871 | 8,818,387 | |
CURO Group Holdings Corp. | 22,480 | 207,490 | |
Discover Financial Services | 488,668 | 32,046,847 | |
Elevate Credit, Inc. (a) | 23,656 | 78,065 | |
Encore Capital Group, Inc. (a)(b) | 43,356 | 1,611,109 | |
Enova International, Inc. (a) | 52,808 | 1,014,970 | |
EZCORP, Inc. (non-vtg.) Class A (a) | 87,514 | 420,067 | |
First Cash Financial Services, Inc. | 66,187 | 5,091,104 | |
Green Dot Corp. Class A (a) | 73,212 | 2,500,922 | |
LendingClub Corp. (a) | 137,476 | 1,513,611 | |
LendingTree, Inc. (a)(b) | 12,471 | 3,439,751 | |
Medallion Financial Corp. (a) | 35,405 | 209,244 | |
Navient Corp. | 312,072 | 3,504,569 | |
Nelnet, Inc. Class A | 34,890 | 1,852,659 | |
Nicholas Financial, Inc. (a) | 4,023 | 32,707 | |
OneMain Holdings, Inc. | 118,311 | 4,347,929 | |
Oportun Financial Corp. (a)(b) | 7,876 | 165,632 | |
PRA Group, Inc. (a) | 73,137 | 2,839,178 | |
Regional Management Corp. (a) | 14,951 | 383,493 | |
Santander Consumer U.S.A. Holdings, Inc. | 160,502 | 3,916,249 | |
SLM Corp. | 668,680 | 6,934,212 | |
Synchrony Financial | 886,953 | 25,810,332 | |
World Acceptance Corp. (a) | 9,227 | 720,629 | |
303,137,079 | |||
Diversified Financial Services - 1.5% | |||
Alerus Financial Corp. | 3,141 | 64,265 | |
AXA Equitable Holdings, Inc. | 683,860 | 14,634,604 | |
Berkshire Hathaway, Inc. Class B (a) | 3,073,014 | 634,085,709 | |
Cannae Holdings, Inc. (a) | 115,346 | 4,301,252 | |
FGL Holdings Class A | 207,033 | 2,368,458 | |
Jefferies Financial Group, Inc. | 401,047 | 7,904,636 | |
Marlin Business Services Corp. | 9,946 | 195,538 | |
On Deck Capital, Inc. (a) | 82,892 | 289,293 | |
Rafael Holdings, Inc. (a) | 15,784 | 296,108 | |
Voya Financial, Inc. | 209,743 | 11,040,872 | |
675,180,735 | |||
Insurance - 2.5% | |||
AFLAC, Inc. | 1,153,126 | 49,411,449 | |
Alleghany Corp. | 22,542 | 15,153,860 | |
Allstate Corp. | 507,921 | 53,458,685 | |
AMBAC Financial Group, Inc. (a) | 74,773 | 1,437,137 | |
American Equity Investment Life Holding Co. | 140,016 | 3,539,604 | |
American Financial Group, Inc. | 116,816 | 10,796,135 | |
American International Group, Inc. | 1,367,509 | 57,654,179 | |
American National Insurance Co. | 16,438 | 1,616,842 | |
Amerisafe, Inc. | 30,908 | 2,014,274 | |
Aon PLC | 368,373 | 76,621,584 | |
Arch Capital Group Ltd. (a) | 634,771 | 25,663,792 | |
Argo Group International Holdings, Ltd. | 54,072 | 3,042,091 | |
Arthur J. Gallagher & Co. | 294,717 | 28,731,960 | |
Assurant, Inc. | 94,147 | 11,353,187 | |
Assured Guaranty Ltd. | 148,842 | 6,074,242 | |
Athene Holding Ltd. (a) | 182,346 | 7,521,773 | |
Atlas Financial Holdings, Inc. (a) | 6,598 | 3,697 | |
Axis Capital Holdings Ltd. | 131,259 | 7,366,255 | |
Brighthouse Financial, Inc. (a) | 170,127 | 6,097,352 | |
Brown & Brown, Inc. | 363,845 | 15,648,973 | |
BRP Group, Inc. (a) | 39,453 | 609,154 | |
Chubb Ltd. | 712,389 | 103,317,777 | |
Cincinnati Financial Corp. | 237,973 | 22,188,603 | |
Citizens, Inc. Class A (a)(b) | 89,528 | 522,844 | |
CNA Financial Corp. | 51,760 | 2,152,181 | |
CNO Financial Group, Inc. | 228,945 | 3,667,699 | |
Crawford & Co.: | |||
Class A | 27,890 | 207,502 | |
Class B | 22,240 | 151,899 | |
Donegal Group, Inc. Class A | 13,169 | 187,922 | |
eHealth, Inc. (a) | 31,775 | 3,728,796 | |
Employers Holdings, Inc. | 51,187 | 1,972,747 | |
Enstar Group Ltd. (a) | 23,376 | 4,170,045 | |
Erie Indemnity Co. Class A | 29,539 | 4,221,714 | |
Everest Re Group Ltd. | 63,779 | 15,809,539 | |
FBL Financial Group, Inc. Class A | 18,247 | 871,477 | |
Fednat Holding Co. | 13,703 | 178,687 | |
First American Financial Corp. | 176,612 | 10,084,545 | |
FNF Group | 430,992 | 16,705,250 | |
Genworth Financial, Inc. Class A | 807,429 | 3,148,973 | |
Global Indemnity Ltd. | 9,668 | 307,056 | |
Globe Life, Inc. | 154,990 | 14,361,373 | |
Goosehead Insurance (b) | 19,457 | 1,055,348 | |
Greenlight Capital Re, Ltd. (a) | 42,770 | 360,979 | |
Hallmark Financial Services, Inc. (a) | 25,240 | 357,903 | |
Hanover Insurance Group, Inc. | 61,248 | 7,260,338 | |
Hartford Financial Services Group, Inc. | 566,404 | 28,291,880 | |
HCI Group, Inc. | 12,250 | 520,870 | |
Health Insurance Innovations, Inc. (a)(b) | 19,004 | 558,908 | |
Heritage Insurance Holdings, Inc. | 42,440 | 473,630 | |
Horace Mann Educators Corp. | 69,483 | 2,704,973 | |
Independence Holding Co. | 11,293 | 419,083 | |
Investors Title Co. | 2,136 | 350,219 | |
James River Group Holdings Ltd. | 49,222 | 1,989,061 | |
Kemper Corp. | 99,751 | 6,866,859 | |
Kingstone Companies, Inc. | 8,338 | 58,574 | |
Kinsale Capital Group, Inc. | 32,287 | 3,921,902 | |
Lincoln National Corp. | 308,752 | 14,014,253 | |
Loews Corp. | 399,130 | 18,212,302 | |
Maiden Holdings Ltd. (a) | 88,227 | 82,051 | |
Markel Corp. (a) | 21,697 | 25,637,175 | |
Marsh & McLennan Companies, Inc. | 793,615 | 82,980,384 | |
MBIA, Inc. (a)(b) | 130,298 | 1,016,324 | |
Mercury General Corp. | 42,755 | 1,851,719 | |
MetLife, Inc. | 1,224,468 | 52,309,273 | |
National General Holdings Corp. | 103,198 | 2,009,265 | |
National Western Life Group, Inc. | 3,721 | 889,059 | |
NI Holdings, Inc. (a) | 9,696 | 136,908 | |
Old Republic International Corp. | 444,878 | 8,772,994 | |
Palomar Holdings, Inc. | 27,298 | 1,387,011 | |
Primerica, Inc. | 63,990 | 7,124,647 | |
Principal Financial Group, Inc. | 404,145 | 17,939,997 | |
ProAssurance Corp. | 84,701 | 2,299,632 | |
Progressive Corp. | 919,020 | 67,235,503 | |
ProSight Global, Inc. | 13,713 | 183,754 | |
Protective Insurance Corp. Class B | 10,441 | 148,889 | |
Prudential Financial, Inc. | 630,920 | 47,602,914 | |
Reinsurance Group of America, Inc. | 97,634 | 11,914,277 | |
RenaissanceRe Holdings Ltd. | 68,850 | 11,732,040 | |
RLI Corp. | 63,000 | 5,063,940 | |
Safety Insurance Group, Inc. | 23,858 | 1,878,579 | |
Selective Insurance Group, Inc. | 94,058 | 5,246,555 | |
State Auto Financial Corp. | 29,517 | 737,335 | |
Stewart Information Services Corp. | 40,148 | 1,452,555 | |
The Travelers Companies, Inc. | 406,581 | 48,712,470 | |
Third Point Reinsurance Ltd. (a) | 134,065 | 1,195,860 | |
Tiptree, Inc. | 23,381 | 153,847 | |
Trupanion, Inc. (a)(b) | 48,469 | 1,489,937 | |
United Fire Group, Inc. | 35,603 | 1,365,019 | |
United Insurance Holdings Corp. | 35,027 | 329,254 | |
Universal Insurance Holdings, Inc. | 51,189 | 1,059,100 | |
Unum Group | 318,890 | 7,433,326 | |
W.R. Berkley Corp. | 226,597 | 15,213,723 | |
Watford Holdings Ltd. (a) | 8,623 | 196,863 | |
White Mountains Insurance Group Ltd. | 4,761 | 4,713,866 | |
Willis Group Holdings PLC | 201,618 | 38,156,207 | |
1,156,842,188 | |||
Mortgage Real Estate Investment Trusts - 0.2% | |||
AG Mortgage Investment Trust, Inc. | 52,136 | 780,476 | |
AGNC Investment Corp. | 848,079 | 14,451,266 | |
Annaly Capital Management, Inc. | 2,268,899 | 20,102,445 | |
Anworth Mortgage Asset Corp. | 223,146 | 729,687 | |
Apollo Commercial Real Estate Finance, Inc. | 225,166 | 3,647,689 | |
Arbor Realty Trust, Inc. | 106,334 | 1,290,895 | |
Ares Commercial Real Estate Corp. | 43,548 | 664,542 | |
Arlington Asset Investment Corp. | 70,553 | 399,330 | |
Armour Residential REIT, Inc. | 103,020 | 1,862,602 | |
Blackstone Mortgage Trust, Inc. | 210,628 | 7,595,246 | |
Capstead Mortgage Corp. | 145,853 | 1,035,556 | |
Cherry Hill Mortgage Investment Corp. | 21,944 | 312,921 | |
Chimera Investment Corp. | 301,988 | 5,934,064 | |
Colony NorthStar Credit Real Estate, Inc. | 139,768 | 1,779,247 | |
Dynex Capital, Inc. | 34,158 | 584,102 | |
Ellington Financial LLC | 62,011 | 1,025,042 | |
Ellington Residential Mortgage REIT | 10,958 | 119,333 | |
Exantas Capital Corp. | 44,506 | 510,039 | |
Granite Point Mortgage Trust, Inc. | 86,838 | 1,425,880 | |
Great Ajax Corp. | 32,563 | 460,115 | |
Hunt Companies Finance Trust, Inc. | 4,306 | 12,574 | |
Invesco Mortgage Capital, Inc. | 252,342 | 4,057,659 | |
KKR Real Estate Finance Trust, Inc. | 41,076 | 806,733 | |
Ladder Capital Corp. Class A | 149,130 | 2,274,233 | |
MFA Financial, Inc. | 697,011 | 5,039,390 | |
New Residential Investment Corp. | 649,619 | 10,108,072 | |
New York Mortgage Trust, Inc. | 574,195 | 3,272,912 | |
Orchid Island Capital, Inc. | 79,824 | 457,392 | |
PennyMac Mortgage Investment Trust | 162,510 | 3,363,957 | |
Redwood Trust, Inc. | 177,667 | 3,034,552 | |
Starwood Property Trust, Inc. | 447,762 | 9,931,361 | |
TPG RE Finance Trust, Inc. | 88,580 | 1,702,508 | |
Tremont Mortgage Trust | 13,468 | 67,609 | |
Two Harbors Investment Corp. | 451,017 | 6,111,280 | |
Western Asset Mortgage Capital Corp. | 74,393 | 745,418 | |
ZAIS Financial Corp. | 53,558 | 776,591 | |
116,472,718 | |||
Thrifts & Mortgage Finance - 0.2% | |||
Axos Financial, Inc. (a) | 83,286 | 2,074,654 | |
Bridgewater Bancshares, Inc. (a) | 40,020 | 500,250 | |
Capitol Federal Financial, Inc. | 229,629 | 2,802,622 | |
Columbia Financial, Inc. (a) | 85,902 | 1,333,199 | |
Dime Community Bancshares, Inc. | 53,353 | 895,263 | |
ESSA Bancorp, Inc. | 14,301 | 236,539 | |
Essent Group Ltd. | 157,271 | 6,863,306 | |
Farmer Mac Class C (non-vtg.) | 16,086 | 1,207,415 | |
First Defiance Financial Corp. | 64,010 | 1,530,799 | |
Flagstar Bancorp, Inc. | 53,574 | 1,707,939 | |
FS Bancorp, Inc. | 6,824 | 326,119 | |
Hingham Institution for Savings | 2,406 | 440,202 | |
Home Bancorp, Inc. | 10,333 | 341,712 | |
HomeStreet, Inc. | 39,771 | 1,077,396 | |
Impac Mortgage Holdings, Inc. (a) | 16,166 | 104,271 | |
Kearny Financial Corp. | 132,541 | 1,446,022 | |
Luther Burbank Corp. | 21,747 | 226,821 | |
Merchants Bancorp/IN | 23,973 | 431,993 | |
Meridian Bancorp, Inc. Maryland | 90,786 | 1,498,877 | |
Meta Financial Group, Inc. | 55,244 | 1,814,765 | |
MGIC Investment Corp. | 556,164 | 6,690,653 | |
MMA Capital Management, LLC (a) | 7,609 | 229,716 | |
New York Community Bancorp, Inc. | 738,556 | 7,983,790 | |
NMI Holdings, Inc. (a) | 110,350 | 2,575,569 | |
Northfield Bancorp, Inc. | 70,493 | 996,066 | |
Northwest Bancshares, Inc. | 162,395 | 2,255,667 | |
OceanFirst Financial Corp. | 93,902 | 1,919,357 | |
Ocwen Financial Corp. (a) | 159,955 | 199,944 | |
OP Bancorp | 28,065 | 248,375 | |
PB Bancorp, Inc. | 5,514 | 83,758 | |
PCSB Financial Corp. | 32,661 | 599,656 | |
PDL Community Bancorp (a) | 12,371 | 173,813 | |
Pennymac Financial Services, Inc. | 66,148 | 2,332,378 | |
Pioneer Bancorp, Inc. (a) | 18,130 | 246,931 | |
Provident Bancorp, Inc. (a) | 5,332 | 58,599 | |
Provident Financial Holdings, Inc. | 2,162 | 42,700 | |
Provident Financial Services, Inc. | 98,058 | 1,959,199 | |
Radian Group, Inc. | 316,865 | 6,730,213 | |
Riverview Bancorp, Inc. | 36,754 | 237,063 | |
Sachem Capital Corp. | 9,633 | 36,798 | |
Security National Financial Corp. Class A | 9,596 | 50,187 | |
Southern Missouri Bancorp, Inc. | 9,211 | 302,305 | |
Sterling Bancorp, Inc. | 31,816 | 222,712 | |
Territorial Bancorp, Inc. | 9,340 | 237,423 | |
TFS Financial Corp. | 92,840 | 1,897,650 | |
Timberland Bancorp, Inc. | 9,834 | 228,641 | |
Trustco Bank Corp., New York | 156,982 | 1,076,897 | |
Walker & Dunlop, Inc. | 46,716 | 3,029,533 | |
Washington Federal, Inc. | 124,220 | 3,725,358 | |
Waterstone Financial, Inc. | 41,813 | 695,350 | |
Westfield Financial, Inc. | 30,118 | 266,243 | |
WMI Holdings Corp. (a) | 114,129 | 1,464,275 | |
WSFS Financial Corp. | 81,255 | 2,800,047 | |
78,457,030 | |||
TOTAL FINANCIALS | 5,958,754,583 | ||
HEALTH CARE - 14.0% | |||
Biotechnology - 2.7% | |||
89Bio, Inc. (a)(b) | 9,764 | 348,282 | |
AbbVie, Inc. | 2,321,659 | 198,989,393 | |
Abeona Therapeutics, Inc. (a)(b) | 99,135 | 305,336 | |
ACADIA Pharmaceuticals, Inc. (a)(b) | 174,824 | 7,471,978 | |
Acceleron Pharma, Inc. (a) | 70,331 | 6,043,543 | |
Acorda Therapeutics, Inc. (a)(b) | 62,376 | 89,821 | |
Actinium Pharmaceuticals, Inc. (a) | 117,751 | 28,060 | |
Adamas Pharmaceuticals, Inc. (a) | 27,046 | 123,330 | |
ADMA Biologics, Inc. (a) | 84,044 | 244,988 | |
Aduro Biotech, Inc. (a) | 72,901 | 222,348 | |
Advaxis, Inc. (a)(b) | 79,002 | 64,007 | |
Adverum Biotechnologies, Inc. (a)(b) | 83,568 | 1,028,722 | |
Aeglea BioTherapeutics, Inc. (a) | 30,911 | 211,122 | |
Aevi Genomic Medicine, Inc. rights (a)(c) | 29,385 | 989 | |
Agenus, Inc. (a)(b) | 162,150 | 410,240 | |
AgeX Therapeutics, Inc. (a)(b) | 24,431 | 28,096 | |
Agios Pharmaceuticals, Inc. (a)(b) | 91,986 | 4,367,495 | |
Aimmune Therapeutics, Inc. (a)(b) | 65,956 | 1,570,412 | |
Akebia Therapeutics, Inc. (a) | 199,588 | 1,770,346 | |
Akero Therapeutics, Inc. (a) | 13,020 | 283,445 | |
Albireo Pharma, Inc. (a) | 14,780 | 345,556 | |
Aldeyra Therapeutics, Inc. (a) | 41,467 | 157,575 | |
Alector, Inc. (b) | 58,179 | 1,598,759 | |
Alexion Pharmaceuticals, Inc. (a) | 345,847 | 32,519,993 | |
Alkermes PLC (a) | 253,721 | 5,287,546 | |
Allakos, Inc. (a)(b) | 38,101 | 2,374,835 | |
Allena Pharmaceuticals, Inc. (a) | 13,108 | 25,823 | |
Allogene Therapeutics, Inc. (a)(b) | 80,601 | 2,176,227 | |
Alnylam Pharmaceuticals, Inc. (a) | 173,935 | 20,465,192 | |
Alpine Immune Sciences, Inc. (a) | 8,522 | 27,100 | |
Altimmune, Inc. (a) | 9,692 | 35,860 | |
AMAG Pharmaceuticals, Inc. (a)(b) | 58,146 | 450,632 | |
Amgen, Inc. | 932,816 | 186,311,340 | |
Amicus Therapeutics, Inc. (a) | 417,381 | 3,983,902 | |
AnaptysBio, Inc. (a) | 40,696 | 608,405 | |
Anavex Life Sciences Corp. (a) | 62,171 | 236,872 | |
Anika Therapeutics, Inc. (a) | 21,663 | 904,647 | |
Anixa Biosciences, Inc. (a)(b) | 17,792 | 53,198 | |
Apellis Pharmaceuticals, Inc. (a) | 80,063 | 2,771,781 | |
Applied Genetic Technologies Corp. (a) | 19,402 | 91,771 | |
Applied Therapeutics, Inc. (a) | 12,680 | 526,854 | |
Aprea Therapeutics, Inc. | 10,548 | 361,796 | |
Aptevo Therapeutics, Inc. (a) | 18,110 | 7,787 | |
Aptinyx, Inc. (a) | 40,709 | 131,083 | |
AquaBounty Technologies, Inc. (a) | 967 | 1,702 | |
AquaMed Technologies, Inc. (c) | 439 | 0 | |
Aravive, Inc. (a) | 19,699 | 168,229 | |
Arcturus Therapeutics Holdings, Inc. (a) | 16,551 | 229,231 | |
Arcus Biosciences, Inc. (a) | 53,356 | 812,078 | |
Ardelyx, Inc. (a) | 98,278 | 680,084 | |
Arena Pharmaceuticals, Inc. (a) | 76,683 | 3,420,062 | |
Arrowhead Pharmaceuticals, Inc. (a) | 158,464 | 5,603,287 | |
Artara Therapeutics, Inc. (a) | 97 | 2,765 | |
Assembly Biosciences, Inc. (a) | 45,323 | 821,253 | |
Atara Biotherapeutics, Inc. (a) | 88,228 | 1,071,970 | |
Athenex, Inc. (a)(b) | 77,296 | 944,557 | |
Athersys, Inc. (a)(b) | 184,303 | 221,164 | |
Atreca, Inc. (b) | 14,410 | 340,652 | |
aTyr Pharma, Inc. | 330 | 1,224 | |
AVEO Pharmaceuticals, Inc. (a) | 17,003 | 74,813 | |
Avid Bioservices, Inc. (a) | 69,506 | 437,888 | |
AVROBIO, Inc. (a) | 33,104 | 638,907 | |
Bellicum Pharmaceuticals, Inc. (a)(b) | 5,352 | 48,168 | |
Bio Path Holdings, Inc. (a) | 3,392 | 18,588 | |
Biocept, Inc. (a) | 1,551 | 1,210 | |
BioCryst Pharmaceuticals, Inc. (a) | 217,244 | 651,732 | |
Biogen, Inc. (a) | 283,921 | 87,558,397 | |
Biohaven Pharmaceutical Holding Co. Ltd. (a) | 69,046 | 3,049,071 | |
BioMarin Pharmaceutical, Inc. (a) | 279,893 | 25,293,930 | |
Biospecifics Technologies Corp. (a) | 9,250 | 510,508 | |
BioTime, Inc. (a)(b) | 256,547 | 259,112 | |
BioXcel Therapeutics, Inc. (a) | 13,329 | 499,838 | |
bluebird bio, Inc. (a) | 85,791 | 6,205,263 | |
Blueprint Medicines Corp. (a) | 84,261 | 4,561,048 | |
BrainStorm Cell Therpeutic, Inc. (a) | 10,858 | 75,789 | |
Brickell Biotech, Inc. (a)(b) | 662 | 1,940 | |
Bridgebio Pharma, Inc. | 33,806 | 1,077,735 | |
Cabaletta Bio, Inc. (a) | 20,896 | 312,186 | |
Calithera Biosciences, Inc. (a) | 84,055 | 544,676 | |
Calyxt, Inc. (a) | 14,780 | 93,262 | |
Cancer Genetics, Inc. (a) | 228 | 837 | |
Capricor Therapeutics, Inc. (a) | 2,223 | 2,623 | |
CareDx, Inc. (a) | 59,092 | 1,377,435 | |
CASI Pharmaceuticals, Inc. (a)(b) | 76,913 | 136,136 | |
Castle Biosciences, Inc. (b) | 6,971 | 208,712 | |
Catabasis Pharmaceuticals, Inc. (a) | 17,858 | 87,147 | |
Catalyst Biosciences, Inc. (a) | 16,360 | 94,397 | |
Catalyst Pharmaceutical Partners, Inc. (a) | 145,825 | 613,923 | |
Cel-Sci Corp. (a)(b) | 50,619 | 555,290 | |
Celcuity, Inc. (a) | 812 | 6,894 | |
Celldex Therapeutics, Inc. (a) | 20,245 | 53,244 | |
Cellular Biomedicine Group, Inc. (a) | 16,128 | 257,403 | |
Celsion Corp. (a) | 7,523 | 7,824 | |
Checkpoint Therapeutics, Inc. (a) | 46,405 | 81,209 | |
ChemoCentryx, Inc. (a) | 66,533 | 2,977,352 | |
Chimerix, Inc. (a) | 68,012 | 120,381 | |
Cidara Therapeutics, Inc. (a)(b) | 43,932 | 127,403 | |
Cleveland Biolabs, Inc. (a)(b) | 1,253 | 4,185 | |
Clovis Oncology, Inc. (a)(b) | 113,262 | 852,863 | |
CohBar, Inc. (a)(b) | 61,277 | 98,043 | |
Coherus BioSciences, Inc. (a) | 98,164 | 1,899,473 | |
Conatus Pharmaceuticals, Inc. (a) | 25,771 | 10,182 | |
Concert Pharmaceuticals, Inc. (a) | 23,551 | 199,241 | |
Constellation Pharmaceuticals, Inc. (a) | 26,632 | 941,175 | |
ContraFect Corp. (a)(b) | 17,449 | 153,551 | |
Corbus Pharmaceuticals Holdings, Inc. (a)(b) | 88,284 | 418,466 | |
Cortexyme, Inc. | 8,894 | 446,924 | |
Corvus Pharmaceuticals, Inc. (a)(b) | 14,116 | 48,559 | |
Crinetics Pharmaceuticals, Inc. (a)(b) | 11,668 | 240,127 | |
CTI BioPharma Corp. (a) | 66,932 | 65,687 | |
CTI BioPharma Corp. rights 3/2/20 (a) | 60,514 | 1 | |
Cue Biopharma, Inc. (a) | 32,463 | 567,778 | |
Curis, Inc. (a) | 56,844 | 73,897 | |
Cyclacel Pharmaceuticals, Inc. (a) | 677 | 362 | |
Cyclerion Therapeutics, Inc. (a) | 24,354 | 104,235 | |
Cytokinetics, Inc. (a) | 93,387 | 1,301,815 | |
CytomX Therapeutics, Inc. (a) | 73,662 | 492,799 | |
Deciphera Pharmaceuticals, Inc. (a) | 28,425 | 1,513,347 | |
Denali Therapeutics, Inc. (a)(b) | 117,204 | 2,317,123 | |
Dicerna Pharmaceuticals, Inc. (a) | 84,331 | 1,664,694 | |
Dyadic International, Inc. (a)(b) | 37,918 | 223,337 | |
Dynavax Technologies Corp. (a)(b) | 131,950 | 520,543 | |
Eagle Pharmaceuticals, Inc. (a) | 16,259 | 746,288 | |
Edge Therapeutics, Inc. (a) | 1,777 | 2,097 | |
Editas Medicine, Inc. (a)(b) | 79,330 | 1,759,539 | |
Eidos Therapeutics, Inc. (a) | 8,851 | 447,684 | |
Eiger Biopharmaceuticals, Inc. (a) | 31,415 | 298,128 | |
Emergent BioSolutions, Inc. (a) | 68,359 | 4,011,306 | |
Enanta Pharmaceuticals, Inc. (a) | 24,641 | 1,253,734 | |
Enochian Biosciences, Inc. (a)(b) | 27,857 | 90,814 | |
Epizyme, Inc. (a)(b) | 122,576 | 2,626,804 | |
Esperion Therapeutics, Inc. (a)(b) | 39,779 | 2,008,442 | |
Evelo Biosciences, Inc. (a)(b) | 9,900 | 50,094 | |
Exact Sciences Corp. (a)(b) | 219,178 | 17,742,459 | |
Exelixis, Inc. (a) | 481,519 | 8,951,438 | |
Exicure, Inc. (a) | 134,393 | 262,066 | |
Fate Therapeutics, Inc. (a) | 96,636 | 2,821,771 | |
FibroGen, Inc. (a) | 125,294 | 5,237,289 | |
Five Prime Therapeutics, Inc. (a) | 54,292 | 207,938 | |
Flexion Therapeutics, Inc. (a)(b) | 49,493 | 781,494 | |
Fortress Biotech, Inc. (a) | 56,311 | 120,506 | |
Forty Seven, Inc. (a) | 47,398 | 2,749,084 | |
Frequency Therapeutics, Inc. (b) | 8,177 | 177,114 | |
G1 Therapeutics, Inc. (a) | 44,778 | 803,317 | |
Galectin Therapeutics, Inc. (a)(b) | 62,698 | 132,920 | |
Galera Therapeutics, Inc. (a) | 4,354 | 74,366 | |
Genocea Biosciences, Inc. (a) | 33,261 | 58,207 | |
Genprex, Inc. (a) | 25,317 | 103,926 | |
GenVec, Inc. rights (a)(c) | 814 | 0 | |
Geron Corp. (a)(b) | 291,885 | 335,668 | |
Gilead Sciences, Inc. | 1,985,978 | 137,747,434 | |
Global Blood Therapeutics, Inc. (a) | 92,706 | 5,929,476 | |
GlycoMimetics, Inc. (a) | 51,855 | 187,715 | |
Gossamer Bio, Inc. | 60,706 | 797,070 | |
Gritstone Oncology, Inc. (a)(b) | 27,989 | 235,108 | |
Halozyme Therapeutics, Inc. (a) | 198,771 | 3,889,948 | |
Harpoon Therapeutics, Inc. | 6,512 | 99,894 | |
Heat Biologics, Inc. (a) | 19,197 | 6,335 | |
Hemispherx Biopharma, Inc. (a)(b) | 175 | 359 | |
Heron Therapeutics, Inc. (a) | 125,748 | 2,345,200 | |
Homology Medicines, Inc. (a) | 37,410 | 598,560 | |
Hookipa Pharma, Inc. | 8,657 | 85,877 | |
iBio, Inc. (a)(b) | 2,846 | 6,973 | |
Idera Pharmaceuticals, Inc. (a)(b) | 27,689 | 44,026 | |
IGM Biosciences, Inc. (a)(b) | 19,696 | 1,012,571 | |
Immunic, Inc. (a) | 971 | 7,535 | |
ImmunoGen, Inc. (a) | 270,119 | 1,202,030 | |
Immunomedics, Inc. (a)(b) | 284,356 | 4,549,696 | |
Incyte Corp. (a) | 279,155 | 21,051,079 | |
Infinity Pharmaceuticals, Inc. (a) | 58,399 | 68,327 | |
Inovio Pharmaceuticals, Inc. (a)(b) | 141,976 | 607,657 | |
Insmed, Inc. (a) | 139,591 | 3,475,816 | |
Intellia Therapeutics, Inc. (a)(b) | 62,446 | 833,654 | |
Intercept Pharmaceuticals, Inc. (a) | 40,911 | 3,761,357 | |
Invitae Corp. (a)(b) | 137,667 | 2,805,653 | |
Ionis Pharmaceuticals, Inc. (a) | 202,819 | 10,299,149 | |
Iovance Biotherapeutics, Inc. (a) | 184,058 | 6,057,349 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 243,544 | 2,932,270 | |
IsoRay, Inc. (a)(b) | 40,230 | 29,569 | |
Iveric Bio, Inc. (a) | 54,438 | 295,871 | |
Jounce Therapeutics, Inc. (a) | 25,391 | 114,767 | |
Kadmon Holdings, Inc. (a) | 212,838 | 987,568 | |
Kalvista Pharmaceuticals, Inc. (a) | 15,671 | 210,775 | |
Karuna Therapeutics, Inc. (a) | 16,264 | 1,419,197 | |
Karyopharm Therapeutics, Inc. (a) | 90,353 | 1,476,368 | |
Kezar Life Sciences, Inc. (a) | 45,922 | 201,138 | |
Kindred Biosciences, Inc. (a) | 54,058 | 587,610 | |
Kiniksa Pharmaceuticals Ltd. (a)(b) | 16,055 | 296,375 | |
Kodiak Sciences, Inc. (a)(b) | 39,287 | 2,513,189 | |
Krystal Biotech, Inc. (a)(b) | 16,753 | 895,448 | |
Kura Oncology, Inc. (a) | 57,824 | 697,936 | |
La Jolla Pharmaceutical Co. (a)(b) | 30,025 | 204,170 | |
Leap Therapeutics, Inc. (a)(b) | 42,530 | 102,497 | |
Lexicon Pharmaceuticals, Inc. (a)(b) | 90,027 | 249,825 | |
Ligand Pharmaceuticals, Inc. Class B (a)(b) | 26,998 | 2,527,013 | |
LogicBio Therapeutics, Inc. (a)(b) | 12,282 | 98,747 | |
Macrogenics, Inc. (a) | 89,454 | 784,512 | |
Madrigal Pharmaceuticals, Inc. (a)(b) | 16,963 | 1,461,702 | |
Magenta Therapeutics, Inc. (a)(b) | 27,280 | 320,813 | |
MannKind Corp. (a)(b) | 293,583 | 372,850 | |
Marker Therapeutics, Inc. (a) | 44,737 | 110,500 | |
Matinas BioPharma Holdings, Inc. (a) | 194,366 | 194,366 | |
MediciNova, Inc. (a)(b) | 60,896 | 255,763 | |
MEI Pharma, Inc. (a) | 133,578 | 257,806 | |
Merrimack Pharmaceuticals, Inc. | 15,717 | 45,422 | |
Mersana Therapeutics, Inc. (a) | 55,196 | 477,997 | |
Minerva Neurosciences, Inc. (a) | 45,867 | 333,912 | |
Miragen Therapeutics, Inc. (a) | 27,850 | 20,679 | |
Mirati Therapeutics, Inc. (a) | 57,019 | 5,102,630 | |
Mirum Pharmaceuticals, Inc. (a)(b) | 12,900 | 213,624 | |
Moderna, Inc. (a)(b) | 350,345 | 9,084,446 | |
Molecular Templates, Inc. (a) | 41,328 | 664,968 | |
Moleculin Biotech, Inc. (a) | 26,434 | 17,975 | |
Momenta Pharmaceuticals, Inc. (a) | 180,355 | 5,102,243 | |
Morphic Holding, Inc. | 11,469 | 181,210 | |
Mustang Bio, Inc. (a) | 51,963 | 151,732 | |
Myriad Genetics, Inc. (a) | 116,550 | 2,053,611 | |
NanoViricides, Inc. (a)(b) | 8,252 | 78,394 | |
NantKwest, Inc. (a)(b) | 53,596 | 259,405 | |
Natera, Inc. (a) | 103,647 | 3,928,740 | |
Navidea Biopharmaceuticals, Inc. (a) | 7,141 | 6,969 | |
Neoleukin Therapeutics, Inc. (a) | 57,527 | 558,012 | |
Neon Therapeutics, Inc. (a) | 6,980 | 10,470 | |
Neubase Therapeutics, Inc. (a) | 1,139 | 8,132 | |
Neurobo Pharmaceuticals, Inc. (a)(b) | 380 | 5,852 | |
Neurobo Pharmaceuticals, Inc. rights (a)(c) | 9,504 | 0 | |
Neurocrine Biosciences, Inc. (a) | 145,731 | 13,800,726 | |
Neurotrope, Inc. (a)(b) | 5,457 | 5,948 | |
NewLink Genetics Corp. (a) | 29,263 | 40,090 | |
NextCure, Inc. | 17,599 | 734,934 | |
Novavax, Inc. (a)(b) | 46,847 | 749,552 | |
Ocugen, Inc. (a) | 961 | 432 | |
OncoCyte Corp. (a) | 42,540 | 91,461 | |
OncoMed Pharmaceuticals, Inc. rights (a)(c) | 27,577 | 0 | |
OncoSec Medical, Inc. (a)(b) | 9,506 | 13,213 | |
Oncternal Therapeutics, Inc. (a) | 2,063 | 7,468 | |
Oncternal Therapeutics, Inc. rights (a)(c) | 2,146 | 0 | |
Opko Health, Inc. (a)(b) | 641,657 | 962,486 | |
Oragenics, Inc. (a) | 704 | 526 | |
Organogenesis Holdings, Inc. Class A (a) | 26,298 | 103,088 | |
Organovo Holdings, Inc. (a) | 237,910 | 76,845 | |
Outlook Therapeutics, Inc. (a)(b) | 7,165 | 5,445 | |
OvaScience, Inc. (a) | 11,776 | 90,557 | |
Ovid Therapeutics, Inc. (a) | 46,991 | 154,130 | |
Oyster Point Pharma, Inc. (a) | 6,469 | 229,067 | |
Palatin Technologies, Inc. (a)(b) | 273,268 | 139,558 | |
PDL BioPharma, Inc. (a) | 218,274 | 742,132 | |
Pfenex, Inc. (a) | 49,615 | 575,534 | |
PhaseBio Pharmaceuticals, Inc. (a) | 26,632 | 112,121 | |
Pieris Pharmaceuticals, Inc. (a) | 79,436 | 247,046 | |
Polarityte, Inc. (a) | 26,836 | 36,497 | |
Portola Pharmaceuticals, Inc. (a)(b) | 113,633 | 1,148,830 | |
Precigen, Inc. (a)(b) | 109,166 | 413,739 | |
Precision BioSciences, Inc. (a) | 23,892 | 191,375 | |
Prevail Therapeutics, Inc. | 11,879 | 151,814 | |
Principia Biopharma, Inc. (a) | 29,009 | 1,872,821 | |
Progenics Pharmaceuticals, Inc. (a) | 149,784 | 706,980 | |
Protagonist Therapeutics, Inc. (a) | 34,266 | 267,275 | |
Proteostasis Therapeutics, Inc. (a)(b) | 58,487 | 91,240 | |
Prothena Corp. PLC (a) | 66,285 | 706,598 | |
PTC Therapeutics, Inc. (a) | 97,641 | 5,354,632 | |
Puma Biotechnology, Inc. (a)(b) | 56,522 | 607,894 | |
Ra Pharmaceuticals, Inc. (a) | 52,998 | 2,478,186 | |
Radius Health, Inc. (a) | 68,394 | 1,440,378 | |
RAPT Therapeutics, Inc. (a)(b) | 4,681 | 92,543 | |
Recro Pharma, Inc. (a) | 26,670 | 382,448 | |
Regeneron Pharmaceuticals, Inc. (a) | 125,505 | 55,795,758 | |
REGENXBIO, Inc. (a) | 50,153 | 2,006,120 | |
Regulus Therapeutics, Inc. (a) | 5,043 | 3,745 | |
Repligen Corp. (a) | 74,004 | 6,334,742 | |
Replimune Group, Inc. (a) | 13,783 | 191,170 | |
Retrophin, Inc. (a)(b) | 64,592 | 1,000,853 | |
Rexahn Pharmaceuticals, Inc. (a) | 2,486 | 5,718 | |
Rhythm Pharmaceuticals, Inc. (a)(b) | 45,703 | 872,013 | |
Rigel Pharmaceuticals, Inc. (a) | 264,536 | 560,816 | |
Rocket Pharmaceuticals, Inc. (a)(b) | 60,078 | 1,170,920 | |
Rubius Therapeutics, Inc. (a)(b) | 57,068 | 477,659 | |
Sage Therapeutics, Inc. (a) | 81,184 | 3,815,648 | |
Salarius Pharmaceuticals, Inc. (a) | 287 | 248 | |
Salarius Pharmaceuticals, Inc. rights (a)(c) | 7,499 | 922 | |
Sangamo Therapeutics, Inc. (a)(b) | 179,540 | 1,531,476 | |
Sarepta Therapeutics, Inc. (a) | 110,478 | 12,646,417 | |
Savara, Inc. (a) | 39,095 | 89,528 | |
Scholar Rock Holding Corp. (a) | 28,218 | 398,156 | |
Seattle Genetics, Inc. (a) | 179,530 | 20,441,286 | |
Selecta Biosciences, Inc. (a)(b) | 48,675 | 194,700 | |
Seneca Biopharma, Inc. (a) | 289 | 268 | |
Seres Therapeutics, Inc. (a) | 90,027 | 282,685 | |
Sesen Bio, Inc. (a) | 103,975 | 79,021 | |
Soleno Therapeutics, Inc. (a) | 27,507 | 76,469 | |
Solid Biosciences, Inc. (a)(b) | 20,178 | 66,587 | |
Soligenix, Inc. (a) | 23,654 | 71,435 | |
Sophiris Bio, Inc. (a)(b) | 40,486 | 21,676 | |
Sorrento Therapeutics, Inc. (a)(b) | 196,730 | 426,904 | |
Spectrum Pharmaceuticals, Inc. (a) | 167,060 | 477,792 | |
Spero Therapeutics, Inc. (a) | 12,612 | 120,318 | |
Spero Therapeutics, Inc. rights 3/3/20 (a) | 1,917 | 1,035 | |
Spring Bank Pharmaceuticals, Inc. (a) | 6,449 | 8,835 | |
Springworks Therapeutics, Inc. (a) | 15,791 | 504,680 | |
Stemline Therapeutics, Inc. (a)(b) | 79,784 | 480,300 | |
Stoke Therapeutics, Inc. | 15,403 | 381,224 | |
Sunesis Pharmaceuticals, Inc. (a)(b) | 90,938 | 89,583 | |
Surface Oncology, Inc. (a) | 7,134 | 22,543 | |
Sutro Biopharma, Inc. (a) | 10,399 | 101,182 | |
Syndax Pharmaceuticals, Inc. (a) | 32,453 | 305,383 | |
Synlogic, Inc. (a) | 30,139 | 62,086 | |
Synthetic Biologics, Inc. (a) | 1,708 | 727 | |
Syros Pharmaceuticals, Inc. (a) | 56,014 | 327,682 | |
T2 Biosystems, Inc. (a)(b) | 56,110 | 38,682 | |
TCR2 Therapeutics, Inc. | 23,812 | 282,887 | |
Tenax Therapeutics, Inc. (a) | 49 | 56 | |
TG Therapeutics, Inc. (a)(b) | 135,302 | 1,698,040 | |
Tocagen, Inc. (a)(b) | 32,367 | 45,961 | |
TRACON Pharmaceuticals, Inc. (a)(b) | 290 | 882 | |
Translate Bio, Inc. (a)(b) | 68,210 | 517,032 | |
Trevena, Inc. (a) | 127,215 | 90,933 | |
Trovagene, Inc. (a) | 332 | 455 | |
Turning Point Therapeutics, Inc. | 23,842 | 1,181,848 | |
Twist Bioscience Corp. (a) | 35,721 | 1,093,777 | |
Tyme, Inc. (a)(b) | 58,665 | 69,811 | |
Ultragenyx Pharmaceutical, Inc. (a) | 85,066 | 4,770,501 | |
United Therapeutics Corp. (a) | 68,555 | 7,058,423 | |
UNITY Biotechnology, Inc. (a)(b) | 45,725 | 274,807 | |
Unum Therapeutics, Inc. (a)(b) | 11,491 | 7,699 | |
Vanda Pharmaceuticals, Inc. (a) | 81,321 | 896,971 | |
Vaxart, Inc. (a)(b) | 62,997 | 180,801 | |
VBI Vaccines, Inc. (a)(b) | 271,944 | 326,333 | |
Veracyte, Inc. (a) | 69,656 | 1,719,807 | |
Verastem, Inc. (a) | 99,207 | 276,788 | |
Vericel Corp. (a) | 66,657 | 1,029,184 | |
Vertex Pharmaceuticals, Inc. (a) | 403,080 | 90,302,012 | |
Viela Bio, Inc. (b) | 14,193 | 619,383 | |
Viking Therapeutics, Inc. (a)(b) | 120,202 | 711,596 | |
VistaGen Therapeutics, Inc. (a) | 15,774 | 8,083 | |
Voyager Therapeutics, Inc. (a) | 41,094 | 447,925 | |
vTv Therapeutics, Inc. Class A (a)(b) | 39,197 | 134,054 | |
X4 Pharmaceuticals, Inc. (a) | 23,599 | 252,037 | |
Xbiotech, Inc. (a)(b) | 36,615 | 448,900 | |
Xencor, Inc. (a) | 79,324 | 2,577,237 | |
XOMA Corp. (a) | 9,681 | 235,248 | |
Y-mAbs Therapeutics, Inc. (a) | 26,295 | 773,599 | |
Yield10 Bioscience, Inc. (a) | 12 | 79 | |
Zafgen, Inc. (a)(b) | 47,213 | 53,823 | |
ZIOPHARM Oncology, Inc. (a)(b) | 268,544 | 829,801 | |
1,226,848,206 | |||
Health Care Equipment & Supplies - 3.5% | |||
Abbott Laboratories | 2,779,191 | 214,081,083 | |
Abiomed, Inc. (a) | 71,342 | 10,719,849 | |
Accuray, Inc. (a) | 142,466 | 422,412 | |
Akers Biosciences, Inc. (a)(b) | 549 | 1,532 | |
Align Technology, Inc. (a) | 112,202 | 24,499,307 | |
Alphatec Holdings, Inc. (a) | 59,600 | 348,660 | |
Angiodynamics, Inc. (a) | 60,242 | 692,181 | |
Antares Pharma, Inc. (a) | 244,285 | 757,284 | |
Apollo Endosurgery, Inc. (a) | 72 | 188 | |
Atossa Therapeutics, Inc. (a)(b) | 24,498 | 29,643 | |
Atricure, Inc. (a) | 67,294 | 2,585,435 | |
Atrion Corp. | 2,377 | 1,464,969 | |
Avanos Medical, Inc. (a) | 78,828 | 2,554,815 | |
Avinger, Inc. (a)(b) | 3,961 | 2,416 | |
AxoGen, Inc. (a) | 53,815 | 666,230 | |
Axonics Modulation Technologies, Inc. (a)(b) | 26,729 | 947,409 | |
Baxter International, Inc. | 801,218 | 66,877,666 | |
Becton, Dickinson & Co. | 424,988 | 101,070,646 | |
Bellerophon Therapeutics, Inc. (a) | 1,739 | 12,173 | |
Beyond Air, Inc. (a) | 12,451 | 103,094 | |
BioLase Technology, Inc. (a) | 4,396 | 2,835 | |
BioLife Solutions, Inc. (a)(b) | 16,846 | 238,371 | |
BioSig Technologies, Inc. (a)(b) | 30,625 | 110,863 | |
Boston Scientific Corp. (a) | 2,186,907 | 81,768,453 | |
Bovie Medical Corp. (a) | 40,988 | 247,977 | |
Cantel Medical Corp. | 59,411 | 3,748,834 | |
Cardiovascular Systems, Inc. (a) | 54,358 | 2,044,948 | |
Cerus Corp. (a) | 262,826 | 1,350,926 | |
Chembio Diagnostics, Inc. (a)(b) | 11,471 | 51,046 | |
Co.-Diagnostics, Inc. (a)(b) | 5,591 | 73,969 | |
ConforMis, Inc. (a) | 98,971 | 77,118 | |
CONMED Corp. | 44,266 | 4,189,334 | |
Cryolife, Inc. (a) | 65,370 | 1,675,433 | |
CryoPort, Inc. (a)(b) | 53,006 | 885,200 | |
Cutera, Inc. (a) | 20,410 | 505,760 | |
CytoSorbents Corp. (a)(b) | 35,335 | 213,070 | |
Danaher Corp. | 1,003,517 | 145,088,488 | |
Dare Bioscience, Inc. (a) | 12,167 | 13,262 | |
Dentsply Sirona, Inc. | 349,303 | 17,199,680 | |
DexCom, Inc. (a) | 143,167 | 39,514,092 | |
Edwards Lifesciences Corp. (a) | 327,107 | 67,004,598 | |
Ekso Bionics Holdings, Inc. (a)(b) | 79,915 | 23,863 | |
electroCore, Inc. (a) | 9,972 | 7,281 | |
Endologix, Inc. (a)(b) | 28,974 | 36,218 | |
ENDRA Life Sciences, Inc. (a)(b) | 2,359 | 2,571 | |
Envista Holdings Corp. (a) | 249,112 | 6,322,463 | |
Fonar Corp. (a) | 12,634 | 252,427 | |
Genmark Diagnostics, Inc. (a) | 85,679 | 299,020 | |
Glaukos Corp. (a)(b) | 61,750 | 2,715,765 | |
Globus Medical, Inc. (a) | 121,048 | 5,475,001 | |
Haemonetics Corp. (a) | 79,156 | 8,574,969 | |
Helius Medical Technologies, Inc. (U.S.) (a)(b) | 18,755 | 17,067 | |
Heska Corp. (a) | 11,472 | 1,095,232 | |
Hill-Rom Holdings, Inc. | 104,588 | 10,045,677 | |
Hologic, Inc. (a) | 425,234 | 20,037,026 | |
ICU Medical, Inc. (a) | 30,903 | 6,051,116 | |
IDEXX Laboratories, Inc. (a) | 134,933 | 34,341,798 | |
Inogen, Inc. (a) | 30,038 | 1,375,140 | |
Insulet Corp. (a) | 96,689 | 18,368,009 | |
Integer Holdings Corp. (a) | 52,762 | 4,757,550 | |
Integra LifeSciences Holdings Corp. (a) | 110,519 | 5,758,040 | |
IntriCon Corp. (a) | 10,604 | 157,788 | |
Intuitive Surgical, Inc. (a) | 181,605 | 96,969,806 | |
Invacare Corp. | 53,582 | 406,152 | |
InVivo Therapeutics Holdings Corp. (a) | 43 | 264 | |
IRadimed Corp. (a) | 7,211 | 171,189 | |
iRhythm Technologies, Inc. (a) | 40,930 | 3,559,682 | |
Iridex Corp. (a) | 3,436 | 9,724 | |
Kewaunee Scientific Corp. | 970 | 11,194 | |
Lantheus Holdings, Inc. (a) | 61,622 | 958,222 | |
LeMaitre Vascular, Inc. | 27,378 | 780,273 | |
LivaNova PLC (a) | 77,467 | 5,400,999 | |
Masimo Corp. (a) | 76,004 | 12,413,733 | |
Medtronic PLC | 2,107,200 | 212,131,824 | |
Meridian Bioscience, Inc. | 68,037 | 543,616 | |
Merit Medical Systems, Inc. (a) | 85,733 | 3,087,245 | |
Mesa Laboratories, Inc. | 6,683 | 1,599,175 | |
Microbot Medical, Inc. (a)(b) | 10,061 | 84,512 | |
Milestone Scientific, Inc. (a)(b) | 20,141 | 44,310 | |
Misonix, Inc. (a) | 20,700 | 286,695 | |
Motus GI Holdings, Inc. (a) | 46,375 | 66,316 | |
Myomo, Inc. (a) | 259 | 1,202 | |
Natus Medical, Inc. (a) | 54,010 | 1,451,789 | |
Neogen Corp. (a) | 82,391 | 5,005,253 | |
Neuronetics, Inc. (a) | 9,442 | 27,335 | |
Nevro Corp. (a) | 48,790 | 6,350,019 | |
NuVasive, Inc. (a) | 80,823 | 5,318,962 | |
Obalon Therapeutics, Inc. (a)(b) | 532 | 745 | |
OraSure Technologies, Inc. (a) | 107,374 | 647,465 | |
Orthofix International NV (a) | 33,966 | 1,200,358 | |
OrthoPediatrics Corp. (a) | 17,000 | 789,140 | |
Penumbra, Inc. (a)(b) | 50,981 | 8,455,709 | |
Predictive Oncology, Inc. (a)(b) | 1,361 | 2,668 | |
Pulse Biosciences, Inc. (a)(b) | 15,770 | 108,025 | |
Quidel Corp. (a) | 61,386 | 4,741,455 | |
Repro Medical Systems, Inc. (a) | 30,290 | 245,349 | |
ResMed, Inc. | 224,884 | 35,747,561 | |
Retractable Technologies, Inc. (a) | 3,701 | 6,070 | |
Rockwell Medical Technologies, Inc. (a)(b) | 82,108 | 230,723 | |
RTI Biologics, Inc. (a) | 96,883 | 358,467 | |
Seaspine Holdings Corp. (a) | 32,323 | 456,724 | |
Second Sight Medical Products, Inc. (a)(b) | 4,133 | 17,813 | |
Senseonics Holdings, Inc. (a)(b) | 165,924 | 232,294 | |
Shockwave Medical, Inc. (a) | 15,640 | 627,790 | |
SI-BONE, Inc. (a) | 30,711 | 593,029 | |
Sientra, Inc. (a) | 75,805 | 317,623 | |
Silk Road Medical, Inc. | 11,592 | 461,941 | |
Sintx Technologies, Inc. (a) | 136 | 86 | |
SmileDirectClub, Inc. (a)(b) | 93,643 | 700,450 | |
Soliton, Inc. (b) | 12,391 | 130,477 | |
Staar Surgical Co. (a) | 47,916 | 1,503,604 | |
Stereotaxis, Inc. (a) | 52,987 | 193,403 | |
STERIS PLC | 132,750 | 21,056,805 | |
STRATA Skin Sciences, Inc. (a) | 566 | 877 | |
Stryker Corp. | 505,994 | 96,437,396 | |
SurModics, Inc. (a) | 20,822 | 726,896 | |
Tactile Systems Technology, Inc. (a) | 32,202 | 1,623,303 | |
Tandem Diabetes Care, Inc. (a) | 87,977 | 6,568,363 | |
Tela Bio, Inc. (a) | 2,661 | 41,219 | |
Teleflex, Inc. | 72,678 | 24,348,584 | |
The Cooper Companies, Inc. | 77,777 | 25,244,081 | |
Thermogenesis Holdings, Inc. (a) | 57 | 227 | |
TransEnterix, Inc. (a)(b) | 22,550 | 26,609 | |
TransMedics Group, Inc. (b) | 12,096 | 189,907 | |
Utah Medical Products, Inc. | 6,131 | 535,849 | |
Vapotherm, Inc. (a) | 25,269 | 218,830 | |
Varex Imaging Corp. (a) | 60,791 | 1,411,567 | |
Varian Medical Systems, Inc. (a) | 142,011 | 17,463,093 | |
Venus Concept, Inc. (a) | 16,173 | 103,022 | |
Vermillion, Inc. (a)(b) | 8,779 | 6,935 | |
ViewRay, Inc. (a)(b) | 206,225 | 591,866 | |
Viveve Medical, Inc. (a) | 320 | 349 | |
VolitionRx Ltd. (a) | 47,170 | 162,265 | |
West Pharmaceutical Services, Inc. | 115,744 | 17,426,417 | |
Wright Medical Group NV (a) | 196,947 | 5,957,647 | |
Zimmer Biomet Holdings, Inc. | 324,548 | 44,187,210 | |
Zosano Pharma Corp. (a)(b) | 15,746 | 11,479 | |
Zynex, Inc. (a)(b) | 27,750 | 361,305 | |
1,598,705,831 | |||
Health Care Providers & Services - 2.5% | |||
Acadia Healthcare Co., Inc. (a) | 140,398 | 4,155,781 | |
Addus HomeCare Corp. (a) | 20,640 | 1,574,213 | |
Amedisys, Inc. (a) | 50,822 | 8,843,536 | |
American Renal Associates Holdings, Inc. (a) | 26,470 | 213,084 | |
AmerisourceBergen Corp. | 234,674 | 19,787,712 | |
AMN Healthcare Services, Inc. (a) | 75,098 | 5,527,213 | |
Anthem, Inc. | 398,668 | 102,493,556 | |
Apollo Medical Holdings, Inc. (a)(b) | 38,534 | 673,189 | |
BioScrip, Inc. (a) | 56,986 | 840,544 | |
BioTelemetry, Inc. (a) | 56,840 | 2,428,205 | |
Brookdale Senior Living, Inc. (a) | 289,527 | 1,902,192 | |
Caladrius Biosciences, Inc. (a) | 6,721 | 17,206 | |
Capital Senior Living Corp. (a) | 37,902 | 97,029 | |
Cardinal Health, Inc. | 460,123 | 23,981,611 | |
Catasys, Inc. (a)(b) | 11,929 | 180,366 | |
Centene Corp. (a) | 916,922 | 48,615,204 | |
Chemed Corp. | 24,948 | 10,418,784 | |
Cigna Corp. | 586,278 | 107,253,697 | |
Community Health Systems, Inc. (a)(b) | 183,182 | 903,087 | |
Corvel Corp. (a) | 13,823 | 952,958 | |
Covetrus, Inc. (a)(b) | 157,424 | 1,748,981 | |
Cross Country Healthcare, Inc. (a) | 52,702 | 499,615 | |
CVS Health Corp. | 2,044,258 | 120,979,188 | |
DaVita HealthCare Partners, Inc. (a) | 140,166 | 10,879,685 | |
Encompass Health Corp. | 155,500 | 11,637,620 | |
Enzo Biochem, Inc. (a) | 55,775 | 118,801 | |
Exagen, Inc. (a) | 5,198 | 88,782 | |
Five Star Sr Living, Inc. (a) | 29,657 | 140,574 | |
Fulgent Genetics, Inc. (a) | 17,927 | 266,037 | |
Genesis HealthCare, Inc. Class A (a) | 51,369 | 84,759 | |
Guardant Health, Inc. (a) | 63,464 | 5,518,829 | |
Hanger, Inc. (a) | 60,810 | 1,402,887 | |
HCA Holdings, Inc. | 414,818 | 52,686,034 | |
HealthEquity, Inc. (a) | 112,673 | 7,998,656 | |
Henry Schein, Inc. (a) | 230,418 | 14,041,673 | |
Humana, Inc. | 207,711 | 66,401,052 | |
InfuSystems Holdings, Inc. (a) | 19,452 | 206,191 | |
Interpace Diagnostics Group, Inc. (a)(b) | 5,524 | 45,407 | |
Laboratory Corp. of America Holdings (a) | 152,862 | 26,856,325 | |
LHC Group, Inc. (a) | 46,010 | 5,588,375 | |
Magellan Health Services, Inc. (a) | 34,113 | 2,047,121 | |
McKesson Corp. | 282,732 | 39,542,898 | |
MEDNAX, Inc. (a) | 133,341 | 2,278,798 | |
Molina Healthcare, Inc. (a) | 98,856 | 12,114,803 | |
National Healthcare Corp. | 20,076 | 1,489,840 | |
National Research Corp. Class A | 19,538 | 1,074,395 | |
Owens & Minor, Inc. | 113,752 | 776,926 | |
Patterson Companies, Inc. | 138,708 | 3,299,863 | |
Pennant Group, Inc. (a) | 43,281 | 1,175,945 | |
PetIQ, Inc. Class A (a)(b) | 32,178 | 1,000,736 | |
Precipio, Inc. (a)(b) | 9,930 | 15,193 | |
Premier, Inc. (a) | 106,140 | 3,123,700 | |
Progyny, Inc. (a)(b) | 16,292 | 448,519 | |
Providence Service Corp. (a) | 18,588 | 1,148,367 | |
Psychemedics Corp. | 1,921 | 16,982 | |
Quest Diagnostics, Inc. | 210,073 | 22,280,342 | |
Quorum Health Corp. (a)(b) | 43,485 | 45,659 | |
R1 RCM, Inc. (a) | 156,316 | 1,919,560 | |
RadNet, Inc. (a) | 71,317 | 1,457,006 | |
Select Medical Holdings Corp. (a) | 166,790 | 3,992,953 | |
Sharps Compliance Corp. (a) | 8,947 | 54,219 | |
Surgery Partners, Inc. (a) | 30,711 | 504,275 | |
Tenet Healthcare Corp. (a) | 164,679 | 4,327,764 | |
The Ensign Group, Inc. | 77,813 | 3,462,679 | |
The Joint Corp. (a) | 16,388 | 243,034 | |
Tivity Health, Inc. (a) | 67,888 | 860,141 | |
Triple-S Management Corp. | 40,675 | 609,718 | |
U.S. Physical Therapy, Inc. | 19,660 | 2,048,965 | |
UnitedHealth Group, Inc. | 1,488,946 | 379,621,672 | |
Universal Health Services, Inc. Class B | 126,017 | 15,593,344 | |
1,174,624,055 | |||
Health Care Technology - 0.2% | |||
Allscripts Healthcare Solutions, Inc. (a) | 257,343 | 1,940,366 | |
Castlight Health, Inc. Class B (a) | 106,834 | 96,824 | |
Cerner Corp. | 491,468 | 34,043,988 | |
Change Healthcare, Inc. (b) | 71,072 | 965,868 | |
Computer Programs & Systems, Inc. | 19,541 | 523,308 | |
Evolent Health, Inc. (a) | 123,442 | 1,140,604 | |
Health Catalyst, Inc. (b) | 12,092 | 367,355 | |
HealthStream, Inc. (a) | 43,095 | 1,048,070 | |
HMS Holdings Corp. (a) | 139,897 | 3,213,434 | |
HTG Molecular Diagnostics (a)(b) | 45,075 | 26,144 | |
iCAD, Inc. (a) | 27,213 | 362,477 | |
Inovalon Holdings, Inc. Class A (a)(b) | 119,400 | 2,325,912 | |
Inspire Medical Systems, Inc. (a) | 23,173 | 1,989,866 | |
Livongo Health, Inc. | 20,747 | 518,882 | |
NantHealth, Inc. (a) | 40,006 | 90,814 | |
Nextgen Healthcare, Inc. (a) | 74,870 | 979,300 | |
Omnicell, Inc. (a) | 65,928 | 5,371,154 | |
OptimizeRx Corp. (a)(b) | 17,177 | 143,428 | |
Phreesia, Inc. | 25,446 | 789,844 | |
Simulations Plus, Inc. | 17,387 | 566,121 | |
Tabula Rasa HealthCare, Inc. (a)(b) | 32,153 | 1,806,034 | |
Teladoc Health, Inc. (a)(b) | 114,050 | 14,251,688 | |
Veeva Systems, Inc. Class A (a) | 207,642 | 29,478,935 | |
Vocera Communications, Inc. (a)(b) | 50,551 | 1,232,939 | |
103,273,355 | |||
Life Sciences Tools & Services - 1.0% | |||
10X Genomics, Inc. (a)(b) | 18,840 | 1,501,548 | |
Accelerate Diagnostics, Inc. (a)(b) | 41,564 | 532,435 | |
Adaptive Biotechnologies Corp. | 35,105 | 986,451 | |
Agilent Technologies, Inc. | 486,520 | 37,496,096 | |
Avantor, Inc. | 354,563 | 5,584,367 | |
Bio-Rad Laboratories, Inc. Class A (a) | 33,838 | 11,911,653 | |
Bio-Techne Corp. | 59,722 | 11,280,889 | |
Bruker Corp. | 160,490 | 6,990,944 | |
Champions Oncology, Inc. (a) | 6,812 | 42,916 | |
Charles River Laboratories International, Inc. (a) | 76,690 | 11,930,663 | |
ChromaDex, Inc. (a)(b) | 54,643 | 201,633 | |
Codexis, Inc. (a) | 76,381 | 889,839 | |
Fluidigm Corp. (a) | 118,464 | 393,300 | |
Harvard Bioscience, Inc. (a) | 37,493 | 121,477 | |
Illumina, Inc. (a) | 230,585 | 61,259,517 | |
IQVIA Holdings, Inc. (a) | 283,418 | 39,533,977 | |
Luminex Corp. | 63,609 | 1,574,959 | |
Medpace Holdings, Inc. (a) | 43,617 | 3,922,913 | |
Mettler-Toledo International, Inc. (a) | 38,167 | 26,781,784 | |
Nanostring Technologies, Inc. (a) | 54,490 | 1,943,113 | |
NeoGenomics, Inc. (a) | 167,328 | 4,740,402 | |
Pacific Biosciences of California, Inc. (a) | 212,220 | 721,548 | |
PerkinElmer, Inc. | 173,871 | 15,029,409 | |
Personalis, Inc. (a)(b) | 15,181 | 132,530 | |
PRA Health Sciences, Inc. (a) | 99,047 | 9,330,227 | |
Quanterix Corp. (a) | 23,612 | 538,590 | |
Syneos Health, Inc. (a) | 99,317 | 6,291,732 | |
Thermo Fisher Scientific, Inc. | 630,754 | 183,423,263 | |
Waters Corp. (a) | 101,228 | 19,728,325 | |
464,816,500 | |||
Pharmaceuticals - 4.1% | |||
AcelRx Pharmaceuticals, Inc. (a)(b) | 108,373 | 143,052 | |
Acer Therapeutics, Inc. (a)(b) | 6,588 | 21,609 | |
Aclaris Therapeutics, Inc. (a)(b) | 70,209 | 80,038 | |
Adamis Pharmaceuticals Corp. (a)(b) | 67,561 | 38,185 | |
Adial Pharmaceuticals, Inc. (a) | 12,772 | 18,264 | |
Aerie Pharmaceuticals, Inc. (a)(b) | 71,019 | 1,242,833 | |
Aerpio Pharmaceuticals, Inc. (a) | 17,597 | 11,253 | |
Agile Therapeutics, Inc. (a)(b) | 75,791 | 202,741 | |
Akcea Therapeutics, Inc. (a)(b) | 24,494 | 415,908 | |
Akorn, Inc. (a) | 143,839 | 166,853 | |
Alimera Sciences, Inc. (a)(b) | 1,036 | 7,470 | |
Allergan PLC | 515,599 | 98,309,261 | |
Amneal Pharmaceuticals, Inc. (a) | 186,182 | 716,801 | |
Amphastar Pharmaceuticals, Inc. (a) | 53,532 | 823,857 | |
Ampio Pharmaceuticals, Inc. (a)(b) | 143,069 | 85,155 | |
ANI Pharmaceuticals, Inc. (a) | 13,713 | 658,361 | |
ANI Pharmaceuticals, Inc. rights (a)(c) | 21,445 | 0 | |
Aquestive Therapeutics, Inc. (a)(b) | 29,801 | 111,158 | |
Arvinas Holding Co. LLC (a) | 23,221 | 1,094,406 | |
Assertio Therapeutics, Inc. (a) | 96,805 | 104,549 | |
AstraZeneca PLC rights (a)(c) | 7,692 | 0 | |
Avenue Therapeutics, Inc. (a) | 6,166 | 54,754 | |
Axsome Therapeutics, Inc. (a)(b) | 42,321 | 3,301,038 | |
Aytu BioScience, Inc. (a)(b) | 10,458 | 5,543 | |
Baudax Bio, Inc. (a)(b) | 10,668 | 74,463 | |
Biodelivery Sciences International, Inc. (a) | 137,019 | 665,912 | |
BioPharmX Corp. (a) | 2,494 | 909 | |
Bristol-Myers Squibb Co. | 3,685,074 | 217,640,470 | |
Cara Therapeutics, Inc. (a)(b) | 62,748 | 943,102 | |
Cassava Sciences, Inc. (a)(b) | 22,534 | 126,416 | |
Catalent, Inc. (a) | 242,852 | 12,514,164 | |
Cerecor, Inc. (a) | 25,208 | 76,884 | |
Chiasma, Inc. (a) | 54,386 | 242,018 | |
Clearside Biomedical, Inc. (a)(b) | 56,255 | 126,011 | |
Collegium Pharmaceutical, Inc. (a) | 48,770 | 1,158,288 | |
ContraVir Pharmaceuticals, Inc. (a)(b) | 188 | 673 | |
Corcept Therapeutics, Inc. (a)(b) | 162,181 | 2,046,724 | |
CorMedix, Inc. (a)(b) | 43,608 | 226,762 | |
Cumberland Pharmaceuticals, Inc. (a) | 5,048 | 20,899 | |
CymaBay Therapeutics, Inc. (a) | 111,411 | 184,942 | |
Durect Corp. (a) | 299,599 | 530,290 | |
Elanco Animal Health, Inc. (a) | 627,871 | 17,203,665 | |
Elanco Animal Health, Inc. rights (a)(c) | 71,624 | 1 | |
Eli Lilly & Co. | 1,327,081 | 167,384,727 | |
Eloxx Pharmaceuticals, Inc. (a) | 43,872 | 137,319 | |
Endo International PLC (a) | 316,530 | 1,747,246 | |
Evofem Biosciences, Inc. (a) | 35,590 | 209,981 | |
Evolus, Inc. (a)(b) | 37,906 | 325,613 | |
Eyenovia, Inc. (a)(b) | 16,586 | 63,441 | |
Eyepoint Pharmaceuticals, Inc. (a)(b) | 76,339 | 98,477 | |
Fulcrum Therapeutics, Inc. | 5,023 | 95,035 | |
Harrow Health, Inc. (a) | 29,650 | 163,668 | |
Horizon Pharma PLC (a) | 293,098 | 10,029,814 | |
Innovate Biopharmaceuticals, Inc. (a) | 18,554 | 10,390 | |
Innoviva, Inc. (a) | 104,032 | 1,401,311 | |
Intersect ENT, Inc. (a) | 47,960 | 1,144,326 | |
Intra-Cellular Therapies, Inc. (a) | 85,567 | 1,805,464 | |
Jazz Pharmaceuticals PLC (a) | 88,647 | 10,157,173 | |
Johnson & Johnson | 4,136,791 | 556,315,654 | |
Kala Pharmaceuticals, Inc. (a)(b) | 35,273 | 188,711 | |
Kaleido Biosciences, Inc. (a)(b) | 20,113 | 120,075 | |
KemPharm, Inc. (a)(b) | 30,168 | 9,141 | |
Lannett Co., Inc. (a)(b) | 54,109 | 470,748 | |
Lipocine, Inc. (a) | 14,559 | 7,229 | |
Liquidia Technologies, Inc. (a) | 14,596 | 60,281 | |
Mallinckrodt PLC (a)(b) | 129,733 | 555,257 | |
Marinus Pharmaceuticals, Inc. (a) | 125,697 | 314,243 | |
Menlo Therapeutics, Inc. (a) | 10,171 | 30,004 | |
Merck & Co., Inc. | 4,003,085 | 306,476,188 | |
Mylan NV (a) | 810,629 | 13,934,713 | |
MyoKardia, Inc. (a) | 72,142 | 4,573,081 | |
Nektar Therapeutics (a)(b) | 281,374 | 5,855,393 | |
Neos Therapeutics, Inc. (a)(b) | 61,752 | 95,098 | |
NGM Biopharmaceuticals, Inc. (b) | 16,179 | 291,869 | |
NovaBay Pharmaceuticals, Inc. (a)(b) | 4,499 | 2,587 | |
Novan, Inc. (a)(b) | 19,707 | 4,334 | |
Novus Therapeutics, Inc. (a) | 3,229 | 1,808 | |
Ocular Therapeutix, Inc. (a)(b) | 71,187 | 334,935 | |
Odonate Therapeutics, Inc. (a)(b) | 21,403 | 633,315 | |
Omeros Corp. (a)(b) | 74,061 | 882,067 | |
Onconova Therapeutics, Inc. (a)(b) | 6,349 | 2,729 | |
OptiNose, Inc. (a)(b) | 48,331 | 292,403 | |
Osmotica Pharmaceuticals PLC (a) | 15,165 | 88,412 | |
Otonomy, Inc. (a) | 27,001 | 85,053 | |
Pacira Biosciences, Inc. (a) | 64,018 | 2,777,101 | |
Paratek Pharmaceuticals, Inc. (a)(b) | 35,522 | 169,795 | |
Perrigo Co. PLC | 213,100 | 10,802,039 | |
Pfizer, Inc. | 8,701,150 | 290,792,433 | |
Phathom Pharmaceuticals, Inc. (a)(b) | 19,150 | 691,698 | |
Phibro Animal Health Corp. Class A | 34,216 | 863,954 | |
Plx Pharma PLC/New (a) | 205 | 1,072 | |
Prestige Brands Holdings, Inc. (a) | 81,364 | 3,039,759 | |
Provention Bio, Inc. (a)(b) | 55,250 | 661,895 | |
Pulmatrix, Inc. (a) | 13,881 | 22,210 | |
Reata Pharmaceuticals, Inc. (a) | 39,763 | 7,743,844 | |
Relmada Therapeutics, Inc. (a) | 23,025 | 1,123,160 | |
resTORbio, Inc. (a)(b) | 22,391 | 31,123 | |
Revance Therapeutics, Inc. (a) | 65,283 | 1,509,343 | |
Satsuma Pharmaceuticals, Inc. (a) | 10,782 | 307,179 | |
scPharmaceuticals, Inc. (a) | 4,001 | 35,409 | |
SCYNEXIS, Inc. (a) | 87,758 | 82,317 | |
Seelos Therapeutics, Inc. (a)(b) | 32,617 | 28,605 | |
Seelos Therapeutics, Inc. rights (a)(b)(c) | 1,387 | 0 | |
SIGA Technologies, Inc. (a) | 87,379 | 436,458 | |
Strongbridge Biopharma PLC (a) | 41,930 | 116,146 | |
Supernus Pharmaceuticals, Inc. (a) | 80,952 | 1,456,326 | |
Teligent, Inc. (a)(b) | 99,099 | 41,622 | |
Tetraphase Pharmaceuticals, Inc. (a)(b) | 3,115 | 5,514 | |
TherapeuticsMD, Inc. (a)(b) | 340,709 | 575,798 | |
Theravance Biopharma, Inc. (a) | 70,286 | 1,711,464 | |
Titan Pharmaceuticals, Inc. (a) | 1,327 | 349 | |
Tricida, Inc. (a) | 43,247 | 1,374,390 | |
Urovant Sciences Ltd. (a)(b) | 13,986 | 174,965 | |
Verrica Pharmaceuticals, Inc. (a)(b) | 20,020 | 237,637 | |
VIVUS, Inc. (a)(b) | 14,794 | 26,777 | |
WAVE Life Sciences (a)(b) | 28,382 | 239,544 | |
Xeris Pharmaceuticals, Inc. (a) | 36,569 | 130,186 | |
Zoetis, Inc. Class A | 749,783 | 99,893,589 | |
Zogenix, Inc. (a) | 65,350 | 1,638,978 | |
Zynerba Pharmaceuticals, Inc. (a)(b) | 30,528 | 130,049 | |
1,876,667,723 | |||
TOTAL HEALTH CARE | 6,444,935,670 | ||
INDUSTRIALS - 9.6% | |||
Aerospace & Defense - 2.3% | |||
AAR Corp. | 52,723 | 1,821,580 | |
Aerojet Rocketdyne Holdings, Inc. (a) | 116,502 | 5,741,219 | |
AeroVironment, Inc. (a) | 33,586 | 1,725,985 | |
Air Industries Group, Inc. (a) | 17,165 | 21,113 | |
Arconic, Inc. | 607,423 | 17,827,865 | |
Astronics Corp. (a) | 36,309 | 735,983 | |
Astrotech Corp. (a) | 1,228 | 2,100 | |
Axon Enterprise, Inc. (a) | 93,908 | 7,265,662 | |
BWX Technologies, Inc. | 149,262 | 8,185,528 | |
CPI Aerostructures, Inc. (a) | 4,217 | 13,368 | |
Cubic Corp. | 50,525 | 2,750,581 | |
Curtiss-Wright Corp. | 67,718 | 8,122,097 | |
Ducommun, Inc. (a) | 17,333 | 773,918 | |
General Dynamics Corp. | 368,638 | 58,867,802 | |
Harris Corp. | 347,586 | 68,728,180 | |
HEICO Corp. | 94,179 | 10,157,205 | |
HEICO Corp. Class A | 77,795 | 6,871,632 | |
Hexcel Corp. | 132,952 | 8,592,688 | |
Huntington Ingalls Industries, Inc. | 64,156 | 13,185,983 | |
Innovative Solutions & Support, Inc. (a) | 15,429 | 86,094 | |
Kratos Defense & Security Solutions, Inc. (a) | 146,013 | 2,374,171 | |
Lockheed Martin Corp. | 389,443 | 144,043,282 | |
Maxar Technologies, Inc. | 93,935 | 1,428,751 | |
Mercury Systems, Inc. (a) | 88,216 | 6,480,347 | |
Micronet Enertec Technologies, Inc. (a) | 2,902 | 2,815 | |
Moog, Inc. Class A | 50,450 | 3,890,704 | |
National Presto Industries, Inc. | 9,597 | 754,132 | |
Northrop Grumman Corp. | 245,878 | 80,854,522 | |
Park Aerospace Corp. | 27,841 | 387,268 | |
Parsons Corp. | 31,736 | 1,240,560 | |
Raytheon Co. | 436,825 | 82,367,722 | |
SIFCO Industries, Inc. (a) | 628 | 2,707 | |
Spirit AeroSystems Holdings, Inc. Class A | 162,566 | 8,589,987 | |
Teledyne Technologies, Inc. (a) | 56,976 | 19,219,144 | |
Textron, Inc. | 357,238 | 14,503,863 | |
The Boeing Co. | 840,381 | 231,197,217 | |
TransDigm Group, Inc. | 78,229 | 43,636,918 | |
Triumph Group, Inc. | 81,304 | 1,544,776 | |
United Technologies Corp. | 1,274,057 | 166,379,104 | |
Vectrus, Inc. (a) | 17,816 | 928,035 | |
Virgin Galactic Holdings, Inc. (a)(b) | 130,182 | 3,202,477 | |
1,034,505,085 | |||
Air Freight & Logistics - 0.4% | |||
Air Transport Services Group, Inc. (a) | 93,086 | 1,666,239 | |
Atlas Air Worldwide Holdings, Inc. (a) | 40,197 | 1,074,064 | |
C.H. Robinson Worldwide, Inc. | 211,482 | 14,571,110 | |
Echo Global Logistics, Inc. (a) | 43,365 | 800,084 | |
Expeditors International of Washington, Inc. | 269,781 | 18,997,978 | |
FedEx Corp. | 375,867 | 53,061,144 | |
Forward Air Corp. | 46,643 | 2,752,403 | |
Hub Group, Inc. Class A (a) | 52,426 | 2,423,654 | |
Radiant Logistics, Inc. (a) | 55,584 | 244,570 | |
United Parcel Service, Inc. Class B | 1,100,371 | 99,572,572 | |
XPO Logistics, Inc. (a) | 144,069 | 10,656,784 | |
205,820,602 | |||
Airlines - 0.3% | |||
Alaska Air Group, Inc. | 193,979 | 9,788,180 | |
Allegiant Travel Co. | 20,966 | 2,841,732 | |
American Airlines Group, Inc. | 607,813 | 11,578,838 | |
Delta Air Lines, Inc. | 903,273 | 41,667,983 | |
Hawaiian Holdings, Inc. | 74,937 | 1,564,685 | |
JetBlue Airways Corp. (a)(b) | 456,544 | 7,204,264 | |
Mesa Air Group, Inc. (a) | 46,385 | 267,641 | |
SkyWest, Inc. | 81,828 | 3,714,991 | |
Southwest Airlines Co. | 741,904 | 34,268,546 | |
Spirit Airlines, Inc. (a) | 109,557 | 3,116,897 | |
United Airlines Holdings, Inc. (a) | 339,295 | 20,897,179 | |
136,910,936 | |||
Building Products - 0.4% | |||
A.O. Smith Corp. | 213,470 | 8,442,739 | |
AAON, Inc. | 65,237 | 3,588,687 | |
Advanced Drain Systems, Inc. | 85,041 | 3,559,816 | |
Allegion PLC | 145,470 | 16,727,595 | |
Alpha PRO Tech Ltd. (a)(b) | 10,147 | 213,087 | |
American Woodmark Corp. (a) | 23,880 | 2,000,428 | |
Apogee Enterprises, Inc. | 40,871 | 1,233,895 | |
Armstrong Flooring, Inc. (a) | 37,559 | 99,156 | |
Armstrong World Industries, Inc. | 76,068 | 7,618,210 | |
Builders FirstSource, Inc. (a) | 183,677 | 4,171,305 | |
CSW Industrials, Inc. | 23,129 | 1,522,813 | |
Fortune Brands Home & Security, Inc. | 215,470 | 13,305,273 | |
Gibraltar Industries, Inc. (a) | 50,335 | 2,550,474 | |
Griffon Corp. | 66,919 | 1,164,391 | |
Insteel Industries, Inc. | 26,755 | 532,157 | |
Jeld-Wen Holding, Inc. (a) | 104,712 | 1,968,586 | |
Johnson Controls International PLC | 1,208,748 | 44,203,914 | |
Lennox International, Inc. (b) | 54,710 | 12,480,992 | |
Masco Corp. | 443,411 | 18,321,743 | |
Masonite International Corp. (a) | 40,813 | 2,999,756 | |
NCI Building Systems, Inc. (a) | 74,828 | 549,986 | |
Owens Corning | 170,713 | 9,643,577 | |
Patrick Industries, Inc. | 35,690 | 1,885,503 | |
PGT, Inc. (a) | 97,375 | 1,477,179 | |
Quanex Building Products Corp. | 51,529 | 865,687 | |
Resideo Technologies, Inc. (a) | 191,312 | 2,056,604 | |
Simpson Manufacturing Co. Ltd. | 62,702 | 4,980,420 | |
Tecogen, Inc. New (a) | 1,604 | 3,208 | |
Trex Co., Inc. (a) | 92,503 | 8,847,912 | |
Universal Forest Products, Inc. | 96,848 | 4,538,297 | |
181,553,390 | |||
Commercial Services & Supplies - 0.6% | |||
ABM Industries, Inc. | 104,249 | 3,431,877 | |
ACCO Brands Corp. | 165,549 | 1,326,047 | |
Acme United Corp. | 9,376 | 217,711 | |
ADS Waste Holdings, Inc. (a) | 110,169 | 3,642,187 | |
ADT, Inc. (b) | 167,852 | 1,072,574 | |
Aqua Metals, Inc. (a)(b) | 89,321 | 61,631 | |
ARC Document Solutions, Inc. | 47,602 | 65,691 | |
Brady Corp. Class A | 79,239 | 3,751,174 | |
BrightView Holdings, Inc. (a) | 49,547 | 693,658 | |
Casella Waste Systems, Inc. Class A (a) | 71,729 | 3,475,270 | |
CECO Environmental Corp. (a) | 48,247 | 325,667 | |
Charah Solutions, Inc. (a) | 8,915 | 19,702 | |
Cimpress PLC (a)(b) | 41,708 | 4,855,228 | |
Cintas Corp. | 131,148 | 34,982,418 | |
Clean Harbors, Inc. (a) | 80,971 | 5,629,104 | |
Copart, Inc. (a) | 319,522 | 26,993,219 | |
Covanta Holding Corp. | 183,941 | 2,457,452 | |
Deluxe Corp. | 68,583 | 2,283,814 | |
Document Security Systems, Inc. (a) | 3,495 | 839 | |
Ennis, Inc. | 41,340 | 830,934 | |
Fuel Tech, Inc. (a) | 36,624 | 29,651 | |
Harsco Corp. (a) | 123,086 | 1,475,801 | |
Healthcare Services Group, Inc. | 120,236 | 3,311,299 | |
Heritage-Crystal Clean, Inc. (a) | 20,655 | 543,846 | |
Herman Miller, Inc. | 90,277 | 3,091,084 | |
HNI Corp. | 67,916 | 2,229,682 | |
Hudson Technologies, Inc. (a)(b) | 53,713 | 43,776 | |
IAA Spinco, Inc. (a) | 211,548 | 9,037,331 | |
Industrial Services of America, Inc. (a)(c) | 1,142 | 120 | |
Interface, Inc. | 99,616 | 1,453,397 | |
KAR Auction Services, Inc. | 203,798 | 3,923,112 | |
Kimball International, Inc. Class B | 60,232 | 974,554 | |
Knoll, Inc. | 77,008 | 1,358,421 | |
Matthews International Corp. Class A | 50,831 | 1,502,564 | |
McGrath RentCorp. | 39,970 | 2,775,917 | |
Mobile Mini, Inc. | 68,618 | 2,675,416 | |
MSA Safety, Inc. | 55,232 | 6,720,077 | |
NL Industries, Inc. | 6,623 | 22,320 | |
Odyssey Marine Exploration, Inc. (a)(b) | 13,660 | 50,542 | |
Performant Financial Corp. (a) | 21,888 | 21,888 | |
Perma-Fix Environmental Services, Inc. (a) | 4,892 | 31,798 | |
PICO Holdings, Inc. (a) | 28,565 | 271,082 | |
Pitney Bowes, Inc. | 278,249 | 951,612 | |
Quad/Graphics, Inc. | 51,262 | 246,058 | |
Quest Resource Holding Corp. (a) | 2,099 | 4,597 | |
R.R. Donnelley & Sons Co. | 105,289 | 200,049 | |
Republic Services, Inc. | 334,910 | 30,228,977 | |
Rollins, Inc. | 221,394 | 8,288,991 | |
SP Plus Corp. (a) | 36,338 | 1,326,700 | |
Steelcase, Inc. Class A | 136,452 | 2,213,251 | |
Stericycle, Inc. (a) | 144,293 | 8,286,747 | |
Team, Inc. (a)(b) | 49,846 | 634,540 | |
Tetra Tech, Inc. | 85,798 | 6,938,484 | |
The Brink's Co. | 78,931 | 6,179,508 | |
U.S. Ecology, Inc. | 42,130 | 1,771,988 | |
UniFirst Corp. | 23,861 | 4,433,612 | |
Viad Corp. | 31,895 | 1,601,129 | |
Virco Manufacturing Co. (a) | 1,891 | 7,035 | |
VSE Corp. | 13,724 | 404,172 | |
Waste Management, Inc. | 611,967 | 67,812,063 | |
279,189,388 | |||
Construction & Engineering - 0.2% | |||
AECOM (a) | 245,734 | 11,043,286 | |
Aegion Corp. (a) | 51,356 | 924,922 | |
Ameresco, Inc. Class A (a) | 26,938 | 607,183 | |
Arcosa, Inc. | 74,681 | 3,208,296 | |
Argan, Inc. | 22,412 | 935,253 | |
Comfort Systems U.S.A., Inc. | 57,179 | 2,414,097 | |
Concrete Pumping Holdings, Inc. (a) | 49,943 | 257,706 | |
Construction Partners, Inc. Class A (a) | 52,855 | 899,064 | |
Dycom Industries, Inc. (a) | 48,546 | 1,435,020 | |
EMCOR Group, Inc. | 89,077 | 6,851,803 | |
Fluor Corp. | 214,120 | 1,995,598 | |
Goldfield Corp. (a) | 29,034 | 95,522 | |
Granite Construction, Inc. | 72,408 | 1,471,331 | |
Great Lakes Dredge & Dock Corp. (a) | 110,448 | 1,071,346 | |
HC2 Holdings, Inc. (a)(b) | 69,904 | 267,033 | |
Ies Holdings, Inc. (a) | 11,513 | 268,368 | |
Jacobs Engineering Group, Inc. | 211,086 | 19,491,681 | |
Limbach Holdings, Inc. (a) | 9,347 | 38,790 | |
MasTec, Inc. (a) | 95,744 | 4,699,116 | |
MYR Group, Inc. (a) | 29,755 | 759,050 | |
Northwest Pipe Co. (a) | 13,993 | 441,479 | |
NV5 Holdings, Inc. (a)(b) | 18,196 | 974,032 | |
Orion Group Holdings, Inc. (a) | 65,396 | 257,006 | |
Primoris Services Corp. | 72,433 | 1,374,778 | |
Quanta Services, Inc. | 222,148 | 8,470,503 | |
Sterling Construction Co., Inc. (a) | 40,894 | 558,612 | |
Tutor Perini Corp. (a)(b) | 63,345 | 918,503 | |
Valmont Industries, Inc. | 33,194 | 3,857,807 | |
Williams Scotsman Corp. (a) | 84,906 | 1,489,251 | |
77,076,436 | |||
Electrical Equipment - 0.6% | |||
Acuity Brands, Inc. | 62,476 | 6,426,281 | |
Allied Motion Technologies, Inc. | 12,386 | 477,356 | |
American Superconductor Corp. (a)(b) | 29,752 | 203,801 | |
AMETEK, Inc. | 357,365 | 30,733,390 | |
Atkore International Group, Inc. (a) | 73,935 | 2,728,941 | |
AZZ, Inc. | 41,258 | 1,522,008 | |
Babcock & Wilcox Enterprises, Inc. (a) | 32,899 | 136,531 | |
Bloom Energy Corp. Class A (a) | 32,649 | 296,126 | |
Broadwind Energy, Inc. (a) | 11,239 | 22,928 | |
Capstone Turbine Corp. (a)(b) | 8,218 | 18,491 | |
Eaton Corp. PLC | 650,555 | 59,018,350 | |
Emerson Electric Co. | 955,360 | 61,248,130 | |
Encore Wire Corp. | 33,581 | 1,644,462 | |
Energous Corp. (a)(b) | 26,573 | 36,405 | |
Energy Focus, Inc. (a) | 5,644 | 2,873 | |
EnerSys | 67,210 | 4,138,792 | |
Espey Manufacturing & Electronics Corp. | 1,421 | 30,409 | |
FuelCell Energy, Inc. (a) | 314,627 | 613,523 | |
Generac Holdings, Inc. (a) | 98,789 | 10,174,279 | |
GrafTech International Ltd. | 98,363 | 802,642 | |
Hubbell, Inc. Class B | 85,459 | 11,386,557 | |
Ideal Power, Inc. (a) | 2,687 | 5,965 | |
LSI Industries, Inc. | 34,207 | 227,134 | |
nVent Electric PLC | 245,362 | 5,891,142 | |
Orion Energy Systems, Inc. (a) | 45,400 | 214,742 | |
Plug Power, Inc. (a)(b) | 400,860 | 1,739,732 | |
Powell Industries, Inc. | 13,069 | 436,897 | |
Preformed Line Products Co. | 4,117 | 200,910 | |
Regal Beloit Corp. | 64,015 | 4,970,125 | |
Rockwell Automation, Inc. | 181,013 | 33,215,886 | |
Sensata Technologies, Inc. PLC (a) | 248,192 | 10,126,234 | |
Sunrun, Inc. (a) | 126,703 | 2,450,436 | |
Sunworks, Inc. (a)(b) | 1,282 | 833 | |
Thermon Group Holdings, Inc. (a) | 50,474 | 886,828 | |
TPI Composites, Inc. (a) | 49,750 | 1,181,065 | |
Ultralife Corp. (a) | 12,581 | 89,073 | |
Vicor Corp. (a) | 30,419 | 1,315,318 | |
Vivint Solar, Inc. (a) | 68,673 | 771,885 | |
255,386,480 | |||
Industrial Conglomerates - 1.2% | |||
3M Co. | 904,450 | 134,980,118 | |
Carlisle Companies, Inc. | 88,642 | 12,878,796 | |
General Electric Co. | 13,715,317 | 149,222,649 | |
Honeywell International, Inc. | 1,123,760 | 182,240,159 | |
Raven Industries, Inc. | 57,098 | 1,639,284 | |
Roper Technologies, Inc. | 163,896 | 57,642,223 | |
538,603,229 | |||
Machinery - 1.8% | |||
AGCO Corp. | 98,427 | 5,947,944 | |
Alamo Group, Inc. | 15,689 | 1,737,871 | |
Albany International Corp. Class A | 49,825 | 3,192,288 | |
Allison Transmission Holdings, Inc. | 185,490 | 7,530,894 | |
Altra Industrial Motion Corp. | 99,058 | 2,983,627 | |
Astec Industries, Inc. | 37,917 | 1,423,783 | |
Barnes Group, Inc. | 77,639 | 4,169,214 | |
Blue Bird Corp. (a) | 28,793 | 514,819 | |
Briggs & Stratton Corp. (b) | 68,440 | 216,955 | |
Caterpillar, Inc. | 868,771 | 107,936,109 | |
Chart Industries, Inc. (a) | 55,992 | 3,187,065 | |
CIRCOR International, Inc. (a) | 30,957 | 1,113,833 | |
Colfax Corp. (a)(b) | 128,118 | 4,288,109 | |
Columbus McKinnon Corp. (NY Shares) | 40,338 | 1,254,108 | |
Commercial Vehicle Group, Inc. (a) | 49,365 | 215,231 | |
Crane Co. | 79,354 | 5,392,104 | |
Cummins, Inc. | 239,466 | 36,228,811 | |
Deere & Co. | 495,067 | 77,468,084 | |
Donaldson Co., Inc. | 199,044 | 8,972,904 | |
Douglas Dynamics, Inc. | 36,932 | 1,607,650 | |
Dover Corp. | 226,398 | 23,260,131 | |
Eastern Co. | 3,940 | 100,352 | |
Energy Recovery, Inc. (a)(b) | 52,282 | 514,455 | |
Enerpac Tool Group Corp. Class A | 85,207 | 1,820,874 | |
EnPro Industries, Inc. | 34,527 | 1,862,732 | |
ESCO Technologies, Inc. | 40,453 | 3,677,987 | |
Evoqua Water Technologies Corp. (a) | 112,630 | 2,361,851 | |
ExOne Co. (a)(b) | 15,564 | 94,940 | |
Federal Signal Corp. | 95,482 | 2,768,978 | |
Flowserve Corp. | 206,551 | 8,301,285 | |
Fortive Corp. | 465,918 | 32,222,889 | |
Franklin Electric Co., Inc. | 61,461 | 3,176,919 | |
FreightCar America, Inc. (a) | 13,689 | 21,355 | |
Gardner Denver Holdings, Inc. | 207,663 | 6,809,270 | |
Gates Industrial Corp. PLC (a) | 80,294 | 839,875 | |
Gencor Industries, Inc. (a) | 10,152 | 102,028 | |
Gorman-Rupp Co. | 30,147 | 964,403 | |
Graco, Inc. | 260,306 | 12,838,292 | |
Graham Corp. | 19,661 | 325,979 | |
Greenbrier Companies, Inc. | 55,700 | 1,349,611 | |
Hillenbrand, Inc. | 115,572 | 2,704,385 | |
Hurco Companies, Inc. | 8,700 | 245,166 | |
Hyster-Yale Materials Handling Class A | 15,716 | 756,568 | |
IDEX Corp. | 118,881 | 17,594,388 | |
Illinois Tool Works, Inc. | 461,103 | 77,363,861 | |
Ingersoll-Rand PLC | 375,480 | 48,451,939 | |
ITT, Inc. | 136,087 | 8,185,633 | |
John Bean Technologies Corp. | 49,349 | 4,779,944 | |
Kadant, Inc. | 18,348 | 1,666,365 | |
Kennametal, Inc. | 134,617 | 3,742,353 | |
L.B. Foster Co. Class A (a) | 14,144 | 222,909 | |
Lincoln Electric Holdings, Inc. | 96,480 | 7,900,747 | |
Lindsay Corp. | 17,624 | 1,745,305 | |
LiqTech International, Inc. (a)(b) | 36,587 | 186,960 | |
Lydall, Inc. (a) | 28,433 | 338,637 | |
Manitex International, Inc. (a) | 15,946 | 88,341 | |
Manitowoc Co., Inc. (a) | 54,624 | 681,161 | |
Mayville Engineering Co., Inc. | 16,490 | 120,212 | |
Meritor, Inc. (a) | 120,347 | 2,730,673 | |
Middleby Corp. (a) | 87,835 | 9,820,831 | |
Miller Industries, Inc. | 17,675 | 525,124 | |
Mueller Industries, Inc. | 90,632 | 2,535,883 | |
Mueller Water Products, Inc. Class A | 252,777 | 2,767,908 | |
Navistar International Corp. New (a) | 105,664 | 3,836,660 | |
NN, Inc. | 69,869 | 541,485 | |
Nordson Corp. | 79,833 | 11,599,735 | |
Omega Flex, Inc. | 5,305 | 415,382 | |
Oshkosh Corp. | 105,769 | 7,631,233 | |
PACCAR, Inc. | 544,014 | 36,394,537 | |
Park-Ohio Holdings Corp. | 15,706 | 385,111 | |
Parker Hannifin Corp. | 200,508 | 37,047,863 | |
Pentair PLC | 262,719 | 10,348,501 | |
Proto Labs, Inc. (a) | 41,946 | 3,676,147 | |
RBC Bearings, Inc. (a) | 38,896 | 6,658,606 | |
REV Group, Inc. | 52,778 | 413,252 | |
Rexnord Corp. | 189,872 | 5,536,668 | |
Snap-On, Inc. | 85,450 | 12,368,888 | |
Spartan Motors, Inc. | 46,504 | 685,934 | |
SPX Corp. (a) | 69,731 | 2,923,821 | |
SPX Flow, Inc.(a) | 67,469 | 2,481,510 | |
Standex International Corp. | 19,510 | 1,237,519 | |
Stanley Black & Decker, Inc. | 237,706 | 34,158,352 | |
Sun Hydraulics Corp. | 47,204 | 1,876,359 | |
Tennant Co. | 29,693 | 2,124,237 | |
Terex Corp. | 99,683 | 2,194,023 | |
The L.S. Starrett Co. Class A (a) | 3,411 | 15,554 | |
Timken Co. | 104,251 | 4,674,615 | |
Titan International, Inc. | 85,722 | 190,303 | |
Toro Co. | 166,749 | 11,910,881 | |
TriMas Corp. (a) | 70,659 | 1,791,206 | |
Trinity Industries, Inc. | 157,460 | 3,204,311 | |
Twin Disc, Inc. (a) | 11,715 | 94,423 | |
Wabash National Corp. | 87,724 | 963,210 | |
WABCO Holdings, Inc. (a) | 82,427 | 11,135,888 | |
Watts Water Technologies, Inc. Class A | 43,916 | 4,124,152 | |
Welbilt, Inc. (a) | 206,495 | 2,729,864 | |
Westinghouse Air Brake Co. | 284,902 | 19,572,767 | |
Woodward, Inc. | 88,757 | 9,159,722 | |
Xylem, Inc. | 280,594 | 21,701,140 | |
849,754,761 | |||
Marine - 0.0% | |||
Eagle Bulk Shipping, Inc. (a)(b) | 119,616 | 397,125 | |
Genco Shipping & Trading Ltd. | 28,176 | 216,392 | |
Kirby Corp. (a) | 94,396 | 6,017,745 | |
Matson, Inc. | 71,442 | 2,372,589 | |
9,003,851 | |||
Professional Services - 0.5% | |||
Acacia Research Corp. (a) | 60,512 | 139,178 | |
ASGN, Inc. (a) | 84,290 | 4,274,346 | |
Barrett Business Services, Inc. | 11,784 | 705,862 | |
BG Staffing, Inc. | 12,200 | 188,124 | |
CBIZ, Inc. (a) | 85,697 | 2,231,550 | |
CoStar Group, Inc. (a) | 57,388 | 38,311,655 | |
CRA International, Inc. | 12,251 | 569,794 | |
Equifax, Inc. | 191,148 | 27,150,662 | |
Exponent, Inc. | 83,295 | 6,134,677 | |
Forrester Research, Inc. (a) | 15,406 | 555,540 | |
Franklin Covey Co. (a) | 17,657 | 555,313 | |
FTI Consulting, Inc. (a) | 59,082 | 6,652,042 | |
GP Strategies Corp. (a) | 26,500 | 294,680 | |
Heidrick & Struggles International, Inc. | 31,157 | 694,801 | |
Hill International, Inc. (a) | 66,466 | 209,368 | |
Hudson Global, Inc. (a) | 984 | 10,027 | |
Huron Consulting Group, Inc. (a) | 37,056 | 2,198,903 | |
ICF International, Inc. | 28,824 | 2,190,048 | |
IHS Markit Ltd. | 630,454 | 44,913,543 | |
InnerWorkings, Inc. (a) | 65,879 | 206,860 | |
Insperity, Inc. | 58,284 | 3,920,765 | |
Kelly Services, Inc. Class A (non-vtg.) | 57,290 | 951,587 | |
Kforce, Inc. | 32,816 | 999,575 | |
Korn Ferry | 90,124 | 3,152,538 | |
Manpower, Inc. | 91,948 | 6,982,531 | |
Mastech Digital, Inc. (a) | 526 | 6,701 | |
MISTRAS Group, Inc. (a) | 27,338 | 214,603 | |
Nielsen Holdings PLC | 556,348 | 10,131,097 | |
RCM Technologies, Inc. (a) | 6,987 | 17,328 | |
Red Violet, Inc. (a)(b) | 6,964 | 167,484 | |
Rekor Systems, Inc. (a) | 11,158 | 43,293 | |
Resources Connection, Inc. | 44,803 | 561,382 | |
Robert Half International, Inc. | 183,914 | 9,271,105 | |
TransUnion Holding Co., Inc. | 296,509 | 26,365,580 | |
TriNet Group, Inc. (a) | 70,043 | 3,702,473 | |
TrueBlue, Inc. (a) | 68,058 | 1,012,703 | |
Upwork, Inc. (a) | 96,257 | 834,067 | |
Verisk Analytics, Inc. | 257,016 | 39,865,752 | |
Volt Information Sciences, Inc. (a) | 4,406 | 8,151 | |
Willdan Group, Inc. (a) | 15,404 | 473,673 | |
246,869,361 | |||
Road & Rail - 1.0% | |||
AMERCO | 12,971 | 4,183,277 | |
ArcBest Corp. | 42,175 | 835,487 | |
Avis Budget Group, Inc. (a) | 88,707 | 2,871,889 | |
Covenant Transport Group, Inc. Class A (a) | 18,626 | 225,375 | |
CSX Corp. | 1,223,459 | 86,192,687 | |
Daseke, Inc. (a) | 95,990 | 316,767 | |
Heartland Express, Inc. | 75,406 | 1,350,521 | |
Hertz Global Holdings, Inc. (a) | 161,524 | 2,065,892 | |
J.B. Hunt Transport Services, Inc. | 133,315 | 12,856,899 | |
Kansas City Southern | 154,710 | 23,311,703 | |
Knight-Swift Transportation Holdings, Inc. Class A | 194,220 | 6,203,387 | |
Landstar System, Inc. | 61,551 | 6,214,804 | |
Lyft, Inc. | 317,251 | 12,093,608 | |
Marten Transport Ltd. | 63,636 | 1,243,447 | |
Norfolk Southern Corp. | 410,365 | 74,830,058 | |
Old Dominion Freight Lines, Inc. | 99,397 | 19,263,139 | |
P.A.M. Transportation Services, Inc. (a) | 2,677 | 106,036 | |
Patriot Transportation Holding, Inc. | 903 | 10,971 | |
Roadrunner Transportation Systems, Inc. (a)(b) | 5,066 | 37,438 | |
Ryder System, Inc. | 84,885 | 3,229,025 | |
Saia, Inc. (a) | 40,194 | 3,509,338 | |
Schneider National, Inc. Class B | 60,904 | 1,090,791 | |
U.S. Xpress Enterprises, Inc. (a)(b) | 28,506 | 122,861 | |
U.S.A. Truck, Inc. (a) | 12,296 | 61,664 | |
Uber Technologies, Inc. | 321,368 | 10,884,734 | |
Union Pacific Corp. | 1,090,425 | 174,260,819 | |
Universal Logistics Holdings, Inc. | 13,541 | 208,667 | |
Werner Enterprises, Inc. | 74,056 | 2,488,282 | |
YRC Worldwide, Inc. (a)(b) | 51,336 | 108,832 | |
450,178,398 | |||
Trading Companies & Distributors - 0.3% | |||
AeroCentury Corp. (a) | 486 | 1,943 | |
Air Lease Corp. Class A | 165,168 | 6,335,844 | |
Aircastle Ltd. | 83,162 | 2,648,710 | |
Applied Industrial Technologies, Inc. | 61,017 | 3,599,393 | |
Beacon Roofing Supply, Inc. (a) | 111,347 | 3,307,006 | |
BlueLinx Corp. (a)(b) | 14,536 | 170,798 | |
BMC Stock Holdings, Inc. (a) | 106,855 | 2,621,153 | |
CAI International, Inc. (a) | 27,790 | 687,525 | |
DXP Enterprises, Inc. (a) | 24,899 | 706,883 | |
EVI Industries, Inc. (a)(b) | 6,377 | 140,740 | |
Fastenal Co. | 895,719 | 30,651,504 | |
Foundation Building Materials, Inc. (a) | 27,008 | 421,325 | |
GATX Corp. | 54,688 | 3,911,833 | |
General Finance Corp. (a) | 25,366 | 197,601 | |
GMS, Inc. (a) | 64,086 | 1,464,365 | |
H&E Equipment Services, Inc. | 50,476 | 1,199,310 | |
HD Supply Holdings, Inc. (a) | 256,640 | 9,757,453 | |
Herc Holdings, Inc. (a) | 37,551 | 1,377,371 | |
Houston Wire & Cable Co. (a) | 12,686 | 40,722 | |
Huttig Building Products, Inc. (a)(b) | 16,101 | 21,575 | |
India Globalization Capital, Inc. (a)(b) | 57,861 | 25,459 | |
Kaman Corp. | 44,288 | 2,456,212 | |
Lawson Products, Inc. (a) | 14,687 | 587,480 | |
MRC Global, Inc. (a) | 130,375 | 1,134,263 | |
MSC Industrial Direct Co., Inc. Class A | 71,044 | 4,391,940 | |
Nesco Holdings, Inc. Class A (a) | 28,994 | 88,432 | |
Now, Inc. (a) | 168,839 | 1,490,848 | |
Rush Enterprises, Inc. Class A | 50,357 | 2,110,965 | |
SiteOne Landscape Supply, Inc. (a) | 65,386 | 6,489,561 | |
Systemax, Inc. | 24,087 | 502,455 | |
Titan Machinery, Inc. (a) | 27,527 | 278,298 | |
Transcat, Inc. (a) | 16,406 | 473,969 | |
Triton International Ltd. | 87,550 | 3,009,094 | |
United Rentals, Inc. (a) | 117,030 | 15,504,134 | |
Univar, Inc. (a) | 222,004 | 3,771,848 | |
Veritiv Corp. (a) | 19,348 | 232,950 | |
W.W. Grainger, Inc. | 67,960 | 18,861,618 | |
Watsco, Inc. | 51,262 | 8,047,109 | |
WESCO International, Inc. (a) | 62,647 | 2,541,589 | |
Willis Lease Finance Corp. (a) | 5,069 | 287,412 | |
141,548,690 | |||
Transportation Infrastructure - 0.0% | |||
Macquarie Infrastructure Co. LLC | 122,188 | 4,795,879 | |
TOTAL INDUSTRIALS | 4,411,196,486 | ||
INFORMATION TECHNOLOGY - 23.4% | |||
Communications Equipment - 0.9% | |||
Acacia Communications, Inc. (a) | 58,908 | 4,035,787 | |
ADTRAN, Inc. | 80,299 | 646,005 | |
Applied Optoelectronics, Inc. (a)(b) | 38,047 | 339,760 | |
Arista Networks, Inc. (a) | 84,597 | 16,337,373 | |
Aviat Networks, Inc. (a) | 3,914 | 47,594 | |
BK Technologies Corp. | 6,655 | 15,207 | |
Blonder Tongue Laboratories, Inc. (a) | 2,363 | 1,772 | |
CalAmp Corp. (a) | 54,909 | 528,225 | |
Calix Networks, Inc. (a) | 78,011 | 702,099 | |
Casa Systems, Inc. (a) | 47,620 | 156,194 | |
Ciena Corp. (a) | 242,474 | 9,323,125 | |
Cisco Systems, Inc. | 6,665,570 | 266,156,210 | |
Clearfield, Inc. (a) | 14,083 | 150,970 | |
ClearOne, Inc. (a) | 23,778 | 47,080 | |
CommScope Holding Co., Inc. (a) | 311,919 | 3,434,228 | |
Communications Systems, Inc. | 3,040 | 17,328 | |
Comtech Telecommunications Corp. | 41,022 | 1,149,436 | |
Dasan Zhone Solutions, Inc. (a) | 14,392 | 109,811 | |
Digi International, Inc. (a) | 42,545 | 563,296 | |
EchoStar Holding Corp. Class A (a) | 71,526 | 2,497,688 | |
EMCORE Corp. (a) | 35,578 | 105,667 | |
Extreme Networks, Inc. (a) | 197,545 | 993,651 | |
F5 Networks, Inc. (a) | 94,667 | 11,355,307 | |
Harmonic, Inc. (a) | 134,185 | 823,896 | |
Infinera Corp. (a) | 252,547 | 1,717,320 | |
Inseego Corp. (a)(b) | 95,122 | 660,147 | |
InterDigital, Inc. | 49,100 | 2,596,899 | |
Juniper Networks, Inc. | 526,350 | 11,169,147 | |
KVH Industries, Inc. (a) | 16,672 | 173,722 | |
Lantronix, Inc. (a) | 10,284 | 33,217 | |
LRAD Corp. (a) | 39,901 | 119,703 | |
Lumentum Holdings, Inc. (a) | 120,539 | 9,380,345 | |
Motorola Solutions, Inc. | 270,230 | 44,771,706 | |
NETGEAR, Inc. (a) | 50,073 | 944,878 | |
NetScout Systems, Inc. (a) | 99,944 | 2,568,561 | |
Network-1 Security Solutions, Inc. | 15,146 | 34,684 | |
Optical Cable Corp. (a) | 398 | 1,204 | |
PC-Tel, Inc. | 20,520 | 144,050 | |
Plantronics, Inc. (b) | 49,920 | 685,402 | |
Resonant, Inc. (a)(b) | 37,406 | 64,338 | |
Sonus Networks, Inc. (a) | 76,619 | 247,479 | |
Tessco Technologies, Inc. | 10,550 | 63,195 | |
Ubiquiti, Inc. (b) | 19,296 | 2,617,695 | |
ViaSat, Inc. (a) | 93,509 | 5,376,768 | |
Viavi Solutions, Inc. (a) | 363,748 | 4,797,836 | |
Westell Technologies, Inc. Class A (a) | 13,395 | 12,204 | |
407,718,209 | |||
Electronic Equipment & Components - 0.8% | |||
Airgain, Inc. (a) | 15,261 | 120,409 | |
Akoustis Technologies, Inc. (a)(b) | 39,811 | 288,232 | |
Amphenol Corp. Class A | 465,923 | 42,715,821 | |
Anixter International, Inc. (a) | 46,934 | 4,576,534 | |
Applied DNA Sciences, Inc. (a) | 335 | 1,337 | |
Arlo Technologies, Inc. (a) | 118,302 | 388,031 | |
Arrow Electronics, Inc. (a) | 127,403 | 8,543,645 | |
Avnet, Inc. | 155,857 | 4,781,693 | |
AVX Corp. | 76,115 | 1,654,740 | |
Badger Meter, Inc. | 46,042 | 2,772,189 | |
Bel Fuse, Inc. Class B (non-vtg.) | 24,186 | 276,688 | |
Belden, Inc. | 60,474 | 2,414,727 | |
Benchmark Electronics, Inc. | 58,507 | 1,590,220 | |
CDW Corp. | 226,091 | 25,824,114 | |
ClearSign Combustion Corp. (a)(b) | 26,685 | 18,167 | |
Coda Octopus Group, Inc. (a)(b) | 5,872 | 37,581 | |
Cognex Corp. | 269,419 | 11,999,922 | |
Coherent, Inc. (a) | 38,373 | 4,938,989 | |
Corning, Inc. | 1,203,671 | 28,719,590 | |
CTS Corp. | 54,448 | 1,419,459 | |
CUI Global, Inc. (a) | 18,764 | 19,890 | |
Daktronics, Inc. | 56,072 | 275,874 | |
Digital Ally, Inc. (a)(b) | 10,481 | 11,424 | |
Dolby Laboratories, Inc. Class A | 101,331 | 6,657,447 | |
eMagin Corp. (a) | 3,586 | 1,470 | |
ePlus, Inc. (a) | 22,223 | 1,683,614 | |
Fabrinet (a) | 57,652 | 3,177,778 | |
FARO Technologies, Inc. (a) | 26,637 | 1,524,702 | |
Fitbit, Inc. (a) | 372,702 | 2,381,566 | |
FLIR Systems, Inc. | 210,949 | 8,959,004 | |
Frequency Electronics, Inc. (a) | 1,798 | 16,721 | |
Identiv, Inc. (a) | 9,604 | 43,986 | |
IEC Electronics Corp. (a) | 7,659 | 57,749 | |
II-VI, Inc. (a)(b) | 136,071 | 4,039,948 | |
Insight Enterprises, Inc. (a) | 55,925 | 3,080,908 | |
Intellicheck, Inc. (a) | 13,967 | 113,552 | |
IPG Photonics Corp. (a) | 55,912 | 7,136,608 | |
Iteris, Inc. (a) | 71,414 | 344,930 | |
Itron, Inc. (a) | 56,998 | 4,322,728 | |
Jabil, Inc. | 219,183 | 7,024,815 | |
KEMET Corp. | 90,858 | 2,369,577 | |
KEY Tronic Corp. (a) | 4,572 | 21,351 | |
Keysight Technologies, Inc. (a) | 295,709 | 28,021,385 | |
Kimball Electronics, Inc. (a) | 37,511 | 508,274 | |
Knowles Corp. (a) | 138,294 | 2,298,446 | |
LightPath Technologies, Inc. Class A (a) | 265 | 327 | |
Littelfuse, Inc. | 38,121 | 6,087,161 | |
Luna Innovations, Inc. (a) | 30,274 | 202,836 | |
Methode Electronics, Inc. Class A | 57,891 | 1,774,938 | |
MicroVision, Inc.(a)(b) | 83,116�� | 21,128 | |
MTS Systems Corp. | 31,016 | 1,244,982 | |
Napco Security Technolgies, Inc. (a) | 19,363 | 393,843 | |
National Instruments Corp. | 185,915 | 7,488,656 | |
Neonode, Inc. (a)(b) | 2,340 | 5,054 | |
nLIGHT, Inc. (a) | 52,270 | 862,978 | |
Novanta, Inc. (a) | 56,738 | 5,061,597 | |
OSI Systems, Inc. (a) | 27,903 | 2,267,677 | |
Par Technology Corp. (a)(b) | 17,371 | 460,158 | |
PC Connection, Inc. | 18,605 | 756,665 | |
Perceptron, Inc. (a) | 9,277 | 46,107 | |
Plexus Corp. (a) | 44,698 | 2,965,712 | |
Powerfleet, Inc. (a) | 23,698 | 167,071 | |
Research Frontiers, Inc. (a)(b) | 30,905 | 95,806 | |
RF Industries Ltd. | 7,617 | 45,854 | |
Richardson Electronics Ltd. | 16,718 | 74,729 | |
Rogers Corp. (a) | 28,983 | 3,362,028 | |
Sanmina Corp. (a) | 115,609 | 3,039,361 | |
ScanSource, Inc. (a) | 40,509 | 1,151,671 | |
SYNNEX Corp. | 64,080 | 8,011,922 | |
TE Connectivity Ltd. | 527,151 | 43,685,003 | |
Tech Data Corp. (a) | 55,815 | 7,947,498 | |
Trimble, Inc. (a) | 390,596 | 15,420,730 | |
TTM Technologies, Inc. (a)(b) | 149,348 | 1,940,031 | |
Vishay Intertechnology, Inc. | 207,687 | 3,883,747 | |
Vishay Precision Group, Inc. (a) | 19,721 | 541,736 | |
Wayside Technology Group, Inc. | 869 | 13,861 | |
Wireless Telecom Group, Inc. (a) | 7,898 | 9,715 | |
Wrap Technologies, Inc. (a)(b) | 15,197 | 89,358 | |
Zebra Technologies Corp. Class A (a) | 84,314 | 17,787,725 | |
364,083,500 | |||
IT Services - 5.3% | |||
3PEA International, Inc. (a)(b) | 43,478 | 349,128 | |
Accenture PLC Class A | 997,910 | 180,212,567 | |
Akamai Technologies, Inc. (a) | 252,657 | 21,857,357 | |
Alliance Data Systems Corp. | 64,783 | 5,563,564 | |
Automatic Data Processing, Inc. | 680,976 | 105,374,226 | |
Black Knight, Inc. (a) | 233,186 | 15,555,838 | |
Booz Allen Hamilton Holding Corp. Class A | 220,493 | 15,721,151 | |
Brightcove, Inc. (a) | 48,431 | 376,793 | |
Broadridge Financial Solutions, Inc. | 179,818 | 18,765,806 | |
CACI International, Inc. Class A (a) | 39,621 | 9,707,937 | |
Cardtronics PLC (a)(b) | 59,781 | 2,168,257 | |
Cass Information Systems, Inc. | 20,398 | 957,686 | |
Cognizant Technology Solutions Corp. Class A | 861,010 | 52,461,339 | |
Computer Task Group, Inc. (a) | 8,213 | 48,046 | |
Conduent, Inc. (a) | 263,767 | 862,518 | |
CoreLogic, Inc. | 125,149 | 5,678,010 | |
CSG Systems International, Inc. | 51,146 | 2,263,211 | |
CSP, Inc. | 2,607 | 33,891 | |
DXC Technology Co. | 401,958 | 9,691,207 | |
Endurance International Group Holdings, Inc. (a) | 122,383 | 456,489 | |
EPAM Systems, Inc. (a) | 85,640 | 19,114,848 | |
Euronet Worldwide, Inc. (a) | 84,456 | 10,475,922 | |
EVERTEC, Inc. | 93,789 | 2,783,658 | |
EVO Payments, Inc. Class A (a) | 65,593 | 1,658,191 | |
Exela Technologies, Inc. (a) | 57,534 | 14,786 | |
ExlService Holdings, Inc. (a) | 53,768 | 4,013,781 | |
Fastly, Inc. Class A | 21,459 | 424,888 | |
Fidelity National Information Services, Inc. | 966,431 | 135,029,739 | |
Fiserv, Inc. (a) | 898,189 | 98,225,949 | |
FleetCor Technologies, Inc. (a) | 136,351 | 36,240,732 | |
Gartner, Inc. (a) | 141,217 | 18,272,068 | |
Genpact Ltd. | 242,586 | 9,329,858 | |
Global Payments, Inc. | 471,060 | 86,660,908 | |
GoDaddy, Inc. (a) | 277,379 | 19,410,982 | |
GreenSky, Inc. Class A (a)(b) | 73,868 | 589,467 | |
GTT Communications, Inc. (a)(b) | 51,146 | 774,350 | |
Hackett Group, Inc. | 43,100 | 663,740 | |
i3 Verticals, Inc. Class A (a) | 23,601 | 683,957 | |
IBM Corp. | 1,391,756 | 181,137,043 | |
Information Services Group, Inc. (a) | 12,694 | 40,240 | |
Innodata, Inc. (a) | 9,880 | 11,362 | |
Internap Network Services Corp. (a)(b) | 27,350 | 18,051 | |
International Money Express, Inc. (a) | 39,089 | 368,218 | |
Jack Henry & Associates, Inc. | 120,699 | 18,314,866 | |
KBR, Inc. | 224,972 | 5,840,273 | |
Leidos Holdings, Inc. | 207,827 | 21,333,442 | |
Limelight Networks, Inc. (a) | 179,239 | 904,261 | |
Liveramp Holdings, Inc. (a) | 105,969 | 3,755,541 | |
ManTech International Corp. Class A | 44,794 | 3,355,071 | |
Marathon Patent Group, Inc. (a)(b) | 390 | 335 | |
MasterCard, Inc. Class A | 1,394,535 | 404,763,784 | |
Maximus, Inc. | 99,484 | 6,269,482 | |
ModusLink Global Solutions, Inc. (a) | 21,882 | 30,416 | |
MoneyGram International, Inc. (a) | 47,205 | 101,963 | |
MongoDB, Inc. Class A (a) | 54,576 | 8,322,840 | |
NIC, Inc. | 109,516 | 2,003,048 | |
Okta, Inc. (a) | 176,503 | 22,602,974 | |
Paychex, Inc. | 503,356 | 39,000,023 | |
PayPal Holdings, Inc. (a) | 1,844,038 | 199,137,664 | |
Perficient, Inc. (a) | 54,362 | 2,227,211 | |
Perspecta, Inc. | 213,633 | 5,334,416 | |
PFSweb, Inc. (a) | 18,388 | 69,139 | |
PRG-Schultz International, Inc. (a) | 25,789 | 93,098 | |
Repay Holdings Corp. (a) | 46,189 | 809,693 | |
Sabre Corp. | 434,853 | 5,920,524 | |
Science Applications International Corp. | 78,244 | 6,269,692 | |
ServiceSource International, Inc. (a) | 82,053 | 115,695 | |
Square, Inc. (a) | 538,247 | 44,852,123 | |
StarTek, Inc. (a) | 19,120 | 119,118 | |
Switch, Inc. Class A | 85,026 | 1,219,273 | |
Sykes Enterprises, Inc. (a) | 60,496 | 1,916,513 | |
The Western Union Co. | 653,473 | 14,631,260 | |
Ttec Holdings, Inc. | 32,542 | 1,218,047 | |
Twilio, Inc. Class A (a)(b) | 196,349 | 22,116,751 | |
Unisys Corp. (a) | 85,524 | 1,328,188 | |
VeriSign, Inc. (a) | 161,645 | 30,672,139 | |
Verra Mobility Corp. (a) | 202,526 | 3,067,256 | |
Virtusa Corp. (a) | 46,572 | 2,054,291 | |
Visa, Inc. Class A | 2,689,729 | 488,885,143 | |
WEX, Inc. (a) | 67,600 | 12,657,424 | |
WidePoint Corp. (a) | 50,531 | 23,366 | |
2,455,384,102 | |||
Semiconductors & Semiconductor Equipment - 4.1% | |||
ACM Research, Inc. (a)(b) | 16,731 | 584,748 | |
Adesto Technologies Corp. (a) | 42,581 | 522,043 | |
Advanced Energy Industries, Inc. (a) | 61,433 | 3,653,728 | |
Advanced Micro Devices, Inc. (a) | 1,835,518 | 83,479,359 | |
AEHR Test Systems (a) | 13,351 | 28,037 | |
Alpha & Omega Semiconductor Ltd. (a) | 28,125 | 304,875 | |
Ambarella, Inc. (a) | 48,113 | 2,860,318 | |
Amkor Technology, Inc. (a) | 167,561 | 1,748,499 | |
Amtech Systems, Inc. (a) | 9,675 | 48,182 | |
Analog Devices, Inc. | 578,993 | 63,139,187 | |
Applied Materials, Inc. | 1,451,159 | 84,341,361 | |
Atomera, Inc. (a) | 3,601 | 15,808 | |
Axcelis Technologies, Inc. (a) | 57,540 | 1,380,385 | |
AXT, Inc. (a) | 69,742 | 242,702 | |
Broadcom, Inc. | 623,307 | 169,925,954 | |
Brooks Automation, Inc. | 114,947 | 3,966,821 | |
Cabot Microelectronics Corp. | 45,841 | 6,384,734 | |
Ceva, Inc. (a) | 34,774 | 987,929 | |
Cirrus Logic, Inc. (a) | 90,895 | 6,239,033 | |
Cohu, Inc. | 65,701 | 1,344,899 | |
Cree, Inc. (a) | 168,999 | 7,559,325 | |
CVD Equipment Corp. (a) | 17,135 | 65,284 | |
CyberOptics Corp. (a) | 11,708 | 248,678 | |
Cypress Semiconductor Corp. | 578,730 | 13,362,876 | |
Diodes, Inc. (a) | 67,138 | 2,954,743 | |
DSP Group, Inc. (a) | 34,781 | 473,369 | |
Enphase Energy, Inc. (a) | 125,539 | 6,147,645 | |
Entegris, Inc. | 211,501 | 11,277,233 | |
Everspin Technologies, Inc. (a) | 11,677 | 43,205 | |
First Solar, Inc. (a) | 121,423 | 5,557,531 | |
FormFactor, Inc. (a) | 125,577 | 2,809,157 | |
GSI Technology, Inc. (a) | 19,727 | 131,382 | |
Ichor Holdings Ltd. (a) | 36,115 | 1,044,446 | |
Impinj, Inc. (a)(b) | 23,986 | 737,570 | |
Inphi Corp. (a) | 72,601 | 5,420,391 | |
Intel Corp. | 6,834,487 | 379,450,718 | |
Intest Corp. (a) | 2,750 | 13,860 | |
KLA-Tencor Corp. | 247,785 | 38,087,032 | |
Kopin Corp. (a) | 79,855 | 25,234 | |
Kulicke & Soffa Industries, Inc. | 99,640 | 2,274,781 | |
Lam Research Corp. | 227,481 | 66,749,750 | |
Lattice Semiconductor Corp. (a) | 209,936 | 3,768,351 | |
MACOM Technology Solutions Holdings, Inc. (a) | 73,968 | 1,869,171 | |
Marvell Technology Group Ltd. | 1,039,285 | 22,136,771 | |
Maxim Integrated Products, Inc. | 425,272 | 23,653,629 | |
MaxLinear, Inc. Class A (a) | 112,018 | 1,731,798 | |
Microchip Technology, Inc. | 375,452 | 34,057,251 | |
Micron Technology, Inc. (a) | 1,737,357 | 91,315,484 | |
MKS Instruments, Inc. | 85,442 | 8,560,434 | |
Monolithic Power Systems, Inc. | 63,417 | 10,060,473 | |
MoSys, Inc. (a) | 212 | 460 | |
NeoPhotonics Corp. (a) | 72,856 | 481,578 | |
NVE Corp. | 8,199 | 518,751 | |
NVIDIA Corp. | 961,616 | 259,703,633 | |
ON Semiconductor Corp. (a) | 647,286 | 12,078,357 | |
Onto Innovation, Inc. (a) | 77,819 | 2,378,927 | |
PDF Solutions, Inc. (a) | 44,435 | 650,528 | |
Photronics, Inc. (a) | 110,489 | 1,375,588 | |
Pixelworks, Inc. (a) | 47,729 | 203,326 | |
Power Integrations, Inc. | 47,655 | 4,148,368 | |
Qorvo, Inc. (a) | 182,046 | 18,310,187 | |
Qualcomm, Inc. | 1,794,702 | 140,525,167 | |
QuickLogic Corp. (a)(b) | 13,181 | 63,137 | |
Rambus, Inc. (a) | 174,307 | 2,436,812 | |
Rubicon Technology, Inc. (a) | 1,766 | 15,453 | |
Semtech Corp. (a) | 105,059 | 4,148,780 | |
Silicon Laboratories, Inc. (a) | 68,010 | 6,031,127 | |
Skyworks Solutions, Inc. | 267,050 | 26,753,069 | |
SMART Global Holdings, Inc. (a) | 19,784 | 531,003 | |
SolarEdge Technologies, Inc. (a) | 76,626 | 9,556,795 | |
SunPower Corp. (a)(b) | 153,185 | 1,312,795 | |
Synaptics, Inc. (a) | 51,464 | 3,399,197 | |
Teradyne, Inc. | 262,941 | 15,450,413 | |
Texas Instruments, Inc. | 1,467,806 | 167,535,377 | |
Ultra Clean Holdings, Inc. (a) | 65,662 | 1,372,992 | |
Universal Display Corp. | 66,773 | 10,602,885 | |
Veeco Instruments, Inc. (a) | 76,114 | 1,019,166 | |
Xilinx, Inc. | 395,529 | 33,022,716 | |
Xperi Corp. | 86,166 | 1,481,194 | |
1,897,893,955 | |||
Software - 8.0% | |||
2U, Inc. (a) | 98,617 | 2,318,486 | |
8x8, Inc. (a) | 160,164 | 2,963,034 | |
A10 Networks, Inc. (a) | 96,596 | 648,159 | |
ACI Worldwide, Inc. (a) | 180,193 | 5,021,979 | |
Adobe, Inc. (a) | 760,835 | 262,579,375 | |
Agilysys, Inc. (a) | 36,423 | 1,170,271 | |
Alarm.com Holdings, Inc. (a) | 58,261 | 2,811,093 | |
Altair Engineering, Inc. Class A (a)(b) | 61,808 | 2,150,918 | |
Alteryx, Inc. Class A (a)(b) | 76,146 | 10,631,505 | |
American Software, Inc. Class A | 44,343 | 729,442 | |
Anaplan, Inc. (a) | 135,695 | 6,098,133 | |
ANSYS, Inc. (a) | 133,812 | 32,407,928 | |
AppFolio, Inc. (a) | 22,698 | 2,791,173 | |
Appian Corp. Class A (a)(b) | 52,614 | 2,322,908 | |
Aspen Technology, Inc. (a) | 107,636 | 11,464,310 | |
Asure Software, Inc. (a) | 15,353 | 129,426 | |
AudioEye, Inc. (a)(b) | 4,303 | 17,212 | |
Autodesk, Inc. (a) | 345,616 | 65,971,182 | |
Avalara, Inc. (a) | 103,848 | 8,801,118 | |
Avaya Holdings Corp. (a) | 179,953 | 2,332,191 | |
Benefitfocus, Inc. (a) | 47,187 | 588,894 | |
Blackbaud, Inc. | 78,912 | 5,350,234 | |
BlackLine, Inc. (a) | 66,638 | 4,169,540 | |
Bottomline Technologies, Inc. (a) | 59,951 | 2,654,630 | |
Box, Inc. Class A (a) | 234,910 | 3,934,743 | |
BroadVision, Inc. (a) | 345 | 831 | |
BSQUARE Corp. (a) | 7,885 | 9,856 | |
Cadence Design Systems, Inc. (a) | 438,836 | 29,024,613 | |
CDK Global, Inc. | 189,431 | 8,717,615 | |
Cerence, Inc. (a) | 55,156 | 1,197,437 | |
Ceridian HCM Holding, Inc. (a) | 159,693 | 11,295,086 | |
ChannelAdvisor Corp. (a) | 43,568 | 414,767 | |
Citrix Systems, Inc. | 192,028 | 19,853,775 | |
Cloudera, Inc. (a) | 392,202 | 3,490,598 | |
Cloudflare, Inc. (a)(b) | 62,473 | 1,330,675 | |
CommVault Systems, Inc. (a) | 69,661 | 2,904,864 | |
Cornerstone OnDemand, Inc. (a) | 82,739 | 3,394,781 | |
Coupa Software, Inc. (a) | 98,264 | 14,715,034 | |
Crowdstrike Holdings, Inc. | 32,407 | 1,932,753 | |
Datadog, Inc. Class A (a)(b) | 47,155 | 2,129,048 | |
Digimarc Corp. (a)(b) | 18,025 | 360,500 | |
Digital Turbine, Inc. (a) | 100,378 | 615,317 | |
DocuSign, Inc. (a) | 195,472 | 16,871,188 | |
Domo, Inc. Class B (a) | 32,769 | 691,098 | |
Dropbox, Inc. Class A (a) | 342,534 | 6,699,965 | |
Dynatrace, Inc. (b) | 105,720 | 3,414,756 | |
Ebix, Inc. | 34,584 | 914,401 | |
eGain Communications Corp. (a) | 25,936 | 209,563 | |
Elastic NV (a) | 51,917 | 3,834,590 | |
Envestnet, Inc. (a) | 81,723 | 6,168,452 | |
Everbridge, Inc. (a)(b) | 51,963 | 5,490,411 | |
Evolving Systems, Inc. (a) | 3,507 | 2,984 | |
Fair Isaac Corp. (a) | 45,203 | 16,997,684 | |
Finjan Holdings, Inc. (a) | 14,578 | 24,491 | |
FireEye, Inc. (a) | 332,388 | 4,399,155 | |
Five9, Inc. (a) | 97,980 | 7,155,479 | |
Forescout Technologies, Inc. (a) | 55,569 | 1,808,215 | |
Fortinet, Inc. (a) | 223,152 | 22,774,893 | |
Globalscape, Inc. | 15,636 | 137,128 | |
GSE Systems, Inc. (a) | 274 | 343 | |
GTY Govtech, Inc. (a)(b) | 75,168 | 404,404 | |
Guidewire Software, Inc. (a) | 129,141 | 14,155,145 | |
HubSpot, Inc. (a) | 63,737 | 11,437,605 | |
Instructure, Inc. (a) | 54,061 | 2,636,014 | |
Intelligent Systems Corp. (a)(b) | 8,512 | 312,135 | |
Intuit, Inc. | 409,380 | 108,833,673 | |
Inuvo, Inc. (a) | 6,798 | 1,749 | |
j2 Global, Inc. (b) | 71,557 | 6,249,073 | |
LivePerson, Inc. (a)(b) | 99,284 | 2,627,055 | |
LogMeIn, Inc. | 76,530 | 6,523,035 | |
Manhattan Associates, Inc. (a) | 100,116 | 6,743,814 | |
Marin Software, Inc. (a) | 1,005 | 1,347 | |
Medallia, Inc. (b) | 25,705 | 637,741 | |
Microsoft Corp. | 11,988,000 | 1,942,175,813 | |
MicroStrategy, Inc. Class A (a) | 12,824 | 1,733,292 | |
Mitek Systems, Inc. (a) | 56,938 | 495,930 | |
MobileIron, Inc. (a) | 153,245 | 620,642 | |
Model N, Inc. (a) | 45,582 | 1,321,878 | |
NetSol Technologies, Inc. (a) | 11,760 | 38,926 | |
New Relic, Inc. (a) | 79,896 | 4,494,949 | |
Nortonlifelock, Inc. | 897,088 | 17,071,585 | |
Nuance Communications, Inc. (a) | 441,248 | 9,539,782 | |
Nutanix, Inc. Class A (a) | 231,706 | 5,523,871 | |
NXT-ID, Inc. (a) | 23,472 | 8,682 | |
Onespan, Inc. (a) | 49,452 | 816,453 | |
Oracle Corp. | 3,404,729 | 168,397,896 | |
Pagerduty, Inc. (b) | 16,075 | 331,145 | |
Palo Alto Networks, Inc. (a) | 153,343 | 28,310,185 | |
Parametric Technology Corp. (a) | 163,298 | 12,337,164 | |
Park City Group, Inc. (a)(b) | 13,889 | 71,389 | |
Paycom Software, Inc. (a) | 77,071 | 21,784,118 | |
Paylocity Holding Corp. (a) | 55,334 | 7,166,860 | |
Pegasystems, Inc. | 61,267 | 5,544,664 | |
Ping Identity Holding Corp. (a)(b) | 21,804 | 504,545 | |
Pluralsight, Inc. (a) | 126,846 | 2,261,664 | |
Progress Software Corp. | 71,152 | 2,653,258 | |
Proofpoint, Inc. (a) | 89,468 | 9,541,762 | |
PROS Holdings, Inc. (a) | 60,962 | 2,791,450 | |
Q2 Holdings, Inc. (a) | 69,522 | 5,239,873 | |
QAD, Inc.: | |||
Class A | 16,286 | 798,828 | |
Class B | 3,031 | 103,084 | |
Qualys, Inc. (a) | 52,581 | 4,215,945 | |
Qumu Corp. (a) | 4,243 | 7,171 | |
Rapid7, Inc. (a) | 69,732 | 3,228,592 | |
RealNetworks, Inc. (a) | 20,218 | 20,825 | |
RealPage, Inc. (a) | 126,399 | 8,102,176 | |
Rimini Street, Inc. (a) | 7,044 | 32,543 | |
RingCentral, Inc. (a) | 117,246 | 27,640,745 | |
Riot Blockchain, Inc. (a)(b) | 17,330 | 19,756 | |
SailPoint Technologies Holding, Inc. (a) | 131,427 | 3,327,732 | |
Salesforce.com, Inc. (a) | 1,394,393 | 237,604,567 | |
SeaChange International, Inc. (a) | 41,040 | 150,206 | |
SecureWorks Corp. (a)(b) | 18,591 | 258,229 | |
ServiceNow, Inc. (a) | 296,650 | 96,734,599 | |
SharpSpring, Inc. (a)(b) | 10,006 | 114,068 | |
ShotSpotter, Inc. (a)(b) | 11,876 | 422,786 | |
SITO Mobile Ltd. (a)(b) | 12,679 | 2,394 | |
Slack Technologies, Inc. Class A (a)(b) | 70,410 | 1,902,478 | |
Smartsheet, Inc. (a) | 143,246 | 6,632,290 | |
Smith Micro Software, Inc. (a) | 36,133 | 193,673 | |
SolarWinds, Inc. (a) | 103,482 | 1,885,442 | |
Splunk, Inc. (a) | 242,410 | 35,714,265 | |
SPS Commerce, Inc. (a) | 55,068 | 2,896,577 | |
SS&C Technologies Holdings, Inc. | 343,670 | 19,073,685 | |
Support.com, Inc. | 27,657 | 30,976 | |
SurveyMonkey (a) | 146,397 | 2,668,817 | |
Synacor, Inc. (a)(b) | 14,131 | 15,685 | |
Synchronoss Technologies, Inc. (a)(b) | 70,864 | 348,651 | |
Synopsys, Inc. (a) | 235,139 | 32,432,722 | |
Telaria, Inc. (a) | 65,173 | 796,414 | |
TeleNav, Inc. (a) | 57,591 | 343,530 | |
Tenable Holdings, Inc. (a) | 65,047 | 1,594,952 | |
Teradata Corp. (a)(b) | 176,305 | 3,515,522 | |
The Trade Desk, Inc. (a)(b) | 62,686 | 18,006,554 | |
TiVo Corp. | 196,916 | 1,490,654 | |
Tyler Technologies, Inc. (a) | 61,270 | 19,198,955 | |
Upland Software, Inc. (a) | 33,847 | 1,316,987 | |
Varonis Systems, Inc. (a) | 48,499 | 3,890,590 | |
Verint Systems, Inc. (a) | 105,439 | 5,786,492 | |
Veritone, Inc. (a)(b) | 14,271 | 38,246 | |
VirnetX Holding Corp. (a)(b) | 93,064 | 522,089 | |
VMware, Inc. Class A (a) | 123,770 | 14,916,760 | |
Workday, Inc. Class A (a) | 257,793 | 44,662,637 | |
Workiva, Inc. (a) | 61,699 | 2,637,015 | |
Yext, Inc. (a)(b) | 147,012 | 2,228,702 | |
Zendesk, Inc. (a) | 175,675 | 13,932,784 | |
Zix Corp. (a) | 89,040 | 701,635 | |
Zoom Video Communications, Inc. Class A (b) | 39,321 | 4,128,705 | |
Zscaler, Inc. (a)(b) | 104,199 | 5,417,306 | |
Zuora, Inc. (a) | 107,129 | 1,418,388 | |
3,683,505,220 | |||
Technology Hardware, Storage & Peripherals - 4.3% | |||
3D Systems Corp. (a)(b) | 190,021 | 1,740,592 | |
Apple, Inc. | 6,563,260 | 1,794,132,754 | |
Astro-Med, Inc. | 8,893 | 96,578 | |
Avid Technology, Inc. (a) | 50,894 | 376,107 | |
Boxlight Corp. (a)(b) | 8,184 | 8,921 | |
Dell Technologies, Inc. (a) | 244,098 | 9,876,205 | |
Diebold Nixdorf, Inc. (a) | 122,489 | 859,873 | |
Eastman Kodak Co. (a)(b) | 50,487 | 157,015 | |
Hewlett Packard Enterprise Co. | 2,032,557 | 25,996,404 | |
HP, Inc. | 2,328,046 | 48,400,076 | |
Immersion Corp. (a) | 49,590 | 346,634 | |
Intevac, Inc. (a) | 20,520 | 114,912 | |
NCR Corp. (a) | 204,511 | 5,153,677 | |
NetApp, Inc. | 356,701 | 16,665,071 | |
One Stop Systems, Inc. (a) | 15,326 | 32,644 | |
Pure Storage, Inc. Class A (a) | 361,101 | 5,510,401 | |
Seagate Technology LLC | 364,199 | 17,463,342 | |
Transact Technologies, Inc. | 2,406 | 24,012 | |
Western Digital Corp. | 468,135 | 26,009,581 | |
Xerox Holdings Corp. | 291,553 | 9,388,007 | |
1,962,352,806 | |||
TOTAL INFORMATION TECHNOLOGY | 10,770,937,792 | ||
MATERIALS - 2.7% | |||
Chemicals - 1.7% | |||
A. Schulman, Inc. rights (a)(c) | 54,023 | 23,392 | |
Advanced Emissions Solutions, Inc. | 27,740 | 246,609 | |
AdvanSix, Inc.(a) | 46,851 | 680,745 | |
AgroFresh Solutions, Inc. (a) | 31,343 | 68,641 | |
Air Products & Chemicals, Inc. | 346,361 | 76,064,339 | |
Albemarle Corp. U.S. | 164,630 | 13,474,966 | |
American Vanguard Corp. | 39,446 | 601,552 | |
Amyris, Inc. (a)(b) | 71,734 | 228,473 | |
Ashland Global Holdings, Inc. | 94,210 | 6,739,783 | |
Axalta Coating Systems Ltd. (a) | 325,385 | 8,108,594 | |
Balchem Corp. | 51,351 | 4,850,615 | |
Cabot Corp. | 92,069 | 3,441,539 | |
Celanese Corp. Class A | 188,801 | 17,698,206 | |
CF Industries Holdings, Inc. | 340,348 | 12,545,227 | |
Chase Corp. | 12,130 | 1,077,023 | |
Core Molding Technologies, Inc. (a) | 7,658 | 22,055 | |
Corteva, Inc. | 1,173,508 | 31,919,418 | |
Dow, Inc. | 1,166,069 | 47,120,848 | |
DuPont de Nemours, Inc. | 1,164,682 | 49,964,858 | |
Eastman Chemical Co. | 214,556 | 13,197,340 | |
Ecolab, Inc. | 393,782 | 71,057,962 | |
Element Solutions, Inc. (a) | 350,110 | 3,637,643 | |
Ferro Corp. (a) | 128,770 | 1,496,307 | |
Flotek Industries, Inc. (a) | 92,584 | 146,283 | |
FMC Corp. | 203,145 | 18,912,800 | |
FutureFuel Corp. | 46,653 | 474,461 | |
GCP Applied Technologies, Inc. (a) | 83,062 | 1,617,217 | |
H.B. Fuller Co. | 83,391 | 3,271,429 | |
Hawkins, Inc. | 14,549 | 520,127 | |
Huntsman Corp. | 319,018 | 6,042,201 | |
Ingevity Corp. (a) | 67,015 | 3,018,356 | |
Innospec, Inc. | 39,832 | 3,447,061 | |
International Flavors & Fragrances, Inc. (b) | 166,475 | 19,940,376 | |
Intrepid Potash, Inc. (a) | 162,173 | 287,046 | |
Koppers Holdings, Inc. (a) | 35,463 | 775,221 | |
Kraton Performance Polymers, Inc. (a) | 50,895 | 515,057 | |
Kronos Worldwide, Inc. | 40,122 | 400,819 | |
Linde PLC | 844,051 | 161,222,182 | |
Livent Corp. (a) | 231,838 | 2,070,313 | |
Loop Industries, Inc. (a)(b) | 29,687 | 260,652 | |
LSB Industries, Inc. (a) | 30,831 | 60,120 | |
LyondellBasell Industries NV Class A | 403,292 | 28,819,246 | |
Marrone Bio Innovations, Inc. (a) | 23,374 | 26,413 | |
Minerals Technologies, Inc. | 57,132 | 2,563,513 | |
NewMarket Corp. | 11,854 | 4,606,346 | |
Olin Corp. | 253,342 | 4,101,607 | |
OMNOVA Solutions, Inc. (a) | 75,664 | 764,963 | |
PolyOne Corp. | 141,557 | 3,504,951 | |
PPG Industries, Inc. | 369,867 | 38,632,608 | |
PQ Group Holdings, Inc. (a) | 65,765 | 872,702 | |
Quaker Chemical Corp. | 20,723 | 3,265,323 | |
Rayonier Advanced Materials, Inc. | 74,023 | 181,356 | |
RPM International, Inc. | 201,522 | 12,919,575 | |
Sensient Technologies Corp. | 68,768 | 3,382,010 | |
Sherwin-Williams Co. | 129,024 | 66,673,152 | |
Stepan Co. | 32,500 | 2,854,475 | |
Taronis Fuels, Inc. (a)(b) | 15,230 | 2,818 | |
Taronis Technologies, Inc. (a) | 50,671 | 15,358 | |
The Chemours Co. LLC | 252,631 | 3,754,097 | |
The Mosaic Co. | 553,568 | 9,427,263 | |
The Scotts Miracle-Gro Co. Class A | 62,604 | 6,635,398 | |
Trecora Resources (a) | 22,997 | 129,933 | |
Tredegar Corp. | 40,390 | 689,053 | |
Trinseo SA | 61,682 | 1,349,602 | |
Tronox Holdings PLC | 143,191 | 1,051,022 | |
Valhi, Inc. | 51,092 | 71,018 | |
Valvoline, Inc. | 298,583 | 5,822,369 | |
Venator Materials PLC (a) | 76,553 | 204,397 | |
W.R. Grace & Co. | 87,611 | 4,955,278 | |
Westlake Chemical Corp. | 54,803 | 3,061,844 | |
797,585,546 | |||
Construction Materials - 0.1% | |||
Eagle Materials, Inc. | 66,532 | 5,251,371 | |
Forterra, Inc. (a) | 30,729 | 416,071 | |
Martin Marietta Materials, Inc. | 97,875 | 22,269,499 | |
Summit Materials, Inc. (a) | 179,628 | 3,509,931 | |
Tecnoglass, Inc. | 26,251 | 191,370 | |
U.S. Concrete, Inc. (a) | 24,753 | 664,371 | |
United States Lime & Minerals, Inc. | 2,834 | 228,279 | |
Vulcan Materials Co. | 207,301 | 24,930,018 | |
57,460,910 | |||
Containers & Packaging - 0.4% | |||
Amcor PLC | 2,535,468 | 23,630,562 | |
Aptargroup, Inc. | 100,449 | 10,152,380 | |
Avery Dennison Corp. | 130,393 | 14,928,695 | |
Ball Corp. | 515,214 | 36,301,978 | |
Berry Global Group, Inc. (a) | 205,842 | 7,813,762 | |
Crown Holdings, Inc. (a) | 212,310 | 14,967,855 | |
Graphic Packaging Holding Co. | 447,854 | 6,054,986 | |
Greif, Inc.: | |||
Class A | 42,028 | 1,485,270 | |
Class B | 9,160 | 366,492 | |
International Paper Co. | 614,923 | 22,727,554 | |
Myers Industries, Inc. | 59,336 | 805,190 | |
O-I Glass, Inc. | 244,939 | 2,645,341 | |
Packaging Corp. of America | 147,422 | 13,359,382 | |
Ranpak Holdings Corp. (A Shares) (a) | 40,279 | 334,718 | |
Sealed Air Corp. | 245,092 | 7,428,739 | |
Silgan Holdings, Inc. | 126,460 | 3,620,550 | |
Sonoco Products Co. | 158,233 | 7,628,413 | |
UFP Technologies, Inc. (a) | 10,975 | 541,397 | |
WestRock Co. | 407,970 | 13,565,003 | |
188,358,267 | |||
Metals & Mining - 0.4% | |||
AK Steel Holding Corp. (a) | 498,315 | 1,151,108 | |
Alcoa Corp. (a) | 286,479 | 3,973,464 | |
Allegheny Technologies, Inc. (a) | 201,400 | 3,441,926 | |
Ampco-Pittsburgh Corp. (a) | 7,344 | 20,049 | |
Carpenter Technology Corp. | 78,712 | 2,892,666 | |
Century Aluminum Co. (a) | 77,541 | 449,738 | |
Cleveland-Cliffs, Inc. (b) | 428,288 | 2,488,353 | |
Coeur d'Alene Mines Corp. (a) | 385,641 | 1,604,267 | |
Commercial Metals Co. | 183,534 | 3,351,331 | |
Compass Minerals International, Inc. | 51,622 | 2,815,980 | |
Comstock Mining, Inc. (a)(b) | 1,600 | 800 | |
Freeport-McMoRan, Inc. | 2,270,179 | 22,610,983 | |
Friedman Industries | 1,412 | 7,808 | |
General Moly, Inc. (a) | 42,674 | 8,539 | |
Gold Resource Corp. | 117,167 | 471,011 | |
Golden Minerals Co. (a)(b) | 50,080 | 9,961 | |
Haynes International, Inc. | 18,671 | 472,563 | |
Hecla Mining Co. | 809,550 | 2,137,212 | |
Kaiser Aluminum Corp. | 24,863 | 2,350,797 | |
Materion Corp. | 31,348 | 1,421,318 | |
McEwen Mining, Inc. (b) | 552,224 | 497,002 | |
Newmont Corp. | 1,289,869 | 57,566,853 | |
Nucor Corp. | 475,574 | 19,664,985 | |
Olympic Steel, Inc. | 11,343 | 136,683 | |
Paramount Gold Nevada Corp. (a) | 5,612 | 4,546 | |
Ramaco Resources, Inc. (a) | 2,665 | 7,675 | |
Reliance Steel & Aluminum Co. | 103,258 | 10,562,261 | |
Royal Gold, Inc. | 104,413 | 10,072,722 | |
Ryerson Holding Corp. (a) | 24,848 | 206,984 | |
Schnitzer Steel Industries, Inc. Class A | 42,919 | 707,305 | |
Solitario Exploration & Royalty Corp. (a) | 12,775 | 3,609 | |
Steel Dynamics, Inc. | 340,357 | 9,063,707 | |
SunCoke Energy, Inc. | 131,669 | 606,994 | |
Synalloy Corp. (a) | 10,355 | 118,565 | |
TimkenSteel Corp. (a) | 63,432 | 321,600 | |
U.S. Antimony Corp. (a) | 17,604 | 7,218 | |
United States Steel Corp. (b) | 252,074 | 2,021,633 | |
Universal Stainless & Alloy Products, Inc. (a) | 11,782 | 134,904 | |
Warrior Metropolitan Coal, Inc. | 83,050 | 1,471,646 | |
Worthington Industries, Inc. | 60,022 | 1,908,700 | |
166,765,466 | |||
Paper & Forest Products - 0.1% | |||
Boise Cascade Co. | 62,706 | 2,224,809 | |
Clearwater Paper Corp. (a) | 25,261 | 688,867 | |
Domtar Corp. | 92,840 | 2,671,007 | |
Louisiana-Pacific Corp. | 180,312 | 5,129,876 | |
Mercer International, Inc. (SBI) | 69,747 | 617,958 | |
Neenah, Inc. | 27,409 | 1,583,418 | |
P.H. Glatfelter Co. | 67,953 | 969,010 | |
Resolute Forest Products (a) | 138,617 | 368,721 | |
Schweitzer-Mauduit International, Inc. | 51,271 | 1,728,858 | |
Verso Corp. (a) | 52,466 | 855,720 | |
16,838,244 | |||
TOTAL MATERIALS | 1,227,008,433 | ||
REAL ESTATE - 4.1% | |||
Equity Real Estate Investment Trusts (REITs) - 3.9% | |||
Acadia Realty Trust (SBI) | 132,953 | 3,036,647 | |
Agree Realty Corp. | 71,611 | 5,143,102 | |
Alexander & Baldwin, Inc. | 110,286 | 2,073,377 | |
Alexanders, Inc. | 3,381 | 1,051,491 | |
Alexandria Real Estate Equities, Inc. | 192,405 | 29,222,471 | |
American Assets Trust, Inc. | 74,358 | 3,082,139 | |
American Campus Communities, Inc. | 218,841 | 9,506,453 | |
American Finance Trust, Inc. | 170,711 | 1,775,394 | |
American Homes 4 Rent Class A | 398,450 | 10,315,871 | |
American Tower Corp. | 696,520 | 157,970,736 | |
Americold Realty Trust | 302,445 | 9,275,988 | |
Apartment Investment & Management Co. Class A | 233,070 | 11,150,069 | |
Apple Hospitality (REIT), Inc. | 328,526 | 4,293,835 | |
Armada Hoffler Properties, Inc. | 89,175 | 1,494,573 | |
Ashford Hospitality Trust, Inc. | 153,079 | 330,651 | |
AvalonBay Communities, Inc. | 221,795 | 44,489,859 | |
Bluerock Residential Growth (REIT), Inc. | 42,696 | 443,611 | |
Boston Properties, Inc. | 225,674 | 29,098,406 | |
Braemar Hotels & Resorts, Inc. | 44,906 | 330,508 | |
Brandywine Realty Trust (SBI) | 266,847 | 3,623,782 | |
Brixmor Property Group, Inc. | 464,420 | 8,457,088 | |
BRT Realty Trust | 72,912 | 1,137,427 | |
Camden Property Trust (SBI) | 156,257 | 16,560,117 | |
CareTrust (REIT), Inc. | 146,118 | 3,049,483 | |
CatchMark Timber Trust, Inc. | 71,008 | 652,564 | |
CBL & Associates Properties, Inc. | 286,456 | 152,051 | |
Cedar Realty Trust, Inc. | 136,442 | 353,385 | |
Chatham Lodging Trust | 71,979 | 1,003,387 | |
CIM Commercial Trust Corp. | 1,423 | 19,979 | |
City Office REIT, Inc. | 92,080 | 1,068,128 | |
Clipper Realty, Inc. | 13,163 | 148,347 | |
Colony Capital, Inc. | 757,088 | 2,998,068 | |
Columbia Property Trust, Inc. | 183,112 | 3,453,492 | |
Community Healthcare Trust, Inc. | 29,476 | 1,403,942 | |
Condor Hospitality Trust, Inc. | 76 | 758 | |
CoreCivic, Inc. | 183,416 | 2,716,391 | |
CorEnergy Infrastructure Trust, Inc. | 20,064 | 700,234 | |
CorePoint Lodging, Inc. | 63,243 | 503,414 | |
CoreSite Realty Corp. | 59,118 | 6,132,310 | |
Corporate Office Properties Trust (SBI) | 177,812 | 4,505,756 | |
Cousins Properties, Inc. | 231,728 | 8,270,372 | |
Crown Castle International Corp. | 654,172 | 93,736,306 | |
CubeSmart | 301,323 | 9,121,047 | |
CyrusOne, Inc. | 177,796 | 10,770,882 | |
DiamondRock Hospitality Co. | 300,148 | 2,737,350 | |
Digital Realty Trust, Inc. | 329,480 | 39,573,843 | |
Douglas Emmett, Inc. | 257,507 | 9,831,617 | |
Duke Realty Corp. | 588,339 | 19,103,367 | |
Easterly Government Properties, Inc. | 116,454 | 2,768,112 | |
EastGroup Properties, Inc. | 60,438 | 7,598,870 | |
Empire State Realty Trust, Inc. | 225,707 | 2,640,772 | |
EPR Properties | 123,835 | 7,335,985 | |
Equinix, Inc. | 134,162 | 76,847,994 | |
Equity Commonwealth | 195,156 | 6,139,608 | |
Equity Lifestyle Properties, Inc. | 286,119 | 19,550,511 | |
Equity Residential (SBI) | 550,838 | 41,367,934 | |
Essential Properties Realty Trust, Inc. | 139,858 | 3,204,147 | |
Essex Property Trust, Inc. | 105,074 | 29,773,769 | |
Extra Space Storage, Inc. | 203,556 | 20,428,880 | |
Farmland Partners, Inc. | 62,918 | 371,845 | |
Federal Realty Investment Trust (SBI) | 110,562 | 12,862,783 | |
First Industrial Realty Trust, Inc. | 195,824 | 7,539,224 | |
Four Corners Property Trust, Inc. | 109,837 | 3,151,224 | |
Franklin Street Properties Corp. | 165,692 | 1,181,384 | |
Front Yard Residential Corp. Class B | 78,810 | 999,311 | |
Gaming & Leisure Properties | 320,680 | 14,324,776 | |
Getty Realty Corp. | 57,222 | 1,621,671 | |
Gladstone Commercial Corp. | 49,049 | 925,555 | |
Gladstone Land Corp. | 28,395 | 381,345 | |
Global Medical REIT, Inc. | 53,029 | 740,815 | |
Global Net Lease, Inc. | 142,152 | 2,622,704 | |
Government Properties Income Trust | 73,127 | 2,130,190 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 103,015 | 3,497,359 | |
HCP, Inc. | 774,842 | 24,516,001 | |
Healthcare Realty Trust, Inc. | 208,667 | 7,157,278 | |
Healthcare Trust of America, Inc. | 329,940 | 10,274,332 | |
Hersha Hospitality Trust | 63,621 | 733,550 | |
Highwoods Properties, Inc. (SBI) | 163,361 | 7,331,642 | |
Hospitality Properties Trust (SBI) | 259,166 | 4,685,721 | |
Host Hotels & Resorts, Inc. | 1,120,801 | 16,229,198 | |
Hudson Pacific Properties, Inc. | 244,759 | 7,900,821 | |
Independence Realty Trust, Inc. | 136,713 | 1,812,814 | |
Industrial Logistics Properties Trust | 106,221 | 2,194,526 | |
Investors Real Estate Trust | 19,266 | 1,357,290 | |
Invitation Homes, Inc. | 856,633 | 24,576,801 | |
Iron Mountain, Inc. | 451,517 | 13,730,632 | |
iStar Financial, Inc. | 117,443 | 1,776,913 | |
JBG SMITH Properties | 186,075 | 6,825,231 | |
Jernigan Capital, Inc. | 43,051 | 771,474 | |
Kilroy Realty Corp. | 152,624 | 11,094,239 | |
Kimco Realty Corp. | 665,486 | 11,546,182 | |
Kite Realty Group Trust | 138,380 | 2,234,837 | |
Lamar Advertising Co. Class A | 134,583 | 11,269,980 | |
Lexington Corporate Properties Trust | 380,872 | 3,949,643 | |
Life Storage, Inc. | 73,548 | 7,936,565 | |
LTC Properties, Inc. | 61,542 | 2,758,928 | |
Mack-Cali Realty Corp. | 149,091 | 2,829,747 | |
Medical Properties Trust, Inc. | 812,630 | 17,170,872 | |
Mid-America Apartment Communities, Inc. | 178,801 | 23,111,817 | |
Monmouth Real Estate Investment Corp. Class A | 146,435 | 2,079,377 | |
National Health Investors, Inc. | 68,902 | 5,631,360 | |
National Retail Properties, Inc. | 271,294 | 13,795,300 | |
National Storage Affiliates Trust | 92,717 | 3,128,272 | |
New Senior Investment Group, Inc. | 141,875 | 861,181 | |
NexPoint Residential Trust, Inc. | 35,854 | 1,595,503 | |
Omega Healthcare Investors, Inc. | 341,209 | 13,511,876 | |
One Liberty Properties, Inc. | 28,584 | 688,874 | |
Outfront Media, Inc. | 224,155 | 5,904,243 | |
Paramount Group, Inc. | 309,885 | 3,765,103 | |
Park Hotels & Resorts, Inc. | 373,930 | 6,827,962 | |
Pebblebrook Hotel Trust | 199,539 | 4,032,683 | |
Pennsylvania Real Estate Investment Trust (SBI) (b) | 96,951 | 228,804 | |
Physicians Realty Trust | 290,457 | 5,478,019 | |
Piedmont Office Realty Trust, Inc. Class A | 195,046 | 4,211,043 | |
Plymouth Industrial REIT, Inc. | 18,206 | 341,727 | |
Postal Realty Trust, Inc. | 11,996 | 193,136 | |
Potlatch Corp. | 104,117 | 3,825,259 | |
Power (REIT) (a) | 507 | 6,261 | |
Preferred Apartment Communities, Inc. Class A | 69,336 | 661,465 | |
Prologis, Inc. | 1,160,756 | 97,828,516 | |
PS Business Parks, Inc. | 31,812 | 4,725,673 | |
Public Storage | 236,359 | 49,427,394 | |
QTS Realty Trust, Inc. Class A | 93,588 | 5,256,838 | |
Ramco-Gershenson Properties Trust (SBI) | 128,598 | 1,666,630 | |
Rayonier, Inc. | 206,333 | 5,474,014 | |
Realty Income Corp. | 513,232 | 37,152,864 | |
Regency Centers Corp. | 263,047 | 15,109,420 | |
Retail Opportunity Investments Corp. | 175,181 | 2,627,715 | |
Retail Properties America, Inc. | 332,500 | 3,481,275 | |
Retail Value, Inc. | 25,639 | 712,508 | |
Rexford Industrial Realty, Inc. | 174,300 | 8,152,011 | |
RLJ Lodging Trust | 263,556 | 3,481,575 | |
Ryman Hospitality Properties, Inc. | 85,249 | 5,925,658 | |
Sabra Health Care REIT, Inc. | 300,736 | 5,879,389 | |
Safety Income and Growth, Inc. | 19,928 | 1,088,467 | |
Saul Centers, Inc. | 20,051 | 862,394 | |
SBA Communications Corp. Class A | 176,771 | 46,860,224 | |
Senior Housing Properties Trust (SBI) | 383,841 | 2,414,360 | |
Seritage Growth Properties | 53,499 | 1,839,296 | |
Simon Property Group, Inc. | 481,791 | 59,298,836 | |
SITE Centers Corp. | 234,882 | 2,703,492 | |
SL Green Realty Corp. | 126,768 | 9,943,682 | |
Sotherly Hotels, Inc. | 1,919 | 9,844 | |
Spirit Realty Capital, Inc. | 155,297 | 7,066,014 | |
Stag Industrial, Inc. | 231,985 | 6,490,940 | |
Store Capital Corp. | 336,093 | 11,044,016 | |
Summit Hotel Properties, Inc. | 162,132 | 1,502,964 | |
Sun Communities, Inc. | 145,534 | 22,249,238 | |
Sunstone Hotel Investors, Inc. | 363,234 | 3,977,412 | |
Tanger Factory Outlet Centers, Inc. (b) | 143,732 | 1,721,909 | |
Taubman Centers, Inc. | 95,929 | 4,994,064 | |
Terreno Realty Corp. | 106,648 | 5,851,776 | |
The GEO Group, Inc. | 186,435 | 2,729,408 | |
The Macerich Co. | 169,639 | 3,464,028 | |
UDR, Inc. | 461,671 | 20,765,962 | |
UMH Properties, Inc. | 56,337 | 817,450 | |
Uniti Group, Inc. | 308,452 | 3,010,492 | |
Universal Health Realty Income Trust (SBI) | 18,836 | 2,029,014 | |
Urban Edge Properties | 177,682 | 2,878,448 | |
Urstadt Biddle Properties, Inc. Class A | 52,305 | 1,078,006 | |
Ventas, Inc. | 585,304 | 31,471,796 | |
VEREIT, Inc. | 1,684,354 | 14,586,506 | |
VICI Properties, Inc. | 720,916 | 18,066,155 | |
Vornado Realty Trust | 248,847 | 13,333,222 | |
Washington Prime Group, Inc. (b) | 294,616 | 810,194 | |
Washington REIT (SBI) | 127,784 | 3,431,000 | |
Weingarten Realty Investors (SBI) | 188,269 | 5,070,084 | |
Welltower, Inc. | 639,463 | 47,844,622 | |
Weyerhaeuser Co. | 1,168,369 | 30,354,227 | |
Wheeler REIT, Inc. (a)(b) | 4,774 | 7,113 | |
Whitestone REIT Class B | 59,850 | 735,557 | |
WP Carey, Inc. | 270,042 | 20,903,951 | |
Xenia Hotels & Resorts, Inc. | 175,666 | 2,627,963 | |
1,811,256,924 | |||
Real Estate Management & Development - 0.2% | |||
Altisource Portfolio Solutions SA (a)(b) | 15,310 | 243,276 | |
CBRE Group, Inc. (a) | 522,715 | 29,345,220 | |
Consolidated-Tomoka Land Co. | 7,853 | 451,626 | |
eXp World Holdings, Inc. (a)(b) | 36,730 | 351,139 | |
Forestar Group, Inc. (a) | 24,130 | 431,686 | |
FRP Holdings, Inc. (a) | 12,536 | 567,003 | |
Griffin Industrial Realty, Inc. | 4,288 | 172,549 | |
Howard Hughes Corp. (a) | 67,827 | 7,317,177 | |
Jones Lang LaSalle, Inc. | 79,613 | 11,764,413 | |
Kennedy-Wilson Holdings, Inc. | 202,480 | 4,092,121 | |
Marcus & Millichap, Inc. (a) | 36,003 | 1,150,656 | |
Maui Land & Pineapple, Inc. (a) | 22,080 | 243,101 | |
Newmark Group, Inc. | 248,993 | 2,377,883 | |
RE/MAX Holdings, Inc. | 28,337 | 826,024 | |
Realogy Holdings Corp. (b) | 181,595 | 1,683,386 | |
Redfin Corp. (a)(b) | 129,113 | 3,493,798 | |
Stratus Properties, Inc. (a) | 9,028 | 258,742 | |
Tejon Ranch Co. (a) | 27,612 | 416,389 | |
The RMR Group, Inc. | 23,590 | 878,963 | |
The St. Joe Co. (a)(b) | 53,253 | 1,047,487 | |
Transcontinental Realty Investors, Inc. (a) | 14,596 | 463,423 | |
Trinity Place Holdings, Inc. (a) | 4,950 | 16,286 | |
67,592,348 | |||
TOTAL REAL ESTATE | 1,878,849,272 | ||
UTILITIES - 3.3% | |||
Electric Utilities - 2.0% | |||
Allete, Inc. | 82,672 | 5,703,541 | |
Alliant Energy Corp. | 382,499 | 19,935,848 | |
American Electric Power Co., Inc. | 776,738 | 69,331,634 | |
Avangrid, Inc. | 92,046 | 4,573,766 | |
Duke Energy Corp. | 1,146,006 | 105,088,750 | |
Edison International | 563,502 | 37,861,699 | |
El Paso Electric Co. | 62,982 | 4,274,588 | |
Entergy Corp. | 311,969 | 36,472,296 | |
Evergy, Inc. | 354,075 | 23,138,801 | |
Eversource Energy | 510,453 | 44,133,766 | |
Exelon Corp. | 1,529,261 | 65,926,442 | |
FirstEnergy Corp. | 849,140 | 37,812,204 | |
Genie Energy Ltd. Class B | 34,755 | 240,505 | |
Hawaiian Electric Industries, Inc. | 175,657 | 7,525,146 | |
IDACORP, Inc. | 79,027 | 7,637,169 | |
MGE Energy, Inc. | 54,877 | 3,914,925 | |
NextEra Energy, Inc. | 768,230 | 194,177,815 | |
OGE Energy Corp. | 314,660 | 11,988,546 | |
Otter Tail Corp. | 63,346 | 3,079,249 | |
Pinnacle West Capital Corp. | 175,351 | 15,692,161 | |
PNM Resources, Inc. | 123,090 | 5,795,077 | |
Portland General Electric Co. | 138,565 | 7,539,322 | |
PPL Corp. | 1,206,620 | 36,210,666 | |
Southern Co. | 1,645,675 | 99,332,943 | |
Spark Energy, Inc. Class A, | 17,335 | 148,388 | |
Xcel Energy, Inc. | 825,536 | 51,447,404 | |
898,982,651 | |||
Gas Utilities - 0.1% | |||
Atmos Energy Corp. | 186,077 | 19,212,450 | |
Chesapeake Utilities Corp. | 26,373 | 2,254,892 | |
National Fuel Gas Co. (b) | 138,162 | 5,058,111 | |
New Jersey Resources Corp. | 153,744 | 5,428,701 | |
Northwest Natural Holding Co. | 48,642 | 3,199,184 | |
ONE Gas, Inc. | 81,583 | 6,701,228 | |
RGC Resources, Inc. | 11,687 | 320,808 | |
South Jersey Industries, Inc. | 142,369 | 3,851,081 | |
Southwest Gas Holdings, Inc. | 85,576 | 5,535,056 | |
Spire, Inc. | 79,500 | 5,966,475 | |
UGI Corp. | 327,064 | 11,787,387 | |
69,315,373 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
Clearway Energy, Inc.: | |||
Class A | 29,153 | 591,514 | |
Class C | 144,013 | 3,030,034 | |
NRG Energy, Inc. | 393,086 | 13,054,386 | |
Ormat Technologies, Inc. | 80,686 | 5,622,200 | |
Pattern Energy Group, Inc. | 144,692 | 3,913,919 | |
Sunnova Energy International, Inc. | 23,623 | 408,678 | |
Terraform Power, Inc. | 131,061 | 2,462,636 | |
The AES Corp. | 1,038,495 | 17,374,021 | |
Vistra Energy Corp. | 701,256 | 13,485,153 | |
59,942,541 | |||
Multi-Utilities - 1.0% | |||
Ameren Corp. | 386,457 | 30,530,103 | |
Avista Corp. | 106,781 | 5,034,724 | |
Black Hills Corp. | 95,506 | 6,895,533 | |
CenterPoint Energy, Inc. | 786,624 | 18,108,084 | |
CMS Energy Corp. | 443,454 | 26,793,491 | |
Consolidated Edison, Inc. | 523,284 | 41,245,245 | |
Dominion Energy, Inc. | 1,294,327 | 101,190,485 | |
DTE Energy Co. | 300,544 | 33,561,748 | |
MDU Resources Group, Inc. | 316,340 | 8,772,108 | |
NiSource, Inc. | 589,717 | 15,934,153 | |
NorthWestern Energy Corp. | 80,440 | 5,658,150 | |
Public Service Enterprise Group, Inc. | 797,838 | 40,937,068 | |
Sempra Energy | 442,360 | 61,833,081 | |
Unitil Corp. | 25,866 | 1,457,290 | |
WEC Energy Group, Inc. | 496,428 | 45,835,197 | |
443,786,460 | |||
Water Utilities - 0.1% | |||
American States Water Co. | 57,768 | 4,424,451 | |
American Water Works Co., Inc. | 285,460 | 35,299,984 | |
Aqua America, Inc. | 336,105 | 14,455,876 | |
AquaVenture Holdings Ltd. (a) | 32,603 | 881,585 | |
Artesian Resources Corp. Class A | 26,254 | 901,300 | |
Cadiz, Inc. (a)(b) | 33,089 | 289,860 | |
California Water Service Group | 75,675 | 3,629,373 | |
Global Water Resources, Inc. | 12,626 | 150,881 | |
Middlesex Water Co. | 27,005 | 1,605,987 | |
Pure Cycle Corp. (a) | 17,009 | 210,401 | |
SJW Corp. | 43,592 | 2,666,959 | |
York Water Co. | 23,393 | 989,290 | |
65,505,947 | |||
TOTAL UTILITIES | 1,537,532,972 | ||
TOTAL COMMON STOCKS | |||
(Cost $34,085,119,832) | 45,900,338,647 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.0% | |||
U.S. Treasury Bills, yield at date of purchase 1.82% 3/19/20 (d) | |||
(Cost $1,398,736) | 1,400,000 | 1,399,050 | |
Shares | Value | ||
Money Market Funds - 1.0% | |||
Fidelity Cash Central Fund 1.60% (e) | 1,223,210 | $1,223,454 | |
Fidelity Securities Lending Cash Central Fund 1.60% (e)(f) | 445,738,986 | 445,783,560 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $446,962,440) | 447,007,014 | ||
TOTAL INVESTMENT IN SECURITIES - 100.8% | |||
(Cost $34,533,481,008) | 46,348,744,711 | ||
NET OTHER ASSETS (LIABILITIES) - (0.8)% | (362,748,206) | ||
NET ASSETS - 100% | $45,985,996,505 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Russell 2000 Index Contracts (United States) | 117 | March 2020 | $8,628,165 | $(918,856) | $(918,856) |
CME E-mini S&P 500 Index Contracts (United States) | 400 | March 2020 | 59,022,000 | (3,874,102) | (3,874,102) |
CME E-mini S&P MidCap 400 Index Contracts (United States) | 23 | March 2020 | 4,168,060 | (474,880) | (474,880) |
TOTAL FUTURES CONTRACTS | $(5,267,838) |
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 $1,399,050.
(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(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 | $2,700,751 |
Fidelity Securities Lending Cash Central Fund | 10,386,602 |
Total | $13,087,353 |
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. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of February 29, 2020, 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 | $4,483,753,625 | $4,483,428,945 | $-- | $324,680 |
Consumer Discretionary | 4,696,678,538 | 4,696,678,538 | -- | -- |
Consumer Staples | 2,980,743,267 | 2,980,743,267 | -- | -- |
Energy | 1,509,948,009 | 1,509,948,009 | -- | -- |
Financials | 5,958,754,583 | 5,958,754,583 | -- | -- |
Health Care | 6,444,935,670 | 6,444,932,722 | 1,036 | 1,912 |
Industrials | 4,411,196,486 | 4,411,196,366 | -- | 120 |
Information Technology | 10,770,937,792 | 10,770,937,792 | -- | -- |
Materials | 1,227,008,433 | 1,226,985,041 | -- | 23,392 |
Real Estate | 1,878,849,272 | 1,878,849,272 | -- | -- |
Utilities | 1,537,532,972 | 1,537,532,972 | -- | -- |
U.S. Government and Government Agency Obligations | 1,399,050 | -- | 1,399,050 | -- |
Money Market Funds | 447,007,014 | 447,007,014 | -- | -- |
Total Investments in Securities: | $46,348,744,711 | $46,346,994,521 | $1,400,086 | $350,104 |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(5,267,838) | $(5,267,838) | $-- | $-- |
Total Liabilities | $(5,267,838) | $(5,267,838) | $-- | $-- |
Total Derivative Instruments: | $(5,267,838) | $(5,267,838) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 29, 2020. 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 | $(5,267,838) |
Total Equity Risk | 0 | (5,267,838) |
Total Value of Derivatives | $0 | $(5,267,838) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
Fidelity® Total Market Index Fund
Financial Statements
Statement of Assets and Liabilities
February 29, 2020 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $429,391,573) — See accompanying schedule: Unaffiliated issuers (cost $34,086,518,568) | $45,901,737,697 | |
Fidelity Central Funds (cost $446,962,440) | 447,007,014 | |
Total Investment in Securities (cost $34,533,481,008) | $46,348,744,711 | |
Segregated cash with brokers for derivative instruments | 2,718,318 | |
Cash | 3,127 | |
Receivable for investments sold | 598,167 | |
Receivable for fund shares sold | 129,295,904 | |
Dividends receivable | 82,119,099 | |
Distributions receivable from Fidelity Central Funds | 830,481 | |
Other receivables | 1,038,291 | |
Total assets | 46,565,348,098 | |
Liabilities | ||
Payable for investments purchased | $3,578,153 | |
Payable for fund shares redeemed | 127,939,225 | |
Accrued management fee | 641,566 | |
Payable for daily variation margin on futures contracts | 609,475 | |
Other payables and accrued expenses | 1,021,580 | |
Collateral on securities loaned | 445,561,594 | |
Total liabilities | 579,351,593 | |
Net Assets | $45,985,996,505 | |
Net Assets consist of: | ||
Paid in capital | $34,498,535,071 | |
Total accumulated earnings (loss) | 11,487,461,434 | |
Net Assets | $45,985,996,505 | |
Net Asset Value and Maximum Offering Price | ||
Fidelity Total Market Index Fund: | ||
Net Asset Value, offering price and redemption price per share ($45,985,996,505 ÷ 553,659,858 shares) | $83.06 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended February 29, 2020 | ||
Investment Income | ||
Dividends | $922,190,638 | |
Interest | 167,168 | |
Income from Fidelity Central Funds (including $10,386,602 from security lending) | 13,087,353 | |
Total income | 935,445,159 | |
Expenses | ||
Management fee | $7,551,554 | |
Independent trustees' fees and expenses | 277,927 | |
Legal | 138 | |
Interest | 124,573 | |
Commitment fees | 131,708 | |
Total expenses before reductions | 8,085,900 | |
Expense reductions | (32,851) | |
Total expenses after reductions | 8,053,049 | |
Net investment income (loss) | 927,392,110 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (2,008,251) | |
Redemptions in-kind with affiliated entities | 12,280,777,708 | |
Fidelity Central Funds | 61,289 | |
Futures contracts | 31,977,147 | |
Total net realized gain (loss) | 12,310,807,893 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (9,313,764,195) | |
Fidelity Central Funds | (53,125) | |
Futures contracts | (15,448,051) | |
Total change in net unrealized appreciation (depreciation) | (9,329,265,371) | |
Net gain (loss) | 2,981,542,522 | |
Net increase (decrease) in net assets resulting from operations | $3,908,934,632 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended February 29, 2020 | Year ended February 28, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $927,392,110 | $1,036,480,107 |
Net realized gain (loss) | 12,310,807,893 | 153,500,407 |
Change in net unrealized appreciation (depreciation) | (9,329,265,371) | 1,635,120,589 |
Net increase (decrease) in net assets resulting from operations | 3,908,934,632 | 2,825,101,103 |
Distributions to shareholders | (1,042,068,060) | (1,255,417,620) |
Share transactions - net increase (decrease) | (16,484,258,670) | 7,861,011,314 |
Total increase (decrease) in net assets | (13,617,392,098) | 9,430,694,797 |
Net Assets | ||
Beginning of period | 59,603,388,603 | 50,172,693,806 |
End of period | $45,985,996,505 | $59,603,388,603 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Total Market Index Fund
Years ended February 28, | 2020 A | 2019 | 2018 | 2017 | 2016 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $79.36 | $77.42 | $68.19 | $55.31 | $61.58 |
Income from Investment Operations | |||||
Net investment income (loss)B | 1.57 | 1.45 | 1.36 | 1.28 | 1.17 |
Net realized and unrealized gain (loss) | 3.88 | 2.28 | 9.65 | 13.17 | (5.98) |
Total from investment operations | 5.45 | 3.73 | 11.01 | 14.45 | (4.81) |
Distributions from net investment income | (1.63) | (1.46) | (1.27) | (1.17) | (1.15) |
Distributions from net realized gain | (.13) | (.34) | (.51) | (.39) | (.31) |
Total distributions | (1.75)C | (1.79)D | (1.78) | (1.57)E | (1.46) |
Redemption fees added to paid in capitalB | – | – | – | –F | –F |
Net asset value, end of period | $83.06 | $79.36 | $77.42 | $68.19 | $55.31 |
Total ReturnG | 6.77% | 5.02% | 16.25% | 26.32% | (7.91)% |
Ratios to Average Net AssetsH,I | |||||
Expenses before reductions | .02% | .02% | .02% | .02% | .05% |
Expenses net of fee waivers, if any | .02% | .02% | .02% | .02% | .04% |
Expenses net of all reductions | .02% | .02% | .02% | .02% | .04% |
Net investment income (loss) | 1.84% | 1.90% | 1.86% | 2.02% | 1.97% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $45,985,996 | $43,922,333 | $6,114,864 | $4,684,669 | $800,304 |
Portfolio turnover rateJ | 11%K | 8% | 2% | 4% | 3% |
A For the year ended February 29.
B Calculated based on average shares outstanding during the period.
C Total distributions of $1.75 per share is comprised of distributions from net investment income of $1.627 and distributions from net realized gain of $.127 per share.
D Total distributions of $1.79 per share is comprised of distributions from net investment income of $1.456 and distributions from net realized gain of $.338 per share.
E Total distributions of $1.57 per share is comprised of distributions from net investment income of $1.173 and distributions from net realized gain of $.393 per share.
F Amount represents less than $.005 per share.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H 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.
I 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.
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Extended Market Index Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended February 29, 2020 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Extended Market Index Fund | 0.00% | 6.26% | 11.61% |
The initial offering of Fidelity Extended Market Index Fund (formerly named Institutional Premium Class) took place on September 8, 2011. Returns prior to September 8, 2011 are those of the former Premium Class and have not been restated to reflect current expenses.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Extended Market Index Fund on February 28, 2010.
The chart shows how the value of your investment would have changed, and also shows how the Dow Jones U.S. Completion Total Stock Market Index℠ performed over the same period.
Period Ending Values | ||
$29,986 | Fidelity® Extended Market Index Fund | |
$29,632 | Dow Jones U.S. Completion Total Stock Market Index℠ |
Fidelity® Extended Market Index Fund
Management's Discussion of Fund Performance
Market Recap: U.S. stocks stalled to begin the new year and declined in late February, as the outbreak and spread of the new coronavirus threatened to hamper global economic growth and corporate earnings. For the 12 months ending February 29, 2020, the U.S. equity bellwether S&P 500® index gained 8.19%. The period began with equities rising amid upbeat company earnings and signs the U.S. Federal Reserve may pause on rates. The uptrend extended until May, when the index dipped as trade talks between the U.S. and China broke down. The bull market roared back to record a series of highs in July, when the Fed cut interest rates for the first time since 2008. Volatility intensified in August, as the Treasury yield curve inverted, which some investors viewed as a sign the U.S. economy could be heading for recession. But the market proved resilient, hitting a new high on October 30, when the Fed lowered rates for the third time in 2019, and moving higher through December 31. Following a roughly flat January, stocks sank in late February, after a surge in coronavirus cases outside China created considerable uncertainty and pushed investors to safer asset classes. By sector, information technology (+27%) led the way by a wide margin, followed by utilities and communication services (+13% each). In contrast, energy (-25%) was by far the weakest category, struggling due to sluggish oil prices. Other notable laggards included materials and industrials (-2% each).Comments from the Geode Capital Management, LLC, passive equity index team: For the fiscal year, the fund produced a flat return, roughly in line with the -0.04% return of the benchmark Dow Jones U.S. Completion Index. At the individual-stock level, the largest positive impact on performance came from a position in electric-vehicle automaker Tesla (+109%), reflecting the company's much better than expected financial results. Dexcom (+98%) reported strong earnings and revenue amid robust demand for the company's blood-sugar tracking devices for diabetics. Payment processing company Worldpay (+41%) saw a big jump in its share price after the company agreed to be acquired by financial services provider Fidelity National Information Services. Another contributor was RingCentral (+124%), a provider of cloud-based communications solutions for businesses whose shares gained sharply last October after the company announced a strategic partnership with telecommunication services provider Avaya Holdings. Other notable contributors included cloud-based IT service provider ServiceNow (+18%) and athletic apparel retailer Lululemon Athletica (+45%), both of which benefited from favorable financial results. In contrast, disappointing financial performance weighed on home furnishings retailer Wayfair (-62%). Palo Alto Networks (-25%) stock lost a quarter of its value, with more than half of that decline coming in late February, as the company lowered its full-year earnings guidance. Another detractor was Sage Therapeutics (-70%), a neuroscience company working to develop treatments for disorders of the central nervous system. The stock plummeted in December, following the announcement that a phase III trial of SAGE-217, an oral treatment for major depressive disorder, failed to produce the desired result. Also detracting from performance was aerospace company Spirit Aerosystem Holding (-46%), biotechnology company Bluebird Bio (-53%) and retail conglomerage Qurate Retail Group (-62%).The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to Shareholders: On March 22, 2019, Pat Waddell retired and is no longer a portfolio manager with Geode Capital Management.Fidelity® Extended Market Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of February 29, 2020
% of fund's net assets | |
Tesla, Inc. | 2.0 |
The Blackstone Group LP | 0.8 |
Square, Inc. | 0.6 |
Workday, Inc. Class A | 0.6 |
lululemon athletica, Inc. | 0.6 |
DexCom, Inc. | 0.5 |
CoStar Group, Inc. | 0.5 |
Splunk, Inc. | 0.5 |
Liberty Broadband Corp. Class C | 0.4 |
Veeva Systems, Inc. Class A | 0.4 |
6.9 |
Top Market Sectors as of February 29, 2020
% of fund's net assets | |
Information Technology | 18.5 |
Financials | 17.1 |
Health Care | 14.1 |
Industrials | 13.3 |
Consumer Discretionary | 11.9 |
Real Estate | 9.4 |
Communication Services | 4.9 |
Materials | 3.6 |
Utilities | 2.7 |
Consumer Staples | 2.6 |
Fidelity® Extended Market Index Fund
Schedule of Investments February 29, 2020
Showing Percentage of Net Assets
Common Stocks - 99.9% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 4.9% | |||
Diversified Telecommunication Services - 0.6% | |||
Alaska Communication Systems Group, Inc. (a) | 193,163 | $405,642 | |
ATN International, Inc. | 54,059 | 2,913,780 | |
Bandwidth, Inc. (a) | 82,587 | 5,193,896 | |
Cincinnati Bell, Inc. (a) | 249,327 | 3,253,717 | |
Cogent Communications Group, Inc. | 204,430 | 14,925,434 | |
Consolidated Communications Holdings, Inc. (b) | 374,159 | 2,327,269 | |
Frontier Communications Corp. (a)(b) | 509,006 | 275,372 | |
GCI Liberty, Inc. (a) | 469,638 | 32,456,682 | |
Globalstar, Inc. (a)(b) | 3,208,461 | 1,310,335 | |
GlowPoint, Inc. (a) | 31,599 | 50,558 | |
IDT Corp. Class B (a) | 105,714 | 813,998 | |
Iridium Communications, Inc. (a) | 475,091 | 12,860,713 | |
Ooma, Inc. (a) | 94,265 | 1,209,420 | |
ORBCOMM, Inc. (a) | 393,191 | 1,301,462 | |
Otelco, Inc. (a) | 200 | 1,588 | |
Pareteum Corp. (a)(b) | 629,496 | 352,518 | |
PDVWireless, Inc. (a) | 62,764 | 2,940,493 | |
Vonage Holdings Corp. (a) | 1,134,864 | 10,168,381 | |
Zayo Group Holdings, Inc. (a) | 1,148,520 | 40,186,715 | |
132,947,973 | |||
Entertainment - 0.6% | |||
AMC Entertainment Holdings, Inc. Class A (b) | 262,501 | 1,643,256 | |
Ballantyne of Omaha, Inc. (a) | 46,879 | 140,637 | |
Chicken Soup For The Soul Entertainment, Inc. (a)(b) | 544 | 4,804 | |
Cinedigm Corp. (a) | 23,291 | 11,855 | |
Cinemark Holdings, Inc. | 520,119 | 13,502,289 | |
Gaia, Inc. Class A (a)(b) | 63,495 | 535,263 | |
Global Eagle Entertainment, Inc. (a) | 266,502 | 79,951 | |
Glu Mobile, Inc. (a) | 562,670 | 4,006,210 | |
Lions Gate Entertainment Corp.: | |||
Class A (a)(b) | 332,720 | 2,645,124 | |
Class B (a) | 472,810 | 3,498,794 | |
LiveXLive Media, Inc. (a)(b) | 155,419 | 195,828 | |
Marcus Corp. | 116,847 | 3,122,152 | |
NTN Communications, Inc. (a) | 20,786 | 44,170 | |
Reading International, Inc. Class A (a) | 94,967 | 791,075 | |
Roku, Inc. Class A (a)(b) | 450,011 | 51,152,750 | |
Rosetta Stone, Inc. (a) | 125,782 | 2,172,255 | |
Sciplay Corp. (A Shares) | 124,117 | 1,122,018 | |
The Madison Square Garden Co. (a) | 84,271 | 22,569,459 | |
World Wrestling Entertainment, Inc. Class A | 235,167 | 10,998,761 | |
Zynga, Inc. (a) | 4,615,110 | 30,967,388 | |
149,204,039 | |||
Interactive Media & Services - 1.1% | |||
ANGI Homeservices, Inc. Class A (a)(b) | 340,920 | 2,430,760 | |
Autoweb, Inc. (a) | 46,143 | 90,440 | |
CarGurus, Inc. Class A (a)(b) | 349,264 | 8,902,739 | |
Cars.com, Inc. (a)(b) | 336,546 | 3,055,838 | |
DHI Group, Inc. (a) | 262,377 | 598,220 | |
Eventbrite, Inc. (a) | 178,297 | 2,604,919 | |
EverQuote, Inc. Class A (a)(b) | 51,941 | 2,109,843 | |
IAC/InterActiveCorp (a) | 354,730 | 72,343,636 | |
Izea Worldwide, Inc. (a)(b) | 24,439 | 6,000 | |
Liberty TripAdvisor Holdings, Inc. (a) | 366,346 | 1,595,437 | |
Match Group, Inc. (a)(b) | 264,613 | 17,199,845 | |
MeetMe, Inc. (a) | 326,507 | 1,665,186 | |
Pinterest, Inc. Class A | 500,334 | 9,756,513 | |
Professional Diversity Network, Inc. (a)(b)(c) | 5,685 | 5,173 | |
QuinStreet, Inc. (a) | 239,460 | 3,084,245 | |
Snap, Inc. Class A (a) | 3,848,391 | 54,531,700 | |
Travelzoo, Inc. (a) | 31,997 | 261,735 | |
TripAdvisor, Inc. | 510,253 | 11,965,433 | |
TrueCar, Inc. (a) | 492,274 | 1,294,681 | |
Yelp, Inc. (a) | 313,079 | 9,789,980 | |
Zedge, Inc. (a) | 22,584 | 32,792 | |
Zillow Group, Inc.: | |||
Class A (a) | 178,342 | 9,928,299 | |
Class C (a)(b) | 609,744 | 34,029,813 | |
247,283,227 | |||
Media - 2.4% | |||
A.H. Belo Corp. Class A | 71,028 | 177,570 | |
Altice U.S.A., Inc. Class A (a) | 1,509,170 | 39,027,136 | |
AMC Networks, Inc. Class A (a) | 216,289 | 6,704,959 | |
Beasley Broadcast Group, Inc. Class A | 15,847 | 49,284 | |
Boston Omaha Corp. (a)(b) | 50,895 | 990,417 | |
Cable One, Inc. | 24,608 | 38,708,876 | |
Cardlytics, Inc. (a) | 97,494 | 7,740,049 | |
Cbdmd, Inc. (a)(b) | 199,426 | 203,415 | |
Central European Media Enterprises Ltd. Class A (a) | 492,432 | 2,181,474 | |
Clear Channel Outdoor Holdings, Inc. (a)(b) | 1,778,834 | 3,682,186 | |
comScore, Inc. (a) | 245,403 | 858,911 | |
Cumulus Media, Inc. (a) | 80,537 | 970,471 | |
Daily Journal Corp. (a)(b) | 4,533 | 1,133,250 | |
E.W. Scripps Co. Class A | 273,688 | 3,256,887 | |
Emerald Expositions Events, Inc. | 131,779 | 904,004 | |
Emmis Communications Corp. Class A (a) | 29,402 | 106,141 | |
Entercom Communications Corp. Class A | 571,458 | 1,982,959 | |
Entravision Communication Corp. Class A | 291,837 | 586,592 | |
Fluent, Inc. (a) | 183,347 | 427,199 | |
Gray Television, Inc. (a) | 419,128 | 7,929,902 | |
Harte-Hanks, Inc. (a) | 20,159 | 60,074 | |
Hemisphere Media Group, Inc. (a) | 92,913 | 1,173,491 | |
iHeartMedia, Inc. (a)(b) | 285,657 | 4,316,277 | |
Insignia Systems, Inc. (a) | 22,471 | 17,303 | |
John Wiley & Sons, Inc. Class A | 221,420 | 8,234,610 | |
Lee Enterprises, Inc. (a) | 318,371 | 477,557 | |
Liberty Broadband Corp.: | |||
Class A (a) | 115,347 | 14,266,117 | |
Class C (a) | 752,527 | 94,735,624 | |
Liberty Global PLC: | |||
Class A (a) | 753,417 | 14,706,700 | |
Class B (a) | 300 | 6,045 | |
Class C (a) | 2,088,183 | 38,819,322 | |
Liberty Latin America Ltd.: | |||
Class A (a) | 161,607 | 2,448,346 | |
Class C (a) | 628,468 | 9,546,429 | |
Liberty Media Corp.: | |||
Liberty Braves Class A (a) | 52,941 | 1,377,525 | |
Liberty Braves Class C (a) | 180,583 | 4,691,546 | |
Liberty Formula One Group Series C (a) | 999,868 | 39,054,844 | |
Liberty Media Class A (a) | 120,484 | 4,516,945 | |
Liberty SiriusXM Series A (a) | 367,014 | 16,394,515 | |
Liberty SiriusXM Series C (a) | 752,642 | 33,582,886 | |
Loral Space & Communications Ltd. (a)(b) | 63,646 | 1,976,845 | |
Marchex, Inc. Class B (a) | 161,827 | 419,132 | |
MDC Partners, Inc. Class A (a) | 246,611 | 618,994 | |
Mediaco Holding, Inc. (a) | 3,719 | 25,103 | |
Meredith Corp. | 196,165 | 5,168,948 | |
MSG Network, Inc. Class A (a)(b) | 229,121 | 2,896,089 | |
National CineMedia, Inc. | 299,105 | 2,300,117 | |
New Media Investment Group, Inc. | 592,584 | 2,488,853 | |
Nexstar Broadcasting Group, Inc. Class A | 226,298 | 26,019,744 | |
Saga Communications, Inc. Class A | 17,467 | 502,700 | |
Salem Communications Corp. Class A | 38,194 | 46,979 | |
Scholastic Corp. | 152,342 | 4,888,655 | |
Sinclair Broadcast Group, Inc. Class A | 325,029 | 7,543,923 | |
Sirius XM Holdings, Inc. (b) | 6,693,063 | 42,434,019 | |
SPAR Group, Inc. (a) | 143,038 | 163,063 | |
Srax, Inc. (a)(b) | 55,736 | 160,520 | |
Srax, Inc. rights 12/31/20(a)(b)(c) | 34,667 | 6,240 | |
TechTarget, Inc. (a) | 120,996 | 2,798,637 | |
Tegna, Inc. | 1,062,543 | 15,215,616 | |
The New York Times Co. Class A | 706,010 | 26,447,135 | |
Townsquare Media, Inc. | 39,720 | 353,905 | |
Tribune Publishing Co. | 101,876 | 1,168,518 | |
Urban One, Inc. Class D (non-vtg.) (a) | 112,382 | 211,278 | |
WideOpenWest, Inc. (a) | 140,080 | 881,103 | |
Xcel Brands, Inc. (a)(b) | 41,881 | 55,283 | |
550,839,237 | |||
Wireless Telecommunication Services - 0.2% | |||
Boingo Wireless, Inc. (a) | 227,968 | 2,888,355 | |
Gogo, Inc. (a)(b) | 264,954 | 956,484 | |
NII Holdings, Inc. (a)(c) | 489,197 | 1,061,557 | |
Shenandoah Telecommunications Co. | 232,061 | 10,310,470 | |
Spok Holdings, Inc. | 99,718 | 993,191 | |
Sprint Corp. (a) | 3,011,353 | 27,674,334 | |
Telephone & Data Systems, Inc. | 469,187 | 9,449,426 | |
U.S. Cellular Corp. (a) | 78,207 | 2,456,482 | |
55,790,299 | |||
TOTAL COMMUNICATION SERVICES | 1,136,064,775 | ||
CONSUMER DISCRETIONARY - 11.9% | |||
Auto Components - 0.9% | |||
Adient PLC (a) | 431,036 | 10,314,691 | |
American Axle & Manufacturing Holdings, Inc. (a) | 551,039 | 3,488,077 | |
Autoliv, Inc. | 381,842 | 25,480,317 | |
Cooper Tire & Rubber Co. | 251,780 | 6,417,872 | |
Cooper-Standard Holding, Inc. (a) | 81,829 | 1,414,005 | |
Dana, Inc. | 699,583 | 10,060,004 | |
Delphi Technologies PLC (a) | 417,415 | 5,893,900 | |
Dorman Products, Inc. (a) | 143,844 | 8,722,700 | |
Fox Factory Holding Corp. (a) | 190,488 | 12,076,939 | |
Garrett Motion, Inc. (a) | 374,012 | 2,595,643 | |
Gentex Corp. | 1,238,230 | 33,060,741 | |
Gentherm, Inc. (a) | 163,662 | 6,674,136 | |
Horizon Global Corp. (a)(b) | 120,070 | 368,615 | |
LCI Industries | 122,120 | 11,790,686 | |
Lear Corp. | 267,429 | 29,738,105 | |
Modine Manufacturing Co. (a) | 250,078 | 1,865,582 | |
Motorcar Parts of America, Inc. (a)(b) | 93,916 | 1,572,154 | |
Shiloh Industries, Inc. (a) | 59,119 | 204,552 | |
Standard Motor Products, Inc. | 99,564 | 4,380,816 | |
Stoneridge, Inc. (a) | 136,195 | 3,009,910 | |
Strattec Security Corp. | 16,077 | 336,170 | |
Superior Industries International, Inc. | 124,446 | 323,560 | |
Sypris Solutions, Inc. (a) | 33,367 | 30,364 | |
Tenneco, Inc. | 280,096 | 2,568,480 | |
The Goodyear Tire & Rubber Co. | 1,140,894 | 11,049,558 | |
Unique Fabricating, Inc. | 9,426 | 28,702 | |
Veoneer, Inc. (a)(b) | 490,993 | 6,044,124 | |
Visteon Corp. (a)(b) | 136,990 | 8,909,830 | |
Workhorse Group, Inc. (a)(b) | 248,346 | 747,521 | |
XPEL, Inc. (a)(b) | 81,889 | 1,057,187 | |
210,224,941 | |||
Automobiles - 2.1% | |||
Arcimoto, Inc. (a)(b) | 51,439 | 77,673 | |
Tesla, Inc. (a) | 698,765 | 466,767,997 | |
Thor Industries, Inc. (b) | 271,468 | 20,471,402 | |
Winnebago Industries, Inc. | 165,362 | 8,580,634 | |
495,897,706 | |||
Distributors - 0.2% | |||
Core-Mark Holding Co., Inc. | 227,046 | 5,224,328 | |
Educational Development Corp. | 32,392 | 167,143 | |
Funko, Inc. (a)(b) | 87,402 | 708,830 | |
Pool Corp. | 196,107 | 41,370,733 | |
Weyco Group, Inc. | 33,001 | 724,042 | |
48,195,076 | |||
Diversified Consumer Services - 1.1% | |||
Adtalem Global Education, Inc. (a) | 264,541 | 8,166,381 | |
American Public Education, Inc. (a) | 81,554 | 1,815,392 | |
Aspen Group, Inc. (a) | 83,246 | 730,900 | |
Bright Horizons Family Solutions, Inc. (a) | 285,532 | 44,871,354 | |
Career Education Corp. (a) | 359,838 | 5,372,381 | |
Carriage Services, Inc. | 80,618 | 1,705,071 | |
Chegg, Inc. (a)(b) | 564,542 | 22,135,692 | |
Collectors Universe, Inc. | 38,346 | 882,150 | |
DropCar, Inc. (a) | 1,631 | 1,125 | |
Franchise Group, Inc. | 13,901 | 322,503 | |
Frontdoor, Inc. (a) | 416,211 | 17,647,346 | |
Graham Holdings Co. | 21,335 | 10,728,945 | |
Grand Canyon Education, Inc. (a) | 238,439 | 19,237,259 | |
Houghton Mifflin Harcourt Co. (a) | 514,416 | 2,813,856 | |
HyreCar, Inc. (a)(b) | 61,111 | 191,889 | |
K12, Inc. (a) | 191,468 | 3,806,384 | |
Laureate Education, Inc. Class A (a) | 539,366 | 10,086,144 | |
Lincoln Educational Services Corp. (a) | 82,611 | 243,702 | |
OneSpaWorld Holdings Ltd. (b) | 166,392 | 2,033,310 | |
Regis Corp. (a) | 125,533 | 1,601,801 | |
Select Interior Concepts, Inc. (a) | 96,538 | 721,139 | |
Service Corp. International | 896,830 | 42,859,506 | |
ServiceMaster Global Holdings, Inc. (a) | 671,754 | 24,028,641 | |
Strategic Education, Inc. | 108,988 | 16,062,651 | |
Universal Technical Institute, Inc. (a) | 85,915 | 635,771 | |
Weight Watchers International, Inc. (a) | 228,288 | 6,848,640 | |
Xpresspa Group, Inc. (a) | 4,614 | 3,644 | |
Zovio, Inc. (a) | 125,853 | 197,589 | |
245,751,166 | |||
Hotels, Restaurants & Leisure - 2.6% | |||
ARAMARK Holdings Corp. | 1,221,706 | 42,442,066 | |
Ark Restaurants Corp. | 8,300 | 172,225 | |
BBQ Holdings, Inc. (a) | 20,922 | 92,475 | |
BFC Financial Corp. Class A | 322,999 | 1,124,037 | |
Biglari Holdings, Inc. (a) | 449 | 269,400 | |
Biglari Holdings, Inc. (a) | 4,931 | 520,023 | |
BJ's Restaurants, Inc. | 93,313 | 3,074,663 | |
Bloomin' Brands, Inc. | 433,151 | 7,792,386 | |
Bluegreen Vacations Corp. (b) | 41,601 | 322,824 | |
Boyd Gaming Corp. | 394,272 | 10,531,005 | |
Brinker International, Inc. | 183,440 | 6,301,164 | |
Caesars Entertainment Corp. (a) | 2,705,126 | 34,382,151 | |
Carrols Restaurant Group, Inc. (a)(b) | 212,040 | 874,665 | |
Century Casinos, Inc. (a) | 135,738 | 947,451 | |
Chanticleer Holdings, Inc. (a)(b) | 9,043 | 3,525 | |
Choice Hotels International, Inc. (b) | 154,857 | 14,135,347 | |
Churchill Downs, Inc. | 173,755 | 21,830,578 | |
Chuy's Holdings, Inc. (a) | 82,945 | 1,778,341 | |
Cracker Barrel Old Country Store, Inc. | 117,468 | 16,836,688 | |
Dave & Buster's Entertainment, Inc. | 152,911 | 5,047,592 | |
Del Taco Restaurants, Inc. (a) | 178,255 | 1,140,832 | |
Denny's Corp. (a) | 300,830 | 5,237,450 | |
Dine Brands Global, Inc. | 82,159 | 6,724,714 | |
Domino's Pizza, Inc. | 190,045 | 64,512,676 | |
Dover Motorsports, Inc. | 22,265 | 36,737 | |
Drive Shack, Inc. (a)(b) | 295,229 | 844,355 | |
Dunkin' Brands Group, Inc. | 406,433 | 27,035,923 | |
El Pollo Loco Holdings, Inc. (a)(b) | 99,399 | 1,282,247 | |
Eldorado Resorts, Inc. (a)(b) | 319,563 | 16,035,671 | |
Everi Holdings, Inc. (a) | 418,510 | 4,352,504 | |
Extended Stay America, Inc. unit | 893,128 | 9,806,545 | |
Fiesta Restaurant Group, Inc. (a) | 117,958 | 1,139,474 | |
Flanigans Enterprises, Inc. | 1,099 | 22,523 | |
Full House Resorts, Inc. (a) | 108,670 | 312,970 | |
Golden Entertainment, Inc. (a) | 97,885 | 1,593,568 | |
Good Times Restaurants, Inc. (a) | 40,245 | 54,331 | |
Habit Restaurants, Inc. Class A (a) | 104,122 | 1,453,543 | |
Hilton Grand Vacations, Inc. (a) | 416,601 | 11,106,583 | |
Hyatt Hotels Corp. Class A (b) | 175,091 | 13,411,971 | |
Inspired Entertainment, Inc. (a) | 65,633 | 341,292 | |
J. Alexanders Holdings, Inc. (a) | 57,936 | 475,655 | |
Jack in the Box, Inc. | 117,749 | 8,108,196 | |
Kura Sushi U.S.A., Inc. Class A (a) | 15,421 | 286,985 | |
Lindblad Expeditions Holdings (a) | 140,773 | 1,675,199 | |
Luby's, Inc. (a) | 53,936 | 127,289 | |
Marriott Vacations Worldwide Corp. | 182,361 | 17,648,898 | |
Monarch Casino & Resort, Inc. (a) | 59,786 | 2,826,682 | |
Nathan's Famous, Inc. | 14,061 | 836,630 | |
New Canterbury Park Holding Co. | 400 | 4,744 | |
Noodles & Co. (a) | 149,847 | 1,216,758 | |
Papa John's International, Inc. | 107,908 | 6,216,580 | |
Penn National Gaming, Inc. (a)(b) | 534,148 | 15,794,756 | |
Planet Fitness, Inc. (a) | 401,384 | 27,089,406 | |
Playa Hotels & Resorts NV (a) | 281,535 | 1,492,136 | |
PlayAGS, Inc. (a) | 128,219 | 1,242,442 | |
Potbelly Corp. (a) | 129,702 | 648,510 | |
Rave Restaurant Group, Inc. (a) | 27,004 | 33,755 | |
RCI Hospitality Holdings, Inc. | 43,450 | 875,518 | |
Red Lion Hotels Corp. (a) | 142,774 | 366,929 | |
Red Robin Gourmet Burgers, Inc. (a)(b) | 63,919 | 1,757,773 | |
Red Rock Resorts, Inc. | 340,061 | 7,008,657 | |
Ruth's Hospitality Group, Inc. | 138,050 | 2,640,897 | |
Scientific Games Corp. Class A (a)(b) | 266,114 | 4,853,919 | |
SeaWorld Entertainment, Inc. (a) | 197,908 | 5,385,077 | |
Shake Shack, Inc. Class A (a)(b) | 152,671 | 9,074,764 | |
Six Flags Entertainment Corp. | 386,383 | 9,767,762 | |
Target Hospitality Corp. (a) | 161,509 | 755,862 | |
Texas Roadhouse, Inc. Class A | 321,180 | 18,056,740 | |
The Cheesecake Factory, Inc. | 202,196 | 7,204,243 | |
The ONE Group Hospitality, Inc. (a) | 9,510 | 34,712 | |
Town Sports International Holdings, Inc. (a)(b) | 117,611 | 167,008 | |
Twin River Worldwide Holdings, Inc. | 113,965 | 2,963,090 | |
Vail Resorts, Inc. | 197,907 | 42,077,007 | |
Wendy's Co. | 903,035 | 17,049,301 | |
Wingstop, Inc. | 143,459 | 12,115,113 | |
Wyndham Destinations, Inc. | 437,145 | 17,442,086 | |
Wyndham Hotels & Resorts, Inc. | 466,627 | 23,774,646 | |
604,020,240 | |||
Household Durables - 0.9% | |||
Bassett Furniture Industries, Inc. | 44,549 | 439,699 | |
Beazer Homes U.S.A., Inc. (a) | 145,583 | 1,784,848 | |
Cavco Industries, Inc. (a) | 42,643 | 8,601,946 | |
Century Communities, Inc. (a) | 138,559 | 4,618,171 | |
Comstock Holding Companies, Inc. (a)(b) | 5,255 | 9,564 | |
CSS Industries, Inc. | 40,866 | 382,914 | |
Dixie Group, Inc. (a) | 52,063 | 49,460 | |
Emerson Radio Corp. (a) | 23,944 | 19,730 | |
Ethan Allen Interiors, Inc. | 125,271 | 1,653,577 | |
Flexsteel Industries, Inc. | 27,568 | 378,784 | |
GoPro, Inc. Class A (a)(b) | 639,884 | 2,428,360 | |
Green Brick Partners, Inc. (a) | 126,138 | 1,379,950 | |
Hamilton Beach Brands Holding Co. Class A | 31,310 | 363,196 | |
Helen of Troy Ltd. (a) | 124,242 | 20,450,233 | |
Hooker Furniture Corp. | 56,516 | 1,063,066 | |
Hovnanian Enterprises, Inc. Class A (a) | 22,827 | 564,968 | |
Installed Building Products, Inc. (a) | 104,422 | 6,897,073 | |
iRobot Corp. (a)(b) | 139,535 | 6,696,285 | |
KB Home | 419,851 | 13,682,944 | |
Koss Corp. (a) | 1,363 | 1,636 | |
La-Z-Boy, Inc. | 227,132 | 6,507,332 | |
Legacy Housing Corp. (a) | 19,089 | 274,309 | |
LGI Homes, Inc. (a)(b) | 98,973 | 7,457,616 | |
Libbey, Inc. (a)(b) | 110,300 | 158,832 | |
Lifetime Brands, Inc. | 49,035 | 311,863 | |
Live Ventures, Inc. (a) | 13,437 | 72,022 | |
Lovesac (a)(b) | 51,473 | 447,300 | |
M.D.C. Holdings, Inc. | 244,803 | 9,630,550 | |
M/I Homes, Inc. (a) | 142,250 | 5,295,968 | |
Meritage Homes Corp. (a) | 177,853 | 11,286,551 | |
New Home Co. LLC (a) | 59,315 | 291,237 | |
Nova LifeStyle, Inc. (a)(b) | 18,912 | 30,259 | |
Purple Innovation, Inc. (a) | 62,156 | 844,078 | |
Skyline Champion Corp. (a) | 245,327 | 6,250,932 | |
Sonos, Inc. (a)(b) | 317,851 | 3,668,001 | |
Taylor Morrison Home Corp. (a) | 651,931 | 14,681,486 | |
Tempur Sealy International, Inc. (a) | 221,979 | 16,592,930 | |
Toll Brothers, Inc. | 589,774 | 21,839,331 | |
TopBuild Corp. (a) | 169,024 | 17,071,424 | |
TRI Pointe Homes, Inc. (a) | 689,214 | 10,565,651 | |
Tupperware Brands Corp. (b) | 237,842 | 677,850 | |
Turtle Beach Corp. (a)(b) | 65,068 | 430,099 | |
Universal Electronics, Inc. (a) | 68,453 | 2,890,086 | |
VOXX International Corp. (a) | 81,933 | 303,971 | |
Vuzix Corp. (a)(b) | 144,813 | 230,253 | |
Zagg, Inc. (a)(b) | 138,785 | 932,635 | |
210,208,970 | |||
Internet & Direct Marketing Retail - 0.6% | |||
1-800-FLOWERS.com, Inc. Class A (a) | 124,295 | 2,242,282 | |
Blue Apron Holdings, Inc. Class A (a)(b) | 36,001 | 102,963 | |
Chewy, Inc. (b) | 263,936 | 7,812,506 | |
Duluth Holdings, Inc. (a)(b) | 67,388 | 462,282 | |
Etsy, Inc. (a) | 580,991 | 33,587,090 | |
EVINE Live, Inc. (a)(b) | 24,283 | 72,606 | |
Groupon, Inc. (a) | 2,194,905 | 2,941,173 | |
GrubHub, Inc. (a)(b) | 449,571 | 21,628,861 | |
Lands' End, Inc. (a)(b) | 79,744 | 840,502 | |
Leaf Group Ltd. (a) | 70,824 | 186,267 | |
Liberty Interactive Corp. QVC Group Series A (a) | 1,923,743 | 13,119,927 | |
Liquidity Services, Inc. (a) | 125,407 | 491,595 | |
Overstock.com, Inc. (a)(b) | 161,190 | 1,041,287 | |
PetMed Express, Inc. (b) | 97,461 | 2,572,970 | |
Quotient Technology, Inc. (a) | 364,300 | 3,260,485 | |
Remark Holdings, Inc. (a)(b) | 98,931 | 65,037 | |
Revolve Group, Inc. (b) | 75,297 | 1,227,341 | |
RumbleON, Inc. Class B (a)(b) | 47,249 | 16,183 | |
Shutterstock, Inc. | 99,147 | 3,821,125 | |
Stamps.com, Inc. (a) | 80,280 | 11,328,311 | |
Stitch Fix, Inc. (a)(b) | 126,000 | 3,027,780 | |
The RealReal, Inc. (b) | 72,990 | 1,021,130 | |
The Rubicon Project, Inc. (a) | 242,190 | 2,748,857 | |
U.S. Auto Parts Network, Inc. (a) | 61,593 | 145,359 | |
Waitr Holdings, Inc. (a)(b) | 340,435 | 122,352 | |
Wayfair LLC Class A (a)(b) | 322,827 | 20,405,895 | |
134,292,166 | |||
Leisure Products - 0.5% | |||
Acushnet Holdings Corp. | 172,163 | 4,381,548 | |
American Outdoor Brands Corp. (a) | 272,924 | 2,718,323 | |
Brunswick Corp. | 398,421 | 21,195,997 | |
Callaway Golf Co. | 470,872 | 7,995,407 | |
Clarus Corp. | 111,951 | 1,294,154 | |
Escalade, Inc. | 33,390 | 283,481 | |
JAKKS Pacific, Inc. (a)(b) | 84,913 | 59,983 | |
Johnson Outdoors, Inc. Class A | 29,502 | 1,841,220 | |
Malibu Boats, Inc. Class A (a) | 103,294 | 4,538,738 | |
Marine Products Corp. | 37,881 | 476,543 | |
Mattel, Inc. (a)(b) | 1,700,059 | 20,043,696 | |
MCBC Holdings, Inc. (a) | 94,975 | 1,535,746 | |
Nautilus, Inc. (a) | 139,378 | 448,797 | |
Peloton Interactive, Inc. Class A (a)(b) | 198,810 | 5,306,239 | |
Polaris, Inc. | 282,009 | 23,274,203 | |
Sturm, Ruger & Co., Inc. | 85,235 | 4,094,689 | |
Summer Infant, Inc. (a) | 36,722 | 16,525 | |
Vista Outdoor, Inc. (a) | 293,097 | 2,154,263 | |
YETI Holdings, Inc. (a)(b) | 149,491 | 4,522,103 | |
106,181,655 | |||
Multiline Retail - 0.1% | |||
Big Lots, Inc. | 192,816 | 3,048,421 | |
Dillard's, Inc. Class A | 50,160 | 2,823,506 | |
JC Penney Corp., Inc. (a)(b) | 1,492,223 | 1,029,634 | |
Ollie's Bargain Outlet Holdings, Inc. (a)(b) | 271,193 | 13,795,588 | |
Tuesday Morning Corp. (a)(b) | 239,030 | 394,400 | |
21,091,549 | |||
Specialty Retail - 1.8% | |||
Aaron's, Inc. Class A | 328,661 | 12,926,237 | |
Abercrombie & Fitch Co. Class A | 304,270 | 3,995,065 | |
America's Car Mart, Inc. (a) | 31,068 | 3,192,858 | |
American Eagle Outfitters, Inc. | 781,582 | 10,066,776 | |
Asbury Automotive Group, Inc. (a) | 95,384 | 8,454,838 | |
Ascena Retail Group, Inc. (a)(b) | 41,561 | 157,932 | |
At Home Group, Inc. (a)(b) | 246,006 | 1,230,030 | |
AutoNation, Inc. (a) | 288,835 | 12,341,920 | |
Barnes & Noble Education, Inc. (a) | 185,417 | 613,730 | |
Bed Bath & Beyond, Inc. (b) | 618,114 | 6,681,812 | |
Big 5 Sporting Goods Corp. | 96,400 | 214,972 | |
Blink Charging Co. (a)(b) | 48,416 | 109,904 | |
Boot Barn Holdings, Inc. (a) | 141,566 | 4,341,829 | |
Build-A-Bear Workshop, Inc. (a) | 60,976 | 232,319 | |
Burlington Stores, Inc. (a) | 323,826 | 70,030,611 | |
Caleres, Inc. | 202,458 | 2,334,341 | |
Camping World Holdings, Inc. | 163,880 | 2,241,878 | |
Carvana Co. Class A (a)(b) | 247,368 | 20,509,281 | |
Chico's FAS, Inc. | 597,745 | 2,396,957 | |
Citi Trends, Inc. | 61,123 | 1,208,402 | |
Conn's, Inc. (a)(b) | 94,253 | 768,162 | |
Destination XL Group, Inc. (a) | 161,954 | 129,563 | |
DGSE Companies, Inc. (a)(b) | 6,800 | 18,088 | |
Dick's Sporting Goods, Inc. | 308,245 | 11,223,200 | |
DSW, Inc. Class A | 275,013 | 3,715,426 | |
Express, Inc. (a) | 350,263 | 1,295,973 | |
Five Below, Inc. (a) | 273,377 | 26,503,900 | |
Floor & Decor Holdings, Inc. Class A (a) | 342,199 | 17,469,259 | |
Foot Locker, Inc. | 522,788 | 18,951,065 | |
Francesca's Holdings Corp. (a)(b) | 13,421 | 86,968 | |
GameStop Corp. Class A (b) | 321,410 | 1,157,076 | |
Genesco, Inc. (a) | 70,688 | 2,432,374 | |
GNC Holdings, Inc. Class A (a)(b) | 432,168 | 726,042 | |
Group 1 Automotive, Inc. | 85,779 | 7,310,944 | |
Guess?, Inc. | 206,351 | 3,342,886 | |
Haverty Furniture Companies, Inc. | 95,087 | 1,599,363 | |
Hibbett Sports, Inc. (a)(b) | 88,809 | 1,733,552 | |
J.Jill, Inc. (b) | 69,488 | 59,065 | |
Kirkland's, Inc. (a)(b) | 81,142 | 95,748 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 111,001 | 13,226,879 | |
Lumber Liquidators Holdings, Inc. (a)(b) | 141,437 | 1,386,083 | |
MarineMax, Inc. (a) | 107,310 | 1,816,758 | |
Michaels Companies, Inc. (a)(b) | 367,524 | 1,576,678 | |
Monro, Inc. | 162,579 | 9,123,933 | |
Murphy U.S.A., Inc. (a) | 141,492 | 13,795,470 | |
National Vision Holdings, Inc. (a) | 386,187 | 13,447,031 | |
Office Depot, Inc. | 2,699,460 | 6,343,731 | |
Party City Holdco, Inc. (a)(b) | 269,502 | 536,309 | |
Penske Automotive Group, Inc. | 166,431 | 7,659,155 | |
Rent-A-Center, Inc. | 244,070 | 5,196,250 | |
RH (a) | 80,108 | 14,531,591 | |
RTW Retailwinds, Inc. (a) | 121,608 | 34,062 | |
Sally Beauty Holdings, Inc. (a)(b) | 573,986 | 7,140,386 | |
Shoe Carnival, Inc. (b) | 42,883 | 1,282,631 | |
Signet Jewelers Ltd. | 256,293 | 5,976,753 | |
Sleep Number Corp. (a) | 139,007 | 6,123,258 | |
Sonic Automotive, Inc. Class A (sub. vtg.) | 119,064 | 3,333,792 | |
Sportsman's Warehouse Holdings, Inc. (a) | 192,272 | 1,153,632 | |
Stage Stores, Inc. (a)(b) | 92,328 | 53,550 | |
Stein Mart, Inc. (a) | 118,280 | 104,382 | |
Tailored Brands, Inc. (b) | 241,171 | 788,629 | |
Tandy Leather Factory, Inc. (a) | 3,417 | 16,914 | |
The Buckle, Inc. (b) | 138,703 | 3,138,849 | |
The Cato Corp. Class A (sub. vtg.) | 113,369 | 1,833,177 | |
The Children's Place Retail Stores, Inc. (b) | 77,242 | 4,449,139 | |
The Container Store Group, Inc. (a)(b) | 73,884 | 279,282 | |
Tilly's, Inc. | 126,614 | 822,991 | |
Trans World Entertainment Corp. (a)(b) | 1,429 | 5,716 | |
TravelCenters of America LLC (a) | 34,858 | 421,433 | |
Urban Outfitters, Inc. (a) | 342,687 | 8,056,571 | |
Williams-Sonoma, Inc. | 381,675 | 23,812,703 | |
Winmark Corp. | 11,508 | 2,301,600 | |
Zumiez, Inc. (a) | 100,041 | 2,654,088 | |
424,323,752 | |||
Textiles, Apparel & Luxury Goods - 1.1% | |||
Carter's, Inc. | 216,956 | 19,844,965 | |
Centric Brands, Inc. (a)(b) | 60,189 | 122,184 | |
Charles & Colvard Ltd. (a)(b) | 56,754 | 48,803 | |
Cherokee, Inc. (a) | 16,787 | 9,569 | |
Columbia Sportswear Co. | 143,154 | 11,638,420 | |
Crocs, Inc. (a) | 337,358 | 8,828,659 | |
Crown Crafts, Inc. | 3,686 | 22,485 | |
Culp, Inc. | 47,215 | 430,601 | |
Deckers Outdoor Corp. (a) | 137,434 | 23,886,029 | |
Delta Apparel, Inc. (a) | 28,383 | 560,848 | |
Forward Industries, Inc. (NY Shares) (a)(b) | 18,474 | 18,474 | |
Fossil Group, Inc. (a) | 227,920 | 1,046,153 | |
G-III Apparel Group Ltd. (a) | 207,221 | 4,633,462 | |
Iconix Brand Group, Inc. (a)(b) | 26,935 | 30,975 | |
Kontoor Brands, Inc. | 228,495 | 7,709,421 | |
Lakeland Industries, Inc. (a)(b) | 35,718 | 754,007 | |
Levi Strauss & Co. Class A (b) | 212,750 | 3,614,623 | |
lululemon athletica, Inc. (a) | 586,621 | 127,537,272 | |
Movado Group, Inc. | 84,900 | 1,248,030 | |
Oxford Industries, Inc. | 83,900 | 5,066,721 | |
Rocky Brands, Inc. | 33,823 | 823,590 | |
Sequential Brands Group, Inc. (a)(b) | 181,557 | 43,574 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 656,554 | 21,718,806 | |
Steven Madden Ltd. | 375,881 | 12,291,309 | |
Superior Group of Companies, Inc. | 31,084 | 373,630 | |
Unifi, Inc. (a) | 78,142 | 1,669,895 | |
Vera Bradley, Inc. (a) | 116,716 | 964,074 | |
Vince Holding Corp. (a) | 16,911 | 182,639 | |
Wolverine World Wide, Inc. | 396,965 | 10,436,210 | |
265,555,428 | |||
TOTAL CONSUMER DISCRETIONARY | 2,765,742,649 | ||
CONSUMER STAPLES - 2.6% | |||
Beverages - 0.3% | |||
Alkaline Water Co., Inc. (a)(b) | 223,735 | 203,599 | |
Boston Beer Co., Inc. Class A (a) | 45,320 | 16,804,203 | |
Celsius Holdings, Inc. (a)(b) | 148,733 | 879,012 | |
Coca-Cola Bottling Co. Consolidated | 22,820 | 4,481,392 | |
Craft Brew Alliance, Inc. (a) | 59,681 | 949,525 | |
Eastside Distilling, Inc. (a)(b) | 8,987 | 26,871 | |
Keurig Dr. Pepper, Inc. | 1,310,968 | 36,549,788 | |
MGP Ingredients, Inc. | 64,598 | 1,857,838 | |
National Beverage Corp. (b) | 58,967 | 2,493,714 | |
New Age Beverages Corp. (a)(b) | 402,744 | 813,543 | |
Primo Water Corp. (a) | 168,129 | 2,353,806 | |
REED'S, Inc. (a)(b) | 112,734 | 91,653 | |
67,504,944 | |||
Food & Staples Retailing - 0.6% | |||
Andersons, Inc. | 160,982 | 2,957,239 | |
BJ's Wholesale Club Holdings, Inc. (a) | 609,042 | 11,730,149 | |
Casey's General Stores, Inc. | 180,432 | 29,414,025 | |
Chefs' Warehouse Holdings (a) | 126,316 | 3,867,796 | |
Grocery Outlet Holding Corp. (b) | 231,425 | 7,324,601 | |
HF Foods Group, Inc. (a)(b) | 160,448 | 2,873,624 | |
iFresh, Inc. (a) | 19,708 | 7,528 | |
Ingles Markets, Inc. Class A | 73,183 | 2,617,756 | |
Natural Grocers by Vitamin Cottage, Inc. | 42,028 | 289,993 | |
Performance Food Group Co. (a) | 575,080 | 24,383,392 | |
PriceSmart, Inc. | 108,745 | 6,056,009 | |
Rite Aid Corp. (a)(b) | 267,353 | 3,641,348 | |
SpartanNash Co. | 185,417 | 2,304,733 | |
Sprouts Farmers Market LLC (a) | 590,118 | 9,430,086 | |
U.S. Foods Holding Corp. (a) | 1,077,101 | 36,233,678 | |
United Natural Foods, Inc. (a)(b) | 257,331 | 1,664,932 | |
Village Super Market, Inc. Class A (b) | 37,465 | 769,906 | |
Weis Markets, Inc. | 83,451 | 3,108,550 | |
148,675,345 | |||
Food Products - 1.2% | |||
Alico, Inc. | 17,841 | 581,081 | |
Arcadia Biosciences, Inc. (a)(b) | 30,854 | 127,118 | |
B&G Foods, Inc. Class A (b) | 320,282 | 4,740,174 | |
Beyond Meat, Inc. (b) | 51,380 | 4,606,217 | |
Bridgford Foods Corp. (a) | 700 | 12,236 | |
Bunge Ltd. | 694,634 | 32,613,066 | |
Cal-Maine Foods, Inc. (b) | 148,600 | 5,184,654 | |
Calavo Growers, Inc. (b) | 81,559 | 5,908,950 | |
Coffee Holding Co., Inc. (a) | 29,362 | 114,512 | |
Darling International, Inc. (a) | 802,569 | 20,626,023 | |
Farmer Brothers Co. (a) | 70,663 | 872,688 | |
Flowers Foods, Inc. | 948,106 | 20,412,722 | |
Fresh Del Monte Produce, Inc. | 149,407 | 4,096,740 | |
Freshpet, Inc. (a) | 153,144 | 10,177,950 | |
Hostess Brands, Inc. Class A (a) | 607,029 | 7,715,339 | |
Ingredion, Inc. | 326,431 | 27,191,702 | |
J&J Snack Foods Corp. | 74,676 | 12,009,394 | |
John B. Sanfilippo & Son, Inc. | 43,280 | 3,037,823 | |
Lancaster Colony Corp. | 97,842 | 14,133,277 | |
Landec Corp. (a) | 144,548 | 1,483,062 | |
Lifeway Foods, Inc. (a) | 26,937 | 55,221 | |
Limoneira Co. | 73,576 | 1,228,719 | |
Pilgrim's Pride Corp. (a) | 261,218 | 5,527,373 | |
Post Holdings, Inc. (a) | 323,486 | 32,756,192 | |
RiceBran Technologies (a)(b) | 102,744 | 119,183 | |
Rocky Mountain Chocolate Factory, Inc. | 4,045 | 30,985 | |
S&W Seed Co. (a) | 104,872 | 303,080 | |
Sanderson Farms, Inc. | 97,090 | 11,996,440 | |
Seaboard Corp. | 1,283 | 4,381,445 | |
Seneca Foods Corp. Class A (a) | 38,502 | 1,336,789 | |
The Hain Celestial Group, Inc. (a)(b) | 399,060 | 9,469,694 | |
The Simply Good Foods Co. (a) | 408,436 | 9,010,098 | |
Tootsie Roll Industries, Inc. | 84,786 | 2,719,935 | |
TreeHouse Foods, Inc. (a) | 274,785 | 10,472,056 | |
265,051,938 | |||
Household Products - 0.2% | |||
Central Garden & Pet Co. (a) | 7,062 | 189,120 | |
Central Garden & Pet Co. Class A (non-vtg.) (a) | 242,011 | 6,125,298 | |
Energizer Holdings, Inc. (b) | 315,458 | 13,561,539 | |
Ocean Bio-Chem, Inc. | 25,804 | 129,020 | |
Oil-Dri Corp. of America | 22,658 | 689,483 | |
Spectrum Brands Holdings, Inc. | 214,019 | 11,533,484 | |
WD-40 Co. | 66,160 | 11,411,938 | |
43,639,882 | |||
Personal Products - 0.2% | |||
BellRing Brands, Inc. Class A (a) | 198,560 | 3,901,704 | |
Cyanotech Corp. (a) | 3,737 | 9,567 | |
Edgewell Personal Care Co. (a) | 263,036 | 7,985,773 | |
elf Beauty, Inc. (a) | 132,214 | 2,110,135 | |
Guardion Health Sciences, Inc. | 272,364 | 115,510 | |
Herbalife Nutrition Ltd. (a) | 453,243 | 14,666,943 | |
Inter Parfums, Inc. | 87,002 | 5,225,340 | |
LifeVantage Corp. (a)(b) | 62,133 | 740,004 | |
Mannatech, Inc. | 4,435 | 68,743 | |
MediFast, Inc. | 56,678 | 4,710,509 | |
MYOS Corp. (a)(b) | 833 | 975 | |
Natural Alternatives International, Inc. (a) | 19,731 | 142,063 | |
Natural Health Trends Corp. | 34,344 | 121,578 | |
Nature's Sunshine Products, Inc. (a) | 31,350 | 257,070 | |
Nu Skin Enterprises, Inc. Class A | 269,097 | 6,598,258 | |
Reliv International, Inc. (a)(b) | 1,499 | 5,157 | |
Revlon, Inc. (a)(b) | 36,264 | 627,730 | |
United-Guardian, Inc. | 6,104 | 89,729 | |
USANA Health Sciences, Inc. (a) | 62,823 | 4,152,600 | |
Veru, Inc. (a) | 209,801 | 866,478 | |
Youngevity International, Inc. (a)(b) | 35,729 | 39,302 | |
52,435,168 | |||
Tobacco - 0.1% | |||
22nd Century Group, Inc. (a)(b) | 581,840 | 430,562 | |
Pyxus International, Inc. (a)(b) | 38,644 | 148,779 | |
Turning Point Brands, Inc. | 44,114 | 1,153,581 | |
Universal Corp. | 124,626 | 6,150,293 | |
Vector Group Ltd. | 561,027 | 6,519,134 | |
14,402,349 | |||
TOTAL CONSUMER STAPLES | 591,709,626 | ||
ENERGY - 1.8% | |||
Energy Equipment & Services - 0.4% | |||
Apergy Corp. (a) | 375,938 | 6,992,447 | |
Archrock, Inc. | 647,118 | 4,562,182 | |
Aspen Aerogels, Inc. (a) | 92,499 | 735,367 | |
Cactus, Inc. | 230,775 | 6,302,465 | |
Core Laboratories NV (b) | 217,152 | 5,828,360 | |
COVIA Corp. (a) | 145,251 | 223,687 | |
Dawson Geophysical Co. (a) | 86,896 | 168,578 | |
Diamond Offshore Drilling, Inc. (a)(b) | 310,439 | 946,839 | |
DMC Global, Inc. (b) | 72,085 | 2,599,385 | |
Dril-Quip, Inc. (a) | 176,084 | 6,272,112 | |
ENGlobal Corp. (a) | 48,611 | 49,097 | |
Enservco Corp. (a)(b) | 76,307 | 10,637 | |
Era Group, Inc. (a) | 97,885 | 959,273 | |
Exterran Corp. (a) | 155,518 | 793,142 | |
Forum Energy Technologies, Inc. (a) | 400,780 | 312,608 | |
Frank's International NV (a) | 478,583 | 1,876,045 | |
FTS International, Inc. (a) | 173,534 | 160,519 | |
Geospace Technologies Corp. (a) | 68,128 | 840,018 | |
Gulf Island Fabrication, Inc. (a) | 50,167 | 223,243 | |
Helix Energy Solutions Group, Inc. (a) | 685,737 | 4,601,295 | |
Hi-Crush, Inc. (a)(b) | 400,808 | 240,485 | |
Independence Contract Drilling, Inc. (a) | 162,917 | 64,385 | |
ION Geophysical Corp. (a) | 52,303 | 184,107 | |
KLX Energy Services Holdings, Inc. (a) | 118,053 | 285,688 | |
Liberty Oilfield Services, Inc. Class A | 280,045 | 1,873,501 | |
Mammoth Energy Services, Inc. (b) | 62,666 | 68,306 | |
Matrix Service Co. (a) | 134,805 | 1,628,444 | |
Mitcham Industries, Inc. (a)(b) | 40,167 | 106,443 | |
Nabors Industries Ltd. | 1,661,926 | 2,924,990 | |
Natural Gas Services Group, Inc. (a) | 51,774 | 511,527 | |
NCS Multistage Holdings, Inc. (a) | 58,361 | 63,613 | |
Newpark Resources, Inc. (a) | 470,680 | 1,652,087 | |
Nextier Oilfield Solutions, Inc. (a) | 764,271 | 3,561,503 | |
Nine Energy Service, Inc. (a)(b) | 75,998 | 308,552 | |
Noble Corp. (a)(b) | 1,310,750 | 919,098 | |
Oceaneering International, Inc. (a) | 483,682 | 5,098,008 | |
Oil States International, Inc. (a) | 301,433 | 2,384,335 | |
Patterson-UTI Energy, Inc. | 974,382 | 5,583,209 | |
Profire Energy, Inc. (a) | 143,347 | 170,583 | |
ProPetro Holding Corp. (a) | 398,218 | 3,488,390 | |
Quintana Energy Services, Inc. (a)(b) | 65,953 | 147,075 | |
Ranger Energy Services, Inc. Class A (a) | 20,663 | 142,161 | |
RigNet, Inc. (a) | 57,824 | 203,540 | |
RPC, Inc. (b) | 275,755 | 948,597 | |
SAExploration Holdings, Inc. (a) | 22,051 | 43,881 | |
SAExploration Holdings, Inc.: | |||
Series A warrants 7/27/21 (a)(d) | 42 | 0 | |
Series B warrants 7/27/21 (a)(d) | 42 | 0 | |
SEACOR Holdings, Inc. (a) | 88,695 | 3,308,324 | |
SEACOR Marine Holdings, Inc. (a) | 91,533 | 727,687 | |
Select Energy Services, Inc. Class A (a) | 319,356 | 2,075,814 | |
Smart Sand, Inc. (a)(b) | 100,045 | 163,073 | |
Solaris Oilfield Infrastructure, Inc. Class A | 153,664 | 1,628,838 | |
Superior Drilling Products, Inc. (a)(b) | 61,142 | 37,272 | |
Synthesis Energy Systems, Inc. (a) | 3,789 | 13,148 | |
TETRA Technologies, Inc. (a) | 568,895 | 716,808 | |
Tidewater, Inc. (a) | 193,127 | 2,682,534 | |
Transocean Ltd. (United States) (a)(b) | 2,842,473 | 9,522,285 | |
U.S. Silica Holdings, Inc. | 353,358 | 1,621,913 | |
U.S. Well Services, Inc. (a) | 48,154 | 50,562 | |
Valaris PLC Class A (b) | 995,310 | 3,672,694 | |
103,280,759 | |||
Oil, Gas & Consumable Fuels - 1.4% | |||
Abraxas Petroleum Corp. (a) | 751,149 | 142,718 | |
Adams Resources & Energy, Inc. | 9,725 | 295,105 | |
Aemetis, Inc. (a) | 43,473 | 32,605 | |
Altus Midstream Co. (a)(b) | 292,685 | 427,320 | |
Amplify Energy Corp. New | 113,995 | 476,499 | |
Antero Midstream GP LP (b) | 1,469,300 | 6,406,148 | |
Antero Resources Corp. (a)(b) | 1,037,067 | 1,659,307 | |
Arch Coal, Inc. | 74,716 | 3,761,951 | |
Barnwell Industries, Inc. (a) | 11,088 | 6,543 | |
Berry Petroleum Corp. | 195,333 | 1,244,271 | |
Bonanza Creek Energy, Inc. (a) | 88,263 | 1,437,804 | |
Brigham Minerals, Inc. Class A | 129,162 | 2,060,134 | |
California Resources Corp. (a)(b) | 242,792 | 1,541,729 | |
Callon Petroleum Co. (a)(b) | 1,906,825 | 4,328,493 | |
Centennial Resource Development, Inc. Class A (a) | 979,757 | 2,322,024 | |
Centrus Energy Corp. Class A (a) | 21,753 | 173,589 | |
Chaparral Energy, Inc. Class A (a) | 163,943 | 87,857 | |
Cheniere Energy, Inc. (a) | 1,132,452 | 58,083,463 | |
Chesapeake Energy Corp. (a)(b) | 5,617,283 | 1,544,753 | |
Clean Energy Fuels Corp. (a) | 704,912 | 1,593,101 | |
CNX Resources Corp. (a) | 910,702 | 4,835,828 | |
Comstock Resources, Inc. (a)(b) | 83,000 | 497,170 | |
CONSOL Energy, Inc. (a)(b) | 124,617 | 709,071 | |
Contango Oil & Gas Co. (a)(b) | 386,658 | 1,268,238 | |
Continental Resources, Inc. | 420,407 | 7,966,713 | |
Contura Energy, Inc. (a) | 85,195 | 484,760 | |
CVR Energy, Inc. | 145,524 | 4,135,792 | |
Delek U.S. Holdings, Inc. | 360,311 | 7,703,449 | |
Denbury Resources, Inc. (a)(b) | 2,502,714 | 1,883,042 | |
Diamond S Shipping, Inc. (a) | 105,500 | 1,086,650 | |
Dorian LPG Ltd. (a) | 145,283 | 1,615,547 | |
Earthstone Energy, Inc. (a)(b) | 106,067 | 408,358 | |
EQT Corp. | 1,244,201 | 7,303,460 | |
Equitrans Midstream Corp. (b) | 998,890 | 7,052,163 | |
Evolution Petroleum Corp. | 142,653 | 671,896 | |
Extraction Oil & Gas, Inc. (a)(b) | 357,728 | 246,296 | |
Falcon Minerals Corp. | 182,062 | 727,338 | |
Gevo, Inc. (a)(b) | 58,507 | 85,420 | |
Goodrich Petroleum Corp. (a) | 27,152 | 144,720 | |
Green Plains, Inc. | 172,794 | 2,071,800 | |
Gulfport Energy Corp. (a) | 704,078 | 577,062 | |
Hallador Energy Co. | 76,925 | 99,233 | |
Highpoint Resources, Inc. (a)(b) | 576,924 | 392,712 | |
Houston American Energy Corp. (a)(b) | 96,963 | 14,157 | |
International Seaways, Inc. | 124,330 | 2,472,924 | |
Kosmos Energy Ltd. | 1,784,506 | 5,442,743 | |
Laredo Petroleum, Inc. (a) | 878,274 | 948,536 | |
Lilis Energy, Inc. (a)(b) | 196,083 | 52,884 | |
Lonestar Resources U.S., Inc. (a) | 94,981 | 131,074 | |
Magnolia Oil & Gas Corp. Class A (a)(b) | 494,860 | 3,716,399 | |
Matador Resources Co. (a)(b) | 544,021 | 5,244,362 | |
Mexco Energy Corp. (a)(b) | 2,080 | 7,051 | |
Montage Resources Corp. (a) | 107,612 | 375,566 | |
Murphy Oil Corp. | 735,999 | 13,873,581 | |
NACCO Industries, Inc. Class A | 20,158 | 830,913 | |
Nextdecade Corp. (a) | 57,546 | 220,401 | |
Northern Oil & Gas, Inc. (a) | 1,082,100 | 1,569,045 | |
Oasis Petroleum, Inc. (a) | 1,445,308 | 2,363,079 | |
Overseas Shipholding Group, Inc. (a) | 296,920 | 510,702 | |
Pacific Ethanol, Inc. (a) | 223,039 | 98,137 | |
Panhandle Royalty Co. Class A | 84,554 | 562,284 | |
Par Pacific Holdings, Inc. (a) | 186,083 | 3,087,117 | |
Parsley Energy, Inc. Class A | 1,513,250 | 20,277,550 | |
PBF Energy, Inc. Class A | 499,537 | 11,184,633 | |
PDC Energy, Inc. (a) | 479,280 | 9,120,698 | |
Peabody Energy Corp. | 347,440 | 2,029,050 | |
Pedevco Corp. (a)(b) | 6,070 | 6,131 | |
Penn Virginia Corp. (a) | 67,227 | 1,068,909 | |
PrimeEnergy Corp. (a) | 4,183 | 547,973 | |
QEP Resources, Inc. | 1,151,745 | 2,591,426 | |
Range Resources Corp. (b) | 1,007,916 | 2,791,927 | |
Renewable Energy Group, Inc. (a)(b) | 190,399 | 5,036,054 | |
Rex American Resources Corp. (a) | 29,772 | 2,084,338 | |
Ring Energy, Inc. (a)(b) | 300,992 | 424,399 | |
Rosehill Resources, Inc. (a) | 42,623 | 32,909 | |
SandRidge Energy, Inc. (a) | 160,445 | 330,517 | |
SilverBow Resources, Inc. (a) | 25,559 | 71,821 | |
SM Energy Co. | 523,067 | 3,436,550 | |
Southwestern Energy Co. (a)(b) | 2,692,747 | 3,823,701 | |
Talos Energy, Inc. (a) | 99,929 | 1,418,992 | |
Targa Resources Corp. | 1,144,080 | 37,068,192 | |
Tellurian, Inc. (a)(b) | 462,521 | 832,538 | |
Tengasco, Inc. (a) | 71,660 | 45,146 | |
Torchlight Energy Resources, Inc. (a)(b) | 215,751 | 144,402 | |
TransAtlantic Petroleum Ltd. (a) | 78,088 | 24,988 | |
U.S. Energy Corp. (a) | 1,627 | 6,427 | |
Unit Corp. (a)(b) | 288,486 | 101,028 | |
Uranium Energy Corp. (a)(b) | 917,347 | 550,500 | |
VAALCO Energy, Inc. (a) | 270,263 | 540,526 | |
Vertex Energy, Inc. (a)(b) | 53,517 | 57,263 | |
W&T Offshore, Inc. (a) | 443,687 | 1,153,586 | |
Westwater Resources, Inc. (a)(b) | 2,980 | 5,304 | |
Whiting Petroleum Corp. (a)(b) | 436,200 | 806,970 | |
World Fuel Services Corp. | 318,983 | 9,020,839 | |
WPX Energy, Inc. (a) | 2,050,055 | 19,127,013 | |
Yuma Energy, Inc. (a)(b) | 348 | 905 | |
Zion Oil & Gas, Inc. (a)(b) | 592,002 | 112,362 | |
316,988,654 | |||
TOTAL ENERGY | 420,269,413 | ||
FINANCIALS - 17.1% | |||
Banks - 5.8% | |||
1st Constitution Bancorp | 41,322 | 757,019 | |
1st Source Corp. | 77,129 | 3,243,274 | |
ACNB Corp. | 42,632 | 1,299,423 | |
Allegiance Bancshares, Inc. | 98,492 | 3,266,980 | |
Amalgamated Bank | 71,958 | 1,152,048 | |
American National Bankshares, Inc. | 49,866 | 1,540,361 | |
American River Bankshares | 17,301 | 249,134 | |
Ameris Bancorp | 327,183 | 11,183,115 | |
AmeriServ Financial, Inc. | 14,455 | 58,254 | |
Ames National Corp. | 27,600 | 714,012 | |
Arrow Financial Corp. | 70,544 | 2,234,128 | |
Associated Banc-Corp. | 776,762 | 13,150,581 | |
Atlantic Capital Bancshares, Inc. (a) | 113,347 | 2,054,981 | |
Auburn National Bancorp., Inc. | 5,397 | 300,883 | |
Banc of California, Inc. | 221,521 | 3,395,917 | |
BancFirst Corp. | 93,420 | 4,792,446 | |
Bancorp, Inc., Delaware (a) | 250,470 | 3,048,220 | |
BancorpSouth Bank | 486,433 | 11,903,016 | |
Bank First National Corp. | 27,027 | 1,599,998 | |
Bank of Commerce Holdings | 96,497 | 1,008,876 | |
Bank of Hawaii Corp. | 198,240 | 14,753,021 | |
Bank of Marin Bancorp | 60,556 | 2,309,000 | |
Bank of South Carolina Corp. | 11,284 | 194,649 | |
Bank of the James Financial Group, Inc. | 200 | 2,754 | |
Bank OZK | 594,643 | 15,097,986 | |
Bank7 Corp. | 254 | 4,547 | |
BankFinancial Corp. | 79,534 | 901,916 | |
BankUnited, Inc. | 465,374 | 13,821,608 | |
Bankwell Financial Group, Inc. | 40,214 | 1,144,893 | |
Banner Corp. | 181,209 | 8,270,379 | |
Bar Harbor Bankshares | 71,268 | 1,455,293 | |
BayCom Corp. (a) | 58,769 | 1,252,367 | |
BCB Bancorp, Inc. | 68,793 | 780,113 | |
Berkshire Hills Bancorp, Inc. | 217,909 | 5,319,159 | |
BOK Financial Corp. | 158,992 | 11,511,021 | |
Boston Private Financial Holdings, Inc. | 418,800 | 4,085,394 | |
Bridge Bancorp, Inc. | 89,540 | 2,464,141 | |
Brookline Bancorp, Inc., Delaware | 395,723 | 5,488,678 | |
Bryn Mawr Bank Corp. | 98,500 | 3,274,140 | |
Business First Bancshares, Inc. | 67,317 | 1,620,320 | |
Byline Bancorp, Inc. | 124,884 | 2,185,470 | |
C & F Financial Corp. | 12,095 | 550,323 | |
Cadence Bancorp Class A | 619,511 | 8,747,495 | |
Cambridge Bancorp | 26,368 | 1,805,417 | |
Camden National Corp. | 76,877 | 3,152,726 | |
Capital City Bank Group, Inc. | 61,468 | 1,638,122 | |
Capstar Financial Holdings, Inc. | 64,046 | 860,778 | |
Carolina Financial Corp. | 121,490 | 3,936,276 | |
Carter Bank & Trust | 113,445 | 1,917,221 | |
Cathay General Bancorp | 373,160 | 11,485,865 | |
CB Financial Services, Inc. | 33,968 | 995,602 | |
CBTX, Inc. | 92,471 | 2,307,151 | |
Centerstate Banks of Florida, Inc. | 615,886 | 12,459,374 | |
Central Pacific Financial Corp. | 143,053 | 3,421,828 | |
Central Valley Community Bancorp | 60,316 | 1,037,435 | |
Century Bancorp, Inc. Class A (non-vtg.) | 13,718 | 991,811 | |
Chemung Financial Corp. | 14,522 | 521,340 | |
CIT Group, Inc. | 463,598 | 18,409,477 | |
Citizens & Northern Corp. | 64,037 | 1,453,000 | |
Citizens Community Bancorp, Inc. | 15,344 | 178,297 | |
Citizens Holding Co. | 17,309 | 362,450 | |
City Holding Co. | 82,030 | 5,735,538 | |
Civista Bancshares, Inc. | 68,216 | 1,305,654 | |
CNB Financial Corp., Pennsylvania | 70,185 | 1,759,538 | |
Coastal Financial Corp. of Washington (a) | 36,180 | 592,990 | |
Codorus Valley Bancorp, Inc. | 37,804 | 778,762 | |
Colony Bankcorp, Inc. | 11,155 | 165,875 | |
Columbia Banking Systems, Inc. | 359,812 | 11,945,758 | |
Commerce Bancshares, Inc. | 506,140 | 30,894,786 | |
Community Bank System, Inc. | 255,674 | 15,547,536 | |
Community Bankers Trust Corp. | 168,702 | 1,378,295 | |
Community Financial Corp. | 23,730 | 753,190 | |
Community Trust Bancorp, Inc. | 85,097 | 3,291,552 | |
Community West Bancshares | 400 | 4,418 | |
ConnectOne Bancorp, Inc. | 167,295 | 3,514,868 | |
County Bancorp, Inc. | 24,663 | 607,696 | |
CrossFirst Bankshares, Inc. (a)(b) | 38,343 | 508,045 | |
Cullen/Frost Bankers, Inc. | 278,779 | 21,853,486 | |
Customers Bancorp, Inc. (a) | 147,026 | 2,983,158 | |
CVB Financial Corp. | 655,404 | 12,151,190 | |
Eagle Bancorp Montana, Inc. | 27,441 | 532,355 | |
Eagle Bancorp, Inc. | 167,818 | 6,279,750 | |
East West Bancorp, Inc. | 708,303 | 27,439,658 | |
Emclaire Financial Corp. | 100 | 2,960 | |
Enterprise Bancorp, Inc. | 36,527 | 1,003,397 | |
Enterprise Financial Services Corp. | 129,631 | 4,960,978 | |
Equity Bancshares, Inc. (a) | 71,250 | 1,865,325 | |
Esquire Financial Holdings, Inc. (a) | 19,033 | 436,046 | |
Evans Bancorp, Inc. | 16,919 | 664,409 | |
Farmers & Merchants Bancorp, Inc. | 48,925 | 1,301,405 | |
Farmers National Banc Corp. | 139,671 | 2,099,255 | |
FB Financial Corp. | 92,112 | 3,000,088 | |
Fidelity D & D Bancorp, Inc. (b) | 16,387 | 807,879 | |
Financial Institutions, Inc. | 88,335 | 2,377,095 | |
First Bancorp, North Carolina | 150,261 | 4,823,378 | |
First Bancorp, Puerto Rico | 1,091,911 | 8,669,773 | |
First Bancshares, Inc. | 95,122 | 2,838,440 | |
First Bank Hamilton New Jersey | 73,066 | 712,394 | |
First Busey Corp. | 255,594 | 5,640,960 | |
First Business Finance Services, Inc. | 36,856 | 884,544 | |
First Capital, Inc. | 13,919 | 856,019 | |
First Choice Bancorp | 42,084 | 953,203 | |
First Citizens Bancshares, Inc. | 42,101 | 19,084,804 | |
First Commonwealth Financial Corp. | 492,638 | 5,813,128 | |
First Community Bankshares, In | 78,863 | 2,063,056 | |
First Community Corp. | 49,271 | 960,785 | |
First Financial Bancorp, Ohio | 499,400 | 10,287,640 | |
First Financial Bankshares, Inc. | 674,078 | 19,373,002 | |
First Financial Corp., Indiana | 63,878 | 2,551,926 | |
First Financial Northwest, Inc. | 38,007 | 530,198 | |
First Foundation, Inc. | 197,807 | 2,863,256 | |
First Guaranty Bancshares, Inc. | 561 | 9,582 | |
First Hawaiian, Inc. | 644,896 | 15,445,259 | |
First Horizon National Corp. | 1,519,041 | 20,248,817 | |
First Internet Bancorp | 42,622 | 1,035,288 | |
First Interstate Bancsystem, Inc. | 180,501 | 6,147,864 | |
First Merchants Corp. | 275,714 | 9,644,476 | |
First Mid-Illinois Bancshares, Inc. | 61,050 | 1,719,779 | |
First Midwest Bancorp, Inc., Delaware | 532,073 | 9,657,125 | |
First National Corp. | 200 | 4,020 | |
First Northwest Bancorp | 28,933 | 460,613 | |
First of Long Island Corp. | 113,542 | 2,351,455 | |
First Savings Financial Group, Inc. | 1,305 | 81,497 | |
First United Corp. | 30,619 | 662,289 | |
Flushing Financial Corp. | 140,927 | 2,558,530 | |
FNB Corp., Pennsylvania | 1,586,198 | 16,004,738 | |
FNCM Bancorp, Inc. | 76,169 | 503,477 | |
Franklin Financial Network, Inc. | 69,906 | 2,341,152 | |
Franklin Financial Services Corp. | 17,501 | 542,881 | |
Fulton Financial Corp. | 799,993 | 11,559,899 | |
FVCBankcorp, Inc. (a) | 46,750 | 721,353 | |
German American Bancorp, Inc. | 125,586 | 3,748,742 | |
Glacier Bancorp, Inc. | 433,001 | 16,146,607 | |
Glen Burnie Bancorp | 18,315 | 201,465 | |
Great Southern Bancorp, Inc. | 58,083 | 2,980,239 | |
Great Western Bancorp, Inc. | 281,312 | 7,558,853 | |
Guaranty Bancshares, Inc. Texas | 47,148 | 1,301,756 | |
Hancock Whitney Corp. | 427,777 | 14,330,530 | |
Hanmi Financial Corp. | 161,158 | 2,514,065 | |
HarborOne Bancorp, Inc. | 293,534 | 2,933,872 | |
Hawthorn Bancshares, Inc. | 51,152 | 1,112,044 | |
HBT Financial, Inc. | 43,436 | 672,389 | |
Heartland Financial U.S.A., Inc. | 163,920 | 7,023,972 | |
Heritage Commerce Corp. | 283,758 | 2,911,357 | |
Heritage Financial Corp., Washington | 183,145 | 4,247,133 | |
Hilltop Holdings, Inc. | 353,048 | 7,353,990 | |
Home Bancshares, Inc. | 775,549 | 12,998,201 | |
HomeTrust Bancshares, Inc. | 84,570 | 2,009,383 | |
Hope Bancorp, Inc. | 620,712 | 7,578,894 | |
Horizon Bancorp, Inc. Indiana | 182,920 | 2,747,458 | |
Howard Bancorp, Inc. (a)(b) | 42,944 | 676,368 | |
IBERIABANK Corp. | 253,103 | 15,234,270 | |
Independent Bank Corp. | 118,499 | 2,319,025 | |
Independent Bank Corp., Massachusetts | 169,023 | 11,414,123 | |
Independent Bank Group, Inc. | 178,982 | 8,285,077 | |
International Bancshares Corp. | 282,187 | 9,622,577 | |
Investar Holding Corp. | 40,668 | 868,668 | |
Investors Bancorp, Inc. | 1,000,465 | 10,544,901 | |
Lakeland Bancorp, Inc. | 245,474 | 3,536,053 | |
Lakeland Financial Corp. | 130,320 | 5,326,178 | |
Landmark Bancorp, Inc. | 355 | 8,183 | |
LCNB Corp. | 59,345 | 939,431 | |
Level One Bancorp, Inc. | 22,971 | 557,047 | |
Limestone Bancorp, Inc. (a) | 20,885 | 334,160 | |
Live Oak Bancshares, Inc. | 131,433 | 2,020,125 | |
Macatawa Bank Corp. | 114,492 | 1,103,703 | |
Mackinac Financial Corp. | 22,774 | 318,608 | |
Mainstreet Bancshares, Inc. (a) | 23,042 | 467,292 | |
Malvern Bancorp, Inc. (a) | 88,487 | 1,691,871 | |
Mercantil Bank Holding Corp. Class A (a)(b) | 113,833 | 2,101,357 | |
Mercantile Bank Corp. | 82,951 | 2,379,864 | |
Meridian Bank/Malvern, PA (a) | 300 | 5,925 | |
Metropolitan Bank Holding Corp. (a) | 32,991 | 1,410,365 | |
Mid Penn Bancorp, Inc. | 38,753 | 824,276 | |
Middlefield Banc Corp. | 26,166 | 623,012 | |
Midland States Bancorp, Inc. | 101,751 | 2,423,709 | |
MidWestOne Financial Group, Inc. | 59,556 | 1,711,044 | |
MutualFirst Financial, Inc. | 27,751 | 929,659 | |
MVB Financial Corp. | 60,252 | 1,062,845 | |
National Bank Holdings Corp. | 154,533 | 4,727,164 | |
National Bankshares, Inc. | 30,379 | 1,061,746 | |
NBT Bancorp, Inc. | 218,935 | 7,375,920 | |
Nicolet Bankshares, Inc. (a) | 44,795 | 2,976,628 | |
Northeast Bank | 46,227 | 822,841 | |
Northrim Bancorp, Inc. | 32,146 | 1,123,503 | |
Norwood Financial Corp. | 25,663 | 792,473 | |
Oak Valley Bancorp Oakdale California | 988 | 16,490 | |
OFG Bancorp | 261,292 | 4,374,028 | |
Ohio Valley Banc Corp. | 14,225 | 395,455 | |
Old National Bancorp, Indiana | 826,275 | 13,022,094 | |
Old Point Financial Corp. | 8,643 | 229,040 | |
Old Second Bancorp, Inc. | 137,721 | 1,465,351 | |
Opus Bank | 108,078 | 2,558,206 | |
Origin Bancorp, Inc. | 96,998 | 2,933,220 | |
Orrstown Financial Services, Inc. | 49,439 | 880,014 | |
Pacific City Financial Corp. | 58,618 | 783,723 | |
Pacific Mercantile Bancorp (a) | 74,732 | 488,000 | |
Pacific Premier Bancorp, Inc. | 290,776 | 7,510,744 | |
PacWest Bancorp | 588,371 | 18,616,058 | |
Park National Corp. | 71,099 | 6,208,365 | |
Parke Bancorp, Inc. | 46,200 | 854,700 | |
Pathfinder Bancorp, Inc. | 200 | 2,822 | |
Patriot National Bancorp, Inc. | 1,376 | 18,604 | |
Peapack-Gladstone Financial Corp. | 80,994 | 2,223,285 | |
Penns Woods Bancorp, Inc. | 27,874 | 840,680 | |
People's Utah Bancorp | 87,209 | 2,090,400 | |
Peoples Bancorp of North Carolina | 30,748 | 781,922 | |
Peoples Bancorp, Inc. | 96,806 | 2,763,811 | |
Peoples Financial Services Corp. | 30,443 | 1,337,057 | |
Pinnacle Financial Partners, Inc. | 353,447 | 18,605,450 | |
Plumas Bancorp | 200 | 5,000 | |
Popular, Inc. | 474,330 | 22,758,353 | |
Preferred Bank, Los Angeles | 69,718 | 3,564,681 | |
Premier Financial Bancorp, Inc. | 39,963 | 665,384 | |
Prosperity Bancshares, Inc. | 459,703 | 29,696,814 | |
QCR Holdings, Inc. | 75,523 | 2,874,405 | |
RBB Bancorp | 68,727 | 1,159,424 | |
Reliant Bancorp, Inc. | 50,642 | 1,005,244 | |
Renasant Corp. | 288,975 | 8,186,662 | |
Republic Bancorp, Inc., Kentucky Class A | 51,796 | 1,851,189 | |
Republic First Bancorp, Inc. (a) | 240,926 | 730,006 | |
Richmond Mutual Bancorp., Inc. (a) | 59,898 | 805,628 | |
S&T Bancorp, Inc. | 190,026 | 6,246,155 | |
Salisbury Bancorp, Inc. | 200 | 8,900 | |
Sandy Spring Bancorp, Inc. | 176,135 | 5,417,913 | |
SB Financial Group, Inc. | 31,466 | 589,673 | |
SB One Bancorp | 28,331 | 621,016 | |
Seacoast Banking Corp., Florida (a) | 254,291 | 6,331,846 | |
Select Bancorp, Inc. New (a) | 74,170 | 778,785 | |
ServisFirst Bancshares, Inc. | 231,649 | 8,003,473 | |
Shore Bancshares, Inc. | 41,535 | 646,285 | |
Sierra Bancorp | 68,818 | 1,639,245 | |
Signature Bank | 263,932 | 33,017,893 | |
Silvergate Capital Corp. (a) | 18,756 | 276,463 | |
Simmons First National Corp. Class A | 565,390 | 12,088,038 | |
SmartFinancial, Inc. | 65,632 | 1,246,352 | |
Sound Financial Bancorp, Inc. | 300 | 10,989 | |
South Plains Financial, Inc. | 18,320 | 366,950 | |
South State Corp. | 165,850 | 11,297,702 | |
Southern First Bancshares, Inc. (a) | 40,709 | 1,551,827 | |
Southern National Bancorp of Virginia, Inc. | 87,136 | 1,236,460 | |
Southside Bancshares, Inc. | 162,380 | 5,231,884 | |
Spirit of Texas Bancshares, Inc. (a) | 84,372 | 1,555,820 | |
Sterling Bancorp | 985,150 | 16,333,787 | |
Stock Yards Bancorp, Inc. | 110,183 | 3,849,794 | |
Summit Financial Group, Inc. | 29,303 | 642,322 | |
Summit State Bank | 200 | 2,316 | |
Synovus Financial Corp. | 717,238 | 20,814,247 | |
TCF Financial Corp. | 741,870 | 27,033,743 | |
Texas Capital Bancshares, Inc. (a) | 248,759 | 11,711,574 | |
The Bank of Princeton | 25,818 | 703,799 | |
The Fauquier Bank (b) | 800 | 16,152 | |
The First Bancorp, Inc. | 39,635 | 1,010,693 | |
Tompkins Financial Corp. | 62,450 | 4,963,526 | |
TowneBank | 321,262 | 7,408,302 | |
Trico Bancshares | 135,188 | 4,572,058 | |
TriState Capital Holdings, Inc. (a) | 120,599 | 2,396,302 | |
Triumph Bancorp, Inc. (a) | 114,693 | 3,884,652 | |
Trustmark Corp. | 326,274 | 8,776,771 | |
UMB Financial Corp. | 213,517 | 12,416,014 | |
Umpqua Holdings Corp. | 1,074,213 | 16,532,138 | |
Union Bankshares Corp. | 405,154 | 12,049,280 | |
Union Bankshares, Inc. | 25,753 | 772,075 | |
United Bancorp, Inc. | 40,892 | 545,090 | |
United Bancshares, Inc. | 200 | 4,396 | |
United Bankshares, Inc., West Virginia | 503,349 | 14,536,719 | |
United Community Bank, Inc. | 402,873 | 9,979,164 | |
United Security Bancshares, Inc. | 8,386 | 94,762 | |
United Security Bancshares, California | 22,642 | 196,080 | |
Unity Bancorp, Inc. | 56,085 | 960,736 | |
Univest Corp. of Pennsylvania | 147,138 | 3,443,029 | |
Valley National Bancorp | 1,900,914 | 17,678,500 | |
Veritex Holdings, Inc. | 232,594 | 5,598,538 | |
Village Bank & Trust Financial Corp. (a) | 8,718 | 323,961 | |
Washington Trust Bancorp, Inc. | 76,389 | 3,278,616 | |
Webster Financial Corp. | 453,403 | 17,215,712 | |
Wellesley Bancorp, Inc. | 6,865 | 268,902 | |
WesBanco, Inc. | 333,251 | 10,200,813 | |
West Bancorp., Inc. | 72,727 | 1,487,267 | |
Westamerica Bancorp. | 137,965 | 7,977,136 | |
Western Alliance Bancorp. | 461,681 | 21,255,793 | |
Wintrust Financial Corp. | 279,435 | 14,924,623 | |
1,352,587,339 | |||
Capital Markets - 3.3% | |||
Affiliated Managers Group, Inc. | 239,700 | 18,030,234 | |
Apollo Global Management LLC Class A | 977,245 | 40,712,027 | |
Ares Management Corp. | 369,164 | 12,769,383 | |
Artisan Partners Asset Management, Inc. | 258,974 | 7,401,477 | |
Ashford, Inc. (a) | 7,062 | 147,243 | |
Assetmark Financial Holdings, Inc. (a) | 64,620 | 1,711,784 | |
Associated Capital Group, Inc. | 20,279 | 834,481 | |
B. Riley Financial, Inc. | 72,902 | 1,724,861 | |
BGC Partners, Inc. Class A | 1,348,186 | 6,282,547 | |
Blucora, Inc. (a) | 248,225 | 4,319,115 | |
BrightSphere Investment Group, Inc. | 331,660 | 3,101,021 | |
Cohen & Co., Inc. (b) | 1,650 | 6,584 | |
Cohen & Steers, Inc. | 108,718 | 6,811,183 | |
Cowen Group, Inc. Class A | 139,552 | 2,089,093 | |
Diamond Hill Investment Group, Inc. | 16,996 | 2,153,903 | |
Donnelley Financial Solutions, Inc. (a) | 163,920 | 1,426,104 | |
Eaton Vance Corp. (non-vtg.) | 552,334 | 22,789,301 | |
Evercore, Inc. Class A | 190,251 | 12,674,522 | |
FactSet Research Systems, Inc. | 186,237 | 49,537,180 | |
Federated Hermes, Inc. Class B (non-vtg.) | 475,673 | 13,723,166 | |
Focus Financial Partners, Inc. Class A (a) | 147,550 | 4,011,885 | |
Gain Capital Holdings, Inc. | 73,781 | 435,308 | |
GAMCO Investors, Inc. Class A | 21,697 | 337,605 | |
Great Elm Capital Group, Inc. (a) | 109,690 | 345,524 | |
Greenhill & Co., Inc. | 82,614 | 1,207,817 | |
Hamilton Lane, Inc. Class A | 130,313 | 8,097,650 | |
Hennessy Advisors, Inc. | 9,579 | 97,227 | |
Houlihan Lokey | 215,706 | 11,048,461 | |
Interactive Brokers Group, Inc. | 379,247 | 19,379,522 | |
INTL FCStone, Inc. (a) | 79,508 | 3,621,589 | |
Janus Henderson Group PLC | 762,175 | 16,158,110 | |
KKR & Co. LP | 2,697,449 | 77,147,041 | |
Lazard Ltd. Class A | 552,574 | 19,793,201 | |
Legg Mason, Inc. | 401,130 | 19,984,297 | |
LPL Financial | 394,379 | 31,345,243 | |
Manning & Napier, Inc. Class A | 53,255 | 86,273 | |
Medley Management, Inc. | 32,101 | 82,821 | |
Moelis & Co. Class A | 243,467 | 7,781,205 | |
Morningstar, Inc. | 102,859 | 15,109,987 | |
National Holdings Corp. (a) | 3,418 | 7,656 | |
National Holdings Corp. warrants 1/18/22 (a) | 3,483 | 871 | |
Och-Ziff Capital Management Group LLC Class A | 84,598 | 1,918,683 | |
Oppenheimer Holdings, Inc. Class A (non-vtg.) | 46,860 | 1,111,988 | |
Piper Jaffray Companies | 77,217 | 5,411,367 | |
PJT Partners, Inc. | 102,110 | 4,589,845 | |
Pzena Investment Management, Inc. | 60,039 | 392,055 | |
Safeguard Scientifics, Inc. | 89,756 | 792,545 | |
SEI Investments Co. | 613,746 | 33,578,044 | |
Siebert Financial Corp. (a)(b) | 17,943 | 147,133 | |
Silvercrest Asset Management Group Class A | 18,263 | 211,120 | |
Stifel Financial Corp. | 335,940 | 18,288,574 | |
TD Ameritrade Holding Corp. | 1,297,988 | 54,814,033 | |
The Blackstone Group LP | 3,229,365 | 173,869,012 | |
Tradeweb Markets, Inc. Class A | 315,151 | 15,196,581 | |
U.S. Global Investments, Inc. Class A | 35,952 | 38,828 | |
Value Line, Inc. | 12,911 | 372,353 | |
Victory Capital Holdings, Inc. | 75,968 | 1,501,887 | |
Virtu Financial, Inc. Class A | 363,265 | 6,833,015 | |
Virtus Investment Partners, Inc. | 36,031 | 3,977,822 | |
Waddell & Reed Financial, Inc. Class A (b) | 346,499 | 4,767,826 | |
Westwood Holdings Group, Inc. | 46,301 | 1,175,119 | |
WisdomTree Investments, Inc. | 584,077 | 2,371,353 | |
775,683,685 | |||
Consumer Finance - 0.9% | |||
Ally Financial, Inc. | 1,854,686 | 46,496,978 | |
Asta Funding, Inc. (a) | 34,340 | 341,340 | |
Atlanticus Holdings Corp. (a) | 29,980 | 389,740 | |
Consumer Portfolio Services, Inc. (a)(b) | 85,827 | 314,985 | |
Credit Acceptance Corp. (a)(b) | 68,538 | 27,634,522 | |
CURO Group Holdings Corp. (b) | 74,216 | 685,014 | |
Elevate Credit, Inc. (a) | 99,816 | 329,393 | |
Encore Capital Group, Inc. (a)(b) | 138,620 | 5,151,119 | |
Enova International, Inc. (a) | 166,709 | 3,204,147 | |
EZCORP, Inc. (non-vtg.) Class A (a)(b) | 258,475 | 1,240,680 | |
First Cash Financial Services, Inc. | 210,523 | 16,193,429 | |
Green Dot Corp. Class A (a) | 232,661 | 7,947,700 | |
LendingClub Corp. (a) | 446,902 | 4,920,391 | |
LendingTree, Inc. (a)(b) | 38,139 | 10,519,499 | |
Medallion Financial Corp. (a) | 77,873 | 460,229 | |
Navient Corp. | 951,834 | 10,689,096 | |
Nelnet, Inc. Class A | 105,116 | 5,581,660 | |
Nicholas Financial, Inc. (a) | 72,274 | 587,588 | |
OneMain Holdings, Inc. | 374,560 | 13,765,080 | |
Oportun Financial Corp. (a)(b) | 31,995 | 672,855 | |
PRA Group, Inc. (a)(b) | 222,444 | 8,635,276 | |
Regional Management Corp. (a) | 44,863 | 1,150,736 | |
Santander Consumer U.S.A. Holdings, Inc. | 502,955 | 12,272,102 | |
SLM Corp. | 2,072,449 | 21,491,296 | |
World Acceptance Corp. (a) | 27,498 | 2,147,594 | |
202,822,449 | |||
Diversified Financial Services - 0.6% | |||
A-Mark Precious Metals, Inc. (a) | 15,255 | 140,499 | |
Alerus Financial Corp. | 16,277 | 333,027 | |
AXA Equitable Holdings, Inc. | 2,134,916 | 45,687,202 | |
Cannae Holdings, Inc. (a) | 355,961 | 13,273,786 | |
FGL Holdings Class A | 641,489 | 7,338,634 | |
FlexShopper, Inc. (a) | 60,932 | 162,079 | |
Jefferies Financial Group, Inc. | 1,155,239 | 22,769,761 | |
Marlin Business Services Corp. | 36,807 | 723,626 | |
On Deck Capital, Inc. (a) | 277,665 | 969,051 | |
Rafael Holdings, Inc. (a) | 52,713 | 988,896 | |
Voya Financial, Inc. | 653,716 | 34,411,610 | |
126,798,171 | |||
Insurance - 3.8% | |||
1347 Property Insurance Holdings, Inc. (a) | 6,863 | 38,090 | |
Alleghany Corp. | 70,478 | 47,378,836 | |
AMBAC Financial Group, Inc. (a) | 221,048 | 4,248,543 | |
American Equity Investment Life Holding Co. | 448,661 | 11,342,150 | |
American Financial Group, Inc. | 362,360 | 33,489,311 | |
American National Insurance Co. | 45,654 | 4,490,527 | |
Amerisafe, Inc. | 97,190 | 6,333,872 | |
Arch Capital Group Ltd. (a) | 1,975,870 | 79,884,424 | |
Argo Group International Holdings, Ltd. | 167,211 | 9,407,291 | |
Assured Guaranty Ltd. | 463,280 | 18,906,457 | |
Athene Holding Ltd. (a) | 571,973 | 23,593,886 | |
Atlas Financial Holdings, Inc. (a) | 41,883 | 23,467 | |
Axis Capital Holdings Ltd. | 411,598 | 23,098,880 | |
Blue Capital Reinsurance Holdings Ltd. | 23,495 | 163,055 | |
Brighthouse Financial, Inc. (a) | 535,069 | 19,176,873 | |
Brown & Brown, Inc. | 1,138,273 | 48,957,122 | |
BRP Group, Inc. (a) | 91,344 | 1,410,351 | |
Citizens, Inc. Class A (a)(b) | 231,810 | 1,353,770 | |
CNA Financial Corp. | 140,565 | 5,844,693 | |
CNO Financial Group, Inc. | 729,222 | 11,682,136 | |
Conifer Holdings, Inc. (a) | 13,147 | 47,329 | |
Crawford & Co.: | |||
Class A | 49,698 | 369,753 | |
Class B | 51,302 | 350,393 | |
Donegal Group, Inc. Class A | 99,122 | 1,414,471 | |
eHealth, Inc. (a) | 99,730 | 11,703,316 | |
Employers Holdings, Inc. | 155,590 | 5,996,439 | |
Enstar Group Ltd. (a) | 72,198 | 12,879,401 | |
Erie Indemnity Co. Class A | 92,060 | 13,157,215 | |
FBL Financial Group, Inc. Class A | 49,164 | 2,348,073 | |
Fednat Holding Co. | 49,542 | 646,028 | |
First American Financial Corp. | 548,283 | 31,306,959 | |
FNF Group | 1,346,892 | 52,205,534 | |
Genworth Financial, Inc. Class A | 2,470,766 | 9,635,987 | |
Global Indemnity Ltd. | 29,707 | 943,494 | |
Goosehead Insurance (b) | 59,106 | 3,205,909 | |
Greenlight Capital Re, Ltd. (a) | 148,790 | 1,255,788 | |
Hallmark Financial Services, Inc. (a) | 66,693 | 945,707 | |
Hanover Insurance Group, Inc. | 191,455 | 22,695,076 | |
HCI Group, Inc. | 35,392 | 1,504,868 | |
Health Insurance Innovations, Inc. (a)(b) | 55,230 | 1,624,314 | |
Heritage Insurance Holdings, Inc. | 126,472 | 1,411,428 | |
Horace Mann Educators Corp. | 207,571 | 8,080,739 | |
Independence Holding Co. | 40,534 | 1,504,217 | |
Investors Title Co. | 6,973 | 1,143,293 | |
James River Group Holdings Ltd. | 154,346 | 6,237,122 | |
Kemper Corp. | 306,663 | 21,110,681 | |
Kingstone Companies, Inc. | 38,480 | 270,322 | |
Kinsale Capital Group, Inc. | 102,612 | 12,464,280 | |
Maiden Holdings Ltd. (a) | 310,745 | 288,993 | |
Markel Corp. (a) | 67,503 | 79,761,545 | |
MBIA, Inc. (a) | 405,453 | 3,162,533 | |
Mercury General Corp. | 136,464 | 5,910,256 | |
National General Holdings Corp. | 323,564 | 6,299,791 | |
National Western Life Group, Inc. | 11,270 | 2,692,741 | |
NI Holdings, Inc. (a) | 44,844 | 633,197 | |
Old Republic International Corp. | 1,390,838 | 27,427,325 | |
Palomar Holdings, Inc. | 89,712 | 4,558,267 | |
Primerica, Inc. | 202,331 | 22,527,534 | |
ProAssurance Corp. | 264,057 | 7,169,148 | |
ProSight Global, Inc. | 37,689 | 505,033 | |
Protective Insurance Corp. Class B | 41,959 | 598,335 | |
Reinsurance Group of America, Inc. | 302,961 | 36,970,331 | |
RenaissanceRe Holdings Ltd. | 216,605 | 36,909,492 | |
RLI Corp. | 196,120 | 15,764,126 | |
Safety Insurance Group, Inc. | 71,902 | 5,661,563 | |
Selective Insurance Group, Inc. | 294,602 | 16,432,900 | |
State Auto Financial Corp. | 82,039 | 2,049,334 | |
Stewart Information Services Corp. | 120,524 | 4,360,558 | |
Third Point Reinsurance Ltd. (a) | 386,233 | 3,445,198 | |
Tiptree, Inc. | 126,062 | 829,488 | |
Trupanion, Inc. (a)(b) | 146,827 | 4,513,462 | |
United Fire Group, Inc. | 107,301 | 4,113,920 | |
United Insurance Holdings Corp. | 118,183 | 1,110,920 | |
Universal Insurance Holdings, Inc. | 150,727 | 3,118,542 | |
Watford Holdings Ltd. (a) | 19,177 | 437,811 | |
White Mountains Insurance Group Ltd. | 15,012 | 14,863,381 | |
889,397,594 | |||
Mortgage Real Estate Investment Trusts - 1.6% | |||
AG Mortgage Investment Trust, Inc. | 179,523 | 2,687,459 | |
AGNC Investment Corp. | 2,610,052 | 44,475,286 | |
Annaly Capital Management, Inc. | 7,025,644 | 62,247,206 | |
Anworth Mortgage Asset Corp. | 550,803 | 1,801,126 | |
Apollo Commercial Real Estate Finance, Inc. | 700,266 | 11,344,309 | |
Arbor Realty Trust, Inc. | 400,482 | 4,861,851 | |
Ares Commercial Real Estate Corp. | 159,371 | 2,432,001 | |
Arlington Asset Investment Corp. | 206,659 | 1,169,690 | |
Armour Residential REIT, Inc. | 295,642 | 5,345,207 | |
Blackstone Mortgage Trust, Inc. | 653,611 | 23,569,213 | |
Capstead Mortgage Corp. | 487,273 | 3,459,638 | |
Cherry Hill Mortgage Investment Corp. | 103,034 | 1,469,265 | |
Chimera Investment Corp. | 914,162 | 17,963,283 | |
Colony NorthStar Credit Real Estate, Inc. | 412,306 | 5,248,655 | |
Dynex Capital, Inc. | 121,799 | 2,082,763 | |
Ellington Financial LLC | 218,416 | 3,610,416 | |
Ellington Residential Mortgage REIT | 39,894 | 434,446 | |
Exantas Capital Corp. | 158,290 | 1,814,003 | |
Granite Point Mortgage Trust, Inc. | 269,669 | 4,427,965 | |
Great Ajax Corp. | 84,109 | 1,188,460 | |
Hunt Companies Finance Trust, Inc. | 76,218 | 222,557 | |
Invesco Mortgage Capital, Inc. | 769,160 | 12,368,093 | |
KKR Real Estate Finance Trust, Inc. (b) | 120,469 | 2,366,011 | |
Ladder Capital Corp. Class A | 499,504 | 7,617,436 | |
Manhattan Bridge Capital, Inc. | 2,400 | 12,840 | |
MFA Financial, Inc. | 2,204,547 | 15,938,875 | |
New Residential Investment Corp. | 2,014,192 | 31,340,828 | |
New York Mortgage Trust, Inc. | 1,801,504 | 10,268,573 | |
Orchid Island Capital, Inc. | 330,317 | 1,892,716 | |
PennyMac Mortgage Investment Trust | 485,037 | 10,040,266 | |
Redwood Trust, Inc. | 580,813 | 9,920,286 | |
Starwood Property Trust, Inc. | 1,389,259 | 30,813,765 | |
TPG RE Finance Trust, Inc. | 284,943 | 5,476,604 | |
Tremont Mortgage Trust | 25,608 | 128,552 | |
Two Harbors Investment Corp. | 1,345,188 | 18,227,297 | |
Western Asset Mortgage Capital Corp. | 269,396 | 2,699,348 | |
ZAIS Financial Corp. | 177,004 | 2,566,558 | |
363,532,847 | |||
Thrifts & Mortgage Finance - 1.1% | |||
Axos Financial, Inc. (a) | 269,359 | 6,709,733 | |
Bridgewater Bancshares, Inc. (a) | 94,791 | 1,184,888 | |
Capitol Federal Financial, Inc. | 710,574 | 8,672,556 | |
CBM Bancorp, Inc. (a) | 100 | 1,400 | |
Central Federal Corp. (a) | 1,700 | 23,588 | |
Columbia Financial, Inc. (a) | 256,463 | 3,980,306 | |
Dime Community Bancshares, Inc. | 159,477 | 2,676,024 | |
Elmira Savings Bank (b) | 890 | 13,386 | |
ESSA Bancorp, Inc. | 31,879 | 527,279 | |
Essent Group Ltd. | 485,956 | 21,207,120 | |
Farmer Mac Class C (non-vtg.) | 50,450 | 3,786,777 | |
FFBW, Inc. (a) | 6,052 | 62,033 | |
First Defiance Financial Corp. | 194,600 | 4,653,859 | |
Flagstar Bancorp, Inc. | 178,848 | 5,701,674 | |
FS Bancorp, Inc. | 23,583 | 1,127,032 | |
Greene County Bancorp, Inc. | 2,194 | 59,348 | |
Guaranty Federal Bancshares, Inc. | 200 | 4,716 | |
Hingham Institution for Savings | 8,302 | 1,518,934 | |
HMN Financial, Inc. (a) | 3,999 | 82,339 | |
Home Bancorp, Inc. | 30,230 | 999,706 | |
Home Federal Bancorp, Inc. | 666 | 22,484 | |
HomeStreet, Inc. | 119,389 | 3,234,248 | |
IF Bancorp, Inc. | 400 | 8,452 | |
Impac Mortgage Holdings, Inc. (a)(b) | 64,633 | 416,883 | |
Kearny Financial Corp. | 393,048 | 4,288,154 | |
Luther Burbank Corp. | 79,459 | 828,757 | |
Merchants Bancorp/IN | 89,004 | 1,603,852 | |
Meridian Bancorp, Inc. Maryland | 269,696 | 4,452,681 | |
Meta Financial Group, Inc. | 171,273 | 5,626,318 | |
MGIC Investment Corp. | 1,708,860 | 20,557,586 | |
MMA Capital Management, LLC (a) | 10,324 | 311,682 | |
MSB Financial Corp. | 400 | 6,056 | |
New York Community Bancorp, Inc. | 2,302,436 | 24,889,333 | |
NMI Holdings, Inc. (a) | 336,617 | 7,856,641 | |
Northfield Bancorp, Inc. | 225,209 | 3,182,203 | |
Northwest Bancshares, Inc. | 499,609 | 6,939,569 | |
OceanFirst Financial Corp. | 299,267 | 6,117,017 | |
Ocwen Financial Corp. (a) | 551,866 | 689,833 | |
OP Bancorp | 50,814 | 449,704 | |
PB Bancorp, Inc. | 6,939 | 105,403 | |
PCSB Financial Corp. | 83,036 | 1,524,541 | |
PDL Community Bancorp (a) | 2,100 | 29,505 | |
Pennymac Financial Services, Inc. | 207,298 | 7,309,327 | |
Pioneer Bancorp, Inc. (a)(b) | 48,545 | 661,183 | |
Provident Bancorp, Inc. (a) | 71,933 | 790,544 | |
Provident Financial Holdings, Inc. | 23,856 | 471,156 | |
Provident Financial Services, Inc. | 306,733 | 6,128,525 | |
Prudential Bancorp, Inc. | 120,325 | 1,976,940 | |
Radian Group, Inc. | 986,032 | 20,943,320 | |
Randolph Bancorp, Inc. (a) | 16,502 | 249,180 | |
Riverview Bancorp, Inc. | 143,960 | 928,542 | |
Sachem Capital Corp. | 73,750 | 281,725 | |
Security National Financial Corp. Class A | 43,977 | 230,000 | |
Severn Bancorp, Inc. | 800 | 6,416 | |
Southern Missouri Bancorp, Inc. | 33,343 | 1,094,317 | |
Standard AVB Financial Corp. | 400 | 11,360 | |
Sterling Bancorp, Inc. | 84,010 | 588,070 | |
Territorial Bancorp, Inc. | 30,975 | 787,385 | |
TFS Financial Corp. | 274,282 | 5,606,324 | |
Timberland Bancorp, Inc. | 31,588 | 734,421 | |
Trustco Bank Corp., New York | 498,878 | 3,422,303 | |
Walker & Dunlop, Inc. | 140,757 | 9,128,091 | |
Washington Federal, Inc. | 389,901 | 11,693,131 | |
Waterstone Financial, Inc. | 139,160 | 2,314,231 | |
Westfield Financial, Inc. | 129,100 | 1,141,244 | |
WMI Holdings Corp. (a) | 365,833 | 4,693,637 | |
WSFS Financial Corp. | 263,152 | 9,068,218 | |
246,393,190 | |||
TOTAL FINANCIALS | 3,957,215,275 | ||
HEALTH CARE - 14.1% | |||
Biotechnology - 5.6% | |||
89Bio, Inc. (a)(b) | 27,845 | 993,231 | |
Abeona Therapeutics, Inc. (a)(b) | 316,648 | 975,276 | |
ACADIA Pharmaceuticals, Inc. (a) | 552,727 | 23,623,552 | |
Acceleron Pharma, Inc. (a) | 225,097 | 19,342,585 | |
Acorda Therapeutics, Inc. (a)(b) | 223,771 | 322,230 | |
Actinium Pharmaceuticals, Inc. (a) | 386,446 | 92,090 | |
Adamas Pharmaceuticals, Inc. (a) | 96,033 | 437,910 | |
ADMA Biologics, Inc. (a) | 334,842 | 976,064 | |
Aduro Biotech, Inc. (a) | 258,844 | 789,474 | |
Advaxis, Inc. (a)(b) | 275,344 | 223,084 | |
Adverum Biotechnologies, Inc. (a)(b) | 299,546 | 3,687,411 | |
Aeglea BioTherapeutics, Inc. (a) | 109,320 | 746,656 | |
Aevi Genomic Medicine, Inc. rights (a)(c) | 123,543 | 4,156 | |
Agenus, Inc. (a)(b) | 528,497 | 1,337,097 | |
AgeX Therapeutics, Inc. (a)(b) | 61,626 | 70,870 | |
Agios Pharmaceuticals, Inc. (a)(b) | 293,040 | 13,913,539 | |
Aileron Therapeutics, Inc. (a) | 24,993 | 14,603 | |
Aimmune Therapeutics, Inc. (a)(b) | 204,985 | 4,880,693 | |
Akebia Therapeutics, Inc. (a) | 590,753 | 5,239,979 | |
Akero Therapeutics, Inc. (a) | 30,989 | 674,631 | |
Albireo Pharma, Inc. (a) | 62,359 | 1,457,953 | |
Aldeyra Therapeutics, Inc. (a) | 114,810 | 436,278 | |
Alector, Inc. (b) | 182,197 | 5,006,774 | |
Alkermes PLC (a) | 780,221 | 16,259,806 | |
Allakos, Inc. (a)(b) | 119,002 | 7,417,395 | |
Allena Pharmaceuticals, Inc. (a) | 34,443 | 67,853 | |
Allogene Therapeutics, Inc. (a)(b) | 252,391 | 6,814,557 | |
Alnylam Pharmaceuticals, Inc. (a) | 548,433 | 64,528,627 | |
Alpine Immune Sciences, Inc. (a) | 17,610 | 56,000 | |
Altimmune, Inc. (a)(b) | 56,613 | 209,468 | |
AMAG Pharmaceuticals, Inc. (a)(b) | 163,122 | 1,264,196 | |
Amicus Therapeutics, Inc. (a) | 1,267,469 | 12,097,992 | |
AmpliPhi Biosciences Corp. (a)(b) | 5,111 | 19,524 | |
AnaptysBio, Inc. (a) | 135,008 | 2,018,370 | |
Anavex Life Sciences Corp. (a)(b) | 245,272 | 934,486 | |
Anika Therapeutics, Inc. (a)(b) | 71,795 | 2,998,159 | |
Anixa Biosciences, Inc. (a)(b) | 73,019 | 218,327 | |
Apellis Pharmaceuticals, Inc. (a) | 249,638 | 8,642,468 | |
Applied Genetic Technologies Corp. (a) | 87,754 | 415,076 | |
Applied Therapeutics, Inc. (a) | 39,708 | 1,649,867 | |
Aprea Therapeutics, Inc. | 31,224 | 1,070,983 | |
Aptevo Therapeutics, Inc. (a)(b) | 65,382 | 28,114 | |
Aptinyx, Inc. (a) | 123,302 | 397,032 | |
AquaBounty Technologies, Inc. (a)(b) | 43,622 | 76,775 | |
AquaMed Technologies, Inc. (c) | 6,256 | 0 | |
Aravive, Inc. (a) | 50,675 | 432,765 | |
ARCA Biopharma, Inc. (a)(b) | 2,654 | 9,926 | |
Arcturus Therapeutics Holdings, Inc. (a) | 46,281 | 640,992 | |
Arcus Biosciences, Inc. (a) | 145,685 | 2,217,326 | |
Ardelyx, Inc. (a) | 293,513 | 2,031,110 | |
Arena Pharmaceuticals, Inc. (a) | 243,701 | 10,869,065 | |
Arrowhead Pharmaceuticals, Inc. (a) | 492,205 | 17,404,369 | |
Artara Therapeutics, Inc. (a) | 595 | 16,958 | |
Assembly Biosciences, Inc. (a) | 137,382 | 2,489,362 | |
Atara Biotherapeutics, Inc. (a)(b) | 259,852 | 3,157,202 | |
Athenex, Inc. (a)(b) | 243,705 | 2,978,075 | |
Athersys, Inc. (a)(b) | 600,575 | 720,690 | |
Atreca, Inc. (b) | 36,199 | 855,744 | |
aTyr Pharma, Inc. | 6,602 | 24,493 | |
AVEO Pharmaceuticals, Inc. (a) | 61,073 | 268,721 | |
Avid Bioservices, Inc. (a) | 218,965 | 1,379,480 | |
AVROBIO, Inc. (a) | 124,314 | 2,399,260 | |
AzurRx BioPharma, Inc. (a) | 41,260 | 34,114 | |
Bellicum Pharmaceuticals, Inc. (a)(b) | 19,838 | 178,542 | |
Bio Path Holdings, Inc. (a)(b) | 14,635 | 80,200 | |
Biocept, Inc. (a) | 68,057 | 53,084 | |
BioCryst Pharmaceuticals, Inc. (a) | 665,534 | 1,996,602 | |
Biohaven Pharmaceutical Holding Co. Ltd. (a) | 213,057 | 9,408,597 | |
BioMarin Pharmaceutical, Inc. (a) | 878,660 | 79,404,504 | |
Biospecifics Technologies Corp. (a) | 26,131 | 1,442,170 | |
BioTime, Inc. (a)(b) | 632,706 | 639,033 | |
BioXcel Therapeutics, Inc. (a) | 38,908 | 1,459,050 | |
bluebird bio, Inc. (a) | 272,355 | 19,699,437 | |
Blueprint Medicines Corp. (a) | 266,763 | 14,439,881 | |
BrainStorm Cell Therpeutic, Inc. (a)(b) | 99,668 | 695,683 | |
Brickell Biotech, Inc. (a)(b) | 14,738 | 43,182 | |
Bridgebio Pharma, Inc. | 106,465 | 3,394,104 | |
Cabaletta Bio, Inc. (a) | 66,326 | 990,910 | |
Calithera Biosciences, Inc. (a) | 223,512 | 1,448,358 | |
Calyxt, Inc. (a) | 41,012 | 258,786 | |
Cancer Genetics, Inc. (a) | 2,231 | 8,188 | |
Capricor Therapeutics, Inc. (a) | 7,347 | 8,669 | |
CareDx, Inc. (a) | 185,504 | 4,324,098 | |
CASI Pharmaceuticals, Inc. (a)(b) | 242,893 | 429,921 | |
Castle Biosciences, Inc. (b) | 24,020 | 719,159 | |
Catabasis Pharmaceuticals, Inc. (a) | 64,750 | 315,980 | |
Catalyst Biosciences, Inc. (a)(b) | 69,273 | 399,705 | |
Catalyst Pharmaceutical Partners, Inc. (a) | 465,135 | 1,958,218 | |
Cel-Sci Corp. (a)(b) | 161,677 | 1,773,597 | |
Celcuity, Inc. (a) | 14,316 | 121,543 | |
Celldex Therapeutics, Inc. (a)(b) | 47,868 | 125,893 | |
Cellectar Biosciences, Inc. (a)(b) | 7,104 | 14,989 | |
Cellular Biomedicine Group, Inc. (a) | 52,183 | 832,841 | |
Celsion Corp. (a) | 34,220 | 35,589 | |
Checkpoint Therapeutics, Inc. (a) | 104,918 | 183,607 | |
ChemoCentryx, Inc. (a)(b) | 201,552 | 9,019,452 | |
Chimerix, Inc. (a) | 239,256 | 423,483 | |
Cidara Therapeutics, Inc. (a)(b) | 130,297 | 377,861 | |
Cleveland Biolabs, Inc. (a)(b) | 9,814 | 32,779 | |
Clovis Oncology, Inc. (a)(b) | 351,964 | 2,650,289 | |
CohBar, Inc. (a)(b) | 98,160 | 157,056 | |
Coherus BioSciences, Inc. (a) | 301,682 | 5,837,547 | |
Conatus Pharmaceuticals, Inc. (a)(b) | 120,590 | 47,645 | |
Concert Pharmaceuticals, Inc. (a) | 101,129 | 855,551 | |
Constellation Pharmaceuticals, Inc. (a) | 79,473 | 2,808,576 | |
ContraFect Corp. (a)(b) | 61,803 | 543,866 | |
Corbus Pharmaceuticals Holdings, Inc. (a)(b) | 306,666 | 1,453,597 | |
Cortexyme, Inc. | 23,100 | 1,160,775 | |
Corvus Pharmaceuticals, Inc. (a)(b) | 62,848 | 216,197 | |
Crinetics Pharmaceuticals, Inc. (a)(b) | 35,840 | 737,587 | |
CTI BioPharma Corp. (a) | 232,172 | 227,854 | |
CTI BioPharma Corp. rights 3/2/20 (a) | 209,911 | 2 | |
Cue Biopharma, Inc. (a) | 91,621 | 1,602,451 | |
Curis, Inc. (a)(b) | 112,824 | 146,671 | |
Cyclacel Pharmaceuticals, Inc. (a) | 17,418 | 9,320 | |
Cyclerion Therapeutics, Inc. (a) | 73,939 | 316,459 | |
Cytokinetics, Inc. (a) | 294,047 | 4,099,015 | |
CytomX Therapeutics, Inc. (a) | 226,661 | 1,516,362 | |
Deciphera Pharmaceuticals, Inc. (a) | 95,946 | 5,108,165 | |
Denali Therapeutics, Inc. (a)(b) | 362,210 | 7,160,892 | |
DiaMedica Therapeutics, Inc. (a) | 49,472 | 223,613 | |
Dicerna Pharmaceuticals, Inc. (a) | 266,777 | 5,266,178 | |
Diffusion Pharmaceuticals, Inc. (a) | 10,060 | 4,147 | |
Dyadic International, Inc. (a)(b) | 105,359 | 620,565 | |
Dynavax Technologies Corp. (a)(b) | 403,229 | 1,590,738 | |
Eagle Pharmaceuticals, Inc. (a)(b) | 49,285 | 2,262,182 | |
Edge Therapeutics, Inc. (a)(b) | 4,483 | 5,290 | |
Editas Medicine, Inc. (a)(b) | 250,729 | 5,561,169 | |
Eidos Therapeutics, Inc. (a)(b) | 24,927 | 1,260,808 | |
Eiger Biopharmaceuticals, Inc. (a) | 109,342 | 1,037,656 | |
Emergent BioSolutions, Inc. (a) | 215,952 | 12,672,063 | |
Enanta Pharmaceuticals, Inc. (a) | 79,709 | 4,055,594 | |
Enochian Biosciences, Inc. (a)(b) | 117,314 | 382,444 | |
Epizyme, Inc. (a)(b) | 377,834 | 8,096,983 | |
Esperion Therapeutics, Inc. (a)(b) | 126,187 | 6,371,182 | |
Evelo Biosciences, Inc. (a)(b) | 35,269 | 178,461 | |
Exact Sciences Corp. (a)(b) | 685,344 | 55,478,597 | |
Exelixis, Inc. (a) | 1,493,941 | 27,772,363 | |
Exicure, Inc. (a) | 374,089 | 729,474 | |
Fate Therapeutics, Inc. (a) | 303,445 | 8,860,594 | |
FibroGen, Inc. (a) | 388,118 | 16,223,332 | |
Five Prime Therapeutics, Inc. (a) | 180,556 | 691,529 | |
Flexion Therapeutics, Inc. (a)(b) | 163,082 | 2,575,065 | |
Fortress Biotech, Inc. (a)(b) | 185,825 | 397,666 | |
Forty Seven, Inc. (a) | 144,102 | 8,357,916 | |
Frequency Therapeutics, Inc. | 33,312 | 721,538 | |
G1 Therapeutics, Inc. (a) | 142,471 | 2,555,930 | |
Galectin Therapeutics, Inc. (a)(b) | 197,143 | 417,943 | |
Galera Therapeutics, Inc. (a) | 29,036 | 495,935 | |
Genocea Biosciences, Inc. (a) | 98,878 | 173,037 | |
Genprex, Inc. (a) | 82,307 | 337,870 | |
GenVec, Inc. rights (a)(b)(c) | 14,247 | 0 | |
Geron Corp. (a)(b) | 927,720 | 1,066,878 | |
Global Blood Therapeutics, Inc. (a) | 296,403 | 18,957,936 | |
GlycoMimetics, Inc. (a) | 178,499 | 646,166 | |
Gossamer Bio, Inc. | 185,232 | 2,432,096 | |
Gritstone Oncology, Inc. (a)(b) | 88,557 | 743,879 | |
Halozyme Therapeutics, Inc. (a) | 573,567 | 11,224,706 | |
Harpoon Therapeutics, Inc. | 35,504 | 544,631 | |
Heat Biologics, Inc. (a) | 152,517 | 50,331 | |
Hemispherx Biopharma, Inc. (a)(b) | 1,427 | 2,925 | |
Heron Therapeutics, Inc. (a) | 379,283 | 7,073,628 | |
Homology Medicines, Inc. (a) | 116,247 | 1,859,952 | |
Hookipa Pharma, Inc. | 35,652 | 353,668 | |
iBio, Inc. (a)(b) | 261,710 | 641,190 | |
Idera Pharmaceuticals, Inc. (a)(b) | 101,043 | 160,658 | |
IGM Biosciences, Inc. (a)(b) | 58,966 | 3,031,442 | |
Immucell Corp. (a)(b) | 13,116 | 75,942 | |
Immunic, Inc. (a)(b) | 3,945 | 30,613 | |
ImmunoGen, Inc. (a) | 861,113 | 3,831,953 | |
Immunomedics, Inc. (a)(b) | 904,948 | 14,479,168 | |
Infinity Pharmaceuticals, Inc. (a) | 232,096 | 271,552 | |
Inovio Pharmaceuticals, Inc. (a)(b) | 463,041 | 1,981,815 | |
Insmed, Inc. (a) | 440,059 | 10,957,469 | |
Intellia Therapeutics, Inc. (a)(b) | 196,855 | 2,628,014 | |
Intercept Pharmaceuticals, Inc. (a) | 124,488 | 11,445,427 | |
Invitae Corp. (a)(b) | 435,575 | 8,877,019 | |
Ionis Pharmaceuticals, Inc. (a) | 628,621 | 31,921,374 | |
Iovance Biotherapeutics, Inc. (a) | 570,647 | 18,779,993 | |
Ironwood Pharmaceuticals, Inc. Class A (a)(b) | 776,806 | 9,352,744 | |
IsoRay, Inc. (a)(b) | 218,985 | 160,954 | |
Iveric Bio, Inc. (a) | 160,325 | 871,366 | |
Jounce Therapeutics, Inc. (a)(b) | 76,862 | 347,416 | |
Kadmon Holdings, Inc. (a) | 730,429 | 3,389,191 | |
Kalvista Pharmaceuticals, Inc. (a) | 53,617 | 721,149 | |
Karuna Therapeutics, Inc. (a) | 51,315 | 4,477,747 | |
Karyopharm Therapeutics, Inc. (a)(b) | 267,862 | 4,376,865 | |
Kezar Life Sciences, Inc. (a) | 143,975 | 630,611 | |
Kindred Biosciences, Inc. (a) | 179,235 | 1,948,284 | |
Kiniksa Pharmaceuticals Ltd. (a)(b) | 54,867 | 1,012,845 | |
Kodiak Sciences, Inc. (a)(b) | 118,756 | 7,596,821 | |
Krystal Biotech, Inc. (a) | 54,475 | 2,911,689 | |
Kura Oncology, Inc. (a)(b) | 199,048 | 2,402,509 | |
La Jolla Pharmaceutical Co. (a)(b) | 115,502 | 785,414 | |
Leap Therapeutics, Inc. (a)(b) | 59,536 | 143,482 | |
Lexicon Pharmaceuticals, Inc. (a)(b) | 205,959 | 571,536 | |
Ligand Pharmaceuticals, Inc.: | |||
Class B (a)(b) | 85,366 | 7,990,258 | |
General CVR (a) | 26,087 | 70 | |
Glucagon CVR (a) | 26,087 | 652 | |
rights (a) | 26,087 | 91 | |
TR Beta CVR (a) | 26,087 | 5,739 | |
LogicBio Therapeutics, Inc. (a) | 26,984 | 216,951 | |
Macrogenics, Inc. (a) | 236,239 | 2,071,816 | |
Madrigal Pharmaceuticals, Inc. (a)(b) | 45,567 | 3,926,508 | |
Magenta Therapeutics, Inc. (a)(b) | 78,171 | 919,291 | |
MannKind Corp. (a)(b) | 909,470 | 1,155,027 | |
Marker Therapeutics, Inc. (a)(b) | 139,201 | 343,826 | |
Matinas BioPharma Holdings, Inc. (a)(b) | 729,652 | 729,652 | |
MediciNova, Inc. (a)(b) | 201,492 | 846,266 | |
MEI Pharma, Inc. (a) | 409,177 | 789,712 | |
Merrimack Pharmaceuticals, Inc. | 57,524 | 166,244 | |
Mersana Therapeutics, Inc. (a) | 185,368 | 1,605,287 | |
Minerva Neurosciences, Inc. (a) | 169,366 | 1,232,984 | |
Miragen Therapeutics, Inc. (a) | 80,669 | 59,897 | |
Mirati Therapeutics, Inc. (a) | 179,578 | 16,070,435 | |
Mirum Pharmaceuticals, Inc. (a)(b) | 35,699 | 591,175 | |
Moderna, Inc. (a)(b) | 1,094,178 | 28,372,036 | |
Molecular Templates, Inc. (a) | 113,821 | 1,831,380 | |
Moleculin Biotech, Inc. (a) | 87,362 | 59,406 | |
Momenta Pharmaceuticals, Inc. (a) | 558,204 | 15,791,591 | |
Morphic Holding, Inc. | 27,576 | 435,701 | |
Mustang Bio, Inc. (a) | 144,129 | 420,857 | |
Myriad Genetics, Inc. (a) | 364,997 | 6,431,247 | |
NanoViricides, Inc. (a)(b) | 27,517 | 261,412 | |
NantKwest, Inc. (a)(b) | 175,194 | 847,939 | |
Natera, Inc. (a) | 319,040 | 12,093,211 | |
Navidea Biopharmaceuticals, Inc. (a) | 28,052 | 27,378 | |
Neoleukin Therapeutics, Inc. (a) | 171,696 | 1,665,451 | |
Neon Therapeutics, Inc. (a)(b) | 74,160 | 111,240 | |
Neubase Therapeutics, Inc. (a) | 11,574 | 82,638 | |
Neurobo Pharmaceuticals, Inc. (a)(b) | 3,300 | 50,820 | |
Neurobo Pharmaceuticals, Inc. rights (a)(b)(c) | 33,731 | 0 | |
Neurocrine Biosciences, Inc. (a) | 451,424 | 42,749,853 | |
Neurotrope, Inc. (a)(b) | 28,101 | 30,630 | |
NewLink Genetics Corp. (a)(b) | 118,072 | 161,759 | |
NextCure, Inc. | 45,256 | 1,889,891 | |
Novavax, Inc. (a)(b) | 158,386 | 2,534,176 | |
Ocugen, Inc. (a) | 194,488 | 87,520 | |
OncoCyte Corp. (a) | 130,915 | 281,467 | |
OncoGenex Pharmaceuticals, Inc. (a)(b) | 35,278 | 16,933 | |
OncoMed Pharmaceuticals, Inc. rights (a)(b)(c) | 102,576 | 1 | |
OncoSec Medical, Inc. (a) | 22,317 | 31,021 | |
Oncternal Therapeutics, Inc. (a)(b) | 6,762 | 24,478 | |
Oncternal Therapeutics, Inc. rights (a)(c) | 6,762 | 0 | |
OpGen, Inc. (a)(b) | 8,245 | 27,951 | |
Opko Health, Inc. (a)(b) | 1,974,554 | 2,961,831 | |
Oragenics, Inc. (a) | 7,849 | 5,865 | |
Organogenesis Holdings, Inc. Class A (a) | 82,278 | 322,530 | |
Organovo Holdings, Inc. (a) | 488,772 | 157,873 | |
Orgenesis, Inc. (a)(b) | 44,808 | 193,571 | |
Outlook Therapeutics, Inc. (a)(b) | 34,757 | 26,415 | |
OvaScience, Inc. (a) | 48,059 | 369,574 | |
Ovid Therapeutics, Inc. (a) | 135,024 | 442,879 | |
Oyster Point Pharma, Inc. (a) | 28,820 | 1,020,516 | |
Palatin Technologies, Inc. (a)(b) | 1,049,809 | 536,137 | |
PDL BioPharma, Inc. (a) | 580,871 | 1,974,961 | |
Pfenex, Inc. (a) | 141,465 | 1,640,994 | |
PhaseBio Pharmaceuticals, Inc. (a)(b) | 68,737 | 289,383 | |
Pieris Pharmaceuticals, Inc. (a) | 241,212 | 750,169 | |
Plus Therapeutics, Inc. (a)(b) | 6,336 | 11,785 | |
Polarityte, Inc. (a)(b) | 96,620 | 131,403 | |
Portola Pharmaceuticals, Inc. (a)(b) | 344,643 | 3,484,341 | |
Precigen, Inc. (a)(b) | 357,665 | 1,355,550 | |
Precision BioSciences, Inc. (a) | 41,265 | 330,533 | |
Prevail Therapeutics, Inc. | 37,946 | 484,950 | |
Principia Biopharma, Inc. (a) | 91,619 | 5,914,923 | |
Progenics Pharmaceuticals, Inc. (a) | 415,131 | 1,959,418 | |
Protagonist Therapeutics, Inc. (a) | 104,331 | 813,782 | |
Proteostasis Therapeutics, Inc. (a)(b) | 198,769 | 310,080 | |
Prothena Corp. PLC (a) | 184,951 | 1,971,578 | |
PTC Therapeutics, Inc. (a) | 302,577 | 16,593,323 | |
Puma Biotechnology, Inc. (a)(b) | 161,212 | 1,733,835 | |
Ra Pharmaceuticals, Inc. (a) | 172,223 | 8,053,147 | |
Radius Health, Inc. (a)(b) | 206,696 | 4,353,018 | |
RAPT Therapeutics, Inc. (a)(b) | 29,990 | 592,902 | |
Recro Pharma, Inc. (a)(b) | 82,926 | 1,189,159 | |
REGENXBIO, Inc. (a) | 154,707 | 6,188,280 | |
Regulus Therapeutics, Inc. (a)(b) | 30,166 | 22,404 | |
Repligen Corp. (a) | 230,621 | 19,741,158 | |
Replimune Group, Inc. (a) | 47,782 | 662,736 | |
Retrophin, Inc. (a) | 204,992 | 3,176,351 | |
Rexahn Pharmaceuticals, Inc. (a) | 22,895 | 52,659 | |
Rhythm Pharmaceuticals, Inc. (a)(b) | 148,206 | 2,827,770 | |
Rigel Pharmaceuticals, Inc. (a) | 838,915 | 1,778,500 | |
Rocket Pharmaceuticals, Inc. (a)(b) | 173,080 | 3,373,329 | |
Rubius Therapeutics, Inc. (a)(b) | 170,211 | 1,424,666 | |
RXi Pharmaceuticals Corp. (a) | 164 | 481 | |
Sage Therapeutics, Inc. (a)(b) | 256,505 | 12,055,735 | |
Salarius Pharmaceuticals, Inc. (a) | 12,754 | 11,032 | |
Salarius Pharmaceuticals, Inc. rights (a)(c) | 42,326 | 5,206 | |
Sangamo Therapeutics, Inc. (a)(b) | 567,497 | 4,840,749 | |
Sarepta Therapeutics, Inc. (a)(b) | 348,431 | 39,884,897 | |
Savara, Inc. (a)(b) | 124,425 | 284,933 | |
Scholar Rock Holding Corp. (a) | 82,482 | 1,163,821 | |
Seattle Genetics, Inc. (a) | 563,216 | 64,127,774 | |
Selecta Biosciences, Inc. (a)(b) | 166,325 | 665,300 | |
Sellas Life Sciences Group, Inc. (a)(b) | 22,085 | 45,937 | |
Seneca Biopharma, Inc. (a)(b) | 3,323 | 3,087 | |
Seres Therapeutics, Inc. (a)(b) | 226,890 | 712,435 | |
Sesen Bio, Inc. (a) | 466,232 | 354,336 | |
Soleno Therapeutics, Inc. (a) | 83,233 | 231,388 | |
Solid Biosciences, Inc. (a)(b) | 69,813 | 230,383 | |
Soligenix, Inc. (a) | 75,807 | 228,937 | |
Sophiris Bio, Inc. (a)(b) | 132,978 | 71,196 | |
Sorrento Therapeutics, Inc. (a)(b) | 588,515 | 1,277,078 | |
Spectrum Pharmaceuticals, Inc. (a) | 560,811 | 1,603,919 | |
Spero Therapeutics, Inc. (a) | 43,453 | 414,542 | |
Spero Therapeutics, Inc. rights 3/3/20 (a) | 6,604 | 3,566 | |
Spring Bank Pharmaceuticals, Inc. (a)(b) | 54,942 | 75,271 | |
Springworks Therapeutics, Inc. (a) | 45,884 | 1,466,453 | |
Stemline Therapeutics, Inc. (a)(b) | 215,737 | 1,298,737 | |
Stoke Therapeutics, Inc. | 44,060 | 1,090,485 | |
Sunesis Pharmaceuticals, Inc. (a)(b) | 420,679 | 414,411 | |
Surface Oncology, Inc. (a) | 45,281 | 143,088 | |
Sutro Biopharma, Inc. (a) | 31,902 | 310,406 | |
Syndax Pharmaceuticals, Inc. (a) | 95,943 | 902,824 | |
Synlogic, Inc. (a) | 80,173 | 165,156 | |
Synthetic Biologics, Inc. (a)(b) | 14,928 | 6,350 | |
Syros Pharmaceuticals, Inc. (a) | 160,742 | 940,341 | |
T2 Biosystems, Inc. (a)(b) | 190,631 | 131,421 | |
TCR2 Therapeutics, Inc. (b) | 65,189 | 774,445 | |
Tenax Therapeutics, Inc. (a) | 1,474 | 1,695 | |
TG Therapeutics, Inc. (a)(b) | 404,920 | 5,081,746 | |
Tocagen, Inc. (a)(b) | 101,258 | 143,786 | |
TONIX Pharmaceuticals Holding (a)(b) | 83,212 | 89,869 | |
TRACON Pharmaceuticals, Inc. (a)(b) | 2,418 | 7,351 | |
Translate Bio, Inc. (a)(b) | 212,033 | 1,607,210 | |
Trevena, Inc. (a) | 404,670 | 289,258 | |
Trovagene, Inc. (a) | 15,811 | 21,661 | |
Turning Point Therapeutics, Inc. | 71,633 | 3,550,848 | |
Twist Bioscience Corp. (a) | 141,864 | 4,343,876 | |
Tyme, Inc. (a)(b) | 276,137 | 328,603 | |
Ultragenyx Pharmaceutical, Inc. (a)(b) | 268,457 | 15,055,069 | |
United Therapeutics Corp. (a) | 216,433 | 22,283,942 | |
UNITY Biotechnology, Inc. (a)(b) | 103,386 | 621,350 | |
Unum Therapeutics, Inc. (a)(b) | 43,783 | 29,335 | |
Vanda Pharmaceuticals, Inc. (a) | 256,654 | 2,830,894 | |
Vaxart, Inc. (a)(b) | 200,494 | 575,418 | |
VBI Vaccines, Inc. (a)(b) | 903,990 | 1,084,788 | |
Veracyte, Inc. (a) | 215,610 | 5,323,411 | |
Verastem, Inc. (a)(b) | 338,744 | 945,096 | |
Vericel Corp. (a)(b) | 220,399 | 3,402,961 | |
Viela Bio, Inc. (b) | 41,683 | 1,819,046 | |
Viking Therapeutics, Inc. (a)(b) | 323,126 | 1,912,906 | |
VistaGen Therapeutics, Inc. (a)(b) | 182,080 | 93,298 | |
Voyager Therapeutics, Inc. (a) | 126,993 | 1,384,224 | |
vTv Therapeutics, Inc. Class A (a)(b) | 24,729 | 84,573 | |
X4 Pharmaceuticals, Inc. (a) | 83,212 | 888,704 | |
Xbiotech, Inc. (a)(b) | 80,252 | 983,890 | |
Xencor, Inc. (a) | 245,158 | 7,965,183 | |
Xenetic Biosciences, Inc. (a) | 312 | 308 | |
XOMA Corp. (a)(b) | 35,734 | 868,336 | |
Y-mAbs Therapeutics, Inc. (a) | 90,401 | 2,659,597 | |
Yield10 Bioscience, Inc. (a)(b) | 1,319 | 8,692 | |
Zafgen, Inc. (a)(b) | 145,426 | 165,786 | |
ZIOPHARM Oncology, Inc. (a)(b) | 924,816 | 2,857,681 | |
1,304,414,002 | |||
Health Care Equipment & Supplies - 3.3% | |||
Accuray, Inc. (a)(b) | 447,286 | 1,326,203 | |
Aethlon Medical, Inc. (a)(b) | 5,590 | 15,261 | |
Akers Biosciences, Inc. (a)(b) | 2,510 | 7,003 | |
Allied Healthcare Products, Inc. (a)(b) | 2,431 | 58,344 | |
Alphatec Holdings, Inc. (a) | 204,305 | 1,195,184 | |
Angiodynamics, Inc. (a) | 190,356 | 2,187,190 | |
Antares Pharma, Inc. (a)(b) | 764,398 | 2,369,634 | |
Apollo Endosurgery, Inc. (a) | 58,883 | 153,979 | |
Atossa Therapeutics, Inc. (a)(b) | 45,293 | 54,805 | |
Atricure, Inc. (a) | 194,793 | 7,483,947 | |
Atrion Corp. | 7,159 | 4,412,163 | |
Avanos Medical, Inc. (a) | 234,526 | 7,600,988 | |
Avinger, Inc. (a)(b) | 17,548 | 10,704 | |
AxoGen, Inc. (a)(b) | 176,225 | 2,181,666 | |
Axonics Modulation Technologies, Inc. (a)(b) | 72,099 | 2,555,549 | |
Bellerophon Therapeutics, Inc. (a)(b) | 7,193 | 50,351 | |
Beyond Air, Inc. (a)(b) | 46,727 | 386,900 | |
BioLase Technology, Inc. (a) | 34,145 | 22,024 | |
BioLife Solutions, Inc. (a)(b) | 57,681 | 816,186 | |
BioSig Technologies, Inc.(a)(b) | 64,132 | 232,158 | |
Bovie Medical Corp. (a) | 148,176 | 896,465 | |
Cantel Medical Corp. (b) | 183,721 | 11,592,795 | |
Cardiovascular Systems, Inc. (a) | 171,305 | 6,444,494 | |
Cerus Corp. (a) | 758,191 | 3,897,102 | |
Chembio Diagnostics, Inc. (a)(b) | 66,749 | 297,033 | |
Co.-Diagnostics, Inc. (a)(b) | 94,294 | 1,247,510 | |
ConforMis, Inc. (a) | 355,877 | 277,299 | |
CONMED Corp. | 139,536 | 13,205,687 | |
Cryolife, Inc. (a) | 191,296 | 4,902,916 | |
CryoPort, Inc. (a)(b) | 185,483 | 3,097,566 | |
Cutera, Inc. (a) | 71,387 | 1,768,970 | |
CytoSorbents Corp. (a)(b) | 146,223 | 881,725 | |
Dare Bioscience, Inc. (a)(b) | 40,212 | 43,831 | |
DarioHealth Corp. (a)(b) | 13,040 | 95,192 | |
DexCom, Inc. (a) | 447,334 | 123,464,184 | |
Dynatronics Corp. (a)(b) | 3,361 | 6,453 | |
Ekso Bionics Holdings, Inc. (a)(b) | 222,191 | 66,346 | |
electroCore, Inc. (a)(b) | 33,137 | 24,193 | |
Electromed, Inc. (a) | 18,140 | 186,661 | |
Endologix, Inc. (a)(b) | 82,105 | 102,631 | |
ENDRA Life Sciences, Inc. (a)(b) | 24,073 | 26,240 | |
Envista Holdings Corp. (a) | 776,656 | 19,711,529 | |
Fonar Corp. (a) | 28,130 | 562,037 | |
Genmark Diagnostics, Inc. (a)(b) | 288,157 | 1,005,668 | |
Glaukos Corp. (a)(b) | 192,602 | 8,470,636 | |
Globus Medical, Inc. (a) | 381,015 | 17,233,308 | |
Haemonetics Corp. (a) | 249,527 | 27,031,260 | |
Helius Medical Technologies, Inc. (U.S.) (a)(b) | 100,184 | 91,167 | |
Heska Corp. (a)(b) | 34,366 | 3,280,922 | |
Hill-Rom Holdings, Inc. | 325,457 | 31,260,145 | |
ICU Medical, Inc. (a) | 94,914 | 18,585,110 | |
Inogen, Inc. (a) | 90,478 | 4,142,083 | |
Insulet Corp. (a) | 303,326 | 57,622,840 | |
Integer Holdings Corp. (a) | 162,026 | 14,609,884 | |
Integra LifeSciences Holdings Corp. (a) | 349,969 | 18,233,385 | |
IntriCon Corp. (a)(b) | 36,727 | 546,498 | |
Invacare Corp. | 160,080 | 1,213,406 | |
InVivo Therapeutics Holdings Corp. (a)(b) | 160 | 984 | |
IRadimed Corp. (a) | 25,824 | 613,062 | |
iRhythm Technologies, Inc. (a)(b) | 130,066 | 11,311,840 | |
Iridex Corp. (a) | 27,462 | 77,717 | |
Kewaunee Scientific Corp. | 10,875 | 125,498 | |
Lantheus Holdings, Inc. (a) | 191,516 | 2,978,074 | |
LeMaitre Vascular, Inc. | 83,823 | 2,388,956 | |
LivaNova PLC (a) | 239,187 | 16,676,118 | |
Masimo Corp. (a) | 238,920 | 39,022,804 | |
Meridian Bioscience, Inc. | 213,840 | 1,708,582 | |
Merit Medical Systems, Inc. (a) | 272,784 | 9,822,952 | |
Mesa Laboratories, Inc. | 19,775 | 4,731,960 | |
Microbot Medical, Inc. (a)(b) | 32,053 | 269,245 | |
Milestone Scientific, Inc. (a)(b) | 123,561 | 271,834 | |
Misonix, Inc. (a) | 72,790 | 1,008,142 | |
Motus GI Holdings, Inc. (a) | 121,781 | 174,147 | |
Myomo, Inc. (a)(b) | 1,220 | 5,661 | |
Natus Medical, Inc. (a) | 171,429 | 4,608,012 | |
Neogen Corp. (a) | 258,906 | 15,728,540 | |
NeuroMetrix, Inc. (a) | 80 | 194 | |
Neuronetics, Inc. (a) | 44,579 | 129,056 | |
Nevro Corp. (a) | 152,656 | 19,868,178 | |
NuVasive, Inc. (a) | 255,084 | 16,787,078 | |
Obalon Therapeutics, Inc. (a)(b) | 5,779 | 8,091 | |
OraSure Technologies, Inc. (a) | 321,882 | 1,940,948 | |
Orthofix International NV (a) | 95,887 | 3,388,647 | |
OrthoPediatrics Corp. (a) | 47,164 | 2,189,353 | |
PAVmed, Inc. (a)(b) | 69,158 | 172,895 | |
Penumbra, Inc. (a)(b) | 158,333 | 26,261,111 | |
Predictive Oncology, Inc. (a)(b) | 2,723 | 5,337 | |
Pro-Dex, Inc. (a) | 600 | 10,986 | |
Pulse Biosciences, Inc. (a)(b) | 59,133 | 405,061 | |
Quidel Corp. (a) | 186,599 | 14,412,907 | |
Repro Medical Systems, Inc. (a) | 88,592 | 717,595 | |
Retractable Technologies, Inc. (a) | 35,837 | 58,773 | |
Rockwell Medical Technologies, Inc. (a)(b) | 293,370 | 824,370 | |
RTI Biologics, Inc. (a) | 350,662 | 1,297,449 | |
Seaspine Holdings Corp. (a) | 102,839 | 1,453,115 | |
Second Sight Medical Products, Inc. (a)(b) | 13,659 | 58,870 | |
Senseonics Holdings, Inc. (a)(b) | 673,976 | 943,566 | |
Sensus Healthcare, Inc. (a)(b) | 44,385 | 157,567 | |
Shockwave Medical, Inc. (a) | 41,498 | 1,665,730 | |
SI-BONE, Inc. (a) | 94,884 | 1,832,210 | |
Sientra, Inc. (a)(b) | 209,133 | 876,267 | |
Silk Road Medical, Inc. | 30,233 | 1,204,785 | |
Sintx Technologies, Inc. (a) | 123 | 78 | |
SmileDirectClub, Inc. (a)(b) | 285,440 | 2,135,091 | |
Soliton, Inc. (b) | 32,038 | 337,360 | |
Staar Surgical Co. (a)(b) | 143,912 | 4,515,959 | |
Stereotaxis, Inc. (a) | 153,027 | 558,549 | |
STRATA Skin Sciences, Inc. (a) | 18,623 | 28,866 | |
SurModics, Inc. (a) | 65,592 | 2,289,817 | |
Tactile Systems Technology, Inc. (a)(b) | 93,502 | 4,713,436 | |
Tandem Diabetes Care, Inc. (a) | 276,260 | 20,625,572 | |
Tela Bio, Inc. (a) | 23,429 | 362,915 | |
Thermogenesis Holdings, Inc. (a)(b) | 1,198 | 4,768 | |
TransEnterix, Inc. (a)(b) | 70,378 | 83,046 | |
TransMedics Group, Inc. | 29,529 | 463,605 | |
Utah Medical Products, Inc. | 17,323 | 1,514,030 | |
Vapotherm, Inc. (a) | 74,564 | 645,724 | |
Varex Imaging Corp. (a) | 190,767 | 4,429,610 | |
Venus Concept, Inc. (a)(b) | 49,087 | 312,684 | |
Vermillion, Inc. (a)(b) | 167,591 | 132,397 | |
ViewRay, Inc. (a)(b) | 509,639 | 1,462,664 | |
Viveve Medical, Inc. (a) | 1,298 | 1,415 | |
VolitionRx Ltd. (a)(b) | 129,302 | 444,799 | |
West Pharmaceutical Services, Inc. | 361,894 | 54,486,761 | |
Wright Medical Group NV (a) | 620,613 | 18,773,543 | |
Zosano Pharma Corp. (a)(b) | 82,489 | 60,134 | |
Zynex, Inc. (a)(b) | 78,591 | 1,023,255 | |
756,845,755 | |||
Health Care Providers & Services - 1.6% | |||
Acadia Healthcare Co., Inc. (a)(b) | 435,363 | 12,886,745 | |
Addus HomeCare Corp. (a) | 65,897 | 5,025,964 | |
Amedisys, Inc. (a) | 157,989 | 27,491,666 | |
American Renal Associates Holdings, Inc. (a) | 81,550 | 656,478 | |
American Shared Hospital Services (a) | 113 | 251 | |
AMN Healthcare Services, Inc. (a) | 228,252 | 16,799,347 | |
Apollo Medical Holdings, Inc. (a)(b) | 126,875 | 2,216,506 | |
BioScrip, Inc. (a) | 166,245 | 2,452,114 | |
BioTelemetry, Inc. (a) | 165,254 | 7,059,651 | |
Brookdale Senior Living, Inc. (a) | 944,861 | 6,207,737 | |
Caladrius Biosciences, Inc. (a) | 36,321 | 92,982 | |
Capital Senior Living Corp. (a)(b) | 152,578 | 390,600 | |
Catasys, Inc. (a)(b) | 34,907 | 527,794 | |
Chemed Corp. | 77,998 | 32,573,525 | |
Community Health Systems, Inc. (a)(b) | 593,203 | 2,924,491 | |
Corvel Corp. (a) | 45,353 | 3,126,636 | |
Covetrus, Inc. (a)(b) | 483,385 | 5,370,407 | |
Cross Country Healthcare, Inc. (a) | 178,368 | 1,690,929 | |
CynergisTek, Inc. (a) | 1,100 | 3,575 | |
Digirad Corp. (a) | 5,124 | 12,861 | |
Encompass Health Corp. | 481,686 | 36,049,380 | |
Enzo Biochem, Inc. (a) | 197,450 | 420,569 | |
Exagen, Inc. (a) | 26,300 | 449,204 | |
Five Star Sr Living, Inc. (a) | 98,753 | 468,089 | |
Fulgent Genetics, Inc. (a)(b) | 53,344 | 791,625 | |
Genesis HealthCare, Inc. Class A (a) | 198,253 | 327,117 | |
Guardant Health, Inc. (a) | 198,616 | 17,271,647 | |
Hanger, Inc. (a) | 188,044 | 4,338,175 | |
HealthEquity, Inc. (a) | 347,371 | 24,659,867 | |
InfuSystems Holdings, Inc. (a) | 50,775 | 538,215 | |
Interpace Diagnostics Group, Inc. (a)(b) | 17,441 | 143,365 | |
LHC Group, Inc. (a) | 145,264 | 17,643,765 | |
Magellan Health Services, Inc. (a) | 105,856 | 6,352,419 | |
MEDNAX, Inc. (a) | 410,692 | 7,018,726 | |
Molina Healthcare, Inc. (a) | 306,327 | 37,540,374 | |
National Healthcare Corp. | 56,426 | 4,187,373 | |
National Research Corp. Class A | 59,643 | 3,279,769 | |
Owens & Minor, Inc. | 305,864 | 2,089,051 | |
Patterson Companies, Inc. | 424,384 | 10,096,095 | |
Pennant Group, Inc. (a) | 129,210 | 3,510,636 | |
PetIQ, Inc. Class A (a)(b) | 93,463 | 2,906,699 | |
Precipio, Inc. (a)(b) | 15,762 | 24,116 | |
Premier, Inc. (a) | 327,408 | 9,635,617 | |
Progyny, Inc. (a)(b) | 49,243 | 1,355,660 | |
Providence Service Corp. (a) | 57,204 | 3,534,063 | |
Psychemedics Corp. | 24,117 | 213,194 | |
Quorum Health Corp. (a)(b) | 120,872 | 126,916 | |
R1 RCM, Inc. (a) | 496,225 | 6,093,643 | |
RadNet, Inc. (a) | 207,413 | 4,237,448 | |
Regional Health Properties, Inc. (a)(b) | 3,317 | 4,544 | |
Select Medical Holdings Corp. (a) | 521,855 | 12,493,209 | |
Sharps Compliance Corp. (a) | 38,210 | 231,553 | |
SunLink Health Systems, Inc. (a) | 10,027 | 11,832 | |
Surgery Partners, Inc. (a) | 98,965 | 1,625,005 | |
Tenet Healthcare Corp. (a) | 508,773 | 13,370,554 | |
The Ensign Group, Inc. | 245,260 | 10,914,070 | |
The Joint Corp. (a) | 51,284 | 760,542 | |
Tivity Health, Inc. (a)(b) | 219,176 | 2,776,960 | |
Triple-S Management Corp. | 116,473 | 1,745,930 | |
U.S. Physical Therapy, Inc. | 62,634 | 6,527,715 | |
383,274,990 | |||
Health Care Technology - 0.9% | |||
Allscripts Healthcare Solutions, Inc. (a) | 787,089 | 5,934,651 | |
Arrhythmia Research Technology, Inc. (a) | 9,729 | 28,701 | |
Castlight Health, Inc. Class B (a) | 369,928 | 335,266 | |
Change Healthcare, Inc. (b) | 221,854 | 3,014,996 | |
Computer Programs & Systems, Inc. | 61,140 | 1,637,329 | |
Evolent Health, Inc. (a) | 384,854 | 3,556,051 | |
Health Catalyst, Inc. (b) | 38,814 | 1,179,169 | |
HealthStream, Inc. (a) | 129,290 | 3,144,333 | |
HMS Holdings Corp. (a) | 430,173 | 9,881,074 | |
HTG Molecular Diagnostics (a)(b) | 259,764 | 150,663 | |
iCAD, Inc. (a) | 81,101 | 1,080,265 | |
Inovalon Holdings, Inc. Class A (a)(b) | 378,976 | 7,382,452 | |
Inspire Medical Systems, Inc. (a) | 72,953 | 6,264,474 | |
Livongo Health, Inc. (b) | 64,091 | 1,602,916 | |
Medical Transcription Billing Corp. (a) | 30,125 | 164,483 | |
NantHealth, Inc. (a)(b) | 148,762 | 337,690 | |
Nextgen Healthcare, Inc. (a) | 242,548 | 3,172,528 | |
Omnicell, Inc. (a) | 206,404 | 16,815,734 | |
OptimizeRx Corp. (a)(b) | 54,975 | 459,041 | |
Phreesia, Inc. | 77,913 | 2,418,420 | |
SCWorx, Corp. (a)(b) | 1,606 | 4,031 | |
Simulations Plus, Inc. | 61,932 | 2,016,506 | |
Streamline Health Solutions, Inc. (a) | 73,168 | 93,655 | |
Tabula Rasa HealthCare, Inc. (a)(b) | 97,231 | 5,461,465 | |
Teladoc Health, Inc. (a)(b) | 355,592 | 44,434,776 | |
Veeva Systems, Inc. Class A (a) | 644,550 | 91,506,764 | |
Vocera Communications, Inc. (a)(b) | 155,689 | 3,797,255 | |
215,874,688 | |||
Life Sciences Tools & Services - 1.1% | |||
10X Genomics, Inc. (a)(b) | 56,523 | 4,504,883 | |
Accelerate Diagnostics, Inc. (a)(b) | 128,811 | 1,650,069 | |
Adaptive Biotechnologies Corp. | 109,938 | 3,089,258 | |
Avantor, Inc. | 1,093,839 | 17,227,964 | |
Bio-Rad Laboratories, Inc. Class A (a) | 105,589 | 37,169,440 | |
Bio-Techne Corp. | 187,862 | 35,485,253 | |
Bioanalytical Systems, Inc. (a) | 4,600 | 21,390 | |
BioNano Genomics, Inc. (a)(b) | 109,926 | 109,168 | |
Bruker Corp. | 497,005 | 21,649,538 | |
Champions Oncology, Inc. (a) | 19,987 | 125,918 | |
Charles River Laboratories International, Inc. (a) | 239,630 | 37,279,239 | |
ChromaDex, Inc. (a)(b) | 186,997 | 690,019 | |
Codexis, Inc. (a) | 241,468 | 2,813,102 | |
Fluidigm Corp. (a) | 334,703 | 1,111,214 | |
Harvard Bioscience, Inc. (a) | 177,133 | 573,911 | |
Luminex Corp. | 208,425 | 5,160,603 | |
Medpace Holdings, Inc. (a) | 134,797 | 12,123,642 | |
Nanostring Technologies, Inc. (a) | 168,450 | 6,006,927 | |
NeoGenomics, Inc. (a) | 510,502 | 14,462,522 | |
Pacific Biosciences of California, Inc. (a) | 713,868 | 2,427,151 | |
Personalis, Inc. (a)(b) | 37,708 | 329,191 | |
PRA Health Sciences, Inc. (a) | 310,893 | 29,286,121 | |
Quanterix Corp. (a) | 70,862 | 1,616,362 | |
Syneos Health, Inc. (a) | 303,804 | 19,245,983 | |
254,158,868 | |||
Pharmaceuticals - 1.6% | |||
AcelRx Pharmaceuticals, Inc. (a)(b) | 361,595 | 477,305 | |
Acer Therapeutics, Inc. (a)(b) | 21,687 | 71,133 | |
Aclaris Therapeutics, Inc. (a)(b) | 190,552 | 217,229 | |
Adamis Pharmaceuticals Corp. (a)(b) | 305,602 | 172,726 | |
Adial Pharmaceuticals, Inc. (a)(b) | 46,293 | 66,199 | |
Aerie Pharmaceuticals, Inc. (a)(b) | 205,703 | 3,599,803 | |
Aerpio Pharmaceuticals, Inc. (a) | 80,581 | 51,532 | |
Agile Therapeutics, Inc. (a)(b) | 247,794 | 662,849 | |
Akcea Therapeutics, Inc. (a)(b) | 75,739 | 1,286,048 | |
Akorn, Inc. (a) | 459,132 | 532,593 | |
Alimera Sciences, Inc. (a)(b) | 6,701 | 48,314 | |
Amneal Pharmaceuticals, Inc. (a) | 543,914 | 2,094,069 | |
Amphastar Pharmaceuticals, Inc. (a) | 171,053 | 2,632,506 | |
Ampio Pharmaceuticals, Inc. (a)(b) | 486,894 | 289,799 | |
ANI Pharmaceuticals, Inc. (a) | 46,272 | 2,221,519 | |
ANI Pharmaceuticals, Inc. rights (a)(c) | 58,183 | 1 | |
Aquestive Therapeutics, Inc. (a)(b) | 83,465 | 311,324 | |
Arvinas Holding Co. LLC (a) | 74,724 | 3,521,742 | |
Assertio Therapeutics, Inc. (a) | 322,688 | 348,503 | |
AstraZeneca PLC rights (a)(c) | 21,542 | 0 | |
Avenue Therapeutics, Inc. (a) | 52,950 | 470,196 | |
Axsome Therapeutics, Inc. (a)(b) | 131,022 | 10,219,716 | |
Aytu BioScience, Inc. (a)(b) | 54,580 | 28,927 | |
Baudax Bio, Inc. (a)(b) | 33,170 | 231,527 | |
Biodelivery Sciences International, Inc. (a) | 367,603 | 1,786,551 | |
BioPharmX Corp. (a) | 23,822 | 8,681 | |
Cara Therapeutics, Inc. (a)(b) | 212,885 | 3,199,662 | |
Cassava Sciences, Inc. (a) | 58,321 | 327,181 | |
Catalent, Inc. (a) | 761,396 | 39,234,736 | |
Cerecor, Inc. (a) | 90,090 | 274,775 | |
Chiasma, Inc. (a)(b) | 166,378 | 740,382 | |
Clearside Biomedical, Inc. (a)(b) | 197,183 | 441,690 | |
Cocrystal Pharma, Inc. (a)(b) | 5,045 | 6,710 | |
Collegium Pharmaceutical, Inc. (a) | 148,930 | 3,537,088 | |
ContraVir Pharmaceuticals, Inc. (a)(b) | 620 | 2,220 | |
Corcept Therapeutics, Inc. (a)(b) | 499,508 | 6,303,791 | |
CorMedix, Inc. (a)(b) | 117,406 | 610,511 | |
Cumberland Pharmaceuticals, Inc. (a) | 33,008 | 136,653 | |
CymaBay Therapeutics, Inc. (a) | 322,086 | 534,663 | |
Durect Corp. (a)(b) | 960,021 | 1,699,237 | |
Elanco Animal Health, Inc. (a) | 1,944,098 | 53,268,285 | |
Elanco Animal Health, Inc. rights (a)(c) | 223,265 | 2 | |
Eloxx Pharmaceuticals, Inc. (a) | 118,827 | 371,929 | |
Endo International PLC (a) | 988,754 | 5,457,922 | |
Evofem Biosciences, Inc. (a)(b) | 104,474 | 616,397 | |
Evoke Pharma, Inc. (a)(b) | 107,887 | 132,701 | |
Evolus, Inc. (a)(b) | 102,958 | 884,409 | |
EyeGate Pharmaceuticals, Inc. (a) | 12,656 | 72,772 | |
Eyenovia, Inc. (a)(b) | 36,875 | 141,047 | |
Eyepoint Pharmaceuticals, Inc. (a)(b) | 276,934 | 357,245 | |
Fulcrum Therapeutics, Inc. (b) | 25,639 | 485,090 | |
Harrow Health, Inc. (a) | 104,639 | 577,607 | |
Horizon Pharma PLC (a) | 915,083 | 31,314,140 | |
Hoth Therapeutics, Inc. (a) | 38 | 154 | |
Innovate Biopharmaceuticals, Inc. (a) | 53,980 | 30,229 | |
Innoviva, Inc. (a)(b) | 333,963 | 4,498,482 | |
Intersect ENT, Inc. (a) | 155,748 | 3,716,147 | |
Intra-Cellular Therapies, Inc. (a) | 267,516 | 5,644,588 | |
Jaguar Health, Inc. (a)(b) | 419 | 239 | |
Jazz Pharmaceuticals PLC (a) | 277,183 | 31,759,628 | |
Kala Pharmaceuticals, Inc. (a)(b) | 109,553 | 586,109 | |
Kaleido Biosciences, Inc. (a)(b) | 22,431 | 133,913 | |
KemPharm, Inc. (a) | 97,659 | 29,591 | |
Lannett Co., Inc. (a)(b) | 164,445 | 1,430,672 | |
Lipocine, Inc.(a)(b) | 145,253 | 72,118 | |
Liquidia Technologies, Inc. (a) | 49,612 | 204,898 | |
Mallinckrodt PLC (a)(b) | 429,788 | 1,839,493 | |
Marinus Pharmaceuticals, Inc. (a) | 378,560 | 946,400 | |
Menlo Therapeutics, Inc. (a) | 46,697 | 137,756 | |
MyoKardia, Inc. (a) | 228,141 | 14,461,858 | |
Nektar Therapeutics (a)(b) | 870,577 | 18,116,707 | |
Neos Therapeutics, Inc. (a)(b) | 188,234 | 289,880 | |
NGM Biopharmaceuticals, Inc. (b) | 34,436 | 621,225 | |
NovaBay Pharmaceuticals, Inc. (a)(b) | 5,586 | 3,212 | |
Novan, Inc. (a)(b) | 41,027 | 9,022 | |
Novus Therapeutics, Inc. (a) | 3,160 | 1,769 | |
Ocular Therapeutix, Inc. (a)(b) | 224,313 | 1,055,393 | |
Odonate Therapeutics, Inc. (a) | 58,848 | 1,741,312 | |
Omeros Corp. (a)(b) | 254,307 | 3,028,796 | |
Onconova Therapeutics, Inc. (a)(b) | 377,269 | 162,150 | |
Opiant Pharmaceuticals, Inc. (a) | 6,002 | 70,524 | |
OptiNose, Inc. (a)(b) | 130,219 | 787,825 | |
Osmotica Pharmaceuticals PLC (a) | 70,229 | 409,435 | |
Otonomy, Inc. (a) | 109,470 | 344,831 | |
Pacira Biosciences, Inc. (a) | 208,884 | 9,061,388 | |
Paratek Pharmaceuticals, Inc. (a)(b) | 137,150 | 655,577 | |
Phathom Pharmaceuticals, Inc. (a)(b) | 54,453 | 1,966,842 | |
Phibro Animal Health Corp. Class A | 102,231 | 2,581,333 | |
Plx Pharma PLC/New (a)(b) | 5,046 | 26,391 | |
Prestige Brands Holdings, Inc. (a) | 247,813 | 9,258,294 | |
Provention Bio, Inc. (a)(b) | 168,919 | 2,023,650 | |
Pulmatrix, Inc. (a) | 97,666 | 156,266 | |
Reata Pharmaceuticals, Inc. (a) | 125,512 | 24,443,462 | |
Relmada Therapeutics, Inc. (a) | 64,393 | 3,141,091 | |
resTORbio, Inc. (a)(b) | 78,453 | 109,050 | |
Revance Therapeutics, Inc. (a) | 213,411 | 4,934,062 | |
Ritter Pharmaceuticals, Inc. (a)(b) | 2,906 | 2,005 | |
Satsuma Pharmaceuticals, Inc. (a)(b) | 30,713 | 875,013 | |
scPharmaceuticals, Inc. (a) | 23,358 | 206,718 | |
SCYNEXIS, Inc. (a)(b) | 434,732 | 407,779 | |
Seelos Therapeutics, Inc. (a)(b) | 88,253 | 77,398 | |
Seelos Therapeutics, Inc. rights (a)(b)(c) | 3,233 | 0 | |
SenesTech, Inc. (a)(b) | 4,546 | 15,093 | |
SIGA Technologies, Inc. (a) | 234,244 | 1,170,049 | |
Sonoma Pharmaceuticals, Inc. (a) | 1,437 | 7,544 | |
Strongbridge Biopharma PLC (a) | 159,721 | 442,427 | |
Supernus Pharmaceuticals, Inc. (a) | 254,573 | 4,579,768 | |
Teligent, Inc. (a)(b) | 185,177 | 77,774 | |
Tetraphase Pharmaceuticals, Inc. (a)(b) | 11,055 | 19,567 | |
TherapeuticsMD, Inc. (a)(b) | 1,124,442 | 1,900,307 | |
Theravance Biopharma, Inc. (a)(b) | 233,312 | 5,681,147 | |
Titan Pharmaceuticals, Inc. (a) | 406,523 | 106,956 | |
Trevi Therapeutics, Inc. | 34,789 | 180,555 | |
Tricida, Inc. (a) | 136,972 | 4,352,970 | |
Urovant Sciences Ltd. (a)(b) | 53,652 | 671,187 | |
Verrica Pharmaceuticals, Inc. (a)(b) | 56,612 | 671,984 | |
VIVUS, Inc. (a)(b) | 51,827 | 93,807 | |
WAVE Life Sciences (a)(b) | 85,907 | 725,055 | |
Xeris Pharmaceuticals, Inc. (a) | 177,478 | 631,822 | |
Zogenix, Inc. (a)(b) | 204,241 | 5,122,364 | |
Zynerba Pharmaceuticals, Inc. (a)(b) | 95,492 | 406,796 | |
360,997,484 | |||
TOTAL HEALTH CARE | 3,275,565,787 | ||
INDUSTRIALS - 13.3% | |||
Aerospace & Defense - 1.5% | |||
AAR Corp. | 163,403 | 5,645,574 | |
Aerojet Rocketdyne Holdings, Inc. (a)(b) | 356,994 | 17,592,664 | |
AeroVironment, Inc. (a) | 106,928 | 5,495,030 | |
Air Industries Group, Inc. (a) | 7,873 | 9,684 | |
Astronics Corp. (a) | 113,107 | 2,292,679 | |
Astrotech Corp. (a)(b) | 25,674 | 43,903 | |
Axon Enterprise, Inc. (a)(b) | 292,163 | 22,604,651 | |
BWX Technologies, Inc. | 463,559 | 25,421,576 | |
CPI Aerostructures, Inc. (a) | 51,114 | 162,031 | |
Cubic Corp. | 155,221 | 8,450,231 | |
Curtiss-Wright Corp. | 208,481 | 25,005,211 | |
Ducommun, Inc. (a) | 55,172 | 2,463,430 | |
HEICO Corp. | 246,815 | 26,618,998 | |
HEICO Corp. Class A | 288,324 | 25,467,659 | |
Hexcel Corp. | 414,376 | 26,781,121 | |
Innovative Solutions & Support, Inc. (a) | 36,030 | 201,047 | |
Kratos Defense & Security Solutions, Inc. (a) | 452,365 | 7,355,455 | |
Maxar Technologies, Inc. | 297,733 | 4,528,519 | |
Mercury Systems, Inc. (a) | 273,929 | 20,122,824 | |
Micronet Enertec Technologies, Inc. (a) | 8,412 | 8,160 | |
Moog, Inc. Class A | 157,893 | 12,176,708 | |
National Presto Industries, Inc. | 24,560 | 1,929,925 | |
Park Aerospace Corp. | 94,387 | 1,312,923 | |
Parsons Corp. | 94,737 | 3,703,269 | |
SIFCO Industries, Inc. (a) | 8,781 | 37,846 | |
Sigma Labs, Inc. (a)(b) | 2,495 | 15,594 | |
Spirit AeroSystems Holdings, Inc. Class A | 509,010 | 26,896,088 | |
Teledyne Technologies, Inc. (a) | 178,159 | 60,096,594 | |
Triumph Group, Inc. | 243,860 | 4,633,340 | |
Vectrus, Inc. (a) | 55,979 | 2,915,946 | |
Virgin Galactic Holdings, Inc. (a)(b) | 394,331 | 9,700,543 | |
VirTra, Inc. (a) | 3,050 | 9,913 | |
349,699,136 | |||
Air Freight & Logistics - 0.3% | |||
Air T Funding warrants 6/7/20 (a) | 4,541 | 319 | |
Air T, Inc. | 1,838 | 34,463 | |
Air Transport Services Group, Inc. (a) | 294,155 | 5,265,375 | |
Atlas Air Worldwide Holdings, Inc. (a) | 123,900 | 3,310,608 | |
Echo Global Logistics, Inc. (a) | 136,324 | 2,515,178 | |
Forward Air Corp. | 136,652 | 8,063,835 | |
Hub Group, Inc. Class A (a) | 165,059 | 7,630,678 | |
Radiant Logistics, Inc. (a) | 181,151 | 797,064 | |
XPO Logistics, Inc. (a) | 452,772 | 33,491,545 | |
61,109,065 | |||
Airlines - 0.2% | |||
Allegiant Travel Co. | 64,721 | 8,772,284 | |
Hawaiian Holdings, Inc. | 231,375 | 4,831,110 | |
JetBlue Airways Corp. (a) | 1,406,873 | 22,200,456 | |
Mesa Air Group, Inc. (a) | 121,536 | 701,263 | |
SkyWest, Inc. | 241,616 | 10,969,366 | |
Spirit Airlines, Inc. (a) | 336,125 | 9,562,756 | |
57,037,235 | |||
Building Products - 1.1% | |||
AAON, Inc. (b) | 199,354 | 10,966,464 | |
Advanced Drain Systems, Inc. | 253,506 | 10,611,761 | |
Alpha PRO Tech Ltd. (a)(b) | 38,804 | 814,884 | |
American Woodmark Corp. (a) | 76,317 | 6,393,075 | |
Apogee Enterprises, Inc. | 130,241 | 3,931,976 | |
Armstrong Flooring, Inc. (a) | 107,670 | 284,249 | |
Armstrong World Industries, Inc. | 239,058 | 23,941,659 | |
Builders FirstSource, Inc. (a) | 571,877 | 12,987,327 | |
CSW Industrials, Inc. | 73,698 | 4,852,276 | |
Gibraltar Industries, Inc. (a) | 160,525 | 8,133,802 | |
Griffon Corp. | 218,795 | 3,807,033 | |
Insteel Industries, Inc. | 92,737 | 1,844,539 | |
Jeld-Wen Holding, Inc. (a) | 329,768 | 6,199,638 | |
Lennox International, Inc. (b) | 171,940 | 39,224,672 | |
Masonite International Corp. (a) | 119,935 | 8,815,223 | |
NCI Building Systems, Inc. (a) | 227,951 | 1,675,440 | |
Owens Corning | 533,123 | 30,116,118 | |
Patrick Industries, Inc. | 112,009 | 5,917,435 | |
PGT, Inc. (a) | 286,775 | 4,350,377 | |
Quanex Building Products Corp. | 167,170 | 2,808,456 | |
Resideo Technologies, Inc. (a) | 598,539 | 6,434,294 | |
Simpson Manufacturing Co. Ltd. | 197,155 | 15,660,022 | |
Tecogen, Inc. New (a)(b) | 6,244 | 12,488 | |
Trex Co., Inc. (a) | 287,454 | 27,494,975 | |
Universal Forest Products, Inc. | 300,934 | 14,101,767 | |
251,379,950 | |||
Commercial Services & Supplies - 1.5% | |||
ABM Industries, Inc. | 330,965 | 10,895,368 | |
ACCO Brands Corp. | 488,416 | 3,912,212 | |
Acme United Corp. | 11,083 | 257,347 | |
ADS Waste Holdings, Inc. (a) | 335,582 | 11,094,341 | |
ADT, Inc. (b) | 508,351 | 3,248,363 | |
Amrep Corp. (a) | 2,694 | 15,787 | |
Appliance Recycling Centers of America, Inc. (a)(b) | 582 | 2,037 | |
Aqua Metals, Inc. (a)(b) | 227,653 | 157,081 | |
ARC Document Solutions, Inc. | 173,429 | 239,332 | |
Avalon Holdings Corp. Class A (a) | 10,366 | 18,451 | |
Brady Corp. Class A | 248,201 | 11,749,835 | |
BrightView Holdings, Inc. (a) | 153,043 | 2,142,602 | |
Casella Waste Systems, Inc. Class A (a) | 217,106 | 10,518,786 | |
CECO Environmental Corp. (a) | 165,218 | 1,115,222 | |
Charah Solutions, Inc. (a) | 15,645 | 34,575 | |
Cimpress PLC (a) | 119,520 | 13,913,323 | |
Clean Harbors, Inc. (a) | 252,809 | 17,575,282 | |
CompX International, Inc. Class A | 715 | 9,881 | |
Covanta Holding Corp. | 571,440 | 7,634,438 | |
Deluxe Corp. | 204,701 | 6,816,543 | |
Document Security Systems, Inc. (a)(b) | 48,601 | 11,664 | |
Ennis, Inc. | 134,871 | 2,710,907 | |
Fuel Tech, Inc. (a) | 101,005 | 81,774 | |
Harsco Corp. (a) | 387,888 | 4,650,777 | |
Healthcare Services Group, Inc. | 369,281 | 10,169,999 | |
Heritage-Crystal Clean, Inc. (a) | 67,703 | 1,782,620 | |
Herman Miller, Inc. | 287,225 | 9,834,584 | |
HNI Corp. | 211,821 | 6,954,083 | |
Hudson Technologies, Inc. (a)(b) | 164,908 | 134,400 | |
IAA Spinco, Inc. (a) | 657,825 | 28,102,284 | |
Industrial Services of America, Inc. (a)(c) | 12,605 | 1,324 | |
Interface, Inc. | 286,423 | 4,178,912 | |
KAR Auction Services, Inc. | 635,817 | 12,239,477 | |
Kimball International, Inc. Class B | 181,166 | 2,931,266 | |
Knoll, Inc. | 249,538 | 4,401,850 | |
Matthews International Corp. Class A | 156,133 | 4,615,291 | |
McGrath RentCorp. | 120,291 | 8,354,210 | |
Mobile Mini, Inc. | 215,991 | 8,421,489 | |
MSA Safety, Inc. | 174,884 | 21,278,136 | |
NL Industries, Inc. | 19,002 | 64,037 | |
Odyssey Marine Exploration, Inc. (a)(b) | 34,805 | 128,779 | |
Performant Financial Corp. (a) | 99,740 | 99,740 | |
Perma-Fix Environmental Services, Inc. (a) | 23,883 | 155,240 | |
PICO Holdings, Inc. (a) | 104,771 | 994,277 | |
Pitney Bowes, Inc. | 850,220 | 2,907,752 | |
Quad/Graphics, Inc. | 162,420 | 779,616 | |
Quest Resource Holding Corp. (a) | 35,687 | 78,155 | |
R.R. Donnelley & Sons Co. | 348,925 | 662,958 | |
SP Plus Corp. (a) | 115,148 | 4,204,053 | |
Steelcase, Inc. Class A | 443,647 | 7,195,954 | |
Stericycle, Inc. (a)(b) | 450,540 | 25,874,512 | |
Team, Inc. (a)(b) | 153,146 | 1,949,549 | |
Tetra Tech, Inc. | 269,059 | 21,758,801 | |
The Brink's Co. | 244,981 | 19,179,562 | |
U.S. Ecology, Inc. | 129,140 | 5,431,628 | |
UniFirst Corp. | 76,313 | 14,179,719 | |
Viad Corp. | 101,001 | 5,070,250 | |
Virco Manufacturing Co. (a) | 17,193 | 63,958 | |
VSE Corp. | 39,681 | 1,168,605 | |
344,152,998 | |||
Construction & Engineering - 0.7% | |||
AECOM (a) | 769,786 | 34,594,183 | |
Aegion Corp. (a) | 152,287 | 2,742,689 | |
Ameresco, Inc. Class A (a) | 101,709 | 2,292,521 | |
Arcosa, Inc. | 234,535 | 10,075,624 | |
Argan, Inc. | 64,607 | 2,696,050 | |
Comfort Systems U.S.A., Inc. | 178,846 | 7,550,878 | |
Concrete Pumping Holdings, Inc. (a) | 163,660 | 844,486 | |
Construction Partners, Inc. Class A (a) | 160,720 | 2,733,847 | |
Dycom Industries, Inc. (a)(b) | 153,156 | 4,527,291 | |
EMCOR Group, Inc. | 276,295 | 21,252,611 | |
Fluor Corp. | 697,232 | 6,498,202 | |
FTE Networks, Inc. (a)(b)(c) | 20,228 | 29,937 | |
Goldfield Corp. (a) | 99,734 | 328,125 | |
Granite Construction, Inc. | 227,488 | 4,622,556 | |
Great Lakes Dredge & Dock Corp. (a) | 317,596 | 3,080,681 | |
HC2 Holdings, Inc. (a)(b) | 238,637 | 911,593 | |
Ies Holdings, Inc. (a)(b) | 35,821 | 834,988 | |
Infrastructure and Energy Alternatives, Inc. (a)(b) | 45,210 | 124,328 | |
Infrastructure and Energy Alternatives, Inc. rights (a)(b)(c) | 45,210 | 0 | |
Limbach Holdings, Inc. (a)(b) | 16,009 | 66,437 | |
MasTec, Inc. (a)(b) | 293,739 | 14,416,710 | |
MYR Group, Inc. (a) | 85,412 | 2,178,860 | |
Northwest Pipe Co. (a) | 53,599 | 1,691,048 | |
NV5 Holdings, Inc. (a)(b) | 53,116 | 2,843,299 | |
Orion Group Holdings, Inc. (a) | 157,272 | 618,079 | |
Primoris Services Corp. | 222,938 | 4,231,363 | |
Sterling Construction Co., Inc. (a)(b) | 123,494 | 1,686,928 | |
The Peck Co. Holdings, Inc. (a) | 700 | 2,450 | |
Tutor Perini Corp. (a)(b) | 196,722 | 2,852,469 | |
Valmont Industries, Inc. | 104,824 | 12,182,645 | |
Williams Scotsman Corp. (a) | 269,827 | 4,732,766 | |
153,243,644 | |||
Electrical Equipment - 1.0% | |||
Acuity Brands, Inc. | 192,960 | 19,847,866 | |
Allied Motion Technologies, Inc. | 38,595 | 1,487,451 | |
American Superconductor Corp. (a)(b) | 87,329 | 598,204 | |
Atkore International Group, Inc. (a) | 230,896 | 8,522,371 | |
AZZ, Inc. | 127,850 | 4,716,387 | |
Babcock & Wilcox Enterprises, Inc. (a)(b) | 147,551 | 612,337 | |
Bloom Energy Corp. Class A (a) | 124,391 | 1,128,226 | |
Broadwind Energy, Inc. (a) | 60,375 | 123,165 | |
Capstone Turbine Corp. (a)(b) | 38,894 | 87,512 | |
DPW Holdings, Inc. (a)(b) | 17,815 | 19,240 | |
Encore Wire Corp. | 104,477 | 5,116,239 | |
Energous Corp. (a)(b) | 117,754 | 161,323 | |
Energy Focus, Inc. (a) | 30,849 | 15,702 | |
EnerSys | 208,342 | 12,829,700 | |
Espey Manufacturing & Electronics Corp. | 5,259 | 112,543 | |
FuelCell Energy, Inc. (a)(b) | 1,036,284 | 2,020,754 | |
Generac Holdings, Inc. (a) | 305,646 | 31,478,482 | |
GrafTech International Ltd. | 292,536 | 2,387,094 | |
Hubbell, Inc. Class B | 264,551 | 35,248,775 | |
Ideal Power, Inc. (a)(b) | 1,768 | 3,925 | |
LSI Industries, Inc. | 117,225 | 778,374 | |
nVent Electric PLC | 753,868 | 18,100,371 | |
Ocean Power Technologies, Inc. (a)(b) | 3,545 | 2,162 | |
Orion Energy Systems, Inc. (a) | 115,336 | 545,539 | |
Plug Power, Inc. (a)(b) | 1,283,887 | 5,572,070 | |
Polar Power, Inc. (a)(b) | 7,179 | 18,306 | |
Powell Industries, Inc. | 46,082 | 1,540,521 | |
Preformed Line Products Co. | 12,621 | 615,905 | |
Regal Beloit Corp. | 200,267 | 15,548,730 | |
Sensata Technologies, Inc. PLC (a) | 778,196 | 31,750,397 | |
Sunrun, Inc. (a) | 385,987 | 7,464,989 | |
Sunworks, Inc. (a)(b) | 6,668 | 4,334 | |
Thermon Group Holdings, Inc. (a) | 157,761 | 2,771,861 | |
TPI Composites, Inc. (a) | 162,724 | 3,863,068 | |
Ultralife Corp. (a) | 68,420 | 484,414 | |
Vicor Corp. (a) | 89,950 | 3,889,438 | |
Vivint Solar, Inc. (a)(b) | 220,814 | 2,481,949 | |
221,949,724 | |||
Industrial Conglomerates - 0.2% | |||
Carlisle Companies, Inc. | 278,673 | 40,488,400 | |
Raven Industries, Inc. | 180,488 | 5,181,810 | |
45,670,210 | |||
Machinery - 3.3% | |||
AGCO Corp. | 307,736 | 18,596,486 | |
Alamo Group, Inc. | 50,761 | 5,622,796 | |
Albany International Corp. Class A | 152,374 | 9,762,602 | |
Allison Transmission Holdings, Inc. | 578,641 | 23,492,825 | |
Altra Industrial Motion Corp. | 315,500 | 9,502,860 | |
Art's-Way Manufacturing Co., Inc. (a)(b) | 31,860 | 66,587 | |
Astec Industries, Inc. | 112,848 | 4,237,442 | |
Barnes Group, Inc. | 236,679 | 12,709,662 | |
Blue Bird Corp. (a) | 73,463 | 1,313,518 | |
Briggs & Stratton Corp. (b) | 214,900 | 681,233 | |
Chart Industries, Inc. (a) | 175,410 | 9,984,337 | |
Chicago Rivet & Machine Co. | 758 | 17,550 | |
CIRCOR International, Inc. (a) | 100,177 | 3,604,368 | |
Colfax Corp. (a)(b) | 411,614 | 13,776,721 | |
Columbus McKinnon Corp. (NY Shares) | 116,396 | 3,618,752 | |
Commercial Vehicle Group, Inc. (a) | 137,261 | 598,458 | |
Crane Co. | 247,529 | 16,819,596 | |
Donaldson Co., Inc. | 616,001 | 27,769,325 | |
Douglas Dynamics, Inc. | 113,889 | 4,957,588 | |
Eastern Co. | 26,978 | 687,130 | |
Energy Recovery, Inc. (a)(b) | 161,133 | 1,585,549 | |
Enerpac Tool Group Corp. Class A (b) | 263,481 | 5,630,589 | |
EnPro Industries, Inc. | 101,147 | 5,456,881 | |
ESCO Technologies, Inc. | 127,939 | 11,632,214 | |
Evoqua Water Technologies Corp. (a) | 353,883 | 7,420,927 | |
ExOne Co. (a)(b) | 45,878 | 279,856 | |
Federal Signal Corp. | 304,557 | 8,832,153 | |
Franklin Electric Co., Inc. | 192,751 | 9,963,299 | |
FreightCar America, Inc. (a) | 53,070 | 82,789 | |
Gardner Denver Holdings, Inc. | 654,535 | 21,462,203 | |
Gates Industrial Corp. PLC (a)(b) | 235,605 | 2,464,428 | |
Gencor Industries, Inc. (a) | 29,953 | 301,028 | |
Gorman-Rupp Co. | 87,069 | 2,785,337 | |
Graco, Inc. | 815,454 | 40,218,191 | |
Graham Corp. | 39,837 | 660,497 | |
Greenbrier Companies, Inc. | 161,305 | 3,908,420 | |
Hillenbrand, Inc. | 357,788 | 8,372,239 | |
Hurco Companies, Inc. | 26,517 | 747,249 | |
Hyster-Yale Materials Handling Class A | 48,641 | 2,341,578 | |
ITT, Inc. | 429,509 | 25,834,966 | |
John Bean Technologies Corp. | 155,392 | 15,051,269 | |
Kadant, Inc. | 54,710 | 4,968,762 | |
Kennametal, Inc. | 407,420 | 11,326,276 | |
L.B. Foster Co. Class A (a) | 47,741 | 752,398 | |
Lincoln Electric Holdings, Inc. | 299,831 | 24,553,161 | |
Lindsay Corp. | 53,541 | 5,302,165 | |
LiqTech International, Inc. (a)(b) | 85,306 | 435,914 | |
Lydall, Inc. (a) | 86,460 | 1,029,739 | |
Manitex International, Inc. (a) | 80,512 | 446,036 | |
Manitowoc Co., Inc. (a) | 177,690 | 2,215,794 | |
Mayville Engineering Co., Inc. | 31,068 | 226,486 | |
Meritor, Inc. (a) | 355,174 | 8,058,898 | |
MFRI, Inc. (a) | 13,179 | 115,053 | |
Middleby Corp. (a) | 275,844 | 30,842,118 | |
Miller Industries, Inc. | 59,280 | 1,761,209 | |
Mueller Industries, Inc. | 286,480 | 8,015,710 | |
Mueller Water Products, Inc. Class A | 782,048 | 8,563,426 | |
Navistar International Corp. New (a) | 322,585 | 11,713,061 | |
NN, Inc. (b) | 207,276 | 1,606,389 | |
Nordson Corp. | 248,663 | 36,130,734 | |
Omega Flex, Inc. | 14,880 | 1,165,104 | |
Oshkosh Corp. | 333,064 | 24,030,568 | |
Park-Ohio Holdings Corp. | 42,921 | 1,052,423 | |
Proto Labs, Inc. (a) | 132,438 | 11,606,866 | |
RBC Bearings, Inc. (a) | 123,679 | 21,172,608 | |
REV Group, Inc. | 135,669 | 1,062,288 | |
Rexnord Corp. | 587,820 | 17,140,831 | |
Spartan Motors, Inc. | 152,982 | 2,256,485 | |
SPX Corp. (a) | 216,200 | 9,065,266 | |
SPX Flow, Inc. (a) | 210,783 | 7,752,599 | |
Standex International Corp. | 62,527 | 3,966,088 | |
Sun Hydraulics Corp. | 145,341 | 5,777,305 | |
Taylor Devices, Inc. (a) | 3,749 | 42,101 | |
Tennant Co. | 89,868 | 6,429,157 | |
Terex Corp. | 326,167 | 7,178,936 | |
The L.S. Starrett Co. Class A (a) | 20,155 | 91,907 | |
Timken Co. | 331,816 | 14,878,629 | |
Titan International, Inc. | 259,294 | 575,633 | |
Toro Co. | 522,940 | 37,353,604 | |
TriMas Corp. (a) | 223,590 | 5,668,007 | |
Trinity Industries, Inc. (b) | 481,069 | 9,789,754 | |
Twin Disc, Inc. (a) | 40,233 | 324,278 | |
Wabash National Corp. | 276,470 | 3,035,641 | |
WABCO Holdings, Inc. (a) | 247,273 | 33,406,582 | |
Watts Water Technologies, Inc. Class A | 137,036 | 12,869,051 | |
Welbilt, Inc. (a) | 659,082 | 8,713,064 | |
Woodward, Inc. | 274,879 | 28,367,513 | |
775,687,115 | |||
Marine - 0.1% | |||
Eagle Bulk Shipping, Inc. (a)(b) | 374,845 | 1,244,485 | |
Genco Shipping & Trading Ltd. | 82,800 | 635,904 | |
Kirby Corp. (a) | 290,520 | 18,520,650 | |
Matson, Inc. | 212,826 | 7,067,951 | |
Pangaea Logistics Solutions Ltd. | 5,684 | 15,631 | |
27,484,621 | |||
Professional Services - 1.5% | |||
Acacia Research Corp. (a) | 241,785 | 556,106 | |
ASGN, Inc. (a) | 259,516 | 13,160,056 | |
Barrett Business Services, Inc. | 37,761 | 2,261,884 | |
BG Staffing, Inc. | 43,008 | 663,183 | |
CBIZ, Inc. (a) | 275,859 | 7,183,368 | |
CoStar Group, Inc. (a) | 179,547 | 119,863,782 | |
CRA International, Inc. | 41,098 | 1,911,468 | |
DLH Holdings Corp. (a) | 3,557 | 17,821 | |
Exponent, Inc. | 255,614 | 18,825,971 | |
Forrester Research, Inc. (a) | 53,132 | 1,915,940 | |
Franklin Covey Co. (a) | 53,316 | 1,676,788 | |
FTI Consulting, Inc. (a) | 184,669 | 20,791,883 | |
Gee Group, Inc. (a) | 3,724 | 1,136 | |
GP Strategies Corp. (a) | 73,891 | 821,668 | |
Heidrick & Struggles International, Inc. | 95,670 | 2,133,441 | |
Hill International, Inc. (a) | 111,120 | 350,028 | |
Hirequest, Inc. (a) | 19,482 | 130,724 | |
Hudson Global, Inc. (a) | 7,326 | 74,652 | |
Huron Consulting Group, Inc. (a) | 113,221 | 6,718,534 | |
ICF International, Inc. | 92,384 | 7,019,336 | |
InnerWorkings, Inc. (a) | 215,796 | 677,599 | |
Insperity, Inc. | 184,909 | 12,438,828 | |
Kelly Services, Inc. Class A (non-vtg.) | 162,847 | 2,704,889 | |
Kforce, Inc. | 96,187 | 2,929,856 | |
Korn Ferry | 271,879 | 9,510,327 | |
Lightbridge Corp. (a)(b) | 2,658 | 9,303 | |
Manpower, Inc. | 286,971 | 21,792,578 | |
Mastech Digital, Inc. (a) | 11,630 | 148,166 | |
MISTRAS Group, Inc. (a) | 85,188 | 668,726 | |
RCM Technologies, Inc. (a) | 26,331 | 65,301 | |
Red Violet, Inc. (a)(b) | 28,193 | 678,042 | |
Rekor Systems, Inc. (a) | 53,118 | 206,098 | |
Resources Connection, Inc. | 152,772 | 1,914,233 | |
ShiftPixy, Inc. (a)(b) | 379 | 2,759 | |
Spherix, Inc. (a)(b) | 1,109 | 1,309 | |
Staffing 360 Solutions, Inc. (b) | 32,301 | 22,288 | |
TransUnion Holding Co., Inc. | 916,337 | 81,480,686 | |
TriNet Group, Inc. (a) | 216,110 | 11,423,575 | |
TrueBlue, Inc. (a) | 197,830 | 2,943,710 | |
Upwork, Inc. (a) | 320,366 | 2,775,971 | |
Volt Information Sciences, Inc. (a) | 56,277 | 104,112 | |
Willdan Group, Inc. (a)(b) | 55,579 | 1,709,054 | |
360,285,179 | |||
Road & Rail - 0.8% | |||
AMERCO | 40,167 | 12,954,259 | |
ArcBest Corp. | 130,647 | 2,588,117 | |
Avis Budget Group, Inc. (a) | 279,486 | 9,048,359 | |
Covenant Transport Group, Inc. Class A (a) | 66,809 | 808,389 | |
Daseke, Inc. (a)(b) | 271,093 | 894,607 | |
Heartland Express, Inc. | 235,593 | 4,219,471 | |
Hertz Global Holdings, Inc. (a) | 492,423 | 6,298,090 | |
Knight-Swift Transportation Holdings, Inc. Class A | 602,351 | 19,239,091 | |
Landstar System, Inc. | 190,443 | 19,229,030 | |
Lyft, Inc. | 1,001,243 | 38,167,383 | |
Marten Transport Ltd. | 198,044 | 3,869,780 | |
P.A.M. Transportation Services, Inc. (a) | 11,803 | 467,517 | |
Patriot Transportation Holding, Inc. | 5,715 | 69,437 | |
Roadrunner Transportation Systems, Inc. (a)(b) | 10,165 | 75,119 | |
Ryder System, Inc. | 258,297 | 9,825,618 | |
Saia, Inc. (a) | 128,014 | 11,176,902 | |
Schneider National, Inc. Class B | 165,207 | 2,958,857 | |
U.S. Xpress Enterprises, Inc. (a)(b) | 106,556 | 459,256 | |
U.S.A. Truck, Inc. (a) | 35,507 | 178,068 | |
Uber Technologies, Inc. | 1,004,345 | 34,017,165 | |
Universal Logistics Holdings, Inc. | 41,673 | 642,181 | |
Werner Enterprises, Inc. | 215,832 | 7,251,955 | |
YRC Worldwide, Inc. (a)(b) | 164,196 | 348,096 | |
184,786,747 | |||
Trading Companies & Distributors - 1.0% | |||
AeroCentury Corp. (a) | 726 | 2,903 | |
Air Lease Corp. Class A | 511,229 | 19,610,744 | |
Aircastle Ltd. | 249,243 | 7,938,390 | |
Applied Industrial Technologies, Inc. | 191,122 | 11,274,287 | |
Beacon Roofing Supply, Inc. (a) | 336,300 | 9,988,110 | |
BlueLinx Corp. (a)(b) | 48,659 | 571,743 | |
BMC Stock Holdings, Inc. (a) | 332,983 | 8,168,073 | |
CAI International, Inc. (a) | 83,540 | 2,066,780 | |
DXP Enterprises, Inc. (a) | 81,122 | 2,303,054 | |
EVI Industries, Inc. (a)(b) | 23,108 | 509,994 | |
Foundation Building Materials, Inc. (a) | 88,964 | 1,387,838 | |
GATX Corp. | 170,847 | 12,220,686 | |
General Finance Corp. (a) | 73,463 | 572,277 | |
GMS, Inc. (a) | 210,120 | 4,801,242 | |
H&E Equipment Services, Inc. | 150,964 | 3,586,905 | |
HD Supply Holdings, Inc. (a) | 808,417 | 30,736,014 | |
Herc Holdings, Inc. (a) | 120,420 | 4,417,006 | |
Houston Wire & Cable Co. (a) | 67,850 | 217,799 | |
Huttig Building Products, Inc. (a)(b) | 72,927 | 97,722 | |
India Globalization Capital, Inc. (a)(b) | 172,304 | 75,814 | |
Kaman Corp. | 136,039 | 7,544,723 | |
Lawson Products, Inc. (a) | 40,566 | 1,622,640 | |
MRC Global, Inc. (a) | 406,717 | 3,538,438 | |
MSC Industrial Direct Co., Inc. Class A | 220,788 | 13,649,114 | |
Nesco Holdings, Inc. Class A (a)(b) | 32,234 | 98,314 | |
Now, Inc. (a) | 536,322 | 4,735,723 | |
Rush Enterprises, Inc. Class A | 164,330 | 6,888,714 | |
SiteOne Landscape Supply, Inc. (a) | 203,840 | 20,231,120 | |
Systemax, Inc. | 72,976 | 1,522,279 | |
Titan Machinery, Inc. (a) | 93,368 | 943,950 | |
Transcat, Inc. (a) | 40,113 | 1,158,865 | |
Triton International Ltd. | 257,041 | 8,834,499 | |
Univar, Inc. (a) | 682,309 | 11,592,430 | |
Veritiv Corp. (a) | 61,994 | 746,408 | |
Watsco, Inc. | 158,433 | 24,870,812 | |
WESCO International, Inc. (a) | 201,450 | 8,172,827 | |
Willis Lease Finance Corp. (a) | 20,314 | 1,151,804 | |
237,850,041 | |||
Transportation Infrastructure - 0.1% | |||
Macquarie Infrastructure Co. LLC | 373,057 | 14,642,487 | |
TOTAL INDUSTRIALS | 3,084,978,152 | ||
INFORMATION TECHNOLOGY - 18.5% | |||
Communications Equipment - 0.8% | |||
Acacia Communications, Inc. (a) | 184,933 | 12,669,760 | |
ADTRAN, Inc. | 241,604 | 1,943,704 | |
Applied Optoelectronics, Inc. (a)(b) | 103,325 | 922,692 | |
Aviat Networks, Inc. (a) | 17,942 | 218,175 | |
BK Technologies Corp. | 68,107 | 155,625 | |
CalAmp Corp. (a) | 167,160 | 1,608,079 | |
Calix Networks, Inc. (a) | 240,815 | 2,167,335 | |
Casa Systems, Inc. (a) | 137,941 | 452,446 | |
Ciena Corp. (a) | 757,702 | 29,133,642 | |
Clearfield, Inc. (a) | 45,080 | 483,258 | |
ClearOne, Inc. (a) | 68,406 | 135,444 | |
CommScope Holding Co., Inc. (a) | 963,537 | 10,608,542 | |
Communications Systems, Inc. | 26,846 | 153,022 | |
Comtech Telecommunications Corp. | 119,418 | 3,346,092 | |
Dasan Zhone Solutions, Inc. (a) | 42,919 | 327,472 | |
Digi International, Inc. (a) | 143,313 | 1,897,464 | |
EchoStar Holding Corp. Class A (a) | 231,965 | 8,100,218 | |
EMCORE Corp. (a) | 116,856 | 347,062 | |
Extreme Networks, Inc. (a) | 592,651 | 2,981,035 | |
Harmonic, Inc. (a)(b) | 452,410 | 2,777,797 | |
Infinera Corp. (a)(b) | 758,768 | 5,159,622 | |
Inseego Corp. (a)(b) | 262,109 | 1,819,036 | |
InterDigital, Inc. | 153,872 | 8,138,290 | |
KVH Industries, Inc. (a) | 55,592 | 579,269 | |
Lantronix, Inc. (a) | 36,109 | 116,632 | |
LRAD Corp. (a) | 86,279 | 258,837 | |
Lumentum Holdings, Inc. (a) | 379,491 | 29,531,990 | |
NETGEAR, Inc. (a) | 153,907 | 2,904,225 | |
NetScout Systems, Inc. (a) | 323,406 | 8,311,534 | |
Network-1 Security Solutions, Inc. | 44,887 | 102,791 | |
Optical Cable Corp. (a) | 11,253 | 34,040 | |
PC-Tel, Inc. | 84,418 | 592,614 | |
Plantronics, Inc. (b) | 159,857 | 2,194,837 | |
Resonant, Inc. (a)(b) | 189,533 | 325,997 | |
Sonus Networks, Inc. (a) | 284,625 | 919,339 | |
Technical Communications Corp. (a) | 2,782 | 8,402 | |
Tessco Technologies, Inc. | 29,976 | 179,556 | |
Ubiquiti, Inc. (b) | 60,423 | 8,196,984 | |
ViaSat, Inc. (a) | 284,772 | 16,374,390 | |
Viavi Solutions, Inc. (a) | 1,126,499 | 14,858,522 | |
Westell Technologies, Inc. Class A (a) | 36,810 | 33,538 | |
xG Technology, Inc. (a)(b) | 338 | 61 | |
181,069,370 | |||
Electronic Equipment & Components - 2.2% | |||
ADDvantage Technologies Group, Inc. (a)(b) | 11,707 | 52,682 | |
Airgain, Inc. (a) | 46,747 | 368,834 | |
Akoustis Technologies, Inc. (a)(b) | 151,295 | 1,095,376 | |
Anixter International, Inc. (a) | 146,340 | 14,269,613 | |
Applied DNA Sciences, Inc. (a)(b) | 20,600 | 82,194 | |
Arlo Technologies, Inc. (a) | 387,678 | 1,271,584 | |
Arrow Electronics, Inc. (a) | 396,565 | 26,593,649 | |
Avnet, Inc. | 496,634 | 15,236,731 | |
AVX Corp. | 235,724 | 5,124,640 | |
Badger Meter, Inc. | 146,599 | 8,826,726 | |
Bel Fuse, Inc. Class B (non-vtg.) | 57,152 | 653,819 | |
Belden, Inc. | 190,937 | 7,624,114 | |
Benchmark Electronics, Inc. | 184,304 | 5,009,383 | |
Cemtrex, Inc. (a)(b) | 4,301 | 6,107 | |
ClearSign Combustion Corp. (a)(b) | 88,193 | 60,042 | |
Coda Octopus Group, Inc. (a)(b) | 22,486 | 143,910 | |
Cognex Corp. | 842,118 | 37,507,936 | |
Coherent, Inc. (a) | 119,414 | 15,369,776 | |
CTS Corp. | 163,045 | 4,250,583 | |
CUI Global, Inc. (a) | 85,811 | 90,960 | |
Daktronics, Inc. | 197,468 | 971,543 | |
Data I/O Corp. (a) | 25,384 | 90,875 | |
Digital Ally, Inc. (a)(b) | 43,337 | 47,237 | |
Dolby Laboratories, Inc. Class A | 315,597 | 20,734,723 | |
eMagin Corp. (a) | 59,414 | 24,360 | |
ePlus, Inc. (a) | 66,423 | 5,032,206 | |
Fabrinet (a) | 182,817 | 10,076,873 | |
FARO Technologies, Inc. (a) | 87,303 | 4,997,224 | |
Fitbit, Inc. (a) | 1,133,851 | 7,245,308 | |
Frequency Electronics, Inc. (a) | 18,714 | 174,040 | |
Identiv, Inc. (a) | 50,133 | 229,609 | |
IEC Electronics Corp. (a) | 42,451 | 320,081 | |
II-VI, Inc. (a) | 425,695 | 12,638,885 | |
Image Sensing Systems, Inc. (a) | 9,582 | 54,426 | |
Insight Enterprises, Inc. (a) | 176,664 | 9,732,420 | |
Intellicheck, Inc. (a) | 65,588 | 533,230 | |
Iteris, Inc. (a) | 193,896 | 936,518 | |
Itron, Inc. (a) | 174,030 | 13,198,435 | |
Jabil, Inc. | 682,924 | 21,887,714 | |
KEMET Corp. | 282,224 | 7,360,402 | |
KEY Tronic Corp. (a) | 23,421 | 109,376 | |
Kimball Electronics, Inc. (a) | 128,173 | 1,736,744 | |
Knowles Corp. (a) | 425,549 | 7,072,624 | |
LGL Group, Inc. (a) | 6,067 | 70,377 | |
LightPath Technologies, Inc. Class A (a) | 75,176 | 92,842 | |
Littelfuse, Inc. | 120,188 | 19,191,620 | |
Luna Innovations, Inc. (a) | 128,883 | 863,516 | |
Methode Electronics, Inc. Class A | 183,465 | 5,625,037 | |
MicroVision, Inc. (a)(b) | 416,568 | 105,892 | |
MTS Systems Corp. | 88,196 | 3,540,187 | |
Napco Security Technolgies, Inc. (a) | 59,429 | 1,208,786 | |
National Instruments Corp. | 582,430 | 23,460,280 | |
Neonode, Inc. (a)(b) | 11,971 | 25,857 | |
nLIGHT, Inc. (a) | 162,009 | 2,674,769 | |
Novanta, Inc. (a) | 173,649 | 15,491,227 | |
OSI Systems, Inc. (a) | 83,194 | 6,761,176 | |
Par Technology Corp. (a)(b) | 57,484 | 1,522,751 | |
PC Connection, Inc. | 55,790 | 2,268,979 | |
Perceptron, Inc. (a) | 32,730 | 162,668 | |
Plexus Corp. (a) | 142,466 | 9,452,619 | |
Powerfleet, Inc. (a) | 96,837 | 682,701 | |
Research Frontiers, Inc. (a)(b) | 113,120 | 350,672 | |
RF Industries Ltd. | 34,355 | 206,817 | |
Richardson Electronics Ltd. | 36,172 | 161,689 | |
Rogers Corp. (a) | 92,447 | 10,723,852 | |
Sanmina Corp. (a) | 353,981 | 9,306,160 | |
ScanSource, Inc. (a) | 126,716 | 3,602,536 | |
Sigmatron International, Inc. (a) | 11,250 | 39,938 | |
Superconductor Technologies, Inc. (a) | 2,752 | 509 | |
SYNNEX Corp. | 200,297 | 25,043,134 | |
Tech Data Corp. (a) | 172,631 | 24,580,928 | |
Trimble, Inc. (a) | 1,220,259 | 48,175,825 | |
TTM Technologies, Inc. (a)(b) | 477,999 | 6,209,207 | |
Vishay Intertechnology, Inc. | 651,812 | 12,188,884 | |
Vishay Precision Group, Inc. (a) | 61,860 | 1,699,294 | |
Wayside Technology Group, Inc. | 13,193 | 210,428 | |
Wireless Telecom Group, Inc. (a) | 34,803 | 42,808 | |
Wrap Technologies, Inc. (a)(b) | 45,818 | 269,410 | |
504,856,887 | |||
IT Services - 3.9% | |||
3PEA International, Inc. (a)(b) | 130,624 | 1,048,911 | |
ALJ Regional Holdings, Inc. (a) | 9,675 | 8,818 | |
AMERI Holdings, Inc. (a)(b) | 10,788 | 12,298 | |
Black Knight, Inc. (a) | 733,179 | 48,910,371 | |
Booz Allen Hamilton Holding Corp. Class A | 687,521 | 49,020,247 | |
Brightcove, Inc. (a) | 181,303 | 1,410,537 | |
CACI International, Inc. Class A (a) | 121,696 | 29,817,954 | |
Cardtronics PLC (a)(b) | 180,885 | 6,560,699 | |
Cass Information Systems, Inc. | 60,832 | 2,856,062 | |
Computer Task Group, Inc. (a) | 43,271 | 253,135 | |
Conduent, Inc. (a) | 808,044 | 2,642,304 | |
CoreLogic, Inc. | 389,884 | 17,689,037 | |
CSG Systems International, Inc. | 161,237 | 7,134,737 | |
CSP, Inc. | 3,689 | 47,957 | |
Endurance International Group Holdings, Inc. (a) | 400,898 | 1,495,350 | |
EPAM Systems, Inc. (a) | 269,881 | 60,237,439 | |
Euronet Worldwide, Inc. (a) | 263,316 | 32,661,717 | |
EVERTEC, Inc. | 293,922 | 8,723,605 | |
EVO Payments, Inc. Class A (a) | 209,447 | 5,294,820 | |
Exela Technologies, Inc. (a)(b) | 248,418 | 63,843 | |
ExlService Holdings, Inc. (a) | 167,044 | 12,469,835 | |
Fastly, Inc. Class A | 63,453 | 1,256,369 | |
Genpact Ltd. | 751,427 | 28,899,882 | |
GoDaddy, Inc. (a) | 865,011 | 60,533,470 | |
GreenSky, Inc. Class A (a)(b) | 216,122 | 1,724,654 | |
GTT Communications, Inc. (a)(b) | 142,846 | 2,162,688 | |
Hackett Group, Inc. | 150,189 | 2,312,911 | |
i3 Verticals, Inc. Class A (a) | 71,483 | 2,071,577 | |
Information Services Group, Inc. (a) | 106,909 | 338,902 | |
Innodata, Inc. (a) | 57,046 | 65,603 | |
Internap Network Services Corp. (a)(b) | 84,025 | 55,457 | |
International Money Express, Inc. (a) | 133,649 | 1,258,974 | |
KBR, Inc. | 697,440 | 18,105,542 | |
Limelight Networks, Inc. (a) | 600,412 | 3,029,079 | |
Liveramp Holdings, Inc. (a) | 334,063 | 11,839,193 | |
ManTech International Corp. Class A | 132,179 | 9,900,207 | |
Marathon Patent Group, Inc. (a)(b) | 13,462 | 11,573 | |
Maximus, Inc. | 312,668 | 19,704,337 | |
ModusLink Global Solutions, Inc. (a) | 124,462 | 173,002 | |
MoneyGram International, Inc. (a)(b) | 162,379 | 350,739 | |
MongoDB, Inc. Class A (a)(b) | 171,515 | 26,156,038 | |
NIC, Inc. | 331,675 | 6,066,336 | |
Okta, Inc. (a) | 552,029 | 70,692,834 | |
Perficient, Inc. (a) | 161,590 | 6,620,342 | |
Perspecta, Inc. | 677,319 | 16,912,655 | |
PFSweb, Inc. (a) | 68,404 | 257,199 | |
PRG-Schultz International, Inc. (a) | 113,057 | 408,136 | |
Repay Holdings Corp. (a) | 158,053 | 2,770,669 | |
Sabre Corp. | 1,346,640 | 18,334,504 | |
Science Applications International Corp. | 237,341 | 19,018,134 | |
ServiceSource International, Inc. (a) | 310,800 | 438,228 | |
Square, Inc. (a) | 1,680,445 | 140,031,482 | |
StarTek, Inc. (a) | 53,760 | 334,925 | |
Switch, Inc. Class A | 277,444 | 3,978,547 | |
Sykes Enterprises, Inc. (a) | 189,487 | 6,002,948 | |
Ttec Holdings, Inc. | 90,184 | 3,375,587 | |
Twilio, Inc. Class A (a)(b) | 611,234 | 68,849,398 | |
Unisys Corp. (a) | 251,207 | 3,901,245 | |
Verra Mobility Corp. (a) | 644,012 | 9,753,562 | |
Virtusa Corp. (a) | 146,118 | 6,445,265 | |
WEX, Inc. (a) | 211,995 | 39,693,944 | |
WidePoint Corp. (a) | 264,173 | 122,154 | |
902,317,967 | |||
Semiconductors & Semiconductor Equipment - 2.9% | |||
ACM Research, Inc. (a)(b) | 46,280 | 1,617,486 | |
Adesto Technologies Corp. (a) | 132,581 | 1,625,443 | |
Advanced Energy Industries, Inc. (a) | 185,859 | 11,053,964 | |
AEHR Test Systems (a) | 77,697 | 163,164 | |
Alpha & Omega Semiconductor Ltd. (a) | 93,791 | 1,016,694 | |
Ambarella, Inc. (a) | 154,939 | 9,211,124 | |
Amkor Technology, Inc. (a) | 522,270 | 5,449,887 | |
Amtech Systems, Inc. (a) | 53,049 | 264,184 | |
Atomera, Inc. (a)(b) | 60,574 | 265,920 | |
Axcelis Technologies, Inc. (a) | 162,060 | 3,887,819 | |
AXT, Inc. (a) | 163,305 | 568,301 | |
Brooks Automation, Inc. | 354,857 | 12,246,115 | |
Cabot Microelectronics Corp. | 142,117 | 19,794,056 | |
Ceva, Inc. (a) | 108,080 | 3,070,553 | |
Cirrus Logic, Inc. (a) | 284,448 | 19,524,511 | |
Cohu, Inc. | 202,032 | 4,135,595 | |
Cree, Inc. (a) | 529,788 | 23,697,417 | |
CVD Equipment Corp. (a) | 12,659 | 48,231 | |
CyberOptics Corp. (a) | 35,618 | 756,526 | |
Cypress Semiconductor Corp. | 1,795,471 | 41,457,425 | |
Diodes, Inc. (a) | 202,958 | 8,932,182 | |
DSP Group, Inc. (a) | 116,050 | 1,579,441 | |
Enphase Energy, Inc. (a) | 391,718 | 19,182,430 | |
Entegris, Inc. | 659,869 | 35,184,215 | |
Everspin Technologies, Inc. (a) | 46,642 | 172,575 | |
First Solar, Inc. (a) | 372,158 | 17,033,672 | |
FormFactor, Inc. (a) | 376,848 | 8,430,090 | |
GSI Technology, Inc. (a) | 71,555 | 476,556 | |
Ichor Holdings Ltd. (a) | 109,446 | 3,165,178 | |
Impinj, Inc. (a)(b) | 76,879 | 2,364,029 | |
Inphi Corp. (a) | 224,393 | 16,753,181 | |
Intest Corp. (a) | 33,374 | 168,205 | |
Kopin Corp. (a) | 302,580 | 95,615 | |
Kulicke & Soffa Industries, Inc. | 310,656 | 7,092,276 | |
Lattice Semiconductor Corp. (a) | 656,181 | 11,778,449 | |
MACOM Technology Solutions Holdings, Inc. (a) | 225,315 | 5,693,710 | |
Marvell Technology Group Ltd. | 3,268,637 | 69,621,968 | |
MaxLinear, Inc. Class A (a) | 330,757 | 5,113,503 | |
MKS Instruments, Inc. | 265,409 | 26,591,328 | |
Monolithic Power Systems, Inc. | 197,511 | 31,333,145 | |
MoSys, Inc. (a) | 813 | 1,764 | |
NeoPhotonics Corp. (a) | 205,854 | 1,360,695 | |
NVE Corp. | 24,023 | 1,519,935 | |
ON Semiconductor Corp. (a) | 2,016,099 | 37,620,407 | |
Onto Innovation, Inc. (a) | 242,837 | 7,423,527 | |
PDF Solutions, Inc. (a) | 138,524 | 2,027,991 | |
Photronics, Inc. (a) | 332,942 | 4,145,128 | |
Pixelworks, Inc. (a) | 172,277 | 733,900 | |
Power Integrations, Inc. | 145,269 | 12,645,666 | |
QuickLogic Corp. (a)(b) | 26,398 | 126,446 | |
Rambus, Inc. (a) | 547,183 | 7,649,618 | |
Rubicon Technology, Inc. (a) | 8,459 | 74,016 | |
Semtech Corp. (a) | 325,250 | 12,844,123 | |
Silicon Laboratories, Inc. (a) | 212,149 | 18,813,373 | |
SMART Global Holdings, Inc. (a) | 66,413 | 1,782,525 | |
SolarEdge Technologies, Inc. (a)(b) | 239,272 | 29,842,004 | |
SunPower Corp. (a)(b) | 431,269 | 3,695,975 | |
Synaptics, Inc. (a) | 164,138 | 10,841,315 | |
Teradyne, Inc. | 818,931 | 48,120,386 | |
Ultra Clean Holdings, Inc. (a) | 201,405 | 4,211,379 | |
Universal Display Corp. | 207,277 | 32,913,515 | |
Veeco Instruments, Inc. (a) | 249,549 | 3,341,461 | |
Xperi Corp. | 240,320 | 4,131,101 | |
676,482,413 | |||
Software - 8.4% | |||
2U, Inc. (a)(b) | 314,107 | 7,384,656 | |
8x8, Inc. (a) | 489,995 | 9,064,908 | |
A10 Networks, Inc. (a) | 286,209 | 1,920,462 | |
ACI Worldwide, Inc. (a) | 568,865 | 15,854,268 | |
Agilysys, Inc. (a) | 102,117 | 3,281,019 | |
Alarm.com Holdings, Inc. (a) | 179,123 | 8,642,685 | |
Altair Engineering, Inc. Class A (a)(b) | 192,397 | 6,695,416 | |
Alteryx, Inc. Class A (a)(b) | 238,838 | 33,346,562 | |
American Software, Inc. Class A | 142,978 | 2,351,988 | |
Anaplan, Inc. (a) | 419,513 | 18,852,914 | |
AppFolio, Inc. (a)(b) | 71,473 | 8,789,035 | |
Appian Corp. Class A (a)(b) | 169,149 | 7,467,928 | |
Aspen Technology, Inc. (a) | 332,502 | 35,414,788 | |
Asure Software, Inc. (a)(b) | 55,885 | 471,111 | |
AudioEye, Inc. (a)(b) | 21,578 | 86,312 | |
Avalara, Inc. (a) | 323,442 | 27,411,710 | |
Avaya Holdings Corp. (a) | 501,550 | 6,500,088 | |
Aware, Inc. (a) | 24,042 | 73,328 | |
Benefitfocus, Inc. (a) | 151,280 | 1,887,974 | |
Blackbaud, Inc. | 241,336 | 16,362,581 | |
BlackLine, Inc. (a) | 211,885 | 13,257,644 | |
Bottomline Technologies, Inc. (a) | 187,666 | 8,309,850 | |
Box, Inc. Class A (a) | 731,664 | 12,255,372 | |
Bridgeline Digital, Inc. (a) | 19 | 20 | |
BroadVision, Inc. (a) | 7,279 | 17,542 | |
BSQUARE Corp. (a) | 35,232 | 44,040 | |
CDK Global, Inc. | 594,312 | 27,350,238 | |
Cerence, Inc. (a) | 179,184 | 3,890,085 | |
Ceridian HCM Holding, Inc. (a)(b) | 494,093 | 34,947,198 | |
ChannelAdvisor Corp. (a) | 125,310 | 1,192,951 | |
Cloudera, Inc. (a)(b) | 1,211,138 | 10,779,128 | |
Cloudflare, Inc. (a)(b) | 184,806 | 3,936,368 | |
CommVault Systems, Inc. (a) | 208,821 | 8,707,836 | |
Cornerstone OnDemand, Inc. (a) | 258,485 | 10,605,640 | |
Coupa Software, Inc. (a) | 307,546 | 46,055,014 | |
Crowdstrike Holdings, Inc. | 102,215 | 6,096,103 | |
Datadog, Inc. Class A (a)(b) | 136,199 | 6,149,385 | |
Digimarc Corp. (a)(b) | 61,002 | 1,220,040 | |
Digital Turbine, Inc. (a) | 325,261 | 1,993,850 | |
DocuSign, Inc. (a) | 611,644 | 52,790,994 | |
Domo, Inc. Class B (a) | 98,156 | 2,070,110 | |
Dropbox, Inc. Class A (a) | 1,057,280 | 20,680,397 | |
Dynatrace, Inc. | 318,168 | 10,276,826 | |
Ebix, Inc. | 109,490 | 2,894,916 | |
eGain Communications Corp. (a) | 95,841 | 774,395 | |
Elastic NV (a) | 160,139 | 11,827,867 | |
Envestnet, Inc. (a) | 257,631 | 19,445,988 | |
Everbridge, Inc. (a)(b) | 165,809 | 17,519,379 | |
Evolving Systems, Inc. (a) | 27,005 | 22,981 | |
Fair Isaac Corp. (a) | 141,552 | 53,227,799 | |
Finjan Holdings, Inc. (a) | 96,080 | 161,414 | |
FireEye, Inc. (a) | 1,070,558 | 14,168,835 | |
Five9, Inc. (a) | 302,127 | 22,064,335 | |
Forescout Technologies, Inc. (a) | 182,673 | 5,944,179 | |
Globalscape, Inc. | 60,958 | 534,602 | |
GSE Systems, Inc. (a) | 32,533 | 40,666 | |
GTY Govtech, Inc. (a)(b) | 165,217 | 888,867 | |
Guidewire Software, Inc. (a) | 404,288 | 44,314,008 | |
HubSpot, Inc. (a) | 196,776 | 35,311,453 | |
Instructure, Inc. (a) | 163,493 | 7,971,919 | |
Intelligent Systems Corp. (a)(b) | 27,255 | 999,441 | |
Inuvo, Inc. (a) | 95,405 | 24,548 | |
Issuer Direct Corp. (a) | 35,231 | 392,826 | |
j2 Global, Inc. | 226,406 | 19,772,036 | |
LivePerson, Inc. (a) | 305,893 | 8,093,929 | |
LogMeIn, Inc. | 239,858 | 20,444,297 | |
Majesco (a)(b) | 60,164 | 401,896 | |
Manhattan Associates, Inc. (a) | 312,945 | 21,079,975 | |
Marin Software, Inc. (a) | 22,030 | 29,520 | |
Medallia, Inc. (b) | 80,707 | 2,002,341 | |
MicroStrategy, Inc. Class A (a) | 41,779 | 5,646,850 | |
Mitek Systems, Inc. (a) | 223,856 | 1,949,786 | |
MobileIron, Inc. (a) | 437,733 | 1,772,819 | |
Model N, Inc. (a) | 133,236 | 3,863,844 | |
Net Element International, Inc. (a) | 15,603 | 46,965 | |
NetSol Technologies, Inc. (a) | 40,740 | 134,849 | |
New Relic, Inc. (a) | 247,637 | 13,932,058 | |
Nuance Communications, Inc. (a) | 1,381,301 | 29,863,728 | |
Nutanix, Inc. Class A (a) | 716,416 | 17,079,357 | |
NXT-ID, Inc. (a) | 86,540 | 32,011 | |
Onespan, Inc. (a) | 162,723 | 2,686,557 | |
Pagerduty, Inc. (b) | 44,643 | 919,646 | |
Palo Alto Networks, Inc. (a) | 479,914 | 88,601,723 | |
Parametric Technology Corp. (a) | 508,371 | 38,407,429 | |
Park City Group, Inc. (a)(b) | 64,528 | 331,674 | |
Paylocity Holding Corp. (a) | 174,863 | 22,648,256 | |
Pegasystems, Inc. | 187,313 | 16,951,827 | |
Ping Identity Holding Corp. (a)(b) | 61,848 | 1,431,163 | |
Pluralsight, Inc. (a) | 413,652 | 7,375,415 | |
Progress Software Corp. | 218,310 | 8,140,780 | |
Proofpoint, Inc. (a) | 276,203 | 29,457,050 | |
PROS Holdings, Inc. (a) | 194,357 | 8,899,607 | |
Q2 Holdings, Inc. (a) | 217,091 | 16,362,149 | |
QAD, Inc.: | |||
Class A | 42,147 | 2,067,310 | |
Class B | 23,915 | 813,349 | |
Qualys, Inc. (a) | 164,580 | 13,196,024 | |
Qumu Corp. (a) | 82,505 | 139,433 | |
Rapid7, Inc. (a) | 216,498 | 10,023,857 | |
RealNetworks, Inc. (a) | 88,984 | 91,654 | |
RealPage, Inc. (a) | 390,846 | 25,053,229 | |
Rimini Street, Inc. (a) | 13,121 | 60,619 | |
RingCentral, Inc. (a) | 367,629 | 86,668,537 | |
Riot Blockchain, Inc. (a)(b) | 118,996 | 135,655 | |
SailPoint Technologies Holding, Inc. (a) | 416,695 | 10,550,717 | |
SeaChange International, Inc. (a) | 146,521 | 536,267 | |
SecureWorks Corp. (a)(b) | 51,274 | 712,196 | |
SharpSpring, Inc. (a)(b) | 46,113 | 525,688 | |
ShotSpotter, Inc. (a)(b) | 41,090 | 1,462,804 | |
SilverSun Technologies, Inc. (A Shares) (b) | 17,056 | 50,486 | |
SITO Mobile Ltd. (a)(b) | 82,134 | 15,507 | |
Slack Technologies, Inc. Class A (a)(b) | 219,482 | 5,930,404 | |
Smartsheet, Inc. (a) | 444,070 | 20,560,441 | |
Smith Micro Software, Inc. (a)(b) | 110,815 | 593,968 | |
SolarWinds, Inc. (a)(b) | 326,640 | 5,951,381 | |
Splunk, Inc. (a) | 756,280 | 111,422,732 | |
SPS Commerce, Inc. (a) | 170,434 | 8,964,828 | |
SS&C Technologies Holdings, Inc. | 1,072,348 | 59,515,314 | |
Support.com, Inc. | 54,868 | 61,452 | |
SurveyMonkey (a) | 448,963 | 8,184,595 | |
Synacor, Inc. (a)(b) | 119,442 | 132,581 | |
Synchronoss Technologies, Inc. (a)(b) | 183,108 | 900,891 | |
Telaria, Inc. (a) | 181,189 | 2,214,130 | |
TeleNav, Inc.(a) | 193,880 | 1,156,494 | |
Tenable Holdings, Inc. (a) | 208,009 | 5,100,381 | |
Teradata Corp. (a) | 558,771 | 11,141,894 | |
The Trade Desk, Inc. (a)(b) | 195,189 | 56,068,040 | |
TiVo Corp. | 632,985 | 4,791,696 | |
Tyler Technologies, Inc. (a) | 190,802 | 59,787,807 | |
Upland Software, Inc. (a) | 105,658 | 4,111,153 | |
Varonis Systems, Inc. (a) | 151,407 | 12,145,870 | |
Verb Technology Co., Inc. (a) | 3,000 | 4,800 | |
Verint Systems, Inc. (a) | 327,046 | 17,948,284 | |
Veritone, Inc. (a)(b) | 80,466 | 215,649 | |
VirnetX Holding Corp. (a)(b) | 313,700 | 1,759,857 | |
VMware, Inc. Class A (a) | 385,503 | 46,460,822 | |
Workday, Inc. Class A (a) | 804,481 | 139,376,333 | |
Workiva, Inc. (a) | 188,218 | 8,044,437 | |
Yext, Inc. (a)(b) | 459,892 | 6,971,963 | |
Zendesk, Inc. (a) | 550,394 | 43,651,748 | |
Zix Corp. (a) | 274,741 | 2,164,959 | |
Zoom Video Communications, Inc. Class A (b) | 126,133 | 13,243,965 | |
Zscaler, Inc. (a)(b) | 320,432 | 16,659,260 | |
Zuora, Inc. (a) | 332,510 | 4,402,432 | |
1,953,120,212 | |||
Technology Hardware, Storage & Peripherals - 0.3% | |||
3D Systems Corp. (a)(b) | 586,683 | 5,374,016 | |
Astro-Med, Inc. | 35,940 | 390,308 | |
Avid Technology, Inc. (a) | 167,836 | 1,240,308 | |
Boxlight Corp. (a)(b) | 37,515 | 40,891 | |
Dell Technologies, Inc. (a) | 755,667 | 30,574,287 | |
Diebold Nixdorf, Inc. (a)(b) | 374,987 | 2,632,409 | |
Eastman Kodak Co. (a)(b) | 152,964 | 475,718 | |
Immersion Corp. (a) | 157,229 | 1,099,031 | |
Intevac, Inc. (a) | 87,082 | 487,659 | |
NCR Corp. (a) | 624,412 | 15,735,182 | |
One Stop Systems, Inc. (a) | 47,116 | 100,357 | |
Pure Storage, Inc. Class A (a) | 1,098,971 | 16,770,297 | |
Qualstar Corp. (a) | 11,767 | 53,658 | |
Sonim Technologies, Inc. | 20,304 | 58,882 | |
Transact Technologies, Inc. | 27,805 | 277,494 | |
75,310,497 | |||
TOTAL INFORMATION TECHNOLOGY | 4,293,157,346 | ||
MATERIALS - 3.6% | |||
Chemicals - 1.6% | |||
A. Schulman, Inc. rights (a)(c) | 134,313 | 58,158 | |
Advanced Emissions Solutions, Inc. | 96,954 | 861,921 | |
AdvanSix, Inc. (a) | 142,067 | 2,064,234 | |
AgroFresh Solutions, Inc. (a)(b) | 114,965 | 251,773 | |
American Vanguard Corp. | 129,218 | 1,970,575 | |
Amyris, Inc. (a)(b) | 181,990 | 579,638 | |
Ashland Global Holdings, Inc. | 291,845 | 20,878,591 | |
Axalta Coating Systems Ltd. (a) | 1,013,837 | 25,264,818 | |
Balchem Corp. | 156,990 | 14,829,275 | |
Cabot Corp. | 277,816 | 10,384,762 | |
Chase Corp. | 36,677 | 3,256,551 | |
Core Molding Technologies, Inc. (a) | 29,730 | 85,622 | |
Element Solutions, Inc. (a) | 1,080,075 | 11,221,979 | |
Ferro Corp. (a) | 404,171 | 4,696,467 | |
Flotek Industries, Inc. (a)(b) | 264,681 | 418,196 | |
FutureFuel Corp. | 128,970 | 1,311,625 | |
GCP Applied Technologies, Inc. (a) | 264,043 | 5,140,917 | |
H.B. Fuller Co. | 247,791 | 9,720,841 | |
Hawkins, Inc. | 46,605 | 1,666,129 | |
Huntsman Corp. | 970,313 | 18,377,728 | |
Ingevity Corp. (a) | 207,308 | 9,337,152 | |
Innospec, Inc. | 119,852 | 10,371,992 | |
Intrepid Potash, Inc. (a) | 489,269 | 866,006 | |
Koppers Holdings, Inc. (a) | 102,701 | 2,245,044 | |
Kraton Performance Polymers, Inc. (a) | 158,125 | 1,600,225 | |
Kronos Worldwide, Inc. | 117,333 | 1,172,157 | |
Livent Corp. (a)(b) | 719,889 | 6,428,609 | |
Loop Industries, Inc. (a)(b) | 75,417 | 662,161 | |
LSB Industries, Inc. (a) | 104,556 | 203,884 | |
Marrone Bio Innovations, Inc. (a) | 160,000 | 180,800 | |
Minerals Technologies, Inc. | 171,497 | 7,695,070 | |
NewMarket Corp. | 36,693 | 14,258,533 | |
Northern Technologies International Corp. | 14,032 | 160,807 | |
Olin Corp. | 787,864 | 12,755,518 | |
OMNOVA Solutions, Inc. (a) | 218,960 | 2,213,686 | |
PolyOne Corp. | 443,306 | 10,976,257 | |
PQ Group Holdings, Inc. (a) | 186,408 | 2,473,634 | |
Quaker Chemical Corp. | 64,247 | 10,123,400 | |
Rayonier Advanced Materials, Inc. | 246,939 | 605,001 | |
RPM International, Inc. | 632,010 | 40,518,161 | |
Sensient Technologies Corp. | 208,923 | 10,274,833 | |
Stepan Co. | 97,879 | 8,596,713 | |
Taronis Fuels, Inc. (a)(b) | 380,290 | 70,354 | |
Taronis Technologies, Inc. (a) | 131,043 | 39,719 | |
The Chemours Co. LLC | 803,859 | 11,945,345 | |
The Scotts Miracle-Gro Co. Class A | 195,322 | 20,702,179 | |
Trecora Resources (a) | 90,844 | 513,269 | |
Tredegar Corp. | 122,777 | 2,094,576 | |
Trinseo SA | 192,661 | 4,215,423 | |
Tronox Holdings PLC | 451,982 | 3,317,548 | |
Valhi, Inc. | 140,481 | 195,269 | |
Valvoline, Inc. | 926,830 | 18,073,185 | |
Venator Materials PLC (a) | 253,191 | 676,020 | |
W.R. Grace & Co. | 277,567 | 15,699,190 | |
Westlake Chemical Corp. | 170,936 | 9,550,194 | |
373,851,714 | |||
Construction Materials - 0.1% | |||
Eagle Materials, Inc. | 205,486 | 16,219,010 | |
Forterra, Inc. (a) | 96,111 | 1,301,343 | |
Summit Materials, Inc. (a) | 552,460 | 10,795,068 | |
Tecnoglass, Inc. | 87,666 | 639,085 | |
U.S. Concrete, Inc. (a) | 79,728 | 2,139,900 | |
United States Lime & Minerals, Inc. | 10,066 | 810,816 | |
31,905,222 | |||
Containers & Packaging - 0.8% | |||
Aptargroup, Inc. | 314,112 | 31,747,300 | |
Berry Global Group, Inc. (a) | 647,021 | 24,560,917 | |
Crown Holdings, Inc. (a) | 662,699 | 46,720,280 | |
Graphic Packaging Holding Co. | 1,419,502 | 19,191,667 | |
Greif, Inc.: | |||
Class A | 107,219 | 3,789,119 | |
Class B | 47,597 | 1,904,356 | |
Myers Industries, Inc. | 173,107 | 2,349,062 | |
O-I Glass, Inc. | 759,513 | 8,202,740 | |
Ranpak Holdings Corp. (A Shares) (a) | 115,154 | 956,930 | |
Silgan Holdings, Inc. | 382,822 | 10,960,194 | |
Sonoco Products Co. | 490,681 | 23,655,731 | |
UFP Technologies, Inc. (a) | 36,463 | 1,798,720 | |
175,837,016 | |||
Metals & Mining - 0.9% | |||
AK Steel Holding Corp. (a) | 1,598,418 | 3,692,346 | |
Alcoa Corp. (a) | 914,927 | 12,690,037 | |
Allegheny Technologies, Inc. (a)(b) | 621,194 | 10,616,205 | |
Ampco-Pittsburgh Corp. (a)(b) | 38,813 | 105,959 | |
Carpenter Technology Corp. | 232,624 | 8,548,932 | |
Century Aluminum Co. (a) | 242,752 | 1,407,962 | |
Cleveland-Cliffs, Inc. (b) | 1,307,367 | 7,595,802 | |
Coeur d'Alene Mines Corp. (a) | 1,181,028 | 4,913,076 | |
Commercial Metals Co. | 578,989 | 10,572,339 | |
Compass Minerals International, Inc. | 167,526 | 9,138,543 | |
Comstock Mining, Inc. (a)(b) | 8,793 | 4,397 | |
Friedman Industries | 25,968 | 143,603 | |
General Moly, Inc. (a) | 199,078 | 39,836 | |
Gold Resource Corp. | 343,295 | 1,380,046 | |
Golden Minerals Co. (a)(b) | 162,066 | 32,235 | |
Haynes International, Inc. | 62,561 | 1,583,419 | |
Hecla Mining Co. | 2,578,200 | 6,806,448 | |
Kaiser Aluminum Corp. | 79,050 | 7,474,178 | |
Materion Corp. | 101,318 | 4,593,758 | |
McEwen Mining, Inc. (b) | 1,662,182 | 1,495,964 | |
Olympic Steel, Inc. | 44,454 | 535,671 | |
Paramount Gold Nevada Corp. (a)(b) | 22,322 | 18,081 | |
Ramaco Resources, Inc. (a) | 23,222 | 66,879 | |
Reliance Steel & Aluminum Co. | 325,216 | 33,266,345 | |
Royal Gold, Inc. | 323,765 | 31,233,610 | |
Ryerson Holding Corp. (a) | 81,593 | 679,670 | |
Schnitzer Steel Industries, Inc. Class A | 134,504 | 2,216,626 | |
Solitario Exploration & Royalty Corp. (a) | 56,754 | 16,033 | |
Steel Dynamics, Inc. | 1,055,807 | 28,116,140 | |
SunCoke Energy, Inc. | 446,932 | 2,060,357 | |
Synalloy Corp. (a) | 36,188 | 414,353 | |
TimkenSteel Corp. (a)(b) | 200,180 | 1,014,913 | |
U.S. Antimony Corp. (a) | 139,038 | 57,006 | |
U.S. Gold Corp. (a) | 6,781 | 4,239 | |
United States Steel Corp. (b) | 829,555 | 6,653,031 | |
Universal Stainless & Alloy Products, Inc. (a) | 43,484 | 497,892 | |
Warrior Metropolitan Coal, Inc. | 250,816 | 4,444,460 | |
Worthington Industries, Inc. | 181,931 | 5,785,406 | |
209,915,797 | |||
Paper & Forest Products - 0.2% | |||
Boise Cascade Co. | 193,003 | 6,847,746 | |
Clearwater Paper Corp. (a) | 86,294 | 2,353,237 | |
Domtar Corp. | 281,303 | 8,093,087 | |
Louisiana-Pacific Corp. | 572,769 | 16,295,278 | |
Mercer International, Inc. (SBI) | 200,693 | 1,778,140 | |
Neenah, Inc. | 83,987 | 4,851,929 | |
P.H. Glatfelter Co. | 218,953 | 3,122,270 | |
Resolute Forest Products (a) | 452,146 | 1,202,708 | |
Schweitzer-Mauduit International, Inc. | 157,674 | 5,316,767 | |
Verso Corp. (a) | 175,688 | 2,865,471 | |
52,726,633 | |||
TOTAL MATERIALS | 844,236,382 | ||
REAL ESTATE - 9.4% | |||
Equity Real Estate Investment Trusts (REITs) - 8.9% | |||
Acadia Realty Trust (SBI) | 440,624 | 10,063,852 | |
Agree Realty Corp. | 223,968 | 16,085,382 | |
Alexander & Baldwin, Inc. | 343,749 | 6,462,481 | |
Alexanders, Inc. | 10,901 | 3,390,211 | |
American Assets Trust, Inc. | 242,953 | 10,070,402 | |
American Campus Communities, Inc. | 679,735 | 29,527,688 | |
American Finance Trust, Inc. | 528,595 | 5,497,388 | |
American Homes 4 Rent Class A | 1,254,572 | 32,480,869 | |
Americold Realty Trust | 943,972 | 28,951,621 | |
Apple Hospitality (REIT), Inc. | 1,015,146 | 13,267,958 | |
Armada Hoffler Properties, Inc. | 279,587 | 4,685,878 | |
Ashford Hospitality Trust, Inc. | 453,502 | 979,564 | |
Bluerock Residential Growth (REIT), Inc. | 113,385 | 1,178,070 | |
Braemar Hotels & Resorts, Inc. | 164,484 | 1,210,602 | |
Brandywine Realty Trust (SBI) | 851,561 | 11,564,198 | |
Brixmor Property Group, Inc. | 1,454,389 | 26,484,424 | |
BRT Realty Trust | 53,913 | 841,043 | |
Camden Property Trust (SBI) | 472,360 | 50,060,713 | |
CareTrust (REIT), Inc. | 477,466 | 9,964,715 | |
CatchMark Timber Trust, Inc. | 241,517 | 2,219,541 | |
CBL & Associates Properties, Inc. (b) | 849,300 | 450,808 | |
Cedar Realty Trust, Inc. | 422,277 | 1,093,697 | |
Chatham Lodging Trust | 227,926 | 3,177,288 | |
CIM Commercial Trust Corp. | 11,746 | 164,914 | |
City Office REIT, Inc. | 280,393 | 3,252,559 | |
Clipper Realty, Inc. | 58,110 | 654,900 | |
Colony Capital, Inc. | 2,400,780 | 9,507,089 | |
Columbia Property Trust, Inc. | 572,674 | 10,800,632 | |
Community Healthcare Trust, Inc. | 98,290 | 4,681,553 | |
Condor Hospitality Trust, Inc. | 9,303 | 92,844 | |
CoreCivic, Inc. | 591,183 | 8,755,420 | |
CorEnergy Infrastructure Trust, Inc. | 66,154 | 2,308,775 | |
CorePoint Lodging, Inc. | 196,341 | 1,562,874 | |
CoreSite Realty Corp. | 186,918 | 19,389,004 | |
Corporate Office Properties Trust (SBI) | 554,657 | 14,055,008 | |
Cousins Properties, Inc. | 722,317 | 25,779,494 | |
CubeSmart | 954,190 | 28,883,331 | |
CyrusOne, Inc. | 557,188 | 33,754,449 | |
DiamondRock Hospitality Co. | 965,604 | 8,806,308 | |
Douglas Emmett, Inc. | 803,500 | 30,677,630 | |
Easterly Government Properties, Inc. | 368,779 | 8,765,877 | |
EastGroup Properties, Inc. | 187,385 | 23,559,916 | |
Empire State Realty Trust, Inc. | 747,766 | 8,748,862 | |
EPR Properties | 384,911 | 22,802,128 | |
Equity Commonwealth | 603,697 | 18,992,308 | |
Equity Lifestyle Properties, Inc. | 895,862 | 61,214,250 | |
Essential Properties Realty Trust, Inc. | 433,920 | 9,941,107 | |
Farmland Partners, Inc. | 153,535 | 907,392 | |
First Industrial Realty Trust, Inc. | 618,902 | 23,827,727 | |
Four Corners Property Trust, Inc. | 348,094 | 9,986,817 | |
Franklin Street Properties Corp. | 530,622 | 3,783,335 | |
Front Yard Residential Corp. Class B | 247,261 | 3,135,269 | |
Gaming & Leisure Properties | 999,097 | 44,629,663 | |
Getty Realty Corp. | 176,960 | 5,015,046 | |
Gladstone Commercial Corp. | 160,747 | 3,033,296 | |
Gladstone Land Corp. | 90,496 | 1,215,361 | |
Global Medical REIT, Inc. | 198,772 | 2,776,845 | |
Global Net Lease, Inc. | 440,554 | 8,128,221 | |
Global Self Storage, Inc. | 94,056 | 405,381 | |
Government Properties Income Trust | 235,007 | 6,845,754 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 327,214 | 11,108,915 | |
Healthcare Realty Trust, Inc. | 662,968 | 22,739,802 | |
Healthcare Trust of America, Inc. | 1,025,556 | 31,935,814 | |
Hersha Hospitality Trust | 176,585 | 2,036,025 | |
Highwoods Properties, Inc. (SBI) | 509,550 | 22,868,604 | |
Hospitality Properties Trust (SBI) | 799,879 | 14,461,812 | |
Hudson Pacific Properties, Inc. | 751,186 | 24,248,284 | |
Independence Realty Trust, Inc. | 463,032 | 6,139,804 | |
Industrial Logistics Properties Trust | 321,553 | 6,643,285 | |
Investors Real Estate Trust | 58,822 | 4,144,010 | |
Invitation Homes, Inc. | 2,630,935 | 75,481,525 | |
iStar Financial, Inc. | 367,310 | 5,557,400 | |
JBG SMITH Properties | 581,662 | 21,335,362 | |
Jernigan Capital, Inc. | 118,798 | 2,128,860 | |
Kilroy Realty Corp. | 475,156 | 34,539,090 | |
Kite Realty Group Trust | 409,334 | 6,610,744 | |
Lamar Advertising Co. Class A | 420,821 | 35,239,551 | |
Lexington Corporate Properties Trust | 1,216,506 | 12,615,167 | |
Life Storage, Inc. | 230,833 | 24,909,189 | |
LTC Properties, Inc. | 204,115 | 9,150,475 | |
Mack-Cali Realty Corp. | 444,236 | 8,431,599 | |
Medical Properties Trust, Inc. | 2,533,553 | 53,533,975 | |
Monmouth Real Estate Investment Corp. Class A | 499,904 | 7,098,637 | |
National Health Investors, Inc. | 219,726 | 17,958,206 | |
National Retail Properties, Inc. | 848,581 | 43,150,344 | |
National Storage Affiliates Trust | 293,369 | 9,898,270 | |
New Senior Investment Group, Inc. | 420,401 | 2,551,834 | |
NexPoint Residential Trust, Inc. | 115,668 | 5,147,226 | |
Omega Healthcare Investors, Inc. | 1,069,644 | 42,357,902 | |
One Liberty Properties, Inc. | 75,864 | 1,828,322 | |
Outfront Media, Inc. | 707,712 | 18,641,134 | |
Paramount Group, Inc. | 1,002,774 | 12,183,704 | |
Park Hotels & Resorts, Inc. | 1,154,701 | 21,084,840 | |
Pebblebrook Hotel Trust | 636,608 | 12,865,848 | |
Pennsylvania Real Estate Investment Trust (SBI) (b) | 307,135 | 724,839 | |
Physicians Realty Trust | 909,500 | 17,153,170 | |
Piedmont Office Realty Trust, Inc. Class A | 617,348 | 13,328,543 | |
Plymouth Industrial REIT, Inc. | 70,852 | 1,329,892 | |
Postal Realty Trust, Inc. | 26,432 | 425,555 | |
Potlatch Corp. | 331,233 | 12,169,500 | |
Power (REIT) (a) | 1,204 | 14,869 | |
Preferred Apartment Communities, Inc. Class A | 234,413 | 2,236,300 | |
PS Business Parks, Inc. | 99,966 | 14,849,949 | |
QTS Realty Trust, Inc. Class A | 287,059 | 16,124,104 | |
Ramco-Gershenson Properties Trust (SBI) | 392,047 | 5,080,929 | |
Rayonier, Inc. | 638,605 | 16,942,191 | |
Retail Opportunity Investments Corp. | 576,137 | 8,642,055 | |
Retail Properties America, Inc. | 1,061,247 | 11,111,256 | |
Retail Value, Inc. | 77,763 | 2,161,034 | |
Rexford Industrial Realty, Inc. | 545,545 | 25,515,140 | |
RLJ Lodging Trust | 831,923 | 10,989,703 | |
Ryman Hospitality Properties, Inc. | 268,092 | 18,635,075 | |
Sabra Health Care REIT, Inc. | 947,430 | 18,522,257 | |
Safety Income and Growth, Inc. | 63,575 | 3,472,467 | |
Saul Centers, Inc. | 59,199 | 2,546,149 | |
Senior Housing Properties Trust (SBI) | 1,166,527 | 7,337,455 | |
Seritage Growth Properties | 165,535 | 5,691,093 | |
SITE Centers Corp. | 741,609 | 8,535,920 | |
Sotherly Hotels, Inc. | 41,362 | 212,187 | |
Spirit Realty Capital, Inc. | 490,049 | 22,297,230 | |
Stag Industrial, Inc. | 720,466 | 20,158,639 | |
Store Capital Corp. | 1,051,586 | 34,555,116 | |
Summit Hotel Properties, Inc. | 510,142 | 4,729,016 | |
Sun Communities, Inc. | 453,896 | 69,391,620 | |
Sunstone Hotel Investors, Inc. | 1,100,943 | 12,055,326 | |
Tanger Factory Outlet Centers, Inc. (b) | 458,318 | 5,490,650 | |
Taubman Centers, Inc. | 300,885 | 15,664,073 | |
Terreno Realty Corp. | 334,616 | 18,360,380 | |
The GEO Group, Inc. | 600,403 | 8,789,900 | |
The Macerich Co. | 543,290 | 11,093,982 | |
UMH Properties, Inc. | 179,957 | 2,611,176 | |
Uniti Group, Inc. | 950,675 | 9,278,588 | |
Universal Health Realty Income Trust (SBI) | 64,594 | 6,958,066 | |
Urban Edge Properties | 569,161 | 9,220,408 | |
Urstadt Biddle Properties, Inc. Class A | 163,270 | 3,364,995 | |
VEREIT, Inc. | 5,235,122 | 45,336,157 | |
VICI Properties, Inc. | 2,248,802 | 56,354,978 | |
Washington Prime Group, Inc. (b) | 898,894 | 2,471,959 | |
Washington REIT (SBI) | 402,466 | 10,806,212 | |
Weingarten Realty Investors (SBI) | 597,679 | 16,095,495 | |
Wheeler REIT, Inc. (a)(b) | 33,737 | 50,268 | |
Whitestone REIT Class B | 198,061 | 2,434,170 | |
WP Carey, Inc. | 845,649 | 65,461,689 | |
Xenia Hotels & Resorts, Inc. | 552,225 | 8,261,286 | |
2,056,218,302 | |||
Real Estate Management & Development - 0.5% | |||
Altisource Asset Management Corp. (a)(b) | 2,426 | 51,788 | |
Altisource Portfolio Solutions SA (a)(b) | 52,112 | 828,060 | |
American Realty Investments, Inc. (a) | 2,084 | 26,550 | |
Consolidated-Tomoka Land Co. | 28,508 | 1,639,495 | |
eXp World Holdings, Inc. (a)(b) | 120,199 | 1,149,102 | |
Forestar Group, Inc. (a) | 80,745 | 1,444,528 | |
FRP Holdings, Inc. (a) | 35,320 | 1,597,524 | |
Griffin Industrial Realty, Inc. | 8,215 | 330,572 | |
Howard Hughes Corp. (a) | 213,467 | 23,028,820 | |
InterGroup Corp. (a)(b) | 1,129 | 39,515 | |
J.W. Mays, Inc. (a) | 15 | 390 | |
Jones Lang LaSalle, Inc. | 251,482 | 37,161,495 | |
Kennedy-Wilson Holdings, Inc. | 621,467 | 12,559,848 | |
Marcus & Millichap, Inc. (a) | 115,114 | 3,679,043 | |
Maui Land & Pineapple, Inc. (a)(b) | 29,867 | 328,836 | |
Newmark Group, Inc. | 791,273 | 7,556,657 | |
RE/MAX Holdings, Inc. | 89,260 | 2,601,929 | |
Realogy Holdings Corp. (b) | 566,277 | 5,249,388 | |
Redfin Corp. (a)(b) | 411,181 | 11,126,558 | |
Stratus Properties, Inc. (a) | 20,176 | 578,244 | |
Tejon Ranch Co. (a) | 93,747 | 1,413,705 | |
The RMR Group, Inc. | 76,221 | 2,839,994 | |
The St. Joe Co. (a)(b) | 163,955 | 3,224,995 | |
Transcontinental Realty Investors, Inc. (a) | 1,782 | 56,579 | |
Trinity Place Holdings, Inc. (a) | 39,666 | 130,501 | |
118,644,116 | |||
TOTAL REAL ESTATE | 2,174,862,418 | ||
UTILITIES - 2.7% | |||
Electric Utilities - 0.8% | |||
Allete, Inc. | 254,656 | 17,568,717 | |
Avangrid, Inc. | 276,763 | 13,752,353 | |
El Paso Electric Co. | 196,609 | 13,343,853 | |
Genie Energy Ltd. Class B | 101,120 | 699,750 | |
Hawaiian Electric Industries, Inc. | 543,546 | 23,285,511 | |
IDACORP, Inc. | 249,045 | 24,067,709 | |
MGE Energy, Inc. | 173,083 | 12,347,741 | |
OGE Energy Corp. | 976,984 | 37,223,090 | |
Otter Tail Corp. | 197,484 | 9,599,697 | |
PNM Resources, Inc. | 395,547 | 18,622,353 | |
Portland General Electric Co. | 440,659 | 23,976,256 | |
Spark Energy, Inc. Class A, | 72,291 | 618,811 | |
195,105,841 | |||
Gas Utilities - 0.7% | |||
Chesapeake Utilities Corp. | 81,583 | 6,975,347 | |
National Fuel Gas Co. | 423,920 | 15,519,711 | |
New Jersey Resources Corp. | 468,683 | 16,549,197 | |
Northwest Natural Holding Co. | 151,262 | 9,948,502 | |
ONE Gas, Inc. | 258,345 | 21,220,458 | |
RGC Resources, Inc. | 49,903 | 1,369,837 | |
South Jersey Industries, Inc. | 443,157 | 11,987,397 | |
Southwest Gas Holdings, Inc. | 269,043 | 17,401,701 | |
Spire, Inc. | 246,384 | 18,491,119 | |
UGI Corp. | 1,018,900 | 36,721,156 | |
156,184,425 | |||
Independent Power and Renewable Electricity Producers - 0.4% | |||
Clearway Energy, Inc.: | |||
Class A | 157,222 | 3,190,034 | |
Class C | 391,299 | 8,232,931 | |
Ormat Technologies, Inc. | 250,588 | 17,460,972 | |
Pattern Energy Group, Inc. | 444,116 | 12,013,338 | |
Sunnova Energy International, Inc. | 68,719 | 1,188,839 | |
Terraform Power, Inc. | 395,003 | 7,422,106 | |
Vistra Energy Corp. | 2,192,695 | 42,165,525 | |
91,673,745 | |||
Multi-Utilities - 0.4% | |||
Avista Corp. | 326,855 | 15,411,213 | |
Black Hills Corp. | 303,116 | 21,884,975 | |
MDU Resources Group, Inc. | 977,291 | 27,100,279 | |
NorthWestern Energy Corp. | 249,467 | 17,547,509 | |
Unitil Corp. | 75,558 | 4,256,938 | |
86,200,914 | |||
Water Utilities - 0.4% | |||
American States Water Co. | 182,485 | 13,976,526 | |
Aqua America, Inc. | 1,054,354 | 45,347,766 | |
AquaVenture Holdings Ltd. (a) | 96,964 | 2,621,907 | |
Artesian Resources Corp. Class A | 37,388 | 1,283,530 | |
Cadiz, Inc. (a)(b) | 126,047 | 1,104,172 | |
California Water Service Group | 236,887 | 11,361,101 | |
Global Water Resources, Inc. | 2,400 | 28,680 | |
Middlesex Water Co. | 87,434 | 5,199,700 | |
Pure Cycle Corp. (a) | 75,378 | 932,426 | |
SJW Corp. | 132,075 | 8,080,349 | |
York Water Co. | 65,987 | 2,790,590 | |
92,726,747 | |||
TOTAL UTILITIES | 621,891,672 | ||
TOTAL COMMON STOCKS | |||
(Cost $18,380,374,127) | 23,165,693,495 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
INDUSTRIALS - 0.0% | |||
Air Freight & Logistics - 0.0% | |||
Air T Funding 8.00% | |||
(Cost $1,799) | 86 | 2,082 | |
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.0% | |||
U.S. Treasury Bills, yield at date of purchase 1.82% 3/19/20 (e) | |||
(Cost $999,097) | 1,000,000 | 999,321 | |
Shares | Value | ||
Money Market Funds - 6.2% | |||
Fidelity Cash Central Fund 1.60% (f) | 249,079 | $249,129 | |
Fidelity Securities Lending Cash Central Fund 1.60% (f)(g) | 1,441,695,030 | 1,441,839,200 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $1,442,088,329) | 1,442,088,329 | ||
TOTAL INVESTMENT IN SECURITIES - 106.1% | |||
(Cost $19,823,463,352) | 24,608,783,227 | ||
NET OTHER ASSETS (LIABILITIES) - (6.1)% | (1,425,255,922) | ||
NET ASSETS - 100% | $23,183,527,305 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Russell 2000 Index Contracts (United States) | 183 | March 2020 | $13,495,335 | $(401,268) | $(401,268) |
CME E-mini S&P MidCap 400 Index Contracts (United States) | 49 | March 2020 | 8,879,780 | (319,107) | (319,107) |
TOTAL FUTURES CONTRACTS | $(720,375) |
The notional amount of futures purchased as a percentage of Net Assets is 0.1%
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $42,591,753.
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 exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $0 or 0.0% of net assets.
(e) 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 $999,321.
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(g) 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 | $934,547 |
Fidelity Securities Lending Cash Central Fund | 25,368,693 |
Total | $26,303,240 |
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. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of February 29, 2020, 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 | $1,136,064,775 | $1,134,991,805 | $-- | $1,072,970 |
Consumer Discretionary | 2,765,742,649 | 2,765,742,649 | -- | -- |
Consumer Staples | 591,709,626 | 591,709,626 | -- | -- |
Energy | 420,269,413 | 420,269,413 | -- | -- |
Financials | 3,957,215,275 | 3,957,215,275 | -- | -- |
Health Care | 3,275,565,787 | 3,275,552,783 | 3,638 | 9,366 |
Industrials | 3,084,980,234 | 3,084,948,973 | -- | 31,261 |
Information Technology | 4,293,157,346 | 4,293,157,346 | -- | -- |
Materials | 844,236,382 | 844,178,224 | -- | 58,158 |
Real Estate | 2,174,862,418 | 2,174,862,418 | -- | -- |
Utilities | 621,891,672 | 621,891,672 | -- | -- |
U.S. Government and Government Agency Obligations | 999,321 | -- | 999,321 | -- |
Money Market Funds | 1,442,088,329 | 1,442,088,329 | -- | -- |
Total Investments in Securities: | $24,608,783,227 | $24,606,608,513 | $1,002,959 | $1,171,755 |
Derivative Instruments: | ||||
Liabilities | �� | |||
Futures Contracts | $(720,375) | $(720,375) | $-- | $-- |
Total Liabilities | $(720,375) | $(720,375) | $-- | $-- |
Total Derivative Instruments: | $(720,375) | $(720,375) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 29, 2020. 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 | $(720,375) |
Total Equity Risk | 0 | (720,375) |
Total Value of Derivatives | $0 | $(720,375) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
Fidelity® Extended Market Index Fund
Financial Statements
Statement of Assets and Liabilities
February 29, 2020 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $1,392,657,700) — See accompanying schedule: Unaffiliated issuers (cost $18,381,375,023) | $23,166,694,898 | |
Fidelity Central Funds (cost $1,442,088,329) | 1,442,088,329 | |
Total Investment in Securities (cost $19,823,463,352) | $24,608,783,227 | |
Segregated cash with brokers for derivative instruments | 53,591 | |
Cash | 98,643 | |
Receivable for investments sold | 52,914,667 | |
Receivable for fund shares sold | 53,525,005 | |
Dividends receivable | 17,607,104 | |
Distributions receivable from Fidelity Central Funds | 2,072,410 | |
Other receivables | 1,213,747 | |
Total assets | 24,736,268,394 | |
Liabilities | ||
Payable for investments purchased | $5,500,458 | |
Payable for fund shares redeemed | 78,988,998 | |
Accrued management fee | 971,007 | |
Notes payable to affiliates | 23,528,000 | |
Payable for daily variation margin on futures contracts | 495,005 | |
Other payables and accrued expenses | 538,724 | |
Collateral on securities loaned | 1,442,718,897 | |
Total liabilities | 1,552,741,089 | |
Net Assets | $23,183,527,305 | |
Net Assets consist of: | ||
Paid in capital | $18,197,960,568 | |
Total accumulated earnings (loss) | 4,985,566,737 | |
Net Assets | $23,183,527,305 | |
Net Asset Value and Maximum Offering Price | ||
Fidelity Extended Market Index Fund: | ||
Net Asset Value, offering price and redemption price per share ($23,183,527,305 ÷ 389,225,990 shares) | $59.56 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended February 29, 2020 | ||
Investment Income | ||
Dividends | $315,543,874 | |
Interest | 56,222 | |
Income from Fidelity Central Funds (including $25,368,693 from security lending) | 26,303,240 | |
Total income | 341,903,336 | |
Expenses | ||
Management fee | $10,842,103 | |
Independent trustees' fees and expenses | 128,546 | |
Interest | 34,510 | |
Commitment fees | 59,506 | |
Total expenses before reductions | 11,064,665 | |
Expense reductions | (59,685) | |
Total expenses after reductions | 11,004,980 | |
Net investment income (loss) | 330,898,356 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 787,368,752 | |
Fidelity Central Funds | 33,243 | |
Futures contracts | 2,998,616 | |
Total net realized gain (loss) | 790,400,611 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (1,118,894,276) | |
Futures contracts | (10,583,424) | |
Total change in net unrealized appreciation (depreciation) | (1,129,477,700) | |
Net gain (loss) | (339,077,089) | |
Net increase (decrease) in net assets resulting from operations | $(8,178,733) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended February 29, 2020 | Year ended February 28, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $330,898,356 | $323,212,621 |
Net realized gain (loss) | 790,400,611 | 1,412,515,771 |
Change in net unrealized appreciation (depreciation) | (1,129,477,700) | (303,869,044) |
Net increase (decrease) in net assets resulting from operations | (8,178,733) | 1,431,859,348 |
Distributions to shareholders | (1,054,771,848) | (1,108,025,639) |
Share transactions - net increase (decrease) | 1,234,417,107 | 1,428,895,958 |
Total increase (decrease) in net assets | 171,466,526 | 1,752,729,667 |
Net Assets | ||
Beginning of period | 23,012,060,779 | 21,259,331,112 |
End of period | $23,183,527,305 | $23,012,060,779 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Extended Market Index Fund
Years ended February 28, | 2020 A | 2019 | 2018 | 2017 | 2016 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $62.22 | $61.68 | $58.09 | $45.99 | $57.39 |
Income from Investment Operations | |||||
Net investment income (loss)B | .86 | .88 | .83 | .81 | .76 |
Net realized and unrealized gain (loss) | (.72) | 2.89 | 6.24 | 13.98 | (8.98) |
Total from investment operations | .14 | 3.77 | 7.07 | 14.79 | (8.22) |
Distributions from net investment income | (.92) | (.90) | (.81) | (.76) | (.73) |
Distributions from net realized gain | (1.88) | (2.33) | (2.67) | (1.93) | (2.45) |
Total distributions | (2.80) | (3.23) | (3.48) | (2.69) | (3.18) |
Redemption fees added to paid in capitalB | – | – | – | –C | –C |
Net asset value, end of period | $59.56 | $62.22 | $61.68 | $58.09 | $45.99 |
Total ReturnD | .00 %E | 6.77% | 12.35% | 32.58% | (14.83)% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .05% | .05% | .05% | .05% | .07% |
Expenses net of fee waivers, if any | .05% | .05% | .05% | .05% | .06% |
Expenses net of all reductions | .05% | .05% | .05% | .05% | .06% |
Net investment income (loss) | 1.38% | 1.47% | 1.37% | 1.52% | 1.43% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $23,183,527 | $23,012,061 | $2,985,201 | $2,219,377 | $1,109,249 |
Portfolio turnover rateH | 15% | 13%I | 11% | 12% | 12%I |
A For the year ended February 29.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amount represents less than .005%.
F 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.
G 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.
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity® International Index Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended February 29, 2020 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® International Index Fund | 0.58% | 2.31% | 5.06% |
The initial offering of Fidelity International Index Fund (formerly named Institutional Premium Class) took place on September 8, 2011. Returns prior to September 8, 2011 are those of the former Premium Class and have not been restated to reflect current expenses.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® International Index Fund on February 28, 2010.
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
Period Ending Values | ||
$16,386 | Fidelity® International Index Fund | |
$16,291 | MSCI EAFE Index |
Fidelity® International Index Fund
Management's Discussion of Fund Performance
Market Recap: The MSCI ACWI (All Country World Index) ex USA Index returned -0.51% for the 12 months ending February 29, 2020, as the negative impact of the new coronavirus in early 2020 reversed a strong uptrend. For the first 10 months of the past year, international stocks gained ground as they benefited from accommodative monetary policies from central banks around the world, favorable economic growth and de-escalation of the U.S.–China trade conflict. However, in January, the outbreak and spread of the novel coronavirus in China became a growing concern for many investors, threatening global economic growth and corporate earnings. The index had a return of -2.68% for the month. The outbreak escalated globally in February, when the index returned -7.90% amid a surge of cases outside China and causing investors to generally favor safer asset classes. For the full 12 months, the energy (-17%) sector was hit hardest, as concerns about global growth and lack of demand for crude oil and natural gas pressured stocks. Materials (-8%) fared poorly, followed by financials (-5%). Conversely, the defensive health care (+10%) and utilities (+7%) sectors held up well, while information technology (+17%) led the way. Regionally, the U.K. (-7%) suffered from uncertainty tied to Brexit for most of the period, though Parliament approved a deal in January. Asia Pacific ex Japan (-3%) and emerging markets (-2%) lagged, whereas Europe ex U.K. (+3%), Canada (+2%) and Japan (+1) slightly outperformed.Comments from the Geode Capital Management, LLC, passive equity index team: For the fiscal year, the fund's share classes gained 0.58%, compared with a return of -0.34% for the benchmark MSCI EAFE Index. (The fund's performance relative to the index can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index.) Individually, the top contributor was Swiss packaged-foods giant Nestle (+16%), whose shares gained ground as the company reported favorable sales growth. Dutch semiconductor equipment supplier ASML Holding (+51%) reported positive financial results. Several health care stocks boosted performance, led by Swiss pharmaceutical manufacturer Roche Holdings (+19%), Australian biotechnology company CSL Limited (+49%) and Danish diabetes-treatment specialist Novo-Nordisk (+22%). Generally healthy sales and earnings also lifted LVMH (+21%), a French luxury goods conglomerate, while two European utilities, Italy's Enel (+43%) and Spain's Iberdrola (+42%) also contributed. On the negative side, various energy producers – highlighted by U.K.-based Royal Dutch Shell, returning roughly -27%, and BP (-23%) and France-based Total (-22%) – lagged due to weak oil pricing, a decline that started to accelerate late in the period, as the economic impact of the coronavirus came into view. Anheuser-Busch InBev (-27%) struggled, as the Belgian beverage manufacturer reported disappointing earnings based partly due to weak demand in emerging markets. European banks HSBC Holdings (-11%) and Banco Santander (-22%), based in the U.K. and Spain, respectively, also detracted.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to Shareholders: On March 22, 2019, Pat Waddell retired and is no longer a portfolio manager with Geode Capital Management.Fidelity® International Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of February 29, 2020
% of fund's net assets | |
Nestle SA (Reg. S) (Switzerland, Food Products) | 2.2 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.6 |
Novartis AG (Switzerland, Pharmaceuticals) | 1.3 |
Toyota Motor Corp. (Japan, Automobiles) | 1.1 |
HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) | 1.0 |
SAP SE (Germany, Software) | 0.9 |
AIA Group Ltd. (Hong Kong, Insurance) | 0.9 |
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 0.9 |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 0.8 |
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 0.8 |
11.5 |
Top Market Sectors as of February 29, 2020
% of fund's net assets | |
Financials | 17.2 |
Industrials | 14.1 |
Health Care | 12.5 |
Consumer Staples | 10.9 |
Consumer Discretionary | 10.4 |
Information Technology | 7.3 |
Materials | 6.7 |
Communication Services | 5.1 |
Energy | 4.0 |
Utilities | 4.0 |
Geographic Diversification (% of fund's net assets)
As of February 29, 2020 | ||
Japan | 23.4% | |
United Kingdom | 14.3% | |
France | 10.0% | |
Switzerland | 9.4% | |
Germany | 8.2% | |
Australia | 6.4% | |
Netherlands | 5.0% | |
United States of America* | 4.2% | |
Spain | 2.7% | |
Other | 16.4% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and include the effect of futures contracts, options and swaps, as applicable. Foreign currency contracts and other assets and liabilities are included within United States of America, as applicable.
Fidelity® International Index Fund
Schedule of Investments February 29, 2020
Showing Percentage of Net Assets
Common Stocks - 95.0% | |||
Shares | Value | ||
Australia - 6.4% | |||
AGL Energy Ltd. | 1,317,567 | $16,428,418 | |
Alumina Ltd. | 4,970,371 | 6,281,620 | |
AMP Ltd. | 7,021,928 | 7,662,179 | |
APA Group unit | 2,387,284 | 16,702,807 | |
Aristocrat Leisure Ltd. | 1,168,886 | 25,212,298 | |
ASX Ltd. | 391,608 | 18,914,080 | |
Aurizon Holdings Ltd. | 4,019,374 | 12,646,974 | |
Australia & New Zealand Banking Group Ltd. | 5,760,280 | 92,895,661 | |
Bendigo & Adelaide Bank Ltd. | 1,074,490 | 6,432,784 | |
BHP Billiton Ltd. | 5,983,185 | 130,047,080 | |
BlueScope Steel Ltd. | 1,039,225 | 8,002,177 | |
Boral Ltd. | 2,373,117 | 6,987,771 | |
Brambles Ltd. | 3,174,685 | 24,735,057 | |
Caltex Australia Ltd. | 504,125 | 10,739,080 | |
Challenger Ltd. | 1,127,673 | 6,677,719 | |
Cimic Group Ltd. | 192,937 | 2,996,421 | |
Coca-Cola Amatil Ltd. | 1,017,733 | 7,617,895 | |
Cochlear Ltd. | 117,001 | 15,822,572 | |
Coles Group Ltd. | 2,295,034 | 21,245,370 | |
Commonwealth Bank of Australia | 3,599,698 | 191,776,003 | |
Computershare Ltd. | 993,673 | 9,917,069 | |
Crown Ltd. | 769,766 | 5,094,875 | |
CSL Ltd. | 922,964 | 186,055,411 | |
DEXUS Property Group unit | 2,242,596 | 17,765,020 | |
Flight Centre Travel Group Ltd. | 113,995 | 2,422,428 | |
Fortescue Metals Group Ltd. | 2,814,847 | 18,484,019 | |
Goodman Group unit | 3,345,336 | 32,646,201 | |
Harvey Norman Holdings Ltd. (a) | 1,108,854 | 2,679,967 | |
Incitec Pivot Ltd. | 3,219,765 | 5,726,218 | |
Insurance Australia Group Ltd. | 4,673,640 | 19,424,821 | |
Lendlease Group unit | 1,148,363 | 13,189,022 | |
Macquarie Group Ltd. | 686,534 | 60,301,716 | |
Magellan Financial Group Ltd. | 257,481 | 9,352,959 | |
Medibank Private Ltd. | 5,578,685 | 10,284,883 | |
Mirvac Group unit | 7,939,767 | 15,723,978 | |
National Australia Bank Ltd. | 5,858,091 | 96,401,271 | |
Newcrest Mining Ltd. | 1,562,009 | 26,762,111 | |
Orica Ltd. | 830,988 | 10,718,673 | |
Origin Energy Ltd. | 3,588,943 | 16,319,358 | |
Qantas Airways Ltd. | 1,485,874 | 5,352,889 | |
QBE Insurance Group Ltd. | 2,658,762 | 23,538,566 | |
Ramsay Health Care Ltd. | 329,486 | 14,597,915 | |
realestate.com.au Ltd. | 105,784 | 6,775,525 | |
Rio Tinto Ltd. | 754,777 | 42,910,613 | |
Santos Ltd. | 3,574,790 | 15,905,683 | |
Scentre Group unit | 10,736,952 | 24,201,272 | |
SEEK Ltd. | 678,029 | 9,134,397 | |
Sonic Healthcare Ltd. | 921,783 | 17,294,271 | |
South32 Ltd. | 10,101,792 | 14,609,404 | |
SP AusNet | 3,699,385 | 4,084,890 | |
Stockland Corp. Ltd. unit | 4,856,470 | 14,901,250 | |
Suncorp Group Ltd. | 2,549,279 | 18,832,653 | |
Sydney Airport unit | 2,255,136 | 11,414,972 | |
Tabcorp Holdings Ltd. | 4,133,576 | 10,205,781 | |
Telstra Corp. Ltd. | 8,410,500 | 18,793,039 | |
The GPT Group unit | 3,933,952 | 14,812,828 | |
TPG Telecom Ltd. | 737,735 | 3,618,899 | |
Transurban Group unit | 5,564,069 | 53,826,985 | |
Treasury Wine Estates Ltd. | 1,455,084 | 10,455,497 | |
Vicinity Centres unit | 6,493,636 | 9,137,403 | |
Washington H. Soul Pattinson & Co. Ltd. | 242,998 | 3,090,036 | |
Wesfarmers Ltd. | 2,305,487 | 61,052,622 | |
Westpac Banking Corp. | 7,258,974 | 111,151,147 | |
WiseTech Global Ltd. | 291,777 | 2,870,180 | |
Woodside Petroleum Ltd. | 1,922,677 | 34,970,580 | |
Woolworths Group Ltd. | 2,559,695 | 64,699,517 | |
WorleyParsons Ltd. | 690,183 | 5,629,239 | |
TOTAL AUSTRALIA | 1,816,962,019 | ||
Austria - 0.2% | |||
Andritz AG | 148,983 | 5,272,162 | |
Erste Group Bank AG | 609,420 | 20,862,538 | |
OMV AG | 298,258 | 12,491,641 | |
Raiffeisen International Bank-Holding AG | 304,217 | 6,282,207 | |
Verbund AG | 138,915 | 6,616,804 | |
Voestalpine AG | 238,384 | 5,190,743 | |
TOTAL AUSTRIA | 56,716,095 | ||
Bailiwick of Jersey - 0.6% | |||
Experian PLC | 1,850,573 | 61,594,295 | |
Ferguson PLC | 461,045 | 40,170,710 | |
Glencore Xstrata PLC | 21,713,889 | 54,809,154 | |
WPP PLC | 2,566,572 | 24,659,791 | |
TOTAL BAILIWICK OF JERSEY | 181,233,950 | ||
Belgium - 0.9% | |||
Ageas | 361,360 | 16,813,658 | |
Anheuser-Busch InBev SA NV | 1,547,515 | 89,417,013 | |
Colruyt NV | 109,928 | 5,098,872 | |
Galapagos Genomics NV (b) | 92,164 | 19,384,252 | |
Groupe Bruxelles Lambert SA | 163,471 | 14,860,299 | |
KBC Groep NV | 507,876 | 33,837,973 | |
Proximus | 311,956 | 7,747,416 | |
Solvay SA Class A | 151,212 | 13,799,369 | |
Telenet Group Holding NV | 97,249 | 3,740,562 | |
UCB SA | 257,597 | 23,849,866 | |
Umicore SA | 398,153 | 16,766,492 | |
TOTAL BELGIUM | 245,315,772 | ||
Bermuda - 0.2% | |||
Cheung Kong Infrastructure Holdings Ltd. | 1,329,950 | 9,059,698 | |
Dairy Farm International Holdings Ltd. | 671,807 | 3,224,674 | |
Hongkong Land Holdings Ltd. | 2,381,852 | 11,694,893 | |
Jardine Matheson Holdings Ltd. | 448,209 | 24,382,570 | |
Jardine Strategic Holdings Ltd. | 447,662 | 12,852,376 | |
Kerry Properties Ltd. | 1,304,681 | 3,707,336 | |
NWS Holdings Ltd. | 3,153,104 | 3,854,917 | |
Yue Yuen Industrial (Holdings) Ltd. | 1,471,500 | 3,545,192 | |
TOTAL BERMUDA | 72,321,656 | ||
Cayman Islands - 0.6% | |||
ASM Pacific Technology Ltd. | 617,229 | 7,312,521 | |
BeiGene Ltd. ADR (b) | 78,294 | 12,397,855 | |
Budweiser Brewing Co. APAC Ltd. (b)(c) | 2,681,200 | 8,048,759 | |
Cheung Kong Property Holdings Ltd. | 5,261,925 | 32,874,374 | |
CK Hutchison Holdings Ltd. | 5,489,925 | 47,785,941 | |
Melco Crown Entertainment Ltd. sponsored ADR | 446,548 | 7,743,142 | |
Sands China Ltd. | 4,936,800 | 22,958,178 | |
WH Group Ltd. (c) | 19,500,500 | 19,813,208 | |
Wharf Real Estate Investment Co. Ltd. (a) | 2,454,585 | 11,131,441 | |
Wynn Macau Ltd. | 3,187,200 | 6,419,377 | |
TOTAL CAYMAN ISLANDS | 176,484,796 | ||
Denmark - 1.9% | |||
A.P. Moller - Maersk A/S: | |||
Series A | 7,765 | 7,363,416 | |
Series B | 13,253 | 13,373,737 | |
Carlsberg A/S Series B | 217,616 | 28,781,404 | |
Christian Hansen Holding A/S | 213,207 | 15,370,873 | |
Coloplast A/S Series B | 241,956 | 32,481,495 | |
Danske Bank A/S | 1,306,119 | 20,248,724 | |
DSV A/S | 431,140 | 43,745,458 | |
Genmab A/S (b) | 132,410 | 29,942,345 | |
H Lundbeck A/S | 140,056 | 4,882,791 | |
ISS Holdings A/S | 321,912 | 5,720,189 | |
Novo Nordisk A/S Series B | 3,598,115 | 210,809,814 | |
Novozymes A/S Series B | 431,590 | 22,125,704 | |
ORSTED A/S (c) | 384,466 | 39,691,819 | |
Pandora A/S | 201,814 | 9,094,226 | |
Tryg A/S | 247,742 | 6,951,271 | |
Vestas Wind Systems A/S | 384,089 | 37,057,040 | |
William Demant Holding A/S (b) | 222,025 | 6,799,464 | |
TOTAL DENMARK | 534,439,770 | ||
Finland - 1.1% | |||
Elisa Corp. (A Shares) | 290,195 | 16,715,626 | |
Fortum Corp. | 897,310 | 19,162,855 | |
Kone OYJ (B Shares) | 690,759 | 39,126,182 | |
Metso Corp. | 212,991 | 6,931,192 | |
Neste Oyj | 859,659 | 34,357,251 | |
Nokia Corp. | 11,451,557 | 43,769,263 | |
Nokian Tyres PLC | 252,682 | 6,610,489 | |
Nordea Bank ABP (Stockholm Stock Exchange) | 6,582,921 | 51,954,606 | |
Orion Oyj (B Shares) | 211,568 | 8,443,766 | |
Sampo Oyj (A Shares) | 901,112 | 36,821,205 | |
Stora Enso Oyj (R Shares) | 1,173,580 | 13,908,028 | |
UPM-Kymmene Corp. | 1,085,730 | 33,410,313 | |
Wartsila Corp. | 896,975 | 9,377,892 | |
TOTAL FINLAND | 320,588,668 | ||
France - 9.8% | |||
Accor SA | 358,868 | 13,053,034 | |
Aeroports de Paris | 60,280 | 8,960,687 | |
Air Liquide SA | 607,005 | 82,682,080 | |
Alstom SA | 389,180 | 19,214,275 | |
Amundi SA (c) | 122,573 | 8,807,670 | |
Arkema SA | 139,731 | 13,218,493 | |
Atos Origin SA | 198,776 | 14,955,395 | |
AXA SA | 3,930,928 | 91,371,816 | |
bioMerieux SA | 83,987 | 7,789,808 | |
BNP Paribas SA | 2,284,879 | 110,908,734 | |
Bollore SA | 1,772,454 | 6,129,631 | |
Bouygues SA | 456,900 | 18,074,295 | |
Bureau Veritas SA | 599,317 | 14,751,681 | |
Capgemini SA | 323,127 | 35,808,046 | |
Carrefour SA | 1,227,159 | 21,194,279 | |
Casino Guichard Perrachon SA (a) | 108,739 | 4,268,022 | |
CNP Assurances | 353,506 | 5,555,799 | |
Compagnie de St. Gobain | 1,000,504 | 35,327,244 | |
Covivio | 96,672 | 10,288,712 | |
Credit Agricole SA | 2,347,799 | 28,234,114 | |
Danone SA | 1,254,185 | 88,518,515 | |
Dassault Aviation SA | 5,135 | 5,377,837 | |
Dassault Systemes SA | 267,276 | 42,406,931 | |
Edenred SA | 494,866 | 25,905,236 | |
EDF SA (b) | 200,740 | 2,803,981 | |
EDF SA | 1,040,981 | 14,611,687 | |
Eiffage SA | 158,931 | 17,000,818 | |
ENGIE | 3,706,027 | 61,887,022 | |
Essilor International SA | 577,913 | 79,220,162 | |
Eurazeo SA | 80,695 | 5,424,455 | |
Eutelsat Communications | 353,352 | 4,777,934 | |
Faurecia SA | 153,484 | 7,018,421 | |
Gecina SA | 93,598 | 16,663,839 | |
Groupe Eurotunnel SA | 896,687 | 14,518,730 | |
Hermes International SCA | 64,400 | 45,427,557 | |
ICADE | 61,780 | 6,188,958 | |
Iliad SA (a) | 29,999 | 4,216,786 | |
Ingenico SA | 123,180 | 17,556,766 | |
Ipsen SA | 75,608 | 4,942,476 | |
JCDecaux SA | 169,566 | 3,918,515 | |
Kering SA | 153,899 | 86,784,271 | |
Klepierre SA | 399,301 | 11,991,099 | |
L'Oreal SA (b) | 201,944 | 54,279,388 | |
L'Oreal SA | 309,090 | 83,078,557 | |
Legrand SA | 542,780 | 41,659,409 | |
LVMH Moet Hennessy Louis Vuitton SE | 565,480 | 235,992,123 | |
Michelin CGDE Series B | 347,575 | 37,248,476 | |
Natixis SA | 1,915,912 | 7,836,190 | |
Orange SA | 4,056,419 | 54,592,732 | |
Pernod Ricard SA | 431,387 | 70,348,049 | |
Peugeot Citroen SA | 1,196,472 | 23,186,513 | |
Publicis Groupe SA | 437,034 | 16,995,924 | |
Remy Cointreau SA | 45,197 | 4,604,142 | |
Renault SA | 388,266 | 11,540,968 | |
Safran SA | 664,674 | 92,009,764 | |
Sanofi SA | 2,292,660 | 213,826,816 | |
Sartorius Stedim Biotech | 55,931 | 10,713,806 | |
Schneider Electric SA | 1,123,196 | 114,116,104 | |
SCOR SE | 322,101 | 11,665,622 | |
SEB SA | 46,417 | 6,160,931 | |
Societe Generale Series A | 1,647,965 | 46,697,798 | |
Sodexo SA | 94,542 | 9,137,470 | |
Sodexo SA (b) | 84,696 | 8,150,754 | |
SR Teleperformance SA | 119,086 | 29,051,188 | |
Suez Environnement SA | 691,056 | 10,973,140 | |
Thales SA | 216,689 | 21,886,163 | |
Total SA | 4,881,672 | 210,997,431 | |
Ubisoft Entertainment SA (b) | 184,119 | 13,807,992 | |
Valeo SA | 486,724 | 12,373,145 | |
Veolia Environnement SA | 1,100,333 | 31,701,636 | |
VINCI SA | 1,047,155 | 105,812,645 | |
Vivendi SA | 1,691,169 | 43,208,128 | |
Wendel SA | 55,811 | 6,894,255 | |
Worldline SA (b)(c) | 260,216 | 20,073,426 | |
TOTAL FRANCE | 2,778,376,496 | ||
Germany - 7.7% | |||
adidas AG | 366,353 | 103,146,030 | |
Allianz SE | 848,803 | 184,911,647 | |
BASF AG | 1,865,876 | 110,430,333 | |
Bayer AG | 1,998,079 | 145,312,397 | |
Bayerische Motoren Werke AG (BMW) | 672,915 | 44,400,771 | |
Beiersdorf AG | 204,980 | 21,645,508 | |
Brenntag AG | 315,551 | 14,317,506 | |
Carl Zeiss Meditec AG | 81,415 | 8,661,259 | |
Commerzbank AG | 2,026,856 | 11,713,684 | |
Continental AG | 224,121 | 25,630,003 | |
Covestro AG (c) | 352,459 | 13,656,929 | |
Daimler AG (Germany) | 1,847,519 | 77,733,793 | |
Delivery Hero AG (b)(c) | 228,676 | 17,493,285 | |
Deutsche Bank AG | 3,993,052 | 35,056,961 | |
Deutsche Borse AG | 386,008 | 60,739,803 | |
Deutsche Lufthansa AG | 490,331 | 6,484,582 | |
Deutsche Post AG | 2,010,526 | 60,512,707 | |
Deutsche Telekom AG | 6,770,544 | 110,911,659 | |
Deutsche Wohnen AG (Bearer) | 731,291 | 29,853,292 | |
E.ON AG | 4,556,217 | 52,926,208 | |
Evonik Industries AG | 422,994 | 10,587,363 | |
Fraport AG Frankfurt Airport Services Worldwide | 85,368 | 5,454,624 | |
Fresenius Medical Care AG & Co. KGaA | 433,005 | 33,396,304 | |
Fresenius SE & Co. KGaA | 849,049 | 40,266,230 | |
GEA Group AG | 310,753 | 8,315,411 | |
Hannover Reuck SE | 122,514 | 22,183,302 | |
HeidelbergCement AG | 300,855 | 18,030,553 | |
Henkel AG & Co. KGaA | 210,027 | 17,951,133 | |
Hochtief AG | 49,651 | 4,953,766 | |
Infineon Technologies AG | 2,540,350 | 54,220,282 | |
KION Group AG | 131,457 | 7,109,640 | |
Knorr-Bremse AG | 97,670 | 9,984,413 | |
Lanxess AG | 168,766 | 8,985,028 | |
Merck KGaA | 263,032 | 32,006,862 | |
Metro Wholesale & Food Specialist AG | 369,014 | 4,310,388 | |
MTU Aero Engines Holdings AG | 105,702 | 26,153,074 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 294,078 | 76,200,840 | |
Puma AG | 167,479 | 12,985,031 | |
RWE AG | 1,186,173 | 41,170,932 | |
SAP SE | 1,998,202 | 249,460,541 | |
Siemens AG | 1,553,619 | 159,822,881 | |
Siemens Healthineers AG (c) | 305,080 | 12,474,079 | |
Symrise AG | 261,784 | 25,652,721 | |
Telefonica Deutschland Holding AG | 1,840,482 | 4,842,660 | |
Thyssenkrupp AG (a) | 819,345 | 8,033,936 | |
TUI AG | 306,139 | 2,444,030 | |
TUI AG (GB) | 589,702 | 4,652,817 | |
Uniper SE | 409,673 | 12,177,236 | |
United Internet AG | 207,513 | 6,268,636 | |
Volkswagen AG | 66,037 | 11,217,132 | |
Vonovia SE | 1,046,684 | 56,634,019 | |
Wirecard AG (a) | 238,530 | 30,725,397 | |
Zalando SE (b)(c) | 282,045 | 12,603,715 | |
TOTAL GERMANY | 2,166,813,333 | ||
Hong Kong - 2.6% | |||
AIA Group Ltd. | 24,581,000 | 246,361,734 | |
Bank of East Asia Ltd. | 2,645,428 | 5,620,050 | |
BOC Hong Kong (Holdings) Ltd. | 7,544,066 | 25,888,873 | |
CLP Holdings Ltd. | 3,336,157 | 35,009,319 | |
Galaxy Entertainment Group Ltd. | 4,405,000 | 29,074,695 | |
Hang Lung Properties Ltd. | 4,138,423 | 9,036,044 | |
Hang Seng Bank Ltd. | 1,557,501 | 32,468,751 | |
Henderson Land Development Co. Ltd. | 2,936,381 | 13,467,046 | |
Hong Kong & China Gas Co. Ltd. | 20,619,434 | 40,020,552 | |
Hong Kong Exchanges and Clearing Ltd. | 2,440,465 | 80,086,074 | |
Link (REIT) | 4,273,908 | 39,586,422 | |
MTR Corp. Ltd. | 3,146,451 | 17,700,048 | |
New World Development Co. Ltd. | 12,386,803 | 15,922,484 | |
PCCW Ltd. | 8,674,863 | 5,219,385 | |
Power Assets Holdings Ltd. | 2,804,676 | 19,969,149 | |
Sino Land Ltd. | 6,239,602 | 8,484,898 | |
SJM Holdings Ltd. | 4,074,000 | 4,609,709 | |
Sun Hung Kai Properties Ltd. | 3,240,176 | 46,056,639 | |
Swire Pacific Ltd. (A Shares) | 1,007,884 | 9,189,626 | |
Swire Properties Ltd. | 2,349,800 | 6,948,414 | |
Techtronic Industries Co. Ltd. | 2,791,500 | 22,579,099 | |
Vitasoy International Holdings Ltd. | 1,512,000 | 5,421,475 | |
Wheelock and Co. Ltd. | 1,679,000 | 12,783,663 | |
TOTAL HONG KONG | 731,504,149 | ||
Ireland - 0.7% | |||
AIB Group PLC | 1,631,701 | 3,807,415 | |
Bank Ireland Group PLC | 1,974,731 | 7,393,979 | |
CRH PLC | 1,611,192 | 54,355,468 | |
DCC PLC (United Kingdom) | 198,905 | 14,246,185 | |
James Hardie Industries PLC CDI | 898,826 | 16,529,800 | |
Kerry Group PLC Class A | 323,074 | 41,220,695 | |
Kingspan Group PLC (Ireland) | 310,741 | 19,567,554 | |
Paddy Power Betfair PLC (Ireland) | 158,115 | 16,814,031 | |
Smurfit Kappa Group PLC | 456,525 | 15,380,284 | |
TOTAL IRELAND | 189,315,411 | ||
Isle of Man - 0.0% | |||
Gaming VC Holdings SA | 1,184,032 | 12,173,236 | |
Israel - 0.6% | |||
Azrieli Group | 86,816 | 6,357,579 | |
Bank Hapoalim BM (Reg.) | 2,293,228 | 18,029,790 | |
Bank Leumi le-Israel BM | 2,990,135 | 19,534,802 | |
Check Point Software Technologies Ltd. (b) | 248,109 | 25,753,714 | |
CyberArk Software Ltd. (b) | 76,447 | 8,004,001 | |
Elbit Systems Ltd. (Israel) | 48,702 | 7,301,439 | |
Israel Chemicals Ltd. | 1,442,801 | 5,378,526 | |
Israel Discount Bank Ltd. (Class A) | 2,354,937 | 9,919,455 | |
Mizrahi Tefahot Bank Ltd. | 285,198 | 7,400,265 | |
NICE Systems Ltd. (b) | 113,050 | 18,187,084 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR (b) | 2,221,802 | 25,617,377 | |
Wix.com Ltd. (b) | 99,133 | 13,286,796 | |
TOTAL ISRAEL | 164,770,828 | ||
Italy - 1.9% | |||
Assicurazioni Generali SpA | 2,229,402 | 40,243,699 | |
Atlantia SpA | 1,006,770 | 21,775,213 | |
Davide Campari-Milano SpA | 1,179,887 | 9,864,790 | |
Enel SpA | 16,541,283 | 138,834,099 | |
Eni SpA | 5,163,726 | 64,335,600 | |
FinecoBank SpA | 1,239,792 | 13,009,160 | |
Intesa Sanpaolo SpA | 30,230,702 | 73,494,383 | |
Leonardo SpA | 823,948 | 8,450,034 | |
Mediobanca SpA | 1,266,856 | 11,520,063 | |
Moncler SpA | 364,567 | 14,346,076 | |
Pirelli & C. SpA (c) | 798,990 | 3,804,343 | |
Poste Italiane SpA (c) | 1,061,763 | 11,374,209 | |
Prysmian SpA | 488,148 | 11,661,540 | |
Recordati SpA | 212,453 | 9,086,099 | |
Snam Rete Gas SpA | 4,139,067 | 20,523,059 | |
Telecom Italia SpA (b) | 18,360,029 | 10,211,318 | |
Terna SpA | 2,879,921 | 19,038,400 | |
UniCredit SpA | 4,084,384 | 52,522,100 | |
TOTAL ITALY | 534,094,185 | ||
Japan - 23.4% | |||
ABC-MART, Inc. | 65,900 | 3,763,620 | |
ACOM Co. Ltd. | 804,500 | 3,311,682 | |
Advantest Corp. | 405,400 | 18,473,401 | |
AEON Co. Ltd. | 1,332,600 | 24,888,955 | |
AEON Financial Service Co. Ltd. | 225,100 | 3,272,360 | |
AEON MALL Co. Ltd. | 206,840 | 2,935,954 | |
Agc, Inc. | 370,835 | 10,658,154 | |
Air Water, Inc. | 369,200 | 4,891,404 | |
Aisin Seiki Co. Ltd. | 327,700 | 10,633,692 | |
Ajinomoto Co., Inc. | 894,566 | 15,028,311 | |
Alfresa Holdings Corp. | 382,700 | 6,727,232 | |
Alps Electric Co. Ltd. | 423,700 | 6,516,951 | |
Amada Holdings Co. Ltd. | 681,100 | 6,365,185 | |
Ana Holdings, Inc. | 236,400 | 6,372,455 | |
Aozora Bank Ltd. | 238,900 | 5,984,682 | |
Asahi Group Holdings | 737,203 | 28,364,477 | |
ASAHI INTECC Co. Ltd. | 395,400 | 9,479,922 | |
Asahi Kasei Corp. | 2,553,427 | 21,322,749 | |
Astellas Pharma, Inc. | 3,838,900 | 60,469,971 | |
Bandai Namco Holdings, Inc. | 403,850 | 20,106,383 | |
Bank of Kyoto Ltd. | 108,000 | 3,679,770 | |
Benesse Holdings, Inc. | 142,800 | 3,683,197 | |
Bridgestone Corp. | 1,162,179 | 38,854,232 | |
Brother Industries Ltd. | 452,200 | 8,062,123 | |
Calbee, Inc. | 159,600 | 4,088,400 | |
Canon, Inc. | 2,030,044 | 51,090,713 | |
Casio Computer Co. Ltd. | 394,200 | 6,786,848 | |
Central Japan Railway Co. | 292,800 | 48,266,123 | |
Chiba Bank Ltd. | 1,124,674 | 5,557,679 | |
Chubu Electric Power Co., Inc. | 1,310,964 | 17,107,193 | |
Chugai Pharmaceutical Co. Ltd. | 454,725 | 49,389,054 | |
Chugoku Electric Power Co., Inc. | 566,800 | 7,546,123 | |
Coca-Cola West Co. Ltd. | 247,300 | 5,697,576 | |
Concordia Financial Group Ltd. | 2,168,384 | 7,478,573 | |
Credit Saison Co. Ltd. | 322,952 | 4,694,871 | |
CyberAgent, Inc. | 205,000 | 7,783,006 | |
Dai Nippon Printing Co. Ltd. | 494,721 | 11,902,475 | |
Dai-ichi Mutual Life Insurance Co. | 2,192,300 | 30,051,136 | |
Daicel Chemical Industries Ltd. | 494,400 | 4,267,443 | |
Daifuku Co. Ltd. | 204,900 | 12,195,976 | |
Daiichi Sankyo Kabushiki Kaisha | 1,152,070 | 70,388,849 | |
Daikin Industries Ltd. | 506,094 | 69,091,731 | |
Dainippon Sumitomo Pharma Co. Ltd. | 325,400 | 4,709,340 | |
Daito Trust Construction Co. Ltd. | 146,363 | 14,892,768 | |
Daiwa House Industry Co. Ltd. | 1,150,784 | 31,788,994 | |
Daiwa House REIT Investment Corp. | 3,788 | 9,454,196 | |
Daiwa Securities Group, Inc. | 3,119,385 | 13,280,378 | |
DENSO Corp. | 882,038 | 34,509,553 | |
Dentsu Group, Inc. | 441,300 | 11,505,058 | |
Disco Corp. | 54,800 | 11,116,484 | |
East Japan Railway Co. | 613,600 | 46,868,541 | |
Eisai Co. Ltd. | 512,078 | 37,890,734 | |
Electric Power Development Co. Ltd. | 299,980 | 6,441,254 | |
FamilyMart Co. Ltd. | 513,200 | 11,352,635 | |
Fanuc Corp. | 393,872 | 64,679,268 | |
Fast Retailing Co. Ltd. | 118,467 | 58,695,313 | |
Fuji Electric Co. Ltd. | 259,030 | 7,115,760 | |
Fujifilm Holdings Corp. | 731,905 | 35,808,109 | |
Fujitsu Ltd. | 399,507 | 41,521,171 | |
Fukuoka Financial Group, Inc. | 347,160 | 5,291,406 | |
GMO Payment Gateway, Inc. | 83,200 | 5,106,471 | |
Hakuhodo DY Holdings, Inc. | 472,000 | 5,509,438 | |
Hamamatsu Photonics K.K. | 284,900 | 11,054,205 | |
Hankyu Hanshin Holdings, Inc. | 465,400 | 15,317,727 | |
Hikari Tsushin, Inc. | 42,400 | 8,054,663 | |
Hino Motors Ltd. | 589,200 | 4,872,672 | |
Hirose Electric Co. Ltd. | 66,477 | 7,063,104 | |
Hisamitsu Pharmaceutical Co., Inc. | 104,200 | 4,670,935 | |
Hitachi Chemical Co. Ltd. | 210,400 | 8,885,333 | |
Hitachi Construction Machinery Co. Ltd. | 216,000 | 5,332,913 | |
Hitachi High-Technologies Corp. | 139,600 | 10,315,335 | |
Hitachi Ltd. | 1,964,754 | 66,250,791 | |
Hitachi Metals Ltd. | 431,800 | 6,177,150 | |
Honda Motor Co. Ltd. | 3,312,360 | 84,976,777 | |
Hoshizaki Corp. | 110,300 | 9,346,764 | |
Hoya Corp. | 769,616 | 68,563,324 | |
Hulic Co. Ltd. | 619,100 | 6,933,736 | |
Idemitsu Kosan Co. Ltd. | 398,915 | 9,830,485 | |
IHI Corp. | 297,718 | 6,262,953 | |
Iida Group Holdings Co. Ltd. | 297,200 | 4,020,163 | |
INPEX Corp. | 2,068,000 | 17,886,494 | |
Isetan Mitsukoshi Holdings Ltd. | 689,587 | 4,520,100 | |
Isuzu Motors Ltd. | 1,126,200 | 10,608,374 | |
Itochu Corp. | 2,735,786 | 62,434,056 | |
ITOCHU Techno-Solutions Corp. | 196,400 | 5,451,711 | |
J. Front Retailing Co. Ltd. | 471,390 | 5,012,835 | |
Japan Airlines Co. Ltd. | 232,600 | 5,724,276 | |
Japan Airport Terminal Co. Ltd. | 102,400 | 4,006,379 | |
Japan Exchange Group, Inc. | 1,037,500 | 17,458,395 | |
Japan Post Bank Co. Ltd. | 829,100 | 7,410,091 | |
Japan Post Holdings Co. Ltd. | 3,200,700 | 27,914,876 | |
Japan Post Insurance Co. Ltd. | 457,600 | 7,029,883 | |
Japan Prime Realty Investment Corp. | 1,600 | 7,046,171 | |
Japan Real Estate Investment Corp. | 2,675 | 18,253,291 | |
Japan Retail Fund Investment Corp. | 5,353 | 10,178,938 | |
Japan Tobacco, Inc. | 2,436,800 | 48,437,782 | |
JFE Holdings, Inc. | 996,275 | 9,255,216 | |
JGC Corp. | 450,217 | 5,530,665 | |
JSR Corp. | 392,716 | 6,917,860 | |
JTEKT Corp. | 425,300 | 4,152,057 | |
JX Holdings, Inc. | 6,246,500 | 25,134,257 | |
Kajima Corp. | 917,658 | 9,894,644 | |
Kakaku.com, Inc. | 273,600 | 5,859,596 | |
Kamigumi Co. Ltd. | 213,631 | 4,105,851 | |
Kansai Electric Power Co., Inc. | 1,431,836 | 15,458,678 | |
Kansai Paint Co. Ltd. | 361,300 | 7,895,273 | |
Kao Corp. | 978,850 | 71,403,595 | |
Kawasaki Heavy Industries Ltd. | 286,194 | 5,200,633 | |
KDDI Corp. | 3,587,400 | 101,356,825 | |
Keihan Electric Railway Co., Ltd. | 193,600 | 7,861,747 | |
Keihin Electric Express Railway Co. Ltd. | 450,030 | 6,834,314 | |
Keio Corp. | 209,382 | 10,075,029 | |
Keisei Electric Railway Co. | 263,600 | 8,443,705 | |
Keyence Corp. | 370,448 | 118,182,048 | |
Kikkoman Corp. | 296,649 | 13,779,079 | |
Kintetsu Group Holdings Co. Ltd. | 347,810 | 15,042,960 | |
Kirin Holdings Co. Ltd. | 1,671,956 | 32,164,924 | |
Kobayashi Pharmaceutical Co. Ltd. | 100,600 | 7,321,621 | |
Koito Manufacturing Co. Ltd. | 210,200 | 8,301,984 | |
Komatsu Ltd. | 1,878,945 | 37,542,782 | |
Konami Holdings Corp. | 189,600 | 6,846,764 | |
Konica Minolta, Inc. | 924,300 | 5,021,693 | |
Kose Corp. | 66,900 | 8,026,015 | |
Kubota Corp. | 2,117,164 | 29,894,685 | |
Kuraray Co. Ltd. | 654,386 | 6,819,302 | |
Kurita Water Industries Ltd. | 196,800 | 5,099,722 | |
Kyocera Corp. | 652,304 | 41,100,111 | |
Kyowa Hakko Kirin Co., Ltd. | 495,489 | 11,806,107 | |
Kyushu Electric Power Co., Inc. | 777,470 | 5,636,766 | |
Kyushu Railway Co. | 321,500 | 9,672,423 | |
Lawson, Inc. | 102,716 | 5,456,728 | |
LINE Corp. (a)(b) | 122,700 | 6,100,006 | |
Lion Corp. | 455,500 | 7,542,398 | |
LIXIL Group Corp. | 540,259 | 8,114,404 | |
M3, Inc. | 896,300 | 23,151,231 | |
Makita Corp. | 452,800 | 15,679,659 | |
Marubeni Corp. | 3,169,944 | 21,066,344 | |
Marui Group Co. Ltd. | 385,449 | 7,526,011 | |
Maruichi Steel Tube Ltd. | 115,600 | 2,808,010 | |
Mazda Motor Corp. | 1,162,000 | 8,079,918 | |
McDonald's Holdings Co. (Japan) Ltd. | 134,700 | 5,657,250 | |
Mebuki Financial Group, Inc. | 1,795,410 | 3,512,252 | |
Medipal Holdings Corp. | 374,770 | 6,851,905 | |
Meiji Holdings Co. Ltd. | 233,458 | 13,939,083 | |
Mercari, Inc. (a)(b) | 150,800 | 3,415,579 | |
Minebea Mitsumi, Inc. | 739,100 | 13,046,972 | |
Misumi Group, Inc. | 578,800 | 12,218,873 | |
Mitsubishi Chemical Holdings Corp. | 2,608,975 | 17,568,130 | |
Mitsubishi Corp. | 2,746,102 | 68,487,061 | |
Mitsubishi Electric Corp. | 3,710,006 | 47,157,595 | |
Mitsubishi Estate Co. Ltd. | 2,402,223 | 41,068,971 | |
Mitsubishi Gas Chemical Co., Inc. | 318,233 | 4,826,898 | |
Mitsubishi Heavy Industries Ltd. | 648,525 | 20,557,268 | |
Mitsubishi Materials Corp. | 231,693 | 5,297,190 | |
Mitsubishi Motors Corp. of Japan | 1,334,100 | 4,440,403 | |
Mitsubishi UFJ Financial Group, Inc. | 24,980,130 | 122,051,907 | |
Mitsubishi UFJ Lease & Finance Co. Ltd. | 801,400 | 4,584,311 | |
Mitsui & Co. Ltd. | 3,364,723 | 55,636,784 | |
Mitsui Chemicals, Inc. | 375,936 | 8,152,367 | |
Mitsui Fudosan Co. Ltd. | 1,793,377 | 41,193,135 | |
Mitsui OSK Lines Ltd. | 231,128 | 4,802,131 | |
Mizuho Financial Group, Inc. | 48,998,200 | 66,287,587 | |
MonotaRO Co. Ltd. | 255,400 | 5,682,922 | |
MS&AD Insurance Group Holdings, Inc. | 963,784 | 31,122,378 | |
Murata Manufacturing Co. Ltd. | 1,167,162 | 61,144,233 | |
Nabtesco Corp. | 226,000 | 6,101,539 | |
Nagoya Railroad Co. Ltd. | 380,700 | 9,949,873 | |
NEC Corp. | 499,854 | 18,722,512 | |
New Hampshire Foods Ltd. | 165,070 | 6,228,768 | |
Nexon Co. Ltd. | 1,002,500 | 15,958,581 | |
NGK Insulators Ltd. | 531,809 | 8,367,141 | |
NGK Spark Plug Co. Ltd. | 315,500 | 5,192,031 | |
Nidec Corp. | 454,184 | 53,814,867 | |
Nikon Corp. | 654,338 | 6,727,803 | |
Nintendo Co. Ltd. | 227,296 | 76,197,462 | |
Nippon Building Fund, Inc. | 2,734 | 20,506,267 | |
Nippon Express Co. Ltd. | 159,754 | 7,657,409 | |
Nippon Paint Holdings Co. Ltd. | 297,800 | 13,597,858 | |
Nippon Prologis REIT, Inc. | 4,044 | 10,974,215 | |
Nippon Shinyaku Co. Ltd. | 92,800 | 6,874,393 | |
Nippon Steel & Sumitomo Metal Corp. | 1,634,063 | 18,422,220 | |
Nippon Telegraph & Telephone Corp. | 2,613,800 | 60,979,356 | |
Nippon Yusen KK | 304,457 | 4,358,257 | |
Nissan Chemical Corp. | 253,300 | 10,720,513 | |
Nissan Motor Co. Ltd. | 4,700,148 | 20,144,113 | |
Nisshin Seifun Group, Inc. | 404,293 | 6,844,419 | |
Nissin Food Holdings Co. Ltd. | 129,323 | 10,191,410 | |
Nitori Holdings Co. Ltd. | 163,500 | 22,684,753 | |
Nitto Denko Corp. | 323,894 | 16,275,779 | |
NKSJ Holdings, Inc. | 684,203 | 25,475,239 | |
Nomura Holdings, Inc. | 6,743,147 | 29,774,358 | |
Nomura Real Estate Holdings, Inc. | 252,100 | 5,441,209 | |
Nomura Real Estate Master Fund, Inc. | 8,323 | 13,218,338 | |
Nomura Research Institute Ltd. | 690,465 | 15,075,515 | |
NSK Ltd. | 721,876 | 5,534,873 | |
NTT Data Corp. | 1,284,300 | 15,372,068 | |
NTT DOCOMO, Inc. | 2,708,800 | 73,521,342 | |
Obayashi Corp. | 1,319,104 | 13,318,230 | |
OBIC Co. Ltd. | 130,900 | 16,128,880 | |
Odakyu Electric Railway Co. Ltd. | 600,400 | 11,600,534 | |
Oji Holdings Corp. | 1,747,252 | 8,342,618 | |
Olympus Corp. | 2,367,316 | 43,062,062 | |
OMRON Corp. | 379,160 | 20,529,338 | |
Ono Pharmaceutical Co. Ltd. | 754,800 | 15,465,492 | |
Oracle Corp. Japan | 78,300 | 6,126,942 | |
Oriental Land Co. Ltd. | 406,324 | 46,204,004 | |
ORIX Corp. | 2,692,080 | 43,478,615 | |
ORIX JREIT, Inc. | 5,308 | 10,088,448 | |
Osaka Gas Co. Ltd. | 764,005 | 12,360,363 | |
Otsuka Corp. | 212,500 | 9,092,226 | |
Otsuka Holdings Co. Ltd. | 793,500 | 30,015,576 | |
Pan Pacific International Hold | 902,000 | 14,952,494 | |
Panasonic Corp. | 4,487,573 | 42,564,838 | |
Park24 Co. Ltd. | 237,200 | 4,624,806 | |
PeptiDream, Inc. (b) | 191,800 | 7,646,393 | |
Persol Holdings Co., Ltd. | 359,900 | 4,768,191 | |
Pigeon Corp. | 233,800 | 7,933,506 | |
Pola Orbis Holdings, Inc. | 187,800 | 3,593,725 | |
Rakuten, Inc. | 1,753,500 | 14,680,238 | |
Recruit Holdings Co. Ltd. | 2,754,900 | 95,984,741 | |
Renesas Electronics Corp. (b) | 1,558,700 | 9,407,692 | |
Resona Holdings, Inc. | 4,267,300 | 16,189,312 | |
Ricoh Co. Ltd. | 1,364,570 | 12,714,564 | |
Rinnai Corp. | 66,500 | 4,543,900 | |
ROHM Co. Ltd. | 190,244 | 12,523,015 | |
Ryohin Keikaku Co. Ltd. | 486,100 | 6,661,003 | |
Sankyo Co. Ltd. (Gunma) | 94,900 | 3,119,048 | |
Santen Pharmaceutical Co. Ltd. | 730,400 | 11,728,656 | |
SBI Holdings, Inc. Japan | 479,460 | 9,668,325 | |
Secom Co. Ltd. | 426,767 | 33,928,491 | |
Sega Sammy Holdings, Inc. | 343,200 | 4,527,847 | |
Seibu Holdings, Inc. | 407,800 | 5,769,542 | |
Seiko Epson Corp. | 569,500 | 8,067,829 | |
Sekisui Chemical Co. Ltd. | 742,193 | 11,071,653 | |
Sekisui House Ltd. | 1,269,567 | 24,918,166 | |
Seven & i Holdings Co. Ltd. | 1,531,200 | 52,469,082 | |
Seven Bank Ltd. | 1,221,500 | 3,216,262 | |
SG Holdings Co. Ltd. | 288,100 | 5,684,005 | |
Sharp Corp. | 433,600 | 5,065,233 | |
Shimadzu Corp. | 452,300 | 11,020,252 | |
Shimamura Co. Ltd. | 46,000 | 3,074,912 | |
SHIMANO, Inc. | 150,000 | 21,027,258 | |
SHIMIZU Corp. | 1,203,316 | 10,955,464 | |
Shin-Etsu Chemical Co. Ltd. | 720,562 | 81,135,041 | |
Shinsei Bank Ltd. | 387,700 | 5,165,260 | |
Shionogi & Co. Ltd. | 547,991 | 29,498,374 | |
Shiseido Co. Ltd. | 812,450 | 48,343,261 | |
Shizuoka Bank Ltd. | 920,174 | 5,818,271 | |
Showa Denko K.K. | 269,100 | 5,818,109 | |
SMC Corp. | 116,371 | 46,468,561 | |
SoftBank Corp. | 3,401,900 | 44,550,192 | |
SoftBank Group Corp. | 3,186,360 | 148,032,930 | |
Sohgo Security Services Co., Ltd. | 143,800 | 6,732,709 | |
Sony Corp. | 2,587,585 | 159,519,133 | |
Sony Financial Holdings, Inc. | 310,400 | 6,210,302 | |
Square Enix Holdings Co. Ltd. | 186,000 | 7,501,391 | |
Stanley Electric Co. Ltd. | 264,625 | 6,467,194 | |
Subaru Corp. | 1,250,200 | 30,362,497 | |
Sumco Corp. | 507,500 | 7,721,190 | |
Sumitomo Chemical Co. Ltd. | 3,052,234 | 11,121,157 | |
Sumitomo Corp. | 2,417,942 | 34,623,692 | |
Sumitomo Electric Industries Ltd. | 1,525,206 | 18,248,455 | |
Sumitomo Heavy Industries Ltd. | 222,964 | 4,861,963 | |
Sumitomo Metal Mining Co. Ltd. | 473,732 | 11,794,987 | |
Sumitomo Mitsui Financial Group, Inc. | 2,652,900 | 84,176,016 | |
Sumitomo Mitsui Trust Holdings, Inc. | 650,572 | 22,086,619 | |
Sumitomo Realty & Development Co. Ltd. | 675,000 | 21,102,355 | |
Sumitomo Rubber Industries Ltd. | 346,800 | 3,610,758 | |
Sundrug Co. Ltd. | 146,500 | 4,584,067 | |
Suntory Beverage & Food Ltd. | 283,100 | 10,787,512 | |
Suzuken Co. Ltd. | 148,116 | 4,909,278 | |
Suzuki Motor Corp. | 748,500 | 30,096,834 | |
Sysmex Corp. | 340,200 | 21,823,139 | |
T&D Holdings, Inc. | 1,097,800 | 10,839,579 | |
Taiheiyo Cement Corp. | 246,900 | 6,095,816 | |
Taisei Corp. | 411,618 | 14,100,950 | |
Taisho Pharmaceutical Holdings Co. Ltd. | 68,057 | 4,221,225 | |
Taiyo Nippon Sanso Corp. | 265,200 | 4,747,832 | |
Takeda Pharmaceutical Co. Ltd. | 3,041,627 | 105,038,271 | |
TDK Corp. | 263,525 | 25,531,580 | |
Teijin Ltd. | 362,868 | 5,971,544 | |
Terumo Corp. | 1,311,648 | 42,294,750 | |
THK Co. Ltd. | 242,200 | 5,553,130 | |
Tobu Railway Co. Ltd. | 388,259 | 11,590,895 | |
Toho Co. Ltd. | 227,754 | 7,020,972 | |
Toho Gas Co. Ltd. | 150,000 | 5,124,699 | |
Tohoku Electric Power Co., Inc. | 873,990 | 7,681,648 | |
Tokio Marine Holdings, Inc. | 1,297,600 | 69,788,407 | |
Tokyo Century Corp. | 85,700 | 3,559,577 | |
Tokyo Electric Power Co., Inc. (b) | 3,114,818 | 11,840,120 | |
Tokyo Electron Ltd. | 318,718 | 65,968,657 | |
Tokyo Gas Co. Ltd. | 762,379 | 15,429,940 | |
Tokyu Corp. | 1,016,377 | 15,604,676 | |
Tokyu Fudosan Holdings Corp. | 1,245,700 | 7,865,026 | |
Toppan Printing Co. Ltd. | 567,306 | 9,893,404 | |
Toray Industries, Inc. | 2,805,783 | 16,119,208 | |
Toshiba Corp. | 880,988 | 23,891,062 | |
Tosoh Corp. | 531,900 | 7,303,392 | |
Toto Ltd. | 289,192 | 10,979,429 | |
Toyo Seikan Group Holdings Ltd. | 281,600 | 4,516,670 | |
Toyo Suisan Kaisha Ltd. | 181,600 | 7,197,664 | |
Toyoda Gosei Co. Ltd. | 133,400 | 2,852,034 | |
Toyota Industries Corp. | 296,386 | 15,690,377 | |
Toyota Motor Corp. | 4,644,963 | 305,010,193 | |
Toyota Tsusho Corp. | 432,900 | 13,104,195 | |
Trend Micro, Inc. | 256,760 | 12,783,249 | |
Tsuruha Holdings, Inc. | 74,000 | 8,596,514 | |
Unicharm Corp. | 819,940 | 26,591,416 | |
United Urban Investment Corp. | 5,995 | 9,593,334 | |
USS Co. Ltd. | 446,100 | 7,055,874 | |
Welcia Holdings Co. Ltd. | 94,600 | 5,700,909 | |
West Japan Railway Co. | 329,400 | 23,265,058 | |
Yahoo! Japan Corp. | 5,390,000 | 19,639,069 | |
Yakult Honsha Co. Ltd. | 243,166 | 11,125,758 | |
Yamada Denki Co. Ltd. | 1,290,450 | 6,209,378 | |
Yamaha Corp. | 292,743 | 14,384,739 | |
Yamaha Motor Co. Ltd. | 571,300 | 9,152,665 | |
Yamato Holdings Co. Ltd. | 629,332 | 9,930,679 | |
Yamazaki Baking Co. Ltd. | 240,200 | 4,086,473 | |
Yaskawa Electric Corp. | 485,200 | 15,227,165 | |
Yokogawa Electric Corp. | 463,600 | 7,465,911 | |
Yokohama Rubber Co. Ltd. | 238,090 | 3,878,399 | |
Zozo, Inc. | 223,500 | 3,137,206 | |
TOTAL JAPAN | 6,608,177,226 | ||
Luxembourg - 0.3% | |||
ArcelorMittal SA (Netherlands) | 1,342,249 | 19,113,531 | |
Aroundtown SA | 2,478,192 | 21,530,366 | |
Eurofins Scientific SA | 23,544 | 11,905,014 | |
Millicom International Cellular SA (depository receipt) | 195,652 | 9,037,310 | |
SES SA (France) (depositary receipt) | 736,799 | 8,448,409 | |
Tenaris SA | 958,341 | 8,753,246 | |
TOTAL LUXEMBOURG | 78,787,876 | ||
Malta - 0.0% | |||
BGP Holdings PLC (b)(d) | 5,796,476 | 64 | |
Multi-National - 0.1% | |||
HK Electric Investments & HK Electric Investments Ltd. unit | 5,309,500 | 5,340,151 | |
HKT Trust/HKT Ltd. unit | 7,675,760 | 11,481,637 | |
TOTAL MULTI-NATIONAL | 16,821,788 | ||
Netherlands - 5.0% | |||
ABN AMRO Group NV GDR (c) | 854,486 | 11,719,566 | |
Adyen BV (b)(c) | 21,381 | 18,818,378 | |
AEGON NV | 3,636,901 | 12,379,601 | |
AerCap Holdings NV (b) | 248,104 | 12,921,256 | |
Airbus Group NV | 1,185,123 | 143,042,708 | |
Akzo Nobel NV | 416,429 | 33,318,664 | |
Altice Europe NV Class A (b) | 1,260,967 | 6,696,847 | |
ASML Holding NV (Netherlands) | 865,671 | 240,044,647 | |
CNH Industrial NV | 2,060,801 | 19,198,379 | |
EXOR NV | 221,307 | 15,805,366 | |
Ferrari NV | 244,737 | 38,550,449 | |
Fiat Chrysler Automobiles NV (Italy) | 2,234,033 | 28,150,217 | |
Heineken Holding NV | 234,649 | 20,836,270 | |
Heineken NV (Bearer) | 526,743 | 52,480,455 | |
ING Groep NV (Certificaten Van Aandelen) | 7,920,614 | 75,846,529 | |
Koninklijke Ahold Delhaize NV | 2,239,680 | 52,324,020 | |
Koninklijke DSM NV | 368,756 | 41,592,860 | |
Koninklijke KPN NV | 7,222,944 | 17,518,289 | |
Koninklijke Philips Electronics NV | 1,838,714 | 78,741,443 | |
NN Group NV | 628,917 | 21,495,246 | |
NXP Semiconductors NV | 568,830 | 64,670,283 | |
Prosus NV (b) | 990,957 | 69,297,508 | |
QIAGEN NV (Germany) (b) | 458,539 | 16,952,774 | |
Randstad NV | 240,672 | 12,400,116 | |
STMicroelectronics NV (France) | 1,387,503 | 38,294,757 | |
Takeaway.com Holding BV (b)(c) | 232,881 | 20,414,819 | |
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit | 281,189 | 33,745,079 | |
Unilever NV | 2,983,861 | 157,539,752 | |
Vopak NV | 141,341 | 6,728,493 | |
Wolters Kluwer NV | 556,758 | 40,966,272 | |
TOTAL NETHERLANDS | 1,402,491,043 | ||
New Zealand - 0.3% | |||
Auckland International Airport Ltd. | 1,974,740 | 9,714,029 | |
Fisher & Paykel Healthcare Corp. | 1,167,816 | 18,817,941 | |
Fletcher Building Ltd. | 1,708,048 | 5,540,924 | |
Mercury Nz Ltd. | 1,353,137 | 4,047,049 | |
Meridian Energy Ltd. | 2,600,921 | 7,510,760 | |
Ryman Healthcare Group Ltd. | 812,785 | 7,747,477 | |
Spark New Zealand Ltd. | 3,732,228 | 10,579,380 | |
The a2 Milk Co. Ltd. (b) | 1,494,851 | 15,230,013 | |
TOTAL NEW ZEALAND | 79,187,573 | ||
Norway - 0.6% | |||
Aker Bp ASA | 216,972 | 5,315,101 | |
DNB ASA | 1,928,537 | 32,301,649 | |
Equinor ASA | 2,037,141 | 31,376,611 | |
Gjensidige Forsikring ASA | 405,023 | 8,231,499 | |
Marine Harvest ASA | 888,272 | 18,817,993 | |
Norsk Hydro ASA | 2,727,486 | 7,943,067 | |
Orkla ASA | 1,534,297 | 13,049,924 | |
Schibsted ASA (B Shares) | 194,461 | 4,700,775 | |
Telenor ASA | 1,473,612 | 23,874,658 | |
Yara International ASA | 361,279 | 13,264,166 | |
TOTAL NORWAY | 158,875,443 | ||
Papua New Guinea - 0.0% | |||
Oil Search Ltd. ADR | 2,798,022 | 10,007,015 | |
Portugal - 0.2% | |||
Banco Espirito Santo SA (Reg.) (b)(d) | 2,598,658 | 29 | |
Energias de Portugal SA | 5,186,566 | 24,214,514 | |
Galp Energia SGPS SA Class B | 1,020,917 | 14,082,730 | |
Jeronimo Martins SGPS SA | 515,068 | 9,105,101 | |
TOTAL PORTUGAL | 47,402,374 | ||
Singapore - 1.2% | |||
Ascendas Real Estate Investment Trust | 5,914,284 | 12,992,827 | |
CapitaCommercial Trust (REIT) | 5,476,353 | 7,312,813 | |
CapitaLand Ltd. | 5,200,537 | 13,179,622 | |
CapitaMall Trust | 5,241,200 | 8,541,549 | |
City Developments Ltd. | 927,000 | 6,502,111 | |
ComfortDelgro Corp. Ltd. | 4,418,884 | 6,186,247 | |
DBS Group Holdings Ltd. | 3,655,408 | 63,272,228 | |
Genting Singapore Ltd. | 12,318,859 | 7,207,890 | |
Jardine Cycle & Carriage Ltd. | 196,230 | 3,782,594 | |
Keppel Corp. Ltd. | 2,952,100 | 13,436,940 | |
Mapletree Commercial Trust | 4,410,000 | 6,648,719 | |
Oversea-Chinese Banking Corp. Ltd. | 6,741,864 | 51,305,735 | |
Sembcorp Industries Ltd. | 1,922,630 | 2,525,962 | |
Singapore Airlines Ltd. | 1,095,925 | 6,294,350 | |
Singapore Airport Terminal Service Ltd. | 1,335,000 | 3,862,481 | |
Singapore Exchange Ltd. | 1,631,600 | 9,944,924 | |
Singapore Press Holdings Ltd. | 3,211,221 | 4,357,246 | |
Singapore Technologies Engineering Ltd. | 3,169,061 | 9,487,389 | |
Singapore Telecommunications Ltd. | 16,581,727 | 35,713,390 | |
Suntec (REIT) | 4,047,500 | 4,939,874 | |
United Overseas Bank Ltd. | 2,557,160 | 44,941,688 | |
UOL Group Ltd. | 968,550 | 5,124,714 | |
Venture Corp. Ltd. | 563,400 | 6,653,694 | |
Wilmar International Ltd. | 3,888,600 | 11,083,166 | |
Yangzijiang Shipbuilding Holdings Ltd. | 4,777,400 | 3,241,182 | |
TOTAL SINGAPORE | 348,539,335 | ||
Spain - 2.7% | |||
ACS Actividades de Construccion y Servicios SA | 521,326 | 15,545,138 | |
ACS Actividades de Construccion y Servicios SA rights(b) | 528,743 | 233,652 | |
Aena Sme SA (c) | 136,939 | 22,056,401 | |
Amadeus IT Holding SA Class A | 875,790 | 62,085,722 | |
Banco Bilbao Vizcaya Argentaria SA | 13,548,813 | 64,889,159 | |
Banco de Sabadell SA | 11,458,604 | 10,057,098 | |
Banco Santander SA (Spain) | 33,755,047 | 124,770,766 | |
Bankia SA | 2,439,678 | 3,868,674 | |
Bankinter SA | 1,369,138 | 8,090,060 | |
CaixaBank SA | 7,299,593 | 18,761,655 | |
Cellnex Telecom SA (c) | 509,050 | 24,818,347 | |
Enagas SA | 506,575 | 13,144,430 | |
Endesa SA | 649,743 | 16,719,188 | |
Ferrovial SA | 994,913 | 28,577,770 | |
Gas Natural SDG SA | 602,484 | 14,035,745 | |
Grifols SA | 607,447 | 19,578,549 | |
Iberdrola SA | 12,519,186 | 143,322,102 | |
Inditex SA | 2,215,176 | 69,111,179 | |
MAPFRE SA (Reg.) | 2,167,387 | 4,875,138 | |
Red Electrica Corporacion SA | 880,133 | 16,822,215 | |
Repsol SA | 2,887,691 | 32,631,868 | |
Siemens Gamesa Renewable Energy SA | 481,347 | 7,807,521 | |
Telefonica SA | 9,497,835 | 56,523,509 | |
TOTAL SPAIN | 778,325,886 | ||
Sweden - 2.4% | |||
Alfa Laval AB | 635,654 | 14,411,626 | |
ASSA ABLOY AB (B Shares) | 2,035,443 | 45,775,390 | |
Atlas Copco AB: | |||
(A Shares) | 1,362,462 | 48,578,502 | |
(B Shares) | 793,783 | 24,599,577 | |
Boliden AB | 556,810 | 11,693,689 | |
Electrolux AB (B Shares) | 457,067 | 9,297,700 | |
Epiroc AB: | |||
Class A | 1,344,565 | 15,531,250 | |
Class B | 787,609 | 8,834,827 | |
Ericsson (B Shares) | 6,244,322 | 50,084,038 | |
Essity AB Class B | 1,231,540 | 37,128,352 | |
H&M Hennes & Mauritz AB (B Shares) | 1,632,798 | 29,632,198 | |
Hexagon AB (B Shares) | 533,788 | 28,754,692 | |
Husqvarna AB (B Shares) | 854,615 | 5,752,515 | |
ICA Gruppen AB | 184,466 | 6,941,439 | |
Industrivarden AB (C Shares) | 340,171 | 7,692,726 | |
Investor AB (B Shares) | 924,780 | 46,321,802 | |
Kinnevik AB (B Shares) | 493,758 | 10,055,821 | |
Lundbergfoeretagen AB | 154,686 | 6,416,583 | |
Lundin Petroleum AB | 378,112 | 10,794,457 | |
Sandvik AB | 2,294,291 | 38,244,578 | |
Securitas AB (B Shares) | 634,618 | 8,618,275 | |
Skandinaviska Enskilda Banken AB (A Shares) | 3,307,607 | 31,703,278 | |
Skanska AB (B Shares) | 687,392 | 15,136,672 | |
SKF AB (B Shares) | 776,561 | 13,730,417 | |
Svenska Handelsbanken AB (A Shares) | 3,168,186 | 32,035,666 | |
Swedbank AB (A Shares) | 1,844,947 | 28,021,436 | |
Swedish Match Co. AB | 346,473 | 20,329,144 | |
Tele2 AB (B Shares) | 1,016,364 | 14,796,405 | |
Telia Co. AB | 5,534,232 | 21,916,389 | |
Volvo AB (B Shares) | 3,019,845 | 47,401,440 | |
TOTAL SWEDEN | 690,230,884 | ||
Switzerland - 9.4% | |||
ABB Ltd. (Reg.) | 3,743,155 | 81,111,246 | |
Adecco SA (Reg.) | 313,680 | 16,799,729 | |
Alcon, Inc. (Switzerland) (b) | 844,465 | 51,640,229 | |
Baloise Holdings AG | 98,686 | 15,957,618 | |
Barry Callebaut AG | 6,164 | 12,715,234 | |
Clariant AG (Reg.) | 408,886 | 8,672,552 | |
Coca-Cola HBC AG | 406,688 | 12,969,440 | |
Compagnie Financiere Richemont SA Series A | 1,060,761 | 72,716,387 | |
Credit Suisse Group AG | 5,194,542 | 58,358,069 | |
Dufry AG | 82,348 | 6,043,207 | |
Ems-Chemie Holding AG | 16,644 | 9,770,351 | |
Galenica AG | 92,704 | 15,572,855 | |
Geberit AG (Reg.) | 75,348 | 37,598,741 | |
Givaudan SA | 18,766 | 58,464,110 | |
Julius Baer Group Ltd. | 455,476 | 19,161,006 | |
Kuehne & Nagel International AG | 110,285 | 16,143,690 | |
LafargeHolcim Ltd. (Reg.) | 1,000,798 | 46,580,613 | |
Lindt & Spruengli AG | 206 | 17,923,138 | |
Lindt & Spruengli AG (participation certificate) | 2,203 | 17,248,241 | |
Lonza Group AG | 151,381 | 60,406,737 | |
Nestle SA (Reg. S) | 6,049,533 | 622,532,158 | |
Novartis AG | 4,367,058 | 367,371,113 | |
Pargesa Holding SA | 78,005 | 5,750,208 | |
Partners Group Holding AG | 37,989 | 32,967,666 | |
Roche Holding AG (participation certificate) | 1,428,223 | 459,221,915 | |
Schindler Holding AG: | |||
(participation certificate) | 82,769 | 18,560,403 | |
(Reg.) | 40,926 | 8,828,648 | |
SGS SA (Reg.) | 12,317 | 30,762,893 | |
Sika AG | 259,369 | 46,427,985 | |
Sonova Holding AG Class B | 111,559 | 26,645,213 | |
Straumann Holding AG | 20,864 | 19,601,664 | |
Swatch Group AG (Bearer) | 57,977 | 13,498,590 | |
Swatch Group AG (Bearer) (Reg.) | 109,688 | 4,745,107 | |
Swiss Life Holding AG | 68,342 | 31,377,040 | |
Swiss Prime Site AG | 153,555 | 18,527,366 | |
Swiss Re Ltd. | 598,578 | 56,943,040 | |
Swisscom AG | 52,963 | 28,270,516 | |
Temenos Group AG | 133,231 | 19,049,001 | |
UBS Group AG | 7,841,273 | 86,353,192 | |
Zurich Insurance Group Ltd. | 304,358 | 117,857,127 | |
TOTAL SWITZERLAND | 2,651,144,038 | ||
United Kingdom - 14.3% | |||
3i Group PLC | 1,978,247 | 26,040,040 | |
Admiral Group PLC | 385,721 | 10,586,556 | |
Anglo American PLC (United Kingdom) | 2,095,285 | 49,296,765 | |
Antofagasta PLC | 803,459 | 7,941,623 | |
Ashtead Group PLC | 928,107 | 29,097,566 | |
Associated British Foods PLC | 724,520 | 21,155,307 | |
AstraZeneca PLC (United Kingdom) | 2,666,877 | 234,058,285 | |
Auto Trader Group PLC (c) | 1,887,845 | 12,711,899 | |
Aveva Group PLC | 130,730 | 7,436,791 | |
Aviva PLC | 7,963,322 | 36,476,090 | |
BAE Systems PLC | 6,508,496 | 51,482,738 | |
Barclays PLC | 35,122,568 | 67,312,127 | |
Barratt Developments PLC | 2,074,000 | 20,473,672 | |
Berkeley Group Holdings PLC | 243,122 | 14,993,584 | |
BHP Billiton PLC | 4,290,397 | 78,410,648 | |
BP PLC | 41,206,968 | 214,095,259 | |
British American Tobacco PLC (United Kingdom) | 4,662,617 | 184,356,425 | |
British Land Co. PLC | 1,784,480 | 11,558,738 | |
BT Group PLC | 17,077,088 | 31,328,223 | |
Bunzl PLC | 681,362 | 16,360,983 | |
Burberry Group PLC | 833,441 | 17,960,490 | |
Carnival PLC | 319,945 | 10,120,124 | |
Centrica PLC | 11,756,007 | 10,889,536 | |
Coca-Cola European Partners PLC | 466,404 | 23,767,948 | |
Compass Group PLC | 3,221,977 | 70,988,039 | |
Croda International PLC | 259,962 | 15,366,202 | |
Diageo PLC | 4,772,470 | 170,279,725 | |
Direct Line Insurance Group PLC | 2,806,808 | 11,188,470 | |
easyJet PLC | 323,794 | 4,674,088 | |
Evraz PLC | 1,020,203 | 4,356,624 | |
G4S PLC (United Kingdom) | 3,118,990 | 6,906,044 | |
GlaxoSmithKline PLC | 10,141,547 | 204,650,066 | |
Halma PLC | 775,254 | 19,482,790 | |
Hargreaves Lansdown PLC | 674,273 | 13,536,247 | |
HSBC Holdings PLC (United Kingdom) | 41,290,529 | 278,886,388 | |
Imperial Brands PLC | 1,924,810 | 38,885,003 | |
Informa PLC | 2,532,744 | 22,415,886 | |
InterContinental Hotel Group PLC | 349,888 | 19,386,480 | |
Intertek Group PLC | 328,150 | 22,396,468 | |
ITV PLC | 7,343,828 | 11,160,175 | |
J Sainsbury PLC | 3,625,413 | 9,184,778 | |
John David Group PLC | 884,493 | 8,461,230 | |
Johnson Matthey PLC | 394,447 | 12,928,774 | |
Kingfisher PLC | 4,273,959 | 10,485,739 | |
Land Securities Group PLC | 1,422,027 | 15,326,767 | |
Legal & General Group PLC | 12,119,286 | 41,058,624 | |
Lloyds Banking Group PLC | 142,414,377 | 92,440,760 | |
London Stock Exchange Group PLC | 639,206 | 62,785,397 | |
M&G PLC (b) | 5,295,959 | 13,829,367 | |
Marks & Spencer Group PLC | 3,951,873 | 8,143,974 | |
Meggitt PLC | 1,570,809 | 11,061,773 | |
Melrose Industries PLC | 9,880,066 | 27,324,524 | |
Micro Focus International PLC | 690,546 | 6,576,565 | |
Mondi PLC | 991,392 | 20,134,795 | |
National Grid PLC | 7,079,214 | 89,238,720 | |
Next PLC | 271,357 | 21,387,326 | |
NMC Health PLC | 250,069 | 3,008,754 | |
Ocado Group PLC (b) | 928,973 | 12,869,279 | |
Pearson PLC | 1,594,502 | 11,566,856 | |
Persimmon PLC | 647,760 | 23,948,904 | |
Prudential PLC | 5,280,088 | 87,778,662 | |
Reckitt Benckiser Group PLC | 1,440,529 | 106,444,786 | |
RELX PLC (London Stock Exchange) | 3,943,400 | 95,409,911 | |
Rentokil Initial PLC | 3,759,718 | 23,523,999 | |
Rio Tinto PLC | 2,289,417 | 107,784,883 | |
Rolls-Royce Holdings PLC | 3,540,193 | 28,489,986 | |
Royal Bank of Scotland Group PLC | 9,830,654 | 22,748,600 | |
Royal Dutch Shell PLC: | |||
Class A (United Kingdom) | 8,515,712 | 183,824,296 | |
Class B (United Kingdom) | 7,572,750 | 164,141,171 | |
RSA Insurance Group PLC | 2,105,776 | 14,084,658 | |
Sage Group PLC | 2,219,936 | 19,666,821 | |
Schroders PLC | 252,030 | 9,375,844 | |
Scottish & Southern Energy PLC | 2,106,265 | 41,409,909 | |
Segro PLC | 2,221,756 | 23,553,983 | |
Severn Trent PLC | 480,862 | 15,264,351 | |
Smith & Nephew PLC | 1,777,373 | 39,876,170 | |
Smiths Group PLC | 801,412 | 15,969,822 | |
Spirax-Sarco Engineering PLC | 150,680 | 16,509,038 | |
St. James's Place Capital PLC | 1,083,678 | 14,368,332 | |
Standard Chartered PLC (United Kingdom) | 5,527,652 | 39,998,588 | |
Standard Life PLC | 4,791,239 | 17,173,497 | |
Taylor Wimpey PLC | 6,626,226 | 17,497,066 | |
Tesco PLC | 19,903,872 | 59,304,287 | |
The Weir Group PLC | 520,710 | 8,795,104 | |
Unilever PLC | 2,253,650 | 121,155,983 | |
United Utilities Group PLC | 1,377,771 | 16,717,153 | |
Vodafone Group PLC | 52,046,225 | 90,963,696 | |
Vodafone Group PLC sponsored ADR | 243,221 | 4,256,368 | |
Whitbread PLC | 272,556 | 13,746,356 | |
WM Morrison Supermarkets PLC | 4,916,664 | 11,004,403 | |
TOTAL UNITED KINGDOM | 4,035,070,741 | ||
United States of America - 0.0% | |||
NICE Systems Ltd. sponsored ADR (a)(b) | 13,705 | 2,245,290 | |
TOTAL COMMON STOCKS | |||
(Cost $26,998,276,409) | 26,888,416,940 | ||
Nonconvertible Preferred Stocks - 0.7% | |||
France - 0.2% | |||
Air Liquide SA (b) | 355,967 | 48,487,396 | |
Germany - 0.5% | |||
Bayerische Motoren Werke AG (BMW) (non-vtg.) | 114,640 | 5,943,996 | |
Fuchs Petrolub AG | 139,446 | 5,338,046 | |
Henkel AG & Co. KGaA | 362,879 | 33,808,366 | |
Porsche Automobil Holding SE (Germany) | 311,988 | 19,441,717 | |
Sartorius AG (non-vtg.) | 72,587 | 16,968,699 | |
Volkswagen AG | 376,946 | 62,575,440 | |
TOTAL GERMANY | 144,076,264 | ||
Italy - 0.0% | |||
Telecom Italia SpA (Risparmio Shares) | 12,502,611 | 6,994,942 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $181,256,002) | 199,558,602 | ||
Principal Amount | Value | ||
Government Obligations - 0.0% | |||
United States of America - 0.0% | |||
U.S. Treasury Bills, yield at date of purchase 1.82% 3/19/20(e) | |||
(Cost $13,487,813) | 13,500,000 | 13,490,836 | |
Shares | Value | ||
Money Market Funds - 3.9% | |||
Fidelity Cash Central Fund 1.60% (f) | 1,042,619,315 | 1,042,827,839 | |
Fidelity Securities Lending Cash Central Fund 1.60% (f)(g) | 62,647,681 | 62,653,946 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $1,105,481,785) | 1,105,481,785 | ||
TOTAL INVESTMENT IN SECURITIES - 99.7% | |||
(Cost $28,298,502,009) | 28,206,948,163 | ||
NET OTHER ASSETS (LIABILITIES) - 0.3% | 75,242,986 | ||
NET ASSETS - 100% | $28,282,191,149 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI EAFE Index Contracts (United States) | 13,232 | March 2020 | $1,201,465,600 | $(110,900,473) | $(110,900,473) |
The notional amount of futures purchased as a percentage of Net Assets is 4.2%
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $670,357,021.
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $278,380,852 or 1.0% of net assets.
(d) Level 3 security
(e) 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 $13,490,836.
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(g) 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 | $9,156,253 |
Fidelity Securities Lending Cash Central Fund | 2,923,693 |
Total | $12,079,946 |
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. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of February 29, 2020, 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 | $1,435,645,298 | $306,490,278 | $1,129,155,020 | $-- |
Consumer Discretionary | 3,072,566,798 | 784,275,619 | 2,288,291,179 | -- |
Consumer Staples | 3,074,474,064 | 702,373,585 | 2,372,100,479 | -- |
Energy | 1,143,437,382 | 149,512,227 | 993,925,155 | -- |
Financials | 4,989,773,973 | 1,122,654,870 | 3,867,119,010 | 93 |
Health Care | 3,456,296,441 | 840,490,387 | 2,615,806,054 | -- |
Industrials | 4,005,894,238 | 1,526,279,223 | 2,479,615,015 | -- |
Information Technology | 1,981,606,191 | 824,195,760 | 1,157,410,431 | -- |
Materials | 1,818,327,213 | 488,879,717 | 1,329,447,496 | -- |
Real Estate | 973,257,626 | 708,205,782 | 265,051,844 | -- |
Utilities | 1,136,696,318 | 222,779,025 | 913,917,293 | -- |
Government Obligations | 13,490,836 | -- | 13,490,836 | -- |
Money Market Funds | 1,105,481,785 | 1,105,481,785 | -- | -- |
Total Investments in Securities: | $28,206,948,163 | $8,781,618,258 | $19,425,329,812 | $93 |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(110,900,473) | $(110,900,473) | $-- | $-- |
Total Liabilities | $(110,900,473) | $(110,900,473) | $-- | $-- |
Total Derivative Instruments: | $(110,900,473) | $(110,900,473) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 29, 2020. 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 | $(110,900,473) |
Total Equity Risk | 0 | (110,900,473) |
Total Value of Derivatives | $0 | $(110,900,473) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
Fidelity® International Index Fund
Financial Statements
Statement of Assets and Liabilities
February 29, 2020 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $57,737,334) — See accompanying schedule: Unaffiliated issuers (cost $27,193,020,224) | $27,101,466,378 | |
Fidelity Central Funds (cost $1,105,481,785) | 1,105,481,785 | |
Total Investment in Securities (cost $28,298,502,009) | $28,206,948,163 | |
Segregated cash with brokers for derivative instruments | 48,088,773 | |
Foreign currency held at value (cost $12,318,638) | 12,183,270 | |
Receivable for investments sold | 42,830,256 | |
Receivable for fund shares sold | 80,525,317 | |
Dividends receivable | 117,848,202 | |
Distributions receivable from Fidelity Central Funds | 1,197,099 | |
Other receivables | 504,695 | |
Total assets | 28,510,125,775 | |
Liabilities | ||
Payable for investments purchased | $42,975,681 | |
Payable for fund shares redeemed | 111,796,981 | |
Accrued management fee | 889,610 | |
Payable for daily variation margin on futures contracts | 9,122,869 | |
Other payables and accrued expenses | 504,695 | |
Collateral on securities loaned | 62,644,790 | |
Total liabilities | 227,934,626 | |
Net Assets | $28,282,191,149 | |
Net Assets consist of: | ||
Paid in capital | $29,190,616,930 | |
Total accumulated earnings (loss) | (908,425,781) | |
Net Assets | $28,282,191,149 | |
Net Asset Value and Maximum Offering Price | ||
Fidelity International Index Fund: | ||
Net Asset Value, offering price and redemption price per share ($28,282,191,149 ÷ 731,726,244 shares) | $38.65 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended February 29, 2020 | ||
Investment Income | ||
Dividends | $930,540,314 | |
Interest | 409,352 | |
Income from Fidelity Central Funds (including $2,923,693 from security lending) | 12,079,946 | |
Income before foreign taxes withheld | 943,029,612 | |
Less foreign taxes withheld | (64,183,509) | |
Total income | 878,846,103 | |
Expenses | ||
Management fee | $10,207,225 | |
Independent trustees' fees and expenses | 147,325 | |
Legal | 4,230 | |
Commitment fees | 68,014 | |
Total expenses before reductions | 10,426,794 | |
Expense reductions | (476) | |
Total expenses after reductions | 10,426,318 | |
Net investment income (loss) | 868,419,785 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (272,701,722) | |
Fidelity Central Funds | 5,966 | |
Forward foreign currency contracts | 105,227 | |
Foreign currency transactions | 600,185 | |
Futures contracts | 37,884,831 | |
Total net realized gain (loss) | (234,105,513) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (554,552,100) | |
Fidelity Central Funds | 5,717 | |
Forward foreign currency contracts | (105,227) | |
Assets and liabilities in foreign currencies | 547,597 | |
Futures contracts | (112,173,701) | |
Total change in net unrealized appreciation (depreciation) | (666,277,714) | |
Net gain (loss) | (900,383,227) | |
Net increase (decrease) in net assets resulting from operations | $(31,963,442) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended February 29, 2020 | Year ended February 28, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $868,419,785 | $705,649,357 |
Net realized gain (loss) | (234,105,513) | 185,630,335 |
Change in net unrealized appreciation (depreciation) | (666,277,714) | (2,008,069,687) |
Net increase (decrease) in net assets resulting from operations | (31,963,442) | (1,116,789,995) |
Distributions to shareholders | (930,785,857) | (597,217,317) |
Share transactions - net increase (decrease) | 4,075,365,837 | 4,849,157,235 |
Total increase (decrease) in net assets | 3,112,616,538 | 3,135,149,923 |
Net Assets | ||
Beginning of period | 25,169,574,611 | 22,034,424,688 |
End of period | $28,282,191,149 | $25,169,574,611 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity International Index Fund
Years ended February 28, | 2020 A | 2019 | 2018 | 2017 | 2016 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $39.67 | $43.09 | $36.88 | $32.82 | $39.76 |
Income from Investment Operations | |||||
Net investment income (loss)B | 1.28 | 1.23 | 1.13 | 1.11 | 1.16 |
Net realized and unrealized gain (loss) | (.93) | (3.64) | 6.16 | 4.04 | (7.10) |
Total from investment operations | .35 | (2.41) | 7.29 | 5.15 | (5.94) |
Distributions from net investment income | (1.37) | (1.01) | (1.02) | (1.06) | (1.00) |
Distributions from net realized gain | – | – | (.06) | (.03) | – |
Total distributions | (1.37) | (1.01) | (1.08) | (1.09) | (1.00) |
Redemption fees added to paid in capitalB | – | – | – | –C | –C |
Net asset value, end of period | $38.65 | $39.67 | $43.09 | $36.88 | $32.82 |
Total ReturnD | .58% | (5.43)% | 19.82% | 15.85% | (15.12)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .04% | .05% | .05% | .06% | .08% |
Expenses net of fee waivers, if any | .04% | .05% | .05% | .05% | .06% |
Expenses net of all reductions | .04% | .05% | .05% | .05% | .06% |
Net investment income (loss) | 3.12% | 3.12% | 2.72% | 3.11% | 3.06% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $28,282,191 | $25,169,575 | $6,814,539 | $4,761,598 | $1,734,082 |
Portfolio turnover rateG | 2% | 3%H | 2%H | 2% | 1%H |
A For the year ended February 29.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
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 Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended February 29, 2020
1. Organization.
Fidelity Total Market Index Fund, Fidelity Extended Market Index Fund and Fidelity International Index Fund (the Funds) are funds of Fidelity Concord Street Trust (the Trust). Each Fund 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.
Effective after the close of business November 2, 2018, each Fund's publicly offered shares classes, with the exception of Class F for Fidelity Total Market Index Fund, were consolidated into a single share class. The surviving class is Fidelity Total Market Index Fund (formerly Institutional Premium Class), Fidelity Extended Market Index Fund (formerly Institutional Premium Class) and Fidelity International Index Fund (formerly Institutional Premium Class). Effective after the close of business on April 26, 2019, Fidelity Total Market Index Fund no longer offered Class F, and all outstanding shares of Class F were redeemed. Prior or current fiscal period dollar and share amounts for the classes that closed, which are presented in the Notes to Financial Statements, are for the following periods:
Investor Class, Premium Class and Institutional Class | March 1, 2018 through November 2, 2018 |
Class F | March 1, 2019 through April 26, 2019 |
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
2. Investments in Fidelity Central Funds.
The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each 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 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, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
Each 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 Funds:
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 each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each 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 each 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 each Fund's investments and ratifies the fair value determinations of the Committee.
Each 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 each 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 February 29, 2020 is included at the end of each Fund's Schedule of Investments.
Foreign Currency. 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.
Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.
Investment Transactions and Income. For financial reporting purposes, the Funds' 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 for certain Funds 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 Funds are 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 Funds represent a return of capital or capital gain. The Funds determine 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.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in each Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in each accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.
Fidelity Total Market Index Fund | $1,021,580 |
Fidelity Extended Market Index Fund | $534,787 |
Fidelity International Index Fund | $504,695 |
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of February 29, 2020, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each 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. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to short-term capital gains, the short-term gain distributions from the Underlying Funds, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, redemptions in kind, partnerships, partnerships (including allocations from Fidelity Central Funds), certain deemed distributions, equity-debt classifications, deferred trustees compensation, 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 for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Total Market Index Fund | $34,896,121,783 | $15,487,819,836 | $(4,035,196,908) | $11,452,622,928 |
Fidelity Extended Market Index Fund | 19,996,622,264 | 8,261,296,588 | (3,649,135,625) | 4,612,160,963 |
Fidelity International Index Fund | 28,481,492,765 | 4,963,940,235 | (5,238,484,837) | (274,544,602) |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
Undistributed ordinary income | Undistributed long-term capital gain | Capital loss carryforward | Net unrealized appreciation (depreciation) on securities and other investments | |
Fidelity Total Market Index Fund | $125,908,402 | $– | $(90,048,317) | $11,452,622,928 |
Fidelity Extended Market Index Fund | 21,446,055 | 352,494,507 | – | 4,612,160,963 |
Fidelity International Index Fund | – | – | (633,796,445) | (274,124,639) |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
No expiration | |||
Short-term | Long-term | Total capital loss carryfoward | |
Fidelity Total Market Index Fund | $– | $(90,048,317) | $(90,048,317) |
Fidelity International Index Fund | (80,996,893) | (552,799,552) | (633,796,455) |
The tax character of distributions paid was as follows:
February 29, 2020 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Fidelity Total Market Index Fund | $944,263,394 | $97,804,666 | $1,042,068,060 |
Fidelity Extended Market Index Fund | 347,512,094 | 707,259,754 | 1,054,771,848 |
Fidelity International Index Fund | 930,785,857 | – | 930,785,857 |
February 28, 2019 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Fidelity Total Market Index Fund | $1,062,318,947 | $193,098,673 | $1,255,417,620 |
Fidelity Extended Market Index Fund | 307,729,454 | 800,296,185 | 1,108,025,639 |
Fidelity International Index Fund | 597,217,317 | – | 597,217,317 |
Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds to enter into various types of derivative contracts, including futures contracts and forward foreign currency 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 Funds 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 Funds may not achieve their objectives.
The Funds' use of derivatives increased or decreased their exposure to the following risks:
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. |
Foreign Exchange Risk | Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates. |
The Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds 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 Funds. 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.
Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance of the Funds, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.
Primary Risk Exposure / Derivative Type | Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) |
Fidelity Total Market Index Fund | ||
Equity Risk | ||
Futures Contracts | $31,977,147 | $(15,448,051) |
Total Equity Risk | $31,977,147 | $(15,448,051) |
Fidelity Extended Market Index Fund | ||
Equity Risk | ||
Futures Contracts | $2,998,616 | $(10,583,424) |
Total Equity Risk | 2,998,616 | $(10,583,424) |
Fidelity International Index Fund | ||
Equity Risk | ||
Futures Contracts | $37,884,831 | $(112,173,701) |
Total Equity Risk | $37,884,831 | $(112,173,701) |
Foreign Exchange Risk | ||
Forward Foreign Currency Contracts | $105,227 | $(105,227) |
Total Foreign Exchange Risk | 105,227 | (105,227) |
Totals | $37,990,058 | $(112,278,928) |
A summary of the value of derivatives by primary risk exposure as of period end, if any, is included at the end of the Schedule of Investments.
Forward Foreign Currency Contracts. Forward foreign currency contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Fidelity International Index Fund used forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to manage exposure to certain foreign currencies.
Forward foreign currency contracts are valued daily and fluctuations in exchange rates on open contracts are recorded as unrealized appreciation or (depreciation) and reflected in the Statement of Assets and Liabilities. When the contract is closed, Fidelity International Index Fund realizes a gain or loss equal to the difference between the closing value and the value at the time it was opened. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on forward foreign currency contracts during the period is presented in the Statement of Operations.
Any open forward foreign currency contracts at period end are presented in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." The contract amount and unrealized appreciation (depreciation) reflects each contract's exposure to the underlying currency at period end and is representative of volume of activity during the period.
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 Funds used futures contracts to manage their 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 and is representative of volume of activity during the period, except for Fidelity Extended Market Index Fund and Fidelity International Index Fund. 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 and in-kind transactions, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Total Market Index Fund | 8,260,446,602 | 5,649,908,342 |
Fidelity Extended Market Index Fund | 4,599,103,567 | 3,473,197,692 |
Fidelity International Index Fund | 3,652,747,957 | 490,997,035 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. During the prior period, securities were delivered in-kind through redemptions are noted in the table below. Realized gain (loss) on securities delivered in-kind through redemptions is included in each applicable Fund's accompanying Statement of Changes in Net Assets as realized gain or loss on investment securities and is not taxable to the Fund.
Value of Securities Delivered | Realized gain (loss) | |
Fidelity Extended Market Index | $ 441,023,062 | $292,072,729 |
Fidelity International Index | $423,571,757 | $173,776,605 |
In addition, during the prior period, 3,472,310 shares of Fidelity International Index Fund were redeemed in-kind for investments and cash valued at $136,253,459. The Fund had a net realized gain of $37,473,611 on investments delivered through in-kind redemptions. The amount of in-kind redemptions is included in the share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The fund recognized no gain or loss for federal income tax purposes.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is based on an annual rate of .015%, .045% and .035% of average net assets for Fidelity Total Market Index Fund, Fidelity Extended Market Index Fund and Fidelity International Index Fund, respectively. Prior to May 1, 2019, the annual management fee rate for Fidelity International Index Fund was .045%. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, each fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each fund to borrow from, or lend money to, other participating affiliated funds. At period end, Fidelity Total Market Index Fund and Fidelity International Index Fund had no interfund loans outstanding. Fidelity Extended Market Index Fund's open loans, including accrued interest, at period end are presented under the caption "Notes payable to affiliates" in the Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Total Market Index Fund | Borrower | $145,021,917 | 2.58% | $124,573 |
Fidelity Extended Market Index Fund | Borrower | $11,439,755 | 2.16% | $32,506 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Affiliated Redemptions In-Kind. During the period, 227,760,667 shares of the Fidelity Total Market Index Fund were redeemed in-kind for investments and cash with a value of $18,972,597,820. The net realized gain of $12,280,777,708 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as Notes to Financial Statements. The Fidelity Total Market Index Fund recognized no gain or loss for federal income tax purposes.
Other. During the period, the investment adviser reimbursed the Funds for certain losses as follows:
Amount | |
Fidelity Total Market Index Fund | $11,210 |
Fidelity Extended Market Index Fund | 20,053 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Commitment fees on the Statement of Operations, and are as follows:
Amount | |
Fidelity Total Market Index Fund | $131,708 |
Fidelity Extended Market Index Fund | 59,506 |
Fidelity International Index Fund | 68,014 |
During the period, there were no borrowings on this line of credit.
8. Security Lending.
Certain Funds lend portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Funds. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a Fund's daily lending revenue, for its services as lending agent. The Funds may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, each applicable 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 Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds 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 Funds may apply collateral received from the borrower against the obligation. The Funds 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 each applicable Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity was as follows:
Total Security Lending Income Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Total Market Index Fund | $730,981 | $664,791 | $5,542,862 |
Fidelity Extended Market Index Fund | $2,003,988 | $1,643,323 | $17,036,094 |
Fidelity International Index Fund | $1,417 | $– | $– |
9. Bank Borrowings.
Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Extended Market Index Fund | $26,231,000 | 2.75% | $2,004 |
10. Expense Reductions.
Through arrangements with each applicable Fund's custodian and transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
Custodian credits | Transfer Agent credits | |
Fidelity Total Market Index Fund | $32,832 | $19 |
Fidelity Extended Market Index Fund | 59,678 | 7 |
Fidelity International Index Fund | 329 | 147 |
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended February 29, 2020 | Year ended February 28, 2019 | |
Fidelity Total Market Index Fund | ||
Distributions to shareholders | ||
Investor Class | $– | $2,643,070 |
Premium Class | – | 95,554,672 |
Institutional Class | – | 11,657,891 |
Fidelity Total Market Index Fund | 966,634,210 | 826,659,950 |
Class F | 75,433,850 | 318,902,037 |
Total | $1,042,068,060 | $1,255,417,620 |
Fidelity Extended Market Index Fund | ||
Distributions to shareholders | ||
Investor Class | $– | $503,933 |
Premium Class | – | 16,357,102 |
Fidelity Extended Market Index Fund | 1,054,771,848 | 1,091,164,604 |
Total | $1,054,771,848 | $1,108,025,639 |
Fidelity International Index Fund | ||
Distributions to shareholders | ||
Investor Class | $– | $493,861 |
Premium Class | – | 11,498,487 |
Institutional Class | – | 3,239,034 |
Fidelity International Index Fund | 930,785,857 | 581,985,935 |
Total | $930,785,857 | $597,217,317 |
12. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended February 29, 2020 | Year ended February 28, 2019 | Year ended February 29, 2020 | Year ended February 28, 2019 | |
Fidelity Total Market Index Fund | ||||
Investor Class | ||||
Shares sold | – | 4,019,092 | $– | $321,586,444 |
Reinvestment of distributions | – | 32,797 | – | 2,485,299 |
Shares redeemed | – | (14,311,611) | – | (1,127,640,932) |
Net increase (decrease) | – | (10,259,722) | $– | $(803,569,189) |
Premium Class | ||||
Shares sold | – | 33,941,527 | $– | $2,708,157,234 |
Reinvestment of distributions | – | 1,130,172 | – | 85,644,409 |
Shares redeemed | – | (389,445,522) | – | (30,662,792,136) |
Net increase (decrease) | – | (354,373,823) | $– | $(27,868,990,493) |
Institutional Class | ||||
Shares sold | – | 6,937,506 | $– | $550,209,868 |
Reinvestment of distributions | – | 129,741 | – | 9,830,506 |
Shares redeemed | – | (50,228,600) | – | (3,979,265,959) |
Net increase (decrease) | – | (43,161,353) | $– | $(3,419,225,585) |
Fidelity Total Market Index Fund | ||||
Shares sold | 151,880,371 | 548,051,126 | $12,804,948,877 | $42,944,138,381 |
Reinvestment of distributions | 9,991,424 | 10,313,797 | 871,987,215 | 755,006,295 |
Shares redeemed | (161,669,345)(a) | (83,887,771) | (13,707,283,949)(a) | (6,461,116,988) |
Net increase (decrease) | 202,450 | 474,477,152 | $(30,347,857) | $37,238,027,688 |
Class F | ||||
Shares sold | 7,901,740 | 53,060,174 | $639,001,501 | $4,063,333,929 |
Reinvestment of distributions | 915,904 | 4,337,951 | 75,433,850 | 318,902,037 |
Shares redeemed | (206,354,025) | (21,002,842) | (17,168,346,164) | (1,667,467,073) |
Net increase (decrease) | (197,536,381) | 36,395,283 | $(16,453,910,813) | $2,714,768,893 |
Fidelity Extended Market Index Fund | ||||
Investor Class | ||||
Shares sold | – | 1,801,865 | $– | $118,602,143 |
Reinvestment of distributions | – | 7,831 | – | 488,757 |
Shares redeemed | – | (12,973,810) | – | (823,775,253) |
Net increase (decrease) | – | (11,164,114) | $– | $(704,684,353) |
Premium Class | ||||
Shares sold | – | 37,648,220 | $– | $2,479,187,065 |
Reinvestment of distributions | – | 249,891 | – | 15,595,685 |
Shares redeemed | – | (322,930,159) | – | (20,627,305,774) |
Net increase (decrease) | – | (285,032,08) | $– | $(18,132,523,024) |
Fidelity Extended Market Index Fund | ||||
Shares sold | 98,665,047 | 346,750,053 | $6,209,283,364 | $21,910,869,231 |
Reinvestment of distributions | 15,998,702 | 18,931,791 | 1,012,486,919 | 1,047,073,345 |
Shares redeemed | (95,260,892) | (44,258,061)(b) | (5,987,353,176) | (2,691,839,241)(b) |
Net increase (decrease) | 19,402,857 | 321,423,783 | $1,234,417,107 | $20,266,103,335 |
Fidelity International Index Fund | ||||
Investor Class | ||||
Shares sold | – | 3,227,281 | $– | $136,457,524 |
Reinvestment of distributions | – | 10,462 | – | 453,026 |
Shares redeemed | – | (19,311,118) | – | (775,276,067) |
Net increase (decrease) | – | (16,073,375) | $– | $(638,365,517) |
Premium Class | ||||
Shares sold | – | 43,661,531 | $– | $1,853,780,288 |
Reinvestment of distributions | – | 243,147 | – | 10,528,255 |
Shares redeemed | – | (309,962,334) | – | (12,483,807,052) |
Net increase (decrease) | – | (266,057,656) | $– | $(10,619,498,509) |
Institutional Class | ||||
Shares sold | – | 21,887,065 | $– | $929,778,540 |
Reinvestment of distributions | – | 69,194 | – | 2,996,108 |
Shares redeemed | – | (93,088,706) | – | (3,742,701,069) |
Net increase (decrease) | – | (71,132,447) | $– | $(2,809,926,421) |
Fidelity International Index Fund | ||||
Shares sold | 255,519,001 | 580,182,795 | $10,557,302,502 | $23,057,381,443 |
Reinvestment of distributions | 20,541,058 | 14,857,238 | 870,654,871 | 549,904,860 |
Shares redeemed | (178,751,314) | (118,779,420)(b) | (7,352,591,536) | (4,690,338,621)(b) |
Net increase (decrease) | 97,308,745 | 476,260,613 | $4,075,365,837 | $18,916,947,682 |
(a) Amount includes in-kind redemptions (see Affiliated Redemptions In-Kind notes for additional details).
(b) Amount includes in-kind redemptions (see the Prior Fiscal Year Unaffiliated Redemptions In-Kind note for additional details).
13. Other.
The Funds' 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 Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
14. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity Total Market Index Fund, Fidelity Extended Market Index Fund and Fidelity International Index Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Total Market Index Fund, Fidelity Extended Market Index Fund and Fidelity International Index Fund (three of the funds constituting Fidelity Concord Street Trust, hereafter collectively referred to as the “Funds”) as of February 29, 2020, the related statements of operations for the year ended February 29, 2020, the statements of changes in net assets for each of the two years in the period ended February 29, 2020, including the related notes, and the financial highlights for each of the five years in the period ended February 29, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 29, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 29, 2020 and each of the financial highlights for each of the five years in the period ended February 29, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
PricewaterhouseCoopers LLP
Boston, Massachusetts
April 15, 2020
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 302 funds. Mr. Chiel oversees 173 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
James C. Curvey (1935)
Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Previously, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity), Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail), Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005) and Chairman (2014-2017) and a member of the Board (2010-2017) of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes). Mr. Lacy currently serves as a member of the Board of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present), Trustee of the California Chapter of The Nature Conservancy (2015-present) and a member of the Board of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008
Trustee
Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of XL Group plc. (global insurance and re-insurance, 2006-2018).
Cornelia M. Small (1944)
Year of Election or Appointment: 2005
Trustee
Ms. Small also serves as Trustee of other Fidelity® funds. Previously, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments and a member of Scudder, Stevens & Clark and Scudder Kemper Investments. Ms. Small previously served as a member of the Board (2009-2019) and Chair of the Investment Committee (2010-2019) of the Teagle Foundation and a member of the Investment Committee of the Berkshire Taconic Community Foundation (2008-2019).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Vicki L. Fuller (1957)
Year of Election or Appointment: 2018
Member of the Advisory Board
Ms. Fuller also serves as a member of the Advisory Board of other Fidelity® funds. Previously, Ms. Fuller served as Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Member of the Advisory Board
Ms. Kampling also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Member of the Advisory Board
Ms. Tomasky also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Member of the Advisory Board [Include if document contains trusts for which the individual serves as Advisory Board Member and trusts for which he/she does not serve as Advisory Board Member:of Name(s) of Trust(s)]
Mr. Wiley also serves as Trustee or a member of the Advisory Board of other Fidelity® funds. Previously, Mr. Wiley served as Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley currently serves as a member of the Board of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018) and a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of certain funds (2017-2019), as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder of a 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 Funds 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 (September 1, 2019 to February 29, 2020).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each 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 for each fund provides information about hypothetical account values and hypothetical expenses based on a 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, each 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 September 1, 2019 | Ending Account Value February 29, 2020 | Expenses Paid During Period-B September 1, 2019 to February 29, 2020 | |
Fidelity Total Market Index Fund | .02% | |||
Actual | $1,000.00 | $1,017.00 | $.10 | |
Hypothetical-C | $1,000.00 | $1,024.76 | $.10 | |
Fidelity Extended Market Index Fund | .05% | |||
Actual | $1,000.00 | $1,006.50 | $.25 | |
Hypothetical-C | $1,000.00 | $1,024.61 | $.25 | |
Fidelity International Index Fund | .04% | |||
Actual | $1,000.00 | $1,000.30 | $.20 | |
Hypothetical-C | $1,000.00 | $1,024.66 | $.20 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
Pay Date | Record Date | Dividends | Capital Gains | |
Fidelity Total Market Index Fund | 04/09/20 | 04/08/20 | $0.231 | $0.000 |
Fidelity Extended Market Index Fund | 04/09/20 | 04/08/20 | $0.056 | $0.914 |
Fidelity International Index Fund | 04/09/20 | 04/08/20 | $0.000 | $0.000 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended February 29, 2020, or, if subsequently determined to be different, the net capital gain of such year.
Fidelity Extended Market Index Fund | $768,574,709 |
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:
April 2019 | December 2019 | |
Fidelity Total Market Index Fund | ||
Fidelity Total Market Index Fund | 98% | 96% |
Class F | 98% | – |
Fidelity Extended Market Index Fund | 71% | 55% |
Fidelity International Index Fund | 1% | – |
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
April 2019 | December 2019 | |
Fidelity Total Market Index Fund | ||
Fidelity Total Market Index Fund | 100% | 100% |
Class F | 100% | – |
Fidelity Extended Market Index Fund | 94% | 59% |
Fidelity International Index Fund | 100% | 89% |
A percentage of the dividends distributed during the fiscal year for the following funds qualify for as a section 199A dividend.
April 2019 | December 2019 | |
Fidelity Extended Market Index Fund | 7% | 31% |
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
Pay Date | Income | Taxes | |
Fidelity International Index Fund | |||
04/15/19 | $0.1071 | $0.0071 | |
12/16/19 | $1.2027 | $0.0883 | |
The funds will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Extended Market Index Fund
Fidelity International Index Fund
Fidelity Total Market Index Fund
Fidelity Extended Market Index Fund
Fidelity International Index Fund
Fidelity Total Market Index Fund
Fidelity Extended Market Index Fund
The Board considered that effective July 1, 2016, the fund's management fee rate was reduced from 0.06% to 0.045%. The Board considered that the chart below reflects the fund's lower management fee rate for 2016, as if the lower fee rate were in effect for the entire year.
Fidelity International Index Fund
The Board considered that (i) effective July 1, 2016, the fund's management fee rate was reduced from 0.06% to 0.05%, (ii) effective August 1, 2017, the fund's management fee rate was further reduced from 0.05% to 0.045%, and (iii) effective May 1, 2019, the fund's management fee rate was further reduced from 0.045% to 0.035%. The Board considered that the chart below reflects the fund's lower management fee rates for 2016 and 2018, as if the lower fee rates were in effect for the entire year.
Fidelity Total Market Index Fund
The Board considered that (i) effective July 1, 2014, the fund's management fee rate was reduced from 0.045% to 0.035%, and (ii) effective July 1, 2016, the fund's management fee rate was further reduced from 0.035% to 0.015%. The Board considered that the chart below reflects the fund's lower management fee rates for 2014 and 2016, as if the lower fee rates were in effect for the entire year.
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage each Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund’s Board of Trustees (the Board) has designated each Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot not be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2018 through November 30, 2019. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
SIF-I-ANN-0420
1.929379.108
Fidelity Flex® Funds
Fidelity Flex® 500 Index Fund
February 29, 2020
See the inside front cover for important information about access to your fund’s shareholder reports.
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 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.
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. © 2020 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following the end of this reporting period, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended February 29, 2020 | Past 1 year | Life of fundA |
Fidelity Flex® 500 Index Fund | 8.26% | 9.90% |
A From March 9, 2017
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity Flex® 500 Index Fund on March 9, 2017, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
Period Ending Values | ||
$13,248 | Fidelity Flex® 500 Index Fund | |
$13,246 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: U.S. stocks stalled to begin the new year and declined in late February, as the outbreak and spread of the new coronavirus threatened to hamper global economic growth and corporate earnings. For the 12 months ending February 29, 2020, the U.S. equity bellwether S&P 500® index gained 8.19%. The period began with equities rising amid upbeat company earnings and signs the U.S. Federal Reserve may pause on rates. The uptrend extended until May, when the index dipped as trade talks between the U.S. and China broke down. The bull market roared back to record a series of highs in July, when the Fed cut interest rates for the first time since 2008. Volatility intensified in August, as the Treasury yield curve inverted, which some investors viewed as a sign the U.S. economy could be heading for recession. But the market proved resilient, hitting a new high on October 30, when the Fed lowered rates for the third time in 2019, and moving higher through December 31. Following a roughly flat January, stocks sank in late February, after a surge in coronavirus cases outside China created considerable uncertainty and pushed investors to safer asset classes. By sector, information technology (+27%) led the way by a wide margin, followed by utilities and communication services (+13% each). In contrast, energy (-25%) was by far the weakest category, struggling due to sluggish oil prices. Other notable laggards included materials and industrials (-2% each).Comments from the Geode Capital Management, LLC, passive equity index team: For the fiscal year, the fund gained 8.26%, roughly in line with the 8.19% increase in the benchmark S&P 500® index. At the individual-stock level, the largest positive impact on performance came from the two largest companies in the index, Apple and Microsoft. Apple (+60%), a maker of consumer electronics and personal computers, reported especially strong growth in services and wearable electronics, while software company Microsoft (+47%) benefited from strong earnings growth and a decision to buy back stock and increase its quarterly dividend. Better-than-expected financial results lifted shares of social media company Facebook (+19%). Electronic-payment processors Visa (+23%) and Mastercard (+30%) both enjoyed strong financial results driven by growth in non-cash financial transactions, boosting these companies' share prices. Other notable contributors included Alphabet (returning roughly 20%), the parent company of online search giant Google – whose shares rose on the company's strong financial results and announcement of a $25 billion share buyback plan – and online retailer Amazon.com (+15%). In contrast, ample oil supply weighed on energy stocks, especially Exxon Mobil (-32%), Chevron (-19%), Occidental Petroleum (-47%) and Schlumberger (-35%). Shares of Boeing (-36%) were hampered by continued fallout from the aircraft manufacturer's beleaguered 737 MAX jet, which remains grounded following deadly crashes in March 2019 and October 2018. Shares of pharmaceutical company Pfizer (-20%) declined on revenue estimates shy of expectations and investors' apparent dissatisfaction with the company's plans to merge one of its business units with Mylan.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to Shareholders: On March 22, 2019, Pat Waddell retired and is no longer a portfolio manager with Geode Capital Management.Investment Summary (Unaudited)
Top Ten Stocks as of February 29, 2020
% of fund's net assets | |
Microsoft Corp. | 5.0 |
Apple, Inc. | 4.6 |
Amazon.com, Inc. | 3.2 |
Facebook, Inc. Class A | 1.9 |
Berkshire Hathaway, Inc. Class B | 1.6 |
Alphabet, Inc. Class A | 1.6 |
Alphabet, Inc. Class C | 1.6 |
JPMorgan Chase & Co. | 1.5 |
Johnson & Johnson | 1.4 |
Visa, Inc. Class A | 1.3 |
23.7 |
Top Market Sectors as of February 29, 2020
% of fund's net assets | |
Information Technology | 24.1 |
Health Care | 13.9 |
Financials | 12.1 |
Communication Services | 10.6 |
Consumer Discretionary | 9.8 |
Industrials | 8.8 |
Consumer Staples | 7.2 |
Energy | 3.5 |
Utilities | 3.4 |
Real Estate | 3.0 |
Asset Allocation (% of fund's net assets)
As of February 29, 2020* | ||
Stocks and Equity Futures | 100.0% |
* Foreign investments - 3.9%
Schedule of Investments February 29, 2020
Showing Percentage of Net Assets
Common Stocks - 98.9% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 10.6% | |||
Diversified Telecommunication Services - 2.0% | |||
AT&T, Inc. | 249,698 | $8,794,364 | |
CenturyLink, Inc. | 33,395 | 403,078 | |
Verizon Communications, Inc. | 141,347 | 7,655,354 | |
16,852,796 | |||
Entertainment - 1.9% | |||
Activision Blizzard, Inc. | 26,284 | 1,527,889 | |
Electronic Arts, Inc. (a) | 9,994 | 1,013,092 | |
Live Nation Entertainment, Inc. (a) | 4,775 | 290,177 | |
Netflix, Inc. (a) | 14,984 | 5,529,546 | |
Take-Two Interactive Software, Inc. (a) | 3,843 | 413,046 | |
The Walt Disney Co. | 61,617 | 7,249,240 | |
16,022,990 | |||
Interactive Media & Services - 5.2% | |||
Alphabet, Inc.: | |||
Class A (a) | 10,245 | 13,720,616 | |
Class C (a) | 10,213 | 13,678,577 | |
Facebook, Inc. Class A (a) | 82,263 | 15,833,160 | |
Twitter, Inc. (a) | 26,489 | 879,435 | |
44,111,788 | |||
Media - 1.4% | |||
Charter Communications, Inc. Class A (a) | 5,362 | 2,644,378 | |
Comcast Corp. Class A | 155,216 | 6,275,383 | |
Discovery Communications, Inc.: | |||
Class A (a) | 5,197 | 133,563 | |
Class C (non-vtg.) (a) | 11,607 | 291,336 | |
DISH Network Corp. Class A (a) | 8,760 | 293,635 | |
Fox Corp.: | |||
Class A | 12,037 | 370,017 | |
Class B | 5,557 | 169,211 | |
Interpublic Group of Companies, Inc. | 13,200 | 281,952 | |
News Corp.: | |||
Class A | 12,991 | 156,866 | |
Class B | 4,409 | 54,848 | |
Omnicom Group, Inc. | 7,498 | 519,461 | |
ViacomCBS, Inc. Class B | 18,560 | 456,762 | |
11,647,412 | |||
Wireless Telecommunication Services - 0.1% | |||
T-Mobile U.S., Inc. (a) | 10,846 | 977,875 | |
TOTAL COMMUNICATION SERVICES | 89,612,861 | ||
CONSUMER DISCRETIONARY - 9.8% | |||
Auto Components - 0.1% | |||
Aptiv PLC | 8,747 | 683,228 | |
BorgWarner, Inc. | 7,053 | 222,875 | |
906,103 | |||
Automobiles - 0.3% | |||
Ford Motor Co. | 133,238 | 927,336 | |
General Motors Co. | 43,016 | 1,311,988 | |
Harley-Davidson, Inc. | 5,262 | 160,333 | |
2,399,657 | |||
Distributors - 0.1% | |||
Genuine Parts Co. | 4,947 | 431,576 | |
LKQ Corp. (a) | 10,479 | 309,969 | |
741,545 | |||
Diversified Consumer Services - 0.0% | |||
H&R Block, Inc. | 6,649 | 137,435 | |
Hotels, Restaurants & Leisure - 1.8% | |||
Carnival Corp. | 13,654 | 456,863 | |
Chipotle Mexican Grill, Inc. (a) | 870 | 673,015 | |
Darden Restaurants, Inc. | 4,194 | 408,915 | |
Hilton Worldwide Holdings, Inc. | 9,611 | 934,189 | |
Las Vegas Sands Corp. | 11,502 | 670,682 | |
Marriott International, Inc. Class A | 9,303 | 1,153,572 | |
McDonald's Corp. | 25,746 | 4,999,101 | |
MGM Mirage, Inc. | 17,712 | 435,007 | |
Norwegian Cruise Line Holdings Ltd. (a) | 7,249 | 270,098 | |
Royal Caribbean Cruises Ltd. | 5,852 | 470,559 | |
Starbucks Corp. | 40,397 | 3,168,337 | |
Wynn Resorts Ltd. | 3,316 | 358,062 | |
Yum! Brands, Inc. | 10,361 | 924,719 | |
14,923,119 | |||
Household Durables - 0.4% | |||
D.R. Horton, Inc. | 11,402 | 607,385 | |
Garmin Ltd. | 4,938 | 436,470 | |
Leggett & Platt, Inc. | 4,520 | 179,263 | |
Lennar Corp. Class A | 9,597 | 579,083 | |
Mohawk Industries, Inc. (a) | 2,048 | 248,115 | |
Newell Brands, Inc. | 13,132 | 202,627 | |
NVR, Inc. (a) | 118 | 432,727 | |
PulteGroup, Inc. | 8,703 | 349,861 | |
Whirlpool Corp. | 2,161 | 276,305 | |
3,311,836 | |||
Internet & Direct Marketing Retail - 3.6% | |||
Amazon.com, Inc. (a) | 14,236 | 26,817,065 | |
eBay, Inc. | 26,042 | 902,095 | |
Expedia, Inc. | 4,800 | 473,376 | |
The Booking Holdings, Inc. (a) | 1,432 | 2,428,185 | |
30,620,721 | |||
Leisure Products - 0.0% | |||
Hasbro, Inc. | 4,313 | 333,179 | |
Multiline Retail - 0.5% | |||
Dollar General Corp. | 8,723 | 1,311,067 | |
Dollar Tree, Inc. (a) | 8,058 | 669,056 | |
Kohl's Corp. | 5,409 | 211,762 | |
Macy's, Inc. | 10,558 | 139,682 | |
Nordstrom, Inc. | 3,653 | 126,759 | |
Target Corp. | 17,335 | 1,785,505 | |
4,243,831 | |||
Specialty Retail - 2.3% | |||
Advance Auto Parts, Inc. | 2,366 | 314,631 | |
AutoZone, Inc. (a) | 811 | 837,366 | |
Best Buy Co., Inc. | 7,750 | 586,288 | |
CarMax, Inc. (a) | 5,596 | 488,587 | |
Gap, Inc. | 7,254 | 103,950 | |
L Brands, Inc. | 7,946 | 172,110 | |
Lowe's Companies, Inc. | 26,219 | 2,794,159 | |
O'Reilly Automotive, Inc. (a) | 2,581 | 951,666 | |
Ross Stores, Inc. | 12,403 | 1,349,198 | |
The Home Depot, Inc. | 37,295 | 8,124,343 | |
Tiffany & Co., Inc. | 3,674 | 490,810 | |
TJX Companies, Inc. | 41,531 | 2,483,554 | |
Tractor Supply Co. | 4,032 | 356,872 | |
Ulta Beauty, Inc. (a) | 1,961 | 504,153 | |
19,557,687 | |||
Textiles, Apparel & Luxury Goods - 0.7% | |||
Capri Holdings Ltd. (a) | 5,253 | 135,632 | |
Hanesbrands, Inc. | 12,349 | 163,501 | |
NIKE, Inc. Class B | 42,621 | 3,809,465 | |
PVH Corp. | 2,530 | 187,498 | |
Ralph Lauren Corp. | 1,705 | 179,895 | |
Tapestry, Inc. | 9,540 | 223,713 | |
Under Armour, Inc.: | |||
Class A (sub. vtg.) (a) | 6,400 | 90,816 | |
Class C (non-vtg.) (a) | 6,668 | 83,217 | |
VF Corp. | 11,152 | 802,944 | |
5,676,681 | |||
TOTAL CONSUMER DISCRETIONARY | 82,851,794 | ||
CONSUMER STAPLES - 7.2% | |||
Beverages - 1.9% | |||
Brown-Forman Corp. Class B (non-vtg.) | 6,171 | 378,961 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 5,736 | 988,772 | |
Molson Coors Beverage Co. Class B | 6,475 | 321,225 | |
Monster Beverage Corp. (a) | 13,004 | 811,580 | |
PepsiCo, Inc. | 47,663 | 6,292,946 | |
The Coca-Cola Co. | 131,796 | 7,049,768 | |
15,843,252 | |||
Food & Staples Retailing - 1.5% | |||
Costco Wholesale Corp. | 15,109 | 4,247,744 | |
Kroger Co. | 27,297 | 767,865 | |
Sysco Corp. | 17,480 | 1,165,042 | |
Walgreens Boots Alliance, Inc. | 25,668 | 1,174,568 | |
Walmart, Inc. | 48,479 | 5,220,219 | |
12,575,438 | |||
Food Products - 1.1% | |||
Archer Daniels Midland Co. | 18,953 | 713,580 | |
Campbell Soup Co. | 5,751 | 259,485 | |
Conagra Brands, Inc. | 16,565 | 442,120 | |
General Mills, Inc. | 20,769 | 1,017,681 | |
Hormel Foods Corp. | 9,442 | 392,787 | |
Kellogg Co. | 8,476 | 512,544 | |
Lamb Weston Holdings, Inc. | 4,951 | 430,192 | |
McCormick & Co., Inc. (non-vtg.) | 4,207 | 615,021 | |
Mondelez International, Inc. | 49,310 | 2,603,568 | |
The Hershey Co. | 5,067 | 729,597 | |
The J.M. Smucker Co. | 3,887 | 400,322 | |
The Kraft Heinz Co. | 21,199 | 525,099 | |
Tyson Foods, Inc. Class A | 10,048 | 681,556 | |
9,323,552 | |||
Household Products - 1.7% | |||
Church & Dwight Co., Inc. | 8,358 | 581,048 | |
Clorox Co. | 4,273 | 681,202 | |
Colgate-Palmolive Co. | 29,328 | 1,981,693 | |
Kimberly-Clark Corp. | 11,741 | 1,540,302 | |
Procter & Gamble Co. | 85,226 | 9,650,140 | |
14,434,385 | |||
Personal Products - 0.2% | |||
Coty, Inc. Class A | 10,030 | 92,577 | |
Estee Lauder Companies, Inc. Class A | 7,614 | 1,397,930 | |
1,490,507 | |||
Tobacco - 0.8% | |||
Altria Group, Inc. | 63,884 | 2,578,997 | |
Philip Morris International, Inc. | 53,186 | 4,354,338 | |
6,933,335 | |||
TOTAL CONSUMER STAPLES | 60,600,469 | ||
ENERGY - 3.5% | |||
Energy Equipment & Services - 0.3% | |||
Baker Hughes Co. Class A | 22,341 | 359,467 | |
Halliburton Co. | 28,085 | 476,322 | |
Helmerich & Payne, Inc. | 3,809 | 140,514 | |
National Oilwell Varco, Inc. | 13,337 | 249,535 | |
Schlumberger Ltd. | 47,599 | 1,289,457 | |
TechnipFMC PLC | 14,553 | 215,967 | |
2,731,262 | |||
Oil, Gas & Consumable Fuels - 3.2% | |||
Apache Corp. | 12,893 | 321,294 | |
Cabot Oil & Gas Corp. | 13,929 | 194,031 | |
Chevron Corp. | 64,633 | 6,032,844 | |
Cimarex Energy Co. | 3,527 | 116,567 | |
Concho Resources, Inc. | 6,902 | 469,474 | |
ConocoPhillips Co. | 37,538 | 1,817,590 | |
Devon Energy Corp. | 13,361 | 216,983 | |
Diamondback Energy, Inc. | 5,521 | 342,302 | |
EOG Resources, Inc. | 19,932 | 1,260,898 | |
Exxon Mobil Corp. | 144,629 | 7,439,716 | |
Hess Corp. | 8,838 | 496,519 | |
HollyFrontier Corp. | 5,056 | 170,286 | |
Kinder Morgan, Inc. | 66,643 | 1,277,546 | |
Marathon Oil Corp. | 28,017 | 231,981 | |
Marathon Petroleum Corp. | 22,214 | 1,053,388 | |
Noble Energy, Inc. | 16,392 | 259,485 | |
Occidental Petroleum Corp. | 30,578 | 1,001,124 | |
ONEOK, Inc. | 14,070 | 938,750 | |
Phillips 66 Co. | 15,203 | 1,138,097 | |
Pioneer Natural Resources Co. | 5,656 | 694,444 | |
The Williams Companies, Inc. | 41,298 | 786,727 | |
Valero Energy Corp. | 14,053 | 931,011 | |
27,191,057 | |||
TOTAL ENERGY | 29,922,319 | ||
FINANCIALS - 12.1% | |||
Banks - 4.9% | |||
Bank of America Corp. | 276,623 | 7,883,756 | |
Citigroup, Inc. | 74,613 | 4,734,941 | |
Citizens Financial Group, Inc. | 14,835 | 470,121 | |
Comerica, Inc. | 4,923 | 259,147 | |
Fifth Third Bancorp | 24,093 | 587,869 | |
First Republic Bank | 5,784 | 581,697 | |
Huntington Bancshares, Inc. | 35,170 | 431,536 | |
JPMorgan Chase & Co. | 107,167 | 12,443,160 | |
KeyCorp | 34,285 | 560,560 | |
M&T Bank Corp. | 4,520 | 634,518 | |
Peoples United Financial, Inc. | 15,859 | 221,867 | |
PNC Financial Services Group, Inc. | 14,974 | 1,892,714 | |
Regions Financial Corp. | 32,852 | 444,159 | |
SVB Financial Group (a) | 1,779 | 370,317 | |
Truist Financial Corp. | 45,846 | 2,115,334 | |
U.S. Bancorp | 48,542 | 2,254,290 | |
Wells Fargo & Co. | 131,520 | 5,372,592 | |
Zions Bancorp NA | 5,928 | 236,824 | |
41,495,402 | |||
Capital Markets - 2.7% | |||
Ameriprise Financial, Inc. | 4,315 | 609,710 | |
Bank of New York Mellon Corp. | 28,703 | 1,145,250 | |
BlackRock, Inc. Class A | 4,033 | 1,867,319 | |
Cboe Global Markets, Inc. | 3,800 | 433,200 | |
Charles Schwab Corp. | 39,107 | 1,593,610 | |
CME Group, Inc. | 12,249 | 2,435,346 | |
E*TRADE Financial Corp. | 7,759 | 355,207 | |
Franklin Resources, Inc. | 9,456 | 205,763 | |
Goldman Sachs Group, Inc. | 10,899 | 2,188,192 | |
Intercontinental Exchange, Inc. | 19,041 | 1,698,838 | |
Invesco Ltd. | 12,718 | 183,139 | |
MarketAxess Holdings, Inc. | 1,300 | 421,629 | |
Moody's Corp. | 5,555 | 1,333,367 | |
Morgan Stanley | 42,075 | 1,894,637 | |
MSCI, Inc. | 2,884 | 852,049 | |
Northern Trust Corp. | 7,216 | 633,276 | |
Raymond James Financial, Inc. | 4,196 | 350,911 | |
S&P Global, Inc. | 8,358 | 2,222,476 | |
State Street Corp. | 12,386 | 843,610 | |
T. Rowe Price Group, Inc. | 8,006 | 944,788 | |
The NASDAQ OMX Group, Inc. | 3,908 | 400,765 | |
22,613,082 | |||
Consumer Finance - 0.6% | |||
American Express Co. | 22,940 | 2,521,794 | |
Capital One Financial Corp. | 15,943 | 1,407,129 | |
Discover Financial Services | 10,687 | 700,853 | |
Synchrony Financial | 19,291 | 561,368 | |
5,191,144 | |||
Diversified Financial Services - 1.6% | |||
Berkshire Hathaway, Inc. Class B (a) | 66,826 | 13,788,877 | |
Insurance - 2.3% | |||
AFLAC, Inc. | 25,096 | 1,075,364 | |
Allstate Corp. | 11,082 | 1,166,381 | |
American International Group, Inc. | 29,752 | 1,254,344 | |
Aon PLC | 8,006 | 1,665,248 | |
Arthur J. Gallagher & Co. | 6,401 | 624,033 | |
Assurant, Inc. | 2,042 | 246,245 | |
Chubb Ltd. | 15,489 | 2,246,370 | |
Cincinnati Financial Corp. | 5,173 | 482,331 | |
Everest Re Group Ltd. | 1,387 | 343,810 | |
Globe Life, Inc. | 3,383 | 313,469 | |
Hartford Financial Services Group, Inc. | 12,260 | 612,387 | |
Lincoln National Corp. | 6,833 | 310,150 | |
Loews Corp. | 8,795 | 401,316 | |
Marsh & McLennan Companies, Inc. | 17,251 | 1,803,765 | |
MetLife, Inc. | 26,746 | 1,142,589 | |
Principal Financial Group, Inc. | 8,765 | 389,078 | |
Progressive Corp. | 19,996 | 1,462,907 | |
Prudential Financial, Inc. | 13,756 | 1,037,890 | |
The Travelers Companies, Inc. | 8,831 | 1,058,042 | |
Unum Group | 7,051 | 164,359 | |
W.R. Berkley Corp. | 4,964 | 333,283 | |
Willis Group Holdings PLC | 4,376 | 828,158 | |
18,961,519 | |||
TOTAL FINANCIALS | 102,050,024 | ||
HEALTH CARE - 13.9% | |||
Biotechnology - 2.1% | |||
AbbVie, Inc. | 50,553 | 4,332,898 | |
Alexion Pharmaceuticals, Inc. (a) | 7,546 | 709,550 | |
Amgen, Inc. | 20,309 | 4,056,317 | |
Biogen, Inc. (a) | 6,170 | 1,902,766 | |
Gilead Sciences, Inc. | 43,249 | 2,999,751 | |
Incyte Corp. (a) | 6,124 | 461,811 | |
Regeneron Pharmaceuticals, Inc. (a) | 2,732 | 1,214,565 | |
Vertex Pharmaceuticals, Inc. (a) | 8,794 | 1,970,120 | |
17,647,778 | |||
Health Care Equipment & Supplies - 3.5% | |||
Abbott Laboratories | 60,410 | 4,653,382 | |
Abiomed, Inc. (a) | 1,544 | 232,001 | |
Align Technology, Inc. (a) | 2,445 | 533,866 | |
Baxter International, Inc. | 17,465 | 1,457,804 | |
Becton, Dickinson & Co. | 9,249 | 2,199,597 | |
Boston Scientific Corp. (a) | 47,680 | 1,782,755 | |
Danaher Corp. | 21,865 | 3,161,242 | |
Dentsply Sirona, Inc. | 7,634 | 375,898 | |
Edwards Lifesciences Corp. (a) | 7,137 | 1,461,943 | |
Hologic, Inc. (a) | 9,217 | 434,305 | |
IDEXX Laboratories, Inc. (a) | 2,922 | 743,678 | |
Intuitive Surgical, Inc. (a) | 3,953 | 2,110,744 | |
Medtronic PLC | 45,812 | 4,611,894 | |
ResMed, Inc. | 4,926 | 783,037 | |
STERIS PLC | 2,881 | 456,984 | |
Stryker Corp. | 11,011 | 2,098,586 | |
Teleflex, Inc. | 1,578 | 528,662 | |
The Cooper Companies, Inc. | 1,701 | 552,094 | |
Varian Medical Systems, Inc. (a) | 3,082 | 378,994 | |
Zimmer Biomet Holdings, Inc. | 7,043 | 958,904 | |
29,516,370 | |||
Health Care Providers & Services - 2.7% | |||
AmerisourceBergen Corp. | 5,154 | 434,585 | |
Anthem, Inc. | 8,670 | 2,228,970 | |
Cardinal Health, Inc. | 9,964 | 519,324 | |
Centene Corp. (a) | 19,975 | 1,059,075 | |
Cigna Corp. | 12,771 | 2,336,327 | |
CVS Health Corp. | 44,478 | 2,632,208 | |
DaVita HealthCare Partners, Inc. (a) | 3,057 | 237,284 | |
HCA Holdings, Inc. | 9,053 | 1,149,822 | |
Henry Schein, Inc. (a) | 4,983 | 303,664 | |
Humana, Inc. | 4,530 | 1,448,150 | |
Laboratory Corp. of America Holdings (a) | 3,309 | 581,358 | |
McKesson Corp. | 6,167 | 862,517 | |
Quest Diagnostics, Inc. | 4,590 | 486,815 | |
UnitedHealth Group, Inc. | 32,384 | 8,256,625 | |
Universal Health Services, Inc. Class B | 2,741 | 339,171 | |
22,875,895 | |||
Health Care Technology - 0.1% | |||
Cerner Corp. | 10,694 | 740,773 | |
Life Sciences Tools & Services - 1.0% | |||
Agilent Technologies, Inc. | 10,548 | 812,934 | |
Illumina, Inc. (a) | 5,030 | 1,336,320 | |
IQVIA Holdings, Inc. (a) | 6,148 | 857,585 | |
Mettler-Toledo International, Inc. (a) | 830 | 582,411 | |
PerkinElmer, Inc. | 3,837 | 331,670 | |
Thermo Fisher Scientific, Inc. | 13,708 | 3,986,286 | |
Waters Corp. (a) | 2,208 | 430,317 | |
8,337,523 | |||
Pharmaceuticals - 4.5% | |||
Allergan PLC | 11,223 | 2,139,889 | |
Bristol-Myers Squibb Co. | 80,139 | 4,733,009 | |
Eli Lilly & Co. | 28,882 | 3,642,887 | |
Johnson & Johnson | 89,950 | 12,096,476 | |
Merck & Co., Inc. | 87,021 | 6,662,328 | |
Mylan NV (a) | 17,701 | 304,280 | |
Perrigo Co. PLC | 4,638 | 235,100 | |
Pfizer, Inc. | 189,158 | 6,321,660 | |
Zoetis, Inc. Class A | 16,291 | 2,170,450 | |
38,306,079 | |||
TOTAL HEALTH CARE | 117,424,418 | ||
INDUSTRIALS - 8.8% | |||
Aerospace & Defense - 2.4% | |||
Arconic, Inc. | 13,189 | 387,097 | |
General Dynamics Corp. | 8,020 | 1,280,714 | |
Harris Corp. | 7,563 | 1,495,432 | |
Huntington Ingalls Industries, Inc. | 1,389 | 285,481 | |
Lockheed Martin Corp. | 8,483 | 3,137,607 | |
Northrop Grumman Corp. | 5,361 | 1,762,911 | |
Raytheon Co. | 9,524 | 1,795,845 | |
Textron, Inc. | 7,765 | 315,259 | |
The Boeing Co. | 18,277 | 5,028,185 | |
TransDigm Group, Inc. | 1,706 | 951,624 | |
United Technologies Corp. | 27,732 | 3,621,522 | |
20,061,677 | |||
Air Freight & Logistics - 0.5% | |||
C.H. Robinson Worldwide, Inc. | 4,611 | 317,698 | |
Expeditors International of Washington, Inc. | 5,808 | 408,999 | |
FedEx Corp. | 8,228 | 1,161,547 | |
United Parcel Service, Inc. Class B | 23,966 | 2,168,683 | |
4,056,927 | |||
Airlines - 0.3% | |||
Alaska Air Group, Inc. | 4,292 | 216,574 | |
American Airlines Group, Inc. | 13,349 | 254,298 | |
Delta Air Lines, Inc. | 19,737 | 910,468 | |
Southwest Airlines Co. | 16,114 | 744,306 | |
United Airlines Holdings, Inc. (a) | 7,381 | 454,596 | |
2,580,242 | |||
Building Products - 0.3% | |||
A.O. Smith Corp. | 4,690 | 185,490 | |
Allegion PLC | 3,171 | 364,633 | |
Fortune Brands Home & Security, Inc. | 4,735 | 292,386 | |
Johnson Controls International PLC | 26,447 | 967,167 | |
Masco Corp. | 9,651 | 398,779 | |
2,208,455 | |||
Commercial Services & Supplies - 0.4% | |||
Cintas Corp. | 2,856 | 761,809 | |
Copart, Inc. (a) | 6,959 | 587,896 | |
Republic Services, Inc. | 7,241 | 653,573 | |
Rollins, Inc. | 4,819 | 180,423 | |
Waste Management, Inc. | 13,366 | 1,481,086 | |
3,664,787 | |||
Construction & Engineering - 0.1% | |||
Jacobs Engineering Group, Inc. | 4,598 | 424,579 | |
Quanta Services, Inc. | 4,860 | 185,312 | |
609,891 | |||
Electrical Equipment - 0.5% | |||
AMETEK, Inc. | 7,776 | 668,736 | |
Eaton Corp. PLC | 14,161 | 1,284,686 | |
Emerson Electric Co. | 20,869 | 1,337,912 | |
Rockwell Automation, Inc. | 3,932 | 721,522 | |
4,012,856 | |||
Industrial Conglomerates - 1.3% | |||
3M Co. | 19,668 | 2,935,252 | |
General Electric Co. | 298,597 | 3,248,735 | |
Honeywell International, Inc. | 24,434 | 3,962,462 | |
Roper Technologies, Inc. | 3,564 | 1,253,459 | |
11,399,908 | |||
Machinery - 1.5% | |||
Caterpillar, Inc. | 18,912 | 2,349,627 | |
Cummins, Inc. | 5,218 | 789,431 | |
Deere & Co. | 10,769 | 1,685,133 | |
Dover Corp. | 4,948 | 508,358 | |
Flowserve Corp. | 4,451 | 178,886 | |
Fortive Corp. | 10,065 | 696,095 | |
IDEX Corp. | 2,616 | 387,168 | |
Illinois Tool Works, Inc. | 10,013 | 1,679,981 | |
PACCAR, Inc. | 11,778 | 787,948 | |
Parker Hannifin Corp. | 4,376 | 808,554 | |
Pentair PLC | 5,822 | 229,329 | |
Snap-On, Inc. | 1,857 | 268,801 | |
Stanley Black & Decker, Inc. | 5,177 | 743,935 | |
Trane Technologies PLC | 8,206 | 1,058,902 | |
Westinghouse Air Brake Co. | 6,220 | 427,314 | |
Xylem, Inc. | 6,136 | 474,558 | |
13,074,020 | |||
Professional Services - 0.3% | |||
Equifax, Inc. | 4,160 | 590,886 | |
IHS Markit Ltd. | 13,660 | 973,138 | |
Nielsen Holdings PLC | 12,270 | 223,437 | |
Robert Half International, Inc. | 3,970 | 200,128 | |
Verisk Analytics, Inc. | 5,586 | 866,444 | |
2,854,033 | |||
Road & Rail - 1.0% | |||
CSX Corp. | 26,599 | 1,873,900 | |
J.B. Hunt Transport Services, Inc. | 2,924 | 281,991 | |
Kansas City Southern | 3,377 | 508,846 | |
Norfolk Southern Corp. | 8,922 | 1,626,927 | |
Old Dominion Freight Lines, Inc. | 2,196 | 425,585 | |
Union Pacific Corp. | 23,734 | 3,792,931 | |
8,510,180 | |||
Trading Companies & Distributors - 0.2% | |||
Fastenal Co. | 19,506 | 667,495 | |
United Rentals, Inc. (a) | 2,580 | 341,798 | |
W.W. Grainger, Inc. | 1,486 | 412,424 | |
1,421,717 | |||
TOTAL INDUSTRIALS | 74,454,693 | ||
INFORMATION TECHNOLOGY - 24.1% | |||
Communications Equipment - 0.9% | |||
Arista Networks, Inc. (a) | 1,848 | 356,886 | |
Cisco Systems, Inc. | 145,033 | 5,791,168 | |
F5 Networks, Inc. (a) | 2,075 | 248,896 | |
Juniper Networks, Inc. | 11,417 | 242,269 | |
Motorola Solutions, Inc. | 5,869 | 972,376 | |
7,611,595 | |||
Electronic Equipment & Components - 0.5% | |||
Amphenol Corp. Class A | 10,169 | 932,294 | |
CDW Corp. | 4,895 | 559,107 | |
Corning, Inc. | 26,403 | 629,976 | |
FLIR Systems, Inc. | 4,524 | 192,134 | |
IPG Photonics Corp. (a) | 1,221 | 155,848 | |
Keysight Technologies, Inc. (a) | 6,387 | 605,232 | |
TE Connectivity Ltd. | 11,412 | 945,712 | |
Zebra Technologies Corp. Class A (a) | 1,842 | 388,607 | |
4,408,910 | |||
IT Services - 5.6% | |||
Accenture PLC Class A | 21,713 | 3,921,151 | |
Akamai Technologies, Inc. (a) | 5,518 | 477,362 | |
Alliance Data Systems Corp. | 1,400 | 120,232 | |
Automatic Data Processing, Inc. | 14,807 | 2,291,235 | |
Broadridge Financial Solutions, Inc. | 3,904 | 407,421 | |
Cognizant Technology Solutions Corp. Class A | 18,747 | 1,142,255 | |
DXC Technology Co. | 7,355 | 177,329 | |
Fidelity National Information Services, Inc. | 21,025 | 2,937,613 | |
Fiserv, Inc. (a) | 19,540 | 2,136,894 | |
FleetCor Technologies, Inc. (a) | 2,955 | 785,409 | |
Gartner, Inc. (a) | 3,036 | 392,828 | |
Global Payments, Inc. | 10,294 | 1,893,787 | |
IBM Corp. | 30,279 | 3,940,812 | |
Jack Henry & Associates, Inc. | 2,623 | 398,014 | |
Leidos Holdings, Inc. | 4,530 | 465,005 | |
MasterCard, Inc. Class A | 30,349 | 8,808,797 | |
Paychex, Inc. | 10,849 | 840,581 | |
PayPal Holdings, Inc. (a) | 40,154 | 4,336,230 | |
The Western Union Co. | 14,223 | 318,453 | |
VeriSign, Inc. (a) | 3,513 | 666,592 | |
Visa, Inc. Class A | 58,516 | 10,635,868 | |
47,093,868 | |||
Semiconductors & Semiconductor Equipment - 4.3% | |||
Advanced Micro Devices, Inc. (a) | 39,999 | 1,819,155 | |
Analog Devices, Inc. | 12,604 | 1,374,466 | |
Applied Materials, Inc. | 31,599 | 1,836,534 | |
Broadcom, Inc. | 13,561 | 3,697,000 | |
Intel Corp. | 148,680 | 8,254,714 | |
KLA-Tencor Corp. | 5,369 | 825,269 | |
Lam Research Corp. | 4,965 | 1,456,880 | |
Maxim Integrated Products, Inc. | 9,317 | 518,212 | |
Microchip Technology, Inc. | 8,193 | 743,187 | |
Micron Technology, Inc. (a) | 37,862 | 1,990,027 | |
NVIDIA Corp. | 20,922 | 5,650,405 | |
Qorvo, Inc. (a) | 3,953 | 397,593 | |
Qualcomm, Inc. | 39,037 | 3,056,597 | |
Skyworks Solutions, Inc. | 5,797 | 580,743 | |
Texas Instruments, Inc. | 31,953 | 3,647,115 | |
Xilinx, Inc. | 8,573 | 715,760 | |
36,563,657 | |||
Software - 7.8% | |||
Adobe, Inc. (a) | 16,555 | 5,713,462 | |
ANSYS, Inc. (a) | 2,918 | 706,710 | |
Autodesk, Inc. (a) | 7,537 | 1,438,663 | |
Cadence Design Systems, Inc. (a) | 9,554 | 631,902 | |
Citrix Systems, Inc. | 3,931 | 406,426 | |
Fortinet, Inc. (a) | 4,833 | 493,256 | |
Intuit, Inc. | 8,907 | 2,367,926 | |
Microsoft Corp. | 260,759 | 42,245,562 | |
Nortonlifelock, Inc. | 19,519 | 371,447 | |
Oracle Corp. | 74,066 | 3,663,304 | |
Paycom Software, Inc. (a) | 1,670 | 472,026 | |
Salesforce.com, Inc. (a) | 30,330 | 5,168,232 | |
ServiceNow, Inc. (a) | 6,454 | 2,104,585 | |
Synopsys, Inc. (a) | 5,124 | 706,753 | |
66,490,254 | |||
Technology Hardware, Storage & Peripherals - 5.0% | |||
Apple, Inc. | 142,761 | 39,025,147 | |
Hewlett Packard Enterprise Co. | 44,398 | 567,850 | |
HP, Inc. | 50,718 | 1,054,427 | |
NetApp, Inc. | 7,784 | 363,668 | |
Seagate Technology LLC | 7,871 | 377,414 | |
Western Digital Corp. | 10,163 | 564,656 | |
Xerox Holdings Corp. | 6,356 | 204,663 | |
42,157,825 | |||
TOTAL INFORMATION TECHNOLOGY | 204,326,109 | ||
MATERIALS - 2.5% | |||
Chemicals - 1.8% | |||
Air Products & Chemicals, Inc. | 7,546 | 1,657,177 | |
Albemarle Corp. U.S. | 3,622 | 296,461 | |
Celanese Corp. Class A | 4,197 | 393,427 | |
CF Industries Holdings, Inc. | 7,389 | 272,359 | |
Corteva, Inc. | 25,479 | 693,029 | |
Dow, Inc. | 25,392 | 1,026,091 | |
DuPont de Nemours, Inc. | 25,268 | 1,083,997 | |
Eastman Chemical Co. | 4,635 | 285,099 | |
Ecolab, Inc. | 8,584 | 1,548,983 | |
FMC Corp. | 4,393 | 408,988 | |
International Flavors & Fragrances, Inc. (b) | 3,657 | 438,035 | |
Linde PLC | 18,370 | 3,508,854 | |
LyondellBasell Industries NV Class A | 8,811 | 629,634 | |
PPG Industries, Inc. | 8,048 | 840,614 | |
Sherwin-Williams Co. | 2,813 | 1,453,618 | |
The Mosaic Co. | 11,992 | 204,224 | |
14,740,590 | |||
Construction Materials - 0.1% | |||
Martin Marietta Materials, Inc. | 2,128 | 484,184 | |
Vulcan Materials Co. | 4,508 | 542,132 | |
1,026,316 | |||
Containers & Packaging - 0.3% | |||
Amcor PLC | 55,458 | 516,869 | |
Avery Dennison Corp. | 2,869 | 328,472 | |
Ball Corp. | 11,197 | 788,941 | |
International Paper Co. | 13,453 | 497,223 | |
Packaging Corp. of America | 3,200 | 289,984 | |
Sealed Air Corp. | 5,240 | 158,824 | |
WestRock Co. | 8,859 | 294,562 | |
2,874,875 | |||
Metals & Mining - 0.3% | |||
Freeport-McMoRan, Inc. | 49,541 | 493,428 | |
Newmont Corp. | 28,032 | 1,251,068 | |
Nucor Corp. | 10,423 | 430,991 | |
2,175,487 | |||
TOTAL MATERIALS | 20,817,268 | ||
REAL ESTATE - 3.0% | |||
Equity Real Estate Investment Trusts (REITs) - 2.9% | |||
Alexandria Real Estate Equities, Inc. | 4,172 | 633,643 | |
American Tower Corp. | 15,142 | 3,434,206 | |
Apartment Investment & Management Co. Class A | 5,116 | 244,749 | |
AvalonBay Communities, Inc. | 4,790 | 960,826 | |
Boston Properties, Inc. | 4,894 | 631,032 | |
Crown Castle International Corp. | 14,217 | 2,037,154 | |
Digital Realty Trust, Inc. (b) | 7,150 | 858,787 | |
Duke Realty Corp. | 12,565 | 407,986 | |
Equinix, Inc. | 2,918 | 1,671,430 | |
Equity Residential (SBI) | 12,017 | 902,477 | |
Essex Property Trust, Inc. | 2,272 | 643,794 | |
Extra Space Storage, Inc. | 4,393 | 440,881 | |
Federal Realty Investment Trust (SBI) | 2,395 | 278,634 | |
HCP, Inc. | 16,815 | 532,027 | |
Host Hotels & Resorts, Inc. | 24,718 | 357,917 | |
Iron Mountain, Inc. | 9,777 | 297,319 | |
Kimco Realty Corp. | 14,374 | 249,389 | |
Mid-America Apartment Communities, Inc. | 3,877 | 501,141 | |
Prologis, Inc. | 25,249 | 2,127,986 | |
Public Storage | 5,139 | 1,074,668 | |
Realty Income Corp. | 11,181 | 809,393 | |
Regency Centers Corp. | 5,710 | 327,982 | |
SBA Communications Corp. Class A | 3,855 | 1,021,922 | |
Simon Property Group, Inc. | 10,466 | 1,288,155 | |
SL Green Realty Corp. | 2,769 | 217,200 | |
UDR, Inc. | 10,142 | 456,187 | |
Ventas, Inc. | 12,686 | 682,126 | |
Vornado Realty Trust | 5,393 | 288,957 | |
Welltower, Inc. | 13,896 | 1,039,699 | |
Weyerhaeuser Co. | 25,355 | 658,723 | |
25,076,390 | |||
Real Estate Management & Development - 0.1% | |||
CBRE Group, Inc. (a) | 11,504 | 645,835 | |
TOTAL REAL ESTATE | 25,722,225 | ||
UTILITIES - 3.4% | |||
Electric Utilities - 2.1% | |||
Alliant Energy Corp. | 8,150 | 424,778 | |
American Electric Power Co., Inc. | 16,909 | 1,509,297 | |
Duke Energy Corp. | 24,916 | 2,284,797 | |
Edison International | 12,272 | 824,556 | |
Entergy Corp. | 6,818 | 797,092 | |
Evergy, Inc. | 7,776 | 508,162 | |
Eversource Energy | 11,028 | 953,481 | |
Exelon Corp. | 33,257 | 1,433,709 | |
FirstEnergy Corp. | 18,556 | 826,299 | |
NextEra Energy, Inc. | 16,705 | 4,222,356 | |
Pinnacle West Capital Corp. | 3,841 | 343,731 | |
PPL Corp. | 26,244 | 787,582 | |
Southern Co. | 35,856 | 2,164,268 | |
Xcel Energy, Inc. | 18,008 | 1,122,259 | |
18,202,367 | |||
Gas Utilities - 0.0% | |||
Atmos Energy Corp. | 4,073 | 420,537 | |
Independent Power and Renewable Electricity Producers - 0.1% | |||
NRG Energy, Inc. | 8,532 | 283,348 | |
The AES Corp. | 22,766 | 380,875 | |
664,223 | |||
Multi-Utilities - 1.1% | |||
Ameren Corp. | 8,452 | 667,708 | |
CenterPoint Energy, Inc. | 17,018 | 391,754 | |
CMS Energy Corp. | 9,724 | 587,524 | |
Consolidated Edison, Inc. | 11,376 | 896,656 | |
Dominion Energy, Inc. | 28,116 | 2,198,109 | |
DTE Energy Co. | 6,541 | 730,433 | |
NiSource, Inc. | 12,664 | 342,181 | |
Public Service Enterprise Group, Inc. | 17,305 | 887,920 | |
Sempra Energy | 9,640 | 1,347,479 | |
WEC Energy Group, Inc. | 10,804 | 997,533 | |
9,047,297 | |||
Water Utilities - 0.1% | |||
American Water Works Co., Inc. | 6,153 | 760,880 | |
TOTAL UTILITIES | 29,095,304 | ||
TOTAL COMMON STOCKS | |||
(Cost $785,348,466) | 836,877,484 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.0% | |||
U.S. Treasury Bills, yield at date of purchase 1.82% 3/19/20 (c) | |||
(Cost $99,910) | 100,000 | 99,932 | |
Shares | Value | ||
Money Market Funds - 0.7% | |||
Fidelity Cash Central Fund 1.60% (d) | 5,042,403 | $5,043,411 | |
Fidelity Securities Lending Cash Central Fund 1.60% (d)(e) | 1,291,219 | 1,291,348 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $6,334,759) | 6,334,759 | ||
TOTAL INVESTMENT IN SECURITIES - 99.6% | |||
(Cost $791,783,135) | 843,312,175 | ||
NET OTHER ASSETS (LIABILITIES) - 0.4% | 3,164,719 | ||
NET ASSETS - 100% | $846,476,894 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P 500 Index Contracts (United States) | 65 | March 2020 | $9,591,075 | $(277,521) | $(277,521) |
The notional amount of futures purchased as a percentage of Net Assets is 1.1%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 $99,932.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(e) 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 | $103,193 |
Fidelity Securities Lending Cash Central Fund | 20,422 |
Total | $123,615 |
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. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of February 29, 2020, 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 | $89,612,861 | $89,612,861 | $-- | $-- |
Consumer Discretionary | 82,851,794 | 82,851,794 | -- | -- |
Consumer Staples | 60,600,469 | 60,600,469 | -- | -- |
Energy | 29,922,319 | 29,922,319 | -- | -- |
Financials | 102,050,024 | 102,050,024 | -- | -- |
Health Care | 117,424,418 | 117,424,418 | -- | -- |
Industrials | 74,454,693 | 74,454,693 | -- | -- |
Information Technology | 204,326,109 | 204,326,109 | -- | -- |
Materials | 20,817,268 | 20,817,268 | -- | -- |
Real Estate | 25,722,225 | 25,722,225 | -- | -- |
Utilities | 29,095,304 | 29,095,304 | -- | -- |
U.S. Government and Government Agency Obligations | 99,932 | -- | 99,932 | -- |
Money Market Funds | 6,334,759 | 6,334,759 | -- | -- |
Total Investments in Securities: | $843,312,175 | $843,212,243 | $99,932 | $-- |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(277,521) | $(277,521) | $-- | $-- |
Total Liabilities | $(277,521) | $(277,521) | $-- | $-- |
Total Derivative Instruments: | $(277,521) | $(277,521) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 29, 2020. 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 | $(277,521) |
Total Equity Risk | 0 | (277,521) |
Total Value of Derivatives | $0 | $(277,521) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
February 29, 2020 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $1,235,738) — See accompanying schedule: Unaffiliated issuers (cost $785,448,376) | $836,977,416 | |
Fidelity Central Funds (cost $6,334,759) | 6,334,759 | |
Total Investment in Securities (cost $791,783,135) | $843,312,175 | |
Segregated cash with brokers for derivative instruments | 138,690 | |
Receivable for investments sold | 125,175 | |
Receivable for fund shares sold | 7,312,344 | |
Dividends receivable | 1,651,253 | |
Distributions receivable from Fidelity Central Funds | 4,882 | |
Receivable for daily variation margin on futures contracts | 15,232 | |
Total assets | 852,559,751 | |
Liabilities | ||
Payable for investments purchased | $117,344 | |
Payable for fund shares redeemed | 4,674,037 | |
Collateral on securities loaned | 1,291,476 | |
Total liabilities | 6,082,857 | |
Net Assets | $846,476,894 | |
Net Assets consist of: | ||
Paid in capital | $794,712,813 | |
Total accumulated earnings (loss) | 51,764,081 | |
Net Assets | $846,476,894 | |
Net Asset Value, offering price and redemption price per share ($846,476,894 ÷ 67,094,781 shares) | $12.62 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended February 29, 2020 | ||
Investment Income | ||
Dividends | $14,235,308 | |
Interest | 4,421 | |
Income from Fidelity Central Funds (including $20,422 from security lending) | 123,615 | |
Total income | 14,363,344 | |
Expenses | ||
Independent trustees' fees and expenses | $3,679 | |
Commitment fees | 1,665 | |
Total expenses before reductions | 5,344 | |
Expense reductions | (500) | |
Total expenses after reductions | 4,844 | |
Net investment income (loss) | 14,358,500 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (782,214) | |
Fidelity Central Funds | 542 | |
Futures contracts | 991,630 | |
Total net realized gain (loss) | 209,958 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 27,416,088 | |
Fidelity Central Funds | (589) | |
Futures contracts | (445,858) | |
Total change in net unrealized appreciation (depreciation) | 26,969,641 | |
Net gain (loss) | 27,179,599 | |
Net increase (decrease) in net assets resulting from operations | $41,538,099 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended February 29, 2020 | Year ended February 28, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $14,358,500 | $8,521,149 |
Net realized gain (loss) | 209,958 | (1,074,665) |
Change in net unrealized appreciation (depreciation) | 26,969,641 | 23,191,052 |
Net increase (decrease) in net assets resulting from operations | 41,538,099 | 30,637,536 |
Distributions to shareholders | (13,704,827) | (7,862,732) |
Share transactions | ||
Proceeds from sales of shares | 471,638,049 | 649,202,752 |
Reinvestment of distributions | 4,051,846 | 869,887 |
Cost of shares redeemed | (210,883,239) | (145,392,112) |
Net increase (decrease) in net assets resulting from share transactions | 264,806,656 | 504,680,527 |
Total increase (decrease) in net assets | 292,639,928 | 527,455,331 |
Net Assets | ||
Beginning of period | 553,836,966 | 26,381,635 |
End of period | $846,476,894 | $553,836,966 |
Other Information | ||
Shares | ||
Sold | 36,447,389 | 56,673,621 |
Issued in reinvestment of distributions | 300,950 | 75,823 |
Redeemed | (16,262,534) | (12,418,104) |
Net increase (decrease) | 20,485,805 | 44,331,340 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex 500 Index Fund
Years ended February 28, | 2020 A | 2019 | 2018 B |
Selected Per–Share Data | |||
Net asset value, beginning of period | $11.88 | $11.58 | $10.00 |
Income from Investment Operations | |||
Net investment income (loss)C | .26 | .24 | .22 |
Net realized and unrealized gain (loss) | .73 | .29 | 1.47 |
Total from investment operations | .99 | .53 | 1.69 |
Distributions from net investment income | (.25) | (.19) | (.10) |
Distributions from net realized gain | – | (.04) | (.01) |
Total distributions | (.25) | (.23) | (.11) |
Net asset value, end of period | $12.62 | $11.88 | $11.58 |
Total ReturnD,E | 8.26% | 4.67% | 16.91% |
Ratios to Average Net AssetsF,G | |||
Expenses before reductionsH | -% | -% | - %I |
Expenses net of fee waivers, if anyH | -% | -% | - %I |
Expenses net of all reductionsH | -% | -% | - %I |
Net investment income (loss) | 1.98% | 2.05% | 2.04%I |
Supplemental Data | |||
Net assets, end of period (000 omitted) | $846,477 | $553,837 | $26,382 |
Portfolio turnover rateJ | 3% | 8%K | 10%I |
A For the year ended February 29.
B For the period March 9, 2017 (commencement of operations) to February 28, 2018.
C Calculated based on average shares outstanding during the period.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F 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.
G 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.
H Amount represents less than .005%.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended February 29, 2020
1. Organization.
Fidelity Flex 500 Index Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts offered by Fidelity.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
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 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 February 29, 2020 is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date. 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.
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. As of February 29, 2020, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
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, short-term gain distributions from the Underlying Funds, market discount, capital loss carryforwards, certain deemed distributions and losses deferred due to wash sales and excise tax regulartions.
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 | $105,483,700 |
Gross unrealized depreciation | (56,666,651) |
Net unrealized appreciation (depreciation) | $48,817,049 |
Tax Cost | $794,495,126 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $3,217,143 |
Capital loss carryforward | $(270,111) |
Net unrealized appreciation (depreciation) on securities and other investments | $48,817,049 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
No expiration | |
Long-term | $(270,111) |
The tax character of distributions paid was as follows:
February 29, 2020 | February 28, 2019 | |
Ordinary Income | $13,704,827 | $ 7,715,487 |
Long-term Capital Gains | -- | 147,245 |
Total | $13,704,827 | $ 7,862,732 |
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 and is representative of volume of activity during the period. 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 and U.S. government securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Flex 500 Index Fund | 288,390,350 | 24,597,074 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Prior Fiscal Year Affiliated Exchanges In-Kind. During the prior period, the Fund received investments and cash valued at $236,623,797 in exchange for 20,903,162 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Commitment fees on the Statement of Operations, and are as follows:
Amount | |
Fidelity Flex 500 Index Fund | $1,665 |
During the period, there were no borrowings on this line of credit.
8. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. 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. During the period, there were no securities loaned to NFS.
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $500.
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.
11. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity Flex 500 Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Flex 500 Index Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of February 29, 2020, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and for the period from March 9, 2017 (commencement of operations) to February 28, 2018, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of February 29, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from March 9, 2017 (commencement of operations) to February 28, 2018, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of February 29, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
April 13, 2020
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 302 funds. Mr. Chiel oversees 173 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants).
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
James C. Curvey (1935)
Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Previously, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity), Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail), Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005) and Chairman (2014-2017) and a member of the Board (2010-2017) of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes). Mr. Lacy currently serves as a member of the Board of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present), Trustee of the California Chapter of The Nature Conservancy (2015-present) and a member of the Board of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008
Trustee
Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of XL Group plc. (global insurance and re-insurance, 2006-2018).
Cornelia M. Small (1944)
Year of Election or Appointment: 2005
Trustee
Ms. Small also serves as Trustee of other Fidelity® funds. Previously, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments and a member of Scudder, Stevens & Clark and Scudder Kemper Investments. Ms. Small previously served as a member of the Board (2009-2019) and Chair of the Investment Committee (2010-2019) of the Teagle Foundation and a member of the Investment Committee of the Berkshire Taconic Community Foundation (2008-2019).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Vicki L. Fuller (1957)
Year of Election or Appointment: 2018
Member of the Advisory Board
Ms. Fuller also serves as a member of the Advisory Board of other Fidelity® funds. Previously, Ms. Fuller served as Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Member of the Advisory Board
Ms. Kampling also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Member of the Advisory Board
Ms. Tomasky also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Member of the Advisory Board
Mr. Wiley also serves as Trustee or a member of the Advisory Board of other Fidelity® funds. Previously, Mr. Wiley served as Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley currently serves as a member of the Board of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018) and a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of certain funds (2017-2019), as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including 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 (September 1, 2019 to February 29, 2020).
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 September 1, 2019 | Ending Account Value February 29, 2020 | Expenses Paid During Period-B September 1, 2019 to February 29, 2020 | |
Actual | - %-C | $1,000.00 | $1,019.90 | $--D |
Hypothetical-E | $1,000.00 | $1,024.86 | $--D |
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 182/366 (to reflect the one-half year period).
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Distributions (Unaudited)
A total of 0.19% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates 98%, 92%, 92%, and 92% of the dividends distributed in April, July, October, and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 99%, 96%, 96%, and 96% of the dividends distributed in April, July, October, and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund designates 2%, 5%, 5%, and 5% of the dividends distributed in April, July, October, and December, respectively during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Flex 500 Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts).FMR and Geode 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 renewal of the Advisory Contracts throughout the year.Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.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 Contracts, 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 renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. 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 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.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, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; 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 over the Internet and through telephone representatives, 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 ETFs with innovative structures, strategies and pricing 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 target date 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) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) 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. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board noted that the fund is available exclusively to certain Fidelity fee-based programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of the program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund with limited exceptions.Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's and Geode's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.The Board concluded that the costs of the services provided by and the profits realized by Fidelity and Geode in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with limited exceptions.The Board also considered information regarding the profitability of Geode's relationship with the fund.Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Amended and Restated Contracts should be approved and the fund's Advisory Contracts should be renewed.Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot not be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2018 through November 30, 2019. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
Z5I-ANN-0420
1.9881571.102
Fidelity® Series Total Market Index Fund
February 29, 2020
See the inside front cover for important information about access to your fund’s shareholder reports.
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 1-800-544-8544 to request a free copy of the proxy voting guidelines.
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. © 2020 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following the end of this reporting period, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average annual total returns for Fidelity® Series Total Market Index Fund will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Series Total Market Index Fund on April 26, 2019, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Dow Jones U.S. Total Stock Market Index℠ performed over the same period.
Period Ending Values | ||
$10,138 | Fidelity® Series Total Market Index Fund | |
$10,141 | Dow Jones U.S. Total Stock Market Index℠ |
Management's Discussion of Fund Performance
Market Recap: U.S. stocks stalled to begin the new year and declined in late February, as the outbreak and spread of the new coronavirus threatened to hamper global economic growth and corporate earnings. For the 12 months ending February 29, 2020, the U.S. equity bellwether S&P 500® index gained 8.19%. The period began with equities rising amid upbeat company earnings and signs the U.S. Federal Reserve may pause on rates. The uptrend extended until May, when the index dipped as trade talks between the U.S. and China broke down. The bull market roared back to record a series of highs in July, when the Fed cut interest rates for the first time since 2008. Volatility intensified in August, as the Treasury yield curve inverted, which some investors viewed as a sign the U.S. economy could be heading for recession. But the market proved resilient, hitting a new high on October 30, when the Fed lowered rates for the third time in 2019, and moving higher through December 31. Following a roughly flat January, stocks sank in late February, after a surge in coronavirus cases outside China created considerable uncertainty and pushed investors to safer asset classes. By sector, information technology (+27%) led the way by a wide margin, followed by utilities and communication services (+13% each). In contrast, energy (-25%) was by far the weakest category, struggling due to sluggish oil prices. Other notable laggards included materials and industrials (-2% each).Comments from the Geode Capital Management, LLC, passive equity index team: From the fund's inception date of April 26, 2019 to its February 29, 2020 fiscal year end, the fund gained 1.38%, roughly in line with the benchmark Dow Jones U.S. Total Stock Market Index. At the individual-stock level, the largest positive impact on performance came from the two largest companies in the index, Apple and Microsoft. Apple (+35%), a maker of consumer electronics and personal computers, reported especially strong growth in services and wearable electronics, while software company Microsoft (+27%) benefited from strong earnings growth and a decision to buy back stock and increase its quarterly dividend. Electronic-payment processors Mastercard (+18%) and Visa (+11%) both enjoyed strong financial results driven by growth in non-cash financial transactions, boosting these companies' share prices. Another notable contributor was electric-vehicle manufacturer Tesla (+176%), whose shares gained especially sharply in January and the first half of February 2020, as the company announced its second consecutive profitable quarter. In contrast, ample oil supply weighed on energy stocks, especially Exxon Mobil (-32%), Chevron (-17%) and Occidental Petroleum (-43%). Shares of Boeing (-26%) were hampered by continued fallout from the aircraft manufacturer's beleaguered 737 MAX jet, which remains grounded following deadly crashes in March 2019 and October 2018. Shares of pharmaceutical company Pfizer (-12%) declined on revenue estimates shy of expectations and investors' apparent dissatisfaction with the company's plans to merge one of its business units with Mylan.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of February 29, 2020
% of fund's net assets | |
Microsoft Corp. | 4.2 |
Apple, Inc. | 3.9 |
Amazon.com, Inc. | 2.7 |
Facebook, Inc. Class A | 1.6 |
Berkshire Hathaway, Inc. Class B | 1.4 |
Alphabet, Inc. Class A | 1.4 |
Alphabet, Inc. Class C | 1.4 |
JPMorgan Chase & Co. | 1.3 |
Johnson & Johnson | 1.2 |
Visa, Inc. Class A | 1.1 |
20.2 |
Top Market Sectors as of February 29, 2020
% of fund's net assets | |
Information Technology | 23.3 |
Health Care | 14.0 |
Financials | 12.9 |
Consumer Discretionary | 10.2 |
Communication Services | 9.7 |
Industrials | 9.5 |
Consumer Staples | 6.4 |
Real Estate | 4.1 |
Utilities | 3.3 |
Energy | 3.3 |
Asset Allocation (% of fund's net assets)
As of February 29, 2020* | ||
Stocks and Equity Futures | 100.0% |
* Foreign investments - 4.0%
Schedule of Investments February 29, 2020
Showing Percentage of Net Assets
Common Stocks - 99.4% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 9.7% | |||
Diversified Telecommunication Services - 1.8% | |||
Alaska Communication Systems Group, Inc. (a) | 40,036 | $84,076 | |
AT&T, Inc. | 5,462,115 | 192,375,690 | |
ATN International, Inc. | 9,405 | 506,930 | |
Bandwidth, Inc. (a) | 12,011 | 755,372 | |
CenturyLink, Inc. | 737,032 | 8,895,976 | |
Cincinnati Bell, Inc. (a) | 38,497 | 502,386 | |
Cogent Communications Group, Inc. | 31,563 | 2,304,415 | |
Consolidated Communications Holdings, Inc. (b) | 52,480 | 326,426 | |
Frontier Communications Corp. (a)(b) | 73,053 | 39,522 | |
GCI Liberty, Inc. (a) | 71,497 | 4,941,158 | |
Globalstar, Inc. (a)(b) | 446,071 | 182,175 | |
GlowPoint, Inc. (a) | 553 | 885 | |
IDT Corp. Class B (a) | 13,196 | 101,609 | |
Iridium Communications, Inc. (a) | 73,312 | 1,984,556 | |
Ooma, Inc. (a) | 15,265 | 195,850 | |
ORBCOMM, Inc. (a) | 57,483 | 190,269 | |
Pareteum Corp. (a)(b) | 87,870 | 49,207 | |
PDVWireless, Inc. (a) | 10,079 | 472,201 | |
Verizon Communications, Inc. | 3,091,966 | 167,460,879 | |
Vonage Holdings Corp. (a) | 173,931 | 1,558,422 | |
Zayo Group Holdings, Inc. (a) | 173,906 | 6,084,971 | |
389,012,975 | |||
Entertainment - 1.7% | |||
Activision Blizzard, Inc. | 574,457 | 33,393,185 | |
AMC Entertainment Holdings, Inc. Class A (b) | 38,127 | 238,675 | |
Ballantyne of Omaha, Inc. (a) | 5,296 | 15,888 | |
Chicken Soup For The Soul Entertainment, Inc. (a)(b) | 1,523 | 13,448 | |
Cinedigm Corp. (a) | 1,655 | 842 | |
Cinemark Holdings, Inc. | 80,443 | 2,088,300 | |
Electronic Arts, Inc. (a) | 218,357 | 22,134,849 | |
Gaia, Inc. Class A (a)(b) | 8,587 | 72,388 | |
Global Eagle Entertainment, Inc. (a) | 30,827 | 9,248 | |
Glu Mobile, Inc. (a) | 87,954 | 626,232 | |
Lions Gate Entertainment Corp.: | |||
Class A (a)(b) | 63,074 | 501,438 | |
Class B (a) | 55,015 | 407,111 | |
Live Nation Entertainment, Inc. (a) | 105,736 | 6,425,577 | |
LiveXLive Media, Inc. (a)(b) | 20,308 | 25,588 | |
Marcus Corp. | 16,601 | 443,579 | |
Netflix, Inc. (a) | 327,801 | 120,968,403 | |
Reading International, Inc. Class A (a) | 11,224 | 93,496 | |
Roku, Inc. Class A (a)(b) | 68,509 | 7,787,418 | |
Rosetta Stone, Inc. (a) | 17,467 | 301,655 | |
Sciplay Corp. (A Shares) | 16,685 | 150,832 | |
Take-Two Interactive Software, Inc. (a) | 84,732 | 9,106,995 | |
The Madison Square Garden Co. (a) | 12,983 | 3,477,107 | |
The Walt Disney Co. | 1,347,873 | 158,577,258 | |
World Wrestling Entertainment, Inc. Class A (b) | 33,730 | 1,577,552 | |
Zynga, Inc. (a) | 697,680 | 4,681,433 | |
373,118,497 | |||
Interactive Media & Services - 4.6% | |||
Alphabet, Inc.: | |||
Class A (a) | 223,877 | 299,827,272 | |
Class C (a) | 223,694 | 299,600,085 | |
ANGI Homeservices, Inc. Class A (a)(b) | 55,766 | 397,612 | |
Autoweb, Inc. (a) | 2,781 | 5,451 | |
CarGurus, Inc. Class A (a) | 54,066 | 1,378,142 | |
Cars.com, Inc. (a) | 46,482 | 422,057 | |
DHI Group, Inc. (a) | 41,671 | 95,010 | |
Eventbrite, Inc. (a) | 25,811 | 377,099 | |
EverQuote, Inc. Class A (a)(b) | 7,834 | 318,217 | |
Facebook, Inc. Class A (a) | 1,799,639 | 346,376,518 | |
IAC/InterActiveCorp (a) | 54,369 | 11,088,014 | |
Liberty TripAdvisor Holdings, Inc. (a) | 48,378 | 210,686 | |
Match Group, Inc. (a)(b) | 40,740 | 2,648,100 | |
MeetMe, Inc. (a) | 50,417 | 257,127 | |
Pinterest, Inc. Class A | 73,540 | 1,434,030 | |
QuinStreet, Inc. (a) | 35,840 | 461,619 | |
Snap, Inc. Class A (a) | 587,832 | 8,329,579 | |
Super League Gaming, Inc. (b) | 10,121 | 34,209 | |
Travelzoo, Inc. (a) | 3,176 | 25,980 | |
TripAdvisor, Inc. | 79,258 | 1,858,600 | |
TrueCar, Inc. (a) | 71,487 | 188,011 | |
Twitter, Inc. (a) | 580,994 | 19,289,001 | |
Yelp, Inc. (a) | 48,584 | 1,519,222 | |
Zedge, Inc. (a) | 4,399 | 6,387 | |
Zillow Group, Inc.: | |||
Class A (a) | 34,130 | 1,900,017 | |
Class C (a)(b) | 85,940 | 4,796,311 | |
1,002,844,356 | |||
Media - 1.5% | |||
A.H. Belo Corp. Class A | 6,538 | 16,345 | |
Altice U.S.A., Inc. Class A (a) | 231,345 | 5,982,582 | |
AMC Networks, Inc. Class A (a) | 32,843 | 1,018,133 | |
Boston Omaha Corp. (a)(b) | 7,610 | 148,091 | |
Cable One, Inc. | 3,765 | 5,922,420 | |
Cardlytics, Inc. (a) | 14,919 | 1,184,419 | |
Cbdmd, Inc. (a)(b) | 38,238 | 39,003 | |
Central European Media Enterprises Ltd. Class A (a) | 67,654 | 299,707 | |
Charter Communications, Inc. Class A (a) | 117,230 | 57,814,319 | |
Clear Channel Outdoor Holdings, Inc. (a) | 278,499 | 576,493 | |
Comcast Corp. Class A | 3,394,425 | 137,236,603 | |
comScore, Inc. (a) | 32,518 | 113,813 | |
Cumulus Media, Inc. (a) | 9,966 | 120,090 | |
Daily Journal Corp. (a)(b) | 760 | 190,000 | |
Discovery Communications, Inc.: | |||
Class A (a)(b) | 122,275 | 3,142,468 | |
Class C (non-vtg.) (a) | 245,941 | 6,173,119 | |
DISH Network Corp. Class A (a) | 191,671 | 6,424,812 | |
E.W. Scripps Co. Class A (b) | 39,817 | 473,822 | |
Emerald Expositions Events, Inc. | 17,347 | 119,000 | |
Emmis Communications Corp. Class A (a) | 587 | 2,119 | |
Entercom Communications Corp. Class A | 79,698 | 276,552 | |
Entravision Communication Corp. Class A | 39,708 | 79,813 | |
Fluent, Inc. (a) | 22,705 | 52,903 | |
Fox Corp.: | |||
Class A | 279,869 | 8,603,173 | |
Class B | 106,307 | 3,237,048 | |
Gray Television, Inc. (a) | 65,563 | 1,240,452 | |
Harte-Hanks, Inc. (a) | 1,340 | 3,993 | |
Hemisphere Media Group, Inc. (a) | 17,324 | 218,802 | |
iHeartMedia, Inc. (a)(b) | 41,978 | 634,288 | |
Insignia Systems, Inc. (a) | 1,485 | 1,143 | |
Interpublic Group of Companies, Inc. | 289,430 | 6,182,225 | |
John Wiley & Sons, Inc. Class A | 34,186 | 1,271,377 | |
Lee Enterprises, Inc. (a)(b) | 35,332 | 52,998 | |
Liberty Broadband Corp.: | |||
Class A (a) | 15,879 | 1,963,915 | |
Class C (a) | 116,754 | 14,698,161 | |
Liberty Global PLC: | |||
Class A (a) | 130,229 | 2,542,070 | |
Class C (a) | 303,557 | 5,643,125 | |
Liberty Latin America Ltd.: | |||
Class A (a) | 32,617 | 494,148 | |
Class C (a) | 90,935 | 1,381,303 | |
Liberty Media Corp.: | |||
Liberty Braves Class A (a) | 4,208 | 109,492 | |
Liberty Braves Class C (a) | 30,137 | 782,959 | |
Liberty Formula One Group Series C (a) | 147,162 | 5,748,148 | |
Liberty Media Class A (a) | 24,854 | 931,776 | |
Liberty SiriusXM Series A (a) | 58,845 | 2,628,606 | |
Liberty SiriusXM Series C (a) | 113,317 | 5,056,205 | |
Loral Space & Communications Ltd. (a) | 9,820 | 305,009 | |
Marchex, Inc. Class B (a) | 14,738 | 38,171 | |
MDC Partners, Inc. Class A (a) | 37,707 | 94,645 | |
Mediaco Holding, Inc. (a) | 75 | 506 | |
Meredith Corp. | 31,113 | 819,828 | |
MSG Network, Inc. Class A (a)(b) | 35,769 | 452,120 | |
National CineMedia, Inc. | 44,968 | 345,804 | |
New Media Investment Group, Inc. (b) | 88,748 | 372,742 | |
News Corp.: | |||
Class A | 264,467 | 3,193,439 | |
Class B (b) | 118,283 | 1,471,441 | |
Nexstar Broadcasting Group, Inc. Class A | 34,605 | 3,978,883 | |
Omnicom Group, Inc. | 162,573 | 11,263,057 | |
Saga Communications, Inc. Class A | 2,533 | 72,900 | |
Salem Communications Corp. Class A | 3,196 | 3,931 | |
Scholastic Corp. | 24,600 | 789,414 | |
Sinclair Broadcast Group, Inc. Class A | 51,038 | 1,184,592 | |
Sirius XM Holdings, Inc. (b) | 1,025,304 | 6,500,427 | |
Srax, Inc. (a)(b) | 7,628 | 21,969 | |
TechTarget, Inc. (a) | 17,384 | 402,092 | |
Tegna, Inc. | 162,964 | 2,333,644 | |
The New York Times Co. Class A | 108,077 | 4,048,564 | |
Townsquare Media, Inc. | 6,126 | 54,583 | |
Tribune Publishing Co. | 12,055 | 138,271 | |
Urban One, Inc.: | |||
Class A (a)(b) | 2,298 | 4,481 | |
Class D (non-vtg.) (a) | 9,533 | 17,922 | |
ViacomCBS, Inc.: | |||
Class A | 25,992 | 779,760 | |
Class B | 383,343 | 9,434,071 | |
WideOpenWest, Inc. (a) | 20,390 | 128,253 | |
339,082,552 | |||
Wireless Telecommunication Services - 0.1% | |||
Boingo Wireless, Inc. (a) | 31,153 | 394,709 | |
Gogo, Inc. (a)(b) | 38,085 | 137,487 | |
NII Holdings, Inc. (a)(c) | 62,298 | 135,187 | |
Shenandoah Telecommunications Co. | 36,167 | 1,606,900 | |
Spok Holdings, Inc. | 12,720 | 126,691 | |
Sprint Corp. (a) | 464,002 | 4,264,178 | |
T-Mobile U.S., Inc. (a) | 236,690 | 21,339,970 | |
Telephone & Data Systems, Inc. | 74,818 | 1,506,835 | |
U.S. Cellular Corp. (a) | 10,533 | 330,842 | |
29,842,799 | |||
TOTAL COMMUNICATION SERVICES | 2,133,901,179 | ||
CONSUMER DISCRETIONARY - 10.2% | |||
Auto Components - 0.2% | |||
Adient PLC (a) | 65,697 | 1,572,129 | |
American Axle & Manufacturing Holdings, Inc. (a) | 88,918 | 562,851 | |
Aptiv PLC | 190,651 | 14,891,750 | |
Autoliv, Inc. | 58,420 | 3,898,367 | |
BorgWarner, Inc. | 153,191 | 4,840,836 | |
Cooper Tire & Rubber Co. | 37,558 | 957,353 | |
Cooper-Standard Holding, Inc. (a) | 11,870 | 205,114 | |
Dana, Inc. | 107,354 | 1,543,751 | |
Delphi Technologies PLC (a) | 64,962 | 917,263 | |
Dorman Products, Inc. (a) | 22,066 | 1,338,082 | |
Fox Factory Holding Corp. (a) | 29,172 | 1,849,505 | |
Garrett Motion, Inc. (a) | 52,111 | 361,650 | |
Gentex Corp. | 188,181 | 5,024,433 | |
Gentherm, Inc. (a) | 25,778 | 1,051,227 | |
Horizon Global Corp. (a)(b) | 12,602 | 38,688 | |
LCI Industries | 18,807 | 1,815,816 | |
Lear Corp. | 40,892 | 4,547,190 | |
Modine Manufacturing Co. (a) | 36,737 | 274,058 | |
Motorcar Parts of America, Inc. (a)(b) | 12,982 | 217,319 | |
Shiloh Industries, Inc. (a) | 6,967 | 24,106 | |
Standard Motor Products, Inc. | 14,702 | 646,888 | |
Stoneridge, Inc. (a) | 19,511 | 431,193 | |
Strattec Security Corp. | 2,474 | 51,731 | |
Superior Industries International, Inc. | 17,712 | 46,051 | |
Sypris Solutions, Inc. (a)(b) | 4,966 | 4,519 | |
Tenneco, Inc. (b) | 41,202 | 377,822 | |
The Goodyear Tire & Rubber Co. | 175,473 | 1,699,456 | |
Veoneer, Inc. (a)(b) | 74,941 | 922,524 | |
Visteon Corp. (a) | 20,980 | 1,364,539 | |
Workhorse Group, Inc. (a)(b) | 34,854 | 104,911 | |
XPEL, Inc. (a)(b) | 11,397 | 147,135 | |
51,728,257 | |||
Automobiles - 0.6% | |||
Arcimoto, Inc. (a)(b) | 8,340 | 12,593 | |
Ford Motor Co. | 2,911,237 | 20,262,210 | |
General Motors Co. | 939,736 | 28,661,948 | |
Harley-Davidson, Inc. (b) | 115,651 | 3,523,886 | |
Tesla, Inc. (a) | 106,486 | 71,131,583 | |
Thor Industries, Inc. (b) | 41,424 | 3,123,784 | |
Winnebago Industries, Inc. | 24,863 | 1,290,141 | |
128,006,145 | |||
Distributors - 0.1% | |||
Core-Mark Holding Co., Inc. | 36,859 | 848,126 | |
Educational Development Corp. | 1,690 | 8,720 | |
Funko, Inc. (a)(b) | 11,763 | 95,398 | |
Genuine Parts Co. | 109,296 | 9,534,983 | |
LKQ Corp. (a) | 228,931 | 6,771,779 | |
Pool Corp. | 30,088 | 6,347,364 | |
Weyco Group, Inc. | 4,075 | 89,406 | |
23,695,776 | |||
Diversified Consumer Services - 0.2% | |||
Adtalem Global Education, Inc. (a) | 42,445 | 1,310,277 | |
American Public Education, Inc. (a) | 11,317 | 251,916 | |
Aspen Group, Inc. (a) | 14,021 | 123,104 | |
Bright Horizons Family Solutions, Inc. (a) | 43,553 | 6,844,354 | |
Career Education Corp. (a) | 56,519 | 843,829 | |
Carriage Services, Inc. | 11,085 | 234,448 | |
Chegg, Inc. (a) | 86,234 | 3,381,235 | |
Collectors Universe, Inc. | 4,866 | 111,942 | |
Franchise Group, Inc. | 7,702 | 178,686 | |
Frontdoor, Inc. (a) | 63,564 | 2,695,114 | |
Graham Holdings Co. | 3,239 | 1,628,828 | |
Grand Canyon Education, Inc. (a) | 36,212 | 2,921,584 | |
H&R Block, Inc. | 144,772 | 2,992,437 | |
Houghton Mifflin Harcourt Co. (a) | 83,302 | 455,662 | |
HyreCar, Inc. (a)(b) | 13,458 | 42,258 | |
K12, Inc. (a) | 29,534 | 587,136 | |
Laureate Education, Inc. Class A (a) | 82,373 | 1,540,375 | |
Lincoln Educational Services Corp. (a) | 4,619 | 13,626 | |
OneSpaWorld Holdings Ltd. (b) | 24,556 | 300,074 | |
Regis Corp. (a) | 16,384 | 209,060 | |
Select Interior Concepts, Inc. (a) | 12,350 | 92,255 | |
Service Corp. International | 136,400 | 6,518,556 | |
ServiceMaster Global Holdings, Inc. (a) | 102,203 | 3,655,801 | |
Strategic Education, Inc. | 16,561 | 2,440,760 | |
Universal Technical Institute, Inc. (a) | 17,914 | 132,564 | |
Weight Watchers International, Inc. (a) | 34,934 | 1,048,020 | |
Xpresspa Group, Inc. (a) | 145 | 115 | |
Zovio, Inc. (a) | 15,381 | 24,148 | |
40,578,164 | |||
Hotels, Restaurants & Leisure - 1.9% | |||
ARAMARK Holdings Corp. | 186,407 | 6,475,779 | |
BBQ Holdings, Inc. (a) | 2,247 | 9,932 | |
BFC Financial Corp. Class A | 46,339 | 161,260 | |
Biglari Holdings, Inc. (a) | 73 | 43,800 | |
Biglari Holdings, Inc. (a) | 730 | 76,986 | |
BJ's Restaurants, Inc. | 13,697 | 451,316 | |
Bloomin' Brands, Inc. | 64,363 | 1,157,890 | |
Bluegreen Vacations Corp. (b) | 6,504 | 50,471 | |
Boyd Gaming Corp. | 60,374 | 1,612,590 | |
Brinker International, Inc. (b) | 28,649 | 984,093 | |
Caesars Entertainment Corp. (a) | 413,570 | 5,256,475 | |
Carnival Corp. | 299,796 | 10,031,174 | |
Carrols Restaurant Group, Inc. (a) | 34,746 | 143,327 | |
Century Casinos, Inc. (a) | 19,736 | 137,757 | |
Chipotle Mexican Grill, Inc. (a) | 19,127 | 14,796,265 | |
Choice Hotels International, Inc. (b) | 23,466 | 2,141,976 | |
Churchill Downs, Inc. | 26,427 | 3,320,288 | |
Chuy's Holdings, Inc. (a) | 11,988 | 257,023 | |
Cracker Barrel Old Country Store, Inc. (b) | 18,060 | 2,588,540 | |
Darden Restaurants, Inc. | 91,772 | 8,947,770 | |
Dave & Buster's Entertainment, Inc. (b) | 23,407 | 772,665 | |
Del Taco Restaurants, Inc. (a) | 26,220 | 167,808 | |
Denny's Corp. (a) | 45,586 | 793,652 | |
Dine Brands Global, Inc. | 12,891 | 1,055,128 | |
Domino's Pizza, Inc. | 30,557 | 10,372,879 | |
Dover Motorsports, Inc. | 2,946 | 4,861 | |
Drive Shack, Inc. (a) | 50,982 | 145,809 | |
Dunkin' Brands Group, Inc. | 62,195 | 4,137,211 | |
El Pollo Loco Holdings, Inc. (a) | 13,637 | 175,917 | |
Eldorado Resorts, Inc. (a)(b) | 48,637 | 2,440,605 | |
Everi Holdings, Inc. (a) | 60,279 | 626,902 | |
Extended Stay America, Inc. unit | 139,253 | 1,528,998 | |
Fiesta Restaurant Group, Inc. (a) | 14,939 | 144,311 | |
Full House Resorts, Inc. (a) | 22,240 | 64,051 | |
Golden Entertainment, Inc. (a) | 13,077 | 212,894 | |
Good Times Restaurants, Inc. (a) | 2,340 | 3,159 | |
Habit Restaurants, Inc. Class A (a) | 14,083 | 196,599 | |
Hilton Grand Vacations, Inc. (a) | 63,296 | 1,687,471 | |
Hilton Worldwide Holdings, Inc. | 210,913 | 20,500,744 | |
Hyatt Hotels Corp. Class A (b) | 27,449 | 2,102,593 | |
Inspired Entertainment, Inc. (a) | 13,668 | 71,074 | |
J. Alexanders Holdings, Inc. (a) | 8,393 | 68,907 | |
Jack in the Box, Inc. (b) | 17,355 | 1,195,065 | |
Kura Sushi U.S.A., Inc. Class A (a) | 2,092 | 38,932 | |
Las Vegas Sands Corp. | 252,709 | 14,735,462 | |
Lindblad Expeditions Holdings (a) | 20,484 | 243,760 | |
Luby's, Inc. (a) | 4,308 | 10,167 | |
Marriott International, Inc. Class A | 202,802 | 25,147,448 | |
Marriott Vacations Worldwide Corp. | 28,083 | 2,717,873 | |
McDonald's Corp. | 563,188 | 109,354,214 | |
MGM Mirage, Inc. | 383,914 | 9,428,928 | |
Monarch Casino & Resort, Inc. (a) | 8,774 | 414,835 | |
Nathan's Famous, Inc. | 2,169 | 129,056 | |
Noodles & Co. (a)(b) | 21,007 | 170,577 | |
Norwegian Cruise Line Holdings Ltd. (a) | 159,019 | 5,925,048 | |
Papa John's International, Inc. (b) | 16,740 | 964,391 | |
Penn National Gaming, Inc. (a) | 81,729 | 2,416,727 | |
Planet Fitness, Inc. (a) | 61,374 | 4,142,131 | |
Playa Hotels & Resorts NV (a) | 41,524 | 220,077 | |
PlayAGS, Inc. (a) | 18,919 | 183,325 | |
Potbelly Corp. (a) | 15,440 | 77,200 | |
Rave Restaurant Group, Inc. (a) | 2,676 | 3,345 | |
RCI Hospitality Holdings, Inc. | 7,036 | 141,775 | |
Red Lion Hotels Corp. (a) | 13,212 | 33,955 | |
Red Robin Gourmet Burgers, Inc. (a) | 8,856 | 243,540 | |
Red Rock Resorts, Inc. | 53,901 | 1,110,900 | |
Royal Caribbean Cruises Ltd. | 128,494 | 10,332,203 | |
Ruth's Hospitality Group, Inc. | 19,081 | 365,020 | |
Scientific Games Corp. Class A (a) | 41,104 | 749,737 | |
SeaWorld Entertainment, Inc. (a) | 30,511 | 830,204 | |
Shake Shack, Inc. Class A (a)(b) | 23,375 | 1,389,410 | |
Six Flags Entertainment Corp. | 59,031 | 1,492,304 | |
Starbucks Corp. | 882,857 | 69,242,475 | |
Target Hospitality Corp. (a) | 24,043 | 112,521 | |
Texas Roadhouse, Inc. Class A | 49,102 | 2,760,514 | |
The Cheesecake Factory, Inc. (b) | 31,593 | 1,125,659 | |
The ONE Group Hospitality, Inc. (a) | 21,573 | 78,741 | |
Town Sports International Holdings, Inc. (a)(b) | 12,170 | 17,281 | |
Twin River Worldwide Holdings, Inc. | 16,859 | 438,334 | |
Vail Resorts, Inc. | 30,181 | 6,416,782 | |
Wendy's Co. | 138,074 | 2,606,837 | |
Wingstop, Inc. | 22,291 | 1,882,475 | |
Wyndham Destinations, Inc. | 67,316 | 2,685,908 | |
Wyndham Hotels & Resorts, Inc. | 71,168 | 3,626,010 | |
Wynn Resorts Ltd. | 72,178 | 7,793,780 | |
Yum! Brands, Inc. | 226,410 | 20,207,093 | |
419,120,969 | |||
Household Durables - 0.5% | |||
Bassett Furniture Industries, Inc. | 5,383 | 53,130 | |
Beazer Homes U.S.A., Inc. (a) | 19,636 | 240,737 | |
Cavco Industries, Inc. (a) | 6,525 | 1,316,223 | |
Century Communities, Inc. (a) | 21,908 | 730,194 | |
Comstock Holding Companies, Inc. (a)(b) | 441 | 803 | |
CSS Industries, Inc. | 4,752 | 44,526 | |
D.R. Horton, Inc. | 250,749 | 13,357,399 | |
Dixie Group, Inc. (a) | 3,273 | 3,109 | |
Emerson Radio Corp. (a)(b) | 6,994 | 5,763 | |
Ethan Allen Interiors, Inc. | 15,794 | 208,481 | |
Flexsteel Industries, Inc. | 7,142 | 98,131 | |
Garmin Ltd. | 108,061 | 9,551,512 | |
GoPro, Inc. Class A (a)(b) | 99,522 | 377,686 | |
Green Brick Partners, Inc. (a) | 16,683 | 182,512 | |
Hamilton Beach Brands Holding Co. Class A | 3,629 | 42,096 | |
Helen of Troy Ltd. (a) | 18,843 | 3,101,558 | |
Hooker Furniture Corp. | 7,755 | 145,872 | |
Hovnanian Enterprises, Inc. Class A (a) | 3,549 | 87,838 | |
Installed Building Products, Inc. (a) | 16,152 | 1,066,840 | |
iRobot Corp. (a)(b) | 21,455 | 1,029,625 | |
KB Home | 64,586 | 2,104,858 | |
Koss Corp. (a) | 786 | 943 | |
La-Z-Boy, Inc. | 33,744 | 966,766 | |
Legacy Housing Corp. (a) | 3,947 | 56,718 | |
Leggett & Platt, Inc. | 98,086 | 3,890,091 | |
Lennar Corp.: | |||
Class A | 195,747 | 11,811,374 | |
Class B | 28,840 | 1,378,840 | |
LGI Homes, Inc. (a)(b) | 15,518 | 1,169,281 | |
Libbey, Inc. (a)(b) | 12,363 | 17,803 | |
Lifetime Brands, Inc. | 4,140 | 26,330 | |
Lovesac (a)(b) | 6,454 | 56,085 | |
M.D.C. Holdings, Inc. | 38,445 | 1,512,426 | |
M/I Homes, Inc. (a) | 21,591 | 803,833 | |
Meritage Homes Corp. (a) | 27,227 | 1,727,825 | |
Mohawk Industries, Inc. (a) | 44,485 | 5,389,358 | |
New Home Co. LLC (a) | 5,240 | 25,728 | |
Newell Brands, Inc. | 285,787 | 4,409,693 | |
Nova LifeStyle, Inc. (a)(b) | 1,541 | 2,466 | |
NVR, Inc. (a) | 2,605 | 9,553,004 | |
PulteGroup, Inc. | 189,566 | 7,620,553 | |
Purple Innovation, Inc. (a) | 10,026 | 136,153 | |
Skyline Champion Corp. (a) | 38,117 | 971,221 | |
Sonos, Inc. (a)(b) | 48,541 | 560,163 | |
Taylor Morrison Home Corp. (a) | 98,210 | 2,211,689 | |
Tempur Sealy International, Inc. (a) | 33,738 | 2,521,916 | |
Toll Brothers, Inc. | 92,606 | 3,429,200 | |
TopBuild Corp. (a) | 25,543 | 2,579,843 | |
TRI Pointe Homes, Inc. (a) | 104,744 | 1,605,726 | |
Tupperware Brands Corp. | 33,628 | 95,840 | |
Turtle Beach Corp. (a)(b) | 10,719 | 70,853 | |
Universal Electronics, Inc. (a) | 10,731 | 453,063 | |
VOXX International Corp. (a) | 11,574 | 42,940 | |
Vuzix Corp. (a)(b) | 32,488 | 51,656 | |
Whirlpool Corp. | 47,062 | 6,017,347 | |
Zagg, Inc. (a)(b) | 23,001 | 154,567 | |
105,070,187 | |||
Internet & Direct Marketing Retail - 3.2% | |||
1-800-FLOWERS.com, Inc. Class A (a) | 18,136 | 327,173 | |
Amazon.com, Inc. (a) | 311,441 | 586,676,984 | |
Blue Apron Holdings, Inc. Class A (a)(b) | 3,763 | 10,762 | |
Chewy, Inc. (b) | 41,125 | 1,217,300 | |
Duluth Holdings, Inc. (a)(b) | 11,212 | 76,914 | |
eBay, Inc. | 572,396 | 19,827,797 | |
Etsy, Inc. (a) | 88,823 | 5,134,858 | |
EVINE Live, Inc. (a)(b) | 2,991 | 8,943 | |
Expedia, Inc. | 104,700 | 10,325,514 | |
Groupon, Inc. (a) | 319,558 | 428,208 | |
GrubHub, Inc. (a) | 68,763 | 3,308,188 | |
Lands' End, Inc. (a)(b) | 11,841 | 124,804 | |
Leaf Group Ltd. (a) | 9,086 | 23,896 | |
Liberty Interactive Corp. QVC Group Series A (a) | 293,158 | 1,999,338 | |
Liquidity Services, Inc. (a) | 16,954 | 66,460 | |
Overstock.com, Inc. (a)(b) | 23,078 | 149,084 | |
PetMed Express, Inc. (b) | 15,948 | 421,027 | |
Quotient Technology, Inc. (a) | 53,878 | 482,208 | |
Remark Holdings, Inc. (a)(b) | 10,017 | 6,585 | |
Revolve Group, Inc. (b) | 10,572 | 172,324 | |
RumbleON, Inc. Class B (a) | 6,295 | 2,156 | |
Shutterstock, Inc. | 15,644 | 602,920 | |
Stamps.com, Inc. (a) | 12,013 | 1,695,154 | |
Stitch Fix, Inc. (a)(b) | 17,432 | 418,891 | |
The Booking Holdings, Inc. (a) | 31,291 | 53,058,897 | |
The RealReal, Inc. (b) | 10,476 | 146,559 | |
The Rubicon Project, Inc. (a) | 36,374 | 412,845 | |
U.S. Auto Parts Network, Inc. (a) | 18,043 | 42,581 | |
Waitr Holdings, Inc. (a) | 49,863 | 17,921 | |
Wayfair LLC Class A (a)(b) | 49,475 | 3,127,315 | |
690,313,606 | |||
Leisure Products - 0.1% | |||
Acushnet Holdings Corp. | 29,718 | 756,323 | |
American Outdoor Brands Corp. (a) | 38,444 | 382,902 | |
Brunswick Corp. | 61,003 | 3,245,360 | |
Callaway Golf Co. | 72,071 | 1,223,766 | |
Clarus Corp. | 14,439 | 166,915 | |
Escalade, Inc. | 4,440 | 37,696 | |
Hasbro, Inc. | 95,163 | 7,351,342 | |
JAKKS Pacific, Inc. (a)(b) | 10,740 | 7,587 | |
Johnson Outdoors, Inc. Class A | 4,092 | 255,382 | |
Malibu Boats, Inc. Class A (a) | 14,731 | 647,280 | |
Marine Products Corp. | 3,671 | 46,181 | |
Mattel, Inc. (a)(b) | 260,580 | 3,072,238 | |
MCBC Holdings, Inc. (a) | 15,111 | 244,345 | |
Nautilus, Inc. (a) | 17,824 | 57,393 | |
Peloton Interactive, Inc. Class A (a)(b) | 30,771 | 821,278 | |
Polaris, Inc. | 43,070 | 3,554,567 | |
Sturm, Ruger & Co., Inc. | 12,276 | 589,739 | |
Summer Infant, Inc. (a) | 9,612 | 4,325 | |
Vista Outdoor, Inc. (a) | 42,387 | 311,544 | |
YETI Holdings, Inc. (a)(b) | 23,386 | 707,427 | |
23,483,590 | |||
Multiline Retail - 0.4% | |||
Big Lots, Inc. | 29,909 | 472,861 | |
Dillard's, Inc. Class A (b) | 6,929 | 390,033 | |
Dollar General Corp. | 190,412 | 28,618,924 | |
Dollar Tree, Inc. (a) | 177,428 | 14,731,847 | |
JC Penney Corp., Inc. (a)(b) | 221,721 | 152,987 | |
Kohl's Corp. (b) | 116,143 | 4,546,998 | |
Macy's, Inc. (b) | 232,958 | 3,082,034 | |
Nordstrom, Inc. (b) | 80,747 | 2,801,921 | |
Ollie's Bargain Outlet Holdings, Inc. (a)(b) | 41,345 | 2,103,220 | |
Target Corp. | 379,015 | 39,038,545 | |
Tuesday Morning Corp. (a) | 32,624 | 53,830 | |
95,993,200 | |||
Specialty Retail - 2.2% | |||
Aaron's, Inc. Class A | 50,637 | 1,991,553 | |
Abercrombie & Fitch Co. Class A | 44,855 | 588,946 | |
Advance Auto Parts, Inc. | 52,034 | 6,919,481 | |
America's Car Mart, Inc. (a) | 4,357 | 447,769 | |
American Eagle Outfitters, Inc. | 121,169 | 1,560,657 | |
Asbury Automotive Group, Inc. (a) | 14,857 | 1,316,924 | |
Ascena Retail Group, Inc. (a)(b) | 6,016 | 22,861 | |
At Home Group, Inc. (a)(b) | 33,886 | 169,430 | |
AutoNation, Inc. (a) | 44,496 | 1,901,314 | |
AutoZone, Inc. (a) | 17,820 | 18,399,328 | |
Barnes & Noble Education, Inc. (a) | 29,549 | 97,807 | |
Bed Bath & Beyond, Inc. (b) | 90,133 | 974,338 | |
Best Buy Co., Inc. | 170,355 | 12,887,356 | |
Big 5 Sporting Goods Corp. (b) | 11,969 | 26,691 | |
Blink Charging Co. (a)(b) | 11,956 | 27,140 | |
Boot Barn Holdings, Inc. (a) | 20,989 | 643,733 | |
Build-A-Bear Workshop, Inc. (a)(b) | 9,622 | 36,660 | |
Burlington Stores, Inc. (a) | 49,557 | 10,717,197 | |
Caleres, Inc. | 28,604 | 329,804 | |
Camping World Holdings, Inc. (b) | 23,533 | 321,931 | |
CarMax, Inc. (a)(b) | 123,287 | 10,764,188 | |
Carvana Co. Class A (a)(b) | 37,720 | 3,127,365 | |
Chico's FAS, Inc. | 84,836 | 340,192 | |
Citi Trends, Inc. | 9,221 | 182,299 | |
Conn's, Inc. (a)(b) | 12,751 | 103,921 | |
Destination XL Group, Inc. (a) | 15,154 | 12,123 | |
Dick's Sporting Goods, Inc. | 47,932 | 1,745,204 | |
DSW, Inc. Class A (b) | 43,396 | 586,280 | |
Express, Inc. (a) | 47,551 | 175,939 | |
Five Below, Inc. (a) | 41,757 | 4,048,341 | |
Floor & Decor Holdings, Inc. Class A (a) | 52,470 | 2,678,594 | |
Foot Locker, Inc. | 80,400 | 2,914,500 | |
Francesca's Holdings Corp. (a) | 1,736 | 11,249 | |
GameStop Corp. Class A (b) | 50,212 | 180,763 | |
Gap, Inc. | 156,697 | 2,245,468 | |
Genesco, Inc. (a) | 10,318 | 355,042 | |
GNC Holdings, Inc. Class A (a)(b) | 59,074 | 99,244 | |
Group 1 Automotive, Inc. | 12,752 | 1,086,853 | |
Guess?, Inc. | 30,332 | 491,378 | |
Haverty Furniture Companies, Inc. | 12,540 | 210,923 | |
Hibbett Sports, Inc. (a)(b) | 12,147 | 237,109 | |
J.Jill, Inc. (b) | 7,239 | 6,153 | |
Kirkland's, Inc. (a)(b) | 10,521 | 12,415 | |
L Brands, Inc. | 167,913 | 3,636,996 | |
Lithia Motors, Inc. Class A (sub. vtg.) (b) | 17,112 | 2,039,066 | |
Lowe's Companies, Inc. | 572,999 | 61,064,503 | |
Lumber Liquidators Holdings, Inc. (a)(b) | 19,818 | 194,216 | |
MarineMax, Inc. (a) | 14,623 | 247,567 | |
Michaels Companies, Inc. (a)(b) | 53,900 | 231,231 | |
Monro, Inc. (b) | 24,910 | 1,397,949 | |
Murphy U.S.A., Inc. (a) | 21,847 | 2,130,083 | |
National Vision Holdings, Inc. (a)(b) | 58,058 | 2,021,580 | |
O'Reilly Automotive, Inc. (a) | 56,606 | 20,871,764 | |
Office Depot, Inc. | 399,034 | 937,730 | |
Party City Holdco, Inc. (a)(b) | 37,433 | 74,492 | |
Penske Automotive Group, Inc. (b) | 26,448 | 1,217,137 | |
Rent-A-Center, Inc. | 37,999 | 808,999 | |
RH (a) | 12,231 | 2,218,703 | |
Ross Stores, Inc. | 270,633 | 29,439,458 | |
RTW Retailwinds, Inc. (a) | 14,644 | 4,102 | |
Sally Beauty Holdings, Inc. (a)(b) | 88,531 | 1,101,326 | |
Shoe Carnival, Inc. (b) | 6,288 | 188,074 | |
Signet Jewelers Ltd. | 39,780 | 927,670 | |
Sleep Number Corp. (a) | 21,706 | 956,149 | |
Sonic Automotive, Inc. Class A (sub. vtg.) | 17,139 | 479,892 | |
Sportsman's Warehouse Holdings, Inc. (a) | 27,527 | 165,162 | |
Stage Stores, Inc. (a)(b) | 11,408 | 6,617 | |
Stein Mart, Inc. (a)(b) | 11,913 | 10,513 | |
Tailored Brands, Inc. (b) | 32,487 | 106,232 | |
The Buckle, Inc. (b) | 20,369 | 460,950 | |
The Cato Corp. Class A (sub. vtg.) | 14,937 | 241,531 | |
The Children's Place Retail Stores, Inc. (b) | 11,066 | 637,402 | |
The Container Store Group, Inc. (a) | 8,773 | 33,162 | |
The Home Depot, Inc. | 815,610 | 177,672,482 | |
Tiffany & Co., Inc. | 80,665 | 10,776,037 | |
Tilly's, Inc. | 15,139 | 98,404 | |
TJX Companies, Inc. | 907,293 | 54,256,121 | |
Tractor Supply Co. | 88,769 | 7,856,944 | |
Trans World Entertainment Corp. (a) | 43 | 172 | |
TravelCenters of America LLC (a) | 7,202 | 87,072 | |
Ulta Beauty, Inc. (a) | 42,861 | 11,019,134 | |
Urban Outfitters, Inc. (a) | 54,124 | 1,272,455 | |
Williams-Sonoma, Inc. (b) | 58,527 | 3,651,500 | |
Winmark Corp. | 1,638 | 327,600 | |
Zumiez, Inc. (a) | 14,446 | 383,252 | |
492,247,892 | |||
Textiles, Apparel & Luxury Goods - 0.8% | |||
Capri Holdings Ltd. (a) | 113,623 | 2,933,746 | |
Carter's, Inc. | 33,144 | 3,031,682 | |
Centric Brands, Inc. (a)(b) | 9,068 | 18,408 | |
Charles & Colvard Ltd. (a) | 20,680 | 17,783 | |
Cherokee, Inc. (a) | 1,996 | 1,138 | |
Columbia Sportswear Co. | 21,851 | 1,776,486 | |
Crocs, Inc. (a) | 51,687 | 1,352,649 | |
Crown Crafts, Inc. | 2,438 | 14,872 | |
Culp, Inc. | 7,752 | 70,698 | |
Deckers Outdoor Corp. (a) | 20,927 | 3,637,113 | |
Delta Apparel, Inc. (a) | 3,850 | 76,076 | |
Fossil Group, Inc. (a) | 35,663 | 163,693 | |
G-III Apparel Group Ltd. (a) | 34,913 | 780,655 | |
Hanesbrands, Inc. | 270,978 | 3,587,749 | |
Iconix Brand Group, Inc. (a)(b) | 2,998 | 3,448 | |
Kontoor Brands, Inc. (b) | 35,060 | 1,182,924 | |
Lakeland Industries, Inc. (a)(b) | 7,768 | 163,982 | |
Levi Strauss & Co. Class A (b) | 30,133 | 511,960 | |
lululemon athletica, Inc. (a) | 89,480 | 19,453,847 | |
Movado Group, Inc. | 11,561 | 169,947 | |
NIKE, Inc. Class B | 931,099 | 83,221,629 | |
Oxford Industries, Inc. | 12,368 | 746,904 | |
PVH Corp. | 55,447 | 4,109,177 | |
Ralph Lauren Corp. | 37,141 | 3,918,747 | |
Rocky Brands, Inc. | 6,166 | 150,142 | |
Sequential Brands Group, Inc. (a)(b) | 24,411 | 5,859 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 99,893 | 3,304,460 | |
Steven Madden Ltd. | 58,000 | 1,896,600 | |
Superior Group of Companies, Inc. | 8,287 | 99,610 | |
Tapestry, Inc. | 206,070 | 4,832,342 | |
Under Armour, Inc.: | |||
Class A (sub. vtg.) (a)(b) | 160,746 | 2,280,986 | |
Class C (non-vtg.) (a) | 123,264 | 1,538,335 | |
Unifi, Inc. (a) | 11,590 | 247,678 | |
Vera Bradley, Inc. (a) | 18,320 | 151,323 | |
VF Corp. | 245,024 | 17,641,728 | |
Vince Holding Corp. (a) | 1,696 | 18,317 | |
Wolverine World Wide, Inc. | 61,926 | 1,628,035 | |
164,740,728 | |||
TOTAL CONSUMER DISCRETIONARY | 2,234,978,514 | ||
CONSUMER STAPLES - 6.4% | |||
Beverages - 1.6% | |||
Alkaline Water Co., Inc. (a)(b) | 24,729 | 22,503 | |
Boston Beer Co., Inc. Class A (a) | 6,967 | 2,583,294 | |
Brown-Forman Corp.: | |||
Class A | 35,768 | 2,099,224 | |
Class B (non-vtg.) | 142,174 | 8,730,905 | |
Celsius Holdings, Inc. (a)(b) | 21,894 | 129,394 | |
Coca-Cola Bottling Co. Consolidated | 3,341 | 656,106 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 125,362 | 21,609,902 | |
Craft Brew Alliance, Inc. (a) | 11,328 | 180,228 | |
Keurig Dr. Pepper, Inc. (b) | 201,922 | 5,629,585 | |
MGP Ingredients, Inc. | 9,364 | 269,309 | |
Molson Coors Beverage Co. Class B | 140,730 | 6,981,615 | |
Monster Beverage Corp. (a) | 285,271 | 17,803,763 | |
National Beverage Corp. (b) | 8,502 | 359,550 | |
New Age Beverages Corp. (a)(b) | 53,981 | 109,042 | |
PepsiCo, Inc. | 1,042,303 | 137,615,265 | |
Primo Water Corp. (a) | 24,497 | 342,958 | |
REED'S, Inc. (a)(b) | 14,873 | 12,092 | |
The Coca-Cola Co. | 2,882,965 | 154,209,798 | |
359,344,533 | |||
Food & Staples Retailing - 1.3% | |||
Andersons, Inc. | 24,734 | 454,364 | |
BJ's Wholesale Club Holdings, Inc. (a) | 92,666 | 1,784,747 | |
Casey's General Stores, Inc. | 27,645 | 4,506,688 | |
Chefs' Warehouse Holdings (a) | 17,897 | 548,006 | |
Costco Wholesale Corp. | 330,196 | 92,831,303 | |
Grocery Outlet Holding Corp. (b) | 36,476 | 1,154,465 | |
HF Foods Group, Inc. (a) | 22,989 | 411,733 | |
Ingles Markets, Inc. Class A | 11,410 | 408,136 | |
Kroger Co. | 600,958 | 16,904,949 | |
Natural Grocers by Vitamin Cottage, Inc. (b) | 6,036 | 41,648 | |
Performance Food Group Co. (a) | 87,890 | 3,726,536 | |
PriceSmart, Inc. | 17,412 | 969,674 | |
Rite Aid Corp. (a)(b) | 41,669 | 567,532 | |
SpartanNash Co. | 27,755 | 344,995 | |
Sprouts Farmers Market LLC (a) | 91,268 | 1,458,463 | |
Sysco Corp. | 381,483 | 25,425,842 | |
U.S. Foods Holding Corp. (a) | 164,821 | 5,544,578 | |
United Natural Foods, Inc. (a) | 37,140 | 240,296 | |
Village Super Market, Inc. Class A (b) | 5,614 | 115,368 | |
Walgreens Boots Alliance, Inc. | 561,249 | 25,682,754 | |
Walmart, Inc. | 1,060,814 | 114,228,452 | |
Weis Markets, Inc. (b) | 11,789 | 439,140 | |
297,789,669 | |||
Food Products - 1.1% | |||
Alico, Inc. | 2,436 | 79,341 | |
Arcadia Biosciences, Inc. (a)(b) | 5,842 | 24,069 | |
Archer Daniels Midland Co. | 415,961 | 15,660,932 | |
B&G Foods, Inc. Class A (b) | 45,977 | 680,460 | |
Beyond Meat, Inc. (b) | 7,406 | 663,948 | |
Bridgford Foods Corp. (a) | 1,670 | 29,192 | |
Bunge Ltd. | 106,501 | 5,000,222 | |
Cal-Maine Foods, Inc. (b) | 21,781 | 759,939 | |
Calavo Growers, Inc. (b) | 12,356 | 895,192 | |
Campbell Soup Co. | 125,661 | 5,669,824 | |
Coffee Holding Co., Inc. (a) | 4,336 | 16,910 | |
Conagra Brands, Inc. | 364,374 | 9,725,142 | |
Darling International, Inc. (a) | 121,929 | 3,133,575 | |
Farmer Brothers Co. (a) | 10,529 | 130,033 | |
Flowers Foods, Inc. (b) | 144,164 | 3,103,851 | |
Fresh Del Monte Produce, Inc. | 22,468 | 616,073 | |
Freshpet, Inc. (a) | 23,341 | 1,551,243 | |
General Mills, Inc. | 451,477 | 22,122,373 | |
Hormel Foods Corp. (b) | 208,151 | 8,659,082 | |
Hostess Brands, Inc. Class A (a) | 95,799 | 1,217,605 | |
Ingredion, Inc. | 49,861 | 4,153,421 | |
J&J Snack Foods Corp. | 11,044 | 1,776,096 | |
John B. Sanfilippo & Son, Inc. | 6,386 | 448,233 | |
Kellogg Co. | 186,139 | 11,255,825 | |
Lamb Weston Holdings, Inc. | 108,889 | 9,461,365 | |
Lancaster Colony Corp. | 14,897 | 2,151,872 | |
Landec Corp. (a) | 19,352 | 198,552 | |
Lifeway Foods, Inc. (a) | 578 | 1,185 | |
Limoneira Co. | 11,530 | 192,551 | |
McCormick & Co., Inc. (non-vtg.) | 92,510 | 13,524,037 | |
Mondelez International, Inc. | 1,075,609 | 56,792,155 | |
Pilgrim's Pride Corp. (a) | 40,173 | 850,061 | |
Post Holdings, Inc. (a) | 49,632 | 5,025,736 | |
RiceBran Technologies (a)(b) | 17,086 | 19,820 | |
S&W Seed Co. (a) | 24,853 | 71,825 | |
Sanderson Farms, Inc. | 14,832 | 1,832,642 | |
Seaboard Corp. | 203 | 693,245 | |
Seneca Foods Corp. Class A (a) | 5,636 | 195,682 | |
The Hain Celestial Group, Inc. (a) | 60,995 | 1,447,411 | |
The Hershey Co. | 110,923 | 15,971,803 | |
The J.M. Smucker Co. | 85,397 | 8,795,037 | |
The Kraft Heinz Co. | 466,315 | 11,550,623 | |
The Simply Good Foods Co. (a) | 62,109 | 1,370,125 | |
Tootsie Roll Industries, Inc. (b) | 11,752 | 377,004 | |
TreeHouse Foods, Inc. (a) | 41,976 | 1,599,705 | |
Tyson Foods, Inc. Class A | 220,875 | 14,981,951 | |
244,476,968 | |||
Household Products - 1.5% | |||
Central Garden & Pet Co. (a) | 2,698 | 72,252 | |
Central Garden & Pet Co. Class A (non-vtg.) (a) | 35,161 | 889,925 | |
Church & Dwight Co., Inc. | 184,232 | 12,807,809 | |
Clorox Co. | 93,719 | 14,940,683 | |
Colgate-Palmolive Co. | 640,666 | 43,289,802 | |
Energizer Holdings, Inc. (b) | 48,327 | 2,077,578 | |
Kimberly-Clark Corp. | 256,501 | 33,650,366 | |
Oil-Dri Corp. of America | 3,394 | 103,279 | |
Procter & Gamble Co. | 1,864,509 | 211,118,354 | |
Spectrum Brands Holdings, Inc. | 32,935 | 1,774,867 | |
WD-40 Co. (b) | 10,380 | 1,790,446 | |
322,515,361 | |||
Personal Products - 0.2% | |||
BellRing Brands, Inc. Class A (a) | 30,206 | 593,548 | |
Coty, Inc. Class A | 223,498 | 2,062,887 | |
Cyanotech Corp. (a) | 678 | 1,736 | |
Edgewell Personal Care Co. (a) | 40,293 | 1,223,295 | |
elf Beauty, Inc. (a) | 18,225 | 290,871 | |
Estee Lauder Companies, Inc. Class A | 165,970 | 30,472,092 | |
Herbalife Nutrition Ltd. (a) | 69,437 | 2,246,981 | |
Inter Parfums, Inc. | 14,079 | 845,585 | |
LifeVantage Corp. (a) | 8,840 | 105,284 | |
Mannatech, Inc. | 177 | 2,744 | |
MediFast, Inc. (b) | 8,725 | 725,135 | |
Natural Alternatives International, Inc. (a) | 1,744 | 12,557 | |
Natural Health Trends Corp. (b) | 6,482 | 22,946 | |
Nature's Sunshine Products, Inc. (a) | 4,183 | 34,301 | |
Nu Skin Enterprises, Inc. Class A | 42,021 | 1,030,355 | |
Revlon, Inc. (a)(b) | 4,806 | 83,192 | |
USANA Health Sciences, Inc. (a) | 8,927 | 590,075 | |
Veru, Inc. (a) | 40,313 | 166,493 | |
Youngevity International, Inc. (a)(b) | 6,666 | 7,333 | |
40,517,410 | |||
Tobacco - 0.7% | |||
22nd Century Group, Inc. (a)(b) | 76,296 | 56,459 | |
Altria Group, Inc. | 1,397,301 | 56,409,041 | |
Philip Morris International, Inc. | 1,163,357 | 95,244,038 | |
Pyxus International, Inc. (a)(b) | 4,843 | 18,646 | |
Turning Point Brands, Inc. (b) | 5,785 | 151,278 | |
Universal Corp. | 19,121 | 943,621 | |
Vector Group Ltd. (b) | 87,051 | 1,011,533 | |
153,834,616 | |||
TOTAL CONSUMER STAPLES | 1,418,478,557 | ||
ENERGY - 3.3% | |||
Energy Equipment & Services - 0.4% | |||
Apergy Corp. (a) | 59,342 | 1,103,761 | |
Archrock, Inc. | 110,139 | 776,480 | |
Aspen Aerogels, Inc. (a) | 16,368 | 130,126 | |
Baker Hughes Co. Class A | 486,033 | 7,820,271 | |
Cactus, Inc. | 36,060 | 984,799 | |
Core Laboratories NV (b) | 33,702 | 904,562 | |
COVIA Corp. (a) | 20,413 | 31,436 | |
Dawson Geophysical Co. (a) | 7,005 | 13,590 | |
Diamond Offshore Drilling, Inc. (a)(b) | 47,205 | 143,975 | |
DMC Global, Inc. (b) | 10,426 | 375,962 | |
Dril-Quip, Inc. (a) | 26,355 | 938,765 | |
ENGlobal Corp. (a) | 1,662 | 1,679 | |
Enservco Corp. (a)(b) | 6,054 | 844 | |
Era Group, Inc. (a) | 15,478 | 151,684 | |
Exterran Corp. (a) | 20,759 | 105,871 | |
Forum Energy Technologies, Inc. (a) | 54,653 | 42,629 | |
Frank's International NV (a) | 71,886 | 281,793 | |
FTS International, Inc. (a) | 21,178 | 19,590 | |
Geospace Technologies Corp. (a) | 10,614 | 130,871 | |
Gulf Island Fabrication, Inc. (a) | 6,737 | 29,980 | |
Halliburton Co. | 657,042 | 11,143,432 | |
Helix Energy Solutions Group, Inc. (a) | 103,051 | 691,472 | |
Helmerich & Payne, Inc. | 81,899 | 3,021,254 | |
Hi-Crush, Inc. (a)(b) | 74,724 | 44,834 | |
Independence Contract Drilling, Inc. (a) | 37,121 | 14,670 | |
ION Geophysical Corp. (a) | 7,782 | 27,393 | |
KLX Energy Services Holdings, Inc. (a) | 15,599 | 37,750 | |
Liberty Oilfield Services, Inc. Class A | 39,465 | 264,021 | |
Mammoth Energy Services, Inc. (b) | 8,360 | 9,112 | |
Matrix Service Co. (a) | 19,103 | 230,764 | |
Mitcham Industries, Inc. (a) | 6,865 | 18,192 | |
Nabors Industries Ltd. | 246,885 | 434,518 | |
National Oilwell Varco, Inc. | 291,158 | 5,447,566 | |
Natural Gas Services Group, Inc. (a) | 6,970 | 68,864 | |
NCS Multistage Holdings, Inc. (a) | 12,232 | 13,333 | |
Newpark Resources, Inc. (a) | 64,240 | 225,482 | |
Nextier Oilfield Solutions, Inc. (a) | 122,178 | 569,349 | |
Nine Energy Service, Inc. (a) | 8,460 | 34,348 | |
Noble Corp. (a)(b) | 169,777 | 119,048 | |
Oceaneering International, Inc. (a) | 76,565 | 806,995 | |
Oil States International, Inc. (a) | 46,975 | 371,572 | |
Patterson-UTI Energy, Inc. | 143,991 | 825,068 | |
Profire Energy, Inc. (a) | 12,262 | 14,592 | |
ProPetro Holding Corp. (a) | 58,518 | 512,618 | |
Quintana Energy Services, Inc. (a)(b) | 795 | 1,773 | |
Ranger Energy Services, Inc. Class A (a) | 1,333 | 9,171 | |
RigNet, Inc. (a) | 8,574 | 30,180 | |
RPC, Inc. (b) | 40,781 | 140,287 | |
SAExploration Holdings, Inc. (a) | 236 | 470 | |
Schlumberger Ltd. | 1,037,437 | 28,104,168 | |
SEACOR Holdings, Inc. (a) | 12,706 | 473,934 | |
SEACOR Marine Holdings, Inc. (a) | 17,542 | 139,459 | |
Select Energy Services, Inc. Class A (a) | 43,104 | 280,176 | |
Smart Sand, Inc. (a) | 12,173 | 19,842 | |
Solaris Oilfield Infrastructure, Inc. Class A | 21,634 | 229,320 | |
Superior Drilling Products, Inc. (a) | 7,643 | 4,659 | |
Synthesis Energy Systems, Inc. (a) | 637 | 2,210 | |
TechnipFMC PLC | 315,871 | 4,687,526 | |
TETRA Technologies, Inc. (a) | 96,989 | 122,206 | |
Tidewater, Inc. (a) | 28,344 | 393,698 | |
Transocean Ltd. (United States) (a)(b) | 438,869 | 1,470,211 | |
U.S. Silica Holdings, Inc. | 54,996 | 252,432 | |
U.S. Well Services, Inc. (a) | 9,987 | 10,486 | |
Valaris PLC Class A (b) | 141,113 | 520,707 | |
75,827,830 | |||
Oil, Gas & Consumable Fuels - 2.9% | |||
Abraxas Petroleum Corp. (a) | 110,999 | 21,090 | |
Adams Resources & Energy, Inc. | 1,020 | 30,952 | |
Aemetis, Inc. (a) | 2,964 | 2,223 | |
Altus Midstream Co. (a)(b) | 42,836 | 62,541 | |
Amplify Energy Corp. New | 15,174 | 63,427 | |
Antero Midstream GP LP (b) | 228,811 | 997,616 | |
Antero Resources Corp. (a)(b) | 151,601 | 242,562 | |
Apache Corp. | 281,826 | 7,023,104 | |
Arch Coal, Inc. (b) | 11,019 | 554,807 | |
Barnwell Industries, Inc. (a)(b) | 839 | 495 | |
Berry Petroleum Corp. | 31,401 | 200,024 | |
Bonanza Creek Energy, Inc. (a) | 13,654 | 222,424 | |
Brigham Minerals, Inc. Class A | 19,320 | 308,154 | |
Cabot Oil & Gas Corp. | 305,539 | 4,256,158 | |
California Resources Corp. (a)(b) | 33,329 | 211,639 | |
Callon Petroleum Co. (a) | 276,993 | 628,774 | |
Centennial Resource Development, Inc. Class A (a) | 153,325 | 363,380 | |
Centrus Energy Corp. Class A (a)(b) | 1,813 | 14,468 | |
Chaparral Energy, Inc. Class A (a)(b) | 39,818 | 21,338 | |
Cheniere Energy, Inc. (a) | 173,075 | 8,877,017 | |
Chesapeake Energy Corp. (a)(b) | 828,134 | 227,737 | |
Chevron Corp. | 1,413,908 | 131,974,173 | |
Cimarex Energy Co. | 76,946 | 2,543,065 | |
Clean Energy Fuels Corp. (a) | 118,846 | 268,592 | |
CNX Resources Corp. (a) | 143,499 | 761,980 | |
Comstock Resources, Inc. (a)(b) | 10,686 | 64,009 | |
Concho Resources, Inc. | 150,689 | 10,249,866 | |
ConocoPhillips Co. | 821,160 | 39,760,567 | |
CONSOL Energy, Inc. (a)(b) | 22,701 | 129,169 | |
Contango Oil & Gas Co. (a)(b) | 53,927 | 176,881 | |
Continental Resources, Inc. | 64,842 | 1,228,756 | |
Contura Energy, Inc. (a) | 13,621 | 77,503 | |
CVR Energy, Inc. | 20,902 | 594,035 | |
Delek U.S. Holdings, Inc. | 55,819 | 1,193,410 | |
Denbury Resources, Inc. (a) | 339,128 | 255,160 | |
Devon Energy Corp. | 290,922 | 4,724,573 | |
Diamond S Shipping, Inc. (a) | 15,868 | 163,440 | |
Diamondback Energy, Inc. | 120,832 | 7,491,584 | |
Dorian LPG Ltd. (a) | 19,589 | 217,830 | |
Earthstone Energy, Inc. (a) | 16,607 | 63,937 | |
EOG Resources, Inc. | 435,595 | 27,555,740 | |
EQT Corp. | 197,331 | 1,158,333 | |
Equitrans Midstream Corp. (b) | 154,654 | 1,091,857 | |
Evolution Petroleum Corp. | 18,799 | 88,543 | |
Extraction Oil & Gas, Inc. (a)(b) | 59,652 | 41,070 | |
Exxon Mobil Corp. | 3,164,051 | 162,758,783 | |
Falcon Minerals Corp. (b) | 25,466 | 101,737 | |
Gevo, Inc. (a)(b) | 115 | 168 | |
Goodrich Petroleum Corp. (a) | 11,781 | 62,793 | |
Green Plains, Inc. | 22,827 | 273,696 | |
Gulfport Energy Corp. (a)(b) | 95,795 | 78,514 | |
Hallador Energy Co. | 8,792 | 11,342 | |
Hess Corp. | 194,262 | 10,913,639 | |
Highpoint Resources, Inc. (a) | 69,863 | 47,556 | |
HollyFrontier Corp. | 111,095 | 3,741,680 | |
Houston American Energy Corp. (a)(b) | 10,756 | 1,570 | |
International Seaways, Inc. | 18,871 | 375,344 | |
Kinder Morgan, Inc. | 1,455,351 | 27,899,079 | |
Kosmos Energy Ltd. | 274,701 | 837,838 | |
Laredo Petroleum, Inc. (a) | 132,622 | 143,232 | |
Lilis Energy, Inc. (a)(b) | 17,443 | 4,704 | |
Lonestar Resources U.S., Inc. (a) | 10,185 | 14,055 | |
Magnolia Oil & Gas Corp. Class A (a)(b) | 73,662 | 553,202 | |
Marathon Oil Corp. | 601,438 | 4,979,907 | |
Marathon Petroleum Corp. | 485,702 | 23,031,989 | |
Matador Resources Co. (a)(b) | 80,800 | 778,912 | |
Montage Resources Corp. (a) | 13,820 | 48,232 | |
Murphy Oil Corp. | 112,989 | 2,129,843 | |
NACCO Industries, Inc. Class A | 3,095 | 127,576 | |
Nextdecade Corp. (a) | 8,659 | 33,164 | |
Noble Energy, Inc. | 360,119 | 5,700,684 | |
Northern Oil & Gas, Inc. (a) | 173,365 | 251,379 | |
Oasis Petroleum, Inc. (a) | 199,200 | 325,692 | |
Occidental Petroleum Corp. | 668,738 | 21,894,482 | |
ONEOK, Inc. | 308,702 | 20,596,597 | |
Overseas Shipholding Group, Inc. (a) | 42,343 | 72,830 | |
Pacific Ethanol, Inc. (a) | 15,118 | 6,652 | |
Panhandle Royalty Co. Class A | 9,524 | 63,335 | |
Par Pacific Holdings, Inc. (a) | 25,814 | 428,254 | |
Parsley Energy, Inc. Class A | 231,870 | 3,107,058 | |
PBF Energy, Inc. Class A | 76,433 | 1,711,335 | |
PDC Energy, Inc. (a) | 73,837 | 1,405,118 | |
Peabody Energy Corp. (b) | 51,462 | 300,538 | |
Penn Virginia Corp. (a) | 9,065 | 144,134 | |
Phillips 66 Co. | 332,192 | 24,867,893 | |
Pioneer Natural Resources Co. | 124,040 | 15,229,631 | |
PrimeEnergy Corp. (a) | 351 | 45,981 | |
QEP Resources, Inc. | 171,536 | 385,956 | |
Range Resources Corp. (b) | 147,252 | 407,888 | |
Renewable Energy Group, Inc. (a)(b) | 28,428 | 751,921 | |
Rex American Resources Corp. (a) | 4,110 | 287,741 | |
Ring Energy, Inc. (a)(b) | 59,112 | 83,348 | |
SandRidge Energy, Inc. (a) | 21,403 | 44,090 | |
SilverBow Resources, Inc. (a) | 3,697 | 10,389 | |
SM Energy Co. | 84,524 | 555,323 | |
Southwestern Energy Co. (a)(b) | 412,843 | 586,237 | |
Talos Energy, Inc. (a) | 15,145 | 215,059 | |
Targa Resources Corp. | 175,123 | 5,673,985 | |
Tellurian, Inc. (a)(b) | 66,504 | 119,707 | |
Tengasco, Inc. (a) | 372 | 234 | |
The Williams Companies, Inc. | 905,970 | 17,258,729 | |
Torchlight Energy Resources, Inc. (a) | 27,289 | 18,265 | |
TransAtlantic Petroleum Ltd. (a) | 5,419 | 1,734 | |
U.S. Energy Corp. (a) | 66 | 261 | |
Unit Corp. (a) | 37,417 | 13,103 | |
Uranium Energy Corp. (a)(b) | 109,827 | 65,907 | |
VAALCO Energy, Inc. (a) | 39,568 | 79,136 | |
Valero Energy Corp. | 307,048 | 20,341,930 | |
Vertex Energy, Inc. (a) | 20,389 | 21,816 | |
W&T Offshore, Inc. (a) | 71,499 | 185,897 | |
Whiting Petroleum Corp. (a)(b) | 61,769 | 114,273 | |
World Fuel Services Corp. | 49,167 | 1,390,443 | |
WPX Energy, Inc. (a) | 313,152 | 2,921,708 | |
Zion Oil & Gas, Inc. (a) | 26,989 | 5,123 | |
642,844,354 | |||
TOTAL ENERGY | 718,672,184 | ||
FINANCIALS - 12.9% | |||
Banks - 5.1% | |||
1st Constitution Bancorp | 5,191 | 95,099 | |
1st Source Corp. | 10,766 | 452,710 | |
ACNB Corp. | 6,090 | 185,623 | |
Allegiance Bancshares, Inc. (b) | 13,569 | 450,084 | |
Amalgamated Bank | 11,738 | 187,925 | |
American National Bankshares, Inc. | 8,502 | 262,627 | |
Ameris Bancorp | 49,850 | 1,703,873 | |
Ames National Corp. | 5,551 | 143,604 | |
Arrow Financial Corp. | 11,467 | 363,160 | |
Associated Banc-Corp. | 123,847 | 2,096,730 | |
Atlantic Capital Bancshares, Inc. (a) | 17,814 | 322,968 | |
Auburn National Bancorp., Inc. | 2,558 | 142,609 | |
Banc of California, Inc. | 38,750 | 594,038 | |
BancFirst Corp. | 15,684 | 804,589 | |
Bancorp, Inc., Delaware (a) | 39,803 | 484,403 | |
BancorpSouth Bank | 73,546 | 1,799,671 | |
Bank First National Corp. | 4,035 | 238,872 | |
Bank of America Corp. | 6,045,169 | 172,287,317 | |
Bank of Commerce Holdings | 8,556 | 89,453 | |
Bank of Hawaii Corp. | 29,948 | 2,228,730 | |
Bank of Marin Bancorp | 8,491 | 323,762 | |
Bank of South Carolina Corp. | 684 | 11,799 | |
Bank OZK | 93,075 | 2,363,174 | |
Bank7 Corp. | 985 | 17,632 | |
BankFinancial Corp. | 18,748 | 212,602 | |
BankUnited, Inc. | 71,241 | 2,115,858 | |
Bankwell Financial Group, Inc. | 5,063 | 144,144 | |
Banner Corp. | 27,225 | 1,242,549 | |
Bar Harbor Bankshares | 10,753 | 219,576 | |
BayCom Corp. (a) | 9,904 | 211,054 | |
BCB Bancorp, Inc. | 7,646 | 86,706 | |
Berkshire Hills Bancorp, Inc. | 31,111 | 759,420 | |
BOK Financial Corp. | 24,267 | 1,756,931 | |
Boston Private Financial Holdings, Inc. | 65,444 | 638,406 | |
Bridge Bancorp, Inc. | 13,445 | 370,006 | |
Brookline Bancorp, Inc., Delaware | 65,665 | 910,774 | |
Bryn Mawr Bank Corp. | 14,157 | 470,579 | |
Business First Bancshares, Inc. | 7,480 | 180,044 | |
Byline Bancorp, Inc. | 18,278 | 319,865 | |
C & F Financial Corp. | 2,675 | 121,713 | |
Cadence Bancorp Class A | 97,705 | 1,379,595 | |
Cambridge Bancorp (b) | 4,012 | 274,702 | |
Camden National Corp. | 12,604 | 516,890 | |
Capital Bancorp, Inc. (a) | 4,096 | 56,689 | |
Capital City Bank Group, Inc. | 8,744 | 233,028 | |
Capstar Financial Holdings, Inc. | 13,117 | 176,292 | |
Carolina Financial Corp. | 22,605 | 732,402 | |
Carter Bank & Trust | 17,830 | 301,327 | |
Cathay General Bancorp | 58,789 | 1,809,525 | |
CB Financial Services, Inc. | 4,110 | 120,464 | |
CBTX, Inc. | 13,557 | 338,247 | |
Centerstate Banks of Florida, Inc. | 94,484 | 1,911,411 | |
Central Pacific Financial Corp. | 20,076 | 480,218 | |
Central Valley Community Bancorp | 6,914 | 118,921 | |
Century Bancorp, Inc. Class A (non-vtg.) | 2,314 | 167,302 | |
Chemung Financial Corp. | 3,381 | 121,378 | |
CIT Group, Inc. | 71,028 | 2,820,522 | |
Citigroup, Inc. | 1,630,181 | 103,451,286 | |
Citizens & Northern Corp. | 9,318 | 211,425 | |
Citizens Community Bancorp, Inc. | 664 | 7,716 | |
Citizens Financial Group, Inc. | 323,740 | 10,259,321 | |
City Holding Co. | 11,794 | 824,636 | |
Civista Bancshares, Inc. | 10,460 | 200,204 | |
CNB Financial Corp., Pennsylvania | 11,657 | 292,241 | |
Coastal Financial Corp. of Washington (a) | 5,018 | 82,245 | |
Codorus Valley Bancorp, Inc. | 6,440 | 132,664 | |
Colony Bankcorp, Inc. | 6,003 | 89,265 | |
Columbia Banking Systems, Inc. | 54,937 | 1,823,908 | |
Comerica, Inc. | 107,241 | 5,645,166 | |
Commerce Bancshares, Inc. (b) | 76,685 | 4,680,852 | |
Community Bank System, Inc. | 38,688 | 2,352,617 | |
Community Bankers Trust Corp. | 13,444 | 109,837 | |
Community Financial Corp. | 4,131 | 131,118 | |
Community Trust Bancorp, Inc. | 12,704 | 491,391 | |
Community West Bancshares | 515 | 5,688 | |
ConnectOne Bancorp, Inc. | 28,750 | 604,038 | |
County Bancorp, Inc. | 5,315 | 130,962 | |
CrossFirst Bankshares, Inc. (a)(b) | 5,612 | 74,359 | |
Cullen/Frost Bankers, Inc. | 44,362 | 3,477,537 | |
Customers Bancorp, Inc. (a) | 20,582 | 417,609 | |
CVB Financial Corp. | 102,439 | 1,899,219 | |
Eagle Bancorp Montana, Inc. | 3,083 | 59,810 | |
Eagle Bancorp, Inc. | 25,902 | 969,253 | |
East West Bancorp, Inc. | 109,024 | 4,223,590 | |
Enterprise Bancorp, Inc. | 5,519 | 151,607 | |
Enterprise Financial Services Corp. | 19,392 | 742,132 | |
Equity Bancshares, Inc. (a) | 9,920 | 259,706 | |
Esquire Financial Holdings, Inc. (a) | 4,775 | 109,395 | |
Evans Bancorp, Inc. | 2,847 | 111,802 | |
Farmers & Merchants Bancorp, Inc. | 5,812 | 154,599 | |
Farmers National Banc Corp. | 19,435 | 292,108 | |
FB Financial Corp. (b) | 12,964 | 422,237 | |
Fidelity D & D Bancorp, Inc. (b) | 1,604 | 79,077 | |
Fifth Third Bancorp | 529,156 | 12,911,406 | |
Financial Institutions, Inc. | 11,108 | 298,916 | |
First Bancorp, North Carolina (b) | 22,059 | 708,094 | |
First Bancorp, Puerto Rico | 168,184 | 1,335,381 | |
First Bancshares, Inc. | 13,352 | 398,424 | |
First Bank Hamilton New Jersey | 7,397 | 72,121 | |
First Busey Corp. | 40,060 | 884,124 | |
First Business Finance Services, Inc. | 6,399 | 153,576 | |
First Capital, Inc. (b) | 2,413 | 148,400 | |
First Choice Bancorp | 5,649 | 127,950 | |
First Citizens Bancshares, Inc. | 6,342 | 2,874,892 | |
First Commonwealth Financial Corp. | 78,943 | 931,527 | |
First Community Bankshares, In | 10,885 | 284,752 | |
First Community Corp. | 3,331 | 64,955 | |
First Financial Bancorp, Ohio | 76,788 | 1,581,833 | |
First Financial Bankshares, Inc. (b) | 101,661 | 2,921,737 | |
First Financial Corp., Indiana | 9,565 | 382,122 | |
First Financial Northwest, Inc. | 2,360 | 32,922 | |
First Foundation, Inc. | 30,610 | 443,080 | |
First Guaranty Bancshares, Inc. | 2,224 | 37,986 | |
First Hawaiian, Inc. | 97,968 | 2,346,334 | |
First Horizon National Corp. | 229,861 | 3,064,047 | |
First Internet Bancorp | 5,614 | 136,364 | |
First Interstate Bancsystem, Inc. | 28,535 | 971,902 | |
First Merchants Corp. | 43,601 | 1,525,163 | |
First Mid-Illinois Bancshares, Inc. | 9,133 | 257,277 | |
First Midwest Bancorp, Inc., Delaware | 84,345 | 1,530,862 | |
First National Corp. | 3,023 | 60,762 | |
First Northwest Bancorp | 7,528 | 119,846 | |
First of Long Island Corp. | 16,528 | 342,295 | |
First Republic Bank | 126,081 | 12,679,966 | |
First Savings Financial Group, Inc. | 1,610 | 100,545 | |
First United Corp. | 3,814 | 82,497 | |
First Western Financial, Inc. (a) | 436 | 8,131 | |
Flushing Financial Corp. | 19,863 | 360,613 | |
FNB Corp., Pennsylvania | 249,438 | 2,516,829 | |
FNCM Bancorp, Inc. | 13,381 | 88,448 | |
Franklin Financial Network, Inc. | 9,899 | 331,518 | |
Franklin Financial Services Corp. | 3,552 | 110,183 | |
Fulton Financial Corp. | 131,573 | 1,901,230 | |
FVCBankcorp, Inc. (a) | 12,062 | 186,117 | |
German American Bancorp, Inc. | 18,340 | 547,449 | |
Glacier Bancorp, Inc. (b) | 65,211 | 2,431,718 | |
Great Southern Bancorp, Inc. | 8,312 | 426,489 | |
Great Western Bancorp, Inc. | 43,123 | 1,158,715 | |
Guaranty Bancshares, Inc. Texas | 5,203 | 143,655 | |
Hancock Whitney Corp. | 70,082 | 2,347,747 | |
Hanmi Financial Corp. | 21,678 | 338,177 | |
HarborOne Bancorp, Inc. | 40,440 | 404,198 | |
Hawthorn Bancshares, Inc. | 4,850 | 105,439 | |
HBT Financial, Inc. | 7,432 | 115,047 | |
Heartland Financial U.S.A., Inc. | 25,848 | 1,107,587 | |
Heritage Commerce Corp. | 49,986 | 512,856 | |
Heritage Financial Corp., Washington | 27,287 | 632,786 | |
Hilltop Holdings, Inc. | 53,419 | 1,112,718 | |
Home Bancshares, Inc. | 118,851 | 1,991,943 | |
HomeTrust Bancshares, Inc. | 12,932 | 307,264 | |
Hope Bancorp, Inc. | 112,854 | 1,377,947 | |
Horizon Bancorp, Inc. Indiana | 29,158 | 437,953 | |
Howard Bancorp, Inc. (a) | 10,992 | 173,124 | |
Huntington Bancshares, Inc. | 765,985 | 9,398,636 | |
IBERIABANK Corp. | 38,866 | 2,339,345 | |
Independent Bank Corp. | 16,542 | 323,727 | |
Independent Bank Corp., Massachusetts | 26,329 | 1,777,997 | |
Independent Bank Group, Inc. | 27,562 | 1,275,845 | |
International Bancshares Corp. | 44,400 | 1,514,040 | |
Investar Holding Corp. | 6,950 | 148,452 | |
Investors Bancorp, Inc. | 158,108 | 1,666,458 | |
JPMorgan Chase & Co. | 2,343,790 | 272,137,457 | |
KeyCorp | 731,133 | 11,954,025 | |
Lakeland Bancorp, Inc. | 37,511 | 540,346 | |
Lakeland Financial Corp. (b) | 20,878 | 853,284 | |
Landmark Bancorp, Inc. | 333 | 7,676 | |
LCNB Corp. | 8,918 | 141,172 | |
Level One Bancorp, Inc. | 1,833 | 44,450 | |
Live Oak Bancshares, Inc. | 18,669 | 286,943 | |
M&T Bank Corp. | 98,781 | 13,866,877 | |
Macatawa Bank Corp. | 15,646 | 150,827 | |
Mackinac Financial Corp. | 8,027 | 112,298 | |
Mainstreet Bancshares, Inc. (a) | 6,493 | 131,678 | |
Malvern Bancorp, Inc. (a) | 4,373 | 83,612 | |
Mercantil Bank Holding Corp. Class A (a)(b) | 17,562 | 324,195 | |
Mercantile Bank Corp. | 12,953 | 371,622 | |
Meridian Bank/Malvern, PA (a) | 896 | 17,696 | |
Metropolitan Bank Holding Corp. (a) | 5,040 | 215,460 | |
Mid Penn Bancorp, Inc. | 6,497 | 138,191 | |
Middlefield Banc Corp. | 5,696 | 135,622 | |
Midland States Bancorp, Inc. | 14,788 | 352,250 | |
MidWestOne Financial Group, Inc. | 7,827 | 224,870 | |
MutualFirst Financial, Inc. | 5,895 | 197,483 | |
MVB Financial Corp. | 6,728 | 118,682 | |
National Bank Holdings Corp. | 22,234 | 680,138 | |
National Bankshares, Inc. | 4,327 | 151,229 | |
NBT Bancorp, Inc. | 35,332 | 1,190,335 | |
Nicolet Bankshares, Inc. (a) | 6,420 | 426,609 | |
Northeast Bank | 3,803 | 67,693 | |
Northrim Bancorp, Inc. | 5,206 | 181,950 | |
Norwood Financial Corp. | 3,181 | 98,229 | |
Oak Valley Bancorp Oakdale California | 1,014 | 16,924 | |
OFG Bancorp | 40,650 | 680,481 | |
Ohio Valley Banc Corp. | 3,377 | 93,881 | |
Old National Bancorp, Indiana | 128,571 | 2,026,279 | |
Old Point Financial Corp. | 809 | 21,439 | |
Old Second Bancorp, Inc. | 16,761 | 178,337 | |
Opus Bank | 15,484 | 366,506 | |
Origin Bancorp, Inc. | 14,554 | 440,113 | |
Orrstown Financial Services, Inc. | 6,041 | 107,530 | |
Pacific City Financial Corp. | 12,975 | 173,476 | |
Pacific Mercantile Bancorp (a) | 9,949 | 64,967 | |
Pacific Premier Bancorp, Inc. | 43,423 | 1,121,616 | |
PacWest Bancorp | 89,495 | 2,831,622 | |
Park National Corp. | 10,491 | 916,074 | |
Parke Bancorp, Inc. | 7,750 | 143,375 | |
Peapack-Gladstone Financial Corp. | 13,084 | 359,156 | |
Penns Woods Bancorp, Inc. | 4,610 | 139,038 | |
People's Utah Bancorp | 10,363 | 248,401 | |
Peoples Bancorp of North Carolina | 4,162 | 105,840 | |
Peoples Bancorp, Inc. | 15,195 | 433,817 | |
Peoples Financial Services Corp. | 4,185 | 183,805 | |
Peoples United Financial, Inc. (b) | 330,696 | 4,626,437 | |
Pinnacle Financial Partners, Inc. | 54,318 | 2,859,300 | |
PNC Financial Services Group, Inc. | 326,886 | 41,318,390 | |
Popular, Inc. (b) | 71,912 | 3,450,338 | |
Preferred Bank, Los Angeles | 9,679 | 494,887 | |
Premier Financial Bancorp, Inc. | 8,470 | 141,026 | |
Prosperity Bancshares, Inc. | 70,679 | 4,565,863 | |
QCR Holdings, Inc. | 10,534 | 400,924 | |
RBB Bancorp | 8,633 | 145,639 | |
Regions Financial Corp. | 716,276 | 9,684,052 | |
Reliant Bancorp, Inc. | 6,580 | 130,613 | |
Renasant Corp. | 44,439 | 1,258,957 | |
Republic Bancorp, Inc., Kentucky Class A | 7,201 | 257,364 | |
Republic First Bancorp, Inc. (a) | 34,232 | 103,723 | |
Richmond Mutual Bancorp., Inc. (a) | 9,201 | 123,753 | |
Riverview Financial Corp. | 525 | 6,080 | |
S&T Bancorp, Inc. | 31,314 | 1,029,291 | |
Salisbury Bancorp, Inc. | 1,700 | 75,650 | |
Sandy Spring Bancorp, Inc. | 27,989 | 860,942 | |
SB Financial Group, Inc. | 306 | 5,734 | |
SB One Bancorp | 3,995 | 87,570 | |
Seacoast Banking Corp., Florida (a) | 39,918 | 993,958 | |
Select Bancorp, Inc. New (a) | 9,700 | 101,850 | |
ServisFirst Bancshares, Inc. | 36,320 | 1,254,856 | |
Shore Bancshares, Inc. | 11,489 | 178,769 | |
Sierra Bancorp | 10,003 | 238,271 | |
Signature Bank | 40,326 | 5,044,783 | |
Silvergate Capital Corp. (a) | 4,795 | 70,678 | |
Simmons First National Corp. Class A | 87,051 | 1,861,150 | |
SmartFinancial, Inc. | 8,993 | 170,777 | |
South Plains Financial, Inc. | 2,893 | 57,947 | |
South State Corp. | 25,379 | 1,728,817 | |
Southern First Bancshares, Inc. (a) | 5,379 | 205,047 | |
Southern National Bancorp of Virginia, Inc. | 11,458 | 162,589 | |
Southside Bancshares, Inc. | 26,131 | 841,941 | |
Southwest Georgia Financial Corp. | 393 | 11,549 | |
Spirit of Texas Bancshares, Inc. (a) | 11,417 | 210,529 | |
Sterling Bancorp | 149,455 | 2,477,964 | |
Stock Yards Bancorp, Inc. | 16,189 | 565,644 | |
Summit Financial Group, Inc. | 6,014 | 131,827 | |
SVB Financial Group (a) | 38,540 | 8,022,486 | |
Synovus Financial Corp. | 109,102 | 3,166,140 | |
TCF Financial Corp. | 114,276 | 4,164,217 | |
Texas Capital Bancshares, Inc. (a) | 36,950 | 1,739,606 | |
The Bank of Princeton | 2,359 | 64,306 | |
The First Bancorp, Inc. | 5,758 | 146,829 | |
Tompkins Financial Corp. | 10,108 | 803,384 | |
TowneBank | 49,837 | 1,149,241 | |
Trico Bancshares | 19,072 | 645,015 | |
TriState Capital Holdings, Inc. (a) | 20,540 | 408,130 | |
Triumph Bancorp, Inc. (a) | 18,342 | 621,244 | |
Truist Financial Corp. | 1,001,632 | 46,215,300 | |
Trustmark Corp. (b) | 50,790 | 1,366,251 | |
U.S. Bancorp | 1,060,073 | 49,229,790 | |
UMB Financial Corp. | 33,067 | 1,922,846 | |
Umpqua Holdings Corp. | 163,781 | 2,520,590 | |
Union Bankshares Corp. | 62,152 | 1,848,400 | |
Union Bankshares, Inc. | 698 | 20,926 | |
United Bankshares, Inc., West Virginia (b) | 77,008 | 2,223,991 | |
United Community Bank, Inc. | 61,125 | 1,514,066 | |
United Security Bancshares, California | 12,691 | 109,904 | |
Unity Bancorp, Inc. | 4,868 | 83,389 | |
Univest Corp. of Pennsylvania | 20,655 | 483,327 | |
Valley National Bancorp | 298,480 | 2,775,864 | |
Veritex Holdings, Inc. | 34,118 | 821,220 | |
Washington Trust Bancorp, Inc. (b) | 12,288 | 527,401 | |
Webster Financial Corp. | 69,669 | 2,645,332 | |
Wellesley Bancorp, Inc. | 823 | 32,237 | |
Wells Fargo & Co. | 2,877,447 | 117,543,710 | |
WesBanco, Inc. | 51,484 | 1,575,925 | |
West Bancorp., Inc. | 13,551 | 277,118 | |
Westamerica Bancorp. (b) | 21,722 | 1,255,966 | |
Western Alliance Bancorp. | 69,660 | 3,207,146 | |
Wintrust Financial Corp. | 42,660 | 2,278,471 | |
Zions Bancorp NA | 126,784 | 5,065,021 | |
1,113,638,495 | |||
Capital Markets - 2.8% | |||
Affiliated Managers Group, Inc. | 36,911 | 2,776,445 | |
Ameriprise Financial, Inc. | 94,550 | 13,359,915 | |
Apollo Global Management LLC Class A | 149,358 | 6,222,254 | |
Ares Management Corp. | 54,802 | 1,895,601 | |
Artisan Partners Asset Management, Inc. | 40,040 | 1,144,343 | |
Ashford, Inc. (a) | 920 | 19,182 | |
Assetmark Financial Holdings, Inc. (a) | 9,610 | 254,569 | |
Associated Capital Group, Inc. | 2,749 | 113,121 | |
B. Riley Financial, Inc. | 9,755 | 230,803 | |
Bank of New York Mellon Corp. | 628,261 | 25,067,614 | |
BGC Partners, Inc. Class A | 202,672 | 944,452 | |
BlackRock, Inc. Class A | 88,109 | 40,795,348 | |
Blucora, Inc. (a) | 36,443 | 634,108 | |
BrightSphere Investment Group, Inc. | 46,384 | 433,690 | |
Cboe Global Markets, Inc. | 83,312 | 9,497,568 | |
Charles Schwab Corp. | 855,389 | 34,857,102 | |
CME Group, Inc. | 268,218 | 53,327,103 | |
Cohen & Co., Inc. (b) | 202 | 806 | |
Cohen & Steers, Inc. | 16,224 | 1,016,434 | |
Cowen Group, Inc. Class A (b) | 23,185 | 347,079 | |
Diamond Hill Investment Group, Inc. | 2,307 | 292,366 | |
Donnelley Financial Solutions, Inc. (a) | 23,040 | 200,448 | |
E*TRADE Financial Corp. | 168,969 | 7,735,401 | |
Eaton Vance Corp. (non-vtg.) | 84,322 | 3,479,126 | |
Evercore, Inc. Class A | 29,273 | 1,950,167 | |
FactSet Research Systems, Inc. (b) | 28,399 | 7,553,850 | |
Federated Hermes, Inc. Class B (non-vtg.) | 72,801 | 2,100,309 | |
Focus Financial Partners, Inc. Class A (a) | 23,325 | 634,207 | |
Franklin Resources, Inc. | 210,275 | 4,575,584 | |
Gain Capital Holdings, Inc. (b) | 18,646 | 110,011 | |
GAMCO Investors, Inc. Class A | 2,363 | 36,768 | |
Goldman Sachs Group, Inc. | 237,919 | 47,766,998 | |
Great Elm Capital Group, Inc. (a) | 30,049 | 94,654 | |
Greenhill & Co., Inc. | 10,981 | 160,542 | |
Hamilton Lane, Inc. Class A | 19,543 | 1,214,402 | |
Hennessy Advisors, Inc. | 1,863 | 18,909 | |
Houlihan Lokey | 31,735 | 1,625,467 | |
Interactive Brokers Group, Inc. | 57,059 | 2,915,715 | |
Intercontinental Exchange, Inc. | 416,924 | 37,197,959 | |
INTL FCStone, Inc. (a) | 13,501 | 614,971 | |
Invesco Ltd. | 279,776 | 4,028,774 | |
Janus Henderson Group PLC | 117,080 | 2,482,096 | |
KKR & Co. LP | 413,010 | 11,812,086 | |
Lazard Ltd. Class A | 84,398 | 3,023,136 | |
Legg Mason, Inc. | 61,220 | 3,049,980 | |
LPL Financial | 60,326 | 4,794,710 | |
Manning & Napier, Inc. Class A (b) | 6,426 | 10,410 | |
MarketAxess Holdings, Inc. | 28,443 | 9,224,918 | |
Moelis & Co. Class A | 37,615 | 1,202,175 | |
Moody's Corp. | 121,347 | 29,126,920 | |
Morgan Stanley | 918,702 | 41,369,151 | |
Morningstar, Inc. | 15,806 | 2,321,901 | |
MSCI, Inc. | 63,421 | 18,737,100 | |
Northern Trust Corp. | 158,565 | 13,915,664 | |
Och-Ziff Capital Management Group LLC Class A | 12,570 | 285,088 | |
Oppenheimer Holdings, Inc. Class A (non-vtg.) | 7,261 | 172,304 | |
Piper Jaffray Companies | 12,530 | 878,102 | |
PJT Partners, Inc. | 14,397 | 647,145 | |
Pzena Investment Management, Inc. | 10,873 | 71,001 | |
Raymond James Financial, Inc. | 92,202 | 7,710,853 | |
S&P Global, Inc. | 182,659 | 48,570,855 | |
Safeguard Scientifics, Inc. | 13,946 | 123,143 | |
SEI Investments Co. | 94,027 | 5,144,217 | |
Silvercrest Asset Management Group Class A | 2,536 | 29,316 | |
State Street Corp. | 272,099 | 18,532,663 | |
Stifel Financial Corp. | 52,530 | 2,859,733 | |
T. Rowe Price Group, Inc. | 174,519 | 20,594,987 | |
TD Ameritrade Holding Corp. | 198,697 | 8,390,974 | |
The Blackstone Group LP | 493,014 | 26,543,874 | |
The NASDAQ OMX Group, Inc. | 86,102 | 8,829,760 | |
Tradeweb Markets, Inc. Class A | 48,420 | 2,334,812 | |
U.S. Global Investments, Inc. Class A | 2,252 | 2,432 | |
Value Line, Inc. | 459 | 13,238 | |
Victory Capital Holdings, Inc. | 14,701 | 290,639 | |
Virtu Financial, Inc. Class A (b) | 54,231 | 1,020,085 | |
Virtus Investment Partners, Inc. | 5,270 | 581,808 | |
Waddell & Reed Financial, Inc. Class A (b) | 50,603 | 696,297 | |
Westwood Holdings Group, Inc. | 4,923 | 124,946 | |
WisdomTree Investments, Inc. | 82,439 | 334,702 | |
613,097,386 | |||
Consumer Finance - 0.6% | |||
Ally Financial, Inc. | 284,116 | 7,122,788 | |
American Express Co. | 501,787 | 55,161,445 | |
Asta Funding, Inc. (a) | 1,317 | 13,091 | |
Atlanticus Holdings Corp. (a) | 9,847 | 128,011 | |
Capital One Financial Corp. | 347,885 | 30,704,330 | |
Consumer Portfolio Services, Inc. (a) | 3,517 | 12,907 | |
Credit Acceptance Corp. (a)(b) | 10,456 | 4,215,859 | |
CURO Group Holdings Corp. | 9,397 | 86,734 | |
Discover Financial Services | 233,888 | 15,338,375 | |
Elevate Credit, Inc. (a) | 16,945 | 55,919 | |
Encore Capital Group, Inc. (a)(b) | 21,260 | 790,022 | |
Enova International, Inc. (a) | 24,164 | 464,432 | |
EZCORP, Inc. (non-vtg.) Class A (a) | 36,583 | 175,598 | |
First Cash Financial Services, Inc. | 32,330 | 2,486,824 | |
Green Dot Corp. Class A (a) | 36,116 | 1,233,723 | |
LendingClub Corp. (a) | 67,258 | 740,511 | |
LendingTree, Inc. (a)(b) | 5,730 | 1,580,449 | |
Medallion Financial Corp. (a) | 15,161 | 89,602 | |
Navient Corp. | 147,036 | 1,651,214 | |
Nelnet, Inc. Class A | 17,678 | 938,702 | |
Nicholas Financial, Inc. (a) | 1,682 | 13,675 | |
OneMain Holdings, Inc. | 57,368 | 2,108,274 | |
Oportun Financial Corp. (a) | 4,836 | 101,701 | |
PRA Group, Inc. (a) | 34,170 | 1,326,479 | |
Regional Management Corp. (a) | 6,632 | 170,111 | |
Santander Consumer U.S.A. Holdings, Inc. | 76,732 | 1,872,261 | |
SLM Corp. | 317,704 | 3,294,590 | |
Synchrony Financial | 416,191 | 12,111,158 | |
World Acceptance Corp. (a)(b) | 4,701 | 367,148 | |
144,355,933 | |||
Diversified Financial Services - 1.5% | |||
Alerus Financial Corp. | 1,895 | 38,772 | |
AXA Equitable Holdings, Inc. | 327,890 | 7,016,846 | |
Berkshire Hathaway, Inc. Class B (a) | 1,461,901 | 301,648,652 | |
Cannae Holdings, Inc. (a) | 53,712 | 2,002,920 | |
FGL Holdings Class A | 97,230 | 1,112,311 | |
FlexShopper, Inc. (a)(b) | 9,764 | 25,972 | |
Jefferies Financial Group, Inc. | 178,784 | 3,523,833 | |
Marlin Business Services Corp. | 5,477 | 107,678 | |
On Deck Capital, Inc. (a) | 36,594 | 127,713 | |
Rafael Holdings, Inc. (a) | 6,598 | 123,778 | |
Voya Financial, Inc. | 100,499 | 5,290,267 | |
321,018,742 | |||
Insurance - 2.5% | |||
AFLAC, Inc. | 547,613 | 23,465,217 | |
Alleghany Corp. | 10,780 | 7,246,855 | |
Allstate Corp. | 240,879 | 25,352,515 | |
AMBAC Financial Group, Inc. (a) | 37,647 | 723,575 | |
American Equity Investment Life Holding Co. | 68,948 | 1,743,005 | |
American Financial Group, Inc. | 55,523 | 5,131,436 | |
American International Group, Inc. | 650,792 | 27,437,391 | |
American National Insurance Co. | 7,498 | 737,503 | |
Amerisafe, Inc. | 15,125 | 985,696 | |
Aon PLC | 174,822 | 36,362,976 | |
Arch Capital Group Ltd. (a) | 302,964 | 12,248,835 | |
Argo Group International Holdings, Ltd. | 26,684 | 1,501,242 | |
Arthur J. Gallagher & Co. | 139,343 | 13,584,549 | |
Assurant, Inc. | 44,953 | 5,420,882 | |
Assured Guaranty Ltd. | 70,896 | 2,893,266 | |
Athene Holding Ltd. (a) | 87,484 | 3,608,715 | |
Atlas Financial Holdings, Inc. (a) | 2,758 | 1,545 | |
Axis Capital Holdings Ltd. | 63,253 | 3,549,758 | |
Brighthouse Financial, Inc. (a) | 81,795 | 2,931,533 | |
Brown & Brown, Inc. | 173,622 | 7,467,482 | |
BRP Group, Inc. (a)(b) | 14,395 | 222,259 | |
Chubb Ltd. | 338,944 | 49,157,048 | |
Cincinnati Financial Corp. (b) | 113,821 | 10,612,670 | |
Citizens, Inc. Class A (a)(b) | 34,539 | 201,708 | |
CNA Financial Corp. (b) | 21,744 | 904,116 | |
CNO Financial Group, Inc. | 114,175 | 1,829,084 | |
Crawford & Co.: | |||
Class A | 17,497 | 130,178 | |
Class B | 8,760 | 59,831 | |
Donegal Group, Inc. Class A | 10,485 | 149,621 | |
eHealth, Inc. (a) | 15,269 | 1,791,817 | |
Employers Holdings, Inc. | 23,500 | 905,690 | |
Enstar Group Ltd. (a) | 11,039 | 1,969,247 | |
Erie Indemnity Co. Class A | 14,066 | 2,010,313 | |
Everest Re Group Ltd. | 30,271 | 7,503,575 | |
FBL Financial Group, Inc. Class A | 9,089 | 434,091 | |
Fednat Holding Co. | 5,728 | 74,693 | |
First American Financial Corp. | 83,685 | 4,778,414 | |
FNF Group | 205,169 | 7,952,350 | |
Genworth Financial, Inc. Class A | 378,725 | 1,477,028 | |
Global Indemnity Ltd. | 4,041 | 128,342 | |
Globe Life, Inc. | 73,570 | 6,816,996 | |
Goosehead Insurance (b) | 9,044 | 490,547 | |
Greenlight Capital Re, Ltd. (a) | 30,799 | 259,944 | |
Hallmark Financial Services, Inc. (a) | 11,086 | 157,199 | |
Hanover Insurance Group, Inc. | 29,129 | 3,452,952 | |
Hartford Financial Services Group, Inc. | 269,041 | 13,438,598 | |
HCI Group, Inc. | 5,120 | 217,702 | |
Health Insurance Innovations, Inc. (a)(b) | 7,945 | 233,662 | |
Heritage Insurance Holdings, Inc. (b) | 17,741 | 197,990 | |
Horace Mann Educators Corp. | 32,506 | 1,265,459 | |
Independence Holding Co. | 6,111 | 226,779 | |
Investors Title Co. | 929 | 152,319 | |
James River Group Holdings Ltd. | 23,872 | 964,668 | |
Kemper Corp. | 46,810 | 3,222,400 | |
Kingstone Companies, Inc. | 6,183 | 43,436 | |
Kinsale Capital Group, Inc. | 15,644 | 1,900,277 | |
Lincoln National Corp. | 148,187 | 6,726,208 | |
Loews Corp. | 192,180 | 8,769,173 | |
Maiden Holdings Ltd. (a) | 36,881 | 34,299 | |
Markel Corp. (a) | 10,320 | 12,194,112 | |
Marsh & McLennan Companies, Inc. | 376,909 | 39,409,605 | |
MBIA, Inc. (a) | 62,740 | 489,372 | |
Mercury General Corp. | 20,353 | 881,488 | |
MetLife, Inc. | 581,421 | 24,838,305 | |
National General Holdings Corp. | 52,003 | 1,012,498 | |
National Western Life Group, Inc. | 1,919 | 458,507 | |
NI Holdings, Inc. (a) | 4,053 | 57,228 | |
Old Republic International Corp. | 211,963 | 4,179,910 | |
Palomar Holdings, Inc. | 13,567 | 689,339 | |
Primerica, Inc. | 30,852 | 3,435,062 | |
Principal Financial Group, Inc. | 193,220 | 8,577,036 | |
ProAssurance Corp. | 39,229 | 1,065,067 | |
Progressive Corp. | 437,217 | 31,986,796 | |
ProSight Global, Inc. | 6,707 | 89,874 | |
Protective Insurance Corp. Class B | 5,963 | 85,032 | |
Prudential Financial, Inc. | 299,661 | 22,609,422 | |
Reinsurance Group of America, Inc. | 46,558 | 5,681,473 | |
RenaissanceRe Holdings Ltd. | 33,030 | 5,628,312 | |
RLI Corp. | 30,119 | 2,420,965 | |
Safety Insurance Group, Inc. | 10,425 | 820,865 | |
Selective Insurance Group, Inc. | 45,019 | 2,511,160 | |
State Auto Financial Corp. | 12,151 | 303,532 | |
Stewart Information Services Corp. | 18,967 | 686,226 | |
The Travelers Companies, Inc. | 193,136 | 23,139,624 | |
Third Point Reinsurance Ltd. (a) | 57,475 | 512,677 | |
Tiptree, Inc. | 14,709 | 96,785 | |
Trupanion, Inc. (a)(b) | 21,610 | 664,291 | |
United Fire Group, Inc. | 16,694 | 640,048 | |
United Insurance Holdings Corp. | 14,642 | 137,635 | |
Universal Insurance Holdings, Inc. | 21,399 | 442,745 | |
Unum Group | 153,402 | 3,575,801 | |
W.R. Berkley Corp. | 108,120 | 7,259,177 | |
Watford Holdings Ltd. (a) | 3,498 | 79,859 | |
White Mountains Insurance Group Ltd. | 2,287 | 2,264,359 | |
Willis Group Holdings PLC | 96,063 | 18,179,923 | |
550,360,769 | |||
Mortgage Real Estate Investment Trusts - 0.2% | |||
AG Mortgage Investment Trust, Inc. | 30,179 | 451,780 | |
AGNC Investment Corp. | 399,984 | 6,815,727 | |
Annaly Capital Management, Inc. | 1,082,245 | 9,588,691 | |
Anworth Mortgage Asset Corp. | 82,973 | 271,322 | |
Apollo Commercial Real Estate Finance, Inc. | 107,413 | 1,740,091 | |
Arbor Realty Trust, Inc. | 43,205 | 524,509 | |
Ares Commercial Real Estate Corp. | 22,407 | 341,931 | |
Arlington Asset Investment Corp. | 29,492 | 166,925 | |
Armour Residential REIT, Inc. | 53,143 | 960,825 | |
Blackstone Mortgage Trust, Inc. | 98,203 | 3,541,200 | |
Capstead Mortgage Corp. | 69,144 | 490,922 | |
Cherry Hill Mortgage Investment Corp. | 13,437 | 191,612 | |
Chimera Investment Corp. | 139,764 | 2,746,363 | |
Colony NorthStar Credit Real Estate, Inc. | 67,332 | 857,136 | |
Dynex Capital, Inc. | 15,913 | 272,112 | |
Ellington Financial LLC | 32,031 | 529,472 | |
Ellington Residential Mortgage REIT | 4,582 | 49,898 | |
Exantas Capital Corp. | 23,103 | 264,760 | |
Granite Point Mortgage Trust, Inc. | 51,735 | 849,489 | |
Great Ajax Corp. | 12,592 | 177,925 | |
Hunt Companies Finance Trust, Inc. | 15,897 | 46,419 | |
Invesco Mortgage Capital, Inc. | 118,056 | 1,898,340 | |
KKR Real Estate Finance Trust, Inc. (b) | 18,777 | 368,780 | |
Ladder Capital Corp. Class A | 79,727 | 1,215,837 | |
MFA Financial, Inc. | 328,906 | 2,377,990 | |
New Residential Investment Corp. | 309,578 | 4,817,034 | |
New York Mortgage Trust, Inc. | 263,682 | 1,502,987 | |
Orchid Island Capital, Inc. | 41,226 | 236,225 | |
PennyMac Mortgage Investment Trust | 74,726 | 1,546,828 | |
Redwood Trust, Inc. | 89,201 | 1,523,553 | |
Starwood Property Trust, Inc. | 209,395 | 4,644,381 | |
TPG RE Finance Trust, Inc. | 39,657 | 762,208 | |
Tremont Mortgage Trust | 5,426 | 27,239 | |
Two Harbors Investment Corp.�� | 202,746 | 2,747,208 | |
Western Asset Mortgage Capital Corp. | 41,393 | 414,758 | |
ZAIS Financial Corp. | 37,511 | 543,910 | |
55,506,387 | |||
Thrifts & Mortgage Finance - 0.2% | |||
Axos Financial, Inc. (a) | 43,428 | 1,081,791 | |
Bridgewater Bancshares, Inc. (a) | 20,848 | 260,600 | |
Capitol Federal Financial, Inc. | 111,824 | 1,364,812 | |
Columbia Financial, Inc. (a) | 39,017 | 605,544 | |
Dime Community Bancshares, Inc. | 22,985 | 385,688 | |
ESSA Bancorp, Inc. | 3,361 | 55,591 | |
Essent Group Ltd. | 73,710 | 3,216,704 | |
Farmer Mac Class C (non-vtg.) | 7,600 | 570,456 | |
FFBW, Inc. (a) | 4,260 | 43,665 | |
First Defiance Financial Corp. | 30,575 | 731,201 | |
Flagstar Bancorp, Inc. | 27,421 | 874,181 | |
FS Bancorp, Inc. | 2,735 | 130,706 | |
Hingham Institution for Savings | 1,282 | 234,555 | |
Home Bancorp, Inc. | 6,254 | 206,820 | |
HomeStreet, Inc. | 22,164 | 600,423 | |
Impac Mortgage Holdings, Inc. (a)(b) | 6,758 | 43,589 | |
Kearny Financial Corp. | 61,777 | 673,987 | |
Luther Burbank Corp. | 9,090 | 94,809 | |
Merchants Bancorp/IN | 11,007 | 198,346 | |
Meridian Bancorp, Inc. Maryland | 43,798 | 723,105 | |
Meta Financial Group, Inc. | 26,200 | 860,670 | |
MGIC Investment Corp. | 256,703 | 3,088,137 | |
MMA Capital Management, LLC (a) | 4,171 | 125,922 | |
MSB Financial Corp. | 2,640 | 39,970 | |
New York Community Bancorp, Inc. | 350,601 | 3,789,997 | |
NMI Holdings, Inc. (a) | 51,384 | 1,199,303 | |
Northfield Bancorp, Inc. | 34,632 | 489,350 | |
Northwest Bancshares, Inc. | 79,713 | 1,107,214 | |
OceanFirst Financial Corp. | 47,321 | 967,241 | |
Ocwen Financial Corp. (a) | 86,190 | 107,738 | |
OP Bancorp | 8,169 | 72,296 | |
PB Bancorp, Inc. | 5,151 | 78,244 | |
PCSB Financial Corp. | 13,638 | 250,394 | |
PDL Community Bancorp (a) | 1,821 | 25,585 | |
Pennymac Financial Services, Inc. | 31,812 | 1,121,691 | |
Pioneer Bancorp, Inc. (a) | 8,267 | 112,597 | |
Provident Bancorp, Inc. (a) | 4,113 | 45,202 | |
Provident Financial Holdings, Inc. | 2,705 | 53,424 | |
Provident Financial Services, Inc. | 48,638 | 971,787 | |
Prudential Bancorp, Inc. | 4,475 | 73,524 | |
Radian Group, Inc. | 149,096 | 3,166,799 | |
Randolph Bancorp, Inc. (a) | 4,697 | 70,925 | |
Riverview Bancorp, Inc. | 12,078 | 77,903 | |
Sachem Capital Corp. | 9,409 | 35,942 | |
Security National Financial Corp. Class A | 4,011 | 20,978 | |
Severn Bancorp, Inc. | 4,434 | 35,561 | |
Southern Missouri Bancorp, Inc. | 6,912 | 226,852 | |
Standard AVB Financial Corp. | 2,698 | 76,623 | |
Sterling Bancorp, Inc. | 13,300 | 93,100 | |
Territorial Bancorp, Inc. | 4,727 | 120,160 | |
TFS Financial Corp. | 38,810 | 793,276 | |
Timberland Bancorp, Inc. | 6,187 | 143,848 | |
Trustco Bank Corp., New York | 80,301 | 550,865 | |
Walker & Dunlop, Inc. | 21,503 | 1,394,470 | |
Washington Federal, Inc. | 59,122 | 1,773,069 | |
Waterstone Financial, Inc. | 21,821 | 362,883 | |
Westfield Financial, Inc. | 12,590 | 111,296 | |
WMI Holdings Corp. (a) | 55,739 | 715,131 | |
WSFS Financial Corp. | 40,008 | 1,378,676 | |
37,825,216 | |||
TOTAL FINANCIALS | 2,835,802,928 | ||
HEALTH CARE - 14.0% | |||
Biotechnology - 2.7% | |||
89Bio, Inc. (a)(b) | 5,083 | 181,311 | |
AbbVie, Inc. | 1,105,809 | 94,778,889 | |
Abeona Therapeutics, Inc. (a)(b) | 74,339 | 228,964 | |
ACADIA Pharmaceuticals, Inc. (a) | 84,653 | 3,618,069 | |
Acceleron Pharma, Inc. (a) | 34,482 | 2,963,038 | |
Acorda Therapeutics, Inc. (a)(b) | 29,011 | 41,776 | |
Actinium Pharmaceuticals, Inc. (a) | 76,709 | 18,280 | |
Adamas Pharmaceuticals, Inc. (a) | 11,305 | 51,551 | |
ADMA Biologics, Inc. (a) | 56,883 | 165,814 | |
Aduro Biotech, Inc. (a) | 40,033 | 122,101 | |
Advaxis, Inc. (a)(b) | 66,731 | 54,065 | |
Adverum Biotechnologies, Inc. (a) | 46,148 | 568,082 | |
Aeglea BioTherapeutics, Inc. (a) | 12,922 | 88,257 | |
Aevi Genomic Medicine, Inc. rights (a)(c) | 12,284 | 413 | |
Agenus, Inc. (a)(b) | 79,563 | 201,294 | |
AgeX Therapeutics, Inc. (a)(b) | 10,213 | 11,745 | |
Agios Pharmaceuticals, Inc. (a) | 45,159 | 2,144,149 | |
Aimmune Therapeutics, Inc. (a)(b) | 32,110 | 764,539 | |
Akebia Therapeutics, Inc. (a) | 90,919 | 806,452 | |
Akero Therapeutics, Inc. (a) | 5,099 | 111,005 | |
Albireo Pharma, Inc. (a) | 7,924 | 185,263 | |
Aldeyra Therapeutics, Inc. (a) | 17,334 | 65,869 | |
Alector, Inc. (b) | 26,528 | 728,989 | |
Alexion Pharmaceuticals, Inc. (a) | 165,683 | 15,579,172 | |
Alkermes PLC (a) | 119,192 | 2,483,961 | |
Allakos, Inc. (a)(b) | 18,406 | 1,147,246 | |
Allena Pharmaceuticals, Inc. (a) | 8,476 | 16,698 | |
Allogene Therapeutics, Inc. (a)(b) | 39,574 | 1,068,498 | |
Alnylam Pharmaceuticals, Inc. (a) | 83,647 | 9,841,906 | |
Alpine Immune Sciences, Inc. (a) | 3,562 | 11,327 | |
Altimmune, Inc. (a) | 4,051 | 14,989 | |
AMAG Pharmaceuticals, Inc. (a)(b) | 24,307 | 188,379 | |
Amgen, Inc. | 444,305 | 88,741,038 | |
Amicus Therapeutics, Inc. (a) | 194,641 | 1,857,848 | |
AnaptysBio, Inc. (a) | 16,973 | 253,746 | |
Anavex Life Sciences Corp. (a)(b) | 49,203 | 187,463 | |
Anika Therapeutics, Inc. (a) | 10,775 | 449,964 | |
Anixa Biosciences, Inc. (a)(b) | 7,437 | 22,237 | |
Apellis Pharmaceuticals, Inc. (a) | 38,363 | 1,328,127 | |
Applied Genetic Technologies Corp. (a) | 8,034 | 38,001 | |
Applied Therapeutics, Inc. (a) | 6,370 | 264,674 | |
Aprea Therapeutics, Inc. | 4,729 | 162,205 | |
Aptevo Therapeutics, Inc. (a) | 7,571 | 3,256 | |
Aptinyx, Inc. (a) | 20,881 | 67,237 | |
AquaBounty Technologies, Inc. (a) | 405 | 713 | |
Aravive, Inc. (a) | 5,497 | 46,944 | |
Arcturus Therapeutics Holdings, Inc. (a) | 5,726 | 79,305 | |
Arcus Biosciences, Inc. (a) | 20,463 | 311,447 | |
Ardelyx, Inc. (a) | 44,012 | 304,563 | |
Arena Pharmaceuticals, Inc. (a) | 37,833 | 1,687,352 | |
Aridis Pharmaceuticals, Inc. (a)(b) | 2,503 | 16,320 | |
Arrowhead Pharmaceuticals, Inc. (a)(b) | 75,017 | 2,652,601 | |
Artara Therapeutics, Inc. (a) | 875 | 24,938 | |
Assembly Biosciences, Inc. (a) | 19,663 | 356,294 | |
Atara Biotherapeutics, Inc. (a) | 38,900 | 472,635 | |
Athenex, Inc. (a)(b) | 36,664 | 448,034 | |
Athersys, Inc. (a)(b) | 77,044 | 92,453 | |
Atreca, Inc. (b) | 6,543 | 154,677 | |
aTyr Pharma, Inc. | 138 | 512 | |
AVEO Pharmaceuticals, Inc. (a) | 7,107 | 31,271 | |
Avid Bioservices, Inc. (a) | 29,054 | 183,040 | |
AVROBIO, Inc. (a) | 17,079 | 329,625 | |
Bellicum Pharmaceuticals, Inc. (a)(b) | 2,237 | 20,133 | |
Bio Path Holdings, Inc. (a) | 920 | 5,042 | |
Biocept, Inc. (a) | 648 | 505 | |
BioCryst Pharmaceuticals, Inc. (a) | 100,745 | 302,235 | |
Biogen, Inc. (a) | 134,946 | 41,615,997 | |
Biohaven Pharmaceutical Holding Co. Ltd. (a) | 33,105 | 1,461,917 | |
BioMarin Pharmaceutical, Inc. (a) | 134,566 | 12,160,729 | |
Biospecifics Technologies Corp. (a) | 3,867 | 213,420 | |
BioTime, Inc. (a)(b) | 107,243 | 108,315 | |
BioXcel Therapeutics, Inc. (a) | 7,059 | 264,713 | |
bluebird bio, Inc. (a) | 41,873 | 3,028,674 | |
Blueprint Medicines Corp. (a) | 40,735 | 2,204,986 | |
BrainStorm Cell Therpeutic, Inc. (a)(b) | 27,254 | 190,233 | |
Brickell Biotech, Inc. (a) | 276 | 809 | |
Bridgebio Pharma, Inc. | 15,552 | 495,798 | |
Cabaletta Bio, Inc. (a) | 11,512 | 171,989 | |
Calithera Biosciences, Inc. (a) | 33,867 | 219,458 | |
Calyxt, Inc. (a) | 6,178 | 38,983 | |
Cancer Genetics, Inc. (a) | 95 | 349 | |
Capricor Therapeutics, Inc. (a) | 929 | 1,096 | |
CareDx, Inc. (a) | 26,875 | 626,456 | |
CASI Pharmaceuticals, Inc. (a)(b) | 32,151 | 56,907 | |
Castle Biosciences, Inc. | 3,309 | 99,071 | |
Catabasis Pharmaceuticals, Inc. (a) | 7,466 | 36,434 | |
Catalyst Biosciences, Inc. (a) | 6,839 | 39,461 | |
Catalyst Pharmaceutical Partners, Inc. (a) | 67,876 | 285,758 | |
Cel-Sci Corp. (a)(b) | 23,080 | 253,188 | |
Celcuity, Inc. (a) | 3,002 | 25,487 | |
Celldex Therapeutics, Inc. (a) | 8,462 | 22,255 | |
Cellular Biomedicine Group, Inc. (a) | 6,741 | 107,586 | |
Celsion Corp. (a) | 3,145 | 3,271 | |
Checkpoint Therapeutics, Inc. (a) | 33,203 | 58,105 | |
ChemoCentryx, Inc. (a) | 30,884 | 1,382,059 | |
Chimerix, Inc. (a) | 28,431 | 50,323 | |
Cidara Therapeutics, Inc. (a)(b) | 21,577 | 62,573 | |
Cleveland Biolabs, Inc. (a)(b) | 523 | 1,747 | |
Clovis Oncology, Inc. (a)(b) | 51,656 | 388,970 | |
CohBar, Inc. (a)(b) | 25,615 | 40,984 | |
Coherus BioSciences, Inc. (a) | 46,273 | 895,383 | |
Conatus Pharmaceuticals, Inc. (a) | 10,772 | 4,256 | |
Concert Pharmaceuticals, Inc. (a) | 20,418 | 172,736 | |
Constellation Pharmaceuticals, Inc. (a) | 11,897 | 420,440 | |
ContraFect Corp. (a)(b) | 11,109 | 97,759 | |
Corbus Pharmaceuticals Holdings, Inc. (a)(b) | 38,039 | 180,305 | |
Cortexyme, Inc. | 3,402 | 170,951 | |
Corvus Pharmaceuticals, Inc. (a)(b) | 5,901 | 20,299 | |
Crinetics Pharmaceuticals, Inc. (a)(b) | 4,877 | 100,369 | |
CTI BioPharma Corp. (a) | 42,248 | 41,462 | |
CTI BioPharma Corp. rights 3/2/20 (a) | 25,295 | 0 | |
Cue Biopharma, Inc. (a) | 13,910 | 243,286 | |
Curis, Inc. (a) | 23,763 | 30,892 | |
Cyclacel Pharmaceuticals, Inc. (a) | 283 | 151 | |
Cyclerion Therapeutics, Inc. (a) | 10,181 | 43,575 | |
Cytokinetics, Inc. (a) | 45,072 | 628,304 | |
CytomX Therapeutics, Inc. (a) | 30,792 | 205,998 | |
Deciphera Pharmaceuticals, Inc. (a) | 13,053 | 694,942 | |
Denali Therapeutics, Inc. (a)(b) | 56,269 | 1,112,438 | |
DiaMedica Therapeutics, Inc. (a) | 5,201 | 23,509 | |
Dicerna Pharmaceuticals, Inc. (a) | 41,047 | 810,268 | |
Dyadic International, Inc. (a)(b) | 16,719 | 98,475 | |
Dynavax Technologies Corp. (a)(b) | 56,832 | 224,202 | |
Eagle Pharmaceuticals, Inc. (a) | 8,650 | 397,035 | |
Edge Therapeutics, Inc. (a) | 742 | 876 | |
Editas Medicine, Inc. (a)(b) | 38,147 | 846,100 | |
Eidos Therapeutics, Inc. (a)(b) | 3,492 | 176,625 | |
Eiger Biopharmaceuticals, Inc. (a) | 15,605 | 148,091 | |
Emergent BioSolutions, Inc. (a) | 33,191 | 1,947,648 | |
Enanta Pharmaceuticals, Inc. (a) | 11,159 | 567,770 | |
Enochian Biosciences, Inc. (a)(b) | 16,088 | 52,447 | |
Epizyme, Inc. (a)(b) | 56,233 | 1,205,073 | |
Esperion Therapeutics, Inc. (a)(b) | 19,255 | 972,185 | |
Evelo Biosciences, Inc. (a)(b) | 6,392 | 32,344 | |
Exact Sciences Corp. (a)(b) | 104,802 | 8,483,722 | |
Exelixis, Inc. (a) | 228,056 | 4,239,561 | |
Exicure, Inc. (a) | 54,440 | 106,158 | |
Fate Therapeutics, Inc. (a) | 45,553 | 1,330,148 | |
FibroGen, Inc. (a) | 59,549 | 2,489,148 | |
Five Prime Therapeutics, Inc. (a) | 22,696 | 86,926 | |
Flexion Therapeutics, Inc. (a)(b) | 22,605 | 356,933 | |
Fortress Biotech, Inc. (a) | 23,538 | 50,371 | |
Forty Seven, Inc. (a) | 22,026 | 1,277,508 | |
Frequency Therapeutics, Inc. (b) | 7,454 | 161,454 | |
G1 Therapeutics, Inc. (a) | 19,143 | 343,425 | |
Galectin Therapeutics, Inc. (a)(b) | 26,209 | 55,563 | |
Galera Therapeutics, Inc. (a) | 4,662 | 79,627 | |
Genocea Biosciences, Inc. (a) | 12,239 | 21,418 | |
Genprex, Inc. (a) | 11,711 | 48,074 | |
Geron Corp. (a)(b) | 122,015 | 140,317 | |
Gilead Sciences, Inc. | 946,177 | 65,626,837 | |
Global Blood Therapeutics, Inc. (a) | 45,471 | 2,908,325 | |
GlycoMimetics, Inc. (a) | 21,677 | 78,471 | |
Gossamer Bio, Inc. | 27,820 | 365,277 | |
Gritstone Oncology, Inc. (a)(b) | 11,994 | 100,750 | |
Halozyme Therapeutics, Inc. (a) | 86,949 | 1,701,592 | |
Harpoon Therapeutics, Inc. | 4,595 | 70,487 | |
Heat Biologics, Inc. (a) | 8,025 | 2,648 | |
Hemispherx Biopharma, Inc. (a) | 74 | 152 | |
Heron Therapeutics, Inc. (a) | 56,854 | 1,060,327 | |
Homology Medicines, Inc. (a) | 23,016 | 368,256 | |
Hookipa Pharma, Inc. | 6,212 | 61,623 | |
iBio, Inc. (a)(b) | 1,190 | 2,916 | |
Ideaya Biosciences, Inc. (a) | 2,686 | 18,802 | |
Idera Pharmaceuticals, Inc. (a)(b) | 11,574 | 18,403 | |
IGM Biosciences, Inc. (a)(b) | 8,777 | 451,226 | |
Immucell Corp. (a)(b) | 7,193 | 41,647 | |
Immunic, Inc. (a) | 406 | 3,151 | |
ImmunoGen, Inc. (a) | 122,795 | 546,438 | |
Immunomedics, Inc. (a) | 139,257 | 2,228,112 | |
Incyte Corp. (a) | 134,052 | 10,108,861 | |
Infinity Pharmaceuticals, Inc. (a) | 24,412 | 28,562 | |
Inovio Pharmaceuticals, Inc. (a)(b) | 67,012 | 286,811 | |
Insmed, Inc. (a) | 67,571 | 1,682,518 | |
Intellia Therapeutics, Inc. (a)(b) | 26,197 | 349,730 | |
Intercept Pharmaceuticals, Inc. (a) | 19,212 | 1,766,351 | |
Invitae Corp. (a)(b) | 66,821 | 1,361,812 | |
Ionis Pharmaceuticals, Inc. (a) | 96,130 | 4,881,481 | |
Iovance Biotherapeutics, Inc. (a)(b) | 87,270 | 2,872,056 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 118,998 | 1,432,736 | |
IsoRay, Inc. (a)(b) | 55,167 | 40,548 | |
Iveric Bio, Inc. (a) | 23,883 | 129,804 | |
Jounce Therapeutics, Inc. (a) | 10,614 | 47,975 | |
Kadmon Holdings, Inc. (a) | 105,427 | 489,181 | |
Kalvista Pharmaceuticals, Inc. (a) | 12,534 | 168,582 | |
Karuna Therapeutics, Inc. (a) | 7,871 | 686,823 | |
Karyopharm Therapeutics, Inc. (a) | 38,939 | 636,263 | |
Kezar Life Sciences, Inc. (a) | 23,210 | 101,660 | |
Kindred Biosciences, Inc. (a) | 24,507 | 266,391 | |
Kiniksa Pharmaceuticals Ltd. (a) | 6,710 | 123,867 | |
Kodiak Sciences, Inc. (a)(b) | 18,180 | 1,162,975 | |
Krystal Biotech, Inc. (a)(b) | 8,074 | 431,555 | |
Kura Oncology, Inc. (a) | 42,076 | 507,857 | |
La Jolla Pharmaceutical Co. (a)(b) | 15,615 | 106,182 | |
Leap Therapeutics, Inc. (a)(b) | 17,779 | 42,847 | |
Lexicon Pharmaceuticals, Inc. (a)(b) | 27,788 | 77,112 | |
Ligand Pharmaceuticals, Inc. Class B (a)(b) | 13,238 | 1,239,077 | |
LogicBio Therapeutics, Inc. (a) | 3,959 | 31,830 | |
Macrogenics, Inc. (a) | 35,911 | 314,939 | |
Madrigal Pharmaceuticals, Inc. (a)(b) | 6,694 | 576,822 | |
Magenta Therapeutics, Inc. (a)(b) | 10,896 | 128,137 | |
MannKind Corp. (a)(b) | 122,724 | 155,859 | |
Marker Therapeutics, Inc. (a) | 18,701 | 46,191 | |
Matinas BioPharma Holdings, Inc. (a)(b) | 102,071 | 102,071 | |
MediciNova, Inc. (a)(b) | 26,891 | 112,942 | |
MEI Pharma, Inc. (a) | 58,703 | 113,297 | |
Merrimack Pharmaceuticals, Inc. (b) | 6,570 | 18,987 | |
Mersana Therapeutics, Inc. (a) | 26,418 | 228,780 | |
Minerva Neurosciences, Inc. (a) | 31,135 | 226,663 | |
Miragen Therapeutics, Inc. (a)(b) | 11,641 | 8,643 | |
Mirati Therapeutics, Inc. (a) | 27,524 | 2,463,123 | |
Mirum Pharmaceuticals, Inc. (a)(b) | 6,932 | 114,794 | |
Moderna, Inc. (a)(b) | 160,885 | 4,171,748 | |
Molecular Templates, Inc. (a) | 17,253 | 277,601 | |
Moleculin Biotech, Inc. (a) | 11,050 | 7,514 | |
Momenta Pharmaceuticals, Inc. (a) | 85,462 | 2,417,720 | |
Morphic Holding, Inc. | 5,008 | 79,126 | |
Mustang Bio, Inc. (a) | 21,501 | 62,783 | |
Myriad Genetics, Inc. (a) | 56,642 | 998,032 | |
NanoViricides, Inc. (a)(b) | 3,748 | 35,606 | |
NantKwest, Inc. (a)(b) | 22,405 | 108,440 | |
Natera, Inc. (a) | 47,832 | 1,813,072 | |
Navidea Biopharmaceuticals, Inc. (a) | 286 | 279 | |
Neoleukin Therapeutics, Inc. (a) | 27,073 | 262,608 | |
Neon Therapeutics, Inc. (a) | 2,917 | 4,376 | |
Neubase Therapeutics, Inc. (a) | 477 | 3,406 | |
Neurobo Pharmaceuticals, Inc. (a)(b) | 158 | 2,433 | |
Neurobo Pharmaceuticals, Inc. rights (a)(c) | 3,973 | 0 | |
Neurocrine Biosciences, Inc. (a) | 69,095 | 6,543,297 | |
Neurotrope, Inc. (a)(b) | 2,281 | 2,486 | |
NewLink Genetics Corp. (a) | 12,233 | 16,759 | |
NextCure, Inc. | 6,793 | 283,676 | |
Novavax, Inc. (a)(b) | 21,188 | 339,008 | |
OncoCyte Corp. (a) | 17,782 | 38,231 | |
OncoSec Medical, Inc. (a) | 3,973 | 5,522 | |
Oncternal Therapeutics, Inc. (a) | 2,013 | 7,287 | |
Oncternal Therapeutics, Inc. rights (a)(c) | 780 | 0 | |
Opko Health, Inc. (a)(b) | 329,953 | 494,930 | |
Oragenics, Inc. (a) | 294 | 220 | |
Organogenesis Holdings, Inc. Class A (a) | 14,714 | 57,679 | |
Organovo Holdings, Inc. (a) | 99,452 | 32,123 | |
Orgenesis, Inc. (a)(b) | 6,680 | 28,858 | |
Outlook Therapeutics, Inc. (a)(b) | 287 | 218 | |
OvaScience, Inc. (a) | 6,045 | 46,486 | |
Ovid Therapeutics, Inc. (a) | 19,910 | 65,305 | |
Oyster Point Pharma, Inc. (a) | 3,871 | 137,072 | |
Palatin Technologies, Inc. (a)(b) | 172,465 | 88,078 | |
PDL BioPharma, Inc. (a) | 91,243 | 310,226 | |
Pfenex, Inc. (a) | 20,740 | 240,584 | |
PhaseBio Pharmaceuticals, Inc. (a)(b) | 9,554 | 40,222 | |
Pieris Pharmaceuticals, Inc. (a) | 31,200 | 97,032 | |
Polarityte, Inc. (a) | 11,218 | 15,256 | |
Portola Pharmaceuticals, Inc. (a)(b) | 49,831 | 503,791 | |
Precigen, Inc. (a)(b) | 65,294 | 247,464 | |
Precision BioSciences, Inc. (a) | 5,548 | 44,439 | |
Prevail Therapeutics, Inc. | 5,303 | 67,772 | |
Principia Biopharma, Inc. (a) | 14,120 | 911,587 | |
Progenics Pharmaceuticals, Inc. (a) | 62,613 | 295,533 | |
Protagonist Therapeutics, Inc. (a) | 16,817 | 131,173 | |
Proteostasis Therapeutics, Inc. (a)(b) | 24,450 | 38,142 | |
Prothena Corp. PLC (a) | 27,709 | 295,378 | |
PTC Therapeutics, Inc. (a) | 46,679 | 2,559,876 | |
Puma Biotechnology, Inc. (a)(b) | 23,736 | 255,281 | |
Ra Pharmaceuticals, Inc. (a) | 26,264 | 1,228,105 | |
Radius Health, Inc. (a) | 32,825 | 691,295 | |
RAPT Therapeutics, Inc. (a) | 3,541 | 70,006 | |
Recro Pharma, Inc. (a) | 11,148 | 159,862 | |
Regeneron Pharmaceuticals, Inc. (a) | 59,767 | 26,570,615 | |
REGENXBIO, Inc. (a) | 23,982 | 959,280 | |
Regulus Therapeutics, Inc. (a)(b) | 2,109 | 1,566 | |
Repligen Corp. (a) | 35,075 | 3,002,420 | |
Replimune Group, Inc. (a) | 9,288 | 128,825 | |
Retrophin, Inc. (a) | 37,367 | 579,002 | |
Rexahn Pharmaceuticals, Inc. (a) | 1,038 | 2,387 | |
Rhythm Pharmaceuticals, Inc. (a)(b) | 25,388 | 484,403 | |
Rigel Pharmaceuticals, Inc. (a) | 126,392 | 267,951 | |
Rocket Pharmaceuticals, Inc. (a)(b) | 26,358 | 513,717 | |
Rubius Therapeutics, Inc. (a)(b) | 23,169 | 193,925 | |
Sage Therapeutics, Inc. (a) | 39,493 | 1,856,171 | |
Salarius Pharmaceuticals, Inc. (a) | 121 | 105 | |
Salarius Pharmaceuticals, Inc. rights (a)(c) | 2,725 | 335 | |
Sangamo Therapeutics, Inc. (a)(b) | 91,216 | 778,072 | |
Sarepta Therapeutics, Inc. (a) | 53,137 | 6,082,592 | |
Savara, Inc. (a) | 16,342 | 37,423 | |
Scholar Rock Holding Corp. (a) | 10,352 | 146,067 | |
Seattle Genetics, Inc. (a) | 86,074 | 9,800,386 | |
Selecta Biosciences, Inc. (a)(b) | 20,347 | 81,388 | |
Sellas Life Sciences Group, Inc. (a) | 2,078 | 4,322 | |
Seneca Biopharma, Inc. (a) | 122 | 113 | |
Seres Therapeutics, Inc. (a) | 33,898 | 106,440 | |
Sesen Bio, Inc. (a) | 74,959 | 56,969 | |
Soleno Therapeutics, Inc. (a) | 20,927 | 58,177 | |
Solid Biosciences, Inc. (a)(b) | 13,643 | 45,022 | |
Soligenix, Inc. (a)(b) | 22,081 | 66,685 | |
Sophiris Bio, Inc. (a)(b) | 16,924 | 9,061 | |
Sorrento Therapeutics, Inc. (a)(b) | 83,755 | 181,748 | |
Spectrum Pharmaceuticals, Inc. (a) | 79,311 | 226,829 | |
Spero Therapeutics, Inc. (a) | 5,273 | 50,304 | |
Spero Therapeutics, Inc. rights 3/3/20 (a) | 801 | 433 | |
Spring Bank Pharmaceuticals, Inc. (a) | 6,222 | 8,524 | |
Springworks Therapeutics, Inc. (a) | 7,160 | 228,834 | |
Stemline Therapeutics, Inc. (a)(b) | 30,387 | 182,930 | |
Stoke Therapeutics, Inc. | 5,725 | 141,694 | |
Sunesis Pharmaceuticals, Inc. (a)(b) | 49,268 | 48,534 | |
Surface Oncology, Inc. (a) | 2,983 | 9,426 | |
Sutro Biopharma, Inc. (a) | 7,303 | 71,058 | |
Syndax Pharmaceuticals, Inc. (a) | 13,566 | 127,656 | |
Synlogic, Inc. (a) | 10,050 | 20,703 | |
Synthetic Biologics, Inc. (a) | 714 | 304 | |
Syros Pharmaceuticals, Inc. (a) | 23,416 | 136,984 | |
T2 Biosystems, Inc. (a)(b) | 23,454 | 16,169 | |
TCR2 Therapeutics, Inc. | 10,411 | 123,683 | |
Tenax Therapeutics, Inc. (a) | 20 | 23 | |
TG Therapeutics, Inc. (a)(b) | 61,320 | 769,566 | |
Tocagen, Inc. (a)(b) | 13,530 | 19,213 | |
TRACON Pharmaceuticals, Inc. (a)(b) | 122 | 371 | |
Translate Bio, Inc. (a)(b) | 34,440 | 261,055 | |
Trevena, Inc. (a) | 53,179 | 38,012 | |
Trovagene, Inc. (a) | 139 | 190 | |
Turning Point Therapeutics, Inc. | 10,180 | 504,623 | |
Twist Bioscience Corp. (a) | 19,489 | 596,753 | |
Tyme, Inc. (a)(b) | 24,524 | 29,184 | |
Ultragenyx Pharmaceutical, Inc. (a) | 41,151 | 2,307,748 | |
United Therapeutics Corp. (a) | 33,100 | 3,407,976 | |
UNITY Biotechnology, Inc. (a)(b) | 20,844 | 125,272 | |
Unum Therapeutics, Inc. (a)(b) | 4,804 | 3,219 | |
Vanda Pharmaceuticals, Inc. (a) | 37,536 | 414,022 | |
Vaxart, Inc. (a)(b) | 29,256 | 83,965 | |
VBI Vaccines, Inc. (a)(b) | 137,657 | 165,188 | |
Veracyte, Inc. (a) | 31,866 | 786,772 | |
Verastem, Inc. (a) | 41,471 | 115,704 | |
Vericel Corp. (a) | 31,170 | 481,265 | |
Vertex Pharmaceuticals, Inc. (a) | 192,390 | 43,101,132 | |
Viela Bio, Inc. (b) | 7,048 | 307,575 | |
Viking Therapeutics, Inc. (a)(b) | 46,990 | 278,181 | |
VistaGen Therapeutics, Inc. (a) | 16,097 | 8,248 | |
Voyager Therapeutics, Inc. (a) | 17,127 | 186,684 | |
vTv Therapeutics, Inc. Class A (a)(b) | 1,569 | 5,366 | |
X4 Pharmaceuticals, Inc. (a) | 9,499 | 101,449 | |
Xbiotech, Inc. (a)(b) | 16,329 | 200,194 | |
Xencor, Inc. (a) | 37,911 | 1,231,728 | |
XOMA Corp. (a) | 4,047 | 98,342 | |
Y-mAbs Therapeutics, Inc. (a) | 12,668 | 372,693 | |
Yield10 Bioscience, Inc. (a) | 5 | 33 | |
Zafgen, Inc. (a) | 19,735 | 22,498 | |
ZIOPHARM Oncology, Inc. (a)(b) | 135,281 | 418,018 | |
584,517,806 | |||
Health Care Equipment & Supplies - 3.5% | |||
Abbott Laboratories | 1,321,114 | 101,765,411 | |
Abiomed, Inc. (a) | 33,822 | 5,082,094 | |
Accuray, Inc. (a) | 67,562 | 200,321 | |
Akers Biosciences, Inc. (a)(b) | 230 | 642 | |
Align Technology, Inc. (a) | 53,662 | 11,717,098 | |
Allied Healthcare Products, Inc. (a) | 2,823 | 67,752 | |
Alphatec Holdings, Inc. (a) | 32,843 | 192,132 | |
Angiodynamics, Inc. (a) | 29,474 | 338,656 | |
Antares Pharma, Inc. (a) | 106,462 | 330,032 | |
Apollo Endosurgery, Inc. (a) | 30 | 78 | |
Atossa Therapeutics, Inc. (a)(b) | 10,240 | 12,390 | |
Atricure, Inc. (a) | 29,344 | 1,127,396 | |
Atrion Corp. | 1,137 | 700,744 | |
Avanos Medical, Inc. (a) | 36,567 | 1,185,136 | |
Avinger, Inc. (a)(b) | 178 | 109 | |
AxoGen, Inc. (a) | 26,604 | 329,358 | |
Axonics Modulation Technologies, Inc. (a)(b) | 11,155 | 395,389 | |
Baxter International, Inc. | 381,792 | 31,868,178 | |
Becton, Dickinson & Co. | 202,231 | 48,094,576 | |
Bellerophon Therapeutics, Inc. (a) | 727 | 5,089 | |
Beyond Air, Inc. (a)(b) | 11,993 | 99,302 | |
BioLase Technology, Inc. (a) | 1,838 | 1,186 | |
BioLife Solutions, Inc. (a)(b) | 11,338 | 160,433 | |
BioSig Technologies, Inc. (a)(b) | 11,983 | 43,378 | |
Boston Scientific Corp. (a) | 1,042,263 | 38,970,214 | |
Bovie Medical Corp. (a) | 17,133 | 103,655 | |
Cantel Medical Corp. (b) | 28,451 | 1,795,258 | |
Cardiovascular Systems, Inc. (a) | 26,791 | 1,007,877 | |
Cerus Corp. (a) | 130,206 | 669,259 | |
Chembio Diagnostics, Inc. (a)(b) | 15,272 | 67,960 | |
Co.-Diagnostics, Inc. (a)(b) | 8,572 | 113,408 | |
ConforMis, Inc. (a) | 41,372 | 32,237 | |
CONMED Corp. | 21,347 | 2,020,280 | |
Cryolife, Inc. (a) | 29,252 | 749,729 | |
CryoPort, Inc. (a)(b) | 24,724 | 412,891 | |
Cutera, Inc. (a) | 9,575 | 237,269 | |
CytoSorbents Corp. (a)(b) | 23,986 | 144,636 | |
Danaher Corp. | 477,505 | 69,037,673 | |
Dare Bioscience, Inc. (a) | 5,086 | 5,544 | |
Dentsply Sirona, Inc. | 166,302 | 8,188,710 | |
DexCom, Inc. (a) | 68,212 | 18,826,512 | |
Edwards Lifesciences Corp. (a) | 155,951 | 31,945,003 | |
Ekso Bionics Holdings, Inc. (a)(b) | 33,406 | 9,975 | |
electroCore, Inc. (a)(b) | 8,430 | 6,155 | |
Electromed, Inc. (a) | 3,835 | 39,462 | |
Endologix, Inc. (a)(b) | 11,850 | 14,813 | |
ENDRA Life Sciences, Inc. (a)(b) | 985 | 1,074 | |
Envista Holdings Corp. (a) | 118,671 | 3,011,870 | |
Fonar Corp. (a) | 4,350 | 86,913 | |
Genmark Diagnostics, Inc. (a) | 35,816 | 124,998 | |
Glaukos Corp. (a)(b) | 29,522 | 1,298,378 | |
Globus Medical, Inc. (a) | 57,879 | 2,617,867 | |
Haemonetics Corp. (a) | 37,952 | 4,111,340 | |
Helius Medical Technologies, Inc. (U.S.) (a)(b) | 7,841 | 7,135 | |
Heska Corp. (a) | 6,047 | 577,307 | |
Hill-Rom Holdings, Inc. | 49,794 | 4,782,714 | |
Hologic, Inc. (a) | 200,375 | 9,441,670 | |
ICU Medical, Inc. (a) | 14,497 | 2,838,658 | |
IDEXX Laboratories, Inc. (a) | 64,127 | 16,320,963 | |
Inogen, Inc. (a) | 13,554 | 620,502 | |
Insulet Corp. (a) | 46,245 | 8,785,163 | |
Integer Holdings Corp. (a) | 24,659 | 2,223,502 | |
Integra LifeSciences Holdings Corp. (a) | 53,414 | 2,782,869 | |
IntriCon Corp. (a) | 8,052 | 119,814 | |
Intuitive Surgical, Inc. (a) | 86,381 | 46,123,999 | |
Invacare Corp. | 22,398 | 169,777 | |
InVivo Therapeutics Holdings Corp. (a) | 18 | 111 | |
IRadimed Corp. (a) | 4,425 | 105,050 | |
iRhythm Technologies, Inc. (a) | 20,063 | 1,744,879 | |
Iridex Corp. (a) | 12,154 | 34,396 | |
Kewaunee Scientific Corp. | 406 | 4,685 | |
Lantheus Holdings, Inc. (a) | 29,262 | 455,024 | |
LeMaitre Vascular, Inc. (b) | 11,445 | 326,183 | |
LivaNova PLC (a) | 36,593 | 2,551,264 | |
Masimo Corp. (a) | 36,523 | 5,965,302 | |
Medtronic PLC | 1,002,090 | 100,880,400 | |
Meridian Bioscience, Inc. | 33,186 | 265,156 | |
Merit Medical Systems, Inc. (a) | 41,871 | 1,507,775 | |
Mesa Laboratories, Inc. (b) | 2,989 | 715,238 | |
Microbot Medical, Inc. (a) | 4,719 | 39,640 | |
Milestone Scientific, Inc. (a)(b) | 22,602 | 49,724 | |
Misonix, Inc. (a) | 9,501 | 131,589 | |
Motus GI Holdings, Inc. (a) | 19,367 | 27,695 | |
MRI Interventions, Inc. (a) | 10,093 | 49,859 | |
Myomo, Inc. (a)(b) | 108 | 501 | |
Natus Medical, Inc. (a) | 24,623 | 661,866 | |
Neogen Corp. (a) | 39,582 | 2,404,607 | |
Neuronetics, Inc. (a) | 7,250 | 20,989 | |
Nevro Corp. (a) | 23,203 | 3,019,870 | |
NuVasive, Inc. (a) | 38,923 | 2,561,523 | |
Obalon Therapeutics, Inc. (a) | 21 | 29 | |
OraSure Technologies, Inc. (a) | 44,885 | 270,657 | |
Orthofix International NV (a) | 13,344 | 471,577 | |
OrthoPediatrics Corp. (a) | 7,435 | 345,133 | |
PAVmed, Inc. (a)(b) | 24,559 | 61,398 | |
Penumbra, Inc. (a)(b) | 24,101 | 3,997,392 | |
Predictive Oncology, Inc. (a)(b) | 569 | 1,115 | |
Pro-Dex, Inc. (a) | 1,899 | 34,771 | |
Pulse Biosciences, Inc. (a)(b) | 6,592 | 45,155 | |
Quidel Corp. (a) | 28,533 | 2,203,889 | |
Repro Medical Systems, Inc. (a) | 14,426 | 116,851 | |
ResMed, Inc. | 107,567 | 17,098,850 | |
Retractable Technologies, Inc. (a) | 1,547 | 2,537 | |
Rockwell Medical Technologies, Inc. (a)(b) | 46,498 | 130,659 | |
RTI Biologics, Inc. (a) | 56,455 | 208,884 | |
Seaspine Holdings Corp. (a) | 18,408 | 260,105 | |
Second Sight Medical Products, Inc. (a)(b) | 1,727 | 7,443 | |
Senseonics Holdings, Inc. (a)(b) | 126,250 | 176,750 | |
Shockwave Medical, Inc. (a) | 6,451 | 258,943 | |
SI-BONE, Inc. (a) | 14,147 | 273,179 | |
Sientra, Inc. (a) | 32,614 | 136,653 | |
Silk Road Medical, Inc. | 4,929 | 196,421 | |
Sintx Technologies, Inc. (a) | 57 | 36 | |
SmileDirectClub, Inc. (a)(b) | 43,120 | 322,538 | |
Soliton, Inc. (b) | 4,965 | 52,281 | |
Staar Surgical Co. (a) | 20,660 | 648,311 | |
Stereotaxis, Inc. (a) | 24,965 | 91,122 | |
STERIS PLC | 63,267 | 10,035,412 | |
STRATA Skin Sciences, Inc. (a) | 2,761 | 4,280 | |
Stryker Corp. | 240,789 | 45,891,976 | |
SurModics, Inc. (a) | 9,856 | 344,073 | |
Tactile Systems Technology, Inc. (a)(b) | 13,939 | 702,665 | |
Tandem Diabetes Care, Inc. (a) | 42,231 | 3,152,966 | |
Tela Bio, Inc. (a) | 3,359 | 52,031 | |
Teleflex, Inc. | 34,675 | 11,616,819 | |
The Cooper Companies, Inc. | 37,042 | 12,022,722 | |
Thermogenesis Holdings, Inc. (a) | 24 | 96 | |
TransEnterix, Inc. (a)(b) | 9,426 | 11,123 | |
TransMedics Group, Inc. (b) | 5,180 | 81,326 | |
Utah Medical Products, Inc. | 2,765 | 241,661 | |
Vapotherm, Inc. (a) | 10,091 | 87,388 | |
Varex Imaging Corp. (a) | 27,609 | 641,081 | |
Varian Medical Systems, Inc. (a) | 67,899 | 8,349,540 | |
Venus Concept, Inc. (a)(b) | 10,059 | 64,076 | |
Vermillion, Inc. (a)(b) | 17,295 | 13,663 | |
ViewRay, Inc. (a)(b) | 77,438 | 222,247 | |
VolitionRx Ltd. (a)(b) | 17,143 | 58,972 | |
West Pharmaceutical Services, Inc. | 55,168 | 8,306,094 | |
Wright Medical Group NV (a) | 95,041 | 2,874,990 | |
Zimmer Biomet Holdings, Inc. | 153,738 | 20,931,429 | |
Zosano Pharma Corp. (a)(b) | 6,582 | 4,798 | |
Zynex, Inc. (a)(b) | 11,654 | 151,735 | |
760,961,081 | |||
Health Care Providers & Services - 2.5% | |||
Acadia Healthcare Co., Inc. (a) | 66,683 | 1,973,817 | |
Addus HomeCare Corp. (a) | 10,242 | 781,157 | |
Amedisys, Inc. (a) | 24,044 | 4,183,896 | |
American Renal Associates Holdings, Inc. (a) | 11,065 | 89,073 | |
AmerisourceBergen Corp. | 112,357 | 9,473,942 | |
AMN Healthcare Services, Inc. (a) | 34,749 | 2,557,526 | |
Anthem, Inc. | 189,649 | 48,756,861 | |
Apollo Medical Holdings, Inc. (a)(b) | 18,217 | 318,251 | |
Avalon GloboCare Corp. (a) | 12,514 | 17,895 | |
BioScrip, Inc. (a) | 23,570 | 347,658 | |
BioTelemetry, Inc. (a) | 26,065 | 1,113,497 | |
Brookdale Senior Living, Inc. (a) | 138,975 | 913,066 | |
Caladrius Biosciences, Inc. (a) | 2,809 | 7,191 | |
Capital Senior Living Corp. (a) | 15,844 | 40,561 | |
Cardinal Health, Inc. | 219,148 | 11,421,994 | |
Catasys, Inc. (a)(b) | 4,986 | 75,388 | |
Centene Corp. (a) | 436,738 | 23,155,849 | |
Chemed Corp. | 11,885 | 4,963,414 | |
Cigna Corp. | 279,163 | 51,070,079 | |
Community Health Systems, Inc. (a)(b) | 91,417 | 450,686 | |
Corvel Corp. (a) | 6,513 | 449,006 | |
Covetrus, Inc. (a)(b) | 74,943 | 832,617 | |
Cross Country Healthcare, Inc. (a) | 27,551 | 261,183 | |
CVS Health Corp. | 972,190 | 57,534,204 | |
DaVita HealthCare Partners, Inc. (a) | 66,832 | 5,187,500 | |
Encompass Health Corp. | 73,501 | 5,500,815 | |
Enzo Biochem, Inc. (a) | 29,748 | 63,363 | |
Exagen, Inc. (a) | 3,706 | 63,298 | |
Five Star Sr Living, Inc. (a) | 13,400 | 63,516 | |
Fulgent Genetics, Inc. (a) | 7,717 | 114,520 | |
Genesis HealthCare, Inc. Class A (a) | 42,058 | 69,396 | |
Guardant Health, Inc. (a) | 30,263 | 2,631,670 | |
Hanger, Inc. (a) | 30,286 | 698,698 | |
HCA Holdings, Inc. | 197,419 | 25,074,187 | |
HealthEquity, Inc. (a)(b) | 53,133 | 3,771,912 | |
Henry Schein, Inc. (a) | 109,433 | 6,668,847 | |
Humana, Inc. | 98,966 | 31,637,451 | |
InfuSystems Holdings, Inc. (a) | 9,192 | 97,435 | |
Interpace Diagnostics Group, Inc. (a)(b) | 2,309 | 18,980 | |
Laboratory Corp. of America Holdings (a) | 72,487 | 12,735,241 | |
LHC Group, Inc. (a) | 22,084 | 2,682,323 | |
Magellan Health Services, Inc. (a) | 17,367 | 1,042,194 | |
McKesson Corp. | 134,703 | 18,839,562 | |
MEDNAX, Inc. (a) | 65,080 | 1,112,217 | |
Molina Healthcare, Inc. (a) | 46,919 | 5,749,923 | |
National Healthcare Corp. | 8,936 | 663,141 | |
National Research Corp. Class A | 9,545 | 524,880 | |
Owens & Minor, Inc. | 46,443 | 317,206 | |
Patterson Companies, Inc. | 64,998 | 1,546,302 | |
Pennant Group, Inc. (a) | 19,279 | 523,810 | |
PetIQ, Inc. Class A (a)(b) | 13,749 | 427,594 | |
Precipio, Inc. (a)(b) | 4,545 | 6,954 | |
Premier, Inc. (a) | 48,796 | 1,436,066 | |
Progyny, Inc. (a)(b) | 7,498 | 206,420 | |
Providence Service Corp. (a) | 9,877 | 610,201 | |
Psychemedics Corp. | 2,812 | 24,858 | |
Quest Diagnostics, Inc. | 100,422 | 10,650,757 | |
Quorum Health Corp. (a)(b) | 18,177 | 19,086 | |
R1 RCM, Inc. (a) | 74,423 | 913,914 | |
RadNet, Inc. (a) | 30,704 | 627,283 | |
Select Medical Holdings Corp. (a) | 80,230 | 1,920,706 | |
Sharps Compliance Corp. (a) | 11,281 | 68,363 | |
Surgery Partners, Inc. (a) | 14,937 | 245,266 | |
Tenet Healthcare Corp. (a) | 77,925 | 2,047,869 | |
The Ensign Group, Inc. | 37,943 | 1,688,464 | |
The Joint Corp. (a) | 8,531 | 126,515 | |
Tivity Health, Inc. (a) | 30,782 | 390,008 | |
Triple-S Management Corp. (b) | 18,110 | 271,469 | |
U.S. Physical Therapy, Inc. | 9,461 | 986,025 | |
UnitedHealth Group, Inc. | 708,427 | 180,620,548 | |
Universal Health Services, Inc. Class B | 59,854 | 7,406,334 | |
558,881,898 | |||
Health Care Technology - 0.2% | |||
Allscripts Healthcare Solutions, Inc. (a) | 125,874 | 949,090 | |
Castlight Health, Inc. Class B (a) | 70,290 | 63,704 | |
Cerner Corp. | 234,263 | 16,227,398 | |
Change Healthcare, Inc. (b) | 32,010 | 435,016 | |
Computer Programs & Systems, Inc. | 10,224 | 273,799 | |
Evolent Health, Inc. (a) | 58,889 | 544,134 | |
Health Catalyst, Inc. (b) | 5,942 | 180,518 | |
HealthStream, Inc. (a) | 18,960 | 461,107 | |
HMS Holdings Corp. (a) | 66,802 | 1,534,442 | |
HTG Molecular Diagnostics (a)(b) | 18,842 | 10,928 | |
iCAD, Inc. (a) | 11,486 | 152,994 | |
Inovalon Holdings, Inc. Class A (a)(b) | 57,817 | 1,126,275 | |
Inspire Medical Systems, Inc. (a) | 11,121 | 954,960 | |
Livongo Health, Inc. | 10,570 | 264,356 | |
Medical Transcription Billing Corp. (a) | 8,077 | 44,100 | |
NantHealth, Inc.(a)(b) | 16,723 | 37,961 | |
Nextgen Healthcare, Inc. (a) | 35,368 | 462,613 | |
Omnicell, Inc. (a) | 31,638 | 2,577,548 | |
OptimizeRx Corp. (a)(b) | 7,641 | 63,802 | |
Phreesia, Inc. | 12,779 | 396,660 | |
Simulations Plus, Inc. | 8,597 | 279,918 | |
Tabula Rasa HealthCare, Inc. (a)(b) | 14,999 | 842,494 | |
Teladoc Health, Inc. (a)(b) | 54,117 | 6,762,460 | |
Veeva Systems, Inc. Class A (a) | 98,518 | 13,986,600 | |
Vocera Communications, Inc. (a)(b) | 25,093 | 612,018 | |
49,244,895 | |||
Life Sciences Tools & Services - 1.0% | |||
10X Genomics, Inc. (a)(b) | 8,284 | 660,235 | |
Accelerate Diagnostics, Inc. (a)(b) | 20,269 | 259,646 | |
Adaptive Biotechnologies Corp. | 16,007 | 449,797 | |
Agilent Technologies, Inc. | 231,292 | 17,825,674 | |
Avantor, Inc. | 167,663 | 2,640,692 | |
Bio-Rad Laboratories, Inc. Class A (a) | 16,164 | 5,690,051 | |
Bio-Techne Corp. | 28,660 | 5,413,587 | |
Bioanalytical Systems, Inc. (a) | 1,887 | 8,775 | |
Bruker Corp. | 76,033 | 3,311,997 | |
Champions Oncology, Inc. (a) | 2,848 | 17,942 | |
Charles River Laboratories International, Inc. (a) | 36,249 | 5,639,257 | |
ChromaDex, Inc. (a)(b) | 32,911 | 121,442 | |
Codexis, Inc. (a) | 35,739 | 416,359 | |
Fluidigm Corp. (a) | 51,730 | 171,744 | |
Harvard Bioscience, Inc. (a) | 19,251 | 62,373 | |
Illumina, Inc. (a) | 109,979 | 29,218,121 | |
IQVIA Holdings, Inc. (a) | 134,920 | 18,819,991 | |
Luminex Corp. | 32,827 | 812,797 | |
Medpace Holdings, Inc. (a) | 20,576 | 1,850,605 | |
Mettler-Toledo International, Inc. (a) | 18,189 | 12,763,221 | |
Nanostring Technologies, Inc. (a) | 27,614 | 984,715 | |
NeoGenomics, Inc. (a) | 78,503 | 2,223,990 | |
Pacific Biosciences of California, Inc. (a) | 99,179 | 337,209 | |
PerkinElmer, Inc. | 82,995 | 7,174,088 | |
Personalis, Inc. (a)(b) | 7,316 | 63,869 | |
PRA Health Sciences, Inc. (a) | 47,362 | 4,461,500 | |
Quanterix Corp. (a) | 9,272 | 211,494 | |
Syneos Health, Inc. (a) | 46,635 | 2,954,327 | |
Thermo Fisher Scientific, Inc. | 299,860 | 87,199,288 | |
Waters Corp. (a) | 48,240 | 9,401,494 | |
221,166,280 | |||
Pharmaceuticals - 4.1% | |||
AcelRx Pharmaceuticals, Inc. (a) | 45,302 | 59,799 | |
Acer Therapeutics, Inc. (a)(b) | 2,754 | 9,033 | |
Aclaris Therapeutics, Inc. (a)(b) | 29,349 | 33,458 | |
Adamis Pharmaceuticals Corp. (a)(b) | 28,243 | 15,963 | |
Adial Pharmaceuticals, Inc. (a) | 5,339 | 7,635 | |
Aerie Pharmaceuticals, Inc. (a)(b) | 29,303 | 512,803 | |
Aerpio Pharmaceuticals, Inc. (a) | 7,355 | 4,704 | |
Agile Therapeutics, Inc. (a)(b) | 35,937 | 96,131 | |
Akcea Therapeutics, Inc. (a)(b) | 12,315 | 209,109 | |
Akorn, Inc. (a) | 62,592 | 72,607 | |
Alimera Sciences, Inc. (a)(b) | 3,266 | 23,548 | |
Allergan PLC | 245,394 | 46,789,274 | |
Amneal Pharmaceuticals, Inc. (a) | 78,218 | 301,139 | |
Amphastar Pharmaceuticals, Inc. (a) | 23,258 | 357,941 | |
Ampio Pharmaceuticals, Inc. (a)(b) | 59,805 | 35,596 | |
ANI Pharmaceuticals, Inc. (a) | 6,432 | 308,800 | |
Aquestive Therapeutics, Inc. (a)(b) | 15,148 | 56,502 | |
Arvinas Holding Co. LLC (a) | 11,514 | 542,655 | |
Assertio Therapeutics, Inc. (a) | 40,466 | 43,703 | |
Avenue Therapeutics, Inc. (a) | 2,451 | 21,765 | |
Axsome Therapeutics, Inc. (a)(b) | 20,088 | 1,566,864 | |
Aytu BioScience, Inc. (a) | 419 | 222 | |
Baudax Bio, Inc. (a)(b) | 4,459 | 31,124 | |
Biodelivery Sciences International, Inc. (a) | 55,426 | 269,370 | |
BioPharmX Corp. (a) | 100 | 36 | |
Bristol-Myers Squibb Co. | 1,753,049 | 103,535,074 | |
Cara Therapeutics, Inc. (a)(b) | 29,524 | 443,746 | |
Cassava Sciences, Inc. (a) | 11,052 | 62,002 | |
Catalent, Inc. (a) | 116,305 | 5,993,197 | |
Cerecor, Inc. (a) | 10,538 | 32,141 | |
Chiasma, Inc. (a) | 25,691 | 114,325 | |
Clearside Biomedical, Inc. (a) | 34,412 | 77,083 | |
Collegium Pharmaceutical, Inc. (a) | 21,801 | 517,774 | |
ContraVir Pharmaceuticals, Inc. (a) | 79 | 283 | |
Corcept Therapeutics, Inc. (a)(b) | 78,851 | 995,100 | |
CorMedix, Inc. (a)(b) | 19,744 | 102,669 | |
Cumberland Pharmaceuticals, Inc. (a) | 2,110 | 8,735 | |
CymaBay Therapeutics, Inc. (a) | 46,573 | 77,311 | |
Durect Corp. (a)(b) | 137,332 | 243,078 | |
Elanco Animal Health, Inc. (a) | 296,927 | 8,135,800 | |
Elanco Animal Health, Inc. rights (a)(c) | 26,032 | 0 | |
Eli Lilly & Co. | 632,120 | 79,729,296 | |
Eloxx Pharmaceuticals, Inc. (a) | 16,116 | 50,443 | |
Endo International PLC (a) | 152,912 | 844,074 | |
Eton Pharmaceuticals, Inc. (a)(b) | 4,759 | 25,889 | |
Evofem Biosciences, Inc. (a)(b) | 12,910 | 76,169 | |
Evoke Pharma, Inc. (a)(b) | 20,540 | 25,264 | |
Evolus, Inc. (a)(b) | 14,486 | 124,435 | |
Eyenovia, Inc. (a)(b) | 6,934 | 26,523 | |
Eyepoint Pharmaceuticals, Inc. (a)(b) | 48,239 | 62,228 | |
Fulcrum Therapeutics, Inc. | 4,207 | 79,596 | |
Harrow Health, Inc. (a) | 18,830 | 103,942 | |
Horizon Pharma PLC (a) | 140,464 | 4,806,678 | |
Innovate Biopharmaceuticals, Inc. (a) | 7,756 | 4,343 | |
Innoviva, Inc. (a) | 50,619 | 681,838 | |
Intersect ENT, Inc. (a) | 22,388 | 534,178 | |
Intra-Cellular Therapies, Inc. (a) | 39,856 | 840,962 | |
Jazz Pharmaceuticals PLC (a) | 42,430 | 4,861,629 | |
Johnson & Johnson | 1,968,338 | 264,702,094 | |
Kala Pharmaceuticals, Inc. (a)(b) | 14,745 | 78,886 | |
Kaleido Biosciences, Inc. (a)(b) | 8,239 | 49,187 | |
KemPharm, Inc. (a) | 12,610 | 3,821 | |
Lannett Co., Inc. (a)(b) | 22,618 | 196,777 | |
Lipocine, Inc. (a) | 9,526 | 4,730 | |
Liquidia Technologies, Inc. (a) | 6,101 | 25,197 | |
Mallinckrodt PLC (a)(b) | 60,311 | 258,131 | |
Marinus Pharmaceuticals, Inc. (a) | 61,291 | 153,228 | |
Menlo Therapeutics, Inc. (a) | 4,252 | 12,543 | |
Merck & Co., Inc. | 1,904,577 | 145,814,415 | |
Mylan NV (a) | 386,539 | 6,644,605 | |
MyoKardia, Inc. (a) | 35,286 | 2,236,780 | |
Nektar Therapeutics (a) | 132,735 | 2,762,215 | |
Neos Therapeutics, Inc. (a)(b) | 25,814 | 39,754 | |
NGM Biopharmaceuticals, Inc. | 4,964 | 89,551 | |
NovaBay Pharmaceuticals, Inc. (a)(b) | 180 | 104 | |
Novan, Inc. (a)(b) | 17,491 | 3,846 | |
Novus Therapeutics, Inc. (a) | 1,349 | 755 | |
Ocular Therapeutix, Inc. (a)(b) | 40,481 | 190,463 | |
Odonate Therapeutics, Inc. (a)(b) | 7,919 | 234,323 | |
Omeros Corp. (a)(b) | 37,888 | 451,246 | |
Onconova Therapeutics, Inc. (a)(b) | 56,504 | 24,285 | |
Opiant Pharmaceuticals, Inc. (a) | 615 | 7,226 | |
OptiNose, Inc. (a)(b) | 20,333 | 123,015 | |
Osmotica Pharmaceuticals PLC (a) | 18,035 | 105,144 | |
Otonomy, Inc. (a) | 11,288 | 35,557 | |
Pacira Biosciences, Inc. (a) | 32,015 | 1,388,811 | |
Paratek Pharmaceuticals, Inc. (a)(b) | 24,981 | 119,409 | |
Perrigo Co. PLC | 102,002 | 5,170,481 | |
Pfizer, Inc. | 4,138,978 | 138,324,645 | |
Phathom Pharmaceuticals, Inc. (a)(b) | 8,473 | 306,045 | |
Phibro Animal Health Corp. Class A | 14,303 | 361,151 | |
Plx Pharma PLC/New (a) | 85 | 445 | |
Prestige Brands Holdings, Inc. (a) | 38,821 | 1,450,353 | |
Provention Bio, Inc. (a)(b) | 26,239 | 314,343 | |
Pulmatrix, Inc. (a) | 18,851 | 30,162 | |
Reata Pharmaceuticals, Inc. (a) | 19,162 | 3,731,800 | |
Relmada Therapeutics, Inc. (a) | 10,150 | 495,117 | |
resTORbio, Inc. (a) | 13,508 | 18,776 | |
Revance Therapeutics, Inc. (a) | 33,730 | 779,838 | |
Satsuma Pharmaceuticals, Inc. (a) | 4,963 | 141,396 | |
scPharmaceuticals, Inc. (a) | 1,673 | 14,806 | |
SCYNEXIS, Inc. (a) | 36,685 | 34,411 | |
Seelos Therapeutics, Inc. (a)(b) | 13,634 | 11,957 | |
SIGA Technologies, Inc. (a) | 33,486 | 167,263 | |
Strongbridge Biopharma PLC (a) | 41,424 | 114,744 | |
Supernus Pharmaceuticals, Inc. (a) | 40,921 | 736,169 | |
Teligent, Inc. (a)(b) | 41,426 | 17,399 | |
Tetraphase Pharmaceuticals, Inc. (a)(b) | 1,302 | 2,305 | |
TherapeuticsMD, Inc. (a)(b) | 159,286 | 269,193 | |
Theravance Biopharma, Inc. (a) | 36,790 | 895,837 | |
Titan Pharmaceuticals, Inc. (a) | 554 | 146 | |
Trevi Therapeutics, Inc. | 6,693 | 34,737 | |
Tricida, Inc. (a) | 19,224 | 610,939 | |
Urovant Sciences Ltd. (a)(b) | 5,847 | 73,146 | |
Verrica Pharmaceuticals, Inc. (a)(b) | 9,469 | 112,397 | |
VIVUS, Inc. (a)(b) | 6,184 | 11,193 | |
WAVE Life Sciences (a)(b) | 11,865 | 100,141 | |
Xeris Pharmaceuticals, Inc. (a) | 19,890 | 70,808 | |
Zoetis, Inc. Class A | 356,451 | 47,489,967 | |
Zogenix, Inc. (a) | 31,197 | 782,421 | |
Zynerba Pharmaceuticals, Inc. (a)(b) | 12,762 | 54,366 | |
893,070,581 | |||
TOTAL HEALTH CARE | 3,067,842,541 | ||
INDUSTRIALS - 9.5% | |||
Aerospace & Defense - 2.2% | |||
AAR Corp. | 25,226 | 871,558 | |
Aerojet Rocketdyne Holdings, Inc. (a) | 54,549 | 2,688,175 | |
AeroVironment, Inc. (a) | 16,999 | 873,579 | |
Air Industries Group, Inc. (a) | 20,123 | 24,751 | |
Arconic, Inc. | 289,764 | 8,504,573 | |
Astronics Corp. (a) | 17,321 | 351,097 | |
Astrotech Corp. (a) | 513 | 877 | |
Axon Enterprise, Inc. (a) | 44,532 | 3,445,441 | |
BWX Technologies, Inc. (b) | 71,238 | 3,906,692 | |
CPI Aerostructures, Inc. (a) | 11,576 | 36,696 | |
Cubic Corp. (b) | 23,921 | 1,302,259 | |
Curtiss-Wright Corp. | 31,789 | 3,812,773 | |
Ducommun, Inc. (a) | 7,246 | 323,534 | |
General Dynamics Corp. | 174,908 | 27,931,059 | |
Harris Corp. | 165,464 | 32,717,197 | |
HEICO Corp. | 37,878 | 4,085,142 | |
HEICO Corp. Class A | 43,957 | 3,882,722 | |
Hexcel Corp. | 63,281 | 4,089,851 | |
Huntington Ingalls Industries, Inc. | 30,505 | 6,269,693 | |
Innovative Solutions & Support, Inc. (a) | 6,449 | 35,985 | |
Kratos Defense & Security Solutions, Inc. (a) | 68,762 | 1,118,070 | |
Lockheed Martin Corp. | 185,231 | 68,511,390 | |
Maxar Technologies, Inc. (b) | 45,544 | 692,724 | |
Mercury Systems, Inc. (a) | 41,887 | 3,077,019 | |
Micronet Enertec Technologies, Inc. (a) | 116 | 113 | |
Moog, Inc. Class A | 24,455 | 1,885,970 | |
National Presto Industries, Inc. | 4,095 | 321,785 | |
Northrop Grumman Corp. | 117,242 | 38,553,859 | |
Park Aerospace Corp. | 15,096 | 209,985 | |
Parsons Corp. | 15,654 | 611,915 | |
Raytheon Co. | 208,008 | 39,221,988 | |
SIFCO Industries, Inc. (a) | 263 | 1,134 | |
Spirit AeroSystems Holdings, Inc. Class A | 77,785 | 4,110,159 | |
Teledyne Technologies, Inc. (a) | 27,244 | 9,189,946 | |
Textron, Inc. | 170,767 | 6,933,140 | |
The Boeing Co. | 399,917 | 110,021,166 | |
TransDigm Group, Inc. | 37,235 | 20,770,055 | |
Triumph Group, Inc. | 36,474 | 693,006 | |
United Technologies Corp. | 605,878 | 79,121,608 | |
Vectrus, Inc. (a) | 8,358 | 435,368 | |
Virgin Galactic Holdings, Inc. (a)(b) | 58,291 | 1,433,959 | |
VirTra, Inc. (a) | 3,889 | 12,639 | |
492,080,652 | |||
Air Freight & Logistics - 0.4% | |||
Air Transport Services Group, Inc. (a)(b) | 45,688 | 817,815 | |
Atlas Air Worldwide Holdings, Inc. (a) | 19,135 | 511,287 | |
C.H. Robinson Worldwide, Inc. | 101,188 | 6,971,853 | |
Echo Global Logistics, Inc. (a) | 20,286 | 374,277 | |
Expeditors International of Washington, Inc. | 126,926 | 8,938,129 | |
FedEx Corp. | 179,604 | 25,354,697 | |
Forward Air Corp. | 21,485 | 1,267,830 | |
Hub Group, Inc. Class A (a) | 24,602 | 1,137,350 | |
Radiant Logistics, Inc. (a) | 23,235 | 102,234 | |
United Parcel Service, Inc. Class B | 523,637 | 47,383,912 | |
XPO Logistics, Inc. (a) | 68,856 | 5,093,278 | |
97,952,662 | |||
Airlines - 0.3% | |||
Alaska Air Group, Inc. | 91,413 | 4,612,700 | |
Allegiant Travel Co. | 9,982 | 1,352,960 | |
American Airlines Group, Inc. | 290,829 | 5,540,292 | |
Delta Air Lines, Inc. | 428,358 | 19,760,155 | |
Hawaiian Holdings, Inc. (b) | 35,826 | 748,047 | |
JetBlue Airways Corp. (a)(b) | 215,823 | 3,405,687 | |
Mesa Air Group, Inc. (a) | 18,984 | 109,538 | |
SkyWest, Inc. | 38,123 | 1,730,784 | |
Southwest Airlines Co. | 353,383 | 16,322,761 | |
Spirit Airlines, Inc. (a) | 51,938 | 1,477,636 | |
United Airlines Holdings, Inc. (a) | 161,924 | 9,972,899 | |
65,033,459 | |||
Building Products - 0.4% | |||
A.O. Smith Corp. | 102,709 | 4,062,141 | |
AAON, Inc. | 30,629 | 1,684,901 | |
Advanced Drain Systems, Inc. | 39,629 | 1,658,870 | |
Allegion PLC | 69,316 | 7,970,647 | |
Alpha PRO Tech Ltd. (a)(b) | 5,202 | 109,242 | |
American Woodmark Corp. (a) | 11,251 | 942,496 | |
Apogee Enterprises, Inc. | 21,160 | 638,820 | |
Armstrong Flooring, Inc. (a) | 15,701 | 41,451 | |
Armstrong World Industries, Inc. | 36,427 | 3,648,164 | |
Builders FirstSource, Inc. (a) | 86,676 | 1,968,412 | |
CSW Industrials, Inc. | 11,887 | 782,640 | |
Fortune Brands Home & Security, Inc. | 103,328 | 6,380,504 | |
Gibraltar Industries, Inc. (a) | 24,838 | 1,258,541 | |
Griffon Corp. | 30,967 | 538,826 | |
Insteel Industries, Inc. | 16,647 | 331,109 | |
Jeld-Wen Holding, Inc. (a) | 51,303 | 964,496 | |
Johnson Controls International PLC | 577,635 | 21,124,112 | |
Lennox International, Inc. (b) | 26,108 | 5,956,018 | |
Masco Corp. | 211,992 | 8,759,509 | |
Masonite International Corp. (a) | 18,284 | 1,343,874 | |
NCI Building Systems, Inc. (a) | 31,918 | 234,597 | |
Owens Corning | 81,157 | 4,584,559 | |
Patrick Industries, Inc. | 16,595 | 876,714 | |
PGT, Inc. (a) | 42,136 | 639,203 | |
Quanex Building Products Corp. | 27,979 | 470,047 | |
Resideo Technologies, Inc. (a) | 93,730 | 1,007,598 | |
Simpson Manufacturing Co. Ltd. | 30,114 | 2,391,955 | |
Tecogen, Inc. New (a) | 670 | 1,340 | |
Trex Co., Inc. (a) | 43,702 | 4,180,096 | |
Universal Forest Products, Inc. | 45,350 | 2,125,101 | |
86,675,983 | |||
Commercial Services & Supplies - 0.6% | |||
ABM Industries, Inc. (b) | 50,081 | 1,648,667 | |
ACCO Brands Corp. | 69,203 | 554,316 | |
Acme United Corp. | 1,572 | 36,502 | |
ADS Waste Holdings, Inc. (a) | 50,833 | 1,680,539 | |
ADT, Inc. (b) | 75,361 | 481,557 | |
Aqua Metals, Inc. (a)(b) | 44,958 | 31,021 | |
ARC Document Solutions, Inc. | 19,899 | 27,461 | |
Brady Corp. Class A | 37,688 | 1,784,150 | |
BrightView Holdings, Inc. (a) | 21,832 | 305,648 | |
Casella Waste Systems, Inc. Class A (a) | 32,433 | 1,571,379 | |
CECO Environmental Corp. (a) | 21,163 | 142,850 | |
Charah Solutions, Inc. (a) | 3,727 | 8,237 | |
Cimpress PLC (a) | 18,759 | 2,183,735 | |
Cintas Corp. | 62,663 | 16,714,729 | |
Clean Harbors, Inc. (a) | 38,597 | 2,683,263 | |
Copart, Inc. (a) | 152,439 | 12,878,047 | |
Covanta Holding Corp. (b) | 91,846 | 1,227,063 | |
Deluxe Corp. | 31,879 | 1,061,571 | |
Document Security Systems, Inc. (a) | 1,461 | 351 | |
Ennis, Inc. | 21,636 | 434,884 | |
Fuel Tech, Inc. (a) | 15,310 | 12,395 | |
Harsco Corp. (a) | 59,676 | 715,515 | |
Healthcare Services Group, Inc. (b) | 56,469 | 1,555,156 | |
Heritage-Crystal Clean, Inc. (a) | 8,635 | 227,360 | |
Herman Miller, Inc. | 44,407 | 1,520,496 | |
HNI Corp. | 34,438 | 1,130,600 | |
Hudson Technologies, Inc. (a)(b) | 22,452 | 18,298 | |
IAA Spinco, Inc. (a) | 100,261 | 4,283,150 | |
Industrial Services of America, Inc. (a)(c) | 478 | 50 | |
Interface, Inc. | 44,971 | 656,127 | |
KAR Auction Services, Inc. | 97,930 | 1,885,153 | |
Kimball International, Inc. Class B | 29,762 | 481,549 | |
Knoll, Inc. | 35,638 | 628,654 | |
Matthews International Corp. Class A | 24,037 | 710,534 | |
McGrath RentCorp. | 18,370 | 1,275,797 | |
Mobile Mini, Inc. | 33,266 | 1,297,041 | |
MSA Safety, Inc. | 26,542 | 3,229,365 | |
NL Industries, Inc. | 2,768 | 9,328 | |
Odyssey Marine Exploration, Inc. (a)(b) | 5,710 | 21,127 | |
Performant Financial Corp. (a) | 9,150 | 9,150 | |
Perma-Fix Environmental Services, Inc. (a) | 7,911 | 51,422 | |
PICO Holdings, Inc. (a) | 11,940 | 113,311 | |
Pitney Bowes, Inc. (b) | 125,355 | 428,714 | |
Quad/Graphics, Inc. (b) | 21,428 | 102,854 | |
Quest Resource Holding Corp. (a) | 878 | 1,923 | |
R.R. Donnelley & Sons Co. | 61,967 | 117,737 | |
Republic Services, Inc. | 157,333 | 14,200,877 | |
Rollins, Inc. | 105,701 | 3,957,445 | |
SP Plus Corp. (a) | 17,084 | 623,737 | |
Steelcase, Inc. Class A | 67,632 | 1,096,991 | |
Stericycle, Inc. (a) | 68,646 | 3,942,340 | |
Team, Inc. (a)(b) | 20,837 | 265,255 | |
Tetra Tech, Inc. | 40,939 | 3,310,737 | |
The Brink's Co. | 37,510 | 2,936,658 | |
U.S. Ecology, Inc. | 19,900 | 836,994 | |
UniFirst Corp. | 11,573 | 2,150,379 | |
Viad Corp. | 15,843 | 795,319 | |
Virco Manufacturing Co. (a) | 791 | 2,943 | |
VSE Corp. | 5,737 | 168,955 | |
Waste Management, Inc. | 291,545 | 32,306,101 | |
132,533,507 | |||
Construction & Engineering - 0.2% | |||
AECOM (a) | 117,203 | 5,267,103 | |
Aegion Corp. (a) | 21,468 | 386,639 | |
Ameresco, Inc. Class A (a) | 16,121 | 363,367 | |
Arcosa, Inc. | 36,352 | 1,561,682 | |
Argan, Inc. | 9,369 | 390,968 | |
Comfort Systems U.S.A., Inc. | 28,190 | 1,190,182 | |
Concrete Pumping Holdings, Inc. (a) | 19,351 | 99,851 | |
Construction Partners, Inc. Class A (a) | 24,026 | 408,682 | |
Dycom Industries, Inc. (a) | 24,173 | 714,554 | |
EMCOR Group, Inc. | 42,097 | 3,238,101 | |
Fluor Corp. | 108,031 | 1,006,849 | |
Goldfield Corp. (a) | 12,137 | 39,931 | |
Granite Construction, Inc. | 34,333 | 697,647 | |
Great Lakes Dredge & Dock Corp. (a) | 51,291 | 497,523 | |
HC2 Holdings, Inc. (a)(b) | 26,675 | 101,899 | |
Ies Holdings, Inc. (a) | 5,880 | 137,063 | |
Infrastructure and Energy Alternatives, Inc. (a)(b) | 2,640 | 7,260 | |
Infrastructure and Energy Alternatives, Inc. rights (a)(c) | 2,640 | 0 | |
Jacobs Engineering Group, Inc. | 101,224 | 9,347,024 | |
Limbach Holdings, Inc. (a) | 4,235 | 17,575 | |
MasTec, Inc. (a) | 45,191 | 2,217,974 | |
MYR Group, Inc. (a) | 11,307 | 288,442 | |
Northwest Pipe Co. (a) | 8,014 | 252,842 | |
NV5 Holdings, Inc. (a)(b) | 7,732 | 413,894 | |
Orion Group Holdings, Inc. (a) | 21,541 | 84,656 | |
Primoris Services Corp. | 35,020 | 664,680 | |
Quanta Services, Inc. | 106,895 | 4,075,906 | |
Sterling Construction Co., Inc. (a) | 17,095 | 233,518 | |
Tutor Perini Corp. (a)(b) | 30,691 | 445,020 | |
Valmont Industries, Inc. | 16,343 | 1,899,383 | |
Williams Scotsman Corp. (a) | 41,897 | 734,873 | |
36,785,088 | |||
Electrical Equipment - 0.6% | |||
Acuity Brands, Inc. | 29,766 | 3,061,731 | |
Allied Motion Technologies, Inc. | 5,178 | 199,560 | |
American Superconductor Corp. (a)(b) | 12,438 | 85,200 | |
AMETEK, Inc. | 170,399 | 14,654,314 | |
Atkore International Group, Inc. (a) | 35,093 | 1,295,283 | |
AZZ, Inc. | 18,912 | 697,664 | |
Babcock & Wilcox Enterprises, Inc. (a)(b) | 21,533 | 89,362 | |
Bloom Energy Corp. Class A (a)(b) | 16,969 | 153,909 | |
Broadwind Energy, Inc. (a) | 4,699 | 9,586 | |
Capstone Turbine Corp. (a)(b) | 3,436 | 7,731 | |
Eaton Corp. PLC | 308,945 | 28,027,490 | |
Emerson Electric Co. | 455,196 | 29,182,616 | |
Encore Wire Corp. | 17,454 | 854,722 | |
Energous Corp. (a)(b) | 11,107 | 15,217 | |
Energy Focus, Inc. (a) | 2,359 | 1,201 | |
EnerSys | 32,166 | 1,980,782 | |
Espey Manufacturing & Electronics Corp. | 594 | 12,712 | |
FuelCell Energy, Inc. (a)(b) | 153,415 | 299,159 | |
Generac Holdings, Inc. (a) | 46,772 | 4,817,048 | |
GrafTech International Ltd. (b) | 43,398 | 354,128 | |
Hubbell, Inc. Class B | 40,618 | 5,411,942 | |
Ideal Power, Inc. (a)(b) | 1,124 | 2,495 | |
LSI Industries, Inc. | 18,119 | 120,310 | |
nVent Electric PLC | 116,759 | 2,803,384 | |
Orion Energy Systems, Inc. (a) | 21,614 | 102,234 | |
Plug Power, Inc. (a)(b) | 186,097 | 807,661 | |
Powell Industries, Inc. | 6,144 | 205,394 | |
Preformed Line Products Co. | 1,722 | 84,034 | |
Regal Beloit Corp. | 30,822 | 2,393,020 | |
Rockwell Automation, Inc. | 86,361 | 15,847,244 | |
Sensata Technologies, Inc. PLC (a) | 118,991 | 4,854,833 | |
Sunrun, Inc. (a) | 59,187 | 1,144,677 | |
Sunworks, Inc. (a)(b) | 536 | 348 | |
Thermon Group Holdings, Inc. (a) | 27,820 | 488,797 | |
TPI Composites, Inc. (a) | 22,881 | 543,195 | |
Ultralife Corp. (a) | 8,093 | 57,298 | |
Vicor Corp. (a) | 14,120 | 610,549 | |
Vivint Solar, Inc. (a) | 31,638 | 355,611 | |
121,632,441 | |||
Industrial Conglomerates - 1.2% | |||
3M Co. | 430,097 | 64,187,676 | |
Carlisle Companies, Inc. | 42,405 | 6,161,022 | |
General Electric Co. | 6,532,844 | 71,077,343 | |
Honeywell International, Inc. | 534,090 | 86,613,375 | |
Raven Industries, Inc. | 26,088 | 748,986 | |
Roper Technologies, Inc. | 77,887 | 27,392,858 | |
256,181,260 | |||
Machinery - 1.8% | |||
AGCO Corp. | 47,105 | 2,846,555 | |
Alamo Group, Inc. | 7,157 | 792,781 | |
Albany International Corp. Class A | 23,490 | 1,505,004 | |
Allison Transmission Holdings, Inc. | 89,199 | 3,621,479 | |
Altra Industrial Motion Corp. | 50,230 | 1,512,928 | |
Astec Industries, Inc. | 18,190 | 683,035 | |
Barnes Group, Inc. | 36,417 | 1,955,593 | |
Blue Bird Corp. (a) | 13,690 | 244,777 | |
Briggs & Stratton Corp. (b) | 28,609 | 90,691 | |
Caterpillar, Inc. | 412,946 | 51,304,411 | |
Chart Industries, Inc. (a) | 27,132 | 1,544,353 | |
CIRCOR International, Inc. (a) | 14,188 | 510,484 | |
Colfax Corp. (a) | 62,886 | 2,104,794 | |
Columbus McKinnon Corp. (NY Shares) | 17,038 | 529,711 | |
Commercial Vehicle Group, Inc. (a) | 20,635 | 89,969 | |
Crane Co. | 38,201 | 2,595,758 | |
Cummins, Inc. | 114,236 | 17,282,764 | |
Deere & Co. | 235,465 | 36,845,563 | |
Donaldson Co., Inc. | 94,820 | 4,274,486 | |
Douglas Dynamics, Inc. | 17,544 | 763,690 | |
Dover Corp. | 108,406 | 11,137,632 | |
Eastern Co. | 4,809 | 122,485 | |
Energy Recovery, Inc. (a)(b) | 24,380 | 239,899 | |
Enerpac Tool Group Corp. Class A | 39,481 | 843,709 | |
EnPro Industries, Inc. | 16,187 | 873,289 | |
ESCO Technologies, Inc. | 19,595 | 1,781,577 | |
Evoqua Water Technologies Corp. (a) | 54,009 | 1,132,569 | |
ExOne Co. (a)(b) | 6,506 | 39,687 | |
Federal Signal Corp. | 45,677 | 1,324,633 | |
Flowserve Corp. | 98,405 | 3,954,897 | |
Fortive Corp. | 221,209 | 15,298,814 | |
Franklin Electric Co., Inc. | 28,828 | 1,490,119 | |
FreightCar America, Inc. (a) | 5,722 | 8,926 | |
Gardner Denver Holdings, Inc. | 99,995 | 3,278,836 | |
Gates Industrial Corp. PLC (a) | 33,565 | 351,090 | |
Gencor Industries, Inc. (a) | 9,669 | 97,173 | |
Gorman-Rupp Co. | 13,446 | 430,138 | |
Graco, Inc. | 124,679 | 6,149,168 | |
Graham Corp. | 8,673 | 143,798 | |
Greenbrier Companies, Inc. | 25,562 | 619,367 | |
Hillenbrand, Inc. | 53,959 | 1,262,641 | |
Hurco Companies, Inc. | 5,048 | 142,253 | |
Hyster-Yale Materials Handling Class A | 7,232 | 348,148 | |
IDEX Corp. | 56,722 | 8,394,856 | |
Illinois Tool Works, Inc. | 218,119 | 36,596,006 | |
ITT, Inc. | 65,524 | 3,941,269 | |
John Bean Technologies Corp. | 23,827 | 2,307,883 | |
Kadant, Inc. | 8,029 | 729,194 | |
Kennametal, Inc. | 63,046 | 1,752,679 | |
L.B. Foster Co. Class A (a) | 5,912 | 93,173 | |
Lincoln Electric Holdings, Inc. | 45,734 | 3,745,157 | |
Lindsay Corp. (b) | 7,781 | 770,552 | |
LiqTech International, Inc. (a)(b) | 9,722 | 49,679 | |
Lydall, Inc. (a) | 11,886 | 141,562 | |
Manitex International, Inc. (a) | 6,665 | 36,924 | |
Manitowoc Co., Inc. (a) | 28,200 | 351,654 | |
Mayville Engineering Co., Inc. | 6,102 | 44,484 | |
Meritor, Inc. (a) | 55,084 | 1,249,856 | |
Middleby Corp. (a) | 42,125 | 4,709,996 | |
Miller Industries, Inc. | 9,113 | 270,747 | |
Mueller Industries, Inc. | 43,432 | 1,215,227 | |
Mueller Water Products, Inc. Class A | 117,693 | 1,288,738 | |
Navistar International Corp. New (a) | 49,323 | 1,790,918 | |
NN, Inc. | 29,207 | 226,354 | |
Nordson Corp. | 38,107 | 5,536,947 | |
Omega Flex, Inc. (b) | 2,311 | 180,951 | |
Oshkosh Corp. | 50,655 | 3,654,758 | |
PACCAR, Inc. | 258,203 | 17,273,781 | |
Park-Ohio Holdings Corp. | 7,009 | 171,861 | |
Parker Hannifin Corp. | 96,006 | 17,739,029 | |
Pentair PLC | 125,743 | 4,953,017 | |
Proto Labs, Inc. (a) | 19,673 | 1,724,142 | |
RBC Bearings, Inc. (a) | 18,863 | 3,229,157 | |
REV Group, Inc. | 18,393 | 144,017 | |
Rexnord Corp. | 91,171 | 2,658,546 | |
Snap-On, Inc. | 40,916 | 5,922,591 | |
Spartan Motors, Inc. | 22,739 | 335,400 | |
SPX Corp. (a) | 33,562 | 1,407,255 | |
SPX Flow, Inc. (a) | 32,460 | 1,193,879 | |
Standex International Corp. | 10,264 | 651,046 | |
Stanley Black & Decker, Inc. | 113,536 | 16,315,123 | |
Sun Hydraulics Corp. (b) | 23,128 | 919,338 | |
Tennant Co. | 13,573 | 971,012 | |
Terex Corp. | 50,432 | 1,110,008 | |
The L.S. Starrett Co. Class A (a) | 1,425 | 6,498 | |
Timken Co. | 50,267 | 2,253,972 | |
Titan International, Inc. | 35,833 | 79,549 | |
Toro Co. | 79,719 | 5,694,328 | |
Trane Technologies PLC | 178,790 | 23,071,062 | |
TriMas Corp. (a) | 36,291 | 919,977 | |
Trinity Industries, Inc. (b) | 72,041 | 1,466,034 | |
Twin Disc, Inc. (a) | 5,451 | 43,935 | |
Wabash National Corp. | 43,599 | 478,717 | |
WABCO Holdings, Inc. (a) | 37,253 | 5,032,880 | |
Watts Water Technologies, Inc. Class A | 20,982 | 1,970,420 | |
Welbilt, Inc. (a) | 101,385 | 1,340,310 | |
Westinghouse Air Brake Co. | 136,233 | 9,359,207 | |
Woodward, Inc. | 42,206 | 4,355,659 | |
Xylem, Inc. | 134,911 | 10,434,017 | |
404,475,005 | |||
Marine - 0.0% | |||
Eagle Bulk Shipping, Inc. (a)(b) | 61,104 | 202,865 | |
Genco Shipping & Trading Ltd. | 11,779 | 90,463 | |
Kirby Corp. (a) | 44,769 | 2,854,024 | |
Matson, Inc. | 32,696 | 1,085,834 | |
4,233,186 | |||
Professional Services - 0.5% | |||
Acacia Research Corp. (a) | 25,296 | 58,181 | |
ASGN, Inc. (a) | 39,395 | 1,997,720 | |
Barrett Business Services, Inc. | 5,631 | 337,297 | |
BG Staffing, Inc. | 7,360 | 113,491 | |
CBIZ, Inc. (a) | 39,699 | 1,033,762 | |
CoStar Group, Inc. (a) | 27,408 | 18,297,307 | |
CRA International, Inc. | 5,861 | 272,595 | |
Equifax, Inc. | 90,602 | 12,869,108 | |
Exponent, Inc. | 39,045 | 2,875,664 | |
Forrester Research, Inc. (a) | 7,219 | 260,317 | |
Franklin Covey Co. (a) | 7,382 | 232,164 | |
FTI Consulting, Inc. (a) | 28,124 | 3,166,481 | |
GP Strategies Corp. (a) | 9,374 | 104,239 | |
Heidrick & Struggles International, Inc. | 14,316 | 319,247 | |
Hill International, Inc. (a) | 25,210 | 79,412 | |
Hudson Global, Inc. (a) | 411 | 4,188 | |
Huron Consulting Group, Inc. (a) | 17,712 | 1,051,030 | |
ICF International, Inc. | 14,594 | 1,108,852 | |
IHS Markit Ltd. | 298,834 | 21,288,934 | |
InnerWorkings, Inc. (a) | 27,538 | 86,469 | |
Insperity, Inc. | 28,103 | 1,890,489 | |
Kelly Services, Inc. Class A (non-vtg.) | 24,341 | 404,304 | |
Kforce, Inc. | 14,441 | 439,873 | |
Korn Ferry | 42,133 | 1,473,812 | |
Manpower, Inc. | 43,678 | 3,316,907 | |
Mastech Digital, Inc. (a) | 3,047 | 38,819 | |
MISTRAS Group, Inc. (a) | 11,428 | 89,710 | |
Nielsen Holdings PLC | 267,846 | 4,877,476 | |
RCM Technologies, Inc. (a) | 2,921 | 7,244 | |
Red Violet, Inc. (a)(b) | 5,963 | 143,410 | |
Rekor Systems, Inc. (a) | 8,607 | 33,395 | |
Resources Connection, Inc. | 28,367 | 355,439 | |
Robert Half International, Inc. | 86,924 | 4,381,839 | |
TransUnion Holding Co., Inc. | 140,441 | 12,488,014 | |
TriNet Group, Inc. (a) | 33,131 | 1,751,305 | |
TrueBlue, Inc. (a) | 27,081 | 402,965 | |
Upwork, Inc. (a) | 44,144 | 382,508 | |
Verisk Analytics, Inc. | 122,548 | 19,008,420 | |
Volt Information Sciences, Inc. (a) | 1,842 | 3,408 | |
Willdan Group, Inc. (a) | 7,856 | 241,572 | |
117,287,367 | |||
Road & Rail - 1.0% | |||
AMERCO | 6,116 | 1,972,471 | |
ArcBest Corp. | 19,527 | 386,830 | |
Avis Budget Group, Inc. (a) | 42,765 | 1,384,517 | |
Covenant Transport Group, Inc. Class A (a) | 7,785 | 94,199 | |
CSX Corp. | 581,315 | 40,953,642 | |
Daseke, Inc. (a) | 40,125 | 132,413 | |
Heartland Express, Inc. | 34,222 | 612,916 | |
Hertz Global Holdings, Inc. (a) | 75,897 | 970,723 | |
J.B. Hunt Transport Services, Inc. | 63,513 | 6,125,194 | |
Kansas City Southern | 73,906 | 11,136,156 | |
Knight-Swift Transportation Holdings, Inc. Class A (b) | 91,618 | 2,926,279 | |
Landstar System, Inc. | 29,302 | 2,958,623 | |
Lyft, Inc. | 152,755 | 5,823,021 | |
Marten Transport Ltd. | 31,888 | 623,092 | |
Norfolk Southern Corp. | 194,917 | 35,543,115 | |
Old Dominion Freight Lines, Inc. | 47,627 | 9,230,113 | |
P.A.M. Transportation Services, Inc. (a) | 1,031 | 40,838 | |
Patriot Transportation Holding, Inc. | 2,215 | 26,912 | |
Roadrunner Transportation Systems, Inc. (a) | 2,118 | 15,652 | |
Ryder System, Inc. | 40,113 | 1,525,899 | |
Saia, Inc. (a) | 19,552 | 1,707,085 | |
Schneider National, Inc. Class B | 24,290 | 435,034 | |
U.S. Xpress Enterprises, Inc. (a)(b) | 24,237 | 104,461 | |
U.S.A. Truck, Inc. (a) | 5,140 | 25,777 | |
Uber Technologies, Inc. | 153,480 | 5,198,368 | |
Union Pacific Corp. | 519,047 | 82,948,901 | |
Universal Logistics Holdings, Inc. | 5,661 | 87,236 | |
Werner Enterprises, Inc. | 33,722 | 1,133,059 | |
YRC Worldwide, Inc. (a)(b) | 21,459 | 45,493 | |
214,168,019 | |||
Trading Companies & Distributors - 0.3% | |||
AeroCentury Corp. (a) | 202 | 808 | |
Air Lease Corp. Class A | 77,463 | 2,971,481 | |
Aircastle Ltd. | 37,595 | 1,197,401 | |
Applied Industrial Technologies, Inc. | 29,208 | 1,722,980 | |
Beacon Roofing Supply, Inc. (a) | 52,107 | 1,547,578 | |
BlueLinx Corp. (a)(b) | 6,077 | 71,405 | |
BMC Stock Holdings, Inc. (a) | 49,359 | 1,210,776 | |
CAI International, Inc. (a) | 11,617 | 287,405 | |
DXP Enterprises, Inc. (a) | 14,267 | 405,040 | |
EVI Industries, Inc. (a)(b) | 3,026 | 66,784 | |
Fastenal Co. | 428,209 | 14,653,312 | |
Foundation Building Materials, Inc. (a) | 13,388 | 208,853 | |
GATX Corp. (b) | 26,592 | 1,902,126 | |
General Finance Corp. (a) | 10,603 | 82,597 | |
GMS, Inc. (a) | 31,597 | 721,991 | |
H&E Equipment Services, Inc. | 24,206 | 575,135 | |
HD Supply Holdings, Inc. (a) | 123,587 | 4,698,778 | |
Herc Holdings, Inc. (a) | 18,493 | 678,323 | |
Houston Wire & Cable Co. (a) | 5,304 | 17,026 | |
Huttig Building Products, Inc. (a)(b) | 6,730 | 9,018 | |
India Globalization Capital, Inc. (a)(b) | 24,839 | 10,929 | |
Kaman Corp. | 21,229 | 1,177,360 | |
Lawson Products, Inc. (a) | 6,426 | 257,040 | |
MRC Global, Inc. (a) | 61,158 | 532,075 | |
MSC Industrial Direct Co., Inc. Class A | 33,444 | 2,067,508 | |
Nesco Holdings, Inc. Class A (a)(b) | 8,270 | 25,224 | |
Now, Inc. (a) | 86,015 | 759,512 | |
Rush Enterprises, Inc. Class A | 25,915 | 1,086,357 | |
SiteOne Landscape Supply, Inc. (a) | 30,985 | 3,075,261 | |
Systemax, Inc. | 10,069 | 210,039 | |
Titan Machinery, Inc. (a) | 17,880 | 180,767 | |
Transcat, Inc. (a) | 4,102 | 118,507 | |
Triton International Ltd. | 39,850 | 1,369,645 | |
United Rentals, Inc. (a) | 55,874 | 7,402,188 | |
Univar, Inc. (a) | 103,295 | 1,754,982 | |
Veritiv Corp. (a) | 8,088 | 97,380 | |
W.W. Grainger, Inc. | 32,573 | 9,040,310 | |
Watsco, Inc. | 24,203 | 3,799,387 | |
WESCO International, Inc. (a) | 30,999 | 1,257,629 | |
Willis Lease Finance Corp. (a) | 1,759 | 99,735 | |
67,350,652 | |||
Transportation Infrastructure - 0.0% | |||
Macquarie Infrastructure Co. LLC | 57,837 | 2,270,102 | |
TOTAL INDUSTRIALS | 2,098,659,383 | ||
INFORMATION TECHNOLOGY - 23.3% | |||
Communications Equipment - 0.9% | |||
Acacia Communications, Inc. (a) | 27,993 | 1,917,800 | |
ADTRAN, Inc. | 33,566 | 270,038 | |
Applied Optoelectronics, Inc. (a)(b) | 14,159 | 126,440 | |
Arista Networks, Inc. (a) | 40,686 | 7,857,280 | |
Aviat Networks, Inc. (a) | 1,636 | 19,894 | |
BK Technologies Corp. | 2,781 | 6,355 | |
Blonder Tongue Laboratories, Inc. (a) | 989 | 742 | |
CalAmp Corp. (a) | 22,952 | 220,798 | |
Calix Networks, Inc. (a) | 32,611 | 293,499 | |
Cambium Networks Corp. (a) | 2,697 | 16,856 | |
Casa Systems, Inc. (a) | 19,906 | 65,292 | |
Ciena Corp. (a) | 116,031 | 4,461,392 | |
Cisco Systems, Inc. | 3,172,831 | 126,691,142 | |
Clearfield, Inc. (a) | 5,887 | 63,109 | |
ClearOne, Inc. (a) | 9,941 | 19,683 | |
CommScope Holding Co., Inc. (a) | 148,140 | 1,631,021 | |
Communications Systems, Inc. | 2,700 | 15,390 | |
Comtech Telecommunications Corp. | 17,148 | 480,487 | |
Dasan Zhone Solutions, Inc. (a) | 5,094 | 38,867 | |
Digi International, Inc. (a) | 21,720 | 287,573 | |
EchoStar Holding Corp. Class A (a) | 35,796 | 1,249,996 | |
EMCORE Corp. (a) | 14,873 | 44,173 | |
Extreme Networks, Inc. (a) | 87,538 | 440,316 | |
F5 Networks, Inc. (a) | 45,518 | 5,459,884 | |
Harmonic, Inc. (a) | 62,901 | 386,212 | |
Infinera Corp. (a) | 119,483 | 812,484 | |
Inseego Corp. (a)(b) | 39,764 | 275,962 | |
InterDigital, Inc. | 24,760 | 1,309,556 | |
Juniper Networks, Inc. | 251,622 | 5,339,419 | |
KVH Industries, Inc. (a) | 15,848 | 165,136 | |
Lantronix, Inc. (a) | 8,780 | 28,359 | |
LRAD Corp. (a) | 22,929 | 68,787 | |
Lumentum Holdings, Inc. (a) | 57,737 | 4,493,093 | |
Motorola Solutions, Inc. | 128,457 | 21,282,756 | |
NETGEAR, Inc. (a) | 20,932 | 394,987 | |
NetScout Systems, Inc. (a) | 51,117 | 1,313,707 | |
Network-1 Security Solutions, Inc. | 6,331 | 14,498 | |
Optical Cable Corp. (a) | 166 | 502 | |
PC-Tel, Inc. | 12,410 | 87,118 | |
Plantronics, Inc. (b) | 22,565 | 309,817 | |
Resonant, Inc. (a)(b) | 15,636 | 26,894 | |
Sonus Networks, Inc. (a) | 39,910 | 128,909 | |
Tessco Technologies, Inc. | 4,410 | 26,416 | |
Ubiquiti, Inc. (b) | 9,338 | 1,266,793 | |
ViaSat, Inc. (a) | 43,746 | 2,515,395 | |
Viavi Solutions, Inc. (a) | 174,203 | 2,297,738 | |
Westell Technologies, Inc. Class A (a) | 5,599 | 5,101 | |
194,227,666 | |||
Electronic Equipment & Components - 0.8% | |||
Airgain, Inc. (a) | 6,380 | 50,338 | |
Akoustis Technologies, Inc. (a)(b) | 21,570 | 156,167 | |
Amphenol Corp. Class A | 221,357 | 20,294,010 | |
Anixter International, Inc. (a) | 22,205 | 2,165,210 | |
Applied DNA Sciences, Inc. (a) | 140 | 559 | |
Arlo Technologies, Inc. (a) | 55,012 | 180,439 | |
Arrow Electronics, Inc. (a) | 63,007 | 4,225,249 | |
Avnet, Inc. | 75,746 | 2,323,887 | |
AVX Corp. | 34,759 | 755,661 | |
Badger Meter, Inc. (b) | 22,328 | 1,344,369 | |
Bel Fuse, Inc. Class B (non-vtg.) | 7,813 | 89,381 | |
Belden, Inc. | 29,490 | 1,177,536 | |
Benchmark Electronics, Inc. | 27,535 | 748,401 | |
CDW Corp. | 107,326 | 12,258,776 | |
ClearSign Combustion Corp. (a)(b) | 11,155 | 7,594 | |
Coda Octopus Group, Inc. (a)(b) | 2,455 | 15,712 | |
Cognex Corp. | 128,407 | 5,719,248 | |
Coherent, Inc. (a) | 18,116 | 2,331,710 | |
Corning, Inc. | 575,712 | 13,736,488 | |
CTS Corp. | 26,501 | 690,881 | |
CUI Global, Inc. (a) | 7,844 | 8,315 | |
Daktronics, Inc. | 29,851 | 146,867 | |
Digital Ally, Inc. (a)(b) | 4,381 | 4,775 | |
Dolby Laboratories, Inc. Class A | 47,771 | 3,138,555 | |
eMagin Corp. (a) | 1,498 | 614 | |
ePlus, Inc. (a) | 9,798 | 742,296 | |
Fabrinet (a) | 27,969 | 1,541,651 | |
FARO Technologies, Inc. (a) | 13,728 | 785,791 | |
Fitbit, Inc. (a) | 174,524 | 1,115,208 | |
FLIR Systems, Inc. | 100,293 | 4,259,444 | |
Frequency Electronics, Inc. (a) | 752 | 6,994 | |
Identiv, Inc. (a) | 10,382 | 47,550 | |
IEC Electronics Corp. (a) | 4,952 | 37,338 | |
II-VI, Inc. (a) | 65,824 | 1,954,315 | |
Insight Enterprises, Inc. (a) | 26,918 | 1,482,913 | |
Intellicheck, Inc. (a) | 9,218 | 74,942 | |
IPG Photonics Corp. (a) | 26,778 | 3,417,944 | |
Iteris, Inc. (a) | 29,095 | 140,529 | |
Itron, Inc. (a) | 26,449 | 2,005,892 | |
Jabil, Inc. | 103,443 | 3,315,348 | |
KEMET Corp. | 43,218 | 1,127,125 | |
KEY Tronic Corp. (a) | 1,911 | 8,924 | |
Keysight Technologies, Inc. (a) | 140,439 | 13,308,000 | |
Kimball Electronics, Inc. (a) | 18,049 | 244,564 | |
Knowles Corp. (a) | 65,349 | 1,086,100 | |
LGL Group, Inc. (a) | 2,530 | 29,348 | |
LightPath Technologies, Inc. Class A (a)(b) | 25,908 | 31,996 | |
Littelfuse, Inc. (b) | 18,243 | 2,913,042 | |
Luna Innovations, Inc. (a) | 17,851 | 119,602 | |
Methode Electronics, Inc. Class A | 28,310 | 867,985 | |
MicroVision, Inc. (a)(b) | 59,532 | 15,133 | |
MTS Systems Corp. | 16,232 | 651,552 | |
Napco Security Technolgies, Inc. (a) | 8,094 | 164,632 | |
National Instruments Corp. | 88,346 | 3,558,577 | |
Neonode, Inc. (a)(b) | 979 | 2,115 | |
nLIGHT, Inc. (a) | 23,491 | 387,836 | |
Novanta, Inc. (a) | 26,556 | 2,369,061 | |
OSI Systems, Inc. (a) | 12,935 | 1,051,227 | |
Par Technology Corp. (a)(b) | 7,261 | 192,344 | |
PC Connection, Inc. | 7,778 | 316,331 | |
Perceptron, Inc. (a) | 3,877 | 19,269 | |
Plexus Corp. (a) | 22,220 | 1,474,297 | |
Powerfleet, Inc. (a) | 18,868 | 133,019 | |
Research Frontiers, Inc. (a)(b) | 15,712 | 48,707 | |
RF Industries Ltd. | 3,184 | 19,168 | |
Richardson Electronics Ltd. | 6,989 | 31,241 | |
Rogers Corp. (a) | 14,038 | 1,628,408 | |
Sanmina Corp. (a) | 54,347 | 1,428,783 | |
ScanSource, Inc. (a) | 18,543 | 527,177 | |
SYNNEX Corp. | 30,381 | 3,798,536 | |
TE Connectivity Ltd. | 249,829 | 20,703,329 | |
Tech Data Corp. (a) | 26,166 | 3,725,777 | |
Trimble, Inc. (a) | 186,255 | 7,353,347 | |
TTM Technologies, Inc. (a)(b) | 74,754 | 971,054 | |
Vishay Intertechnology, Inc. | 99,996 | 1,869,925 | |
Vishay Precision Group, Inc. (a) | 9,085 | 249,565 | |
Wayside Technology Group, Inc. | 363 | 5,790 | |
Wireless Telecom Group, Inc. (a) | 3,302 | 4,061 | |
Wrap Technologies, Inc. (a)(b) | 6,352 | 37,350 | |
Zebra Technologies Corp. Class A (a) | 40,344 | 8,511,374 | |
173,484,568 | |||
IT Services - 5.3% | |||
3PEA International, Inc. (a)(b) | 18,108 | 145,407 | |
Accenture PLC Class A | 474,560 | 85,700,790 | |
Akamai Technologies, Inc. (a) | 120,849 | 10,454,647 | |
Alliance Data Systems Corp. | 30,632 | 2,630,676 | |
Automatic Data Processing, Inc. | 323,536 | 50,063,961 | |
Black Knight, Inc. (a) | 111,744 | 7,454,442 | |
Booz Allen Hamilton Holding Corp. Class A | 104,944 | 7,482,507 | |
Brightcove, Inc. (a) | 24,548 | 190,983 | |
Broadridge Financial Solutions, Inc. | 85,779 | 8,951,896 | |
CACI International, Inc. Class A (a) | 18,699 | 4,581,629 | |
Cardtronics PLC (a)(b) | 27,607 | 1,001,306 | |
Cass Information Systems, Inc. | 8,527 | 400,343 | |
Cognizant Technology Solutions Corp. Class A | 409,460 | 24,948,398 | |
Computer Task Group, Inc. (a) | 7,607 | 44,501 | |
Conduent, Inc. (a) | 116,811 | 381,972 | |
CoreLogic, Inc. | 59,751 | 2,710,903 | |
CSG Systems International, Inc. | 24,638 | 1,090,232 | |
CSP, Inc. | 1,089 | 14,157 | |
DXC Technology Co. | 192,381 | 4,638,306 | |
Endurance International Group Holdings, Inc. (a) | 60,056 | 224,009 | |
EPAM Systems, Inc. (a) | 41,179 | 9,191,153 | |
Euronet Worldwide, Inc. (a) | 40,414 | 5,012,953 | |
EVERTEC, Inc. | 46,055 | 1,366,912 | |
EVO Payments, Inc. Class A (a) | 32,735 | 827,541 | |
Exela Technologies, Inc. (a) | 24,050 | 6,181 | |
ExlService Holdings, Inc. (a) | 25,794 | 1,925,522 | |
Fastly, Inc. Class A | 9,175 | 181,665 | |
Fidelity National Information Services, Inc. | 459,685 | 64,227,188 | |
Fiserv, Inc. (a) | 427,123 | 46,710,171 | |
FleetCor Technologies, Inc. (a) | 64,877 | 17,243,658 | |
Gartner, Inc. (a) | 66,827 | 8,646,746 | |
Genpact Ltd. | 114,788 | 4,414,746 | |
Global Payments, Inc. | 224,618 | 41,322,973 | |
GoDaddy, Inc. (a) | 132,423 | 9,266,962 | |
GreenSky, Inc. Class A (a)(b) | 30,878 | 246,406 | |
GTT Communications, Inc. (a)(b) | 21,381 | 323,708 | |
Hackett Group, Inc. | 23,028 | 354,631 | |
i3 Verticals, Inc. Class A (a) | 12,004 | 347,876 | |
IBM Corp. | 662,076 | 86,169,191 | |
Information Services Group, Inc. (a) | 18,737 | 59,396 | |
Innodata, Inc. (a) | 4,130 | 4,750 | |
Internap Network Services Corp. (a)(b) | 11,434 | 7,546 | |
International Money Express, Inc. (a) | 21,249 | 200,166 | |
Jack Henry & Associates, Inc. | 57,443 | 8,716,401 | |
KBR, Inc. | 106,180 | 2,756,433 | |
Leidos Holdings, Inc. | 99,434 | 10,206,900 | |
Limelight Networks, Inc. (a) | 89,990 | 454,000 | |
Liveramp Holdings, Inc. (a) | 51,731 | 1,833,347 | |
ManTech International Corp. Class A | 20,430 | 1,530,207 | |
Marathon Patent Group, Inc. (a)(b) | 163 | 140 | |
MasterCard, Inc. Class A | 663,510 | 192,583,778 | |
Maximus, Inc. | 47,641 | 3,002,336 | |
ModusLink Global Solutions, Inc. (a) | 9,148 | 12,716 | |
MoneyGram International, Inc. (a)(b) | 19,732 | 42,621 | |
MongoDB, Inc. Class A (a) | 26,171 | 3,991,078 | |
NIC, Inc. | 52,227 | 955,232 | |
Okta, Inc. (a) | 84,291 | 10,794,305 | |
Paychex, Inc. | 237,742 | 18,420,250 | |
PayPal Holdings, Inc. (a) | 878,112 | 94,827,315 | |
Perficient, Inc. (a) | 24,616 | 1,008,518 | |
Perspecta, Inc. | 103,171 | 2,576,180 | |
PFSweb, Inc. (a) | 7,687 | 28,903 | |
PRG-Schultz International, Inc. (a) | 10,780 | 38,916 | |
Priority Technology Holdings, Inc. (a) | 1,619 | 3,335 | |
Repay Holdings Corp. (a) | 22,261 | 390,235 | |
Sabre Corp. | 205,403 | 2,796,562 | |
Science Applications International Corp. | 36,768 | 2,946,220 | |
ServiceSource International, Inc. (a) | 54,218 | 76,447 | |
Square, Inc. (a) | 256,283 | 21,356,062 | |
StarTek, Inc. (a) | 9,134 | 56,905 | |
Switch, Inc. Class A | 40,279 | 577,601 | |
Sykes Enterprises, Inc. (a) | 30,027 | 951,255 | |
The Western Union Co. | 312,660 | 7,000,457 | |
Ttec Holdings, Inc. | 14,080 | 527,014 | |
Twilio, Inc. Class A (a)(b) | 93,327 | 10,512,353 | |
Unisys Corp. (a) | 40,895 | 635,099 | |
VeriSign, Inc. (a) | 77,281 | 14,664,070 | |
Verra Mobility Corp. (a) | 98,369 | 1,489,799 | |
Virtusa Corp. (a) | 22,766 | 1,004,208 | |
Visa, Inc. Class A | 1,279,536 | 232,568,463 | |
WEX, Inc. (a) | 32,356 | 6,058,337 | |
WidePoint Corp. (a) | 21,123 | 9,767 | |
1,168,572,871 | |||
Semiconductors & Semiconductor Equipment - 4.1% | |||
ACM Research, Inc. (a)(b) | 6,499 | 227,140 | |
Adesto Technologies Corp. (a) | 20,542 | 251,845 | |
Advanced Energy Industries, Inc. (a) | 28,868 | 1,716,924 | |
Advanced Micro Devices, Inc. (a) | 874,309 | 39,763,573 | |
AEHR Test Systems (a) | 18,714 | 39,299 | |
Alpha & Omega Semiconductor Ltd. (a) | 15,524 | 168,280 | |
Ambarella, Inc. (a) | 23,827 | 1,416,515 | |
Amkor Technology, Inc. (a) | 76,970 | 803,182 | |
Amtech Systems, Inc. (a) | 9,659 | 48,102 | |
Analog Devices, Inc. | 275,525 | 30,046,001 | |
Applied Materials, Inc. | 690,724 | 40,144,879 | |
Atomera, Inc. (a)(b) | 12,292 | 53,962 | |
Axcelis Technologies, Inc. (a) | 24,581 | 589,698 | |
AXT, Inc. (a) | 29,686 | 103,307 | |
Broadcom, Inc. | 296,629 | 80,866,998 | |
Brooks Automation, Inc. | 54,609 | 1,884,557 | |
Cabot Microelectronics Corp. | 21,846 | 3,042,711 | |
Ceva, Inc. (a) | 19,258 | 547,120 | |
Cirrus Logic, Inc. (a) | 43,381 | 2,977,672 | |
Cohu, Inc. | 31,055 | 635,696 | |
Cree, Inc. (a) | 81,035 | 3,624,696 | |
CVD Equipment Corp. (a) | 7,163 | 27,291 | |
CyberOptics Corp. (a) | 7,010 | 148,892 | |
Cypress Semiconductor Corp. | 272,608 | 6,294,519 | |
Diodes, Inc. (a)(b) | 31,264 | 1,375,929 | |
DSP Group, Inc. (a) | 17,184 | 233,874 | |
Enphase Energy, Inc. (a)(b) | 57,379 | 2,809,850 | |
Entegris, Inc. | 100,747 | 5,371,830 | |
Envision Solar International, Inc. (b) | 2,716 | 25,530 | |
Everspin Technologies, Inc. (a) | 4,881 | 18,060 | |
First Solar, Inc. (a) | 57,103 | 2,613,604 | |
FormFactor, Inc. (a) | 58,118 | 1,300,100 | |
GSI Technology, Inc. (a) | 8,291 | 55,218 | |
Ichor Holdings Ltd. (a) | 16,506 | 477,354 | |
Impinj, Inc. (a)(b) | 11,203 | 344,492 | |
Inphi Corp. (a) | 34,370 | 2,566,064 | |
Intel Corp. | 3,252,840 | 180,597,677 | |
Intest Corp. (a) | 2,847 | 14,349 | |
KLA-Tencor Corp. | 118,104 | 18,153,766 | |
Kopin Corp. (a) | 33,382 | 10,549 | |
Kulicke & Soffa Industries, Inc. | 47,256 | 1,078,854 | |
Lam Research Corp. | 108,417 | 31,812,800 | |
Lattice Semiconductor Corp. (a) | 100,591 | 1,805,608 | |
MACOM Technology Solutions Holdings, Inc. (a) | 34,159 | 863,198 | |
Marvell Technology Group Ltd. | 499,623 | 10,641,970 | |
Maxim Integrated Products, Inc. | 202,254 | 11,249,367 | |
MaxLinear, Inc. Class A (a) | 50,259 | 777,004 | |
Microchip Technology, Inc. (b) | 178,565 | 16,197,631 | |
Micron Technology, Inc. (a) | 827,882 | 43,513,478 | |
MKS Instruments, Inc. | 40,870 | 4,094,765 | |
Monolithic Power Systems, Inc. | 30,262 | 4,800,764 | |
MoSys, Inc. (a) | 89 | 193 | |
NeoPhotonics Corp. (a) | 29,355 | 194,037 | |
NVE Corp. | 3,653 | 231,125 | |
NVIDIA Corp. | 457,583 | 123,579,441 | |
ON Semiconductor Corp. (a) | 301,656 | 5,628,901 | |
Onto Innovation, Inc. (a) | 35,749 | 1,092,847 | |
PDF Solutions, Inc. (a) | 18,574 | 271,923 | |
Photronics, Inc. (a) | 54,349 | 676,645 | |
Pixelworks, Inc. (a) | 27,639 | 117,742 | |
Power Integrations, Inc. | 22,135 | 1,926,852 | |
Qorvo, Inc. (a) | 86,742 | 8,724,510 | |
Qualcomm, Inc. | 854,166 | 66,881,198 | |
QuickLogic Corp. (a)(b) | 6,639 | 31,801 | |
Rambus, Inc. (a) | 81,551 | 1,140,083 | |
Rubicon Technology, Inc. (a) | 738 | 6,458 | |
Semtech Corp. (a) | 50,222 | 1,983,267 | |
Silicon Laboratories, Inc. (a) | 32,782 | 2,907,108 | |
Skyworks Solutions, Inc. | 127,353 | 12,758,224 | |
SMART Global Holdings, Inc. (a) | 8,858 | 237,749 | |
SolarEdge Technologies, Inc. (a) | 36,382 | 4,537,563 | |
SunPower Corp. (a)(b) | 62,247 | 533,457 | |
Synaptics, Inc. (a) | 25,129 | 1,659,770 | |
Teradyne, Inc. | 124,999 | 7,344,941 | |
Texas Instruments, Inc. | 698,726 | 79,752,586 | |
Ultra Clean Holdings, Inc. (a) | 31,228 | 652,977 | |
Universal Display Corp. | 31,743 | 5,040,471 | |
Veeco Instruments, Inc. (a) | 35,469 | 474,930 | |
Xilinx, Inc. | 188,231 | 15,715,406 | |
Xperi Corp. | 38,874 | 668,244 | |
902,996,993 | |||
Software - 8.0% | |||
2U, Inc. (a) | 48,604 | 1,142,680 | |
8x8, Inc. (a) | 77,237 | 1,428,885 | |
A10 Networks, Inc. (a) | 38,810 | 260,415 | |
ACI Worldwide, Inc. (a) | 86,506 | 2,410,922 | |
Adobe, Inc. (a) | 361,742 | 124,844,399 | |
Agilysys, Inc. (a) | 14,979 | 481,275 | |
Alarm.com Holdings, Inc. (a) | 26,952 | 1,300,434 | |
Altair Engineering, Inc. Class A (a)(b) | 29,617 | 1,030,672 | |
Alteryx, Inc. Class A (a)(b) | 36,525 | 5,099,621 | |
American Software, Inc. Class A | 20,570 | 338,377 | |
Anaplan, Inc. (a) | 64,546 | 2,900,697 | |
ANSYS, Inc. (a) | 63,917 | 15,480,058 | |
AppFolio, Inc. (a)(b) | 10,996 | 1,352,178 | |
Appian Corp. Class A (a)(b) | 25,923 | 1,144,500 | |
Aspen Technology, Inc. (a) | 51,035 | 5,435,738 | |
Asure Software, Inc. (a)(b) | 10,107 | 85,202 | |
AudioEye, Inc. (a)(b) | 1,799 | 7,196 | |
Autodesk, Inc. (a) | 164,484 | 31,396,706 | |
Avalara, Inc. (a) | 49,406 | 4,187,159 | |
Avaya Holdings Corp. (a) | 79,341 | 1,028,259 | |
Benefitfocus, Inc. (a) | 20,955 | 261,518 | |
Blackbaud, Inc. | 37,132 | 2,517,550 | |
BlackLine, Inc. (a) | 32,553 | 2,036,841 | |
Bottomline Technologies, Inc. (a) | 28,971 | 1,282,836 | |
Box, Inc. Class A (a)(b) | 114,040 | 1,910,170 | |
BroadVision, Inc. (a) | 145 | 349 | |
BSQUARE Corp. (a) | 3,297 | 4,121 | |
Cadence Design Systems, Inc. (a) | 209,770 | 13,874,188 | |
CDK Global, Inc. | 90,843 | 4,180,595 | |
Cerence, Inc. (a) | 25,923 | 562,788 | |
Ceridian HCM Holding, Inc. (a) | 75,621 | 5,348,673 | |
ChannelAdvisor Corp. (a) | 18,211 | 173,369 | |
Citrix Systems, Inc. | 91,323 | 9,441,885 | |
Cloudera, Inc. (a) | 186,309 | 1,658,150 | |
Cloudflare, Inc. (a)(b) | 28,369 | 604,260 | |
CommVault Systems, Inc. (a) | 31,277 | 1,304,251 | |
Cornerstone OnDemand, Inc. (a) | 38,919 | 1,596,847 | |
Coupa Software, Inc. (a) | 47,079 | 7,050,080 | |
Crowdstrike Holdings, Inc. | 14,825 | 884,163 | |
Datadog, Inc. Class A (a)(b) | 20,348 | 918,712 | |
Digimarc Corp. (a)(b) | 8,712 | 174,240 | |
Digital Turbine, Inc. (a) | 41,960 | 257,215 | |
DocuSign, Inc. (a) | 93,517 | 8,071,452 | |
Domo, Inc. Class B (a) | 14,449 | 304,729 | |
Dropbox, Inc. Class A (a) | 161,717 | 3,163,185 | |
Dynatrace, Inc. (b) | 46,880 | 1,514,224 | |
Ebix, Inc. (b) | 15,593 | 412,279 | |
eGain Communications Corp. (a) | 13,324 | 107,658 | |
Elastic NV (a) | 23,922 | 1,766,879 | |
Envestnet, Inc. (a) | 39,381 | 2,972,478 | |
Everbridge, Inc. (a)(b) | 25,502 | 2,694,541 | |
Evolving Systems, Inc. (a) | 1,466 | 1,248 | |
Fair Isaac Corp. (a) | 21,657 | 8,143,682 | |
Finjan Holdings, Inc. (a) | 6,093 | 10,236 | |
FireEye, Inc. (a) | 163,326 | 2,161,620 | |
Five9, Inc. (a) | 46,065 | 3,364,127 | |
Forescout Technologies, Inc. (a) | 27,992 | 910,860 | |
Fortinet, Inc. (a) | 106,219 | 10,840,711 | |
Globalscape, Inc. | 7,333 | 64,310 | |
GSE Systems, Inc. (a) | 114 | 143 | |
GTY Govtech, Inc. (a)(b) | 29,444 | 158,409 | |
Guidewire Software, Inc. (a) | 61,743 | 6,767,650 | |
HubSpot, Inc. (a) | 30,151 | 5,410,597 | |
Instructure, Inc. (a) | 25,579 | 1,247,232 | |
Intelligent Systems Corp. (a)(b) | 4,693 | 172,092 | |
Intuit, Inc. | 194,656 | 51,749,298 | |
Inuvo, Inc. (a) | 2,842 | 731 | |
j2 Global, Inc. (b) | 34,620 | 3,023,365 | |
LivePerson, Inc. (a)(b) | 46,743 | 1,236,820 | |
LogMeIn, Inc. | 36,407 | 3,103,151 | |
Majesco (a) | 8,690 | 58,049 | |
Manhattan Associates, Inc. (a) | 47,923 | 3,228,093 | |
Marin Software, Inc. (a) | 420 | 563 | |
Medallia, Inc. (b) | 11,452 | 284,124 | |
Microsoft Corp. | 5,704,470 | 924,181,155 | |
MicroStrategy, Inc. Class A (a) | 6,062 | 819,340 | |
Mitek Systems, Inc. (a) | 28,801 | 250,857 | |
MobileIron, Inc. (a) | 60,774 | 246,135 | |
Model N, Inc. (a) | 19,882 | 576,578 | |
NetSol Technologies, Inc. (a) | 4,917 | 16,275 | |
New Relic, Inc. (a) | 37,786 | 2,125,840 | |
Nortonlifelock, Inc. | 428,088 | 8,146,515 | |
Nuance Communications, Inc. (a) | 211,517 | 4,572,998 | |
Nutanix, Inc. Class A (a) | 109,627 | 2,613,508 | |
NXT-ID, Inc. (a) | 9,811 | 3,629 | |
Onespan, Inc. (a) | 24,677 | 407,417 | |
Oracle Corp. | 1,619,761 | 80,113,379 | |
Pagerduty, Inc. (b) | 6,782 | 139,709 | |
Palo Alto Networks, Inc. (a) | 73,277 | 13,528,400 | |
Parametric Technology Corp. (a) | 77,816 | 5,878,999 | |
Park City Group, Inc. (a) | 5,806 | 29,843 | |
Paycom Software, Inc. (a) | 36,741 | 10,384,844 | |
Paylocity Holding Corp. (a) | 26,869 | 3,480,073 | |
Pegasystems, Inc. | 28,802 | 2,606,581 | |
Phunware, Inc. (a)(b) | 20,350 | 20,757 | |
Ping Identity Holding Corp. (a)(b) | 10,416 | 241,026 | |
Pluralsight, Inc. (a) | 63,241 | 1,127,587 | |
Progress Software Corp. | 33,041 | 1,232,099 | |
Proofpoint, Inc. (a) | 42,367 | 4,518,441 | |
PROS Holdings, Inc. (a) | 29,626 | 1,356,575 | |
Q2 Holdings, Inc. (a) | 33,219 | 2,503,716 | |
QAD, Inc.: | |||
Class A | 8,438 | 413,884 | |
Class B | 1,267 | 43,091 | |
Qualys, Inc. (a) | 25,144 | 2,016,046 | |
Qumu Corp. (a) | 1,774 | 2,998 | |
Rapid7, Inc. (a) | 33,428 | 1,547,716 | |
RealNetworks, Inc. (a) | 8,452 | 8,706 | |
RealPage, Inc. (a) | 60,045 | 3,848,885 | |
Rimini Street, Inc. (a) | 9,253 | 42,749 | |
RingCentral, Inc. (a) | 56,128 | 13,232,176 | |
Riot Blockchain, Inc. (a)(b) | 10,716 | 12,216 | |
SailPoint Technologies Holding, Inc. (a) | 64,062 | 1,622,050 | |
Salesforce.com, Inc. (a) | 663,186 | 113,006,894 | |
SeaChange International, Inc. (a) | 22,733 | 83,203 | |
SecureWorks Corp. (a)(b) | 7,771 | 107,939 | |
ServiceNow, Inc. (a) | 141,076 | 46,003,473 | |
SharpSpring, Inc. (a)(b) | 7,022 | 80,051 | |
ShotSpotter, Inc. (a)(b) | 6,711 | 238,912 | |
SITO Mobile Ltd. (a)(b) | 5,300 | 1,001 | |
Slack Technologies, Inc. Class A (a)(b) | 33,412 | 902,792 | |
Smartsheet, Inc. (a) | 68,165 | 3,156,040 | |
Smith Micro Software, Inc. (a) | 15,104 | 80,957 | |
SolarWinds, Inc. (a) | 50,888 | 927,179 | |
Splunk, Inc. (a) | 115,431 | 17,006,449 | |
SPS Commerce, Inc. (a) | 25,726 | 1,353,188 | |
SS&C Technologies Holdings, Inc. | 164,194 | 9,112,767 | |
Support.com, Inc. | 11,561 | 12,948 | |
SurveyMonkey (a) | 66,055 | 1,204,183 | |
Synacor, Inc. (a)(b) | 5,906 | 6,556 | |
Synchronoss Technologies, Inc. (a)(b) | 29,849 | 146,857 | |
Synopsys, Inc. (a) | 112,445 | 15,509,539 | |
Telaria, Inc. (a) | 26,006 | 317,793 | |
TeleNav, Inc. (a) | 24,075 | 143,607 | |
Tenable Holdings, Inc. (a) | 32,880 | 806,218 | |
Teradata Corp. (a) | 85,423 | 1,703,335 | |
The Trade Desk, Inc. (a)(b) | 29,784 | 8,555,454 | |
TiVo Corp. | 98,773 | 747,712 | |
Tyler Technologies, Inc. (a) | 29,112 | 9,122,245 | |
Upland Software, Inc. (a) | 15,771 | 613,650 | |
Varonis Systems, Inc. (a) | 23,111 | 1,853,964 | |
Verb Technology Co., Inc. (a)(b) | 14,205 | 22,728 | |
Verint Systems, Inc. (a) | 50,096 | 2,749,268 | |
Veritone, Inc. (a)(b) | 22,027 | 59,032 | |
VirnetX Holding Corp. (a)(b) | 46,429 | 260,467 | |
VMware, Inc. Class A (a) | 59,023 | 7,113,452 | |
Workday, Inc. Class A (a) | 122,833 | 21,280,817 | |
Workiva, Inc. (a) | 28,097 | 1,200,866 | |
Yext, Inc. (a)(b) | 69,531 | 1,054,090 | |
Zendesk, Inc. (a) | 83,197 | 6,598,354 | |
Zix Corp. (a) | 43,880 | 345,774 | |
Zoom Video Communications, Inc. Class A (b) | 18,205 | 1,911,525 | |
Zscaler, Inc. (a)(b) | 49,120 | 2,553,749 | |
Zuora, Inc. (a) | 49,406 | 654,135 | |
1,752,864,666 | |||
Technology Hardware, Storage & Peripherals - 4.2% | |||
3D Systems Corp. (a)(b) | 90,205 | 826,278 | |
Apple, Inc. | 3,123,146 | 853,743,191 | |
Astro-Med, Inc. | 3,839 | 41,692 | |
Avid Technology, Inc. (a) | 27,777 | 205,272 | |
Boxlight Corp. (a)(b) | 328 | 358 | |
Dell Technologies, Inc. (a) | 115,539 | 4,674,708 | |
Diebold Nixdorf, Inc. (a) | 56,314 | 395,324 | |
Eastman Kodak Co. (a)(b) | 21,104 | 65,633 | |
Hewlett Packard Enterprise Co. | 969,459 | 12,399,381 | |
HP, Inc. | 1,107,602 | 23,027,046 | |
Immersion Corp. (a) | 28,308 | 197,873 | |
Intevac, Inc. (a) | 20,748 | 116,189 | |
NCR Corp. (a) | 95,205 | 2,399,166 | |
NetApp, Inc. | 170,599 | 7,970,385 | |
One Stop Systems, Inc. (a) | 2,319 | 4,939 | |
Pure Storage, Inc. Class A (a) | 169,580 | 2,587,791 | |
Seagate Technology LLC | 172,785 | 8,285,041 | |
Sonim Technologies, Inc. | 3,914 | 11,351 | |
Transact Technologies, Inc. | 2,972 | 29,661 | |
Western Digital Corp. | 222,661 | 12,371,045 | |
Xerox Holdings Corp. | 139,076 | 4,478,247 | |
933,830,571 | |||
TOTAL INFORMATION TECHNOLOGY | 5,125,977,335 | ||
MATERIALS - 2.7% | |||
Chemicals - 1.7% | |||
Advanced Emissions Solutions, Inc. (b) | 11,528 | 102,484 | |
AdvanSix, Inc. (a) | 19,585 | 284,570 | |
AgroFresh Solutions, Inc. (a) | 13,102 | 28,693 | |
Air Products & Chemicals, Inc. | 164,793 | 36,190,191 | |
Albemarle Corp. U.S. (b) | 79,257 | 6,487,185 | |
American Vanguard Corp. | 18,505 | 282,201 | |
Amyris, Inc. (a)(b) | 29,987 | 95,509 | |
Ashland Global Holdings, Inc. | 44,932 | 3,214,435 | |
Axalta Coating Systems Ltd. (a) | 155,030 | 3,863,348 | |
Balchem Corp. | 23,832 | 2,251,171 | |
Cabot Corp. | 42,949 | 1,605,434 | |
Celanese Corp. Class A | 89,849 | 8,422,445 | |
CF Industries Holdings, Inc. | 162,920 | 6,005,231 | |
Chase Corp. | 5,914 | 525,104 | |
Core Molding Technologies, Inc. (a) | 3,200 | 9,216 | |
Corteva, Inc. | 560,813 | 15,254,114 | |
Dow, Inc. | 555,104 | 22,431,753 | |
DuPont de Nemours, Inc. | 554,721 | 23,797,531 | |
Eastman Chemical Co. | 101,078 | 6,217,308 | |
Ecolab, Inc. | 187,353 | 33,807,849 | |
Element Solutions, Inc. (a) | 166,921 | 1,734,309 | |
Ferro Corp. (a) | 59,744 | 694,225 | |
Flotek Industries, Inc. (a) | 29,992 | 47,387 | |
FMC Corp. | 96,744 | 9,006,866 | |
FutureFuel Corp. | 19,502 | 198,335 | |
GCP Applied Technologies, Inc. (a) | 40,767 | 793,733 | |
H.B. Fuller Co. | 40,848 | 1,602,467 | |
Hawkins, Inc. | 7,879 | 281,674 | |
Huntsman Corp. | 150,555 | 2,851,512 | |
Ingevity Corp. (a) | 31,537 | 1,420,426 | |
Innospec, Inc. | 17,972 | 1,555,297 | |
International Flavors & Fragrances, Inc. (b) | 79,886 | 9,568,745 | |
Intrepid Potash, Inc. (a) | 67,792 | 119,992 | |
Koppers Holdings, Inc. (a) | 15,467 | 338,109 | |
Kraton Performance Polymers, Inc. (a) | 23,027 | 233,033 | |
Kronos Worldwide, Inc. (b) | 15,730 | 157,143 | |
Linde PLC | 401,607 | 76,710,953 | |
Livent Corp. (a) | 110,016 | 982,443 | |
Loop Industries, Inc. (a)(b) | 11,462 | 100,636 | |
LSB Industries, Inc. (a) | 15,618 | 30,455 | |
LyondellBasell Industries NV Class A | 191,628 | 13,693,737 | |
Marrone Bio Innovations, Inc. (a) | 23,639 | 26,712 | |
Minerals Technologies, Inc. | 27,364 | 1,227,823 | |
NewMarket Corp. | 5,569 | 2,164,058 | |
Northern Technologies International Corp. | 7,022 | 80,472 | |
Olin Corp. | 120,992 | 1,958,860 | |
OMNOVA Solutions, Inc. (a) | 31,651 | 319,992 | |
PolyOne Corp. | 68,114 | 1,686,503 | |
PPG Industries, Inc. | 176,396 | 18,424,562 | |
PQ Group Holdings, Inc. (a) | 29,480 | 391,200 | |
Quaker Chemical Corp. | 9,841 | 1,550,646 | |
Rayonier Advanced Materials, Inc. | 30,943 | 75,810 | |
RPM International, Inc. | 96,457 | 6,183,858 | |
Sensient Technologies Corp. | 32,281 | 1,587,580 | |
Sherwin-Williams Co. | 61,382 | 31,719,149 | |
Stepan Co. | 15,340 | 1,347,312 | |
Taronis Fuels, Inc. (a)(b) | 54,235 | 10,033 | |
Taronis Technologies, Inc. (a)(b) | 10,847 | 3,288 | |
The Chemours Co. LLC | 123,197 | 1,830,707 | |
The Mosaic Co. | 263,579 | 4,488,750 | |
The Scotts Miracle-Gro Co. Class A | 29,802 | 3,158,714 | |
Trecora Resources (a) | 12,623 | 71,320 | |
Tredegar Corp. | 17,181 | 293,108 | |
Trinseo SA | 27,505 | 601,809 | |
Tronox Holdings PLC | 71,680 | 526,131 | |
Valhi, Inc. | 21,358 | 29,688 | |
Valvoline, Inc. | 140,244 | 2,734,758 | |
Venator Materials PLC (a) | 32,002 | 85,445 | |
W.R. Grace & Co. | 42,162 | 2,384,683 | |
Westlake Chemical Corp. | 26,171 | 1,462,174 | |
379,422,394 | |||
Construction Materials - 0.1% | |||
Eagle Materials, Inc. | 31,334 | 2,473,193 | |
Forterra, Inc. (a) | 12,554 | 169,981 | |
Martin Marietta Materials, Inc. | 46,756 | 10,638,393 | |
Summit Materials, Inc. (a) | 84,510 | 1,651,325 | |
Tecnoglass, Inc. | 10,974 | 80,000 | |
U.S. Concrete, Inc. (a) | 11,011 | 295,535 | |
United States Lime & Minerals, Inc. | 1,583 | 127,511 | |
Vulcan Materials Co. | 99,020 | 11,908,145 | |
27,344,083 | |||
Containers & Packaging - 0.4% | |||
Amcor PLC | 1,214,376 | 11,317,984 | |
Aptargroup, Inc. | 47,772 | 4,828,316 | |
Avery Dennison Corp. | 62,221 | 7,123,682 | |
Ball Corp. | 245,218 | 17,278,060 | |
Berry Global Group, Inc. (a) | 98,789 | 3,750,030 | |
Crown Holdings, Inc. (a) | 101,207 | 7,135,094 | |
Graphic Packaging Holding Co. | 215,589 | 2,914,763 | |
Greif, Inc.: | |||
Class A | 23,069 | 815,258 | |
Class B | 2,138 | 85,541 | |
International Paper Co. | 292,824 | 10,822,775 | |
Myers Industries, Inc. | 24,805 | 336,604 | |
O-I Glass, Inc. | 117,582 | 1,269,886 | |
Packaging Corp. of America | 70,587 | 6,396,594 | |
Ranpak Holdings Corp. (A Shares) (a) | 19,447 | 161,605 | |
Sealed Air Corp. | 116,379 | 3,527,447 | |
Silgan Holdings, Inc. | 57,546 | 1,647,542 | |
Sonoco Products Co. | 75,055 | 3,618,402 | |
UFP Technologies, Inc. (a) | 4,587 | 226,277 | |
WestRock Co. | 192,463 | 6,399,395 | |
89,655,255 | |||
Metals & Mining - 0.4% | |||
AK Steel Holding Corp. (a) | 222,429 | 513,811 | |
Alcoa Corp. (a) | 135,319 | 1,876,875 | |
Allegheny Technologies, Inc. (a)(b) | 95,465 | 1,631,497 | |
Ampco-Pittsburgh Corp. (a) | 3,070 | 8,381 | |
Carpenter Technology Corp. | 36,278 | 1,333,217 | |
Century Aluminum Co. (a) | 32,414 | 188,001 | |
Cleveland-Cliffs, Inc. (b) | 200,765 | 1,166,445 | |
Coeur d'Alene Mines Corp. (a) | 183,290 | 762,486 | |
Commercial Metals Co. | 89,146 | 1,627,806 | |
Compass Minerals International, Inc. (b) | 24,984 | 1,362,877 | |
Comstock Mining, Inc. (a)(b) | 668 | 334 | |
Freeport-McMoRan, Inc. | 1,086,996 | 10,826,480 | |
Friedman Industries | 589 | 3,257 | |
General Moly, Inc. (a) | 17,839 | 3,570 | |
Gold Resource Corp. | 48,979 | 196,896 | |
Golden Minerals Co. (a)(b) | 20,934 | 4,164 | |
Haynes International, Inc. | 13,380 | 338,648 | |
Hecla Mining Co. (b) | 397,102 | 1,048,349 | |
Kaiser Aluminum Corp. | 12,201 | 1,153,605 | |
Materion Corp. | 15,130 | 685,994 | |
McEwen Mining, Inc. (b) | 257,024 | 231,322 | |
Newmont Corp. | 613,243 | 27,369,035 | |
Nucor Corp. | 226,864 | 9,380,826 | |
Olympic Steel, Inc. | 8,021 | 96,653 | |
Paramount Gold Nevada Corp. (a) | 2,346 | 1,900 | |
Ramaco Resources, Inc. (a) | 1,114 | 3,208 | |
Reliance Steel & Aluminum Co. | 49,728 | 5,086,677 | |
Royal Gold, Inc. | 49,471 | 4,772,467 | |
Ryerson Holding Corp. (a) | 10,387 | 86,524 | |
Schnitzer Steel Industries, Inc. Class A | 21,758 | 358,572 | |
Solitario Exploration & Royalty Corp. (a) | 5,340 | 1,509 | |
Steel Dynamics, Inc. | 161,324 | 4,296,058 | |
SunCoke Energy, Inc. | 66,812 | 308,003 | |
Synalloy Corp. (a) | 5,467 | 62,597 | |
TimkenSteel Corp. (a) | 26,515 | 134,431 | |
U.S. Antimony Corp. (a) | 7,358 | 3,017 | |
United States Steel Corp. (b) | 131,040 | 1,050,941 | |
Universal Stainless & Alloy Products, Inc. (a) | 4,924 | 56,380 | |
Warrior Metropolitan Coal, Inc. | 38,680 | 685,410 | |
Worthington Industries, Inc. | 26,574 | 845,053 | |
79,563,276 | |||
Paper & Forest Products - 0.1% | |||
Boise Cascade Co. | 29,787 | 1,056,843 | |
Clearwater Paper Corp. (a) | 15,074 | 411,068 | |
Domtar Corp. | 41,615 | 1,197,264 | |
Louisiana-Pacific Corp. | 87,765 | 2,496,914 | |
Mercer International, Inc. (SBI) | 29,156 | 258,322 | |
Neenah, Inc. | 11,912 | 688,156 | |
P.H. Glatfelter Co. | 32,208 | 459,286 | |
Resolute Forest Products (a) | 77,813 | 206,983 | |
Schweitzer-Mauduit International, Inc. | 23,842 | 803,952 | |
Verso Corp. (a)(b) | 25,649 | 418,335 | |
7,997,123 | |||
TOTAL MATERIALS | 583,982,131 | ||
REAL ESTATE - 4.1% | |||
Equity Real Estate Investment Trusts (REITs) - 3.9% | |||
Acadia Realty Trust (SBI) | 67,684 | 1,545,903 | |
Agree Realty Corp. | 35,155 | 2,524,832 | |
Alexander & Baldwin, Inc. | 52,423 | 985,552 | |
Alexanders, Inc. | 1,781 | 553,891 | |
Alexandria Real Estate Equities, Inc. | 91,376 | 13,878,187 | |
American Assets Trust, Inc. | 36,601 | 1,517,111 | |
American Campus Communities, Inc. | 103,470 | 4,494,737 | |
American Finance Trust, Inc. | 83,155 | 864,812 | |
American Homes 4 Rent Class A | 190,032 | 4,919,928 | |
American Tower Corp. | 331,450 | 75,172,860 | |
Americold Realty Trust | 143,694 | 4,407,095 | |
Apartment Investment & Management Co. Class A | 110,128 | 5,268,524 | |
Apple Hospitality (REIT), Inc. | 153,489 | 2,006,101 | |
Armada Hoffler Properties, Inc. | 44,226 | 741,228 | |
Ashford Hospitality Trust, Inc. | 55,427 | 119,722 | |
AvalonBay Communities, Inc. | 104,341 | 20,929,761 | |
Bluerock Residential Growth (REIT), Inc. | 15,205 | 157,980 | |
Boston Properties, Inc. | 107,376 | 13,845,061 | |
Braemar Hotels & Resorts, Inc. | 25,106 | 184,780 | |
Brandywine Realty Trust (SBI) | 133,156 | 1,808,258 | |
Brixmor Property Group, Inc. | 221,864 | 4,040,143 | |
BRT Realty Trust | 14,721 | 229,648 | |
Camden Property Trust (SBI) | 71,732 | 7,602,157 | |
CareTrust (REIT), Inc. | 71,258 | 1,487,154 | |
CatchMark Timber Trust, Inc. | 36,441 | 334,893 | |
CBL & Associates Properties, Inc. | 119,746 | 63,561 | |
Cedar Realty Trust, Inc. | 57,036 | 147,723 | |
Chatham Lodging Trust | 33,592 | 468,272 | |
CIM Commercial Trust Corp. | 595 | 8,354 | |
City Office REIT, Inc. | 44,022 | 510,655 | |
Clipper Realty, Inc. | 10,967 | 123,598 | |
Colony Capital, Inc. | 379,908 | 1,504,436 | |
Columbia Property Trust, Inc. | 89,694 | 1,691,629 | |
Community Healthcare Trust, Inc. | 14,970 | 713,021 | |
Condor Hospitality Trust, Inc. | 1,704 | 17,006 | |
CoreCivic, Inc. | 91,077 | 1,348,850 | |
CorEnergy Infrastructure Trust, Inc. | 8,658 | 302,164 | |
CorePoint Lodging, Inc. | 26,437 | 210,439 | |
CoreSite Realty Corp. | 28,321 | 2,937,737 | |
Corporate Office Properties Trust (SBI) | 84,946 | 2,152,532 | |
Cousins Properties, Inc. | 109,695 | 3,915,015 | |
Crown Castle International Corp. | 311,177 | 44,588,552 | |
CubeSmart | 145,657 | 4,409,037 | |
CyrusOne, Inc.�� | 84,862 | 5,140,940 | |
DiamondRock Hospitality Co. | 150,552 | 1,373,034 | |
Digital Realty Trust, Inc. | 156,341 | 18,778,118 | |
Douglas Emmett, Inc. | 122,736 | 4,686,060 | |
Duke Realty Corp. | 272,486 | 8,847,620 | |
Easterly Government Properties, Inc. | 59,872 | 1,423,157 | |
EastGroup Properties, Inc. | 28,382 | 3,568,469 | |
Empire State Realty Trust, Inc. | 117,414 | 1,373,744 | |
EPR Properties | 58,438 | 3,461,867 | |
Equinix, Inc. | 63,812 | 36,551,514 | |
Equity Commonwealth | 90,876 | 2,858,959 | |
Equity Lifestyle Properties, Inc. | 136,591 | 9,333,263 | |
Equity Residential (SBI) | 261,382 | 19,629,788 | |
Essential Properties Realty Trust, Inc. | 66,189 | 1,516,390 | |
Essex Property Trust, Inc. | 49,341 | 13,981,266 | |
Extra Space Storage, Inc. | 97,230 | 9,758,003 | |
Farmland Partners, Inc. | 20,151 | 119,092 | |
Federal Realty Investment Trust (SBI) | 52,196 | 6,072,483 | |
First Industrial Realty Trust, Inc. | 93,378 | 3,595,053 | |
Four Corners Property Trust, Inc. | 53,063 | 1,522,377 | |
Franklin Street Properties Corp. | 78,183 | 557,445 | |
Front Yard Residential Corp. Class B | 39,640 | 502,635 | |
Gaming & Leisure Properties | 151,627 | 6,773,178 | |
Getty Realty Corp. | 28,371 | 804,034 | |
Gladstone Commercial Corp. | 22,384 | 422,386 | |
Gladstone Land Corp. | 13,890 | 186,543 | |
Global Medical REIT, Inc. | 34,290 | 479,031 | |
Global Net Lease, Inc. | 66,928 | 1,234,822 | |
Government Properties Income Trust | 35,360 | 1,030,037 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 50,926 | 1,728,938 | |
HCP, Inc. (b) | 372,699 | 11,792,196 | |
Healthcare Realty Trust, Inc. | 100,921 | 3,461,590 | |
Healthcare Trust of America, Inc. | 156,394 | 4,870,109 | |
Hersha Hospitality Trust | 26,952 | 310,757 | |
Highwoods Properties, Inc. (SBI) | 77,141 | 3,462,088 | |
Hospitality Properties Trust (SBI) | 122,580 | 2,216,246 | |
Host Hotels & Resorts, Inc. | 533,629 | 7,726,948 | |
Hudson Pacific Properties, Inc. | 114,907 | 3,709,198 | |
Independence Realty Trust, Inc. | 69,781 | 925,296 | |
Industrial Logistics Properties Trust | 48,577 | 1,003,601 | |
Investors Real Estate Trust | 9,394 | 661,807 | |
Invitation Homes, Inc. | 402,882 | 11,558,685 | |
Iron Mountain, Inc. | 215,027 | 6,538,971 | |
iStar Financial, Inc. | 56,580 | 856,055 | |
JBG SMITH Properties | 88,336 | 3,240,164 | |
Jernigan Capital, Inc. | 14,824 | 265,646 | |
Kilroy Realty Corp. | 72,462 | 5,267,263 | |
Kimco Realty Corp. | 315,510 | 5,474,099 | |
Kite Realty Group Trust | 66,051 | 1,066,724 | |
Lamar Advertising Co. Class A | 63,976 | 5,357,350 | |
Lexington Corporate Properties Trust | 185,810 | 1,926,850 | |
Life Storage, Inc. | 35,078 | 3,785,267 | |
LTC Properties, Inc. | 30,945 | 1,387,264 | |
Mack-Cali Realty Corp. | 68,999 | 1,309,601 | |
Medical Properties Trust, Inc. | 386,587 | 8,168,583 | |
Mid-America Apartment Communities, Inc. | 85,141 | 11,005,326 | |
Monmouth Real Estate Investment Corp. Class A | 75,059 | 1,065,838 | |
National Health Investors, Inc. | 32,859 | 2,685,566 | |
National Retail Properties, Inc. | 129,612 | 6,590,770 | |
National Storage Affiliates Trust | 44,242 | 1,492,725 | |
New Senior Investment Group, Inc. | 59,307 | 359,993 | |
NexPoint Residential Trust, Inc. | 18,149 | 807,631 | |
Omega Healthcare Investors, Inc. | 163,222 | 6,463,591 | |
One Liberty Properties, Inc. | 12,612 | 303,949 | |
Outfront Media, Inc. | 107,219 | 2,824,148 | |
Paramount Group, Inc. | 154,258 | 1,874,235 | |
Park Hotels & Resorts, Inc. | 179,026 | 3,269,015 | |
Pebblebrook Hotel Trust | 96,305 | 1,946,324 | |
Pennsylvania Real Estate Investment Trust (SBI) (b) | 40,528 | 95,646 | |
Physicians Realty Trust | 137,661 | 2,596,286 | |
Piedmont Office Realty Trust, Inc. Class A | 94,567 | 2,041,702 | |
Plymouth Industrial REIT, Inc. | 10,876 | 204,143 | |
Postal Realty Trust, Inc. | 4,907 | 79,003 | |
Potlatch Corp. | 50,115 | 1,841,225 | |
Power (REIT) (a) | 211 | 2,606 | |
Preferred Apartment Communities, Inc. Class A | 36,682 | 349,946 | |
Prologis, Inc. | 551,806 | 46,506,210 | |
PS Business Parks, Inc. | 15,131 | 2,247,710 | |
Public Storage | 112,402 | 23,505,506 | |
QTS Realty Trust, Inc. Class A | 43,954 | 2,468,896 | |
Ramco-Gershenson Properties Trust (SBI) | 56,883 | 737,204 | |
Rayonier, Inc. | 97,358 | 2,582,908 | |
Realty Income Corp. | 243,914 | 17,656,934 | |
Regency Centers Corp. | 124,975 | 7,178,564 | |
Retail Opportunity Investments Corp. | 88,392 | 1,325,880 | |
Retail Properties America, Inc. | 163,482 | 1,711,657 | |
Retail Value, Inc. | 10,717 | 297,825 | |
Rexford Industrial Realty, Inc. | 82,804 | 3,872,743 | |
RLJ Lodging Trust | 127,436 | 1,683,430 | |
Ryman Hospitality Properties, Inc. | 40,709 | 2,829,683 | |
Sabra Health Care REIT, Inc. | 146,043 | 2,855,141 | |
Safety Income and Growth, Inc. | 9,319 | 509,004 | |
Saul Centers, Inc. | 8,381 | 360,467 | |
SBA Communications Corp. Class A | 84,338 | 22,357,160 | |
Senior Housing Properties Trust (SBI) | 174,469 | 1,097,410 | |
Seritage Growth Properties | 24,235 | 833,199 | |
Simon Property Group, Inc. | 229,400 | 28,234,552 | |
SITE Centers Corp. | 110,786 | 1,275,147 | |
SL Green Realty Corp. | 60,963 | 4,781,938 | |
Sotherly Hotels, Inc. | 14,233 | 73,015 | |
Spirit Realty Capital, Inc. | 74,735 | 3,400,443 | |
Stag Industrial, Inc. | 114,193 | 3,195,120 | |
Store Capital Corp. | 159,859 | 5,252,967 | |
Summit Hotel Properties, Inc. | 81,183 | 752,566 | |
Sun Communities, Inc. | 69,458 | 10,618,739 | |
Sunstone Hotel Investors, Inc. | 169,022 | 1,850,791 | |
Tanger Factory Outlet Centers, Inc. (b) | 65,914 | 789,650 | |
Taubman Centers, Inc. | 44,377 | 2,310,267 | |
Terreno Realty Corp. | 49,699 | 2,726,984 | |
The GEO Group, Inc. | 92,582 | 1,355,400 | |
The Macerich Co. (b) | 84,060 | 1,716,505 | |
UDR, Inc. | 218,811 | 9,842,119 | |
UMH Properties, Inc. | 28,696 | 416,379 | |
Uniti Group, Inc. | 145,359 | 1,418,704 | |
Universal Health Realty Income Trust (SBI) | 9,638 | 1,038,205 | |
Urban Edge Properties | 85,459 | 1,384,436 | |
Urstadt Biddle Properties, Inc. Class A | 25,958 | 534,994 | |
Ventas, Inc. | 279,732 | 15,041,190 | |
VEREIT, Inc. | 797,965 | 6,910,377 | |
VICI Properties, Inc. | 341,641 | 8,561,523 | |
Vornado Realty Trust | 116,584 | 6,246,571 | |
Washington Prime Group, Inc. (b) | 133,349 | 366,710 | |
Washington REIT (SBI) | 59,458 | 1,596,447 | |
Weingarten Realty Investors (SBI) | 90,309 | 2,432,021 | |
Welltower, Inc. | 304,432 | 22,777,602 | |
Weyerhaeuser Co. | 557,290 | 14,478,394 | |
Wheeler REIT, Inc. (a)(b) | 1,996 | 2,974 | |
Whitestone REIT Class B | 29,169 | 358,487 | |
WP Carey, Inc. | 129,588 | 10,031,407 | |
Xenia Hotels & Resorts, Inc. | 86,016 | 1,286,799 | |
861,962,125 | |||
Real Estate Management & Development - 0.2% | |||
Altisource Portfolio Solutions SA (a)(b) | 6,401 | 101,712 | |
CBRE Group, Inc. (a) | 248,972 | 13,977,288 | |
Consolidated-Tomoka Land Co. | 3,370 | 193,809 | |
eXp World Holdings, Inc. (a)(b) | 16,016 | 153,113 | |
Forestar Group, Inc. (a) | 10,680 | 191,065 | |
FRP Holdings, Inc. (a) | 4,574 | 206,882 | |
Griffin Industrial Realty, Inc. | 1,471 | 59,193 | |
Howard Hughes Corp. (a) | 32,433 | 3,498,872 | |
Jones Lang LaSalle, Inc. | 38,259 | 5,653,532 | |
Kennedy-Wilson Holdings, Inc. | 94,841 | 1,916,737 | |
Marcus & Millichap, Inc. (a) | 16,728 | 534,627 | |
Maui Land & Pineapple, Inc. (a) | 9,230 | 101,622 | |
Newmark Group, Inc. | 121,077 | 1,156,285 | |
RE/MAX Holdings, Inc. | 12,740 | 371,371 | |
Realogy Holdings Corp. (b) | 86,694 | 803,653 | |
Redfin Corp. (a)(b) | 62,641 | 1,695,065 | |
Stratus Properties, Inc. (a) | 6,183 | 177,205 | |
Tejon Ranch Co. (a) | 14,442 | 217,785 | |
The RMR Group, Inc. | 10,993 | 409,599 | |
The St. Joe Co. (a)(b) | 25,256 | 496,786 | |
Transcontinental Realty Investors, Inc. (a) | 4,238 | 134,557 | |
Trinity Place Holdings, Inc. (a) | 22,659 | 74,548 | |
32,125,306 | |||
TOTAL REAL ESTATE | 894,087,431 | ||
UTILITIES - 3.3% | |||
Electric Utilities - 1.9% | |||
Allete, Inc. | 38,880 | 2,682,331 | |
Alliant Energy Corp. | 179,435 | 9,352,152 | |
American Electric Power Co., Inc. | 368,841 | 32,922,748 | |
Avangrid, Inc. | 43,488 | 2,160,919 | |
Duke Energy Corp. | 544,853 | 49,963,020 | |
Edison International | 268,559 | 18,044,479 | |
El Paso Electric Co. | 29,479 | 2,000,740 | |
Entergy Corp. | 148,306 | 17,338,454 | |
Evergy, Inc. | 169,999 | 11,109,435 | |
Eversource Energy | 242,621 | 20,977,012 | |
Exelon Corp. | 727,097 | 31,345,152 | |
FirstEnergy Corp. | 401,846 | 17,894,202 | |
Genie Energy Ltd. Class B (b) | 15,349 | 106,215 | |
Hawaiian Electric Industries, Inc. | 82,346 | 3,527,703 | |
IDACORP, Inc. | 38,058 | 3,677,925 | |
MGE Energy, Inc. | 26,472 | 1,888,512 | |
NextEra Energy, Inc. | 365,592 | 92,407,034 | |
OGE Energy Corp. | 148,389 | 5,653,621 | |
Otter Tail Corp. | 29,741 | 1,445,710 | |
Pinnacle West Capital Corp. | 84,073 | 7,523,693 | |
PNM Resources, Inc. (b) | 60,481 | 2,847,445 | |
Portland General Electric Co. | 66,883 | 3,639,104 | |
PPL Corp. | 568,888 | 17,072,329 | |
Southern Co. | 783,509 | 47,292,603 | |
Spark Energy, Inc. Class A, (b) | 7,247 | 62,034 | |
Xcel Energy, Inc. | 391,842 | 24,419,593 | |
427,354,165 | |||
Gas Utilities - 0.2% | |||
Atmos Energy Corp. | 88,423 | 9,129,675 | |
Chesapeake Utilities Corp. | 12,955 | 1,107,653 | |
National Fuel Gas Co. | 65,493 | 2,397,699 | |
New Jersey Resources Corp. | 71,594 | 2,527,984 | |
Northwest Natural Holding Co. | 23,196 | 1,525,601 | |
ONE Gas, Inc. | 39,776 | 3,267,201 | |
RGC Resources, Inc. | 5,280 | 144,936 | |
South Jersey Industries, Inc. | 70,096 | 1,896,097 | |
Southwest Gas Holdings, Inc. | 41,205 | 2,665,139 | |
Spire, Inc. | 37,933 | 2,846,872 | |
UGI Corp. | 155,752 | 5,613,302 | |
33,122,159 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
Clearway Energy, Inc.: | |||
Class A | 13,036 | 264,500 | |
Class C | 71,032 | 1,494,513 | |
NRG Energy, Inc. | 187,271 | 6,219,270 | |
Ormat Technologies, Inc. | 38,256 | 2,665,678 | |
Pattern Energy Group, Inc. | 68,003 | 1,839,481 | |
Sunnova Energy International, Inc. | 10,550 | 182,515 | |
Terraform Power, Inc. | 60,925 | 1,144,781 | |
The AES Corp. | 493,035 | 8,248,476 | |
Vistra Energy Corp. | 335,061 | 6,443,223 | |
28,502,437 | |||
Multi-Utilities - 1.0% | |||
Ameren Corp. | 183,733 | 14,514,907 | |
Avista Corp. | 50,448 | 2,378,623 | |
Black Hills Corp. | 46,165 | 3,333,113 | |
CenterPoint Energy, Inc. | 375,986 | 8,655,198 | |
CMS Energy Corp. | 213,486 | 12,898,824 | |
Consolidated Edison, Inc. | 248,931 | 19,620,741 | |
Dominion Energy, Inc. | 615,459 | 48,116,585 | |
DTE Energy Co. | 143,214 | 15,992,707 | |
MDU Resources Group, Inc. | 148,586 | 4,120,290 | |
NiSource, Inc. | 277,645 | 7,501,968 | |
NorthWestern Energy Corp. | 37,898 | 2,665,745 | |
Public Service Enterprise Group, Inc. | 377,478 | 19,368,396 | |
Sempra Energy | 210,706 | 29,452,485 | |
Unitil Corp. | 11,453 | 645,262 | |
WEC Energy Group, Inc. | 236,675 | 21,852,203 | |
211,117,047 | |||
Water Utilities - 0.1% | |||
American States Water Co. | 27,902 | 2,137,014 | |
American Water Works Co., Inc. | 134,837 | 16,673,943 | |
Aqua America, Inc. | 160,475 | 6,902,030 | |
AquaVenture Holdings Ltd. (a) | 14,699 | 397,461 | |
Artesian Resources Corp. Class A | 9,442 | 324,144 | |
Cadiz, Inc. (a)(b) | 17,334 | 151,846 | |
California Water Service Group | 37,429 | 1,795,095 | |
Global Water Resources, Inc. | 10,101 | 120,707 | |
Middlesex Water Co. | 12,640 | 751,701 | |
Pure Cycle Corp. (a) | 12,801 | 158,348 | |
SJW Corp. | 20,585 | 1,259,390 | |
York Water Co. | 9,981 | 422,096 | |
31,093,775 | |||
TOTAL UTILITIES | 731,189,583 | ||
TOTAL COMMON STOCKS | |||
(Cost $21,944,190,496) | 21,843,571,766 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.0% | |||
U.S. Treasury Bills, yield at date of purchase 1.82% 3/19/20 (d) | |||
(Cost $1,398,736) | 1,400,000 | 1,399,050 | |
Shares | Value | ||
Money Market Funds - 1.7% | |||
Fidelity Cash Central Fund 1.60% (e) | 27,962,352 | $27,967,945 | |
Fidelity Securities Lending Cash Central Fund 1.60% (e)(f) | 334,569,720 | 334,603,177 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $362,571,122) | 362,571,122 | ||
TOTAL INVESTMENT IN SECURITIES - 101.1% | |||
(Cost $22,308,160,354) | 22,207,541,938 | ||
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (240,821,897) | ||
NET ASSETS - 100% | $21,966,720,041 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Russell 2000 Index Contracts (United States) | 224 | March 2020 | $16,518,880 | $(581,011) | $(581,011) |
CME E-mini S&P 500 Index Contracts (United States) | 766 | March 2020 | 113,027,130 | (3,121,014) | (3,121,014) |
CME E-mini S&P MidCap 400 Index Contracts (United States) | 45 | March 2020 | 8,154,900 | (321,953) | (321,953) |
TOTAL FUTURES CONTRACTS | $(4,023,978) |
The notional amount of futures purchased as a percentage of Net Assets is 0.6%
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 $1,399,050.
(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(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 | $1,676,992 |
Fidelity Securities Lending Cash Central Fund | 2,786,362 |
Total | $4,463,354 |
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. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of February 29, 2020, 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 | $2,133,901,179 | $2,133,765,992 | $-- | $135,187 |
Consumer Discretionary | 2,234,978,514 | 2,234,978,514 | -- | -- |
Consumer Staples | 1,418,478,557 | 1,418,478,557 | -- | -- |
Energy | 718,672,184 | 718,672,184 | -- | -- |
Financials | 2,835,802,928 | 2,835,802,928 | -- | -- |
Health Care | 3,067,842,541 | 3,067,841,360 | 433 | 748 |
Industrials | 2,098,659,383 | 2,098,659,333 | -- | 50 |
Information Technology | 5,125,977,335 | 5,125,977,335 | -- | -- |
Materials | 583,982,131 | 583,982,131 | -- | -- |
Real Estate | 894,087,431 | 894,087,431 | -- | -- |
Utilities | 731,189,583 | 731,189,583 | -- | -- |
U.S. Government and Government Agency Obligations | 1,399,050 | -- | 1,399,050 | -- |
Money Market Funds | 362,571,122 | 362,571,122 | -- | -- |
Total Investments in Securities: | $22,207,541,938 | $22,206,006,470 | $1,399,483 | $135,985 |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(4,023,978) | $(4,023,978) | $-- | $-- |
Total Liabilities | $(4,023,978) | $(4,023,978) | $-- | $-- |
Total Derivative Instruments: | $(4,023,978) | $(4,023,978) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 29, 2020. 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 | $(4,023,978) |
Total Equity Risk | 0 | (4,023,978) |
Total Value of Derivatives | $0 | $(4,023,978) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
February 29, 2020 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $322,389,318) — See accompanying schedule: Unaffiliated issuers (cost $21,945,589,232) | $21,844,970,816 | |
Fidelity Central Funds (cost $362,571,122) | 362,571,122 | |
Total Investment in Securities (cost $22,308,160,354) | $22,207,541,938 | |
Segregated cash with brokers for derivative instruments | 1,530,128 | |
Receivable for investments sold | 757,221 | |
Receivable for fund shares sold | 800,359,584 | |
Dividends receivable | 37,597,454 | |
Distributions receivable from Fidelity Central Funds | 388,942 | |
Total assets | 23,048,175,267 | |
Liabilities | ||
Payable to custodian bank | $9,281 | |
Payable for investments purchased | 744,898,546 | |
Payable for fund shares redeemed | 1,633,115 | |
Payable for daily variation margin on futures contracts | 232,384 | |
Other payables and accrued expenses | 80,163 | |
Collateral on securities loaned | 334,601,737 | |
Total liabilities | 1,081,455,226 | |
Net Assets | $21,966,720,041 | |
Net Assets consist of: | ||
Paid in capital | $22,046,202,031 | |
Total accumulated earnings (loss) | (79,481,990) | |
Net Assets | $21,966,720,041 | |
Net Asset Value, offering price and redemption price per share ($21,966,720,041 ÷ 2,196,266,969 shares) | $10.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
For the period April 26, 2019 (commencement of operations) to February 29, 2020 | ||
Investment Income | ||
Dividends | $315,712,988 | |
Interest | 65,668 | |
Income from Fidelity Central Funds (including $2,786,362 from security lending) | 4,463,354 | |
Total income | 320,242,010 | |
Expenses | ||
Custodian fees and expenses | $138,185 | |
Independent trustees' fees and expenses | 76,448 | |
Interest | 81,375 | |
Total expenses before reductions | 296,008 | |
Expense reductions | (1,932) | |
Total expenses after reductions | 294,076 | |
Net investment income (loss) | 319,947,934 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (10,174,955) | |
Fidelity Central Funds | 1,440 | |
Futures contracts | 9,618,971 | |
Total net realized gain (loss) | (554,544) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (100,618,416) | |
Futures contracts | (4,023,978) | |
Total change in net unrealized appreciation (depreciation) | (104,642,394) | |
Net gain (loss) | (105,196,938) | |
Net increase (decrease) in net assets resulting from operations | $214,750,996 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
For the period April 26, 2019 (commencement of operations) to February 29, 2020 | |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $319,947,934 |
Net realized gain (loss) | (554,544) |
Change in net unrealized appreciation (depreciation) | (104,642,394) |
Net increase (decrease) in net assets resulting from operations | 214,750,996 |
Distributions to shareholders | (294,232,986) |
Share transactions | |
Proceeds from sales of shares | 26,232,927,768 |
Reinvestment of distributions | 294,232,985 |
Cost of shares redeemed | (4,480,958,722) |
Net increase (decrease) in net assets resulting from share transactions | 22,046,202,031 |
Total increase (decrease) in net assets | 21,966,720,041 |
Net Assets | |
Beginning of period | – |
End of period | $21,966,720,041 |
Other Information | |
Shares | |
Sold | 2,601,318,821 |
Issued in reinvestment of distributions | 27,524,133 |
Redeemed | (432,575,985) |
Net increase (decrease) | 2,196,266,969 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series Total Market Index Fund
Years ended February 28, | 2020 A,B |
Selected Per–Share Data | |
Net asset value, beginning of period | $10.00 |
Income from Investment Operations | |
Net investment income (loss)C | .17 |
Net realized and unrealized gain (loss) | (.02) |
Total from investment operations | .15 |
Distributions from net investment income | (.12) |
Distributions from net realized gain | (.02) |
Total distributions | (.15)D |
Net asset value, end of period | $10.00 |
Total ReturnE,F | 1.38% |
Ratios to Average Net AssetsG,H | |
Expenses before reductions | - %I,J |
Expenses net of fee waivers, if any | - %I,J |
Expenses net of all reductions | - %I,J |
Net investment income (loss) | 1.96%I |
Supplemental Data | |
Net assets, end of period (000 omitted) | $21,966,720 |
Portfolio turnover rateK | 27%I,L |
A For the period April 26, 2019 (commencement of operations) to February 29, 2020.
B For the year ended February 29.
C Calculated based on average shares outstanding during the period.
D Total distributions of $.15 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.023 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G 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.
H 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. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. 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.
I Annualized
J Amount represents less than .005%.
K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended February 29, 2020
1. Organization.
Fidelity Series Total Market Index Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds and Fidelity managed 529 plans. 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.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
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 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 February 29, 2020 is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. 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.
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. As of February 29, 2020, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, passive foreign investment companies (PFIC), market discount, partnerships 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 | $1,419,247,754 |
Gross unrealized depreciation | (1,601,512,048) |
Net unrealized appreciation (depreciation) | $(182,264,294) |
Tax Cost | $22,389,806,232 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $102,224,225 |
Undistributed long-term capital gain | $558,079 |
Net unrealized appreciation (depreciation) on securities and other investments | $(182,264,294) |
The tax character of distributions paid was as follows:
February 29, 2020(a) | |
Ordinary Income | $288,228,231 |
Long-term Capital Gains | 6,004,755 |
Total | $294,232,986 |
(a) For the period April 26, 2019 (commencement of operations) to February 29, 2020.
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 and is representative of volume of activity during the period. 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, U.S. government securities and in-kind transactions, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Series Total Market Index Fund | 7,118,745,434 | 3,988,136,654 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Series Total Market Index Fund | Borrower | $165,066,875 | 2.22% | $81,375 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Affiliated Exchanges In-Kind. During the period, the Fund received investments, including cash, valued at $18,972,597,830 in exchange for 1,895,078,418 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $4,342.
7. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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 NFS, as affiliated borrower, at period end was $1,738,855. Total fees paid by the Fund to NFS, as lending agent, amounted to $284,482. 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, and includes $136,762 from securities loaned to NFS, as affiliated borrower.
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,932.
9. 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.
At the end of the period, mutual funds managed by the investment adviser or its affiliates and accounts were the owners of record of all of the outstanding shares of the Fund.
10. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity Series Total Market Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Series Total Market Index Fund (one of the funds constituting Fidelity Concord Street Trust, referred to hereafter as the “Fund”) as of February 29, 2020, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period April 26, 2019 (commencement of operations) through February 29, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 29, 2020, and the results of its operations, changes in its net assets, and the financial highlights for the period April 26, 2019 (commencement of operations) through February 29, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
April 15, 2020
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 302 funds. Mr. Chiel oversees 173 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
James C. Curvey (1935)
Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Previously, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity), Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail), Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005) and Chairman (2014-2017) and a member of the Board (2010-2017) of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes). Mr. Lacy currently serves as a member of the Board of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present), Trustee of the California Chapter of The Nature Conservancy (2015-present) and a member of the Board of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008
Trustee
Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of XL Group plc. (global insurance and re-insurance, 2006-2018).
Cornelia M. Small (1944)
Year of Election or Appointment: 2005
Trustee
Ms. Small also serves as Trustee of other Fidelity® funds. Previously, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments and a member of Scudder, Stevens & Clark and Scudder Kemper Investments. Ms. Small previously served as a member of the Board (2009-2019) and Chair of the Investment Committee (2010-2019) of the Teagle Foundation and a member of the Investment Committee of the Berkshire Taconic Community Foundation (2008-2019).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Vicki L. Fuller (1957)
Year of Election or Appointment: 2018
Member of the Advisory Board
Ms. Fuller also serves as a member of the Advisory Board of other Fidelity® funds. Previously, Ms. Fuller served as Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Member of the Advisory Board
Ms. Kampling also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Member of the Advisory Board
Ms. Tomasky also serves as Member of the Advisory Board of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Member of the Advisory Board
Mr. Wiley also serves as Trustee or a member of the Advisory Board of other Fidelity® funds. Previously, Mr. Wiley served as Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley currently serves as a member of the Board of High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018) and a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of certain funds (2017-2019), as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including 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 (September 1, 2019 to February 29, 2020).
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 September 1, 2019 | Ending Account Value February 29, 2020 | Expenses Paid During Period-B September 1, 2019 to February 29, 2020 | |
Actual | - %-C | $1,000.00 | $1,016.80 | $--D |
Hypothetical-E | $1,000.00 | $1,024.86 | $--D |
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 182/366 (to reflect the one-half year period).
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Series Total Market Index Fund voted to pay on April 9, 2020, to shareholders of record at the opening of business on April 8, 2020, a distribution of $0.014 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.032 per share from net investment income.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended February 29, 2020, $6,282,319, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 72% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 75% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund designates 8% of the dividend distributed during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series Total Market Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode 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 renewal of the Advisory Contracts throughout the year.Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.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 Contracts, 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 renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. 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 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.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.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 noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. 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.Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; 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 use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.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. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies managed by Fidelity and ultimately to enhance the performance of those investment companies.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services. The Board also noted that FMR undertakes to pay all operating expenses of the fund with certain exceptions.The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.014% through June 30, 2022.Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's and Geode's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.The Board concluded that the costs of the services provided by and the profits realized by Fidelity and Geode in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Amended and Restated Contracts should be approved and the fund's Advisory Contracts should be renewed.Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot not be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2018 through November 30, 2019. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
STX-ANN-0420
1.9892981.100
Item 2.
Code of Ethics
As of the end of the period, February 29, 2020, Fidelity Concord Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Joseph Mauriello is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Mauriello is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Flex 500 Index Fund (the “Fund”):
Services Billed by Deloitte Entities
February 29, 2020 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Flex 500 Index Fund | $47,900 | $100 | $6,000 | $1,000 |
February 28, 2019 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Flex 500 Index Fund | $46,000 | $100 | $6,200 | $1,200 |
A Amounts may reflect rounding.
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity 500 Index Fund, Fidelity
Extended Market Index Fund, Fidelity International Index Fund, Fidelity Series Total Market Index Fund and Fidelity Total Market Index Fund (the “Funds”):
Services Billed by PwC
February 29, 2020 FeesA,B
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity 500 Index Fund | $76,100 | $5,300 | $5,200 | $2,200 |
Fidelity Extended Market Index Fund | $68,300 | $5,500 | $7,600 | $2,300 |
Fidelity International Index Fund | $70,600 | $5,600 | $9,800 | $2,400 |
Fidelity Series Total Market Index Fund | $54,400 | $3,900 | $5,400 | $1,600 |
Fidelity Total Market Index Fund | $71,700 | $5,900 | $7,400 | $2,500 |
February 28, 2019 FeesA,B
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity 500 Index Fund | $70,000 | $6,000 | $5,200 | $2,900 |
Fidelity Extended Market Index Fund | $67,000 | $6,100 | $30,500 | $3,000 |
Fidelity International Index Fund | $72,000 | $6,400 | $7,400 | $3,100 |
Fidelity Series Total Market Index Fund | $- | $- | $- | $- |
Fidelity Total Market Index Fund | $72,000 | $6,600 | $17,300 | $3,200 |
A Amounts may reflect rounding.
B Fidelity Series Total Market Index Fund commenced operations on April 26, 2019.
The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by Deloitte Entities
February 29, 2020A | February 28, 2019A | |
Audit-Related Fees | $287,500 | $- |
Tax Fees | $3,000 | $5,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
Services Billed by PwC
February 29, 2020A,B | February 28, 2019A,B | |
Audit-Related Fees | $7,927,700 | $7,930,000 |
Tax Fees | $28,000 | $15,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Series Total Market Index Fund’s commencement of operations.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | February 29, 2020A,B | February 28, 2019A,B |
Deloitte Entities | $576,600 | $485,000 |
PwC | $12,666,000 | $11,220,000 |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Series Total Market Index Fund’s commencement of operations.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
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 trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the
period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Concord Street Trust
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | April 21, 2020 |
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: | April 21, 2020 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | April 21, 2020 |