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 811-5251
Fidelity Concord Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | November 30 |
Date of reporting period: | May 31, 2018 |
Item 1.
Reports to Stockholders
Fidelity® Nasdaq Composite Index® Fund Semi-Annual Report May 31, 2018 |
Contents
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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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Investment Summary (Unaudited)
Top Ten Stocks as of May 31, 2018
% of fund's net assets | |
Apple, Inc. | 7.2 |
Amazon.com, Inc. | 6.0 |
Microsoft Corp. | 5.8 |
Facebook, Inc. Class A | 3.5 |
Alphabet, Inc. Class C | 2.9 |
Alphabet, Inc. Class A | 2.5 |
Intel Corp. | 2.0 |
Cisco Systems, Inc. | 1.6 |
PepsiCo, Inc. | 1.3 |
NVIDIA Corp. | 1.2 |
34.0 |
Top Market Sectors as of May 31, 2018
% of fund's net assets | |
Information Technology | 44.7 |
Consumer Discretionary | 16.6 |
Health Care | 10.5 |
Financials | 6.7 |
Consumer Staples | 4.1 |
Industrials | 4.0 |
Real Estate | 1.0 |
Telecommunication Services | 0.6 |
Energy | 0.5 |
Materials | 0.5 |
Asset Allocation (% of fund's net assets)
As of May 31, 2018* | ||
Stocks and Equity Futures | 100.0% |
* Foreign investments - 5.9%
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 89.5% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 16.6% | |||
Auto Components - 0.2% | |||
ADOMANI, Inc. (a) | 20,373 | $31,171 | |
Cdti Advanced Matls, Inc. (a)(b) | 6,822 | 4,448 | |
China Automotive Systems, Inc. (b) | 13,333 | 60,665 | |
China XD Plastics Co. Ltd. (b) | 20,593 | 81,342 | |
Dorman Products, Inc. (a)(b) | 16,706 | 1,077,871 | |
Fox Factory Holding Corp. (b) | 24,978 | 992,876 | |
Gentex Corp. | 127,430 | 3,062,143 | |
Gentherm, Inc. (a)(b) | 26,604 | 941,782 | |
Kandi Technolgies, Inc. (a)(b) | 45,300 | 249,150 | |
Motorcar Parts of America, Inc. (a)(b) | 16,549 | 354,976 | |
Shiloh Industries, Inc. (b) | 6,437 | 66,816 | |
SORL Auto Parts, Inc. (a)(b) | 7,832 | 35,714 | |
Strattec Security Corp. | 1,501 | 56,588 | |
The Goodyear Tire & Rubber Co. | 110,571 | 2,701,250 | |
Visteon Corp. (b) | 13,600 | 1,699,456 | |
VOXX International Corp. (b) | 10,039 | 56,218 | |
Workhorse Group, Inc. (a)(b) | 7,435 | 19,405 | |
11,491,871 | |||
Automobiles - 0.4% | |||
Tesla, Inc. (a)(b) | 75,528 | 21,505,087 | |
Distributors - 0.1% | |||
Core-Mark Holding Co., Inc. | 29,431 | 574,493 | |
Educational Development Corp. (a) | 5,450 | 123,170 | |
LKQ Corp. (b) | 158,810 | 5,045,394 | |
Pool Corp. | 19,859 | 2,838,248 | |
Weyco Group, Inc. | 11,733 | 406,783 | |
8,988,088 | |||
Diversified Consumer Services - 0.1% | |||
American Public Education, Inc. (b) | 7,614 | 324,356 | |
Ascent Capital Group, Inc. (b) | 4,553 | 8,924 | |
Cambium Learning Group, Inc. (b) | 24,233 | 242,572 | |
Capella Education Co. | 7,910 | 751,055 | |
Career Education Corp. (b) | 32,711 | 503,422 | |
Collectors Universe, Inc. | 6,290 | 93,721 | |
Grand Canyon Education, Inc. (b) | 25,344 | 2,815,718 | |
Houghton Mifflin Harcourt Co. (b) | 79,374 | 539,743 | |
Laureate Education, Inc. Class A (b) | 30,412 | 493,587 | |
Liberty Tax, Inc. (a) | 15,026 | 157,773 | |
Lincoln Educational Services Corp. (b) | 11,240 | 20,569 | |
National American University Holdings, Inc. | 1,594 | 1,849 | |
Strayer Education, Inc. (a) | 7,659 | 837,129 | |
Tarena International, Inc. ADR (a) | 26,977 | 259,249 | |
Xpresspa Group, Inc. (a)(b) | 8,159 | 3,353 | |
7,053,020 | |||
Hotels, Restaurants & Leisure - 1.9% | |||
BJ's Restaurants, Inc. | 14,643 | 820,008 | |
Bloomin' Brands, Inc. | 43,364 | 920,184 | |
Bojangles', Inc. (a)(b) | 17,912 | 265,098 | |
Caesars Entertainment Corp. (a)(b) | 65,224 | 792,472 | |
Carrols Restaurant Group, Inc. (b) | 16,735 | 214,208 | |
Century Casinos, Inc. (b) | 18,295 | 155,325 | |
China Lodging Group Ltd. ADR | 72,636 | 3,196,710 | |
Churchill Downs, Inc. (a) | 8,193 | 2,452,984 | |
Chuy's Holdings, Inc. (a)(b) | 9,648 | 284,134 | |
Cracker Barrel Old Country Store, Inc. (a) | 11,907 | 1,865,946 | |
Dave & Buster's Entertainment, Inc. (a)(b) | 26,116 | 1,087,470 | |
Del Frisco's Restaurant Group, Inc. (b) | 13,130 | 173,973 | |
Del Taco Restaurants, Inc. (b) | 48,103 | 579,160 | |
Denny's Corp. (b) | 54,789 | 835,532 | |
Diversified Restaurant Holdings, Inc. (a)(b) | 14,071 | 17,448 | |
Dunkin' Brands Group, Inc. (a) | 38,101 | 2,439,607 | |
El Pollo Loco Holdings, Inc. (a)(b) | 18,252 | 193,471 | |
Eldorado Resorts, Inc. (a)(b) | 21,670 | 979,484 | |
Empire Resorts, Inc. (a)(b) | 17,333 | 393,459 | |
Famous Dave's of America, Inc. (a)(b) | 1,737 | 11,898 | |
Fiesta Restaurant Group, Inc. (a)(b) | 12,371 | 307,419 | |
Gaming Partners International Corp. | 2,789 | 23,707 | |
Golden Entertainment, Inc. (a)(b) | 10,381 | 316,828 | |
Good Times Restaurants, Inc. (b) | 8,038 | 26,525 | |
Habit Restaurants, Inc. Class A (a)(b) | 20,233 | 178,050 | |
ILG, Inc. | 61,488 | 2,105,349 | |
Inspired Entertainment, Inc. (a)(b) | 11,329 | 74,205 | |
International Speedway Corp. Class A | 17,345 | 723,287 | |
Jack in the Box, Inc. (a) | 16,563 | 1,336,137 | |
Jamba, Inc. (b) | 10,202 | 101,510 | |
Kona Grill, Inc. (a)(b) | 389 | 1,109 | |
Lindblad Expeditions Holdings (b) | 42,313 | 507,756 | |
Marriott International, Inc. Class A (a) | 155,450 | 21,041,712 | |
Melco Crown Entertainment Ltd. sponsored ADR | 87,317 | 2,851,773 | |
Monarch Casino & Resort, Inc. (b) | 11,718 | 521,920 | |
Nathan's Famous, Inc. | 2,069 | 177,003 | |
Noodles & Co. (b) | 13,827 | 119,604 | |
Papa John's International, Inc. (a) | 17,421 | 894,568 | |
Papa Murphy's Holdings, Inc. (a)(b) | 5,342 | 29,782 | |
Peak Resorts, Inc. | 8,205 | 41,025 | |
Penn National Gaming, Inc. (a)(b) | 45,325 | 1,544,676 | |
Pinnacle Entertainment, Inc. (b) | 34,816 | 1,180,611 | |
Playa Hotels & Resorts NV (b) | 60,091 | 630,355 | |
Potbelly Corp. (a)(b) | 13,868 | 184,444 | |
Rave Restaurant Group, Inc. (a)(b) | 4,931 | 5,967 | |
RCI Hospitality Holdings, Inc. | 4,425 | 141,379 | |
Red Robin Gourmet Burgers, Inc. (a)(b) | 6,025 | 303,359 | |
Red Rock Resorts, Inc. | 19,904 | 685,494 | |
Ruth's Hospitality Group, Inc. | 35,026 | 929,940 | |
Scientific Games Corp. Class A (a)(b) | 44,319 | 2,628,117 | |
Sonic Corp. (a) | 29,087 | 706,232 | |
Starbucks Corp. | 616,526 | 34,938,528 | |
Texas Roadhouse, Inc. Class A (a) | 36,886 | 2,285,825 | |
The Cheesecake Factory, Inc. (a) | 24,411 | 1,264,734 | |
The Stars Group, Inc. (b) | 68,790 | 2,329,077 | |
Town Sports International Holdings, Inc. (b) | 11,510 | 131,214 | |
Tuniu Corp. Class A sponsored ADR (a)(b) | 18,162 | 122,957 | |
Wendy's Co. (a) | 138,066 | 2,224,243 | |
Wingstop, Inc. (a) | 19,182 | 970,801 | |
Wynn Resorts Ltd. | 45,306 | 8,880,429 | |
111,146,222 | |||
Household Durables - 0.2% | |||
AV Homes, Inc. (a)(b) | 10,548 | 193,556 | |
Bassett Furniture Industries, Inc. | 4,936 | 136,480 | |
Cavco Industries, Inc. (a)(b) | 6,412 | 1,331,131 | |
Flexsteel Industries, Inc. | 3,693 | 137,638 | |
Garmin Ltd. (a) | 97,881 | 5,881,669 | |
GoPro, Inc. Class A (a)(b) | 47,479 | 263,034 | |
Green Brick Partners, Inc. (b) | 26,169 | 308,794 | |
Helen of Troy Ltd. (b) | 12,508 | 1,123,218 | |
Hooker Furniture Corp. | 5,310 | 198,063 | |
iRobot Corp. (a)(b) | 12,667 | 790,547 | |
LGI Homes, Inc. (a)(b) | 10,122 | 616,531 | |
Lifetime Brands, Inc. | 11,982 | 130,604 | |
Live Ventures, Inc. (b) | 1,151 | 14,215 | |
Nova LifeStyle, Inc. (a)(b) | 8,342 | 15,516 | |
PICO Holdings, Inc. | 11,230 | 124,092 | |
SodaStream International Ltd. (b) | 12,867 | 1,071,306 | |
Turtle Beach Corp. (a)(b) | 2,923 | 50,860 | |
Universal Electronics, Inc. (b) | 6,788 | 201,264 | |
Vuzix Corp. (a)(b) | 9,564 | 60,731 | |
Zagg, Inc. (b) | 13,152 | 199,910 | |
12,849,159 | |||
Internet & Direct Marketing Retail - 8.8% | |||
1-800-FLOWERS.com, Inc. Class A (b) | 46,572 | 586,807 | |
Amazon.com, Inc. (b) | 213,519 | 347,954,833 | |
CafePress, Inc. (b) | 7,596 | 10,938 | |
Cnova NV (a)(b) | 182,614 | 1,004,377 | |
Ctrip.com International Ltd. ADR (b) | 203,885 | 9,193,175 | |
Duluth Holdings, Inc. (a)(b) | 32,669 | 566,480 | |
EVINE Live, Inc. (b) | 96,670 | 114,071 | |
Expedia, Inc. | 61,107 | 7,395,780 | |
Gaia, Inc. Class A (a)(b) | 34,092 | 647,748 | |
Groupon, Inc. (a)(b) | 292,739 | 1,408,075 | |
JD.com, Inc. sponsored ADR (a)(b) | 410,367 | 14,436,711 | |
Lands' End, Inc. (a)(b) | 22,684 | 448,009 | |
Liberty Expedia Holdings, Inc. (b) | 30,746 | 1,334,684 | |
Liberty Interactive Corp. QVC Group (b) | 141 | 2,899 | |
Liberty Interactive Corp. QVC Group Series A (b) | 203,333 | 4,133,760 | |
Liberty TripAdvisor Holdings, Inc. (b) | 68,670 | 1,006,016 | |
MakeMyTrip Ltd. (a)(b) | 32,196 | 1,126,860 | |
Netflix, Inc. (b) | 192,689 | 67,749,452 | |
NutriSystem, Inc. (a) | 21,203 | 790,872 | |
Overstock.com, Inc. (a)(b) | 12,677 | 423,729 | |
PetMed Express, Inc. (a) | 13,780 | 495,667 | |
Shutterfly, Inc. (a)(b) | 16,330 | 1,537,306 | |
The Booking Holdings, Inc. (b) | 21,230 | 44,772,372 | |
TripAdvisor, Inc. (a)(b) | 64,661 | 3,371,425 | |
U.S. Auto Parts Network, Inc. (b) | 24,544 | 41,970 | |
510,554,016 | |||
Leisure Products - 0.2% | |||
American Outdoor Brands Corp. (a)(b) | 37,314 | 469,783 | |
Clarus Corp. (b) | 14,880 | 109,368 | |
Escalade, Inc. | 6,771 | 97,502 | |
Hasbro, Inc. | 54,309 | 4,711,306 | |
Johnson Outdoors, Inc. Class A | 6,303 | 478,272 | |
Malibu Boats, Inc. Class A (b) | 15,436 | 661,896 | |
Mattel, Inc. (a) | 172,382 | 2,675,369 | |
MCBC Holdings, Inc. (b) | 21,064 | 621,177 | |
Summer Infant, Inc. (b) | 1,750 | 2,188 | |
9,826,861 | |||
Media - 3.4% | |||
AirMedia Group, Inc. ADR (a)(b) | 20,876 | 15,031 | |
AMC Networks, Inc. Class A (b) | 27,432 | 1,568,287 | |
Beasley Broadcast Group, Inc. Class A | 6,549 | 74,004 | |
Central European Media Enterprises Ltd. Class A (a)(b) | 64,971 | 246,890 | |
Charter Communications, Inc. Class A (a)(b) | 106,329 | 27,756,122 | |
Comcast Corp. Class A | 2,061,059 | 64,263,820 | |
Criteo SA sponsored ADR (a)(b) | 29,445 | 711,097 | |
Daily Journal Corp. (a)(b) | 886 | 200,236 | |
Discovery Communications, Inc.: | |||
Class A (a)(b) | 80,907 | 1,706,329 | |
Class B (b) | 615 | 16,882 | |
Class C (non-vtg.) (a)(b) | 114,335 | 2,260,403 | |
DISH Network Corp. Class A (a)(b) | 101,196 | 2,990,342 | |
Emmis Communications Corp. Class A (b) | 7,203 | 38,968 | |
Fluent, Inc. (a)(b) | 26,534 | 74,295 | |
GCI Liberty, Inc. (b) | 47,961 | 2,004,770 | |
Global Eagle Entertainment, Inc. (a)(b) | 9,969 | 22,530 | |
Hemisphere Media Group, Inc. (b) | 14,863 | 180,585 | |
Insignia Systems, Inc. (b) | 7,572 | 13,857 | |
iQIYI, Inc. ADR (a)(b) | 82,638 | 2,090,741 | |
Liberty Broadband Corp.: | |||
Class A (b) | 12,517 | 854,786 | |
Class C (b) | 77,702 | 5,351,337 | |
Liberty Global PLC: | |||
Class A (a)(b) | 99,819 | 2,845,840 | |
Class B (a)(b) | 327 | 9,156 | |
Class C (b) | 259,941 | 7,195,167 | |
Liberty Latin America Ltd. (a)(b) | 63,520 | 1,364,410 | |
Liberty Latin America Ltd. Class A (a)(b) | 21,398 | 463,695 | |
Liberty Media Corp.: | |||
Class B (b) | 5 | 230 | |
Liberty Braves Class A (b) | 5,015 | 125,174 | |
Liberty Braves Class C (a)(b) | 33,245 | 830,460 | |
Liberty Formula One Group Series C (a)(b) | 87,039 | 2,748,692 | |
Liberty Media Class A (a)(b) | 26,611 | 805,515 | |
Liberty SiriusXM Series A (b) | 61,370 | 2,838,363 | |
Liberty SiriusXM Series C (b) | 106,033 | 4,897,664 | |
Loral Space & Communications Ltd. (b) | 15,517 | 595,853 | |
MDC Partners, Inc. Class A (b) | 25,894 | 107,460 | |
News Corp.: | |||
Class A | 189,539 | 2,848,771 | |
Class B | 97,194 | 1,501,647 | |
Nexstar Broadcasting Group, Inc. Class A (a) | 21,749 | 1,441,959 | |
Reading International, Inc. Class A (b) | 14,207 | 222,197 | |
Salem Communications Corp. Class A | 10,029 | 38,110 | |
Scholastic Corp. | 20,457 | 920,360 | |
Sinclair Broadcast Group, Inc. Class A (a) | 35,304 | 967,330 | |
Sirius XM Holdings, Inc. (a) | 1,997,051 | 14,179,062 | |
tronc, Inc. (b) | 17,961 | 288,094 | |
Twenty-First Century Fox, Inc.: | |||
Class A | 470,765 | 18,147,991 | |
Class B | 355,145 | 13,555,885 | |
Urban One, Inc. Class D (non-vtg.) (b) | 18,618 | 38,167 | |
Viacom, Inc.: | |||
Class A (a) | 23,842 | 762,944 | |
Class B (non-vtg.) | 179,459 | 4,863,339 | |
VisionChina Media, Inc. ADR (b)(c) | 1,079 | 0 | |
197,044,847 | |||
Multiline Retail - 0.2% | |||
Dollar Tree, Inc. (b) | 106,811 | 8,821,520 | |
Ollie's Bargain Outlet Holdings, Inc. (a)(b) | 31,439 | 2,222,737 | |
11,044,257 | |||
Specialty Retail - 0.8% | |||
America's Car Mart, Inc. (b) | 3,745 | 233,688 | |
Ascena Retail Group, Inc. (a)(b) | 118,628 | 386,727 | |
Bed Bath & Beyond, Inc. (a) | 68,395 | 1,242,053 | |
Big 5 Sporting Goods Corp. (a) | 962 | 7,888 | |
Citi Trends, Inc. | 7,084 | 212,591 | |
Conn's, Inc. (a)(b) | 13,906 | 321,924 | |
DavidsTea, Inc. (a)(b) | 13,680 | 51,984 | |
Destination XL Group, Inc. (a)(b) | 28,678 | 48,753 | |
Finish Line, Inc. Class A (a) | 21,630 | 294,384 | |
Five Below, Inc. (a)(b) | 26,182 | 1,851,329 | |
Hibbett Sports, Inc. (a)(b) | 12,390 | 327,716 | |
Kirkland's, Inc. (b) | 8,678 | 111,339 | |
Michaels Companies, Inc. (a)(b) | 87,115 | 1,599,431 | |
Monro, Inc. (a) | 15,072 | 845,539 | |
O'Reilly Automotive, Inc. (a)(b) | 37,755 | 10,171,575 | |
Office Depot, Inc. | 277,204 | 654,201 | |
Rent-A-Center, Inc. (a) | 24,995 | 237,203 | |
Ross Stores, Inc. | 173,757 | 13,705,952 | |
Sears Hometown & Outlet Stores, Inc. (a)(b) | 16,989 | 40,774 | |
Shoe Carnival, Inc. (a) | 5,680 | 182,953 | |
Sleep Number Corp. (a)(b) | 19,360 | 541,499 | |
Sportsman's Warehouse Holdings, Inc. (b) | 4,732 | 24,512 | |
Tandy Leather Factory, Inc. (b) | 5,773 | 42,432 | |
The Children's Place Retail Stores, Inc. (a) | 8,885 | 1,143,944 | |
Tile Shop Holdings, Inc. | 23,385 | 168,372 | |
Tractor Supply Co. (a) | 59,644 | 4,432,146 | |
Trans World Entertainment Corp. (b) | 3,661 | 4,027 | |
TravelCenters of America LLC (b) | 31,175 | 101,319 | |
Ulta Beauty, Inc. (b) | 27,868 | 6,880,888 | |
Urban Outfitters, Inc. (b) | 56,852 | 2,361,632 | |
Winmark Corp. | 2,210 | 316,472 | |
Zumiez, Inc. (b) | 11,357 | 275,407 | |
48,820,654 | |||
Textiles, Apparel & Luxury Goods - 0.3% | |||
Carbon Black, Inc. | 29,100 | 684,141 | |
Charles & Colvard Ltd. (b) | 4,097 | 4,671 | |
Columbia Sportswear Co. | 39,145 | 3,409,921 | |
Crocs, Inc. (a)(b) | 36,417 | 649,679 | |
Crown Crafts, Inc. | 8,885 | 51,089 | |
Differential Brands Group, Inc. (b) | 3,423 | 2,902 | |
G-III Apparel Group Ltd. (a)(b) | 22,986 | 963,113 | |
Kingold Jewelry, Inc. (a)(b) | 26,949 | 34,225 | |
Lakeland Industries, Inc. (b) | 4,094 | 58,544 | |
lululemon athletica, Inc. (b) | 61,951 | 6,507,953 | |
Newmark Group, Inc. | 63,959 | 858,969 | |
Perry Ellis International, Inc. (b) | 7,581 | 208,478 | |
PetIQ, Inc. Class A (a) | 7,223 | 138,320 | |
Rocky Brands, Inc. | 3,022 | 85,220 | |
Sequential Brands Group, Inc. (a)(b) | 4,522 | 9,315 | |
Steven Madden Ltd. | 28,844 | 1,524,405 | |
Superior Group of Companies, Inc. | 8,722 | 206,275 | |
Vera Bradley, Inc. (a)(b) | 18,019 | 209,921 | |
15,607,141 | |||
TOTAL CONSUMER DISCRETIONARY | 965,931,223 | ||
CONSUMER STAPLES - 4.1% | |||
Beverages - 1.6% | |||
Celsius Holdings, Inc. (a)(b) | 20,516 | 94,579 | |
Coca-Cola Bottling Co. Consolidated (a) | 3,557 | 453,197 | |
Craft Brew Alliance, Inc. (b) | 9,106 | 178,933 | |
MGP Ingredients, Inc. (a) | 7,915 | 700,873 | |
Monster Beverage Corp. (b) | 253,852 | 12,987,068 | |
National Beverage Corp. (a) | 22,192 | 2,092,262 | |
New Age Beverages Corp. (a)(b) | 1,628 | 2,914 | |
PepsiCo, Inc. | 720,048 | 72,184,812 | |
Primo Water Corp. (b) | 35,109 | 596,151 | |
89,290,789 | |||
Food & Staples Retailing - 1.3% | |||
Andersons, Inc. | 13,631 | 440,281 | |
Casey's General Stores, Inc. (a) | 19,834 | 1,919,931 | |
Chefs' Warehouse Holdings (a)(b) | 14,483 | 393,938 | |
China Jo-Jo Drugstores, Inc. (b) | 8,777 | 13,253 | |
Costco Wholesale Corp. (a) | 197,334 | 39,119,492 | |
G Willi-Food International Ltd. (b) | 4,242 | 30,500 | |
Ingles Markets, Inc. Class A (a) | 15,811 | 453,776 | |
PriceSmart, Inc. (a) | 18,428 | 1,559,930 | |
SpartanNash Co. | 18,179 | 450,112 | |
Sprouts Farmers Market LLC (a)(b) | 68,490 | 1,486,233 | |
United Natural Foods, Inc. (a)(b) | 28,795 | 1,312,476 | |
Walgreens Boots Alliance, Inc. | 447,414 | 27,914,159 | |
75,094,081 | |||
Food Products - 1.2% | |||
Alico, Inc. | 5,485 | 172,229 | |
Bridgford Foods Corp. (b) | 457 | 6,901 | |
Cal-Maine Foods, Inc. (b) | 20,279 | 974,406 | |
Calavo Growers, Inc. (a) | 8,127 | 715,176 | |
Farmer Brothers Co. (b) | 15,818 | 461,886 | |
Freshpet, Inc. (a)(b) | 16,233 | 370,112 | |
Future FinTech Group, Inc. (a)(b) | 213 | 458 | |
Hostess Brands, Inc. Class A (a)(b) | 46,604 | 635,213 | |
J&J Snack Foods Corp. (a) | 11,688 | 1,655,255 | |
John B. Sanfilippo & Son, Inc. | 4,208 | 285,387 | |
Lancaster Colony Corp. (a) | 14,330 | 1,807,013 | |
Landec Corp. (b) | 22,245 | 313,655 | |
Lifeway Foods, Inc. (b) | 8,620 | 43,962 | |
Limoneira Co. | 8,821 | 213,645 | |
Mondelez International, Inc. | 658,789 | 25,870,644 | |
Origin Agritech Ltd. (a)(b) | 10,619 | 7,715 | |
Pilgrim's Pride Corp. (a)(b) | 127,306 | 2,481,194 | |
Pingtan Marine Enterprise Ltd. (a) | 37,129 | 130,323 | |
S&W Seed Co. (a)(b) | 10,249 | 35,359 | |
Sanderson Farms, Inc. (a) | 10,782 | 1,055,342 | |
Seneca Foods Corp. Class A (b) | 5,997 | 162,519 | |
SunOpta, Inc. (b) | 40,279 | 330,288 | |
The Hain Celestial Group, Inc. (a)(b) | 47,510 | 1,212,455 | |
The Kraft Heinz Co. | 536,098 | 30,814,913 | |
The Simply Good Foods Co. (a) | 32,491 | 430,506 | |
70,186,556 | |||
Household Products - 0.0% | |||
Central Garden & Pet Co. Class A (non-vtg.) (a)(b) | 24,373 | 926,418 | |
WD-40 Co. (a) | 6,602 | 908,105 | |
1,834,523 | |||
Personal Products - 0.0% | |||
Inter Parfums, Inc. | 19,187 | 1,022,667 | |
LifeVantage Corp. (a)(b) | 12,732 | 60,859 | |
Mannatech, Inc. | 1,439 | 30,363 | |
Natural Alternatives International, Inc. (b) | 3,874 | 42,420 | |
Natural Health Trends Corp. (a) | 6,237 | 137,463 | |
Nature's Sunshine Products, Inc. (b) | 9,832 | 88,980 | |
Neptune Technologies & Bioressources, Inc. (a)(b) | 76,890 | 217,043 | |
Reliv International, Inc. (b) | 131 | 609 | |
United-Guardian, Inc. | 2,237 | 42,839 | |
Veru, Inc. (a)(b) | 6,933 | 14,421 | |
1,657,664 | |||
TOTAL CONSUMER STAPLES | 238,063,613 | ||
ENERGY - 0.5% | |||
Energy Equipment & Services - 0.1% | |||
Archrock, Inc. | 1 | 12 | |
CSI Compressco LP | 27,393 | 161,345 | |
Dawson Geophysical Co. | 7,993 | 56,750 | |
ENGlobal Corp. (b) | 12,532 | 13,911 | |
Geospace Technologies Corp. (b) | 5,591 | 62,004 | |
Gulf Island Fabrication, Inc. | 4,642 | 48,741 | |
Mammoth Energy Services, Inc. (a)(b) | 24,626 | 929,878 | |
Matrix Service Co. (b) | 12,700 | 246,380 | |
Mitcham Industries, Inc. (b) | 6,441 | 25,828 | |
NCS Multistage Holdings, Inc. (a)(b) | 20,000 | 304,400 | |
Ocean Rig UDW, Inc. (United States) (b) | 40,000 | 1,060,800 | |
Patterson-UTI Energy, Inc. | 120,358 | 2,489,003 | |
PHI, Inc. (non-vtg.) (b) | 5,044 | 57,502 | |
Profire Energy, Inc. (b) | 42,605 | 199,391 | |
RigNet, Inc. (b) | 10,255 | 121,522 | |
SAExploration Holdings, Inc. (a)(b) | 7,848 | 10,987 | |
SAExploration Holdings, Inc.: | |||
warrants 7/27/21 (b)(d) | 30 | 0 | |
warrants 7/27/21 (b)(d) | 30 | 1 | |
Smart Sand, Inc. (a)(b) | 18,093 | 110,729 | |
Synthesis Energy Systems, Inc. (a)(b) | 7,185 | 23,279 | |
5,922,463 | |||
Oil, Gas & Consumable Fuels - 0.4% | |||
Abraxas Petroleum Corp. (b) | 86,340 | 233,118 | |
Aemetis, Inc. (b) | 5,390 | 8,570 | |
Alliance Holdings GP, LP | 29,832 | 846,334 | |
Alliance Resource Partners LP | 61,532 | 1,184,491 | |
Alta Mesa Resources, Inc. Class A (a)(b) | 70,482 | 473,639 | |
Amplify Energy Corp. warrants 5/4/22 | 717 | 172 | |
Approach Resources, Inc. (a)(b) | 70,356 | 211,772 | |
Blueknight Energy Partners LP | 24,490 | 90,613 | |
Calumet Specialty Products Partners LP (b) | 49,104 | 387,922 | |
Capital Product Partners LP | 39,425 | 121,035 | |
Carrizo Oil & Gas, Inc. (a)(b) | 46,912 | 1,184,997 | |
Centennial Resource Development, Inc. Class A (a)(b) | 155,281 | 2,732,946 | |
Clean Energy Fuels Corp. (b) | 69,755 | 220,426 | |
Diamondback Energy, Inc. (a) | 49,561 | 5,984,986 | |
Dorchester Minerals LP | 14,797 | 301,119 | |
Extraction Oil & Gas, Inc. (a)(b) | 82,516 | 1,399,471 | |
Gevo, Inc. (a)(b) | 2,306 | 544 | |
Golar LNG Ltd. (a) | 47,565 | 1,235,739 | |
Golar LNG Partners LP | 20,690 | 346,971 | |
Green Plains Partners LP | 7,983 | 138,904 | |
Green Plains, Inc. (a) | 18,786 | 401,081 | |
Gulfport Energy Corp. (a)(b) | 87,362 | 970,592 | |
Hallador Energy Co. | 17,199 | 128,821 | |
Hongli Clean Energy Technologies Corp. (a)(b)(c) | 448 | 2,074 | |
Isramco, Inc. (b) | 1,333 | 149,829 | |
Legacy Reserves LP (b) | 25,959 | 147,447 | |
Lonestar Resources U.S., Inc. (b) | 8,876 | 62,487 | |
Marine Petroleum Trust | 339 | 1,420 | |
Martin Midstream Partners LP | 24,013 | 362,596 | |
Mid-Con Energy Partners LP (b) | 9,638 | 18,312 | |
Nextdecade Corp. (a)(b) | 60,743 | 414,267 | |
Pacific Ethanol, Inc. (b) | 18,137 | 60,759 | |
PDC Energy, Inc. (b) | 32,320 | 1,955,037 | |
Penn Virginia Corp. (b) | 22,811 | 1,573,047 | |
PrimeEnergy Corp. (b) | 309 | 20,440 | |
Ramaco Resources, Inc. (b) | 9,668 | 78,117 | |
Renewable Energy Group, Inc. (a)(b) | 19,160 | 342,006 | |
StealthGas, Inc. (b) | 17,223 | 68,375 | |
Tellurian, Inc. (a)(b) | 105,143 | 1,176,550 | |
Torchlight Energy Resources, Inc. (a)(b) | 26,806 | 34,044 | |
TransGlobe Energy Corp. (b) | 26,813 | 68,242 | |
U.S. Energy Corp. (b) | 529 | 677 | |
Ultra Petroleum Corp. (a)(b) | 91,937 | 163,648 | |
Vertex Energy, Inc. (b) | 16,128 | 16,289 | |
Viper Energy Partners LP | 19,160 | 624,233 | |
Westwater Resources, Inc. (b) | 11,627 | 4,318 | |
Zion Oil & Gas, Inc. (a)(b) | 18,712 | 66,615 | |
Zion Oil & Gas, Inc. rights 5/31/18 (a)(b)(c) | 1,871 | 4,303 | |
26,019,395 | |||
TOTAL ENERGY | 31,941,858 | ||
FINANCIALS - 6.7% | |||
Banks - 3.1% | |||
1st Constitution Bancorp | 4,489 | 96,514 | |
1st Source Corp. | 12,579 | 668,951 | |
Access National Corp. | 9,903 | 283,523 | |
ACNB Corp. | 2,277 | 71,726 | |
Allegiance Bancshares, Inc. (b) | 5,819 | 253,417 | |
American National Bankshares, Inc. | 1,726 | 68,522 | |
American River Bankshares | 3,241 | 50,560 | |
Ameris Bancorp | 22,837 | 1,272,021 | |
Ames National Corp. | 5,624 | 170,126 | |
Anchor Bancorp (b) | 1,380 | 35,190 | |
Arrow Financial Corp. | 3,788 | 141,671 | |
Atlantic Capital Bancshares, Inc. (b) | 12,229 | 256,809 | |
BancFirst Corp. | 20,722 | 1,238,140 | |
Bancorp, Inc., Delaware (b) | 24,909 | 281,970 | |
Bank of Commerce Holdings | 7,378 | 87,798 | |
Bank of Marin Bancorp | 3,736 | 289,540 | |
Bank of the Ozarks, Inc. (a) | 64,972 | 3,088,769 | |
Bankwell Financial Group, Inc. | 3,662 | 113,485 | |
Banner Corp. | 18,981 | 1,137,911 | |
BCB Bancorp, Inc. | 6,086 | 94,942 | |
Blue Hills Bancorp, Inc. | 17,058 | 347,983 | |
BOK Financial Corp. | 31,427 | 3,172,556 | |
Boston Private Financial Holdings, Inc. | 54,176 | 920,992 | |
Bridge Bancorp, Inc. | 15,093 | 557,686 | |
Brookline Bancorp, Inc., Delaware | 43,929 | 799,508 | |
Bryn Mawr Bank Corp. | 10,749 | 504,666 | |
C & F Financial Corp. | 2,556 | 154,382 | |
Camden National Corp. | 7,154 | 327,081 | |
Capital City Bank Group, Inc. | 13,799 | 311,029 | |
Capstar Financial Holdings, Inc. (a)(b) | 8,430 | 170,708 | |
Carolina Financial Corp. | 11,553 | 505,675 | |
Cathay General Bancorp | 36,970 | 1,559,764 | |
Centerstate Banks of Florida, Inc. | 43,356 | 1,333,197 | |
Central Valley Community Bancorp | 5,892 | 126,442 | |
Century Bancorp, Inc. Class A (non-vtg.) | 2,015 | 160,999 | |
Chemical Financial Corp. (a) | 32,614 | 1,830,298 | |
Chemung Financial Corp. | 3,113 | 163,433 | |
Citizens Holding Co. | 1,310 | 29,475 | |
City Holding Co. (a) | 13,660 | 1,014,801 | |
Civista Bancshares, Inc. | 5,014 | 121,489 | |
CNB Financial Corp., Pennsylvania | 9,872 | 300,010 | |
CoBiz, Inc. | 22,399 | 499,946 | |
Codorus Valley Bancorp, Inc. | 5,029 | 150,870 | |
Colony Bankcorp, Inc. | 3,020 | 47,867 | |
Columbia Banking Systems, Inc. (a) | 34,482 | 1,466,175 | |
Commerce Bancshares, Inc. (a) | 48,218 | 3,113,918 | |
Community Bankers Trust Corp. (b) | 16,444 | 160,329 | |
Community Financial Corp. | 1,585 | 58,312 | |
Community Trust Bancorp, Inc. | 10,703 | 546,388 | |
ConnectOne Bancorp, Inc. | 20,190 | 529,988 | |
County Bancorp, Inc. | 2,710 | 74,715 | |
CVB Financial Corp. (a) | 79,308 | 1,839,153 | |
DNB Financial Corp. (a) | 2,276 | 82,050 | |
Eagle Bancorp Montana, Inc. | 2,037 | 39,823 | |
Eagle Bancorp, Inc. (b) | 17,253 | 1,044,669 | |
East West Bancorp, Inc. | 69,782 | 4,848,453 | |
Enterprise Bancorp, Inc. | 6,421 | 257,482 | |
Enterprise Financial Services Corp. | 12,496 | 682,282 | |
Equity Bancshares, Inc. (b) | 5,182 | 206,295 | |
Farmers & Merchants Bancorp, Inc. (a) | 5,124 | 211,877 | |
Farmers Capital Bank Corp. | 6,813 | 361,430 | |
Farmers National Banc Corp. | 15,930 | 251,694 | |
Fidelity Southern Corp. | 12,466 | 304,420 | |
Fifth Third Bancorp (a) | 332,697 | 10,173,874 | |
Financial Institutions, Inc. | 6,663 | 212,217 | |
First Bancorp, North Carolina | 16,272 | 677,078 | |
First Bancshares, Inc. | 8,966 | 307,982 | |
First Bank Hamilton New Jersey | 4,892 | 66,531 | |
First Busey Corp. | 31,195 | 1,001,671 | |
First Citizen Bancshares, Inc. (a) | 5,292 | 2,324,723 | |
First Community Bancshares, Inc. | 10,113 | 348,393 | |
First Community Corp. | 3,289 | 77,127 | |
First Connecticut Bancorp, Inc. | 7,295 | 187,117 | |
First Financial Bancorp, Ohio (a) | 46,840 | 1,473,118 | |
First Financial Bankshares, Inc. (a) | 43,858 | 2,306,931 | |
First Financial Corp., Indiana | 1,204 | 52,494 | |
First Financial Northwest, Inc. | 5,694 | 98,962 | |
First Foundation, Inc. (b) | 19,894 | 385,745 | |
First Guaranty Bancshares, Inc. (a) | 6,656 | 179,779 | |
First Hawaiian, Inc. | 74,674 | 2,186,455 | |
First Internet Bancorp | 4,576 | 161,533 | |
First Interstate Bancsystem, Inc. | 28,441 | 1,241,450 | |
First Merchants Corp. | 31,862 | 1,449,402 | |
First Mid-Illinois Bancshares, Inc. | 10,420 | 390,333 | |
First Midwest Bancorp, Inc., Delaware | 61,718 | 1,621,332 | |
First Northwest Bancorp (b) | 3,990 | 65,077 | |
First of Long Island Corp. | 11,032 | 281,316 | |
Flushing Financial Corp. | 14,105 | 376,462 | |
FNB Bancorp California | 4,582 | 173,337 | |
Fulton Financial Corp. (a) | 80,478 | 1,404,341 | |
German American Bancorp, Inc. (a) | 11,374 | 410,260 | |
Glacier Bancorp, Inc. (a) | 45,158 | 1,760,710 | |
Great Southern Bancorp, Inc. | 7,979 | 458,793 | |
Green Bancorp, Inc. | 17,312 | 388,654 | |
Grupo Financiero Galicia SA sponsored ADR (a) | 32,676 | 1,381,868 | |
Guaranty Bancorp | 12,855 | 433,214 | |
Guaranty Bancshares, Inc. Texas | 5,682 | 184,949 | |
Hancock Whitney Corp. | 40,141 | 2,017,085 | |
Hanmi Financial Corp. | 20,339 | 609,153 | |
HarborOne Bancorp, Inc. (b) | 17,068 | 314,905 | |
Hawthorn Bancshares, Inc. | 733 | 15,906 | |
Heartland Financial U.S.A., Inc. | 16,454 | 902,502 | |
Heritage Commerce Corp. | 19,265 | 328,661 | |
Heritage Financial Corp., Washington | 17,126 | 550,601 | |
Home Bancshares, Inc. (a) | 84,666 | 1,949,011 | |
HomeTrust Bancshares, Inc. (b) | 8,698 | 233,976 | |
Hope Bancorp, Inc. | 84,817 | 1,525,858 | |
Horizon Bancorp, Inc. Indiana | 19,579 | 614,193 | |
Howard Bancorp, Inc. (a)(b) | 6,965 | 120,495 | |
Huntington Bancshares, Inc. | 508,087 | 7,555,254 | |
IBERIABANK Corp. | 25,157 | 2,010,044 | |
Independent Bank Corp. | 10,081 | 257,570 | |
Independent Bank Corp., Massachusetts (a) | 15,951 | 1,249,761 | |
Independent Bank Group, Inc. (a) | 15,541 | 1,169,460 | |
International Bancshares Corp. | 40,448 | 1,747,354 | |
Investar Holding Corp. | 6,123 | 167,464 | |
Investors Bancorp, Inc. | 139,853 | 1,865,639 | |
Lakeland Bancorp, Inc. | 41,150 | 827,115 | |
Lakeland Financial Corp. (a) | 16,292 | 794,887 | |
Landmark Bancorp, Inc. | 1,519 | 42,927 | |
LCNB Corp. | 3,483 | 68,093 | |
LegacyTexas Financial Group, Inc. (a) | 31,898 | 1,339,397 | |
Live Oak Bancshares, Inc. | 19,604 | 579,298 | |
Macatawa Bank Corp. | 1,936 | 23,406 | |
MB Financial, Inc. | 39,043 | 1,928,334 | |
MBT Financial Corp. | 15,269 | 161,851 | |
Mercantile Bank Corp. | 7,756 | 279,992 | |
Midland States Bancorp, Inc. | 8,981 | 291,344 | |
MidWestOne Financial Group, Inc. | 5,683 | 189,414 | |
MutualFirst Financial, Inc. | 3,641 | 139,814 | |
National Bankshares, Inc. | 3,435 | 165,395 | |
National Commerce Corp. (b) | 8,853 | 407,681 | |
NBT Bancorp, Inc. | 26,688 | 1,016,813 | |
Nicolet Bankshares, Inc. (b) | 5,764 | 327,568 | |
Northeast Bancorp (a) | 4,229 | 92,192 | |
Northrim Bancorp, Inc. | 3,584 | 142,285 | |
Norwood Financial Corp. (a) | 3,112 | 97,157 | |
Oak Valley Bancorp Oakdale California | 1,851 | 36,557 | |
Old Line Bancshares, Inc. | 7,945 | 273,149 | |
Old National Bancorp, Indiana (a) | 65,959 | 1,183,964 | |
Old Point Financial Corp. | 2,751 | 73,397 | |
Old Second Bancorp, Inc. | 15,740 | 235,313 | |
Opus Bank | 37,093 | 1,097,953 | |
Orrstown Financial Services, Inc. | 6,448 | 167,326 | |
Pacific Mercantile Bancorp (b) | 11,962 | 117,228 | |
Pacific Premier Bancorp, Inc. (b) | 28,317 | 1,169,492 | |
PacWest Bancorp | 59,706 | 3,168,000 | |
Patriot National Bancorp, Inc. | 1,723 | 34,805 | |
PCSB Financial Corp. | 9,334 | 190,787 | |
Peapack-Gladstone Financial Corp. | 8,324 | 287,178 | |
Penns Woods Bancorp, Inc. | 2,428 | 112,052 | |
People's Utah Bancorp | 10,817 | 394,280 | |
Peoples Bancorp of North Carolina | 2,809 | 89,242 | |
Peoples Bancorp, Inc. | 9,828 | 368,845 | |
Peoples Financial Services Corp. | 3,750 | 176,325 | |
Peoples United Financial, Inc. | 145,604 | 2,680,570 | |
Pinnacle Financial Partners, Inc. (a) | 37,423 | 2,509,212 | |
Popular, Inc. | 52,553 | 2,377,498 | |
Preferred Bank, Los Angeles | 8,037 | 511,957 | |
Premier Financial Bancorp, Inc. | 5,570 | 124,768 | |
QCR Holdings, Inc. | 5,973 | 287,003 | |
Randolph Bancorp, Inc. (b) | 3,346 | 53,369 | |
Reliant Bancorp, Inc. | 3,740 | 95,819 | |
Renasant Corp. (a) | 33,446 | 1,602,732 | |
Republic Bancorp, Inc., Kentucky Class A | 10,014 | 439,715 | |
Republic First Bancorp, Inc. (a)(b) | 27,005 | 232,243 | |
S&T Bancorp, Inc. (a) | 20,420 | 922,371 | |
Salisbury Bancorp, Inc. | 1,410 | 61,335 | |
Sandy Spring Bancorp, Inc. | 15,753 | 654,537 | |
SB Financial Group, Inc. | 2,487 | 46,420 | |
Sb One Bancorp | 5,449 | 164,832 | |
Seacoast Banking Corp., Florida (a)(b) | 30,778 | 959,658 | |
Select Bancorp, Inc. New (b) | 4,037 | 53,006 | |
ServisFirst Bancshares, Inc. (a) | 37,812 | 1,588,482 | |
Shore Bancshares, Inc. | 8,029 | 151,588 | |
Sierra Bancorp | 8,669 | 244,813 | |
Signature Bank (b) | 26,996 | 3,441,720 | |
Simmons First National Corp. Class A (a) | 43,204 | 1,382,528 | |
SmartFinancial, Inc. (b) | 5,662 | 134,812 | |
Sound Financial Bancorp, Inc. | 560 | 21,168 | |
South State Corp. (a) | 16,003 | 1,432,669 | |
Southern First Bancshares, Inc. (b) | 3,716 | 175,767 | |
Southern National Bancorp of Virginia, Inc. | 14,443 | 252,319 | |
Southside Bancshares, Inc. | 16,977 | 579,765 | |
State Bank Financial Corp. | 21,960 | 736,758 | |
Stock Yards Bancorp, Inc. | 11,371 | 451,429 | |
Summit Financial Group, Inc. | 8,817 | 227,302 | |
Summit State Bank | 1,203 | 18,707 | |
SVB Financial Group (b) | 25,619 | 7,996,458 | |
Texas Capital Bancshares, Inc. (a)(b) | 24,848 | 2,394,105 | |
The Bank of Princeton | 2,223 | 73,003 | |
The First Bancorp, Inc. | 5,070 | 146,929 | |
TowneBank | 47,337 | 1,498,216 | |
Trico Bancshares | 10,875 | 423,255 | |
TriState Capital Holdings, Inc. (b) | 12,981 | 333,612 | |
Triumph Bancorp, Inc. (b) | 11,384 | 467,313 | |
Trustmark Corp. (a) | 48,239 | 1,551,849 | |
UMB Financial Corp. (a) | 23,605 | 1,818,765 | |
Umpqua Holdings Corp.(a) | 99,178 | 2,334,650 | |
Union Bankshares Corp. | 34,602 | 1,422,142 | |
Union Bankshares, Inc. (a) | 2,141 | 108,656 | |
United Bankshares, Inc., West Virginia (a) | 48,047 | 1,751,313 | |
United Community Bank, Inc. | 45,447 | 1,475,210 | |
United Security Bancshares, Inc. | 3,330 | 36,663 | |
Unity Bancorp, Inc. | 5,218 | 120,797 | |
Univest Corp. of Pennsylvania | 12,949 | 376,816 | |
Veritex Holdings, Inc. (b) | 12,054 | 370,540 | |
Washington Trust Bancorp, Inc. (a) | 8,281 | 505,141 | |
Wellesley Bancorp, Inc. | 1,635 | 54,936 | |
WesBanco, Inc. | 24,408 | 1,137,169 | |
West Bancorp., Inc. | 5,383 | 134,306 | |
Westamerica Bancorp. (a) | 16,135 | 923,406 | |
Wintrust Financial Corp. | 26,084 | 2,402,597 | |
Zions Bancorporation (a) | 92,838 | 5,088,451 | |
177,994,041 | |||
Capital Markets - 2.1% | |||
American Capital Senior Floating Ltd. | 5,985 | 73,616 | |
B. Riley Financial, Inc. (a) | 14,066 | 298,199 | |
BGC Partners, Inc. Class A | 130,933 | 1,500,492 | |
Brighthouse Financial, Inc. (a) | 59,172 | 2,787,593 | |
Capital Southwest Corp. | 11,586 | 196,962 | |
Capitala Finance Corp. | 9,727 | 81,901 | |
Carlyle Group LP | 46,812 | 1,025,183 | |
Cboe Global Markets, Inc. | 39,877 | 3,890,400 | |
China Internet Nationwide Financial Services, Inc. (a) | 8,846 | 210,889 | |
CM Finance, Inc. | 10,178 | 97,200 | |
CME Group, Inc. | 170,690 | 27,805,401 | |
Cowen Group, Inc. Class A (a)(b) | 12,712 | 190,044 | |
Diamond Hill Investment Group, Inc. | 2,071 | 405,792 | |
E*TRADE Financial Corp. (b) | 129,133 | 8,180,576 | |
Financial Engines, Inc. | 38,695 | 1,727,732 | |
Hamilton Lane, Inc. Class A | 13,762 | 643,511 | |
Harvest Capital Credit Corp. | 3,546 | 36,347 | |
Hennessy Advisors, Inc. | 3,812 | 68,730 | |
Horizon Technology Finance Corp. | 5,112 | 51,069 | |
iFresh, Inc. (a)(b) | 6,078 | 36,590 | |
Interactive Brokers Group, Inc. | 39,462 | 2,872,044 | |
INTL FCStone, Inc. (a)(b) | 15,477 | 773,850 | |
LPL Financial | 46,309 | 3,184,670 | |
MarketAxess Holdings, Inc. (a) | 18,641 | 3,982,650 | |
Morningstar, Inc. | 21,585 | 2,590,416 | |
Newtek Business Services Corp. (a) | 21,227 | 428,149 | |
Northern Trust Corp. | 112,814 | 11,565,691 | |
SEI Investments Co. | 76,394 | 4,872,409 | |
Siebert Financial Corp. (b) | 1,559 | 12,776 | |
Silvercrest Asset Management Group Class A | 5,385 | 85,622 | |
T. Rowe Price Group, Inc. | 120,474 | 14,627,953 | |
TD Ameritrade Holding Corp. | 265,546 | 15,720,323 | |
The NASDAQ OMX Group, Inc. | 81,491 | 7,485,763 | |
TheStreet.com, Inc. (b) | 8,907 | 15,587 | |
U.S. Global Investments, Inc. Class A (a) | 15,643 | 36,135 | |
Value Line, Inc. | 1,597 | 32,211 | |
Virtu Financial, Inc. Class A | 21,544 | 668,941 | |
Virtus Investment Partners, Inc. (a) | 5,729 | 719,276 | |
Wins Finance Holdings, Inc. (a)(b) | 9,151 | 1,281,140 | |
WisdomTree Investments, Inc. (a) | 80,424 | 881,447 | |
Yintech Investment Holdings Ltd. sponsored ADR | 5,350 | 47,990 | |
121,193,270 | |||
Consumer Finance - 0.2% | |||
Atlanticus Holdings Corp. (b) | 2,291 | 3,941 | |
Consumer Portfolio Services, Inc. (b) | 11,810 | 46,295 | |
Credit Acceptance Corp. (a)(b) | 9,786 | 3,454,556 | |
Encore Capital Group, Inc. (a)(b) | 11,714 | 462,117 | |
EZCORP, Inc. (non-vtg.) Class A (a)(b) | 23,324 | 289,218 | |
Navient Corp. | 148,246 | 2,047,277 | |
Nicholas Financial, Inc. (b) | 4,973 | 43,265 | |
PRA Group, Inc. (a)(b) | 21,422 | 826,889 | |
SLM Corp. (b) | 242,531 | 2,772,129 | |
World Acceptance Corp. (a)(b) | 4,117 | 444,018 | |
10,389,705 | |||
Diversified Financial Services - 0.0% | |||
A-Mark Precious Metals, Inc. | 3,619 | 49,906 | |
Ability, Inc. (a)(b) | 463 | 1,032 | |
China Commercial Credit, Inc. (a)(b) | 11,141 | 13,926 | |
GDS Holdings Ltd. ADR (a)(b) | 14,930 | 564,503 | |
GTY Technology Holdings, Inc. Class A (b) | 16,788 | 167,880 | |
Landcadia Holdings, Inc. (b) | 15,779 | 160,472 | |
Marlin Business Services Corp. | 10,171 | 298,519 | |
RBB Bancorp | 4,930 | 149,823 | |
Varex Imaging Corp. (a)(b) | 17,722 | 655,005 | |
2,061,066 | |||
Insurance - 0.8% | |||
1347 Property Insurance Holdings, Inc. (b) | 2,663 | 20,505 | |
AMBAC Financial Group, Inc. (b) | 21,434 | 397,172 | |
American National Insurance Co. (a) | 14,719 | 1,751,561 | |
Amerisafe, Inc. (a) | 8,938 | 533,152 | |
AmTrust Financial Services, Inc. (a) | 96,734 | 1,292,366 | |
Arch Capital Group Ltd. (a)(b) | 64,570 | 5,065,517 | |
Atlas Financial Holdings, Inc. (b) | 5,400 | 58,050 | |
Baldwin & Lyons, Inc. Class B | 6,937 | 161,632 | |
Cincinnati Financial Corp. (a) | 84,699 | 5,875,570 | |
Conifer Holdings, Inc. (b) | 3,170 | 19,179 | |
Donegal Group, Inc. Class A | 10,435 | 145,881 | |
eHealth, Inc. (b) | 8,272 | 176,276 | |
EMC Insurance Group | 11,623 | 299,525 | |
Enstar Group Ltd. (a)(b) | 7,699 | 1,564,822 | |
Erie Indemnity Co. Class A (a) | 25,271 | 2,855,876 | |
Fanhua, Inc. ADR (a) | 19,517 | 565,407 | |
Federated National Holding Co. | 9,090 | 206,888 | |
Global Indemnity Ltd. | 7,365 | 278,618 | |
Greenlight Capital Re, Ltd. (b) | 14,412 | 206,092 | |
Hallmark Financial Services, Inc. (b) | 9,995 | 98,551 | |
Health Insurance Innovations, Inc. (a)(b) | 5,343 | 170,442 | |
Infinity Property & Casualty Corp. | 5,071 | 733,774 | |
Investors Title Co. | 1,165 | 215,525 | |
James River Group Holdings Ltd. | 13,807 | 523,700 | |
Kingstone Companies, Inc. | 5,340 | 93,183 | |
Kinsale Capital Group, Inc. | 10,091 | 534,419 | |
Maiden Holdings Ltd. | 46,546 | 407,278 | |
National General Holdings Corp. | 50,855 | 1,392,410 | |
National Western Life Group, Inc. | 1,585 | 493,189 | |
Navigators Group, Inc. | 13,828 | 813,086 | |
NI Holdings, Inc. (b) | 11,932 | 194,969 | |
Oxbridge Re Holdings Ltd. | 1,344 | 2,083 | |
Principal Financial Group, Inc. | 137,081 | 7,649,120 | |
Safety Insurance Group, Inc. | 7,454 | 641,044 | |
Selective Insurance Group, Inc. | 27,122 | 1,541,886 | |
State Auto Financial Corp. (a) | 19,542 | 606,193 | |
Tiptree, Inc. | 15,939 | 105,197 | |
Trupanion, Inc. (a)(b) | 14,015 | 445,257 | |
Unico American Corp. (b) | 761 | 6,012 | |
United Fire Group, Inc. | 11,808 | 633,381 | |
United Insurance Holdings Corp. | 32,659 | 675,715 | |
Willis Group Holdings PLC | 65,779 | 9,942,496 | |
WMI Holdings Corp. (a)(b) | 75,317 | 101,678 | |
49,494,677 | |||
Mortgage Real Estate Investment Trusts - 0.1% | |||
AGNC Investment Corp. | 177,228 | 3,335,431 | |
American Capital Mortgage Investment Corp. | 22,010 | 439,100 | |
Manhattan Bridge Capital, Inc. | 5,249 | 38,055 | |
New York Mortgage Trust, Inc. (a) | 51,214 | 315,478 | |
4,128,064 | |||
Real Estate Management & Development - 0.0% | |||
The RMR Group, Inc. | 12,778 | 966,017 | |
Thrifts & Mortgage Finance - 0.4% | |||
America First Tax Exempt Investors LP | 39,141 | 250,502 | |
BankFinancial Corp. | 11,061 | 196,996 | |
Beneficial Bancorp, Inc. | 46,500 | 760,275 | |
BofI Holding, Inc. (a)(b) | 29,863 | 1,230,654 | |
BSB Bancorp, Inc. (b) | 6,930 | 234,581 | |
Capitol Federal Financial, Inc. | 68,955 | 906,069 | |
Carver Bancorp, Inc. (a)(b) | 695 | 4,052 | |
Charter Financial Corp. | 10,050 | 246,527 | |
Citizens Community Bancorp, Inc. | 3,814 | 52,862 | |
Dime Community Bancshares, Inc. | 18,046 | 367,236 | |
Entegra Financial Corp. (b) | 4,492 | 128,022 | |
First Capital, Inc. | 704 | 25,872 | |
First Defiance Financial Corp. | 5,371 | 335,741 | |
FS Bancorp, Inc. | 2,010 | 116,781 | |
Greene County Bancorp, Inc. (a) | 3,965 | 119,545 | |
Hingham Institution for Savings | 1,454 | 311,534 | |
HMN Financial, Inc. (b) | 449 | 8,553 | |
Home Bancorp, Inc. | 7,434 | 327,245 | |
HomeStreet, Inc. (a)(b) | 30,731 | 823,591 | |
HopFed Bancorp, Inc. | 3,975 | 62,527 | |
Kearny Financial Corp. | 68,736 | 993,235 | |
Lendingtree, Inc. (a)(b) | 6,309 | 1,633,400 | |
Meridian Bancorp, Inc. Maryland | 34,662 | 677,642 | |
Meta Financial Group, Inc. | 4,270 | 483,151 | |
MMA Capital Management, LLC (b) | 3,757 | 103,130 | |
NMI Holdings, Inc. (a)(b) | 28,030 | 466,700 | |
Northfield Bancorp, Inc. | 31,428 | 513,534 | |
Northwest Bancshares, Inc. (a) | 58,201 | 1,003,385 | |
OceanFirst Financial Corp. | 29,522 | 865,585 | |
Oritani Financial Corp. (a) | 20,530 | 326,427 | |
PB Bancorp, Inc. | 4,855 | 50,492 | |
Provident Bancorp, Inc. (b) | 7,196 | 169,826 | |
Prudential Bancorp, Inc. | 4,228 | 73,525 | |
Riverview Bancorp, Inc. | 11,994 | 104,948 | |
Severn Bancorp, Inc. | 318 | 2,465 | |
Southern Missouri Bancorp, Inc. | 5,303 | 193,878 | |
TFS Financial Corp. (a) | 141,234 | 2,259,744 | |
Timberland Bancorp, Inc. | 4,312 | 140,744 | |
Trustco Bank Corp., New York | 48,207 | 419,401 | |
United Community Financial Corp. | 22,473 | 235,068 | |
United Financial Bancorp, Inc. New | 28,400 | 494,728 | |
Washington Federal, Inc. | 41,375 | 1,342,619 | |
Waterstone Financial, Inc. | 15,946 | 276,663 | |
Westfield Financial, Inc. | 19,217 | 208,504 | |
WSFS Financial Corp. | 20,532 | 1,074,850 | |
20,622,809 | |||
TOTAL FINANCIALS | 386,849,649 | ||
HEALTH CARE - 10.5% | |||
Biotechnology - 6.2% | |||
Abeona Therapeutics, Inc. (a)(b) | 17,245 | 305,237 | |
AC Immune SA (a)(b) | 31,477 | 329,879 | |
ACADIA Pharmaceuticals, Inc. (a)(b) | 69,313 | 1,254,565 | |
Acceleron Pharma, Inc. (a)(b) | 27,847 | 989,682 | |
Achaogen, Inc. (a)(b) | 19,654 | 243,710 | |
Achillion Pharmaceuticals, Inc. (b) | 65,016 | 220,404 | |
Acorda Therapeutics, Inc. (a)(b) | 21,477 | 563,771 | |
Adamas Pharmaceuticals, Inc. (a)(b) | 11,932 | 341,732 | |
Adaptimmune Therapeutics PLC sponsored ADR (b) | 28,605 | 378,730 | |
ADMA Biologics, Inc. (a)(b) | 4,173 | 22,618 | |
Aduro Biotech, Inc. (a)(b) | 63,883 | 562,170 | |
Adverum Biotechnologies, Inc. (b) | 17,955 | 112,219 | |
Aeglea BioTherapeutics, Inc. (b) | 6,942 | 74,141 | |
AEterna Zentaris, Inc. (b) | 7,447 | 17,649 | |
Affimed NV (b) | 10,000 | 21,500 | |
Agenus, Inc. (a)(b) | 39,702 | 133,002 | |
Agios Pharmaceuticals, Inc. (a)(b) | 32,185 | 3,009,298 | |
Aileron Therapeutics, Inc. (a) | 7,052 | 36,388 | |
Aimmune Therapeutics, Inc. (a)(b) | 38,329 | 1,268,307 | |
Akebia Therapeutics, Inc. (a)(b) | 22,229 | 218,289 | |
Albireo Pharma, Inc. (b) | 5,390 | 168,869 | |
Alcobra Pharma Ltd. (a)(b) | 1,575 | 9,324 | |
Alder Biopharmaceuticals, Inc. (a)(b) | 35,190 | 614,066 | |
Aldeyra Therapeutics, Inc. (a)(b) | 9,297 | 78,095 | |
Alexion Pharmaceuticals, Inc. (b) | 101,813 | 11,823,544 | |
Alkermes PLC (a)(b) | 83,061 | 3,920,479 | |
Alnylam Pharmaceuticals, Inc. (b) | 51,313 | 5,104,104 | |
Alpine Immune Sciences, Inc. (b) | 1,463 | 13,255 | |
AMAG Pharmaceuticals, Inc. (a)(b) | 28,750 | 702,938 | |
Amarin Corp. PLC ADR (a)(b) | 126,310 | 418,086 | |
Amgen, Inc. | 316,500 | 56,849,730 | |
Amicus Therapeutics, Inc. (a)(b) | 107,587 | 1,818,220 | |
AnaptysBio, Inc. (a)(b) | 12,257 | 953,595 | |
Anavex Life Sciences Corp. (a)(b) | 22,119 | 60,827 | |
Apellis Pharmaceuticals, Inc. (a)(b) | 1,400 | 28,574 | |
Applied Genetic Technologies Corp. (b) | 613 | 2,759 | |
Aptevo Therapeutics, Inc. (b) | 14,411 | 80,125 | |
AquaBounty Technologies, Inc. (a)(b) | 28,451 | 85,068 | |
Aquinox Pharmaceuticals, Inc. (b) | 10,637 | 152,535 | |
Arbutus Biopharma Corp. (a)(b) | 14,268 | 83,468 | |
Arena Pharmaceuticals, Inc. (a)(b) | 24,362 | 1,113,831 | |
Argenx SE ADR | 9,981 | 953,186 | |
ARMO Biosciences, Inc. (b) | 20,171 | 1,008,550 | |
ArQule, Inc. (b) | 26,211 | 127,123 | |
Array BioPharma, Inc. (b) | 107,336 | 1,754,944 | |
Arrowhead Pharmaceuticals, Inc. (a)(b) | 63,874 | 684,729 | |
Ascendis Pharma A/S sponsored ADR (b) | 19,989 | 1,439,608 | |
Atara Biotherapeutics, Inc. (a)(b) | 23,740 | 1,182,252 | |
Athersys, Inc. (a)(b) | 57,904 | 141,286 | |
aTyr Pharma, Inc. (b) | 5,317 | 4,799 | |
Audentes Therapeutics, Inc. (a)(b) | 26,372 | 999,499 | |
Aurinia Pharmaceuticals, Inc. (a)(b) | 24,941 | 145,406 | |
AVEO Pharmaceuticals, Inc. (a)(b) | 124,022 | 274,089 | |
Avid Bioservices, Inc. (a)(b) | 21,157 | 65,587 | |
BeiGene Ltd. ADR (a)(b) | 17,248 | 3,451,670 | |
Bellicum Pharmaceuticals, Inc. (a)(b) | 14,882 | 120,247 | |
BioCryst Pharmaceuticals, Inc. (a)(b) | 39,624 | 254,782 | |
Biogen, Inc. (b) | 95,649 | 28,116,980 | |
BioLine RX Ltd. sponsored ADR (a)(b) | 57,628 | 53,352 | |
BioMarin Pharmaceutical, Inc. (a)(b) | 83,044 | 7,502,195 | |
Biospecifics Technologies Corp. (b) | 4,070 | 176,068 | |
bluebird bio, Inc. (a)(b) | 25,797 | 4,618,953 | |
Blueprint Medicines Corp. (b) | 23,874 | 2,007,326 | |
BrainStorm Cell Therpeutic, Inc. (a)(b) | 9,690 | 48,450 | |
Calithera Biosciences, Inc. (a)(b) | 16,354 | 84,223 | |
Calyxt, Inc. | 14,176 | 267,501 | |
Cancer Genetics, Inc. (a)(b) | 29,432 | 28,255 | |
Capricor Therapeutics, Inc. (a)(b) | 12,301 | 16,360 | |
Cara Therapeutics, Inc. (a)(b) | 12,675 | 198,237 | |
CareDx, Inc. (a)(b) | 5,786 | 76,607 | |
CASI Pharmaceuticals, Inc. (a)(b) | 47,269 | 292,122 | |
Catalyst Biosciences, Inc. (b) | 75 | 1,851 | |
Catalyst Pharmaceutical Partners, Inc. (b) | 48,487 | 186,190 | |
Celgene Corp. (b) | 339,124 | 26,682,276 | |
Celldex Therapeutics, Inc. (a)(b) | 58,440 | 33,907 | |
Cellectis SA sponsored ADR (b) | 4,666 | 139,700 | |
Cellular Biomedicine Group, Inc. (a)(b) | 3,408 | 57,936 | |
Celsion Corp. (b) | 776 | 2,033 | |
ChemoCentryx, Inc. (b) | 23,177 | 300,837 | |
Chimerix, Inc. (b) | 10,239 | 46,792 | |
China Biologic Products Holdings, Inc. | 12,709 | 1,106,446 | |
Cidara Therapeutics, Inc. (b) | 2,155 | 12,068 | |
Cleveland Biolabs, Inc. (a)(b) | 4,912 | 13,361 | |
Clovis Oncology, Inc. (a)(b) | 23,365 | 1,097,220 | |
Coherus BioSciences, Inc. (a)(b) | 30,728 | 479,357 | |
Conatus Pharmaceuticals, Inc. (a)(b) | 13,278 | 57,095 | |
Concert Pharmaceuticals, Inc. (b) | 10,741 | 219,439 | |
ContraFect Corp. (a)(b) | 12,357 | 23,973 | |
Corbus Pharmaceuticals Holdings, Inc. (a)(b) | 23,447 | 145,371 | |
Corvus Pharmaceuticals, Inc. (b) | 12,335 | 169,360 | |
CRISPR Therapeutics AG (a)(b) | 26,023 | 1,793,245 | |
CTI BioPharma Corp. (b) | 18,855 | 81,077 | |
Curis, Inc. (b) | 2,197 | 6,108 | |
Cyclacel Pharmaceuticals, Inc. (b) | 2,985 | 4,239 | |
Cytokinetics, Inc. (b) | 23,162 | 208,458 | |
CytomX Therapeutics, Inc. (b) | 17,443 | 447,762 | |
CytRx Corp. (a)(b) | 40,315 | 53,216 | |
DBV Technologies SA sponsored ADR (a)(b) | 11,936 | 268,560 | |
DelMar Pharmaceuticals, Inc. (a)(b) | 4,500 | 4,005 | |
Denali Therapeutics, Inc. (a)(b) | 37,024 | 711,972 | |
Dicerna Pharmaceuticals, Inc. (b) | 14,994 | 213,440 | |
Dyax Corp. rights 12/31/19 (b)(c) | 43,075 | 152,055 | |
Dynavax Technologies Corp. (a)(b) | 30,160 | 476,528 | |
Eagle Pharmaceuticals, Inc. (a)(b) | 7,045 | 474,903 | |
Edge Therapeutics, Inc. (a)(b) | 14,054 | 13,100 | |
Editas Medicine, Inc. (a)(b) | 29,210 | 1,119,327 | |
Eiger Biopharmaceuticals, Inc. (a)(b) | 4,713 | 67,160 | |
Enanta Pharmaceuticals, Inc. (b) | 8,653 | 863,483 | |
Epizyme, Inc. (a)(b) | 30,209 | 527,147 | |
Esperion Therapeutics, Inc. (a)(b) | 12,566 | 483,665 | |
Exact Sciences Corp. (a)(b) | 49,734 | 2,961,162 | |
Exelixis, Inc. (b) | 156,273 | 3,239,539 | |
Fate Therapeutics, Inc. (a)(b) | 16,845 | 184,453 | |
Fibrocell Science, Inc. (a)(b) | 1,682 | 4,306 | |
FibroGen, Inc. (b) | 47,361 | 2,552,758 | |
Five Prime Therapeutics, Inc. (b) | 14,379 | 252,495 | |
Flexion Therapeutics, Inc. (a)(b) | 15,521 | 420,774 | |
Fortress Biotech, Inc. (b) | 23,750 | 81,938 | |
Forward Pharma A/S sponsored ADR (b) | 3,498 | 9,305 | |
Foundation Medicine, Inc. (a)(b) | 16,808 | 1,666,513 | |
Galapagos Genomics NV sponsored ADR (b) | 5,938 | 604,667 | |
Galectin Therapeutics, Inc. (a)(b) | 16,710 | 84,887 | |
Galmed Pharmaceuticals Ltd. (b) | 11,746 | 74,117 | |
Genomic Health, Inc. (b) | 16,244 | 648,460 | |
GenVec, Inc. rights (c) | 385 | 0 | |
Geron Corp. (a)(b) | 71,402 | 289,178 | |
Gilead Sciences, Inc. | 588,521 | 39,666,315 | |
Global Blood Therapeutics, Inc. (a)(b) | 20,635 | 993,575 | |
GlycoMimetics, Inc. (a)(b) | 16,132 | 288,279 | |
Grifols SA ADR (a) | 93,327 | 2,037,328 | |
GTx, Inc. (a)(b) | 7,242 | 146,288 | |
Halozyme Therapeutics, Inc. (a)(b) | 66,420 | 1,222,128 | |
Heron Therapeutics, Inc. (a)(b) | 17,185 | 560,231 | |
Idera Pharmaceuticals, Inc. (a)(b) | 66,555 | 136,438 | |
Immune Design Corp. (b) | 12,481 | 56,165 | |
ImmunoGen, Inc. (a)(b) | 75,104 | 860,692 | |
Immunomedics, Inc. (a)(b) | 76,820 | 1,694,649 | |
Incyte Corp. (b) | 97,687 | 6,669,091 | |
Infinity Pharmaceuticals, Inc. (a)(b) | 24,223 | 49,173 | |
Inovio Pharmaceuticals, Inc. (a)(b) | 50,135 | 238,643 | |
Insmed, Inc. (a)(b) | 43,109 | 1,201,017 | |
Insys Therapeutics, Inc. (a)(b) | 18,400 | 119,968 | |
Intec Pharma Ltd. (a)(b) | 12,631 | 58,103 | |
Intellia Therapeutics, Inc. (a)(b) | 16,634 | 450,781 | |
Intercept Pharmaceuticals, Inc. (b) | 15,027 | 1,055,046 | |
Ionis Pharmaceuticals, Inc. (a)(b) | 67,551 | 3,151,254 | |
Iovance Biotherapeutics, Inc. (a)(b) | 56,895 | 830,667 | |
Ironwood Pharmaceuticals, Inc. Class A (a)(b) | 64,028 | 1,189,640 | |
Jounce Therapeutics, Inc. (a)(b) | 17,424 | 196,020 | |
Kalvista Pharmaceuticals, Inc. (b) | 4,913 | 42,596 | |
Kamada (a)(b) | 16,824 | 84,120 | |
Karyopharm Therapeutics, Inc. (b) | 24,434 | 453,984 | |
Keryx Biopharmaceuticals, Inc. (a)(b) | 48,559 | 255,906 | |
Kindred Biosciences, Inc. (b) | 7,346 | 74,929 | |
Kura Oncology, Inc. (a)(b) | 11,058 | 184,116 | |
La Jolla Pharmaceutical Co. (a)(b) | 9,021 | 281,455 | |
Leap Therapeutics, Inc. (b) | 4,221 | 39,255 | |
Lexicon Pharmaceuticals, Inc. (a)(b) | 49,400 | 573,040 | |
Ligand Pharmaceuticals, Inc.: | |||
Class B (a)(b) | 9,734 | 1,871,167 | |
General CVR (b) | 1,518 | 10 | |
Glucagon CVR (b) | 1,518 | 192 | |
rights (b) | 1,518 | 9 | |
TR Beta CVR (b) | 1,518 | 23 | |
Loxo Oncology, Inc. (a)(b) | 16,537 | 2,932,506 | |
Macrogenics, Inc. (a)(b) | 16,777 | 381,341 | |
Madrigal Pharmaceuticals, Inc. (a)(b) | 8,648 | 2,296,995 | |
MannKind Corp. (a)(b) | 45,814 | 91,628 | |
MediciNova, Inc. (a)(b) | 17,257 | 159,800 | |
MEI Pharma, Inc. (b) | 19,671 | 65,308 | |
Mesoblast Ltd. sponsored ADR (b) | 7,456 | 42,350 | |
MiMedx Group, Inc. (a)(b) | 51,434 | 433,074 | |
Minerva Neurosciences, Inc. (b) | 24,820 | 218,416 | |
Miragen Therapeutics, Inc. (b) | 9,677 | 68,416 | |
Mirati Therapeutics, Inc. (a)(b) | 10,952 | 465,460 | |
Molecular Templates, Inc. (b) | 9,489 | 59,876 | |
Momenta Pharmaceuticals, Inc. (a)(b) | 35,316 | 833,458 | |
Myriad Genetics, Inc. (a)(b) | 31,446 | 1,148,093 | |
NantKwest, Inc. (b) | 31,883 | 116,692 | |
Natera, Inc. (b) | 44,031 | 513,401 | |
Neuralstem, Inc. (a)(b) | 7,185 | 11,999 | |
Neurocrine Biosciences, Inc. (a)(b) | 47,866 | 4,607,581 | |
NewLink Genetics Corp. (a)(b) | 13,869 | 72,951 | |
Novavax, Inc. (a)(b) | 244,379 | 398,338 | |
Novelion Therapeutics, Inc. (a)(b) | 10,729 | 45,062 | |
Novelion Therapeutics, Inc.: | |||
warrants (b)(c) | 35,660 | 0 | |
warrants (b)(c) | 35,660 | 0 | |
Nymox Pharmaceutical Corp. (a)(b) | 26,172 | 92,125 | |
OncoMed Pharmaceuticals, Inc. (b) | 9,989 | 31,066 | |
OncoSec Medical, Inc. (a)(b) | 4,800 | 7,632 | |
Opko Health, Inc. (a)(b) | 301,510 | 1,169,859 | |
Organovo Holdings, Inc. (a)(b) | 1,611 | 3,174 | |
Ovid Therapeutics, Inc. | 29,214 | 230,498 | |
PDL BioPharma, Inc. (b) | 72,841 | 194,485 | |
Pieris Pharmaceuticals, Inc. (a)(b) | 22,483 | 126,354 | |
Pluristem Therapeutics, Inc. (a)(b) | 41,630 | 55,368 | |
Polarityte, Inc. (a)(b) | 2,379 | 60,665 | |
Portola Pharmaceuticals, Inc. (a)(b) | 35,710 | 1,433,757 | |
Prana Biotechnology Ltd. ADR (b) | 548 | 1,145 | |
Progenics Pharmaceuticals, Inc. (a)(b) | 34,412 | 261,531 | |
ProQR Therapeutics BV (a)(b) | 6,363 | 36,269 | |
Protagonist Therapeutics, Inc. (b) | 9,864 | 71,810 | |
Proteon Therapeutics, Inc. (b) | 2,550 | 5,483 | |
Proteostasis Therapeutics, Inc. (b) | 3,240 | 15,682 | |
Prothena Corp. PLC (a)(b) | 17,566 | 236,965 | |
PTC Therapeutics, Inc. (b) | 19,883 | 674,034 | |
Puma Biotechnology, Inc. (a)(b) | 18,676 | 988,894 | |
Ra Pharmaceuticals, Inc. (a)(b) | 10,044 | 69,304 | |
Radius Health, Inc. (a)(b) | 20,420 | 581,970 | |
Recro Pharma, Inc. (b) | 8,008 | 43,644 | |
Regeneron Pharmaceuticals, Inc. (b) | 48,092 | 14,442,989 | |
REGENXBIO, Inc. (a)(b) | 15,148 | 821,022 | |
Regulus Therapeutics, Inc. (a)(b) | 29,282 | 21,391 | |
Repligen Corp. (a)(b) | 28,337 | 1,237,760 | |
Retrophin, Inc. (a)(b) | 19,210 | 538,072 | |
Rigel Pharmaceuticals, Inc. (b) | 59,089 | 192,039 | |
Sage Therapeutics, Inc. (a)(b) | 24,181 | 3,692,197 | |
Sangamo Therapeutics, Inc. (a)(b) | 38,666 | 636,056 | |
Sarepta Therapeutics, Inc. (a)(b) | 30,921 | 2,901,936 | |
Savara, Inc. (b) | 10,801 | 109,306 | |
Seattle Genetics, Inc. (a)(b) | 85,252 | 5,156,893 | |
Selecta Biosciences, Inc. (a)(b) | 9,175 | 109,825 | |
Seres Therapeutics, Inc. (a)(b) | 40,160 | 323,288 | |
Sesen Bio, Inc. (a)(b) | 100,598 | 228,357 | |
Shire PLC sponsored ADR (a) | 32,493 | 5,336,650 | |
Sienna Biopharmaceuticals, Inc. (a) | 9,579 | 143,589 | |
Sierra Oncology, Inc. (b) | 35,365 | 99,376 | |
Sinovac Biotech Ltd. (b) | 27,717 | 215,361 | |
Sophiris Bio, Inc. (a)(b) | 19,042 | 70,836 | |
Sorrento Therapeutics, Inc. (a)(b) | 57,635 | 452,435 | |
Spark Therapeutics, Inc. (a)(b) | 17,659 | 1,409,012 | |
Spectrum Pharmaceuticals, Inc. (a)(b) | 56,935 | 1,098,276 | |
Stemline Therapeutics, Inc. (a)(b) | 11,610 | 228,137 | |
Strongbridge Biopharma PLC (a)(b) | 20,758 | 134,927 | |
Summit Therapeutics PLC sponsored ADR (a)(b) | 1,658 | 22,134 | |
Sunesis Pharmaceuticals, Inc. (a)(b) | 9,067 | 20,491 | |
Syndax Pharmaceuticals, Inc. (a)(b) | 11,481 | 100,229 | |
Syros Pharmaceuticals, Inc. (b) | 12,369 | 153,747 | |
T2 Biosystems, Inc. (b) | 2,829 | 20,963 | |
Tapimmune, Inc. (a)(b) | 4,601 | 23,741 | |
TESARO, Inc. (a)(b) | 25,892 | 1,185,077 | |
TG Therapeutics, Inc. (a)(b) | 24,653 | 330,350 | |
TiGenix NV ADR (b) | 505 | 20,367 | |
Tobira Therapeutics, Inc. rights (a)(b)(c) | 6,103 | 44,674 | |
TRACON Pharmaceuticals, Inc. (a)(b) | 28,234 | 74,820 | |
Trillium Therapeutics, Inc. (b) | 10,086 | 56,986 | |
Ultragenyx Pharmaceutical, Inc. (a)(b) | 30,149 | 2,206,907 | |
uniQure B.V. (b) | 12,330 | 432,043 | |
United Therapeutics Corp. (b) | 23,507 | 2,505,376 | |
Vanda Pharmaceuticals, Inc. (b) | 22,639 | 398,446 | |
Vaxart, Inc. (a)(b) | 6,866 | 35,017 | |
VBI Vaccines, Inc. (a)(b) | 17,425 | 54,192 | |
VBL Therapeutics (a)(b) | 11,422 | 23,986 | |
Veracyte, Inc. (b) | 15,444 | 118,147 | |
Verastem, Inc. (b) | 17,407 | 97,305 | |
Vericel Corp. (b) | 32,343 | 435,013 | |
Vertex Pharmaceuticals, Inc. (b) | 115,698 | 17,817,492 | |
Vital Therapies, Inc. (a)(b) | 12,663 | 64,581 | |
Voyager Therapeutics, Inc. (a)(b) | 12,845 | 255,230 | |
vTv Therapeutics, Inc. Class A (a)(b) | 3,233 | 5,755 | |
Xbiotech, Inc. (a)(b) | 9,768 | 42,002 | |
Xencor, Inc. (b) | 21,652 | 866,297 | |
Xenon Pharmaceuticals, Inc. (b) | 7,695 | 43,092 | |
XOMA Corp. (a)(b) | 4,636 | 99,442 | |
Zafgen, Inc. (b) | 12,016 | 84,953 | |
Zealand Pharma A/S sponsored ADR | 3,706 | 54,664 | |
ZIOPHARM Oncology, Inc. (a)(b) | 61,080 | 299,292 | |
357,777,676 | |||
Health Care Equipment & Supplies - 1.8% | |||
Abaxis, Inc. | 10,611 | 878,591 | |
Abiomed, Inc. (b) | 22,958 | 8,750,212 | |
Accuray, Inc. (a)(b) | 36,599 | 161,036 | |
Aethlon Medical, Inc. (a)(b) | 41,226 | 51,533 | |
Align Technology, Inc. (b) | 36,386 | 12,078,333 | |
Analogic Corp. | 11,826 | 989,245 | |
Angiodynamics, Inc. (b) | 17,124 | 360,118 | |
Anika Therapeutics, Inc. (a)(b) | 7,319 | 297,591 | |
Antares Pharma, Inc. (a)(b) | 78,736 | 205,501 | |
Atossa Genetics, Inc. (a)(b) | 9,512 | 30,534 | |
Atricure, Inc. (b) | 15,072 | 357,357 | |
Atrion Corp. | 875 | 516,250 | |
AxoGen, Inc. (a)(b) | 15,846 | 778,039 | |
Bellerophon Therapeutics, Inc. (a)(b) | 18,047 | 39,884 | |
BioLase Technology, Inc. (b) | 6,537 | 8,760 | |
Cardiovascular Systems, Inc. (b) | 15,368 | 462,577 | |
Cerus Corp. (b) | 45,986 | 303,048 | |
Cesca Therapeutics, Inc. (b) | 5,298 | 2,534 | |
Chembio Diagnostics, Inc. (a)(b) | 7,945 | 79,053 | |
Chf Solutions, Inc. (a)(b) | 28,391 | 82,902 | |
ConforMis, Inc. (b) | 11,926 | 16,577 | |
CONMED Corp. | 12,739 | 874,532 | |
CryoPort, Inc. (a)(b) | 30,963 | 402,209 | |
Cutera, Inc. (b) | 6,383 | 268,086 | |
CytoSorbents Corp. (a)(b) | 8,134 | 91,914 | |
Dare Bioscience, Inc. (b) | 75 | 86 | |
Dentsply Sirona, Inc. | 105,667 | 4,629,271 | |
DexCom, Inc. (a)(b) | 44,365 | 3,903,676 | |
EDAP TMS SA sponsored ADR (b) | 18,494 | 41,427 | |
Ekso Bionics Holdings, Inc. (a)(b) | 9,233 | 15,234 | |
Endologix, Inc. (a)(b) | 57,137 | 320,539 | |
Fonar Corp. (b) | 3,366 | 89,872 | |
Genmark Diagnostics, Inc. (b) | 47,850 | 350,741 | |
Heska Corp. (b) | 3,419 | 365,628 | |
Hologic, Inc. (b) | 124,665 | 4,723,557 | |
ICU Medical, Inc. (b) | 10,883 | 3,167,497 | |
IDEXX Laboratories, Inc. (b) | 40,029 | 8,334,438 | |
Inogen, Inc. (a)(b) | 10,352 | 1,891,207 | |
Insulet Corp. (a)(b) | 30,979 | 2,905,520 | |
Integra LifeSciences Holdings Corp. (a)(b) | 38,010 | 2,453,165 | |
IntriCon Corp. (b) | 5,239 | 166,862 | |
Intuitive Surgical, Inc. (b) | 50,650 | 23,282,286 | |
InVivo Therapeutics Holdings Corp. (a)(b) | 3,296 | 21,391 | |
Invuity, Inc. (a)(b) | 8,464 | 29,624 | |
IRadimed Corp. (a)(b) | 4,579 | 84,940 | |
iRhythm Technologies, Inc. (b) | 10,178 | 773,833 | |
Iridex Corp. (b) | 4,918 | 34,918 | |
K2M Group Holdings, Inc. (b) | 19,456 | 460,913 | |
Kewaunee Scientific Corp. | 1,782 | 57,559 | |
Lantheus Holdings, Inc. (b) | 17,222 | 241,108 | |
LeMaitre Vascular, Inc. (a) | 8,657 | 295,031 | |
Lianluo Smart Ltd. (b) | 837 | 1,548 | |
LivaNova PLC (b) | 22,866 | 2,150,547 | |
Masimo Corp. (b) | 24,707 | 2,447,228 | |
Mazor Robotics Ltd. sponsored ADR (a)(b) | 6,636 | 395,041 | |
Meridian Bioscience, Inc. (a) | 19,834 | 293,543 | |
Merit Medical Systems, Inc. (b) | 23,072 | 1,183,594 | |
Misonix, Inc. (a)(b) | 4,210 | 51,362 | |
Natus Medical, Inc. (b) | 15,850 | 584,865 | |
Neogen Corp. (b) | 24,926 | 1,887,147 | |
Neovasc, Inc. (a)(b) | 938,366 | 31,156 | |
Novocure Ltd. (a)(b) | 40,652 | 1,278,505 | |
NuVasive, Inc. (a)(b) | 23,632 | 1,211,376 | |
Nuvectra Corp. (b) | 5,013 | 84,469 | |
NxStage Medical, Inc. (b) | 30,396 | 840,145 | |
Obalon Therapeutics, Inc. (a)(b) | 8,656 | 21,813 | |
OraSure Technologies, Inc. (b) | 27,658 | 470,463 | |
Orthofix International NV (b) | 8,799 | 480,865 | |
Oxford Immunotec Global PLC (a)(b) | 13,601 | 196,126 | |
Pulse Biosciences, Inc. (a)(b) | 6,881 | 108,651 | |
Quidel Corp. (b) | 15,491 | 971,286 | |
Quotient Ltd. (a)(b) | 18,545 | 133,709 | |
Rockwell Medical Technologies, Inc. (a)(b) | 53,537 | 288,029 | |
RTI Biologics, Inc. (b) | 28,247 | 128,524 | |
Seaspine Holdings Corp. (b) | 6,763 | 80,750 | |
Second Sight Medical Products, Inc. (a)(b) | 16,807 | 34,286 | |
Sientra, Inc. (b) | 10,706 | 193,350 | |
Staar Surgical Co. (a)(b) | 23,445 | 697,489 | |
STRATA Skin Sciences, Inc. (b) | 62 | 103 | |
SurModics, Inc. (b) | 8,124 | 420,823 | |
Synergetics U.S.A., Inc. (a)(b)(c) | 7,788 | 0 | |
Tactile Systems Technology, Inc. (a)(b) | 8,222 | 408,058 | |
Trinity Biotech PLC sponsored ADR (b) | 13,909 | 64,677 | |
Utah Medical Products, Inc. | 4,044 | 423,205 | |
Vermillion, Inc. (b) | 26,233 | 27,020 | |
ViewRay, Inc. (a)(b) | 28,906 | 208,412 | |
Viveve Medical, Inc. (a)(b) | 9,403 | 25,012 | |
Wright Medical Group NV (a)(b) | 48,692 | 1,215,352 | |
Zosano Pharma Corp. (a)(b) | 958 | 3,985 | |
105,769,253 | |||
Health Care Providers & Services - 0.7% | |||
Acadia Healthcare Co., Inc. (a)(b) | 48,686 | 1,956,690 | |
Aceto Corp. | 17,176 | 45,345 | |
Addus HomeCare Corp. (b) | 6,112 | 349,912 | |
Amedisys, Inc. (b) | 15,976 | 1,219,768 | |
BioScrip, Inc. (a)(b) | 56,176 | 148,866 | |
BioTelemetry, Inc. (a)(b) | 16,091 | 679,845 | |
Corvel Corp. (b) | 10,096 | 509,848 | |
Cross Country Healthcare, Inc. (b) | 19,440 | 236,974 | |
Digirad Corp. | 12,246 | 20,206 | |
Express Scripts Holding Co. (b) | 251,379 | 19,057,042 | |
Five Star Sr Living, Inc. (b) | 17,859 | 23,217 | |
G1 Therapeutics, Inc. (a) | 13,215 | 572,342 | |
HealthEquity, Inc. (a)(b) | 32,600 | 2,422,506 | |
Henry Schein, Inc. (a)(b) | 71,897 | 4,975,272 | |
iKang Healthcare Group, Inc. sponsored ADR (a)(b) | 21,619 | 440,595 | |
Interpace Diagnostics Group, Inc. (b) | 50,899 | 42,246 | |
LHC Group, Inc. (b) | 12,008 | 924,256 | |
LifePoint Hospitals, Inc. (a)(b) | 19,261 | 1,017,944 | |
Magellan Health Services, Inc. (b) | 13,571 | 1,241,068 | |
National Research Corp. Class A | 12,123 | 417,637 | |
National Vision Holdings, Inc. (a) | 35,349 | 1,286,704 | |
Patterson Companies, Inc. (a) | 44,239 | 925,480 | |
Premier, Inc. (a)(b) | 24,650 | 804,083 | |
Providence Service Corp. (b) | 6,341 | 456,552 | |
Psychemedics Corp. | 2,537 | 50,486 | |
R1 RCM, Inc. (b) | 85,450 | 677,619 | |
RadNet, Inc. (b) | 48,044 | 610,159 | |
Sharps Compliance Corp. (b) | 5,820 | 21,534 | |
The Ensign Group, Inc. | 24,619 | 901,302 | |
The Joint Corp. (b) | 5,488 | 39,788 | |
Tivity Health, Inc. (a)(b) | 31,343 | 1,098,572 | |
43,173,858 | |||
Health Care Technology - 0.3% | |||
Allscripts Healthcare Solutions, Inc. (b) | 84,471 | 1,068,558 | |
athenahealth, Inc. (a)(b) | 19,161 | 2,883,156 | |
Cerner Corp. (b) | 145,159 | 8,663,089 | |
Computer Programs & Systems, Inc. (a) | 16,675 | 542,771 | |
Fulgent Genetics, Inc. (a)(b) | 8,707 | 31,432 | |
HealthStream, Inc. | 14,558 | 405,440 | |
HMS Holdings Corp. (b) | 39,826 | 861,436 | |
iCAD, Inc. (a)(b) | 7,155 | 24,184 | |
Inovalon Holdings, Inc. Class A (a)(b) | 61,134 | 635,794 | |
Medidata Solutions, Inc. (a)(b) | 30,082 | 2,321,127 | |
NantHealth, Inc. (a)(b) | 61,589 | 210,634 | |
Omnicell, Inc. (a)(b) | 22,397 | 1,042,580 | |
Quality Systems, Inc. (b) | 28,535 | 502,216 | |
Simulations Plus, Inc. | 14,071 | 270,163 | |
Streamline Health Solutions, Inc. (b) | 5,177 | 7,507 | |
Tabula Rasa HealthCare, Inc. (a)(b) | 9,318 | 508,297 | |
19,978,384 | |||
Life Sciences Tools & Services - 0.6% | |||
Accelerate Diagnostics, Inc. (a)(b) | 23,645 | 482,358 | |
Bio-Techne Corp. | 20,205 | 3,037,216 | |
Bruker Corp. | 76,381 | 2,312,053 | |
Champions Oncology, Inc. (b) | 7,123 | 32,125 | |
ChromaDex, Inc. (a)(b) | 23,441 | 78,996 | |
Codexis, Inc. (b) | 24,321 | 364,815 | |
Compugen Ltd. (a)(b) | 25,643 | 96,161 | |
Fluidigm Corp. (a)(b) | 15,450 | 86,057 | |
Harvard Bioscience, Inc. (b) | 31,153 | 137,073 | |
ICON PLC (b) | 25,562 | 3,296,987 | |
Illumina, Inc. (b) | 66,117 | 18,012,915 | |
Luminex Corp. | 21,339 | 604,320 | |
Medpace Holdings, Inc. (b) | 18,942 | 798,595 | |
Nanostring Technologies, Inc. (b) | 24,059 | 310,121 | |
NeoGenomics, Inc. (a)(b) | 66,146 | 767,294 | |
Pacific Biosciences of California, Inc. (a)(b) | 55,521 | 140,468 | |
PRA Health Sciences, Inc. (b) | 33,196 | 2,818,340 | |
Syneos Health, Inc. (a)(b) | 49,023 | 2,107,989 | |
35,483,883 | |||
Pharmaceuticals - 0.9% | |||
Acasti Pharma, Inc. (b) | 1,813 | 1,230 | |
AcelRx Pharmaceuticals, Inc. (a)(b) | 24,352 | 82,797 | |
Aclaris Therapeutics, Inc. (a)(b) | 23,252 | 420,164 | |
Adamis Pharmaceuticals Corp. (a)(b) | 15,605 | 67,102 | |
Aerie Pharmaceuticals, Inc. (a)(b) | 18,166 | 931,916 | |
Agile Therapeutics, Inc. (a)(b) | 25,026 | 14,015 | |
Akcea Therapeutics, Inc. (a) | 32,985 | 799,556 | |
Akorn, Inc. (b) | 66,088 | 923,249 | |
Alimera Sciences, Inc. (a)(b) | 20,331 | 15,940 | |
Amphastar Pharmaceuticals, Inc. (b) | 20,885 | 329,983 | |
ANI Pharmaceuticals, Inc. (a)(b) | 5,532 | 350,120 | |
ANI Pharmaceuticals, Inc. rights (b)(c) | 1,389 | 0 | |
Apricus Biosciences, Inc. (b) | 87,966 | 24,630 | |
Aratana Therapeutics, Inc. (b) | 19,628 | 100,103 | |
Assembly Biosciences, Inc. (a)(b) | 11,817 | 499,741 | |
AstraZeneca PLC rights (b)(c) | 3,011 | 0 | |
Athenex, Inc. (a) | 37,801 | 605,572 | |
Auris Medical Holding AG (a)(b) | 18,206 | 23,122 | |
Avadel Pharmaceuticals PLC sponsored ADR (a)(b) | 12,680 | 88,506 | |
Axsome Therapeutics, Inc. (b) | 11,637 | 38,984 | |
BeyondSpring, Inc. (a)(b) | 11,563 | 310,235 | |
Bio Path Holdings, Inc. (b) | 1,184 | 1,906 | |
Biodelivery Sciences International, Inc. (a)(b) | 25,909 | 66,068 | |
Chiasma, Inc. (a)(b) | 5,244 | 7,866 | |
Clearside Biomedical, Inc. (a)(b) | 11,815 | 116,496 | |
Clementia Pharmaceuticals, Inc. (a) | 15,203 | 215,427 | |
Collegium Pharmaceutical, Inc. (a)(b) | 13,791 | 311,952 | |
Corcept Therapeutics, Inc. (a)(b) | 53,716 | 993,746 | |
Corium International, Inc. (a)(b) | 18,409 | 157,213 | |
Correvio Pharma Corp. (a)(b) | 9,404 | 20,671 | |
Cumberland Pharmaceuticals, Inc. (b) | 7,820 | 46,216 | |
CymaBay Therapeutics, Inc. (b) | 15,586 | 202,150 | |
DepoMed, Inc. (a)(b) | 40,669 | 252,961 | |
Dermira, Inc. (b) | 19,729 | 171,248 | |
Dova Pharmaceuticals, Inc. | 10,618 | 233,490 | |
Durect Corp. (b) | 68,611 | 131,733 | |
Endo International PLC (a)(b) | 156,232 | 982,699 | |
Endocyte, Inc. (b) | 24,909 | 340,506 | |
Evofem Biosciences, Inc. (a)(b) | 806 | 2,958 | |
Evoke Pharma, Inc. (b) | 7,184 | 20,977 | |
Eyepoint Pharmaceuticals, Inc. (a)(b) | 15,200 | 32,984 | |
Flex Pharma, Inc. (a)(b) | 3,588 | 13,634 | |
Foamix Pharmaceuticals Ltd. (b) | 19,970 | 104,643 | |
Gemphire Therapeutics, Inc. (a)(b) | 15,088 | 93,546 | |
GW Pharmaceuticals PLC ADR (a)(b) | 15,420 | 2,482,466 | |
Horizon Pharma PLC (b) | 76,797 | 1,251,791 | |
Hutchison China Meditech Ltd. sponsored ADR (b) | 14,196 | 413,104 | |
Imprimis Pharmaceuticals, Inc. (a)(b) | 10,102 | 22,527 | |
Innocoll Holdings PLC rights (a)(c) | 9,257 | 0 | |
Innoviva, Inc. (a)(b) | 76,833 | 1,136,360 | |
IntelliPharmaCeutics International Corp. (a)(b) | 13,756 | 5,776 | |
Intersect ENT, Inc. (b) | 13,285 | 566,605 | |
Intra-Cellular Therapies, Inc. (b) | 36,898 | 858,985 | |
Jazz Pharmaceuticals PLC (b) | 32,525 | 5,496,725 | |
Juniper Pharmaceuticals, Inc. (b) | 6,485 | 56,095 | |
Kala Pharmaceuticals, Inc. (a) | 12,101 | 184,419 | |
KemPharm, Inc. (a)(b) | 8,237 | 51,069 | |
Lipocine, Inc. (a)(b) | 9,996 | 11,795 | |
Marinus Pharmaceuticals, Inc. (a)(b) | 8,484 | 53,025 | |
MediWound Ltd. (b) | 10,429 | 71,960 | |
Melinta Therapeutics, Inc. (a)(b) | 1,263 | 8,273 | |
Mersana Therapeutics, Inc. (a) | 8,132 | 170,203 | |
Merus B.V. (b) | 12,614 | 235,503 | |
Mustang Bio, Inc. (b) | 6,606 | 49,017 | |
Mylan NV (b) | 246,225 | 9,469,814 | |
MyoKardia, Inc. (a)(b) | 17,398 | 828,145 | |
Nabriva Therapeutics PLC (a) | 12,089 | 54,038 | |
Nektar Therapeutics (a)(b) | 80,466 | 6,459,006 | |
Neos Therapeutics, Inc. (b) | 13,274 | 89,600 | |
Novan, Inc. (b) | 4,231 | 13,328 | |
Novus Therapeutics, Inc. (b) | 372 | 3,006 | |
Omeros Corp. (a)(b) | 20,720 | 423,102 | |
Oncobiologics, Inc. (b) | 11,165 | 10,496 | |
Onconova Therapeutics, Inc. (a)(b) | 50,316 | 19,623 | |
Oramed Pharmaceuticals, Inc. (b) | 5,403 | 42,738 | |
Pacira Pharmaceuticals, Inc. (a)(b) | 19,021 | 651,469 | |
Pain Therapeutics, Inc. (a)(b) | 2,571 | 25,530 | |
Paratek Pharmaceuticals, Inc. (a)(b) | 12,912 | 134,930 | |
Pernix Therapeutics Holdings, Inc. (a)(b) | 12,118 | 28,114 | |
Phibro Animal Health Corp. Class A | 8,993 | 406,484 | |
ProPhase Labs, Inc. | 1,566 | 5,356 | |
Pulmatrix, Inc. (b) | 83,098 | 39,405 | |
Reata Pharmaceuticals, Inc. (a)(b) | 10,014 | 355,397 | |
Revance Therapeutics, Inc. (a)(b) | 31,051 | 866,323 | |
SCYNEXIS, Inc. (a)(b) | 9,903 | 17,825 | |
Supernus Pharmaceuticals, Inc. (a)(b) | 24,709 | 1,392,352 | |
Tetraphase Pharmaceuticals, Inc. (b) | 20,280 | 75,644 | |
The Medicines Company (a)(b) | 34,354 | 1,163,226 | |
TherapeuticsMD, Inc. (a)(b) | 115,106 | 680,276 | |
Theravance Biopharma, Inc. (a)(b) | 25,289 | 615,534 | |
Titan Pharmaceuticals, Inc. (a)(b) | 16,442 | 15,620 | |
UroGen Pharma Ltd. | 7,145 | 429,557 | |
VIVUS, Inc. (a)(b) | 18,394 | 13,887 | |
WAVE Life Sciences (a)(b) | 13,451 | 626,144 | |
Zogenix, Inc. (a)(b) | 19,447 | 827,470 | |
Zynerba Pharmaceuticals, Inc. (a)(b) | 6,159 | 65,717 | |
49,122,909 | |||
TOTAL HEALTH CARE | 611,305,963 | ||
INDUSTRIALS - 4.0% | |||
Aerospace & Defense - 0.2% | |||
AeroVironment, Inc. (a)(b) | 11,767 | 680,839 | |
Arotech Corp. (b) | 12,878 | 48,936 | |
Astronics Corp. (a)(b) | 13,979 | 492,061 | |
Astrotech Corp. (a)(b) | 716 | 1,375 | |
Axon Enterprise, Inc. (a)(b) | 24,516 | 1,561,179 | |
Elbit Systems Ltd. (a) | 24,206 | 2,857,518 | |
KEYW Holding Corp. (a)(b) | 33,591 | 317,435 | |
KLX, Inc.(b) | 27,652 | 2,041,547 | |
Kratos Defense & Security Solutions, Inc. (a)(b) | 59,238 | 662,873 | |
Mercury Systems, Inc. (a)(b) | 22,353 | 825,496 | |
RADA Electronic Industries Ltd. (a)(b) | 26,723 | 67,342 | |
TAT Technologies Ltd. | 4,822 | 38,576 | |
9,595,177 | |||
Air Freight & Logistics - 0.3% | |||
Air Transport Services Group, Inc. (b) | 27,857 | 584,997 | |
Atlas Air Worldwide Holdings, Inc. (b) | 12,202 | 831,566 | |
C.H. Robinson Worldwide, Inc. (a) | 68,972 | 6,000,564 | |
Echo Global Logistics, Inc. (a)(b) | 22,868 | 635,730 | |
Expeditors International of Washington, Inc. (a) | 87,768 | 6,536,961 | |
Forward Air Corp. | 14,204 | 842,581 | |
Hub Group, Inc. Class A (b) | 15,876 | 793,006 | |
16,225,405 | |||
Airlines - 0.4% | |||
Allegiant Travel Co. (a) | 7,775 | 1,176,746 | |
American Airlines Group, Inc. | 208,609 | 9,082,836 | |
Hawaiian Holdings, Inc. (a) | 28,263 | 1,045,731 | |
JetBlue Airways Corp. (b) | 166,804 | 3,150,928 | |
Ryanair Holdings PLC sponsored ADR (b) | 51,987 | 6,025,813 | |
SkyWest, Inc. (a) | 27,653 | 1,576,221 | |
22,058,275 | |||
Building Products - 0.1% | |||
AAON, Inc. (a) | 24,922 | 760,121 | |
American Woodmark Corp. (a)(b) | 13,459 | 1,387,623 | |
Apogee Enterprises, Inc. | 13,042 | 569,283 | |
Builders FirstSource, Inc. (b) | 52,023 | 1,018,610 | |
Caesarstone Sdot-Yam Ltd. (a) | 16,661 | 260,745 | |
China Ceramics Co. Ltd. (b) | 187 | 290 | |
CSW Industrials, Inc. (b) | 8,084 | 392,882 | |
Gibraltar Industries, Inc. (b) | 14,548 | 576,828 | |
Insteel Industries, Inc. | 8,597 | 268,914 | |
Patrick Industries, Inc. (a)(b) | 12,058 | 730,715 | |
Universal Forest Products, Inc. | 29,010 | 1,066,988 | |
7,032,999 | |||
Commercial Services & Supplies - 0.5% | |||
Casella Waste Systems, Inc. Class A (b) | 19,202 | 452,783 | |
CECO Environmental Corp. | 2,108 | 12,037 | |
China Recycling Energy Corp. (b) | 1,607 | 2,893 | |
Cimpress NV (a)(b) | 16,044 | 2,233,806 | |
Cintas Corp. | 48,407 | 8,822,176 | |
Copart, Inc. (b) | 119,458 | 6,549,882 | |
Essendant, Inc. (a) | 48,279 | 675,423 | |
Fuel Tech, Inc. (b) | 2,055 | 2,363 | |
Healthcare Services Group, Inc. (a) | 32,478 | 1,174,080 | |
Heritage-Crystal Clean, Inc. (b) | 10,757 | 218,367 | |
Herman Miller, Inc. | 25,497 | 835,027 | |
Hudson Technologies, Inc. (a)(b) | 20,528 | 45,162 | |
Industrial Services of America, Inc. (b) | 694 | 1,464 | |
InnerWorkings, Inc. (a)(b) | 29,464 | 258,989 | |
Interface, Inc. | 29,804 | 676,551 | |
Intersections, Inc. (a)(b) | 11,661 | 26,354 | |
Kimball International, Inc. Class B | 29,221 | 474,841 | |
Matthews International Corp. Class A (a) | 15,306 | 841,830 | |
McGrath RentCorp. | 12,344 | 803,348 | |
Mobile Mini, Inc. | 21,883 | 997,865 | |
Multi-Color Corp. (a) | 10,353 | 718,498 | |
Odyssey Marine Exploration, Inc. (a)(b) | 4,993 | 45,336 | |
Performant Financial Corp. (b) | 18,514 | 41,101 | |
Perma-Fix Environmental Services, Inc. (b) | 661 | 3,107 | |
Pointer Telocation Ltd. (b) | 3,830 | 53,620 | |
SP Plus Corp. (b) | 10,909 | 392,724 | |
Stericycle, Inc. (b) | 40,269 | 2,557,082 | |
Tetra Tech, Inc. | 27,164 | 1,492,662 | |
U.S. Ecology, Inc. | 10,215 | 619,029 | |
Virco Manufacturing Co. | 609 | 2,984 | |
VSE Corp. | 5,884 | 290,728 | |
31,322,112 | |||
Construction & Engineering - 0.0% | |||
Aegion Corp. (a)(b) | 17,040 | 437,928 | |
Great Lakes Dredge & Dock Corp. (b) | 18,480 | 92,862 | |
Ies Holdings, Inc. (a)(b) | 13,864 | 244,700 | |
Layne Christensen Co. (a)(b) | 14,133 | 215,387 | |
Limbach Holdings, Inc. (b) | 4,323 | 51,228 | |
MYR Group, Inc. (b) | 8,079 | 315,404 | |
Northwest Pipe Co. (b) | 2,043 | 43,005 | |
NV5 Holdings, Inc. (a)(b) | 4,878 | 306,338 | |
Primoris Services Corp. | 46,371 | 1,208,892 | |
Sterling Construction Co., Inc. (b) | 15,145 | 192,493 | |
3,108,237 | |||
Electrical Equipment - 0.1% | |||
Allied Motion Technologies, Inc. | 4,240 | 205,046 | |
American Superconductor Corp. (a)(b) | 6,555 | 45,623 | |
Ballard Power Systems, Inc. (a)(b) | 85,699 | 255,788 | |
Broadwind Energy, Inc. (b) | 6,588 | 16,865 | |
Encore Wire Corp. (a) | 9,806 | 474,610 | |
Energous Corp. (a)(b) | 9,632 | 177,518 | |
Energy Focus, Inc. (a)(b) | 4,044 | 9,625 | |
Enphase Energy, Inc. (b) | 27,458 | 157,334 | |
FuelCell Energy, Inc. (a)(b) | 111,193 | 207,931 | |
Highpower International, Inc. (a)(b) | 10,264 | 28,226 | |
Hydrogenics Corp. (a)(b) | 12,364 | 100,148 | |
Ideal Power, Inc. (a)(b) | 9,162 | 10,903 | |
LSI Industries, Inc. | 17,145 | 94,298 | |
Orion Energy Systems, Inc. (b) | 11,781 | 10,118 | |
Pioneer Power Solutions, Inc. (a)(b) | 3,776 | 18,880 | |
Plug Power, Inc. (a)(b) | 101,798 | 190,362 | |
Polar Power, Inc. (a)(b) | 5,654 | 35,224 | |
Powell Industries, Inc. | 6,368 | 215,302 | |
Preformed Line Products Co. | 3,355 | 258,503 | |
Revolution Lighting Technologies, Inc. (a)(b) | 23,491 | 100,072 | |
Sunrun, Inc. (a)(b) | 72,362 | 875,580 | |
TPI Composites, Inc. (b) | 16,176 | 425,429 | |
Ultralife Corp. (b) | 12,841 | 133,546 | |
Vicor Corp. (a)(b) | 13,636 | 597,939 | |
4,644,870 | |||
Industrial Conglomerates - 0.1% | |||
Icahn Enterprises LP | 87,329 | 6,007,362 | |
Raven Industries, Inc. (a) | 17,087 | 645,889 | |
6,653,251 | |||
Machinery - 0.6% | |||
Altra Industrial Motion Corp. (a) | 13,861 | 573,152 | |
American Railcar Industries, Inc. (a) | 9,681 | 393,726 | |
ARC Group Worldwide, Inc. (a)(b) | 7,999 | 18,798 | |
Astec Industries, Inc. | 11,101 | 649,520 | |
Blue Bird Corp. (a)(b) | 11,500 | 215,625 | |
Chart Industries, Inc. (a)(b) | 14,527 | 935,975 | |
Columbus McKinnon Corp. (NY Shares) | 10,776 | 446,450 | |
Commercial Vehicle Group, Inc. (b) | 38,630 | 306,336 | |
Dmc Global, Inc. | 9,729 | 436,346 | |
Eastern Co. | 4,547 | 138,911 | |
Energy Recovery, Inc. (a)(b) | 28,386 | 235,888 | |
ExOne Co. (a)(b) | 20,871 | 141,297 | |
Franklin Electric Co., Inc. | 21,709 | 1,004,041 | |
FreightCar America, Inc. | 5,386 | 92,208 | |
Gencor Industries, Inc. (b) | 8,433 | 131,976 | |
Hebron Technology Co. Ltd. (b) | 4,198 | 6,549 | |
Hurco Companies, Inc. | 4,416 | 211,747 | |
Jason Industries, Inc. (b) | 6,627 | 19,417 | |
Kornit Digital Ltd. (a)(b) | 15,114 | 259,205 | |
L.B. Foster Co. Class A (b) | 2,209 | 51,249 | |
Lincoln Electric Holdings, Inc. | 29,876 | 2,676,890 | |
Manitex International, Inc. (b) | 6,059 | 70,527 | |
MFRI, Inc. (b) | 438 | 4,117 | |
Middleby Corp. (a)(b) | 27,058 | 2,695,518 | |
NN, Inc. | 12,837 | 277,279 | |
Nordson Corp. (a) | 27,278 | 3,426,935 | |
Omega Flex, Inc. | 4,795 | 333,444 | |
PACCAR, Inc. | 158,952 | 9,891,583 | |
Park-Ohio Holdings Corp. | 6,160 | 243,012 | |
RBC Bearings, Inc. (b) | 11,635 | 1,462,636 | |
Sharing Economy International (b) | 50 | 176 | |
Spartan Motors, Inc. | 16,587 | 257,099 | |
Sun Hydraulics Corp. (a) | 24,883 | 1,238,178 | |
Taylor Devices, Inc. (b) | 1,597 | 16,401 | |
TriMas Corp. (b) | 22,655 | 647,933 | |
Twin Disc, Inc. (b) | 9,749 | 270,242 | |
Westport Fuel Systems, Inc. (b) | 26,542 | 69,805 | |
Woodward, Inc. | 32,540 | 2,465,556 | |
32,315,747 | |||
Marine - 0.0% | |||
Eagle Bulk Shipping, Inc. (a)(b) | 35,240 | 203,335 | |
EuroDry Ltd. (b) | 54 | 408 | |
Euroseas Ltd. (b) | 273 | 508 | |
Golden Ocean Group Ltd. (a) | 55,963 | 484,640 | |
Seanergy Martime Holdings Corp. (b) | 5,859 | 5,156 | |
Star Bulk Carriers Corp. (a)(b) | 30,746 | 405,540 | |
1,099,587 | |||
Professional Services - 0.5% | |||
51job, Inc. sponsored ADR (a)(b) | 18,304 | 1,947,546 | |
Acacia Research Corp. (b) | 44,233 | 170,297 | |
Barrett Business Services, Inc. | 3,450 | 297,459 | |
CoStar Group, Inc. (a)(b) | 18,504 | 7,054,095 | |
CRA International, Inc. | 5,504 | 297,766 | |
Exponent, Inc. | 15,367 | 1,510,576 | |
Forrester Research, Inc. | 15,189 | 641,735 | |
Heidrick & Struggles International, Inc. | 8,594 | 324,853 | |
Hudson Global, Inc. (b) | 2,315 | 3,773 | |
Huron Consulting Group, Inc. (b) | 10,488 | 424,764 | |
ICF International, Inc. | 8,762 | 619,035 | |
IHS Markit Ltd. (b) | 200,296 | 9,870,587 | |
Kelly Services, Inc. Class A (non-vtg.) | 20,284 | 454,564 | |
Kforce, Inc. | 14,214 | 478,301 | |
Lightbridge Corp. (a)(b) | 441 | 498 | |
Marathon Patent Group, Inc. (a)(b) | 37,183 | 51,684 | |
RCM Technologies, Inc. | 3,957 | 20,814 | |
Resources Connection, Inc. | 18,026 | 300,133 | |
RPX Corp. | 23,785 | 248,553 | |
Spherix, Inc. (a)(b) | 17,579 | 18,810 | |
Verisk Analytics, Inc. (b) | 69,553 | 7,389,311 | |
Willdan Group, Inc. (b) | 3,790 | 108,015 | |
32,233,169 | |||
Road & Rail - 0.9% | |||
AMERCO (a) | 9,308 | 3,005,926 | |
ArcBest Corp. | 12,222 | 579,934 | |
Avis Budget Group, Inc. (b) | 38,725 | 1,509,888 | |
Covenant Transport Group, Inc. Class A (b) | 7,574 | 227,826 | |
CSX Corp. | 396,318 | 25,621,959 | |
Daseke, Inc. (b) | 31,805 | 302,784 | |
Heartland Express, Inc. (a) | 39,011 | 728,725 | |
J.B. Hunt Transport Services, Inc. | 49,146 | 6,295,603 | |
Landstar System, Inc. | 19,373 | 2,196,898 | |
Marten Transport Ltd. | 25,413 | 579,416 | |
Old Dominion Freight Lines, Inc. (a) | 42,863 | 6,684,913 | |
P.A.M. Transportation Services, Inc. (b) | 2,906 | 117,984 | |
Patriot Transportation Holding, Inc. (b) | 199 | 3,731 | |
Saia, Inc. (a)(b) | 11,486 | 946,446 | |
U.S.A. Truck, Inc. (b) | 3,742 | 86,852 | |
Universal Logistics Holdings, Inc. | 16,034 | 399,247 | |
Werner Enterprises, Inc. (a) | 32,791 | 1,285,407 | |
YRC Worldwide, Inc. (b) | 46,541 | 498,920 | |
51,072,459 | |||
Trading Companies & Distributors - 0.3% | |||
Beacon Roofing Supply, Inc. (a)(b) | 33,447 | 1,401,429 | |
BMC Stock Holdings, Inc. (b) | 36,928 | 751,485 | |
DXP Enterprises, Inc. (b) | 7,792 | 304,044 | |
Fastenal Co. (a) | 131,239 | 6,985,852 | |
General Finance Corp. (b) | 12,327 | 132,515 | |
H&E Equipment Services, Inc. | 16,682 | 576,697 | |
HD Supply Holdings, Inc. (b) | 90,590 | 3,689,731 | |
Houston Wire & Cable Co. (a)(b) | 7,080 | 58,410 | |
Huttig Building Products, Inc. (a)(b) | 16,567 | 93,604 | |
Lawson Products, Inc. (b) | 4,692 | 112,843 | |
Nexeo Solutions, Inc. (b) | 43,193 | 418,108 | |
Rush Enterprises, Inc.: | |||
Class A (b) | 21,294 | 916,281 | |
Class B (b) | 219 | 9,277 | |
Titan Machinery, Inc. (b) | 10,211 | 184,717 | |
Transcat, Inc. (b) | 3,442 | 62,472 | |
Willis Lease Finance Corp. (b) | 2,622 | 83,616 | |
15,781,081 | |||
Transportation Infrastructure - 0.0% | |||
Grupo Aeroportuario Norte S.A.B. de CV ADR (a) | 4,198 | 159,860 | |
Yangtze River Port & Logisti (b) | 82,579 | 796,887 | |
956,747 | |||
TOTAL INDUSTRIALS | 234,099,116 | ||
INFORMATION TECHNOLOGY - 44.7% | |||
Communications Equipment - 2.1% | |||
ADTRAN, Inc. | 21,326 | 297,498 | |
Applied Optoelectronics, Inc. (a)(b) | 8,946 | 418,404 | |
Arris International PLC (b) | 86,658 | 2,190,714 | |
AudioCodes Ltd. (a)(b) | 20,574 | 148,750 | |
Aviat Networks, Inc. (b) | 2,287 | 40,114 | |
CalAmp Corp. (b) | 15,959 | 338,650 | |
Ceragon Networks Ltd. (b) | 36,506 | 125,946 | |
Cisco Systems, Inc. | 2,140,392 | 91,416,142 | |
Clearfield, Inc. (a)(b) | 10,561 | 114,059 | |
ClearOne, Inc. | 1,562 | 9,450 | |
CommScope Holding Co., Inc. (b) | 91,796 | 2,691,459 | |
Communications Systems, Inc. | 2,071 | 8,388 | |
Comtech Telecommunications Corp. | 10,513 | 329,057 | |
Dasan Zhone Solutions, Inc. (b) | 3,200 | 32,096 | |
Digi International, Inc. (b) | 13,084 | 153,083 | |
EchoStar Holding Corp. Class A (b) | 27,986 | 1,316,461 | |
EMCORE Corp. (b) | 13,673 | 69,732 | |
EXFO, Inc. (sub. vtg.) (b) | 8,342 | 29,081 | |
Extreme Networks, Inc. (b) | 51,155 | 440,445 | |
F5 Networks, Inc. (b) | 30,600 | 5,297,166 | |
Finisar Corp. (a)(b) | 55,382 | 897,742 | |
Gilat Satellite Networks Ltd. (a)(b) | 23,036 | 185,440 | |
Harmonic, Inc. (b) | 36,590 | 140,872 | |
Infinera Corp. (a)(b) | 78,146 | 687,685 | |
InterDigital, Inc. | 19,551 | 1,541,596 | |
Ituran Location & Control Ltd. | 12,623 | 416,559 | |
KVH Industries, Inc. (b) | 9,269 | 102,422 | |
Lantronix, Inc. (b) | 8,577 | 27,961 | |
Lumentum Holdings, Inc. (a)(b) | 32,405 | 1,903,794 | |
Mitel Networks Corp. (b) | 59,863 | 660,888 | |
NETGEAR, Inc. (a)(b) | 14,967 | 904,755 | |
NetScout Systems, Inc. (a)(b) | 52,440 | 1,415,880 | |
Oclaro, Inc. (b) | 78,646 | 673,210 | |
Parkervision, Inc. (a)(b) | 9,416 | 6,690 | |
PC-Tel, Inc. | 8,979 | 59,710 | |
Radcom Ltd. (a)(b) | 7,403 | 141,027 | |
Radware Ltd. (b) | 20,525 | 478,848 | |
Resonant, Inc. (a)(b) | 5,889 | 25,912 | |
Sierra Wireless, Inc. (a)(b) | 16,834 | 276,078 | |
Silicom Ltd. (a)(b) | 3,732 | 147,899 | |
Sonus Networks, Inc. (b) | 53,082 | 321,677 | |
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (a) | 223,899 | 1,614,312 | |
Tessco Technologies, Inc. | 7,463 | 135,080 | |
Ubiquiti Networks, Inc. (a)(b) | 40,774 | 3,367,525 | |
UTStarcom Holdings Corp. (a)(b) | 21,290 | 97,082 | |
ViaSat, Inc. (a)(b) | 31,181 | 1,952,242 | |
Viavi Solutions, Inc. (b) | 137,268 | 1,305,419 | |
Westell Technologies, Inc. Class A (b) | 4,115 | 11,975 | |
Wi-Lan, Inc. | 47,397 | 59,584 | |
125,026,559 | |||
Electronic Equipment & Components - 1.0% | |||
Akoustis Technologies, Inc. (a)(b) | 6,943 | 45,963 | |
Applied DNA Sciences, Inc. (a)(b) | 6,250 | 9,313 | |
Avnet, Inc. | 52,400 | 1,997,488 | |
Bel Fuse, Inc.: | |||
Class A | 1,125 | 18,146 | |
Class B (non-vtg.) | 5,258 | 101,479 | |
Cardtronics PLC (b) | 34,097 | 874,929 | |
Casa Systems, Inc. (a)(b) | 47,588 | 914,165 | |
CBAK Energy Technology, Inc. (a)(b) | 782 | 938 | |
CDW Corp. | 77,313 | 6,188,906 | |
ClearSign Combustion Corp. (a)(b) | 23,777 | 47,554 | |
Cognex Corp. (a) | 88,721 | 4,055,437 | |
Coherent, Inc. (b) | 11,714 | 1,956,824 | |
Control4 Corp. (b) | 11,000 | 272,690 | |
Daktronics, Inc. | 5,823 | 46,642 | |
Data I/O Corp. (b) | 15,054 | 104,324 | |
Deswell Industries, Inc. | 1,530 | 4,697 | |
Digital Ally, Inc. (a)(b) | 7,523 | 19,184 | |
Echelon Corp. (b) | 3,473 | 14,969 | |
Electro Scientific Industries, Inc. (a)(b) | 16,544 | 324,593 | |
ePlus, Inc. (b) | 6,332 | 575,895 | |
FARO Technologies, Inc. (b) | 8,422 | 451,840 | |
Flextronics International Ltd. (b) | 259,482 | 3,604,205 | |
FLIR Systems, Inc. | 69,504 | 3,746,266 | |
Frequency Electronics, Inc. (b) | 4,423 | 35,738 | |
Hollysys Automation Technologies Ltd. | 30,015 | 716,458 | |
I. D. Systems Inc. (b) | 7,502 | 42,911 | |
Identiv, Inc. (b) | 5,445 | 22,597 | |
II-VI, Inc. (a)(b) | 30,118 | 1,323,686 | |
Insight Enterprises, Inc. (b) | 16,823 | 788,999 | |
IPG Photonics Corp. (b) | 28,049 | 6,767,382 | |
Iteris, Inc. (a)(b) | 15,658 | 80,326 | |
Itron, Inc. (b) | 22,624 | 1,291,830 | |
KEY Tronic Corp. (b) | 4,924 | 41,411 | |
Kimball Electronics, Inc. (b) | 12,103 | 226,326 | |
LightPath Technologies, Inc. Class A (a)(b) | 12,016 | 25,354 | |
Littelfuse, Inc. (a) | 13,359 | 2,899,571 | |
LRAD Corp. (b) | 9,621 | 20,204 | |
Luna Innovations, Inc. (b) | 10,388 | 34,800 | |
Magal Security Systems Ltd. (a)(b) | 11,406 | 61,592 | |
Maxwell Technologies, Inc. (a)(b) | 16,295 | 83,919 | |
Mesa Laboratories, Inc. (a) | 1,941 | 308,774 | |
MicroVision, Inc. (a)(b) | 27,688 | 45,131 | |
MTS Systems Corp. (a) | 7,701 | 403,532 | |
Napco Security Technolgies, Inc. (b) | 11,834 | 140,233 | |
National Instruments Corp. (a) | 68,204 | 2,838,650 | |
Neonode, Inc. (a)(b) | 20,179 | 6,861 | |
NetList, Inc. (a)(b) | 160,196 | 28,050 | |
Novanta, Inc. (b) | 15,898 | 1,030,985 | |
Orbotech Ltd. (b) | 26,611 | 1,704,168 | |
OSI Systems, Inc. (b) | 8,827 | 605,356 | |
PC Connection, Inc. | 6,754 | 199,851 | |
PC Mall, Inc. (a)(b) | 27,632 | 337,110 | |
Perceptron, Inc. (b) | 6,131 | 58,919 | |
Plexus Corp. (b) | 26,004 | 1,512,133 | |
RadiSys Corp. (a)(b) | 91,031 | 67,700 | |
Research Frontiers, Inc. (a)(b) | 7,119 | 5,766 | |
Richardson Electronics Ltd. | 6,648 | 64,752 | |
Sanmina Corp. (b) | 31,164 | 897,523 | |
ScanSource, Inc. (b) | 11,521 | 451,047 | |
SGOCO Technology Ltd. (b) | 250 | 295 | |
Supercom Ltd. (a)(b) | 7,335 | 14,743 | |
Tech Data Corp. (b) | 17,454 | 1,515,182 | |
Trimble, Inc. (b) | 125,069 | 4,134,781 | |
TTM Technologies, Inc. (a)(b) | 47,743 | 860,806 | |
Wayside Technology Group, Inc. | 2,644 | 37,280 | |
Zebra Technologies Corp. Class A (b) | 26,864 | 4,123,893 | |
61,233,072 | |||
Internet Software & Services - 11.5% | |||
21Vianet Group, Inc. ADR (b) | 37,109 | 306,891 | |
2U, Inc. (a)(b) | 27,026 | 2,562,065 | |
Akamai Technologies, Inc. (b) | 84,269 | 6,352,197 | |
Alarm.com Holdings, Inc. (a)(b) | 23,739 | 1,054,724 | |
Alphabet, Inc.: | |||
Class A (b) | 131,215 | 144,336,500 | |
Class C (b) | 153,789 | 166,859,527 | |
ANGI Homeservices, Inc. Class A (a)(b) | 27,317 | 411,394 | |
AppFolio, Inc. (b) | 10,046 | 594,723 | |
Apptio, Inc. Class A (b) | 17,072 | 563,888 | |
Autoweb, Inc. (b) | 14,441 | 52,421 | |
Baidu.com, Inc. sponsored ADR (b) | 125,071 | 30,337,222 | |
Baozun, Inc. sponsored ADR (a)(b) | 18,222 | 1,117,191 | |
Benefitfocus, Inc. (a)(b) | 20,346 | 682,608 | |
BlackLine, Inc. (a)(b) | 29,439 | 1,225,251 | |
Blucora, Inc. (b) | 26,443 | 1,003,512 | |
Brightcove, Inc. (b) | 14,157 | 145,109 | |
BroadVision, Inc. (b) | 599 | 1,078 | |
Carbonite, Inc. (a)(b) | 19,969 | 774,797 | |
CarGurus, Inc. Class A (a) | 42,191 | 1,399,054 | |
China Finance Online Co. Ltd. ADR (a)(b) | 8,455 | 16,572 | |
Cornerstone OnDemand, Inc. (b) | 33,471 | 1,656,145 | |
Coupa Software, Inc. (b) | 29,615 | 1,580,849 | |
DocuSign, Inc. | 67,700 | 3,372,137 | |
Dropbox, Inc. Class A (a)(b) | 24,400 | 731,756 | |
eBay, Inc. (b) | 447,747 | 16,889,017 | |
eGain Communications Corp. (b) | 30,343 | 388,390 | |
Endurance International Group Holdings, Inc. (a)(b) | 92,566 | 828,466 | |
Etsy, Inc. (b) | 60,624 | 1,960,580 | |
Facebook, Inc. Class A (b) | 1,056,872 | 202,686,912 | |
Five9, Inc. (b) | 34,023 | 1,187,062 | |
Gogo, Inc. (a)(b) | 51,193 | 262,620 | |
Hortonworks, Inc. (b) | 40,803 | 725,477 | |
IAC/InterActiveCorp (b) | 38,940 | 6,041,152 | |
Internap Network Services Corp. (a)(b) | 9,074 | 98,362 | |
iPass, Inc. (b) | 28,524 | 12,636 | |
j2 Global, Inc. (a) | 24,054 | 2,031,120 | |
Jmu Ltd. sponsored ADR (b) | 6,361 | 3,435 | |
Limelight Networks, Inc. (b) | 51,157 | 250,669 | |
Liquidity Services, Inc. (b) | 19,085 | 107,830 | |
LivePerson, Inc. (b) | 27,391 | 530,016 | |
LogMeIn, Inc. (a) | 26,371 | 2,845,431 | |
Marchex, Inc. Class B | 21,411 | 57,810 | |
Match Group, Inc. (a)(b) | 31,529 | 1,297,418 | |
MeetMe, Inc. (b) | 30,230 | 110,340 | |
MercadoLibre, Inc. | 19,844 | 5,771,231 | |
Mimecast Ltd. (b) | 31,715 | 1,413,538 | |
MINDBODY, Inc. (a)(b) | 24,719 | 973,929 | |
Momo, Inc. ADR (b) | 74,014 | 3,398,723 | |
My Size, Inc. (a)(b) | 46,419 | 53,846 | |
NetEase, Inc. ADR | 33,699 | 7,694,156 | |
NIC, Inc. | 34,557 | 530,450 | |
Nutanix, Inc. Class A (a)(b) | 54,235 | 2,898,861 | |
Okta, Inc. (a)(b) | 23,076 | 1,297,102 | |
Perion Network Ltd. (b) | 1,315 | 1,604 | |
Points International Ltd. (b) | 7,506 | 109,212 | |
Professional Diversity Network, Inc. (a)(b) | 1,922 | 6,074 | |
QuinStreet, Inc. (b) | 27,593 | 378,300 | |
Qumu Corp. (b) | 2,780 | 6,366 | |
Reis, Inc. | 7,676 | 165,802 | |
Remark Holdings, Inc. (a)(b) | 25,112 | 110,995 | |
SecureWorks Corp. (a)(b) | 6,170 | 64,106 | |
Seven Stars Cloud Group, Inc. (a)(b) | 51,296 | 120,033 | |
ShotSpotter, Inc. (a) | 4,060 | 117,821 | |
SINA Corp. (b) | 36,721 | 3,335,001 | |
Sohu.com, Inc. (a)(b) | 18,373 | 666,205 | |
SPS Commerce, Inc. (b) | 10,477 | 779,803 | |
Stamps.com, Inc. (b) | 8,575 | 2,150,610 | |
Support.com, Inc. (b) | 16,704 | 47,940 | |
Synacor, Inc. (a)(b) | 19,246 | 36,567 | |
TechTarget, Inc. (b) | 19,894 | 533,955 | |
The Trade Desk, Inc. (a)(b) | 13,991 | 1,196,650 | |
Tintri, Inc. (a) | 26,691 | 11,779 | |
Travelzoo, Inc. (b) | 6,862 | 115,625 | |
TrueCar, Inc. (b) | 47,865 | 469,556 | |
Tucows, Inc. (a)(b) | 5,097 | 319,327 | |
VeriSign, Inc. (b) | 56,571 | 7,379,121 | |
Web.com Group, Inc. (a)(b) | 44,683 | 873,553 | |
Weibo Corp. sponsored ADR (a)(b) | 33,192 | 3,382,597 | |
Wix.com Ltd. (a)(b) | 21,005 | 1,826,385 | |
Xunlei Ltd. sponsored ADR (a)(b) | 16,359 | 202,361 | |
Yandex NV Series A (b) | 146,102 | 4,897,339 | |
Yatra Online, Inc. (a)(b) | 66,851 | 504,057 | |
YY, Inc. ADR (b) | 26,047 | 3,035,257 | |
Zillow Group, Inc.: | |||
Class A (a)(b) | 38,378 | 2,235,135 | |
Class C (a)(b) | 51,068 | 2,978,796 | |
667,542,122 | |||
IT Services - 2.4% | |||
Acxiom Corp. (b) | 35,961 | 1,053,298 | |
ALJ Regional Holdings, Inc. (b) | 15,043 | 24,520 | |
Amdocs Ltd. | 67,104 | 4,526,836 | |
Automatic Data Processing, Inc. | 199,364 | 25,921,307 | |
Blackhawk Network Holdings, Inc. (b) | 26,650 | 1,199,250 | |
Cass Information Systems, Inc. | 4,798 | 298,292 | |
China Customer Relations Centers, Inc. (a)(b) | 7,958 | 158,046 | |
China Information Technology, Inc. (b) | 20,266 | 35,871 | |
Cognizant Technology Solutions Corp. Class A | 256,815 | 19,351,010 | |
Computer Task Group, Inc. (b) | 19,062 | 138,771 | |
CSG Systems International, Inc. (a) | 15,561 | 643,914 | |
CSP, Inc. | 2,505 | 23,873 | |
Edgewater Technology, Inc. (b) | 6,041 | 32,682 | |
Euronet Worldwide, Inc. (b) | 24,742 | 2,073,627 | |
Exela Technologies, Inc. (b) | 87,567 | 413,316 | |
ExlService Holdings, Inc. (b) | 23,212 | 1,315,888 | |
Fiserv, Inc. (b) | 178,022 | 12,924,397 | |
Hackett Group, Inc. | 6,875 | 110,688 | |
Information Services Group, Inc. (b) | 21,642 | 87,217 | |
Innodata, Inc. (b) | 162 | 203 | |
Inpixon (b) | 6 | 2 | |
Jack Henry & Associates, Inc. | 34,441 | 4,307,191 | |
JetPay Corp. (b) | 3,116 | 6,232 | |
ManTech International Corp. Class A (a) | 12,185 | 656,893 | |
Mattersight Corp. (b) | 20,265 | 54,716 | |
ModusLink Global Solutions, Inc. (b) | 31,319 | 64,204 | |
MoneyGram International, Inc. (b) | 23,636 | 156,707 | |
Net 1 UEPS Technologies, Inc. (a)(b) | 21,299 | 207,878 | |
Paychex, Inc. | 160,887 | 10,550,969 | |
PayPal Holdings, Inc. (b) | 535,883 | 43,979,918 | |
Perficient, Inc. (a)(b) | 17,917 | 467,813 | |
PFSweb, Inc. (b) | 12,471 | 133,440 | |
Presidio, Inc. (a)(b) | 43,131 | 577,093 | |
PRG-Schultz International, Inc. (b) | 9,282 | 89,571 | |
QIWI PLC Class B sponsored ADR (a) | 21,543 | 350,720 | |
Sabre Corp. (a) | 140,088 | 3,433,557 | |
ServiceSource International, Inc. (b) | 30,958 | 129,714 | |
Sykes Enterprises, Inc. (a)(b) | 35,047 | 986,573 | |
Syntel, Inc. (a)(b) | 40,576 | 1,278,144 | |
Ttec Holdings, Inc. | 21,962 | 775,259 | |
Virtusa Corp. (b) | 14,348 | 696,595 | |
139,236,195 | |||
Semiconductors & Semiconductor Equipment - 9.4% | |||
Acacia Communications, Inc. (b) | 18,372 | 594,150 | |
Adesto Technologies Corp. (b) | 6,015 | 54,737 | |
Advanced Energy Industries, Inc. (b) | 23,294 | 1,526,456 | |
Advanced Micro Devices, Inc. (a)(b) | 487,749 | 6,696,794 | |
Alpha & Omega Semiconductor Ltd. (b) | 13,400 | 208,102 | |
Ambarella, Inc. (a)(b) | 15,570 | 760,750 | |
Amkor Technology, Inc. (a)(b) | 114,019 | 1,037,573 | |
Amtech Systems, Inc. (b) | 7,143 | 70,430 | |
Analog Devices, Inc. | 161,869 | 15,730,429 | |
Applied Materials, Inc. | 471,745 | 23,955,211 | |
ASML Holding NV (a) | 34,897 | 6,862,495 | |
Atomera, Inc. (b) | 6,089 | 36,595 | |
Axcelis Technologies, Inc. (b) | 13,514 | 287,173 | |
AXT, Inc. (a)(b) | 19,692 | 142,767 | |
Broadcom, Inc. | 182,739 | 46,063,020 | |
Brooks Automation, Inc. | 32,499 | 1,062,067 | |
Cabot Microelectronics Corp. | 14,635 | 1,656,243 | |
Camtek Ltd. (a) | 16,454 | 132,784 | |
Canadian Solar, Inc. (a)(b) | 28,216 | 468,668 | |
Cavium, Inc. (b) | 33,282 | 2,782,708 | |
Ceva, Inc. (b) | 10,180 | 343,066 | |
ChipMOS TECHNOLOGIES, Inc. sponsored ADR | 6,988 | 100,977 | |
Cirrus Logic, Inc. (a)(b) | 29,436 | 1,103,261 | |
Cohu, Inc. | 13,514 | 324,606 | |
Cree, Inc. (a)(b) | 51,417 | 2,397,061 | |
CVD Equipment Corp. (b) | 3,218 | 22,848 | |
CyberOptics Corp. (a)(b) | 5,253 | 90,089 | |
Cypress Semiconductor Corp. (a) | 181,126 | 2,981,334 | |
Diodes, Inc. (b) | 23,421 | 801,935 | |
DSP Group, Inc. (b) | 14,901 | 190,733 | |
Entegris, Inc. | 78,186 | 2,744,329 | |
First Solar, Inc. (a)(b) | 52,992 | 3,582,789 | |
FormFactor, Inc. (b) | 32,758 | 443,871 | |
GSI Technology, Inc. (b) | 9,353 | 71,270 | |
Hanwha Solarone Co. Ltd. sponsored ADR (b) | 2,413 | 17,374 | |
Himax Technologies, Inc. sponsored ADR (a) | 50,546 | 376,568 | |
Ichor Holdings Ltd. (a)(b) | 11,068 | 275,372 | |
Integrated Device Technology, Inc. (a)(b) | 70,666 | 2,348,938 | |
Intel Corp. | 2,055,223 | 113,448,310 | |
Intermolecular, Inc. (a)(b) | 16,622 | 23,769 | |
JA Solar Holdings Co. Ltd. ADR (a)(b) | 46,736 | 338,369 | |
KLA-Tencor Corp. | 70,886 | 8,026,422 | |
Kopin Corp. (a)(b) | 35,617 | 125,728 | |
Kulicke & Soffa Industries, Inc. (b) | 32,745 | 788,500 | |
Lam Research Corp. (a) | 72,903 | 14,447,917 | |
Lattice Semiconductor Corp. (b) | 58,906 | 338,710 | |
MACOM Technology Solutions Holdings, Inc. (a)(b) | 40,852 | 921,213 | |
Marvell Technology Group Ltd. (a) | 246,347 | 5,306,314 | |
Maxim Integrated Products, Inc. | 124,468 | 7,300,048 | |
Mellanox Technologies Ltd. (b) | 27,353 | 2,335,946 | |
Microchip Technology, Inc. (a) | 105,716 | 10,294,624 | |
Micron Technology, Inc. (b) | 514,692 | 29,641,112 | |
MKS Instruments, Inc. | 28,099 | 3,152,708 | |
Monolithic Power Systems, Inc. (a) | 22,604 | 2,979,433 | |
Nanometrics, Inc. (b) | 11,968 | 502,297 | |
Nova Measuring Instruments Ltd. (b) | 13,245 | 386,224 | |
NVE Corp. | 1,950 | 215,573 | |
NVIDIA Corp. | 268,806 | 67,790,185 | |
NXP Semiconductors NV (b) | 169,611 | 19,335,654 | |
O2Micro International Ltd. sponsored ADR (b) | 13,662 | 21,859 | |
ON Semiconductor Corp. (b) | 203,671 | 5,118,252 | |
PDF Solutions, Inc. (a)(b) | 32,569 | 411,672 | |
Photronics, Inc. (b) | 34,068 | 296,392 | |
Pixelworks, Inc. (a)(b) | 14,146 | 58,706 | |
Power Integrations, Inc. | 13,958 | 1,048,944 | |
Qorvo, Inc. (a)(b) | 64,363 | 5,165,131 | |
Qualcomm, Inc. (a) | 660,717 | 38,400,872 | |
QuickLogic Corp. (a)(b) | 32,535 | 39,042 | |
Rambus, Inc. (a)(b) | 93,305 | 1,255,885 | |
Rubicon Technology, Inc. (b) | 229 | 1,738 | |
SemiLEDs Corp. (a)(b) | 5,650 | 22,374 | |
Semtech Corp. (b) | 31,054 | 1,503,014 | |
Sigma Designs, Inc. (b) | 15,696 | 97,315 | |
Silicon Laboratories, Inc. (b) | 23,698 | 2,502,509 | |
Silicon Motion Technology Corp. sponsored ADR (a) | 16,521 | 803,416 | |
Skyworks Solutions, Inc. | 83,957 | 8,279,000 | |
SMART Global Holdings, Inc. | 10,275 | 457,546 | |
SolarEdge Technologies, Inc. (a)(b) | 19,749 | 1,102,982 | |
SunPower Corp. (a)(b) | 65,341 | 548,211 | |
Synaptics, Inc. (a)(b) | 17,364 | 729,983 | |
Texas Instruments, Inc. (a) | 436,634 | 48,863,711 | |
Tower Semiconductor Ltd. (a)(b) | 44,863 | 1,162,849 | |
Ultra Clean Holdings, Inc. (a)(b) | 15,545 | 273,903 | |
Universal Display Corp. (a) | 24,632 | 2,438,568 | |
Veeco Instruments, Inc. (b) | 25,984 | 443,027 | |
Xcerra Corp. (b) | 24,304 | 334,666 | |
Xilinx, Inc. | 114,090 | 7,770,670 | |
Xperi Corp. | 36,199 | 714,930 | |
545,911,796 | |||
Software - 10.5% | |||
ACI Worldwide, Inc. (a)(b) | 56,009 | 1,352,617 | |
Activision Blizzard, Inc. (a) | 339,295 | 24,059,408 | |
Adobe Systems, Inc. (b) | 219,582 | 54,737,401 | |
Agilysys, Inc. (b) | 16,359 | 232,625 | |
Allot Communications Ltd. (b) | 18,186 | 97,841 | |
American Software, Inc. Class A | 11,793 | 155,314 | |
ANSYS, Inc. (b) | 42,992 | 6,999,098 | |
Aspen Technology, Inc. (b) | 34,824 | 3,247,686 | |
Asure Software, Inc. (a)(b) | 9,142 | 160,259 | |
Atlassian Corp. PLC (a)(b) | 45,663 | 2,912,843 | |
Attunity Ltd. (b) | 4,211 | 49,100 | |
Autodesk, Inc. (b) | 99,940 | 12,902,254 | |
Aware, Inc. (b) | 11,224 | 43,774 | |
Blackbaud, Inc. (a) | 23,395 | 2,280,311 | |
Bottomline Technologies, Inc. (a)(b) | 25,365 | 1,206,359 | |
BSQUARE Corp. (b) | 4,329 | 14,286 | |
CA Technologies, Inc. | 189,015 | 6,755,396 | |
Cadence Design Systems, Inc. (b) | 129,194 | 5,484,285 | |
CDK Global, Inc. | 65,695 | 4,227,473 | |
Changyou.com Ltd. (A Shares) ADR (a) | 9,360 | 175,313 | |
Check Point Software Technologies Ltd. (a)(b) | 70,452 | 6,859,207 | |
Citrix Systems, Inc. (a)(b) | 55,699 | 5,882,928 | |
CommVault Systems, Inc. (b) | 21,421 | 1,464,125 | |
CounterPath Corp. (a)(b) | 952 | 2,494 | |
CyberArk Software Ltd. (a)(b) | 19,514 | 1,187,427 | |
Datawatch Corp. (b) | 4,467 | 43,553 | |
Descartes Systems Group, Inc. (Canada) (b) | 36,601 | 1,092,158 | |
Digimarc Corp. (a)(b) | 13,614 | 398,210 | |
Digital Turbine, Inc. (a)(b) | 32,983 | 61,348 | |
Ebix, Inc. (a) | 14,856 | 1,108,258 | |
Electronic Arts, Inc. (b) | 136,797 | 17,908,095 | |
Everbridge, Inc. (b) | 13,356 | 615,311 | |
Evolving Systems, Inc. (b) | 7,319 | 24,153 | |
FireEye, Inc. (a)(b) | 92,253 | 1,539,703 | |
Forescout Technologies, Inc. (b) | 26,494 | 796,940 | |
Fortinet, Inc. (b) | 83,572 | 5,112,935 | |
GigaMedia Ltd. (b) | 1,007 | 2,961 | |
Glu Mobile, Inc. (b) | 63,428 | 357,734 | |
Gravity Co. Ltd. ADR (b) | 2,127 | 149,826 | |
Imperva, Inc. (b) | 19,961 | 968,109 | |
Inseego Corp. (a)(b) | 47,483 | 86,894 | |
Intuit, Inc. | 111,984 | 22,575,974 | |
Magic Software Enterprises Ltd. | 21,539 | 186,312 | |
Manhattan Associates, Inc. (a)(b) | 33,041 | 1,437,944 | |
Materialise NV ADR (a)(b) | 6,225 | 75,198 | |
Microsoft Corp. (a) | 3,396,384 | 335,698,595 | |
MicroStrategy, Inc. Class A (b) | 5,388 | 698,123 | |
Mitek Systems, Inc. (b) | 15,155 | 131,091 | |
MobileIron, Inc. (b) | 43,976 | 189,097 | |
Monotype Imaging Holdings, Inc. | 44,619 | 963,770 | |
NetSol Technologies, Inc. (b) | 5,108 | 31,925 | |
NICE Systems Ltd. sponsored ADR (a)(b) | 19,445 | 2,056,309 | |
Nuance Communications, Inc. (b) | 136,277 | 1,841,102 | |
NXT-ID, Inc. (a)(b) | 787 | 1,464 | |
Open Text Corp. | 132,010 | 4,604,976 | |
Parametric Technology Corp. (a)(b) | 57,287 | 4,940,431 | |
Park City Group, Inc. (a)(b) | 9,653 | 70,950 | |
Paylocity Holding Corp. (a)(b) | 26,449 | 1,580,328 | |
Pegasystems, Inc. | 36,495 | 2,257,216 | |
Progress Software Corp. | 22,486 | 851,770 | |
Proofpoint, Inc. (b) | 23,355 | 2,729,966 | |
QAD, Inc. Class A | 9,502 | 492,679 | |
Qualys, Inc. (a)(b) | 21,343 | 1,642,344 | |
Rapid7, Inc. (b) | 29,622 | 938,129 | |
RealPage, Inc. (b) | 43,170 | 2,536,238 | |
Red Violet, Inc. (a)(b) | 13,190 | 95,628 | |
RMG Networks Holding Corp. (a)(b) | 6,918 | 8,440 | |
Sapiens International Corp. NV (a) | 25,327 | 235,288 | |
SeaChange International, Inc. (b) | 20,866 | 58,425 | |
SITO Mobile Ltd. (a)(b) | 29,695 | 113,435 | |
Smith Micro Software, Inc. (a)(b) | 15,074 | 31,052 | |
Sonic Foundry, Inc. (b) | 478 | 1,123 | |
Sphere 3D Corp. (a)(b) | 35,059 | 20,432 | |
Splunk, Inc. (b) | 72,789 | 8,065,749 | |
SS&C Technologies Holdings, Inc. | 104,615 | 5,325,950 | |
Symantec Corp. | 279,481 | 5,807,615 | |
Synopsys, Inc. (b) | 65,990 | 5,811,739 | |
Take-Two Interactive Software, Inc. (b) | 51,358 | 5,756,205 | |
Talend SA ADR (a)(b) | 13,752 | 780,839 | |
TeleNav, Inc. (b) | 20,010 | 107,054 | |
The9 Ltd. sponsored ADR (a)(b) | 2,077 | 2,326 | |
TiVo Corp. | 62,688 | 902,707 | |
Top Image Systems Ltd. (a)(b) | 2,532 | 2,659 | |
Ultimate Software Group, Inc. (a)(b) | 15,530 | 4,071,190 | |
Upland Software, Inc. (b) | 8,828 | 315,866 | |
Varonis Systems, Inc. (b) | 12,603 | 978,623 | |
Vasco Data Security International, Inc. (b) | 24,175 | 523,389 | |
Verint Systems, Inc. (b) | 29,994 | 1,265,747 | |
Workday, Inc. Class A (a)(b) | 63,410 | 8,304,174 | |
Zix Corp. (b) | 23,272 | 125,902 | |
Zscaler, Inc. (a)(b) | 57,856 | 1,519,299 | |
Zynga, Inc. (b) | 360,444 | 1,585,954 | |
613,104,753 | |||
Technology Hardware, Storage & Peripherals - 7.8% | |||
Apple, Inc. | 2,237,071 | 418,041,415 | |
Astro-Med, Inc. | 3,663 | 69,231 | |
Avid Technology, Inc. (a)(b) | 21,480 | 109,548 | |
China TechFaith Wireless Communication Technology Ltd. sponsored ADR (b) | 356 | 733 | |
CPI Card Group (a) | 1,132 | 3,011 | |
Cray, Inc. (b) | 20,350 | 506,715 | |
Electronics for Imaging, Inc. (a)(b) | 24,032 | 803,390 | |
Everspin Technologies, Inc. (a)(b) | 17,264 | 132,415 | |
Immersion Corp. (a)(b) | 17,574 | 266,598 | |
Intevac, Inc. (b) | 24,594 | 115,592 | |
Logitech International SA (a) | 84,467 | 3,433,584 | |
NetApp, Inc. | 134,433 | 9,184,463 | |
On Track Innovations Ltd. (a)(b) | 22,179 | 28,611 | |
Seagate Technology LLC | 126,792 | 7,144,729 | |
Stratasys Ltd. (a)(b) | 26,737 | 497,308 | |
Super Micro Computer, Inc. (a)(b) | 24,874 | 599,463 | |
Transact Technologies, Inc. | 5,746 | 62,344 | |
U.S.A. Technologies, Inc. (b) | 20,926 | 281,455 | |
Western Digital Corp. | 133,125 | 11,117,269 | |
452,397,874 | |||
TOTAL INFORMATION TECHNOLOGY | 2,604,452,371 | ||
MATERIALS - 0.5% | |||
Chemicals - 0.1% | |||
A. Schulman, Inc. | 13,424 | 587,300 | |
Advanced Emissions Solutions, Inc. (a) | 9,725 | 107,850 | |
AgroFresh Solutions, Inc. (a)(b) | 20,373 | 144,037 | |
Balchem Corp. | 15,147 | 1,460,625 | |
Burcon NutraScience Corp. (b) | 838 | 330 | |
Fuwei Films Holdings Co. Ltd. (b) | 232 | 814 | |
Gulf Resources, Inc. (b) | 18,051 | 25,813 | |
Hawkins, Inc. | 5,991 | 187,818 | |
Innophos Holdings, Inc. | 9,455 | 449,396 | |
Innospec, Inc. | 11,180 | 857,506 | |
MagneGas Corp. (b) | 157 | 70 | |
Marrone Bio Innovations, Inc. (b) | 19,941 | 32,504 | |
Methanex Corp. | 44,064 | 3,010,326 | |
Northern Technologies International Corp. | 430 | 13,438 | |
Senomyx, Inc. (b) | 3,481 | 4,734 | |
Tantech Holdings Ltd. (a)(b) | 59,495 | 211,802 | |
Yield10 Bioscience, Inc. (b) | 456 | 766 | |
7,095,129 | |||
Construction Materials - 0.0% | |||
China Advanced Construction Materials Group, Inc. (b) | 135 | 385 | |
Tecnoglass, Inc. (a) | 16,338 | 142,304 | |
U.S. Concrete, Inc. (a)(b) | 10,081 | 614,437 | |
United States Lime & Minerals, Inc. | 2,630 | 207,770 | |
964,896 | |||
Containers & Packaging - 0.1% | |||
Silgan Holdings, Inc. (a) | 52,428 | 1,427,090 | |
UFP Technologies, Inc. (b) | 5,073 | 155,234 | |
1,582,324 | |||
Metals & Mining - 0.3% | |||
Century Aluminum Co. (b) | 40,766 | 722,374 | |
China Natural Resources, Inc. (a)(b) | 11,233 | 22,354 | |
Ferroglobe PLC | 79,748 | 815,822 | |
Ferroglobe Representation & Warranty Insurance (b)(c) | 23,476 | 0 | |
Haynes International, Inc. (a) | 7,034 | 299,508 | |
Kaiser Aluminum Corp. (a) | 9,749 | 1,074,925 | |
Mountain Province Diamonds, Inc. (a)(b) | 73,559 | 187,216 | |
Olympic Steel, Inc. | 6,599 | 152,635 | |
Pan American Silver Corp. | 72,791 | 1,287,673 | |
Pershing Gold Corp. (a)(b) | 17,038 | 32,713 | |
Randgold Resources Ltd. sponsored ADR (a) | 18,027 | 1,433,507 | |
Royal Gold, Inc. (a) | 31,338 | 2,809,765 | |
Schnitzer Steel Industries, Inc. Class A (a) | 30,059 | 936,338 | |
Ssr Mining, Inc. (b) | 55,264 | 565,597 | |
Steel Dynamics, Inc. | 121,315 | 5,996,600 | |
Synalloy Corp. | 4,836 | 90,917 | |
Universal Stainless & Alloy Products, Inc. (b) | 2,681 | 64,880 | |
ZK International Group Co. Ltd. | 8,117 | 53,897 | |
16,546,721 | |||
Paper & Forest Products - 0.0% | |||
Mercer International, Inc. (SBI) | 31,334 | 502,911 | |
Pope Resources, Inc. LP | 1,792 | 127,322 | |
630,233 | |||
TOTAL MATERIALS | 26,819,303 | ||
REAL ESTATE - 1.0% | |||
Equity Real Estate Investment Trusts (REITs) - 0.9% | |||
CareTrust (REIT), Inc. | 57,176 | 942,832 | |
CIM Commercial Trust Corp. (a) | 31,786 | 473,611 | |
CyrusOne, Inc. | 43,736 | 2,422,100 | |
Equinix, Inc. | 40,341 | 16,009,326 | |
Gaming & Leisure Properties | 103,234 | 3,623,513 | |
Gladstone Commercial Corp. | 11,862 | 223,006 | |
Gladstone Land Corp. (a) | 5,578 | 71,175 | |
Global Self Storage, Inc. | 4,374 | 18,327 | |
Government Properties Income Trust (a) | 61,858 | 898,797 | |
Hospitality Properties Trust (SBI) | 77,851 | 2,253,786 | |
Industrial Logistics Properties Trust (b) | 31,923 | 679,321 | |
Lamar Advertising Co. Class A | 41,151 | 2,848,472 | |
Potlatch Corp. | 18,771 | 947,936 | |
Retail Opportunity Investments Corp. | 51,926 | 940,899 | |
Sabra Health Care REIT, Inc. | 102,904 | 2,133,200 | |
SBA Communications Corp. Class A (b) | 59,685 | 9,434,408 | |
Select Income REIT | 72,601 | 1,568,182 | |
Senior Housing Properties Trust (SBI) | 153,254 | 2,706,466 | |
Sotherly Hotels, Inc. | 13,575 | 92,446 | |
Uniti Group, Inc. (a) | 89,098 | 1,868,385 | |
Wheeler REIT, Inc. (a) | 13,378 | 55,519 | |
50,211,707 | |||
Real Estate Management & Development - 0.1% | |||
Altisource Portfolio Solutions SA (a)(b) | 9,479 | 278,493 | |
Boston Omaha Corp. (a) | 10,505 | 252,120 | |
Brookfield Property Partners LP | 141,685 | 2,802,885 | |
China HGS Real Estate, Inc. (a)(b) | 7,388 | 11,969 | |
Colliers International Group, Inc. | 17,141 | 1,236,595 | |
Cresud S.A.C.I.F. y A. sponsored ADR (a) | 31,603 | 535,039 | |
Elbit Imaging Ltd. (b) | 37 | 79 | |
FirstService Corp. | 19,478 | 1,370,641 | |
FRP Holdings, Inc. (b) | 5,743 | 326,202 | |
Griffin Industrial Realty, Inc. | 2,554 | 105,582 | |
Gyrodyne LLC | 1,037 | 20,771 | |
Landmark Infrastructure Partners LP | 12,077 | 161,228 | |
Redfin Corp. (a) | 39,042 | 862,828 | |
Stratus Properties, Inc. (b) | 4,283 | 134,058 | |
8,098,490 | |||
TOTAL REAL ESTATE | 58,310,197 | ||
TELECOMMUNICATION SERVICES - 0.6% | |||
Diversified Telecommunication Services - 0.1% | |||
Alaska Communication Systems Group, Inc. (b) | 28,590 | 47,459 | |
Atlantic Tele-Network, Inc. | 7,850 | 422,566 | |
B Communications Ltd. (b) | 6,422 | 64,284 | |
Cogent Communications Group, Inc. (a) | 21,235 | 1,087,232 | |
Consolidated Communications Holdings, Inc. (a) | 36,702 | 411,429 | |
Hawaiian Telcom Holdco, Inc. (b) | 7,559 | 198,726 | |
Internet Gold Golden Lines Ltd. (a)(b) | 2,833 | 7,932 | |
Iridium Communications, Inc. (a)(b) | 44,902 | 682,510 | |
magicJack VocalTec Ltd. (a)(b) | 18,264 | 154,331 | |
ORBCOMM, Inc. (a)(b) | 33,754 | 326,064 | |
PDVWireless, Inc. (a)(b) | 6,652 | 168,628 | |
Sify Technologies Ltd. sponsored ADR (a) | 1,965 | 3,832 | |
3,574,993 | |||
Wireless Telecommunication Services - 0.5% | |||
Boingo Wireless, Inc. (b) | 17,559 | 377,694 | |
Partner Communications Co. Ltd. ADR (b) | 1,446 | 5,856 | |
Shenandoah Telecommunications Co. (a) | 23,353 | 744,961 | |
Spok Holdings, Inc. | 5,169 | 79,603 | |
T-Mobile U.S., Inc. (a)(b) | 385,912 | 21,495,298 | |
VEON Ltd. sponsored ADR (a) | 828,386 | 1,979,843 | |
Vodafone Group PLC sponsored ADR (a) | 223,203 | 5,787,654 | |
30,470,909 | |||
TOTAL TELECOMMUNICATION SERVICES | 34,045,902 | ||
UTILITIES - 0.3% | |||
Electric Utilities - 0.2% | |||
MGE Energy, Inc. | 24,471 | 1,459,695 | |
Otter Tail Corp. | 28,689 | 1,325,432 | |
Spark Energy, Inc. Class A, | 5,832 | 58,320 | |
Xcel Energy, Inc. | 247,879 | 11,283,452 | |
14,126,899 | |||
Gas Utilities - 0.0% | |||
RGC Resources, Inc. | 3,685 | 97,468 | |
Independent Power and Renewable Electricity Producers - 0.1% | |||
8Point3 Energy Partners LP | 24,303 | 298,441 | |
Atlantica Yield PLC | 51,016 | 974,916 | |
Pattern Energy Group, Inc. (a) | 53,705 | 997,839 | |
Terraform Power, Inc. | 68,174 | 757,413 | |
VivoPower International PLC (b) | 1,305 | 2,936 | |
3,031,545 | |||
Water Utilities - 0.0% | |||
Artesian Resources Corp. Class A | 5,276 | 205,764 | |
Cadiz, Inc. (a)(b) | 9,697 | 125,576 | |
Connecticut Water Service, Inc. | 5,799 | 374,151 | |
Global Water Resources, Inc. | 9,461 | 86,474 | |
Middlesex Water Co. | 7,557 | 335,833 | |
Pure Cycle Corp. (b) | 11,638 | 108,815 | |
York Water Co. | 5,988 | 196,107 | |
1,432,720 | |||
TOTAL UTILITIES | 18,688,632 | ||
TOTAL COMMON STOCKS | |||
(Cost $3,189,159,885) | 5,210,507,827 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.5% | |||
U.S. Treasury Bills, yield at date of purchase 1.18% to 2% 6/21/18 to 11/8/18 (e) | |||
(Cost $26,843,712) | 27,000,000 | 26,841,413 | |
Shares | Value | ||
Money Market Funds - 19.9% | |||
Fidelity Cash Central Fund, 1.76% (f) | 575,236,903 | $575,351,951 | |
Fidelity Securities Lending Cash Central Fund 1.76% (f)(g) | 585,511,446 | 585,569,997 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $1,160,920,412) | 1,160,921,948 | ||
TOTAL INVESTMENT IN SECURITIES - 109.9% | |||
(Cost $4,376,924,009) | 6,398,271,188 | ||
NET OTHER ASSETS (LIABILITIES) - (9.9)% | (578,304,784) | ||
NET ASSETS - 100% | $5,819,966,404 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini NASDAQ 100 Index Contracts (United States) | 4,378 | June 2018 | $610,906,120 | $4,609,484 | $4,609,484 |
The notional amount of futures purchased as a percentage of Net Assets is 10.5%
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) Level 3 security
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1 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 $25,573,711.
(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 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 | $2,411,009 |
Fidelity Securities Lending Cash Central Fund | 3,173,920 |
Total | $5,584,929 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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: | ||||
Consumer Discretionary | $965,931,223 | $965,931,223 | $-- | $-- |
Consumer Staples | 238,063,613 | 238,063,613 | -- | -- |
Energy | 31,941,858 | 31,935,480 | 1 | 6,377 |
Financials | 386,849,649 | 386,849,649 | -- | -- |
Health Care | 611,305,963 | 611,109,234 | -- | 196,729 |
Industrials | 234,099,116 | 234,099,116 | -- | -- |
Information Technology | 2,604,452,371 | 2,604,452,371 | -- | -- |
Materials | 26,819,303 | 26,819,303 | -- | -- |
Real Estate | 58,310,197 | 58,310,197 | -- | -- |
Telecommunication Services | 34,045,902 | 34,045,902 | -- | -- |
Utilities | 18,688,632 | 18,688,632 | -- | -- |
U.S. Government and Government Agency Obligations | 26,841,413 | -- | 26,841,413 | -- |
Money Market Funds | 1,160,921,948 | 1,160,921,948 | -- | -- |
Total Investments in Securities: | $6,398,271,188 | $6,371,226,668 | $26,841,414 | $203,106 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $4,609,484 | $4,609,484 | $-- | $-- |
Total Assets | $4,609,484 | $4,609,484 | $-- | $-- |
Total Derivative Instruments: | $4,609,484 | $4,609,484 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2018. 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) | $4,609,484 | $0 |
Total Equity Risk | 4,609,484 | 0 |
Total Value of Derivatives | $4,609,484 | $0 |
(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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
May 31, 2018 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $567,699,614) — See accompanying schedule: Unaffiliated issuers (cost $3,216,003,597) | $5,237,349,240 | |
Fidelity Central Funds (cost $1,160,920,412) | 1,160,921,948 | |
Total Investment in Securities (cost $4,376,924,009) | $6,398,271,188 | |
Foreign currency held at value (cost $4,295) | 4,353 | |
Receivable for investments sold | 444,869 | |
Receivable for fund shares sold | 6,416,152 | |
Dividends receivable | 5,735,346 | |
Distributions receivable from Fidelity Central Funds | 1,312,387 | |
Prepaid expenses | 1,160 | |
Receivable from investment adviser for expense reductions | 462,155 | |
Total assets | 6,412,647,610 | |
Liabilities | ||
Payable to custodian bank | $131,161 | |
Payable for fund shares redeemed | 4,229,699 | |
Accrued management fee | 1,141,481 | |
Payable for daily variation margin on futures contracts | 892,191 | |
Other affiliated payables | 713,138 | |
Other payables and accrued expenses | 54,053 | |
Collateral on securities loaned | 585,519,483 | |
Total liabilities | 592,681,206 | |
Net Assets | $5,819,966,404 | |
Net Assets consist of: | ||
Paid in capital | $3,743,791,147 | |
Undistributed net investment income | 20,853,972 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | 29,364,843 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 2,025,956,442 | |
Net Assets, for 59,393,745 shares outstanding | $5,819,966,404 | |
Net Asset Value, offering price and redemption price per share ($5,819,966,404 ÷ 59,393,745 shares) | $97.99 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended May 31, 2018 (Unaudited) | ||
Investment Income | ||
Dividends | $26,094,461 | |
Interest | 100,773 | |
Income from Fidelity Central Funds (including $3,173,920 from security lending) | 5,584,929 | |
Total income | 31,780,163 | |
Expenses | ||
Management fee | $6,502,612 | |
Transfer agent fees | 3,784,839 | |
Accounting and security lending fees | 474,526 | |
Custodian fees and expenses | 19,410 | |
Independent trustees' fees and expenses | 11,790 | |
Registration fees | 121,005 | |
Audit | 42,940 | |
Legal | 31,471 | |
Miscellaneous | 18,506 | |
Total expenses before reductions | 11,007,099 | |
Expense reductions | (3,127,027) | |
Total expenses after reductions | 7,880,072 | |
Net investment income (loss) | 23,900,091 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 46,475,740 | |
Fidelity Central Funds | 968 | |
Foreign currency transactions | 1,383 | |
Futures contracts | 26,138,365 | |
Total net realized gain (loss) | 72,616,456 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 341,684,651 | |
Fidelity Central Funds | (7,912) | |
Assets and liabilities in foreign currencies | 20 | |
Futures contracts | (2,579,568) | |
Total change in net unrealized appreciation (depreciation) | 339,097,191 | |
Net gain (loss) | 411,713,647 | |
Net increase (decrease) in net assets resulting from operations | $435,613,738 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended May 31, 2018 (Unaudited) | Year ended November 30, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $23,900,091 | $37,900,181 |
Net realized gain (loss) | 72,616,456 | (28,107,385) |
Change in net unrealized appreciation (depreciation) | 339,097,191 | 1,032,880,282 |
Net increase (decrease) in net assets resulting from operations | 435,613,738 | 1,042,673,078 |
Distributions to shareholders from net investment income | (34,727,075) | (26,158,541) |
Distributions to shareholders from net realized gain | (1,255,850) | (1,095,008) |
Total distributions | (35,982,925) | (27,253,549) |
Share transactions | ||
Proceeds from sales of shares | 1,127,972,298 | 2,300,864,112 |
Reinvestment of distributions | 34,510,575 | 26,226,029 |
Cost of shares redeemed | (641,931,732) | (1,157,870,501) |
Net increase (decrease) in net assets resulting from share transactions | 520,551,141 | 1,169,219,640 |
Redemption fees | – | 8,315 |
Total increase (decrease) in net assets | 920,181,954 | 2,184,647,484 |
Net Assets | ||
Beginning of period | 4,899,784,450 | 2,715,136,966 |
End of period | $5,819,966,404 | $4,899,784,450 |
Other Information | ||
Undistributed net investment income end of period | $20,853,972 | $31,680,956 |
Shares | ||
Sold | 11,960,437 | 29,025,119 |
Issued in reinvestment of distributions | 378,987 | 364,352 |
Redeemed | (6,835,630) | (14,037,907) |
Net increase (decrease) | 5,503,794 | 15,351,564 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Nasdaq Composite Index Fund
Six months ended (Unaudited) May 31, | Years endedNovember 30, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $90.92 | $70.45 | $67.89 | $63.84 | $54.46 | $40.41 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .42 | .76 | .78 | .68 | .75B | .57 |
Net realized and unrealized gain (loss) | 7.31 | 20.38 | 2.80 | 4.13 | 9.54 | 13.95 |
Total from investment operations | 7.73 | 21.14 | 3.58 | 4.81 | 10.29 | 14.52 |
Distributions from net investment income | (.64) | (.65) | (.55) | (.52) | (.40) | (.48) |
Distributions from net realized gain | (.02) | (.03) | (.48) | (.26) | (.52) | – |
Total distributions | (.66) | (.67)C | (1.03) | (.78) | (.92) | (.48) |
Redemption fees added to paid in capitalA | – | –D | .01 | .02 | .01 | .01 |
Net asset value, end of period | $97.99 | $90.92 | $70.45 | $67.89 | $63.84 | $54.46 |
Total ReturnE,F | 8.56% | 30.26% | 5.43% | 7.70% | 19.25% | 36.39% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | .41%I | .41% | .42% | .52% | .55% | .56% |
Expenses net of fee waivers, if any | .29%I | .29% | .29% | .29% | .29% | .33% |
Expenses net of all reductions | .29%I | .29% | .29% | .29% | .29% | .33% |
Net investment income (loss) | .88%I | .94% | 1.20% | 1.05% | 1.31%B | 1.23% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $5,819,966 | $4,899,784 | $2,715,137 | $2,076,377 | $1,257,703 | $688,916 |
Portfolio turnover rateJ | 19%I | 11% | 4% | 9% | 5% | 14% |
A Calculated based on average shares outstanding during the period.
B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.
C Total distributions of $.67 per share is comprised of distributions from net investment income of $.645 and distributions from net realized gain of $.027 per share.
D Amount represents less than $.005 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. 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 does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended May 31, 2018
1. Organization.
Fidelity Nasdaq Composite 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.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2018 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are 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, foreign currency transactions, passive foreign investment companies (PFIC), market discount, capital loss carryforwards, 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 | $2,174,029,953 |
Gross unrealized depreciation | (160,958,429) |
Net unrealized appreciation (depreciation) | $2,013,071,524 |
Tax cost | $4,389,809,148 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Long-term | $(12,424,936) |
Restricted Securities. The Fund 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 the Fund's Schedule of Investments.
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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $583,718,691 and $476,677,785, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .24% of the Fund's average net assets.
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.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .14% of the Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .02%.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $7,284 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $16,219,266. 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 $44,600 from securities loaned to FCM.
9. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .29% of average net assets. This reimbursement will remain in place through January 31, 2019. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $3,125,069.
In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1,958.
10. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of 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 (December 1, 2017 to May 31, 2018).
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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value December 1, 2017 | Ending Account Value May 31, 2018 | Expenses Paid During Period-B December 1, 2017 to May 31, 2018 | |
Actual | .29% | $1,000.00 | $1,085.60 | $1.51 |
Hypothetical-C | $1,000.00 | $1,023.49 | $1.46 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
C 5% return per year before expenses
Corporate Headquarters
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Boston, MA 02210
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EIF-SANN-0718
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Fidelity® Series 100 Index Fund Semi-Annual Report May 31, 2018 |
Contents
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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Investment Summary (Unaudited)
Top Ten Stocks as of May 31, 2018
% of fund's net assets | |
Apple, Inc. | 6.6 |
Microsoft Corp. | 5.2 |
Amazon.com, Inc. | 4.5 |
Facebook, Inc. Class A | 3.2 |
Berkshire Hathaway, Inc. Class B | 2.5 |
JPMorgan Chase & Co. | 2.5 |
Exxon Mobil Corp. | 2.4 |
Alphabet, Inc. Class C | 2.3 |
Alphabet, Inc. Class A | 2.2 |
Johnson & Johnson | 2.2 |
33.6 |
Top Market Sectors as of May 31, 2018
% of fund's net assets | |
Information Technology | 30.1 |
Financials | 13.9 |
Health Care | 13.7 |
Consumer Discretionary | 13.6 |
Industrials | 8.5 |
Consumer Staples | 7.8 |
Energy | 6.2 |
Telecommunication Services | 2.7 |
Utilities | 1.5 |
Materials | 1.4 |
Asset Allocation (% of fund's net assets)
As of May 31, 2018* | ||
Stocks and Equity Futures | 100.0% |
* Foreign investments – 2.5%
Schedule of Investments May 31, 2018 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 13.6% | |||
Automobiles - 0.7% | |||
Ford Motor Co. | 786,090 | $9,079,340 | |
General Motors Co. | 254,356 | 10,861,001 | |
19,940,341 | |||
Hotels, Restaurants & Leisure - 1.4% | |||
McDonald's Corp. | 160,579 | 25,694,246 | |
Starbucks Corp. | 283,076 | 16,041,917 | |
41,736,163 | |||
Internet & Direct Marketing Retail - 5.2% | |||
Amazon.com, Inc. (a) | 80,937 | 131,896,554 | |
The Booking Holdings, Inc. (a) | 9,824 | 20,718,030 | |
152,614,584 | |||
Media - 3.3% | |||
Charter Communications, Inc. Class A (a) | 37,473 | 9,781,952 | |
Comcast Corp. Class A | 933,652 | 29,111,269 | |
The Walt Disney Co. | 302,889 | 30,128,369 | |
Time Warner, Inc. | 157,087 | 14,791,312 | |
Twenty-First Century Fox, Inc.: | |||
Class A | 212,311 | 8,184,589 | |
Class B | 88,466 | 3,376,747 | |
95,374,238 | |||
Multiline Retail - 0.3% | |||
Target Corp. | 109,493 | 7,980,945 | |
Specialty Retail - 2.1% | |||
Home Depot, Inc. | 235,222 | 43,880,664 | |
Lowe's Companies, Inc. | 167,181 | 15,883,867 | |
59,764,531 | |||
Textiles, Apparel & Luxury Goods - 0.6% | |||
NIKE, Inc. Class B | 261,434 | 18,770,961 | |
TOTAL CONSUMER DISCRETIONARY | 396,181,763 | ||
CONSUMER STAPLES - 7.8% | |||
Beverages - 2.1% | |||
PepsiCo, Inc. | 286,466 | 28,718,217 | |
The Coca-Cola Co. | 773,362 | 33,254,566 | |
61,972,783 | |||
Food & Staples Retailing - 1.8% | |||
Costco Wholesale Corp. | 88,450 | 17,534,328 | |
Walgreens Boots Alliance, Inc. | 171,615 | 10,707,060 | |
Walmart, Inc. | 292,392 | 24,134,036 | |
52,375,424 | |||
Food Products - 0.6% | |||
Mondelez International, Inc. | 299,596 | 11,765,135 | |
The Kraft Heinz Co. | 120,305 | 6,915,131 | |
18,680,266 | |||
Household Products - 1.7% | |||
Colgate-Palmolive Co. | 176,319 | 11,123,966 | |
Procter & Gamble Co. | 507,812 | 37,156,604 | |
48,280,570 | |||
Tobacco - 1.6% | |||
Altria Group, Inc. | 382,812 | 21,337,941 | |
Philip Morris International, Inc. | 312,853 | 24,884,328 | |
46,222,269 | |||
TOTAL CONSUMER STAPLES | 227,531,312 | ||
ENERGY - 6.2% | |||
Energy Equipment & Services - 1.0% | |||
Halliburton Co. | 175,758 | 8,742,203 | |
Schlumberger Ltd. | 278,769 | 19,143,067 | |
27,885,270 | |||
Oil, Gas & Consumable Fuels - 5.2% | |||
Chevron Corp. | 384,787 | 47,829,024 | |
ConocoPhillips Co. | 236,598 | 15,944,339 | |
Exxon Mobil Corp. | 853,522 | 69,340,127 | |
Kinder Morgan, Inc. | 382,161 | 6,374,445 | |
Occidental Petroleum Corp. | 154,126 | 12,977,409 | |
152,465,344 | |||
TOTAL ENERGY | 180,350,614 | ||
FINANCIALS - 13.9% | |||
Banks - 7.8% | |||
Bank of America Corp. | 1,927,141 | 55,964,175 | |
Citigroup, Inc. | 517,694 | 34,525,013 | |
JPMorgan Chase & Co. | 691,307 | 73,976,762 | |
U.S. Bancorp | 316,109 | 15,802,289 | |
Wells Fargo & Co. | 884,284 | 47,742,493 | |
228,010,732 | |||
Capital Markets - 1.9% | |||
Bank of New York Mellon Corp. | 203,396 | 11,135,931 | |
BlackRock, Inc. Class A | 24,928 | 13,317,285 | |
Goldman Sachs Group, Inc. | 71,165 | 16,074,750 | |
Morgan Stanley | 277,920 | 13,934,909 | |
54,462,875 | |||
Consumer Finance - 0.8% | |||
American Express Co. | 145,119 | 14,265,198 | |
Capital One Financial Corp. | 97,954 | 9,207,676 | |
23,472,874 | |||
Diversified Financial Services - 2.5% | |||
Berkshire Hathaway, Inc. Class B (a) | 387,679 | 74,252,159 | |
Insurance - 0.9% | |||
Allstate Corp. | 71,399 | 6,674,379 | |
American International Group, Inc. | 181,079 | 9,559,160 | |
MetLife, Inc. | 208,813 | 9,603,310 | |
25,836,849 | |||
TOTAL FINANCIALS | 406,035,489 | ||
HEALTH CARE - 13.7% | |||
Biotechnology - 3.4% | |||
AbbVie, Inc. | 321,102 | 31,769,832 | |
Amgen, Inc. | 134,650 | 24,185,833 | |
Biogen, Inc. (a) | 42,616 | 12,527,399 | |
Celgene Corp. (a) | 151,513 | 11,921,043 | |
Gilead Sciences, Inc. | 263,870 | 17,784,838 | |
98,188,945 | |||
Health Care Equipment & Supplies - 2.0% | |||
Abbott Laboratories | 350,613 | 21,573,218 | |
Danaher Corp. | 123,651 | 12,276,071 | |
Medtronic PLC | 272,993 | 23,564,756 | |
57,414,045 | |||
Health Care Providers & Services - 2.0% | |||
CVS Health Corp. | 204,360 | 12,954,380 | |
UnitedHealth Group, Inc. | 194,919 | 47,074,888 | |
60,029,268 | |||
Pharmaceuticals - 6.3% | |||
Allergan PLC | 66,537 | 10,033,780 | |
Bristol-Myers Squibb Co. | 328,855 | 17,304,350 | |
Eli Lilly & Co. | 194,206 | 16,515,278 | |
Johnson & Johnson | 540,423 | 64,645,399 | |
Merck & Co., Inc. | 543,100 | 32,330,743 | |
Pfizer, Inc. | 1,199,099 | 43,083,627 | |
183,913,177 | |||
TOTAL HEALTH CARE | 399,545,435 | ||
INDUSTRIALS - 8.5% | |||
Aerospace & Defense - 3.4% | |||
General Dynamics Corp. | 55,625 | 11,220,119 | |
Lockheed Martin Corp. | 50,045 | 15,741,154 | |
Raytheon Co. | 58,114 | 12,174,883 | |
The Boeing Co. | 111,428 | 39,240,484 | |
United Technologies Corp. | 149,824 | 18,701,032 | |
97,077,672 | |||
Air Freight & Logistics - 1.0% | |||
FedEx Corp. | 49,645 | 12,367,562 | |
United Parcel Service, Inc. Class B | 138,636 | 16,098,412 | |
28,465,974 | |||
Electrical Equipment - 0.3% | |||
Emerson Electric Co. | 127,877 | 9,058,807 | |
Industrial Conglomerates - 2.4% | |||
3M Co. | 119,953 | 23,658,330 | |
General Electric Co. | 1,748,951 | 24,625,230 | |
Honeywell International, Inc. | 151,478 | 22,405,111 | |
70,688,671 | |||
Machinery - 0.6% | |||
Caterpillar, Inc. | 120,381 | 18,287,078 | |
Road & Rail - 0.8% | |||
Union Pacific Corp. | 158,561 | 22,636,168 | |
TOTAL INDUSTRIALS | 246,214,370 | ||
INFORMATION TECHNOLOGY - 30.1% | |||
Communications Equipment - 1.4% | |||
Cisco Systems, Inc. | 970,404 | 41,445,955 | |
Internet Software & Services - 7.7% | |||
Alphabet, Inc.: | |||
Class A (a) | 60,126 | 66,138,600 | |
Class C (a) | 61,309 | 66,519,652 | |
Facebook, Inc. Class A (a) | 482,616 | 92,556,096 | |
225,214,348 | |||
IT Services - 5.0% | |||
Accenture PLC Class A | 124,217 | 19,345,556 | |
IBM Corp. | 172,564 | 24,385,019 | |
MasterCard, Inc. Class A | 185,952 | 35,353,194 | |
PayPal Holdings, Inc. (a) | 227,246 | 18,650,079 | |
Visa, Inc. Class A | 363,107 | 47,465,347 | |
145,199,195 | |||
Semiconductors & Semiconductor Equipment - 3.2% | |||
Intel Corp. | 942,703 | 52,037,206 | |
Qualcomm, Inc. | 298,193 | 17,330,977 | |
Texas Instruments, Inc. | 198,167 | 22,176,869 | |
91,545,052 | |||
Software - 6.2% | |||
Microsoft Corp. | 1,550,987 | 153,299,555 | |
Oracle Corp. | 608,710 | 28,438,931 | |
181,738,486 | |||
Technology Hardware, Storage & Peripherals - 6.6% | |||
Apple, Inc. | 1,022,070 | 190,994,223 | |
TOTAL INFORMATION TECHNOLOGY | 876,137,259 | ||
MATERIALS - 1.4% | |||
Chemicals - 1.4% | |||
DowDuPont, Inc. | 471,350 | 30,218,249 | |
Monsanto Co. | 88,792 | 11,317,428 | |
41,535,677 | |||
REAL ESTATE - 0.3% | |||
Equity Real Estate Investment Trusts (REITs) - 0.3% | |||
Simon Property Group, Inc. | 62,679 | 10,042,429 | |
TELECOMMUNICATION SERVICES - 2.7% | |||
Diversified Telecommunication Services - 2.7% | |||
AT&T, Inc. | 1,236,794 | 39,973,182 | |
Verizon Communications, Inc. | 831,505 | 39,637,843 | |
79,611,025 | |||
UTILITIES - 1.5% | |||
Electric Utilities - 1.5% | |||
Duke Energy Corp. | 141,021 | 10,881,180 | |
Exelon Corp. | 194,388 | 8,045,719 | |
NextEra Energy, Inc. | 94,753 | 15,710,995 | |
Southern Co. | 203,076 | 9,118,112 | |
43,756,006 | |||
TOTAL COMMON STOCKS | |||
(Cost $2,254,333,668) | 2,906,941,379 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.0% | |||
U.S. Treasury Bills, yield at date of purchase 1.18% 6/21/18 (b) | |||
(Cost $499,675) | 500,000 | 499,527 | |
Shares | Value | ||
Money Market Funds - 0.1% | |||
Fidelity Cash Central Fund, 1.76% (c) | |||
(Cost $1,097,868) | 1,097,649 | 1,097,868 | |
TOTAL INVESTMENT IN SECURITIES - 99.8% | |||
(Cost $2,255,931,211) | 2,908,538,774 | ||
NET OTHER ASSETS (LIABILITIES) - 0.2% | 6,369,106 | ||
NET ASSETS - 100% | $2,914,907,880 |
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) | 60 | June 2018 | $8,116,500 | $(230,460) | $(230,460) |
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
Legend
(a) Non-income producing
(b) 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 $419,603.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
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 | $114,432 |
Fidelity Securities Lending Cash Central Fund | 10 |
Total | $114,442 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2018, 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: | ||||
Consumer Discretionary | $396,181,763 | $396,181,763 | $-- | $-- |
Consumer Staples | 227,531,312 | 227,531,312 | -- | -- |
Energy | 180,350,614 | 180,350,614 | -- | -- |
Financials | 406,035,489 | 406,035,489 | -- | -- |
Health Care | 399,545,435 | 399,545,435 | -- | -- |
Industrials | 246,214,370 | 246,214,370 | -- | -- |
Information Technology | 876,137,259 | 876,137,259 | -- | -- |
Materials | 41,535,677 | 41,535,677 | -- | -- |
Real Estate | 10,042,429 | 10,042,429 | -- | -- |
Telecommunication Services | 79,611,025 | 79,611,025 | -- | -- |
Utilities | 43,756,006 | 43,756,006 | -- | -- |
U.S. Government and Government Agency Obligations | 499,527 | -- | 499,527 | -- |
Money Market Funds | 1,097,868 | 1,097,868 | -- | -- |
Total Investments in Securities: | $2,908,538,774 | $2,908,039,247 | $499,527 | $-- |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(230,460) | $(230,460) | $-- | $-- |
Total Liabilities | $(230,460) | $(230,460) | $-- | $-- |
Total Derivative Instruments: | $(230,460) | $(230,460) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2018. 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 | $(230,460) |
Total Equity Risk | 0 | (230,460) |
Total Value of Derivatives | $0 | $(230,460) |
(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 net unrealized appreciation (depreciation).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
May 31, 2018 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $2,254,833,343) | $2,907,440,906 | |
Fidelity Central Funds (cost $1,097,868) | 1,097,868 | |
Total Investment in Securities (cost $2,255,931,211) | $2,908,538,774 | |
Dividends receivable | 7,134,883 | |
Distributions receivable from Fidelity Central Funds | 5,158 | |
Total assets | 2,915,678,815 | |
Liabilities | ||
Payable for fund shares redeemed | $701,363 | |
Payable for daily variation margin on futures contracts | 57,300 | |
Other payables and accrued expenses | 12,272 | |
Total liabilities | 770,935 | |
Net Assets | $2,914,907,880 | |
Net Assets consist of: | ||
Paid in capital | $2,185,517,993 | |
Undistributed net investment income | 29,601,019 | |
Accumulated undistributed net realized gain (loss) on investments | 47,411,765 | |
Net unrealized appreciation (depreciation) on investments | 652,377,103 | |
Net Assets | $2,914,907,880 | |
Net Asset Value, offering price and redemption price per share ($2,914,907,880 ÷ 165,523,285 shares) | $17.61 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended May 31, 2018 (Unaudited) | ||
Investment Income | ||
Dividends | $32,866,259 | |
Interest | 6,533 | |
Income from Fidelity Central Funds | 114,442 | |
Total income | 32,987,234 | |
Expenses | ||
Custodian fees and expenses | $14,762 | |
Independent trustees' fees and expenses | 7,837 | |
Interest | 703 | |
Miscellaneous | 4,987 | |
Total expenses before reductions | 28,289 | |
Expense reductions | (87) | |
Total expenses after reductions | 28,202 | |
Net investment income (loss) | 32,959,032 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 256,323,945 | |
Futures contracts | 1,067,572 | |
Total net realized gain (loss) | 257,391,517 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (200,724,923) | |
Futures contracts | (866,227) | |
Total change in net unrealized appreciation (depreciation) | (201,591,150) | |
Net gain (loss) | 55,800,367 | |
Net increase (decrease) in net assets resulting from operations | $88,759,399 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended May 31, 2018 (Unaudited) | Year ended November 30, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $32,959,032 | $73,852,532 |
Net realized gain (loss) | 257,391,517 | 144,738,191 |
Change in net unrealized appreciation (depreciation) | (201,591,150) | 490,182,097 |
Net increase (decrease) in net assets resulting from operations | 88,759,399 | 708,772,820 |
Distributions to shareholders from net investment income | (72,900,682) | (73,270,105) |
Share transactions - net increase (decrease) | (642,140,871) | (327,906,362) |
Total increase (decrease) in net assets | (626,282,154) | 307,596,353 |
Net Assets | ||
Beginning of period | 3,541,190,034 | 3,233,593,681 |
End of period | $2,914,907,880 | $3,541,190,034 |
Other Information | ||
Undistributed net investment income end of period | $29,601,019 | $69,542,669 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series 100 Index Fund
Six months ended (Unaudited) May 31, | Years endedNovember 30, | |||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $17.48 | $14.50 | $13.87 | $13.67 | $11.77 | $10.19 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .17 | .35 | .31 | .29 | .27 | .25 |
Net realized and unrealized gain (loss) | .33 | 2.96 | .63 | .18 | 1.63 | 2.35 |
Total from investment operations | .50 | 3.31 | .94 | .47 | 1.90 | 2.60 |
Distributions from net investment income | (.37) | (.33) | (.31) | (.27) | – | (1.02) |
Net asset value, end of period | $17.61 | $17.48 | $14.50 | $13.87 | $13.67 | $11.77 |
Total ReturnB,C | 2.87% | 23.23% | 7.00% | 3.48% | 16.14% | 27.56% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | - %F,G | .04% | .10% | .10% | .10% | .18% |
Expenses net of fee waivers, if any | - %F,G | .04% | .10% | .10% | .10% | .17% |
Expenses net of all reductions | - %F,G | .04% | .10% | .10% | .10% | .17% |
Net investment income (loss) | 1.95%F | 2.17% | 2.27% | 2.17% | 2.11% | 2.34% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $2,914,908 | $3,541,190 | $1,544,113 | $1,670,998 | $1,814,733 | $2,710,285 |
Portfolio turnover rateH | 1%F | 2% | 4% | 10% | 8% | 19% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D 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.
E Expense ratios reflect operating expenses of the class. 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 class 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 class.
F Annualized
G Amount represents less than .005%.
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended May 31, 2018
1. Organization.
Fidelity Series 100 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 of the Fund are only available for purchase by mutual funds for which FMR or an affiliate serves as an investment manager. 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 August 28, 2017, the Fund no longer offered Class F, and all outstanding shares of Class F were exchanged for shares of Series 100 Index.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2018, 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.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
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.
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 in-kind transactions, futures contracts, market discount, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $987,560,937 |
Gross unrealized depreciation | (351,908,098) |
Net unrealized appreciation (depreciation) | $635,652,839 |
Tax cost | $2,272,655,475 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Fiscal year of expiration |
2018 | $(191,099,296) |
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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $22,280,982 and $683,072,662, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's 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 |
Borrower | $15,526 | 1.63% | $703 |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $4,987 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $10. During the period, there were no securities loaned to FCM.
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, these credits reduced the Fund's custody expenses by $87.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended May 31, 2018 | Year ended November 30, 2017 | |
From net investment income | ||
Series 100 Index | $72,900,682 | $34,597,905 |
Class F | – | 38,672,200 |
Total | $72,900,682 | $73,270,105 |
11. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Shares | Dollars | Dollars | |
Six months ended May 31, 2018 | Year ended November 30, 2017 | Six months ended May 31, 2018 | Year ended November 30, 2017 | |
Series 100 Index | ||||
Shares sold | 4,440,159 | 122,401,097 | $79,109,384 | $1,966,050,563 |
Reinvestment of distributions | 4,187,288 | 2,361,632 | 72,900,682 | 34,597,905 |
Shares redeemed | (45,657,160) | (28,699,517) | (794,150,937) | (459,828,310) |
Net increase (decrease) | (37,029,713) | 96,063,212 | $(642,140,871) | $1,540,820,158 |
Class F | ||||
Shares sold | – | 9,266,828 | $– | $142,955,615 |
Reinvestment of distributions | – | 2,641,544 | – | 38,672,200 |
Shares redeemed | – | (128,385,820) | – | (2,050,354,335) |
Net increase (decrease) | – | (116,477,448) | $– | $(1,868,726,520) |
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.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
In May 2018, the Fund's Board of Trustees approved a Plan of Liquidation and Dissolution whereby the Fund will distribute all of its net assets to its shareholders in the third quarter of 2018.
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 (December 1, 2017 to May 31, 2018).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value December 1, 2017 | Ending Account Value May 31, 2018 | Expenses Paid During Period-B December 1, 2017 to May 31, 2018 | |
Series 100 Index | -%-C | |||
Actual | $1,000.00 | $1,028.70 | $--D | |
Hypothetical-E | $1,000.00 | $1,024.93 | $--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 182/365 (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
Corporate Headquarters
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HUN-SANN-0718
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Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Concord Street Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Concord Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable
assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Concord Street Trust
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | July 24, 2018 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | July 24, 2018 |
By: | /s/Howard J. Galligan III |
Howard J. Galligan III | |
Chief Financial Officer | |
Date: | July 24, 2018 |