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 811-05511
Variable Insurance Products Fund II
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
William C. Coffey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | December 31 |
Date of reporting period: | June 30, 2019 |
Item 1.
Reports to Stockholders
Fidelity® Variable Insurance Products: Disciplined Small Cap Portfolio Semi-Annual Report June 30, 2019 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, and if your insurance carrier elects to participate, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your variable insurance product unless you specifically request paper copies from your financial professional or the administrator of your variable insurance product. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically, by contacting your financial professional or the administrator of your variable insurance product. If you own a Fidelity-administered variable insurance product, please visit fidelity.com/mailpreferences to make your election or call 1-800-343-3548.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial professional or the administrator of your variable insurance product. If you own a Fidelity-administered variable insurance product, please visit fidelity.com/mailpreferences to make your election or call 1-800-343-3548. Your election to receive reports in paper will apply to all funds available under your variable insurance product.
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2019
% of fund's net assets | |
Haemonetics Corp. | 0.8 |
EMCOR Group, Inc. | 0.8 |
Insperity, Inc. | 0.7 |
Portland General Electric Co. | 0.7 |
Essent Group Ltd. | 0.7 |
Allete, Inc. | 0.7 |
Tech Data Corp. | 0.7 |
Moog, Inc. Class A | 0.7 |
EnerSys | 0.6 |
HMS Holdings Corp. | 0.6 |
7.0 |
Top Five Market Sectors as of June 30, 2019
% of fund's net assets | |
Health Care | 17.4 |
Financials | 16.6 |
Industrials | 15.1 |
Information Technology | 14.4 |
Consumer Discretionary | 9.6 |
Asset Allocation (% of fund's net assets)
As of June 30, 2019* | ||
Stocks and Equity Futures | 99.9% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.1% |
* Foreign investments - 5.1%
Schedule of Investments June 30, 2019 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.5% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 3.7% | |||
Diversified Telecommunication Services - 1.1% | |||
Cogent Communications Group, Inc. | 27,565 | $1,636,258 | |
Intelsat SA (a)(b) | 70,902 | 1,379,044 | |
Ooma, Inc. (a) | 3,519 | 36,879 | |
3,052,181 | |||
Entertainment - 0.5% | |||
Glu Mobile, Inc. (a) | 176,108 | 1,264,455 | |
Rosetta Stone, Inc. (a) | 4,983 | 114,011 | |
1,378,466 | |||
Interactive Media & Services - 1.6% | |||
CarGurus, Inc. Class A (a)(b) | 38,599 | 1,393,810 | |
Liberty TripAdvisor Holdings, Inc. (a) | 119,205 | 1,478,142 | |
Yelp, Inc. (a) | 39,336 | 1,344,504 | |
Zedge, Inc. (a) | 8,694 | 14,345 | |
4,230,801 | |||
Media - 0.5% | |||
A.H. Belo Corp. Class A | 2,242 | 8,273 | |
Entercom Communications Corp. Class A (b) | 37,128 | 215,342 | |
Entravision Communication Corp. Class A | 2,847 | 8,883 | |
Fluent, Inc. (a) | 6,252 | 33,636 | |
National CineMedia, Inc. | 820 | 5,379 | |
New Media Investment Group, Inc. | 6,939 | 65,504 | |
Sinclair Broadcast Group, Inc. Class A | 15,047 | 806,971 | |
Tegna, Inc. | 6,966 | 105,535 | |
The McClatchy Co. Class A (a) | 1,923 | 5,019 | |
1,254,542 | |||
TOTAL COMMUNICATION SERVICES | 9,915,990 | ||
CONSUMER DISCRETIONARY - 9.6% | |||
Auto Components - 0.1% | |||
Dana, Inc. | 11,022 | 219,779 | |
Tenneco, Inc. | 15,178 | 168,324 | |
388,103 | |||
Distributors - 0.6% | |||
Core-Mark Holding Co., Inc. | 41,572 | 1,651,240 | |
Diversified Consumer Services - 0.7% | |||
American Public Education, Inc. (a) | 5,274 | 156,005 | |
Chegg, Inc. (a) | 2,475 | 95,510 | |
K12, Inc. (a) | 45,494 | 1,383,473 | |
Weight Watchers International, Inc. (a) | 11,260 | 215,066 | |
1,850,054 | |||
Hotels, Restaurants & Leisure - 1.0% | |||
Bloomin' Brands, Inc. | 19,846 | 375,288 | |
Bluegreen Vacations Corp. | 1,896 | 22,164 | |
Brinker International, Inc. (b) | 39,007 | 1,534,925 | |
Dine Brands Global, Inc. | 3,059 | 292,043 | |
Jack in the Box, Inc. | 162 | 13,185 | |
RCI Hospitality Holdings, Inc. | 5,724 | 100,227 | |
SeaWorld Entertainment, Inc. (a) | 1,225 | 37,975 | |
The Cheesecake Factory, Inc. (b) | 5,286 | 231,104 | |
YETI Holdings, Inc. (b) | 2,257 | 65,340 | |
2,672,251 | |||
Household Durables - 3.1% | |||
Bassett Furniture Industries, Inc. | 2,818 | 42,975 | |
Cavco Industries, Inc. (a) | 3,195 | 503,340 | |
Ethan Allen Interiors, Inc. | 48,708 | 1,025,790 | |
Flexsteel Industries, Inc. | 14,724 | 251,191 | |
GoPro, Inc. Class A (a)(b) | 87,437 | 477,406 | |
Hovnanian Enterprises, Inc. Class A (a)(b) | 9,174 | 69,722 | |
iRobot Corp. (a)(b) | 206 | 18,878 | |
KB Home | 41,203 | 1,060,153 | |
La-Z-Boy, Inc. | 39,090 | 1,198,499 | |
Lovesac (a)(b) | 538 | 16,716 | |
M.D.C. Holdings, Inc. | 2,451 | 80,344 | |
M/I Homes, Inc. (a) | 20,157 | 575,281 | |
Meritage Homes Corp. (a) | 12,433 | 638,310 | |
Taylor Morrison Home Corp. (a) | 82,192 | 1,722,744 | |
Tupperware Brands Corp. | 31,716 | 603,555 | |
8,284,904 | |||
Internet & Direct Marketing Retail - 0.4% | |||
Etsy, Inc. (a) | 18,542 | 1,137,923 | |
Liberty Expedia Holdings, Inc. (a) | 889 | 42,485 | |
1,180,408 | |||
Leisure Products - 0.6% | |||
Johnson Outdoors, Inc. Class A | 14,684 | 1,094,986 | |
MCBC Holdings, Inc. (a) | 31,449 | 616,086 | |
1,711,072 | |||
Specialty Retail - 1.9% | |||
Aaron's, Inc. Class A | 23,258 | 1,428,274 | |
Bed Bath & Beyond, Inc. (b) | 11,696 | 135,908 | |
Citi Trends, Inc. | 1,160 | 16,959 | |
DSW, Inc. Class A | 9,108 | 174,600 | |
Group 1 Automotive, Inc. | 9,716 | 795,643 | |
Haverty Furniture Companies, Inc. | 20,985 | 357,375 | |
Office Depot, Inc. | 227,542 | 468,737 | |
Rent-A-Center, Inc. (a) | 10,486 | 279,242 | |
Sally Beauty Holdings, Inc. (a)(b) | 34,635 | 462,031 | |
Shoe Carnival, Inc. (b) | 18,891 | 521,392 | |
Sonic Automotive, Inc. Class A (sub. vtg.) | 18,236 | 425,811 | |
5,065,972 | |||
Textiles, Apparel & Luxury Goods - 1.2% | |||
Crocs, Inc. (a) | 48,686 | 961,549 | |
Deckers Outdoor Corp. (a) | 9,522 | 1,675,586 | |
Fossil Group, Inc. (a) | 4,929 | 56,684 | |
Parsons Corp. | 11,353 | 418,472 | |
Rocky Brands, Inc. | 4,153 | 113,294 | |
3,225,585 | |||
TOTAL CONSUMER DISCRETIONARY | 26,029,589 | ||
CONSUMER STAPLES - 2.4% | |||
Beverages - 0.9% | |||
Boston Beer Co., Inc. Class A (a) | 4,629 | 1,748,651 | |
Coca-Cola Bottling Co. Consolidated | 2,527 | 756,205 | |
2,504,856 | |||
Food & Staples Retailing - 0.4% | |||
Ingles Markets, Inc. Class A | 26,089 | 812,151 | |
Natural Grocers by Vitamin Cottage, Inc. (a)(b) | 16,763 | 168,468 | |
Village Super Market, Inc. Class A (b) | 3,321 | 88,040 | |
Weis Markets, Inc. (b) | 2,896 | 105,443 | |
1,174,102 | |||
Food Products - 0.1% | |||
Sanderson Farms, Inc. | 1,442 | 196,920 | |
Personal Products - 0.7% | |||
Edgewell Personal Care Co. (a) | 7,330 | 197,544 | |
MediFast, Inc. (b) | 7,133 | 915,164 | |
USANA Health Sciences, Inc. (a) | 8,372 | 664,988 | |
1,777,696 | |||
Tobacco - 0.3% | |||
Universal Corp. | 242 | 14,706 | |
Vector Group Ltd. | 95,471 | 930,842 | |
945,548 | |||
TOTAL CONSUMER STAPLES | 6,599,122 | ||
ENERGY - 3.2% | |||
Energy Equipment & Services - 0.8% | |||
Archrock, Inc. | 132,256 | 1,401,914 | |
Matrix Service Co. (a) | 19,453 | 394,118 | |
SEACOR Holdings, Inc. (a) | 4,880 | 231,849 | |
2,027,881 | |||
Oil, Gas & Consumable Fuels - 2.4% | |||
Adams Resources & Energy, Inc. | 1,277 | 43,776 | |
Arch Coal, Inc. (b) | 15,422 | 1,452,907 | |
Berry Petroleum Corp. (b) | 33,898 | 359,319 | |
California Resources Corp. (a)(b) | 32,095 | 631,630 | |
Delek U.S. Holdings, Inc. | 29,404 | 1,191,450 | |
DHT Holdings, Inc. | 5,491 | 32,452 | |
Evolution Petroleum Corp. | 2,059 | 14,722 | |
Frontline Ltd. (NY Shares) (a)(b) | 39,066 | 312,528 | |
GasLog Ltd. | 19,191 | 276,350 | |
Gulfport Energy Corp. (a) | 7,809 | 38,342 | |
Hallador Energy Co. | 564 | 3,175 | |
Montage Resources Corp. (a) | 16,743 | 102,132 | |
Nordic American Tanker Shipping Ltd. (b) | 50,721 | 118,687 | |
Overseas Shipholding Group, Inc. (a) | 53,076 | 99,783 | |
Southwestern Energy Co. (a) | 17,731 | 56,030 | |
Teekay Corp. | 9,148 | 31,469 | |
Teekay Tankers Ltd. (a) | 97,121 | 124,315 | |
W&T Offshore, Inc. (a)(b) | 207,883 | 1,031,100 | |
Whiting Petroleum Corp. (a) | 37,362 | 697,922 | |
6,618,089 | |||
TOTAL ENERGY | 8,645,970 | ||
FINANCIALS - 16.6% | |||
Banks - 6.5% | |||
1st Source Corp. | 3,826 | 177,526 | |
BancFirst Corp. | 25,324 | 1,409,534 | |
BankFinancial Corp. | 987 | 13,808 | |
Boston Private Financial Holdings, Inc. | 8,715 | 105,190 | |
Brookline Bancorp, Inc., Delaware | 3,183 | 48,955 | |
Cambridge Bancorp | 623 | 50,775 | |
Capital City Bank Group, Inc. | 1,325 | 32,926 | |
Cathay General Bancorp | 42,509 | 1,526,498 | |
Codorus Valley Bancorp, Inc. | 181 | 4,163 | |
Community Bank System, Inc. | 1,874 | 123,384 | |
Community Trust Bancorp, Inc. | 4,211 | 178,083 | |
Financial Institutions, Inc. | 7,984 | 232,734 | |
First Bancorp, North Carolina | 1,483 | 54,011 | |
First Bancorp, Puerto Rico | 153,226 | 1,691,615 | |
First Interstate Bancsystem, Inc. | 21,635 | 856,962 | |
First Savings Financial Group, Inc. | 154 | 9,240 | |
Fulton Financial Corp. | 101,344 | 1,659,001 | |
Great Southern Bancorp, Inc. | 11,468 | 686,360 | |
Great Western Bancorp, Inc. | 2,949 | 105,338 | |
Hancock Whitney Corp. | 43,836 | 1,756,070 | |
Heritage Commerce Corp. | 5,219 | 63,933 | |
IBERIABANK Corp. | 20,642 | 1,565,696 | |
International Bancshares Corp. | 41,715 | 1,573,073 | |
Investors Bancorp, Inc. | 92,334 | 1,029,524 | |
Lakeland Bancorp, Inc. | 3,553 | 57,381 | |
MidWestOne Financial Group, Inc. | 596 | 16,664 | |
MVB Financial Corp. | 909 | 15,417 | |
National Bankshares, Inc. | 205 | 7,981 | |
OFG Bancorp | 27,154 | 645,451 | |
Old National Bancorp, Indiana | 4,235 | 70,259 | |
Pacific City Financial Corp. | 656 | 11,178 | |
Peapack-Gladstone Financial Corp. | 5,415 | 152,270 | |
Peoples Bancorp, Inc. | 1,084 | 34,970 | |
Renasant Corp. | 5,856 | 210,465 | |
Republic Bancorp, Inc., Kentucky Class A | 2,542 | 126,465 | |
Sierra Bancorp | 5,124 | 138,963 | |
South Plains Financial, Inc. | 1,234 | 20,361 | |
TowneBank | 3,381 | 92,234 | |
UMB Financial Corp. | 10,303 | 678,143 | |
Univest Corp. of Pennsylvania | 602 | 15,809 | |
WesBanco, Inc. | 12,527 | 482,916 | |
17,731,326 | |||
Capital Markets - 2.6% | |||
Artisan Partners Asset Management, Inc. | 57,544 | 1,583,611 | |
Cohen & Steers, Inc. | 29,215 | 1,502,820 | |
Diamond Hill Investment Group, Inc. | 92 | 13,038 | |
Houlihan Lokey | 7,194 | 320,349 | |
INTL FCStone, Inc. (a) | 23,243 | 920,190 | |
Moelis & Co. Class A | 9,847 | 344,153 | |
Oppenheimer Holdings, Inc. Class A (non-vtg.) | 15,263 | 415,459 | |
Piper Jaffray Companies | 8,602 | 638,871 | |
Pzena Investment Management, Inc. | 1,348 | 11,579 | |
Virtus Investment Partners, Inc. | 1,018 | 109,333 | |
Waddell & Reed Financial, Inc. Class A (b) | 77,423 | 1,290,641 | |
Westwood Holdings Group, Inc. | 1,767 | 62,198 | |
7,212,242 | |||
Consumer Finance - 1.2% | |||
CURO Group Holdings Corp. (a) | 41,741 | 461,238 | |
Enova International, Inc. (a) | 54,008 | 1,244,884 | |
LendingClub Corp. (a) | 47,542 | 155,938 | |
Nelnet, Inc. Class A | 22,722 | 1,345,597 | |
3,207,657 | |||
Diversified Financial Services - 0.4% | |||
Cannae Holdings, Inc. (a) | 17,722 | 513,584 | |
Marlin Business Services Corp. | 13,754 | 342,887 | |
On Deck Capital, Inc. (a) | 33,857 | 140,507 | |
996,978 | |||
Insurance - 2.1% | |||
Amerisafe, Inc. | 259 | 16,516 | |
Crawford & Co. Class B | 2,376 | 22,121 | |
Employers Holdings, Inc. | 4,023 | 170,052 | |
Goosehead Insurance (b) | 30,082 | 1,437,920 | |
Hallmark Financial Services, Inc. (a) | 674 | 9,591 | |
Health Insurance Innovations, Inc. (a)(b) | 42,424 | 1,099,630 | |
Horace Mann Educators Corp. | 22,387 | 901,972 | |
Kemper Corp. | 1,877 | 161,966 | |
National General Holdings Corp. | 15,899 | 364,723 | |
Primerica, Inc. | 256 | 30,707 | |
Selective Insurance Group, Inc. | 19,480 | 1,458,857 | |
5,674,055 | |||
Mortgage Real Estate Investment Trusts - 0.6% | |||
AG Mortgage Investment Trust, Inc. | 3,325 | 52,868 | |
Anworth Mortgage Asset Corp. | 5,648 | 21,406 | |
Ares Commercial Real Estate Corp. | 1,801 | 26,763 | |
Cherry Hill Mortgage Investment Corp. | 3,843 | 61,488 | |
Dynex Capital, Inc. | 2,004 | 33,567 | |
Exantas Capital Corp. | 2,905 | 32,856 | |
Invesco Mortgage Capital, Inc. | 3,577 | 57,661 | |
Ladder Capital Corp. Class A | 84,167 | 1,398,014 | |
1,684,623 | |||
Real Estate Management & Development - 0.4% | |||
The RMR Group, Inc. | 21,523 | 1,011,151 | |
Thrifts & Mortgage Finance - 2.8% | |||
Essent Group Ltd. (a) | 40,679 | 1,911,506 | |
Farmer Mac Class C (non-vtg.) | 5,420 | 393,817 | |
First Defiance Financial Corp. | 4,659 | 133,108 | |
Northwest Bancshares, Inc. | 90,226 | 1,588,880 | |
Radian Group, Inc. | 41,830 | 955,816 | |
Riverview Bancorp, Inc. | 498 | 4,253 | |
Southern Missouri Bancorp, Inc. | 4 | 139 | |
Walker & Dunlop, Inc. | 28,800 | 1,532,448 | |
Washington Federal, Inc. | 20,103 | 702,198 | |
Waterstone Financial, Inc. | 20,304 | 346,386 | |
7,568,551 | |||
TOTAL FINANCIALS | 45,086,583 | ||
HEALTH CARE - 17.4% | |||
Biotechnology - 6.2% | |||
ACADIA Pharmaceuticals, Inc. (a)(b) | 9,711 | 259,575 | |
Acceleron Pharma, Inc. (a) | 2,625 | 107,835 | |
Achillion Pharmaceuticals, Inc. (a) | 23,432 | 62,798 | |
Acorda Therapeutics, Inc. (a) | 23,570 | 180,782 | |
Adverum Biotechnologies, Inc. (a) | 9,375 | 111,469 | |
Aeglea BioTherapeutics, Inc. (a) | 2,642 | 18,098 | |
Affimed NV (a) | 42,084 | 120,781 | |
Akebia Therapeutics, Inc. (a) | 21,925 | 106,117 | |
Amicus Therapeutics, Inc. (a) | 19,498 | 243,335 | |
AnaptysBio, Inc. (a) | 894 | 50,439 | |
Anika Therapeutics, Inc. (a) | 5,067 | 205,822 | |
Ardelyx, Inc. (a) | 12,952 | 34,841 | |
Arena Pharmaceuticals, Inc. (a) | 4,255 | 249,471 | |
ArQule, Inc. (a) | 26,894 | 296,103 | |
Array BioPharma, Inc. (a) | 32,388 | 1,500,536 | |
Arrowhead Pharmaceuticals, Inc. (a) | 13,968 | 370,152 | |
Audentes Therapeutics, Inc. (a) | 2,321 | 87,873 | |
Avid Bioservices, Inc. (a) | 10,524 | 58,934 | |
BioCryst Pharmaceuticals, Inc. (a) | 7,874 | 29,842 | |
Biohaven Pharmaceutical Holding Co. Ltd. (a) | 7,370 | 322,732 | |
Biospecifics Technologies Corp. (a) | 2,929 | 174,891 | |
Blueprint Medicines Corp. (a) | 6,144 | 579,564 | |
Calithera Biosciences, Inc. (a) | 12,756 | 49,748 | |
Cara Therapeutics, Inc. (a)(b) | 4,492 | 96,578 | |
CareDx, Inc. (a) | 9,702 | 349,175 | |
Catalyst Pharmaceutical Partners, Inc. (a) | 49,836 | 191,370 | |
ChemoCentryx, Inc. (a) | 12,869 | 119,682 | |
Chimerix, Inc. (a) | 66,881 | 288,926 | |
Coherus BioSciences, Inc. (a) | 2,016 | 44,554 | |
CTI BioPharma Corp. (a) | 13,869 | 11,918 | |
CytomX Therapeutics, Inc. (a) | 4,943 | 55,460 | |
Eagle Pharmaceuticals, Inc. (a) | 4,448 | 247,665 | |
Editas Medicine, Inc. (a)(b) | 1,825 | 45,151 | |
Emergent BioSolutions, Inc. (a) | 9,889 | 477,738 | |
Enanta Pharmaceuticals, Inc. (a) | 654 | 55,185 | |
Esperion Therapeutics, Inc. (a)(b) | 6,255 | 290,983 | |
Fate Therapeutics, Inc. (a) | 10,342 | 209,943 | |
FibroGen, Inc. (a) | 7,110 | 321,230 | |
Genomic Health, Inc. (a) | 8,243 | 479,495 | |
Global Blood Therapeutics, Inc. (a) | 4,839 | 254,531 | |
GTx, Inc. (a)(b) | 466 | 3,104 | |
GTx, Inc. rights 12/31/99 (a)(c) | 466 | 0 | |
Halozyme Therapeutics, Inc. (a) | 26,960 | 463,173 | |
Heron Therapeutics, Inc. (a) | 2,684 | 49,896 | |
ImmunoGen, Inc. (a) | 18,614 | 40,392 | |
Immunomedics, Inc. (a)(b) | 13,267 | 184,013 | |
Insmed, Inc. (a) | 5,841 | 149,530 | |
Intellia Therapeutics, Inc. (a) | 13,208 | 216,215 | |
Intercept Pharmaceuticals, Inc. (a) | 1,599 | 127,232 | |
Invitae Corp. (a) | 17,518 | 411,673 | |
Iovance Biotherapeutics, Inc. (a) | 9,033 | 221,489 | |
Ironwood Pharmaceuticals, Inc. Class A (a)(b) | 32,082 | 350,977 | |
Kodiak Sciences, Inc. | 3,713 | 43,442 | |
Kura Oncology, Inc. (a) | 3,878 | 76,358 | |
Ligand Pharmaceuticals, Inc. Class B (a)(b) | 1,491 | 170,198 | |
MeiraGTx Holdings PLC | 1,745 | 46,906 | |
Mirati Therapeutics, Inc. (a)(b) | 3,649 | 375,847 | |
Molecular Templates, Inc. (a) | 4,308 | 35,972 | |
Momenta Pharmaceuticals, Inc. (a) | 2,268 | 28,237 | |
Myriad Genetics, Inc. (a) | 14,445 | 401,282 | |
Natera, Inc. (a) | 12,254 | 337,965 | |
NewLink Genetics Corp. (a) | 16,886 | 24,991 | |
Palatin Technologies, Inc. (a)(b) | 152,408 | 176,793 | |
PDL BioPharma, Inc. (a) | 60,999 | 191,537 | |
Pfenex, Inc. (a) | 9,341 | 62,958 | |
Pieris Pharmaceuticals, Inc. (a) | 40 | 188 | |
Portola Pharmaceuticals, Inc. (a)(b) | 3,869 | 104,966 | |
Prothena Corp. PLC (a) | 18,212 | 192,501 | |
PTC Therapeutics, Inc. (a) | 4,393 | 197,685 | |
Ra Pharmaceuticals, Inc. (a) | 8,929 | 268,495 | |
Radius Health, Inc. (a) | 5,195 | 126,550 | |
Recro Pharma, Inc. (a) | 18,663 | 189,803 | |
REGENXBIO, Inc. (a) | 4,249 | 218,271 | |
Repligen Corp. (a) | 7,760 | 666,972 | |
Sangamo Therapeutics, Inc. (a) | 2,769 | 29,822 | |
Scholar Rock Holding Corp. (a) | 4,831 | 76,620 | |
Spark Therapeutics, Inc. (a) | 1,374 | 140,670 | |
TG Therapeutics, Inc. (a)(b) | 28,283 | 244,648 | |
Ultragenyx Pharmaceutical, Inc. (a)(b) | 4,996 | 317,246 | |
Vanda Pharmaceuticals, Inc. (a) | 15,868 | 223,580 | |
Veracyte, Inc. (a) | 12,541 | 357,544 | |
Vericel Corp. (a) | 5,801 | 109,581 | |
Voyager Therapeutics, Inc. (a) | 5,163 | 140,537 | |
Xencor, Inc. (a) | 2,926 | 119,761 | |
16,676,942 | |||
Health Care Equipment & Supplies - 4.2% | |||
Angiodynamics, Inc. (a) | 41,709 | 821,250 | |
Atricure, Inc. (a) | 6,039 | 180,204 | |
ConforMis, Inc. (a) | 18,129 | 79,042 | |
CONMED Corp. | 7,595 | 649,904 | |
Haemonetics Corp. (a) | 18,547 | 2,231,929 | |
Inspire Medical Systems, Inc. (a) | 1,930 | 117,055 | |
Integer Holdings Corp. (a) | 12,421 | 1,042,370 | |
Meridian Bioscience, Inc. | 77,308 | 918,419 | |
Mesa Laboratories, Inc. | 2,216 | 541,457 | |
Novocure Ltd. (a) | 14,994 | 948,071 | |
Orthofix International NV (a) | 26,105 | 1,380,432 | |
SurModics, Inc. (a) | 20,840 | 899,663 | |
Tandem Diabetes Care, Inc. (a) | 26,481 | 1,708,554 | |
11,518,350 | |||
Health Care Providers & Services - 3.3% | |||
Amedisys, Inc. (a) | 7,505 | 911,182 | |
Brookdale Senior Living, Inc. (a) | 2,620 | 18,890 | |
Corvel Corp. (a) | 17,913 | 1,558,610 | |
Guardant Health, Inc. | 122 | 10,532 | |
Magellan Health Services, Inc. (a) | 6,222 | 461,859 | |
National Healthcare Corp. | 18,645 | 1,513,042 | |
Patterson Companies, Inc. (b) | 46,263 | 1,059,423 | |
Providence Service Corp. | 17,061 | 978,278 | |
RadNet, Inc. (a) | 47,075 | 649,164 | |
Select Medical Holdings Corp. (a) | 33,756 | 535,708 | |
Tenet Healthcare Corp. (a) | 48,944 | 1,011,183 | |
U.S. Physical Therapy, Inc. | 1,155 | 141,568 | |
8,849,439 | |||
Health Care Technology - 2.1% | |||
Allscripts Healthcare Solutions, Inc. (a) | 141,573 | 1,646,494 | |
HealthStream, Inc. (a) | 17,902 | 462,946 | |
HMS Holdings Corp. (a) | 55,181 | 1,787,313 | |
Medidata Solutions, Inc. (a) | 2,630 | 238,041 | |
Nextgen Healthcare, Inc. (a) | 76,510 | 1,522,549 | |
5,657,343 | |||
Life Sciences Tools & Services - 0.5% | |||
Cambrex Corp. (a) | 1,584 | 74,147 | |
Fluidigm Corp. (a) | 14,821 | 182,595�� | |
Luminex Corp. | 3,483 | 71,889 | |
Medpace Holdings, Inc. (a) | 5,628 | 368,184 | |
Nanostring Technologies, Inc. (a) | 9,101 | 276,215 | |
NeoGenomics, Inc. (a) | 5,421 | 118,937 | |
Syneos Health, Inc. (a) | 5,886 | 300,716 | |
1,392,683 | |||
Pharmaceuticals - 1.1% | |||
Aerie Pharmaceuticals, Inc. (a) | 1,139 | 33,657 | |
Amneal Pharmaceuticals, Inc. (a) | 1,268 | 9,092 | |
Assertio Therapeutics, Inc. (a) | 8,017 | 27,659 | |
Checkpoint Therapeutics, Inc. (a) | 3,182 | 9,641 | |
Corcept Therapeutics, Inc. (a)(b) | 16,479 | 183,741 | |
Endo International PLC (a) | 93,165 | 383,840 | |
Horizon Pharma PLC (a) | 10,652 | 256,287 | |
Mallinckrodt PLC (a)(b) | 25,763 | 236,504 | |
Mustang Bio, Inc. (a) | 7,036 | 25,892 | |
MyoKardia, Inc. (a) | 3,123 | 156,587 | |
Pacira Biosciences, Inc. (a) | 7,997 | 347,790 | |
Phibro Animal Health Corp. Class A | 7,533 | 239,323 | |
Prestige Brands Holdings, Inc. (a)(b) | 15,035 | 476,309 | |
Reata Pharmaceuticals, Inc. (a)(b) | 1,213 | 114,447 | |
Supernus Pharmaceuticals, Inc. (a) | 2,404 | 79,548 | |
The Medicines Company (a)(b) | 5,519 | 201,278 | |
Zogenix, Inc. (a) | 2,854 | 136,364 | |
2,917,959 | |||
TOTAL HEALTH CARE | 47,012,716 | ||
INDUSTRIALS - 15.1% | |||
Aerospace & Defense - 2.1% | |||
AAR Corp. | 43,501 | 1,600,402 | |
Aerojet Rocketdyne Holdings, Inc. (a) | 9,704 | 434,448 | |
Astronics Corp. (a) | 31,339 | 1,260,455 | |
Moog, Inc. Class A | 19,566 | 1,831,573 | |
Vectrus, Inc. (a) | 2,583 | 104,766 | |
Wesco Aircraft Holdings, Inc. (a) | 50,162 | 556,798 | |
5,788,442 | |||
Building Products - 0.3% | |||
Advanced Drain Systems, Inc. Del | 13,355 | 437,910 | |
Quanex Building Products Corp. | 2,095 | 39,575 | |
Universal Forest Products, Inc. | 11,148 | 424,293 | |
901,778 | |||
Commercial Services & Supplies - 4.2% | |||
ACCO Brands Corp. | 12,531 | 98,619 | |
ADS Waste Holdings, Inc. (a) | 1,002 | 31,974 | |
Brady Corp. Class A | 32,690 | 1,612,271 | |
Deluxe Corp. | 38,018 | 1,545,812 | |
Herman Miller, Inc. | 39,759 | 1,777,227 | |
Kimball International, Inc. Class B | 80,021 | 1,394,766 | |
Knoll, Inc. | 14,558 | 334,543 | |
MSA Safety, Inc. | 4,960 | 522,734 | |
Quad/Graphics, Inc. (b) | 60,890 | 481,640 | |
SP Plus Corp. (a) | 4,480 | 143,046 | |
Steelcase, Inc. Class A | 88,178 | 1,507,844 | |
Tetra Tech, Inc. | 11,368 | 892,956 | |
UniFirst Corp. | 5,124 | 966,233 | |
VSE Corp. | 4,626 | 132,720 | |
11,442,385 | |||
Construction & Engineering - 1.0% | |||
Comfort Systems U.S.A., Inc. | 3,431 | 174,947 | |
EMCOR Group, Inc. | 23,607 | 2,079,777 | |
Great Lakes Dredge & Dock Corp. (a) | 19,905 | 219,751 | |
MYR Group, Inc. (a) | 1,130 | 42,206 | |
Primoris Services Corp. | 6,525 | 136,568 | |
2,653,249 | |||
Electrical Equipment - 1.4% | |||
Encore Wire Corp. | 3,242 | 189,916 | |
EnerSys | 26,131 | 1,789,974 | |
Enphase Energy, Inc. (a) | 15,533 | 283,167 | |
Generac Holdings, Inc. (a) | 15,616 | 1,083,907 | |
Powell Industries, Inc. | 5,389 | 204,782 | |
Preformed Line Products Co. | 4,676 | 259,612 | |
Thermon Group Holdings, Inc. (a) | 1,962 | 50,325 | |
3,861,683 | |||
Machinery - 1.0% | |||
Commercial Vehicle Group, Inc. (a) | 4,838 | 38,801 | |
Gorman-Rupp Co. | 2,641 | 86,704 | |
Hillenbrand, Inc. | 13,046 | 516,230 | |
Hurco Companies, Inc. | 9,418 | 334,904 | |
Hyster-Yale Materials Handling Class A | 6,359 | 351,398 | |
L.B. Foster Co. Class A (a) | 2,146 | 58,672 | |
Park-Ohio Holdings Corp. | 1,459 | 47,549 | |
Wabash National Corp. | 14,680 | 238,844 | |
Woodward, Inc. | 8,489 | 960,615 | |
2,633,717 | |||
Professional Services - 3.7% | |||
Barrett Business Services, Inc. | 8,740 | 721,924 | |
Heidrick & Struggles International, Inc. | 34,034 | 1,019,999 | |
Insperity, Inc. | 16,391 | 2,001,997 | |
Kelly Services, Inc. Class A (non-vtg.) | 22,651 | 593,230 | |
Kforce, Inc. | 41,126 | 1,443,111 | |
Korn Ferry | 19,880 | 796,592 | |
Navigant Consulting, Inc. | 6,308 | 146,283 | |
Resources Connection, Inc. | 83,796 | 1,341,574 | |
TriNet Group, Inc. (a) | 25,897 | 1,755,817 | |
TrueBlue, Inc. (a) | 13,524 | 298,339 | |
WageWorks, Inc. (a) | 149 | 7,568 | |
10,126,434 | |||
Road & Rail - 0.1% | |||
ArcBest Corp. | 3,350 | 94,169 | |
Marten Transport Ltd. | 2,893 | 52,508 | |
Universal Logistics Holdings, Inc. | 1,059 | 23,796 | |
170,473 | |||
Trading Companies & Distributors - 1.3% | |||
Applied Industrial Technologies, Inc. | 13,965 | 859,266 | |
BMC Stock Holdings, Inc. (a) | 6,510 | 138,012 | |
Kaman Corp. | 4,128 | 262,912 | |
Rush Enterprises, Inc. Class A | 37,132 | 1,356,061 | |
Systemax, Inc. | 15,338 | 339,890 | |
Titan Machinery, Inc. (a) | 7,072 | 145,542 | |
Triton International Ltd. | 10,400 | 340,704 | |
3,442,387 | |||
TOTAL INDUSTRIALS | 41,020,548 | ||
INFORMATION TECHNOLOGY - 14.4% | |||
Communications Equipment - 0.9% | |||
ADTRAN, Inc. | 3,158 | 48,160 | |
Calix Networks, Inc. (a) | 115,879 | 760,166 | |
Ciena Corp. (a) | 21,587 | 887,873 | |
Communications Systems, Inc. | 2,972 | 8,946 | |
Comtech Telecommunications Corp. | 13,089 | 367,932 | |
Extreme Networks, Inc. (a) | 34,403 | 222,587 | |
Finisar Corp. (a) | 2,901 | 66,346 | |
2,362,010 | |||
Electronic Equipment & Components - 2.9% | |||
Anixter International, Inc. (a) | 13,481 | 804,951 | |
Badger Meter, Inc. | 1,606 | 95,862 | |
Belden, Inc. | 27,878 | 1,660,692 | |
Insight Enterprises, Inc. (a) | 16,280 | 947,496 | |
Kimball Electronics, Inc. (a) | 29,432 | 477,976 | |
PC Connection, Inc. | 4,241 | 148,350 | |
ScanSource, Inc. (a) | 15,184 | 494,391 | |
SYNNEX Corp. | 10,692 | 1,052,093 | |
Tech Data Corp. (a) | 18,086 | 1,891,796 | |
Vishay Intertechnology, Inc. | 22,454 | 370,940 | |
7,944,547 | |||
IT Services - 2.5% | |||
CACI International, Inc. Class A (a) | 5,637 | 1,153,274 | |
CSG Systems International, Inc. | 30,115 | 1,470,515 | |
EVERTEC, Inc. | 50,900 | 1,664,430 | |
Maximus, Inc. | 11,944 | 866,418 | |
Science Applications International Corp. | 5,771 | 499,538 | |
Sykes Enterprises, Inc. (a) | 42,565 | 1,168,835 | |
6,823,010 | |||
Semiconductors & Semiconductor Equipment - 2.2% | |||
Amkor Technology, Inc. (a) | 143,160 | 1,067,974 | |
Cirrus Logic, Inc. (a) | 31,365 | 1,370,651 | |
Diodes, Inc. (a) | 8,014 | 291,469 | |
Lattice Semiconductor Corp. (a) | 72,273 | 1,054,463 | |
Rambus, Inc. (a) | 49,112 | 591,308 | |
Rudolph Technologies, Inc. (a) | 9,860 | 272,432 | |
Silicon Laboratories, Inc. (a) | 5,193 | 536,956 | |
Synaptics, Inc. (a) | 26,542 | 773,434 | |
Xperi Corp. | 2,682 | 55,222 | |
6,013,909 | |||
Software - 5.4% | |||
Agilysys, Inc. (a) | 5,796 | 124,440 | |
Alarm.com Holdings, Inc. (a) | 7,102 | 379,957 | |
Alteryx, Inc. Class A (a)(b) | 8,274 | 902,859 | |
Anaplan, Inc. | 5,396 | 272,336 | |
Avalara, Inc. | 6,538 | 472,044 | |
BlackLine, Inc. (a) | 10,646 | 569,667 | |
Box, Inc. Class A (a) | 1,438 | 25,323 | |
CommVault Systems, Inc. (a) | 20,292 | 1,006,889 | |
Cornerstone OnDemand, Inc. (a) | 15,581 | 902,607 | |
Coupa Software, Inc. (a) | 5,851 | 740,795 | |
HubSpot, Inc. (a) | 4,741 | 808,435 | |
j2 Global, Inc. | 1,926 | 171,202 | |
MobileIron, Inc. (a) | 64,970 | 402,814 | |
Monotype Imaging Holdings, Inc. | 19,658 | 331,041 | |
Paylocity Holding Corp. (a) | 567 | 53,196 | |
Progress Software Corp. | 38,096 | 1,661,748 | |
Q2 Holdings, Inc. (a) | 14,546 | 1,110,733 | |
QAD, Inc. Class A | 3,262 | 131,165 | |
SPS Commerce, Inc. (a) | 4,169 | 426,113 | |
Tenable Holdings, Inc. | 4,007 | 114,360 | |
TiVo Corp. | 11,826 | 87,158 | |
Verint Systems, Inc. (a) | 24,718 | 1,329,334 | |
Workiva, Inc. (a) | 14,206 | 825,227 | |
Yext, Inc. (a) | 71,177 | 1,429,946 | |
Zscaler, Inc. (a)(b) | 4,969 | 380,824 | |
14,660,213 | |||
Technology Hardware, Storage & Peripherals - 0.5% | |||
Avid Technology, Inc. (a) | 92,407 | 842,752 | |
Diebold Nixdorf, Inc. (a) | 11,915 | 109,141 | |
Stratasys Ltd. (a)(b) | 9,166 | 269,205 | |
1,221,098 | |||
TOTAL INFORMATION TECHNOLOGY | 39,024,787 | ||
MATERIALS - 5.9% | |||
Chemicals - 2.9% | |||
FutureFuel Corp. | 55,377 | 647,357 | |
Hawkins, Inc. | 741 | 32,167 | |
Innophos Holdings, Inc. | 1,450 | 42,210 | |
Kraton Performance Polymers, Inc. (a) | 44,576 | 1,384,976 | |
PolyOne Corp. | 46,694 | 1,465,725 | |
Stepan Co. | 16,340 | 1,501,809 | |
Tredegar Corp. | 1,419 | 23,584 | |
Trinseo SA | 28,399 | 1,202,414 | |
Tronox Holdings PLC | 129,458 | 1,654,473 | |
7,954,715 | |||
Containers & Packaging - 0.6% | |||
Greif, Inc.: | |||
Class A | 3,542 | 115,292 | |
Class B | 215 | 9,385 | |
Myers Industries, Inc. | 70,632 | 1,361,079 | |
1,485,756 | |||
Metals & Mining - 1.8% | |||
Atkore International Group, Inc. (a) | 60,298 | 1,559,909 | |
Compass Minerals International, Inc. | 2,079 | 114,241 | |
Materion Corp. | 19,817 | 1,343,791 | |
Novagold Resources, Inc. (a) | 7,836 | 46,135 | |
Schnitzer Steel Industries, Inc. Class A | 28,282 | 740,140 | |
SunCoke Energy, Inc. | 86,557 | 768,626 | |
Warrior Metropolitan Coal, Inc. | 10,900 | 284,708 | |
4,857,550 | |||
Paper & Forest Products - 0.6% | |||
Boise Cascade Co. | 10,830 | 304,431 | |
Louisiana-Pacific Corp. | 22,655 | 594,014 | |
Schweitzer-Mauduit International, Inc. | 20,975 | 695,951 | |
1,594,396 | |||
TOTAL MATERIALS | 15,892,417 | ||
REAL ESTATE - 5.5% | |||
Equity Real Estate Investment Trusts (REITs) - 5.1% | |||
American Assets Trust, Inc. | 35,046 | 1,651,368 | |
Americold Realty Trust (b) | 22,239 | 720,988 | |
Braemar Hotels & Resorts, Inc. | 9,358 | 92,644 | |
Chatham Lodging Trust | 2,516 | 47,477 | |
CorePoint Lodging, Inc. | 8,431 | 104,460 | |
Corrections Corp. of America | 77,282 | 1,604,374 | |
DiamondRock Hospitality Co. | 91,196 | 942,967 | |
EastGroup Properties, Inc. | 3,516 | 407,786 | |
Kite Realty Group Trust | 3,529 | 53,394 | |
Lexington Corporate Properties Trust | 62,824 | 591,174 | |
Mack-Cali Realty Corp. | 342 | 7,965 | |
New Senior Investment Group, Inc. | 13,369 | 89,840 | |
Piedmont Office Realty Trust, Inc. Class A | 5,364 | 106,905 | |
PS Business Parks, Inc. | 8,477 | 1,428,629 | |
RLJ Lodging Trust | 97,603 | 1,731,477 | |
Spirit MTA REIT | 2,170 | 18,098 | |
Sunstone Hotel Investors, Inc. | 124,575 | 1,707,923 | |
The GEO Group, Inc. | 34,756 | 730,224 | |
Urstadt Biddle Properties, Inc. Class A | 717 | 15,057 | |
Xenia Hotels & Resorts, Inc. (b) | 78,260 | 1,631,721 | |
13,684,471 | |||
Real Estate Management & Development - 0.4% | |||
Gyrodyne LLC (a) | 137 | 2,528 | |
Kennedy-Wilson Holdings, Inc. | 15,820 | 325,417 | |
Marcus & Millichap, Inc. (a) | 10,282 | 317,200 | |
Maui Land & Pineapple, Inc. (a) | 1,949 | 20,055 | |
Newmark Group, Inc. | 37,526 | 336,983 | |
RE/MAX Holdings, Inc. | 3,665 | 112,735 | |
1,114,918 | |||
TOTAL REAL ESTATE | 14,799,389 | ||
UTILITIES - 2.7% | |||
Electric Utilities - 1.7% | |||
Allete, Inc. | 22,893 | 1,904,927 | |
El Paso Electric Co. | 1,260 | 82,404 | |
IDACORP, Inc. | 1,108 | 111,276 | |
Otter Tail Corp. | 5,148 | 271,866 | |
PNM Resources, Inc. | 1,625 | 82,729 | |
Portland General Electric Co. | 36,687 | 1,987,335 | |
4,440,537 | |||
Gas Utilities - 0.2% | |||
Northwest Natural Holding Co. | 1,063 | 73,879 | |
Southwest Gas Holdings, Inc. | 6,222 | 557,616 | |
631,495 | |||
Independent Power and Renewable Electricity Producers - 0.8% | |||
Atlantic Power Corp. (a) | 37,651 | 91,115 | |
NRG Yield, Inc. Class A | 72,654 | 1,175,542 | |
Pattern Energy Group, Inc. | 40,816 | 942,441 | |
2,209,098 | |||
Multi-Utilities - 0.0% | |||
NorthWestern Energy Corp. | 968 | 69,841 | |
TOTAL UTILITIES | 7,350,971 | ||
TOTAL COMMON STOCKS | |||
(Cost $233,388,467) | 261,378,082 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.2% | |||
U.S. Treasury Bills, yield at date of purchase 2.45% 9/12/19 (d) | |||
(Cost $497,554) | 500,000 | 497,906 | |
Shares | Value | ||
Money Market Funds - 11.5% | |||
Fidelity Cash Central Fund 2.42% (e) | 7,775,230 | $7,776,785 | |
Fidelity Securities Lending Cash Central Fund 2.42% (e)(f) | 23,318,211 | 23,320,543 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $31,097,321) | 31,097,328 | ||
TOTAL INVESTMENT IN SECURITIES - 108.2% | |||
(Cost $264,983,342) | 292,973,316 | ||
NET OTHER ASSETS (LIABILITIES) - (8.2)% | (22,227,621) | ||
NET ASSETS - 100% | $270,745,695 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Russell 2000 Index Contracts (United States) | 118 | Sept. 2019 | $9,245,890 | $160,533 | $160,533 |
The notional amount of futures purchased as a percentage of Net Assets is 3.4%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Level 3 security
(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $450,107.
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $64,585 |
Fidelity Securities Lending Cash Central Fund | 63,179 |
Total | $127,764 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of payments to and from borrowers of securities.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $9,915,990 | $9,915,990 | $-- | $-- |
Consumer Discretionary | 26,029,589 | 26,029,589 | -- | -- |
Consumer Staples | 6,599,122 | 6,599,122 | -- | -- |
Energy | 8,645,970 | 8,645,970 | -- | -- |
Financials | 45,086,583 | 45,086,583 | -- | -- |
Health Care | 47,012,716 | 47,012,716 | -- | -- |
Industrials | 41,020,548 | 41,020,548 | -- | -- |
Information Technology | 39,024,787 | 39,024,787 | -- | -- |
Materials | 15,892,417 | 15,892,417 | -- | -- |
Real Estate | 14,799,389 | 14,799,389 | -- | -- |
Utilities | 7,350,971 | 7,350,971 | -- | -- |
U.S. Government and Government Agency Obligations | 497,906 | -- | 497,906 | -- |
Money Market Funds | 31,097,328 | 31,097,328 | -- | -- |
Total Investments in Securities: | $292,973,316 | $292,475,410 | $497,906 | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $160,533 | $160,533 | $-- | $-- |
Total Assets | $160,533 | $160,533 | $-- | $-- |
Total Derivative Instruments: | $160,533 | $160,533 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $160,533 | $0 |
Total Equity Risk | 160,533 | 0 |
Total Value of Derivatives | $160,533 | $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 distributable earnings.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
June 30, 2019 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $22,867,280) — See accompanying schedule: Unaffiliated issuers (cost $233,886,021) | $261,875,988 | |
Fidelity Central Funds (cost $31,097,321) | 31,097,328 | |
Total Investment in Securities (cost $264,983,342) | $292,973,316 | |
Cash | 9,726 | |
Receivable for investments sold | 8,557,585 | |
Receivable for fund shares sold | 11,141 | |
Dividends receivable | 335,702 | |
Distributions receivable from Fidelity Central Funds | 38,174 | |
Receivable for daily variation margin on futures contracts | 108,722 | |
Total assets | 302,034,366 | |
Liabilities | ||
Payable for investments purchased | $7,667,250 | |
Payable for fund shares redeemed | 132,240 | |
Accrued management fee | 98,514 | |
Distribution and service plan fees payable | 1,680 | |
Other affiliated payables | 38,031 | |
Other payables and accrued expenses | 33,094 | |
Collateral on securities loaned | 23,317,862 | |
Total liabilities | 31,288,671 | |
Net Assets | $270,745,695 | |
Net Assets consist of: | ||
Paid in capital | $253,776,936 | |
Total distributable earnings (loss) | 16,968,759 | |
Net Assets | $270,745,695 | |
Net Asset Value and Maximum Offering Price | ||
Initial Class: | ||
Net Asset Value, offering price and redemption price per share ($25,932,958 ÷ 1,861,853 shares) | $13.93 | |
Service Class: | ||
Net Asset Value, offering price and redemption price per share ($205,838 ÷ 14,729 shares) | $13.98 | |
Service Class 2: | ||
Net Asset Value, offering price and redemption price per share ($8,348,987 ÷ 598,052 shares) | $13.96 | |
Investor Class: | ||
Net Asset Value, offering price and redemption price per share ($236,257,912 ÷ 17,044,732 shares) | $13.86 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2019 (Unaudited) | ||
Investment Income | ||
Dividends | $2,108,635 | |
Interest | 5,892 | |
Income from Fidelity Central Funds (including $63,179 from security lending) | 127,764 | |
Total income | 2,242,291 | |
Expenses | ||
Management fee | $611,546 | |
Transfer agent fees | 183,206 | |
Distribution and service plan fees | 9,758 | |
Accounting and security lending fees | 53,513 | |
Custodian fees and expenses | 8,997 | |
Independent trustees' fees and expenses | 652 | |
Audit | 25,919 | |
Legal | 3,942 | |
Miscellaneous | 901 | |
Total expenses before reductions | 898,434 | |
Expense reductions | (696) | |
Total expenses after reductions | 897,738 | |
Net investment income (loss) | 1,344,553 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (6,425,715) | |
Fidelity Central Funds | 286 | |
Futures contracts | 335,764 | |
Total net realized gain (loss) | (6,089,665) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 44,224,917 | |
Fidelity Central Funds | (23) | |
Futures contracts | 172,046 | |
Total change in net unrealized appreciation (depreciation) | 44,396,940 | |
Net gain (loss) | 38,307,275 | |
Net increase (decrease) in net assets resulting from operations | $39,651,828 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2019 (Unaudited) | Year ended December 31, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $1,344,553 | $2,439,582 |
Net realized gain (loss) | (6,089,665) | 21,429,463 |
Change in net unrealized appreciation (depreciation) | 44,396,940 | (62,993,051) |
Net increase (decrease) in net assets resulting from operations | 39,651,828 | (39,124,006) |
Distributions to shareholders | (23,165,490) | (29,092,038) |
Share transactions - net increase (decrease) | 9,839,378 | 21,956,747 |
Total increase (decrease) in net assets | 26,325,716 | (46,259,297) |
Net Assets | ||
Beginning of period | 244,419,979 | 290,679,276 |
End of period | $270,745,695 | $244,419,979 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
VIP Disciplined Small Cap Portfolio Initial Class
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $13.07 | $16.86 | $16.25 | $14.52 | $14.94 | $15.40 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .07 | .14 | .11 | .13 | .10 | .06 |
Net realized and unrealized gain (loss) | 2.03 | (2.20) | 1.01 | 2.75 | (.40) | .69 |
Total from investment operations | 2.10 | (2.06) | 1.12 | 2.88 | (.30) | .75 |
Distributions from net investment income | (.03) | (.14) | (.12) | (.09) | (.09) | (.07) |
Distributions from net realized gain | (1.21) | (1.59) | (.40) | (1.06) | (.03) | (1.14) |
Total distributions | (1.24) | (1.73) | (.51)B | (1.15) | (.12) | (1.21) |
Net asset value, end of period | $13.93 | $13.07 | $16.86 | $16.25 | $14.52 | $14.94 |
Total ReturnC,D,E | 16.49% | (13.08)% | 7.02% | 22.68% | (1.99)% | 5.28% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .58%H | .60% | .83% | .86% | .85% | .85% |
Expenses net of fee waivers, if any | .58%H | .60% | .83% | .86% | .84% | .85% |
Expenses net of all reductions | .58%H | .60% | .83% | .86% | .84% | .85% |
Net investment income (loss) | 1.07%H | .90% | .67% | .90% | .68% | .41% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $25,933 | $24,285 | $31,332 | $41,185 | $30,227 | $33,658 |
Portfolio turnover rateI | 72%H | 103% | 103% | 83% | 96% | 100% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.51 per share is comprised of distributions from net investment income of $.116 and distributions from net realized gain of $.395 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the 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.
H Annualized
I 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.
VIP Disciplined Small Cap Portfolio Service Class
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $13.12 | $16.91 | $16.29 | $14.56 | $14.98 | $15.44 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .07 | .13 | .09 | .11 | .09 | .05 |
Net realized and unrealized gain (loss) | 2.03 | (2.21) | 1.03 | 2.75 | (.40) | .68 |
Total from investment operations | 2.10 | (2.08) | 1.12 | 2.86 | (.31) | .73 |
Distributions from net investment income | (.03) | (.12) | (.10) | (.07) | (.08) | (.05) |
Distributions from net realized gain | (1.21) | (1.59) | (.40) | (1.06) | (.03) | (1.14) |
Total distributions | (1.24) | (1.71) | (.50) | (1.13) | (.11) | (1.19) |
Net asset value, end of period | $13.98 | $13.12 | $16.91 | $16.29 | $14.56 | $14.98 |
Total ReturnB,C,D | 16.40% | (13.13)% | 6.97% | 22.49% | (2.09)% | 5.19% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .68%G | .70% | .93% | .96% | .95% | .95% |
Expenses net of fee waivers, if any | .68%G | .70% | .93% | .96% | .94% | .95% |
Expenses net of all reductions | .68%G | .70% | .93% | .96% | .94% | .95% |
Net investment income (loss) | .97%G | .80% | .57% | .80% | .58% | .32% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $206 | $193 | $249 | $266 | $311 | $320 |
Portfolio turnover rateH | 72%G | 103% | 103% | 83% | 96% | 100% |
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 do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the 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.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
VIP Disciplined Small Cap Portfolio Service Class 2
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $13.11 | $16.90 | $16.29 | $14.58 | $14.99 | $15.45 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .06 | .10 | .07 | .09 | .07 | .02 |
Net realized and unrealized gain (loss) | 2.02 | (2.20) | 1.02 | 2.75 | (.40) | .68 |
Total from investment operations | 2.08 | (2.10) | 1.09 | 2.84 | (.33) | .70 |
Distributions from net investment income | (.03) | (.10) | (.08) | (.07) | (.05) | (.02) |
Distributions from net realized gain | (1.21) | (1.59) | (.40) | (1.06) | (.03) | (1.14) |
Total distributions | (1.23)B | (1.69) | (.48) | (1.13) | (.08) | (1.16) |
Net asset value, end of period | $13.96 | $13.11 | $16.90 | $16.29 | $14.58 | $14.99 |
Total ReturnC,D,E | 16.30% | (13.29)% | 6.79% | 22.31% | (2.18)% | 4.93% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .83%H | .85% | 1.08% | 1.11% | 1.10% | 1.14% |
Expenses net of fee waivers, if any | .83%H | .85% | 1.08% | 1.11% | 1.10% | 1.14% |
Expenses net of all reductions | .83%H | .85% | 1.08% | 1.11% | 1.10% | 1.14% |
Net investment income (loss) | .82%H | .65% | .42% | .65% | .43% | .12% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $8,349 | $6,823 | $7,881 | $6,403 | $3,198 | $3,097 |
Portfolio turnover rateI | 72%H | 103% | 103% | 83% | 96% | 100% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $1.23 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $1.209 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the 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.
H Annualized
I 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.
VIP Disciplined Small Cap Portfolio Investor Class
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $13.02 | $16.79 | $16.19 | $14.48 | $14.89 | $15.36 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .07 | .13 | .09 | .11 | .09 | .05 |
Net realized and unrealized gain (loss) | 2.01 | (2.19) | 1.01 | 2.74 | (.39) | .68 |
Total from investment operations | 2.08 | (2.06) | 1.10 | 2.85 | (.30) | .73 |
Distributions from net investment income | (.03) | (.12) | (.10) | (.08) | (.08) | (.05) |
Distributions from net realized gain | (1.21) | (1.59) | (.40) | (1.06) | (.03) | (1.14) |
Total distributions | (1.24) | (1.71) | (.50) | (1.14) | (.11) | (1.20)B |
Net asset value, end of period | $13.86 | $13.02 | $16.79 | $16.19 | $14.48 | $14.89 |
Total ReturnC,D,E | 16.38% | (13.09)% | 6.91% | 22.54% | (2.00)% | 5.15% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .66%H | .68% | .91% | .94% | .93% | .93% |
Expenses net of fee waivers, if any | .66%H | .68% | .91% | .94% | .92% | .93% |
Expenses net of all reductions | .66%H | .68% | .91% | .94% | .92% | .93% |
Net investment income (loss) | .99%H | .82% | .59% | .82% | .60% | .34% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $236,258 | $213,119 | $251,217 | $263,763 | $190,669 | $173,570 |
Portfolio turnover rateI | 72%H | 103% | 103% | 83% | 96% | 100% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $1.20 per share is comprised of distributions from net investment income of $.054 and distributions from net realized gain of $1.141 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the 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.
H Annualized
I 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 June 30, 2019
1. Organization.
VIP Disciplined Small Cap Portfolio (the Fund) is a fund of Variable Insurance Products Fund II (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2019 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.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 futures contracts, foreign currency transactions, partnerships, passive foreign investment companies (PFIC), market discount and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $44,142,720 |
Gross unrealized depreciation | (17,000,597) |
Net unrealized appreciation (depreciation) | $27,142,123 |
Tax cost | $265,991,726 |
The Fund elected to defer to its next fiscal year approximately $4,571,803 of capital losses recognized during the period November 1, 2018 to December 31, 2018.
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 $94,580,239 and $111,378,049, 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 .45% 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.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.
For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:
Service Class | $102 |
Service Class 2 | 9,656 |
$9,758 |
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 with respect to each class. Each class pays a fee for transfer agent services, typesetting and printing and mailing of shareholder reports, excluding mailing of proxy statements, equal to an annual rate of class-level average net assets. The annual rate for Investor Class is .15% and the annual rate for all other classes is .07%. For the period, transfer agent fees for each class were as follows:
Initial Class | $8,675 |
Service Class | 66 |
Service Class 2 | 2,510 |
Investor Class | 171,955 |
$183,206 |
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Prior to April 1, 2019, FSC had a separate agreement with the Fund for administration of the security lending program, based on the number and duration of lending transactions. For the period, the total fees paid for accounting and administration of securities lending were equivalent to an annualized rate of .04%.
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 $396 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 from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. 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 $9,786 from securities loaned to NFS, as affiliated borrower.
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $696.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended June 30, 2019 | Year ended December 31, 2018 | |
Distributions to shareholders | ||
Initial Class | $2,281,194 | $3,020,567 |
Service Class | 18,218 | 25,199 |
Service Class 2 | 637,719 | 726,133 |
Investor Class | 20,228,359 | 25,320,139 |
Total | $23,165,490 | $29,092,038 |
11. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2019 | Year ended December 31, 2018 | Six months ended June 30, 2019 | Year ended December 31, 2018 | |
Initial Class | ||||
Shares sold | 137,345 | 389,181 | $1,922,108 | $6,282,040 |
Reinvestment of distributions | 171,004 | 208,832 | 2,281,194 | 3,020,567 |
Shares redeemed | (304,243) | (598,663) | (4,164,750) | (9,449,635) |
Net increase (decrease) | 4,106 | (650) | $38,552 | $(147,028) |
Service Class 2 | ||||
Shares sold | 88,488 | 168,813 | $1,209,962 | $2,716,157 |
Reinvestment of distributions | 47,627 | 50,094 | 637,719 | 726,133 |
Shares redeemed | (58,486) | (164,886) | (807,357) | (2,739,409) |
Net increase (decrease) | 77,629 | 54,021 | $1,040,324 | $702,881 |
Investor Class | ||||
Shares sold | 539,575 | 1,984,812 | $7,458,078 | $32,467,274 |
Reinvestment of distributions | 1,523,220 | 1,758,395 | 20,228,359 | 25,320,139 |
Shares redeemed | (1,390,200) | (2,329,721) | (18,925,935) | (36,386,519) |
Net increase (decrease) | 672,595 | 1,413,486 | $8,760,502 | $21,400,894 |
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, the investment adviser or its affiliates were the owners of record of 97% of the total outstanding shares of the Fund.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in 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 (January 1, 2019 to June 30, 2019).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. 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 January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period-B January 1, 2019 to June 30, 2019 | |
Initial Class | .58% | |||
Actual | $1,000.00 | $1,164.90 | $3.11 | |
Hypothetical-C | $1,000.00 | $1,021.92 | $2.91 | |
Service Class | .68% | |||
Actual | $1,000.00 | $1,164.00 | $3.65 | |
Hypothetical-C | $1,000.00 | $1,021.42 | $3.41 | |
Service Class 2 | .83% | |||
Actual | $1,000.00 | $1,163.00 | $4.45 | |
Hypothetical-C | $1,000.00 | $1,020.68 | $4.16 | |
Investor Class | .66% | |||
Actual | $1,000.00 | $1,163.80 | $3.54 | |
Hypothetical-C | $1,000.00 | $1,021.52 | $3.31 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
VIP Disciplined Small Cap Portfolio
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement (Sub-Advisory Agreement) with Geode Capital Management, LLC (Geode). FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its January 2019 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.The Board noted that it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods ended June 30, 2018, as shown below. A peer group is not shown below because the fund does not generally utilize a peer group for performance comparison purposes.VIP Disciplined Small Cap Portfolio
VIP Disciplined Small Cap Portfolio
VDSC-SANN-0819
1.821007.113
Fidelity® Variable Insurance Products: International Capital Appreciation Portfolio Semi-Annual Report June 30, 2019 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, and if your insurance carrier elects to participate, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your variable insurance product unless you specifically request paper copies from your financial professional or the administrator of your variable insurance product. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically, by contacting your financial professional or the administrator of your variable insurance product. If you own a Fidelity-administered variable insurance product, please visit fidelity.com/mailpreferences to make your election or call 1-800-343-3548.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial professional or the administrator of your variable insurance product. If you own a Fidelity-administered variable insurance product, please visit fidelity.com/mailpreferences to make your election or call 1-800-343-3548. Your election to receive reports in paper will apply to all funds available under your variable insurance product.
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
As of June 30, 2019 | ||
United States of America* | 14.2% | |
France | 12.4% | |
Switzerland | 7.0% | |
Canada | 6.6% | |
Netherlands | 6.4% | |
Germany | 6.1% | |
Cayman Islands | 6.0% | |
United Kingdom | 5.9% | |
India | 4.9% | |
Other | 30.5% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of June 30, 2019
% of fund's net assets | |
Stocks | 97.9 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.1 |
Top Ten Stocks as of June 30, 2019
% of fund's net assets | |
Nestle SA (Reg. S) (Switzerland, Food Products) | 2.3 |
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 2.1 |
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 2.0 |
Unilever NV (Certificaten Van Aandelen) (Bearer) (Netherlands, Personal Products) | 1.5 |
AIA Group Ltd. (Hong Kong, Insurance) | 1.5 |
SAP SE (Germany, Software) | 1.5 |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 1.4 |
Naspers Ltd. Class N (South Africa, Internet & Direct Marketing Retail) | 1.4 |
Diageo PLC (United Kingdom, Beverages) | 1.3 |
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 1.3 |
16.3 |
Top Market Sectors as of June 30, 2019
% of fund's net assets | |
Information Technology | 17.0 |
Industrials | 16.6 |
Consumer Discretionary | 16.7 |
Financials | 14.0 |
Consumer Staples | 11.0 |
Materials | 6.6 |
Health Care | 3.8 |
Utilities | 3.8 |
Real Estate | 3.5 |
Communication Services | 2.9 |
Schedule of Investments June 30, 2019 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.9% | |||
Shares | Value | ||
Australia - 1.1% | |||
CSL Ltd. | 24,790 | $3,741,821 | |
Bailiwick of Jersey - 0.9% | |||
Experian PLC | 96,400 | 2,918,569 | |
Bermuda - 1.8% | |||
Credicorp Ltd. (United States) | 12,900 | 2,952,939 | |
IHS Markit Ltd. (a) | 45,800 | 2,918,376 | |
TOTAL BERMUDA | 5,871,315 | ||
Brazil - 3.6% | |||
BM&F BOVESPA SA | 313,700 | 3,060,249 | |
Equatorial Energia SA | 125,500 | 3,000,273 | |
Lojas Renner SA | 226,900 | 2,786,652 | |
Rumo SA (a) | 559,400 | 3,019,925 | |
TOTAL BRAZIL | 11,867,099 | ||
Canada - 6.6% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 48,200 | 3,033,227 | |
Brookfield Asset Management, Inc. | 67,400 | 3,220,372 | |
Canadian National Railway Co. | 39,600 | 3,665,015 | |
Canadian Pacific Railway Ltd. | 13,200 | 3,108,912 | |
Constellation Software, Inc. | 3,150 | 2,968,873 | |
Restaurant Brands International, Inc. | 41,200 | 2,865,170 | |
Waste Connection, Inc. (Canada) | 28,150 | 2,689,141 | |
TOTAL CANADA | 21,550,710 | ||
Cayman Islands - 6.0% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 39,530 | 6,698,359 | |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 32,800 | 3,167,824 | |
Shenzhou International Group Holdings Ltd. | 220,000 | 3,024,694 | |
Tencent Holdings Ltd. | 151,850 | 6,869,606 | |
TOTAL CAYMAN ISLANDS | 19,760,483 | ||
Denmark - 1.9% | |||
DONG Energy A/S (b) | 36,200 | 3,130,203 | |
DSV de Sammensluttede Vognmaend A/S | 30,400 | 2,985,282 | |
TOTAL DENMARK | 6,115,485 | ||
Finland - 0.9% | |||
Neste Oyj | 88,840 | 3,014,436 | |
France - 12.4% | |||
Air Liquide SA | 26,700 | 3,735,868 | |
Capgemini SA | 23,516 | 2,924,024 | |
Dassault Systemes SA | 20,000 | 3,190,703 | |
Edenred SA | 61,213 | 3,122,494 | |
Hermes International SCA | 4,094 | 2,952,383 | |
Kering SA | 5,890 | 3,483,380 | |
L'Oreal SA | 12,740 | 3,628,907 | |
LVMH Moet Hennessy Louis Vuitton SE | 10,921 | 4,642,796 | |
Pernod Ricard SA | 17,300 | 3,187,820 | |
Safran SA | 24,300 | 3,560,323 | |
SR Teleperformance SA | 14,100 | 2,825,034 | |
VINCI SA | 33,560 | 3,436,787�� | |
TOTAL FRANCE | 40,690,519 | ||
Germany - 6.1% | |||
adidas AG | 11,873 | 3,665,464 | |
Deutsche Borse AG | 21,000 | 2,964,570 | |
Linde PLC | 14,300 | 2,872,423 | |
SAP SE | 35,200 | 4,825,633 | |
Symrise AG | 28,900 | 2,781,456 | |
Vonovia SE | 64,300 | 3,070,852 | |
TOTAL GERMANY | 20,180,398 | ||
Hong Kong - 1.5% | |||
AIA Group Ltd. | 464,800 | 5,019,330 | |
India - 4.9% | |||
Asian Paints Ltd. | 27,879 | 549,150 | |
HDFC Bank Ltd. | 77,175 | 2,736,707 | |
Housing Development Finance Corp. Ltd. | 112,655 | 3,581,596 | |
ICICI Bank Ltd. | 484,800 | 3,072,600 | |
Kotak Mahindra Bank Ltd. | 130,747 | 2,800,963 | |
Reliance Industries Ltd. | 194,363 | 3,532,361 | |
TOTAL INDIA | 16,273,377 | ||
Indonesia - 1.0% | |||
PT Bank Central Asia Tbk | 1,506,800 | 3,197,050 | |
Ireland - 2.5% | |||
Accenture PLC Class A | 14,000 | 2,586,780 | |
Kerry Group PLC Class A | 23,630 | 2,821,316 | |
Kingspan Group PLC (Ireland) | 51,200 | 2,780,564 | |
TOTAL IRELAND | 8,188,660 | ||
Israel - 0.9% | |||
NICE Systems Ltd. sponsored ADR (a) | 20,600 | 2,822,200 | |
Italy - 1.7% | |||
Amplifon SpA | 119,709 | 2,798,650 | |
Moncler SpA | 69,000 | 2,950,092 | |
TOTAL ITALY | 5,748,742 | ||
Japan - 4.9% | |||
Hoya Corp. | 44,000 | 3,368,511 | |
Kao Corp. | 41,200 | 3,137,337 | |
Keyence Corp. | 6,108 | 3,746,436 | |
OBIC Co. Ltd. | 24,500 | 2,772,342 | |
Recruit Holdings Co. Ltd. | 92,500 | 3,083,476 | |
TOTAL JAPAN | 16,108,102 | ||
Netherlands - 6.4% | |||
ASML Holding NV (Netherlands) | 20,000 | 4,161,798 | |
Ferrari NV | 19,000 | 3,085,180 | |
Heineken NV (Bearer) | 29,300 | 3,269,733 | |
Interxion Holding N.V. (a) | 36,238 | 2,757,349 | |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 83,300 | 5,061,157 | |
Wolters Kluwer NV | 39,032 | 2,841,418 | |
TOTAL NETHERLANDS | 21,176,635 | ||
Philippines - 0.8% | |||
SM Prime Holdings, Inc. | 3,651,600 | 2,643,918 | |
South Africa - 2.2% | |||
Capitec Bank Holdings Ltd. | 30,309 | 2,794,711 | |
Naspers Ltd. Class N | 18,390 | 4,451,304 | |
TOTAL SOUTH AFRICA | 7,246,015 | ||
Spain - 2.9% | |||
Amadeus IT Holding SA Class A | 40,230 | 3,186,634 | |
Cellnex Telecom SA (b) | 70,730 | 2,617,097 | |
Iberdrola SA | 358,300 | 3,567,299 | |
TOTAL SPAIN | 9,371,030 | ||
Sweden - 1.9% | |||
ASSA ABLOY AB (B Shares) | 141,800 | 3,199,390 | |
Hexagon AB (B Shares) | 57,200 | 3,175,947 | |
TOTAL SWEDEN | 6,375,337 | ||
Switzerland - 7.0% | |||
Compagnie Financiere Richemont SA Series A | 39,500 | 3,356,574 | |
Givaudan SA | 1,111 | 3,136,566 | |
Nestle SA (Reg. S) | 72,100 | 7,463,951 | |
Partners Group Holding AG | 3,829 | 3,008,444 | |
Sika AG | 18,292 | 3,121,745 | |
Temenos Group AG | 16,117 | 2,883,460 | |
TOTAL SWITZERLAND | 22,970,740 | ||
United Kingdom - 5.9% | |||
Compass Group PLC | 131,701 | 3,157,107 | |
Croda International PLC | 42,423 | 2,758,405 | |
Diageo PLC | 100,596 | 4,329,680 | |
London Stock Exchange Group PLC | 42,400 | 2,953,985 | |
RELX PLC (London Stock Exchange) | 136,544 | 3,311,150 | |
Rentokil Initial PLC | 543,400 | 2,743,111 | |
TOTAL UNITED KINGDOM | 19,253,438 | ||
United States of America - 12.1% | |||
Adobe, Inc. (a) | 9,000 | 2,651,850 | |
American Tower Corp. | 13,700 | 2,800,965 | |
Ecolab, Inc. | 13,851 | 2,734,741 | |
Fiserv, Inc. (a) | 29,000 | 2,643,640 | |
Global Payments, Inc. | 17,900 | 2,866,327 | |
Hilton Worldwide Holdings, Inc. | 17,323 | 1,693,150 | |
Marsh & McLennan Companies, Inc. | 25,800 | 2,573,550 | |
MasterCard, Inc. Class A | 10,190 | 2,695,561 | |
Moody's Corp. | 13,400 | 2,617,154 | |
NextEra Energy, Inc. | 12,800 | 2,622,208 | |
Prologis, Inc. | 34,700 | 2,779,470 | |
Thermo Fisher Scientific, Inc. | 9,900 | 2,907,432 | |
TransDigm Group, Inc. (a) | 5,620 | 2,718,956 | |
Visa, Inc. Class A | 15,780 | 2,738,619 | |
Yum! Brands, Inc. | 25,100 | 2,777,817 | |
TOTAL UNITED STATES OF AMERICA | 39,821,440 | ||
TOTAL COMMON STOCKS | |||
(Cost $247,773,668) | 321,926,849 | ||
Money Market Funds - 1.5% | |||
Fidelity Cash Central Fund 2.42% (c) | |||
(Cost $5,024,089) | 5,023,084 | 5,024,089 | |
TOTAL INVESTMENT IN SECURITIES - 99.4% | |||
(Cost $252,797,757) | 326,950,938 | ||
NET OTHER ASSETS (LIABILITIES) - 0.6% | 2,038,719 | ||
NET ASSETS - 100% | $328,989,657 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) 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 $5,747,300 or 1.7% of net assets.
(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 | $52,716 |
Fidelity Securities Lending Cash Central Fund | 64,354 |
Total | $117,070 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of payments to and from borrowers of securities.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $9,486,703 | $2,617,097 | $6,869,606 | $-- |
Consumer Discretionary | 54,757,946 | 39,150,165 | 15,607,781 | -- |
Consumer Staples | 35,933,128 | 19,078,340 | 16,854,788 | -- |
Energy | 6,546,797 | 6,546,797 | -- | -- |
Financials | 46,554,220 | 32,761,013 | 13,793,207 | -- |
Health Care | 12,816,414 | 12,816,414 | -- | -- |
Industrials | 54,927,923 | 51,728,533 | 3,199,390 | -- |
Information Technology | 55,598,176 | 46,610,745 | 8,987,431 | -- |
Materials | 21,690,354 | 21,690,354 | -- | -- |
Real Estate | 11,295,205 | 11,295,205 | -- | -- |
Utilities | 12,319,983 | 8,752,684 | 3,567,299 | -- |
Money Market Funds | 5,024,089 | 5,024,089 | -- | -- |
Total Investments in Securities: | $326,950,938 | $258,071,436 | $68,879,502 | $-- |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
June 30, 2019 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $247,773,668) | $321,926,849 | |
Fidelity Central Funds (cost $5,024,089) | 5,024,089 | |
Total Investment in Securities (cost $252,797,757) | $326,950,938 | |
Foreign currency held at value (cost $218,928) | 219,376 | |
Receivable for investments sold | 10,939,900 | |
Receivable for fund shares sold | 3,879 | |
Dividends receivable | 662,514 | |
Distributions receivable from Fidelity Central Funds | 13,603 | |
Other receivables | 131,317 | |
Total assets | 338,921,527 | |
Liabilities | ||
Payable for investments purchased | $9,481,314 | |
Payable for fund shares redeemed | 41,702 | |
Accrued management fee | 185,029 | |
Distribution and service plan fees payable | 4,964 | |
Other affiliated payables | 49,753 | |
Other payables and accrued expenses | 169,108 | |
Total liabilities | 9,931,870 | |
Net Assets | $328,989,657 | |
Net Assets consist of: | ||
Paid in capital | $241,054,534 | |
Total distributable earnings (loss) | 87,935,123 | |
Net Assets | $328,989,657 | |
Net Asset Value and Maximum Offering Price | ||
Initial Class: | ||
Net Asset Value, offering price and redemption price per share ($24,693,696 ÷ 1,351,921 shares) | $18.27 | |
Service Class: | ||
Net Asset Value, offering price and redemption price per share ($638,145 ÷ 35,034 shares) | $18.22 | |
Service Class 2: | ||
Net Asset Value, offering price and redemption price per share ($23,907,521 ÷ 1,321,483 shares) | $18.09 | |
Investor Class: | ||
Net Asset Value, offering price and redemption price per share ($279,750,295 ÷ 15,442,294 shares) | $18.12 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2019 (Unaudited) | ||
Investment Income | ||
Dividends | $3,325,750 | |
Income from Fidelity Central Funds (including $64,354 from security lending) | 117,070 | |
Income before foreign taxes withheld | 3,442,820 | |
Less foreign taxes withheld | (343,132) | |
Total income | 3,099,688 | |
Expenses | ||
Management fee | $1,061,056 | |
Transfer agent fees | 205,589 | |
Distribution and service plan fees | 26,807 | |
Accounting and security lending fees | 80,082 | |
Custodian fees and expenses | 50,033 | |
Independent trustees' fees and expenses | 725 | |
Audit | 58,413 | |
Legal | 1,000 | |
Interest | 2,163 | |
Miscellaneous | 1,006 | |
Total expenses before reductions | 1,486,874 | |
Expense reductions | (30,521) | |
Total expenses after reductions | 1,456,353 | |
Net investment income (loss) | 1,643,335 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 16,675,068 | |
Fidelity Central Funds | (1) | |
Foreign currency transactions | (51,511) | |
Total net realized gain (loss) | 16,623,556 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of increase in deferred foreign taxes of $107,990) | 44,862,748 | |
Assets and liabilities in foreign currencies | 574 | |
Total change in net unrealized appreciation (depreciation) | 44,863,322 | |
Net gain (loss) | 61,486,878 | |
Net increase (decrease) in net assets resulting from operations | $63,130,213 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2019 (Unaudited) | Year ended December 31, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $1,643,335 | $2,059,501 |
Net realized gain (loss) | 16,623,556 | (3,864,162) |
Change in net unrealized appreciation (depreciation) | 44,863,322 | (42,153,599) |
Net increase (decrease) in net assets resulting from operations | 63,130,213 | (43,958,260) |
Distributions to shareholders | – | (7,258,767) |
Share transactions - net increase (decrease) | (13,359,082) | 2,904,752 |
Total increase (decrease) in net assets | 49,771,131 | (48,312,275) |
Net Assets | ||
Beginning of period | 279,218,526 | 327,530,801 |
End of period | $328,989,657 | $279,218,526 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
VIP International Capital Appreciation Portfolio Initial Class
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $14.82 | $17.39 | $12.80 | $13.32 | $13.01 | $12.68 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .10 | .12 | .09 | .12 | .09 | .10 |
Net realized and unrealized gain (loss) | 3.35 | (2.31) | 4.57 | (.52) | .33 | .28 |
Total from investment operations | 3.45 | (2.19) | 4.66 | (.40) | .42 | .38 |
Distributions from net investment income | – | (.12) | (.07) | (.11)B | (.10) | (.05) |
Distributions from net realized gain | – | (.26) | – | – | – | – |
Tax return of capital | – | – | – | (.01)B | (.01) | – |
Total distributions | – | (.38) | (.07) | (.12) | (.11) | (.05) |
Redemption fees added to paid in capitalA | – | – | – | – | –C | –C |
Net asset value, end of period | $18.27 | $14.82 | $17.39 | $12.80 | $13.32 | $13.01 |
Total ReturnD,E,F | 23.28% | (12.75)% | 36.45% | (2.98)% | 3.22% | 3.01% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | .88%I | .89% | .92% | .99% | .98% | 1.10% |
Expenses net of fee waivers, if any | .88%I | .89% | .92% | .99% | .98% | 1.10% |
Expenses net of all reductions | .86%I | .85% | .89% | .97% | .96% | 1.09% |
Net investment income (loss) | 1.15%I | .69% | .57% | .89% | .68% | .78% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $24,694 | $20,921 | $28,572 | $16,644 | $20,154 | $1,464 |
Portfolio turnover rateJ | 143%I | 184% | 153% | 188% | 189% | 183% |
A Calculated based on average shares outstanding during the period.
B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
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 class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the 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 brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
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.
VIP International Capital Appreciation Portfolio Service Class
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $14.79 | $17.36 | $12.78 | $13.30 | $12.99 | $12.66 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .09 | .10 | .07 | .10 | .08 | .09 |
Net realized and unrealized gain (loss) | 3.34 | (2.30) | 4.57 | (.51) | .32 | .28 |
Total from investment operations | 3.43 | (2.20) | 4.64 | (.41) | .40 | .37 |
Distributions from net investment income | – | (.11) | (.06) | (.10)B | (.09) | (.04) |
Distributions from net realized gain | – | (.26) | – | – | – | – |
Tax return of capital | – | – | – | (.01)B | (.01) | – |
Total distributions | – | (.37) | (.06) | (.11) | (.09)C | (.04) |
Redemption fees added to paid in capitalA | – | – | – | – | –D | –D |
Net asset value, end of period | $18.22 | $14.79 | $17.36 | $12.78 | $13.30 | $12.99 |
Total ReturnE,F,G | 23.19% | (12.85)% | 36.35% | (3.11)% | 3.12% | 2.93% |
Ratios to Average Net AssetsH,I | ||||||
Expenses before reductions | .98%J | .99% | 1.02% | 1.09% | 1.09% | 1.21% |
Expenses net of fee waivers, if any | .98%J | .99% | 1.02% | 1.09% | 1.09% | 1.20% |
Expenses net of all reductions | .96%J | .95% | .99% | 1.07% | 1.07% | 1.19% |
Net investment income (loss) | 1.05%J | .59% | .47% | .79% | .58% | .68% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $638 | $503 | $236 | $142 | $222 | $114 |
Portfolio turnover rateK | 143%J | 184% | 153% | 188% | 189% | 183% |
A Calculated based on average shares outstanding during the period.
B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
C Total distributions of $.09 per share is comprised of distributions from net investment income of $.088 and distributions from net realized gain of $.006 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 do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the 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 brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Annualized
K 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.
VIP International Capital Appreciation Portfolio Service Class 2
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $14.70 | $17.26 | $12.72 | $13.24 | $12.92 | $12.61 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .08 | .07 | .05 | .08 | .06 | .07 |
Net realized and unrealized gain (loss) | 3.31 | (2.28) | 4.54 | (.50) | .32 | .27 |
Total from investment operations | 3.39 | (2.21) | 4.59 | (.42) | .38 | .34 |
Distributions from net investment income | – | (.09) | (.05) | (.09)B | (.06) | (.03) |
Distributions from net realized gain | – | (.26) | – | – | – | – |
Tax return of capital | – | – | – | (.01)B | –C | – |
Total distributions | – | (.35) | (.05) | (.10) | (.06) | (.03) |
Redemption fees added to paid in capitalA | – | – | – | – | –C | –C |
Net asset value, end of period | $18.09 | $14.70 | $17.26 | $12.72 | $13.24 | $12.92 |
Total ReturnD,E,F | 23.06% | (12.98)% | 36.09% | (3.18)% | 2.96% | 2.71% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | 1.13%I | 1.14% | 1.17% | 1.24% | 1.23% | 1.35% |
Expenses net of fee waivers, if any | 1.13%I | 1.14% | 1.17% | 1.24% | 1.23% | 1.35% |
Expenses net of all reductions | 1.11%I | 1.10% | 1.14% | 1.22% | 1.21% | 1.34% |
Net investment income (loss) | .90%I | .44% | .32% | .64% | .43% | .54% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $23,908 | $17,134 | $12,533 | $6,144 | $3,629 | $2,360 |
Portfolio turnover rateJ | 143%I | 184% | 153% | 188% | 189% | 183% |
A Calculated based on average shares outstanding during the period.
B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
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 class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the 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 brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
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.
VIP International Capital Appreciation Portfolio Investor Class
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $14.71 | $17.26 | $12.71 | $13.22 | $12.92 | $12.59 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .09 | .10 | .08 | .11 | .08 | .09 |
Net realized and unrealized gain (loss) | 3.32 | (2.28) | 4.54 | (.51) | .32 | .29 |
Total from investment operations | 3.41 | (2.18) | 4.62 | (.40) | .40 | .38 |
Distributions from net investment income | – | (.11) | (.07) | (.10)B | (.09) | (.05) |
Distributions from net realized gain | – | (.26) | – | – | – | – |
Tax return of capital | – | – | – | (.01)B | (.01) | – |
Total distributions | – | (.37) | (.07) | (.11) | (.10) | (.05) |
Redemption fees added to paid in capitalA | – | – | – | – | –C | –C |
Net asset value, end of period | $18.12 | $14.71 | $17.26 | $12.71 | $13.22 | $12.92 |
Total ReturnD,E,F | 23.18% | (12.80)% | 36.33% | (3.01)% | 3.08% | 2.99% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | .96%I | .97% | 1.00% | 1.07% | 1.07% | 1.19% |
Expenses net of fee waivers, if any | .96%I | .97% | 1.00% | 1.07% | 1.06% | 1.18% |
Expenses net of all reductions | .94%I | .93% | .97% | 1.05% | 1.04% | 1.17% |
Net investment income (loss) | 1.07%I | .61% | .49% | .80% | .60% | .71% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $279,750 | $240,661 | $286,191 | $155,518 | $165,258 | $112,479 |
Portfolio turnover rateJ | 143%I | 184% | 153% | 188% | 189% | 183% |
A Calculated based on average shares outstanding during the period.
B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
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 class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the 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 brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
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 June 30, 2019
1. Organization.
VIP International Capital Appreciation Portfolio (the Fund) is a fund of Variable Insurance Products Fund II (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
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 June 30, 2019 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
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 foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $73,790,794 |
Gross unrealized depreciation | (412,531) |
Net unrealized appreciation (depreciation) | $73,378,263 |
Tax cost | $253,572,675 |
The Fund elected to defer to its next fiscal year approximately $2,211,394 of capital losses recognized during the period November 1, 2018 to December 31, 2018. The fund elected to defer to its next fiscal year approximately $22,133 of ordinary losses recognized during the period November 1, 2018 to December 31, 2018.
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. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $216,276,778 and $233,799,753, respectively.
5. 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. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .69% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.
For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:
Service Class | $304 |
Service Class 2 | 26,503 |
$26,807 |
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 with respect to each class. Each class pays a fee for transfer agent services, typesetting and printing and mailing of shareholder reports, excluding mailing of proxy statements, equal to an annual rate of class-level average net assets. The annual rate for Investor Class is .15% and the annual rate for all other classes is .07%. For the period, transfer agent fees for each class were as follows:
Initial Class | $7,553 |
Service Class | 198 |
Service Class 2 | 6,891 |
Investor Class | 190,947 |
$205,589 |
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Prior to April 1, 2019, FSC had a separate agreement with the Fund for administration of the security lending program, based on the number and duration of lending transactions. For the period, the total fees paid for accounting and administration of securities lending were equivalent to an annualized rate of .05%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation" in the Statement of Operations. The commissions paid to the affiliated firms were $1,795 for the period.
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 | $4,563,143 | 2.61% | $2,120 |
Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. 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 $426 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. 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 and includes $4,889 from securities loaned to NFS, as affiliated borrower.
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average loan balance during the period for which loans were outstanding amounted to $534,000. The weighted average interest rate was 2.90%. The interest expense amounted to $43 under the bank borrowing program. At period end, there were no bank borrowings outstanding.
9. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $29,388 for the period.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,133.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended June 30, 2019 | Year ended December 31, 2018 | |
Distributions to shareholders | ||
Initial Class | $– | $617,369 |
Service Class | – | 12,465 |
Service Class 2 | – | 288,496 |
Investor Class | – | 6,340,437 |
Total | $– | $7,258,767 |
11. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2019 | Year ended December 31, 2018 | Six months ended June 30, 2019 | Year ended December 31, 2018 | |
Initial Class | ||||
Shares sold | 96,556 | 328,441 | $1,656,904 | $5,683,703 |
Reinvestment of distributions | – | 38,287 | – | 617,369 |
Shares redeemed | (155,975) | (598,043) | (2,641,915) | (10,073,658) |
Net increase (decrease) | (59,419) | (231,315) | $(985,011) | $(3,772,586) |
Service Class | ||||
Shares sold | 4,294 | 24,996 | $67,973 | $450,348 |
Reinvestment of distributions | – | 588 | – | 9,423 |
Shares redeemed | (3,258) | (5,161) | (55,818) | (82,969) |
Net increase (decrease) | 1,036 | 20,423 | $12,155 | $376,802 |
Service Class 2 | ||||
Shares sold | 290,208 | 843,479 | $4,857,847 | $14,167,417 |
Reinvestment of distributions | – | 18,187 | – | 288,496 |
Shares redeemed | (134,443) | (422,192) | (2,293,269) | (7,109,393) |
Net increase (decrease) | 155,765 | 439,474 | $2,564,578 | $7,346,520 |
Investor Class | ||||
Shares sold | 484,873 | 2,714,753 | $8,162,049 | $47,159,516 |
Reinvestment of distributions | – | 396,444 | – | 6,340,437 |
Shares redeemed | (1,408,408) | (3,327,475) | (23,112,853) | (54,545,937) |
Net increase (decrease) | (923,535) | (216,278) | $(14,950,804) | $(1,045,984) |
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, the investment adviser or its affiliates were the owners of record of 92% of the total outstanding shares of the Fund.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in 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 (January 1, 2019 to June 30, 2019).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. 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 January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period-B January 1, 2019 to June 30, 2019 | |
Initial Class | .88% | |||
Actual | $1,000.00 | $1,232.80 | $4.87 | |
Hypothetical-C | $1,000.00 | $1,020.43 | $4.41 | |
Service Class | .98% | |||
Actual | $1,000.00 | $1,231.90 | $5.42 | |
Hypothetical-C | $1,000.00 | $1,019.93 | $4.91 | |
Service Class 2 | 1.13% | |||
Actual | $1,000.00 | $1,230.60 | $6.25 | |
Hypothetical-C | $1,000.00 | $1,019.19 | $5.66 | |
Investor Class | .96% | |||
Actual | $1,000.00 | $1,231.80 | $5.31 | |
Hypothetical-C | $1,000.00 | $1,020.03 | $4.81 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
VIP International Capital Appreciation Portfolio
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its January 2019 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.The Board noted that it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2018, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. Returns of the benchmark index are "net MA," i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.VIP International Capital Appreciation Portfolio
VIP International Capital Appreciation Portfolio
VIPCAP-SANN-0819
1.818378.114
Fidelity® Variable Insurance Products: Contrafund® Portfolio Semi-Annual Report June 30, 2019 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, and if your insurance carrier elects to participate, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your variable insurance product unless you specifically request paper copies from your financial professional or the administrator of your variable insurance product. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically, by contacting your financial professional or the administrator of your variable insurance product. If you own a Fidelity-administered variable insurance product, please visit fidelity.com/mailpreferences to make your election or call 1-800-343-3548.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial professional or the administrator of your variable insurance product. If you own a Fidelity-administered variable insurance product, please visit fidelity.com/mailpreferences to make your election or call 1-800-343-3548. Your election to receive reports in paper will apply to all funds available under your variable insurance product.
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2019
% of fund's net assets | |
Microsoft Corp. | 6.3 |
Amazon.com, Inc. | 4.9 |
Facebook, Inc. Class A | 3.9 |
Alphabet, Inc. Class C | 3.8 |
Salesforce.com, Inc. | 3.6 |
UnitedHealth Group, Inc. | 3.0 |
Berkshire Hathaway, Inc. Class B | 2.8 |
Netflix, Inc. | 2.5 |
JPMorgan Chase & Co. | 2.4 |
MasterCard, Inc. Class A | 2.1 |
35.3 |
Top Market Sectors as of June 30, 2019
% of fund's net assets | |
Information Technology | 29.9 |
Health Care | 15.8 |
Financials | 12.6 |
Communication Services | 12.2 |
Consumer Discretionary | 11.1 |
Industrials | 5.4 |
Consumer Staples | 5.0 |
Materials | 1.7 |
Energy | 1.6 |
Real Estate | 1.1 |
Asset Allocation (% of fund's net assets)
As of June 30, 2019 * | ||
Stocks | 97.3% | |
Short-Term Investments and Net Other Assets (Liabilities) | 2.7% |
* Foreign investments - 5.1%
Schedule of Investments June 30, 2019 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.3% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 12.2% | |||
Diversified Telecommunication Services - 0.0% | |||
Iridium Communications, Inc. (a) | 119,955 | $2,790,153 | |
Entertainment - 3.4% | |||
Electronic Arts, Inc. (a) | 118,000 | 11,948,680 | |
Live Nation Entertainment, Inc. (a) | 255,400 | 16,920,250 | |
Netflix, Inc. (a) | 1,266,400 | 465,174,048 | |
Spotify Technology SA (a) | 14,600 | 2,134,812 | |
Take-Two Interactive Software, Inc. (a) | 303,000 | 34,399,590 | |
The Walt Disney Co. | 605,900 | 84,607,876 | |
Weinstein Co. Holdings LLC Class A-1 (a)(b)(c) | 11,499 | 0 | |
615,185,256 | |||
Interactive Media & Services - 7.8% | |||
Alphabet, Inc.: | |||
Class A (a) | 10,300 | 11,152,840 | |
Class C (a) | 640,633 | 692,466,616 | |
CarGurus, Inc. Class A (a) | 98,913 | 3,571,748 | |
Facebook, Inc. Class A (a) | 3,679,500 | 710,143,500 | |
Match Group, Inc. | 22,000 | 1,479,940 | |
Twitter, Inc. (a) | 200,300 | 6,990,470 | |
1,425,805,114 | |||
Media - 0.6% | |||
Charter Communications, Inc. Class A (a) | 6,200 | 2,450,116 | |
Comcast Corp. Class A | 2,585,000 | 109,293,800 | |
Discovery Communications, Inc. Class A (a) | 150,100 | 4,608,070 | |
Liberty Global PLC Class A (a) | 7,818 | 211,008 | |
116,562,994 | |||
Wireless Telecommunication Services - 0.4% | |||
T-Mobile U.S., Inc. (a) | 865,400 | 64,160,756 | |
TOTAL COMMUNICATION SERVICES | 2,224,504,273 | ||
CONSUMER DISCRETIONARY - 11.1% | |||
Automobiles - 0.0% | |||
General Motors Co. | 61,400 | 2,365,742 | |
Hotels, Restaurants & Leisure - 1.5% | |||
Chipotle Mexican Grill, Inc. (a) | 54,900 | 40,235,112 | |
Darden Restaurants, Inc. | 4,200 | 511,266 | |
Domino's Pizza, Inc. | 49,851 | 13,872,536 | |
Evolution Gaming Group AB (d) | 112,400 | 2,224,724 | |
Hilton Worldwide Holdings, Inc. | 113,400 | 11,083,716 | |
McDonald's Corp. | 464,400 | 96,437,304 | |
Royal Caribbean Cruises Ltd. | 7,700 | 933,317 | |
Starbucks Corp. | 1,313,829 | 110,138,285 | |
275,436,260 | |||
Household Durables - 0.1% | |||
Mohawk Industries, Inc. (a) | 97,100 | 14,319,337 | |
Internet & Direct Marketing Retail - 5.4% | |||
Amazon.com, Inc. (a) | 472,000 | 893,793,360 | |
eBay, Inc. | 1,900,100 | 75,053,950 | |
Etsy, Inc. (a) | 16,100 | 988,057 | |
MercadoLibre, Inc. (a) | 12,400 | 7,585,948 | |
Wayfair LLC Class A (a) | 5,100 | 744,600 | |
978,165,915 | |||
Multiline Retail - 0.4% | |||
Dollar General Corp. | 440,800 | 59,578,528 | |
Dollar Tree, Inc. (a) | 142,200 | 15,270,858 | |
74,849,386 | |||
Specialty Retail - 2.8% | |||
AutoZone, Inc. (a) | 37,802 | 41,562,165 | |
Best Buy Co., Inc. | 100,000 | 6,973,000 | |
John David Group PLC | 506,200 | 3,769,665 | |
Lowe's Companies, Inc. | 703,406 | 70,980,699 | |
O'Reilly Automotive, Inc. (a) | 57,500 | 21,235,900 | |
Ross Stores, Inc. | 59,800 | 5,927,376 | |
The Home Depot, Inc. | 943,000 | 196,115,710 | |
TJX Companies, Inc. | 2,312,000 | 122,258,560 | |
Ulta Beauty, Inc. (a) | 92,200 | 31,983,258 | |
Urban Outfitters, Inc. (a) | 216,214 | 4,918,869 | |
505,725,202 | |||
Textiles, Apparel & Luxury Goods - 0.9% | |||
adidas AG | 203,249 | 62,747,570 | |
Allbirds, Inc. (b)(c) | 26,168 | 1,314,157 | |
Deckers Outdoor Corp. (a) | 36,700 | 6,458,099 | |
Gildan Activewear, Inc. | 196,300 | 7,596,872 | |
Hermes International SCA | 3,125 | 2,253,590 | |
LVMH Moet Hennessy Louis Vuitton SE | 10,800 | 4,591,356 | |
NIKE, Inc. Class B | 581,800 | 48,842,110 | |
VF Corp. | 384,160 | 33,556,376 | |
167,360,130 | |||
TOTAL CONSUMER DISCRETIONARY | 2,018,221,972 | ||
CONSUMER STAPLES - 5.0% | |||
Beverages - 1.1% | |||
Boston Beer Co., Inc. Class A (a) | 3,700 | 1,397,712 | |
Diageo PLC | 217,033 | 9,341,162 | |
Keurig Dr. Pepper, Inc. | 1,179,400 | 34,084,660 | |
Monster Beverage Corp. (a) | 89,200 | 5,693,636 | |
PepsiCo, Inc. | 891,600 | 116,915,508 | |
The Coca-Cola Co. | 548,400 | 27,924,528 | |
195,357,206 | |||
Food & Staples Retailing - 1.6% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 95,300 | 5,997,230 | |
Costco Wholesale Corp. | 691,900 | 182,841,494 | |
Walmart, Inc. | 1,000,000 | 110,490,000 | |
299,328,724 | |||
Food Products - 0.4% | |||
Freshpet, Inc. (a) | 46,700 | 2,125,317 | |
Mondelez International, Inc. | 282,000 | 15,199,800 | |
The Hershey Co. | 295,000 | 39,538,850 | |
The Simply Good Foods Co. (a) | 243,492 | 5,863,287 | |
62,727,254 | |||
Household Products - 0.4% | |||
Clorox Co. (e) | 58,815 | 9,005,165 | |
Colgate-Palmolive Co. | 80,800 | 5,790,936 | |
Procter & Gamble Co. | 592,400 | 64,956,660 | |
79,752,761 | |||
Personal Products - 1.0% | |||
Estee Lauder Companies, Inc. Class A | 938,200 | 171,793,802 | |
L'Oreal SA | 8,300 | 2,364,201 | |
Shiseido Co. Ltd. | 56,600 | 4,263,308 | |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 107,100 | 6,507,201 | |
184,928,512 | |||
Tobacco - 0.5% | |||
Philip Morris International, Inc. | 1,030,000 | 80,885,900 | |
TOTAL CONSUMER STAPLES | 902,980,357 | ||
ENERGY - 1.6% | |||
Oil, Gas & Consumable Fuels - 1.6% | |||
BP PLC | 3,590,447 | 25,013,809 | |
Centennial Resource Development, Inc. Class A (a) | 870,200 | 6,604,818 | |
ConocoPhillips Co. | 95,100 | 5,801,100 | |
Continental Resources, Inc. (a) | 411,300 | 17,311,617 | |
EOG Resources, Inc. | 341,500 | 31,814,140 | |
Hess Corp. | 1,500,900 | 95,412,213 | |
Magnolia Oil & Gas Corp. Class A (a) | 871,000 | 10,086,180 | |
Pioneer Natural Resources Co. | 13,300 | 2,046,338 | |
Reliance Industries Ltd. | 5,090,781 | 92,520,053 | |
286,610,268 | |||
FINANCIALS - 12.6% | |||
Banks - 4.4% | |||
Bank of America Corp. | 10,534,600 | 305,503,400 | |
BOK Financial Corp. | 17,100 | 1,290,708 | |
HDFC Bank Ltd. sponsored ADR | 449,800 | 58,491,992 | |
JPMorgan Chase & Co. | 3,820,700 | 427,154,260 | |
792,440,360 | |||
Capital Markets - 2.0% | |||
Bank of New York Mellon Corp. | 1,057,860 | 46,704,519 | |
Brookfield Asset Management, Inc. Class A | 187,500 | 8,970,162 | |
Charles Schwab Corp. | 379,400 | 15,248,086 | |
CME Group, Inc. | 624,500 | 121,221,695 | |
LPL Financial | 240,200 | 19,593,114 | |
MSCI, Inc. | 327,000 | 78,084,330 | |
S&P Global, Inc. | 345,000 | 78,587,550 | |
Tradeweb Markets, Inc. Class A | 30,900 | 1,353,729 | |
369,763,185 | |||
Consumer Finance - 1.7% | |||
American Express Co. | 2,514,900 | 310,439,256 | |
Diversified Financial Services - 2.8% | |||
Berkshire Hathaway, Inc. Class B (a) | 2,375,800 | 506,449,286 | |
Clarivate Analytics PLC (a) | 658,732 | 10,131,298 | |
516,580,584 | |||
Insurance - 1.7% | |||
Admiral Group PLC | 97,240 | 2,726,658 | |
AFLAC, Inc. | 2,076,800 | 113,829,408 | |
Allstate Corp. | 500,800 | 50,926,352 | |
American International Group, Inc. | 537,200 | 28,622,016 | |
Chubb Ltd. | 30,700 | 4,521,803 | |
Hiscox Ltd. | 167,471 | 3,598,542 | |
Marsh & McLennan Companies, Inc. | 11,200 | 1,117,200 | |
Progressive Corp. | 1,303,600 | 104,196,748 | |
The Travelers Companies, Inc. | 7,100 | 1,061,592 | |
310,600,319 | |||
TOTAL FINANCIALS | 2,299,823,704 | ||
HEALTH CARE - 15.8% | |||
Biotechnology - 1.6% | |||
AbbVie, Inc. | 55,354 | 4,025,343 | |
Acceleron Pharma, Inc. (a) | 26,083 | 1,071,490 | |
Alexion Pharmaceuticals, Inc. (a) | 141,900 | 18,586,062 | |
Allogene Therapeutics, Inc. (e) | 113,793 | 3,055,342 | |
Amgen, Inc. | 271,300 | 49,995,164 | |
Array BioPharma, Inc. (a) | 76,600 | 3,548,878 | |
Ascendis Pharma A/S sponsored ADR (a) | 17,500 | 2,015,125 | |
bluebird bio, Inc. (a) | 13,600 | 1,729,920 | |
Bridgebio Pharma, Inc. | 138,700 | 3,740,739 | |
Celgene Corp. (a) | 351,400 | 32,483,416 | |
Exact Sciences Corp. (a) | 73,811 | 8,712,650 | |
Galapagos Genomics NV sponsored ADR (a) | 14,595 | 1,881,733 | |
Gilead Sciences, Inc. | 412,700 | 27,882,012 | |
Gossamer Bio, Inc. | 52,700 | 1,168,886 | |
Mirati Therapeutics, Inc. (a) | 50,000 | 5,150,000 | |
Regeneron Pharmaceuticals, Inc. (a) | 59,000 | 18,467,000 | |
Vertex Pharmaceuticals, Inc. (a) | 561,230 | 102,918,357 | |
286,432,117 | |||
Health Care Equipment & Supplies - 6.2% | |||
Abbott Laboratories | 1,744,900 | 146,746,090 | |
Alcon, Inc. (a) | 158,240 | 9,818,792 | |
Baxter International, Inc. | 1,673,973 | 137,098,389 | |
Becton, Dickinson & Co. | 200,000 | 50,402,000 | |
Boston Scientific Corp. (a) | 2,520,000 | 108,309,600 | |
Danaher Corp. | 1,437,200 | 205,404,624 | |
DexCom, Inc. (a) | 178,755 | 26,784,649 | |
Edwards Lifesciences Corp. (a) | 1,183,700 | 218,676,738 | |
Hoya Corp. | 17,300 | 1,324,437 | |
Intuitive Surgical, Inc. (a) | 285,300 | 149,654,115 | |
Masimo Corp. (a) | 436 | 64,886 | |
ResMed, Inc. | 405,062 | 49,429,716 | |
Sonova Holding AG Class B | 49,000 | 11,133,169 | |
Stryker Corp. | 87,900 | 18,070,482 | |
1,132,917,687 | |||
Health Care Providers & Services - 4.4% | |||
Anthem, Inc. | 216,800 | 61,183,128 | |
Cigna Corp. | 237,076 | 37,351,324 | |
HCA Holdings, Inc. | 707,000 | 95,565,190 | |
HealthEquity, Inc. (a)(e) | 303,302 | 19,835,951 | |
Humana, Inc. | 115,000 | 30,509,500 | |
National Vision Holdings, Inc. (a) | 349,500 | 10,740,135 | |
UnitedHealth Group, Inc. | 2,229,500 | 544,020,295 | |
799,205,523 | |||
Health Care Technology - 0.3% | |||
Cerner Corp. | 115,700 | 8,480,810 | |
Veeva Systems, Inc. Class A (a) | 245,900 | 39,862,849 | |
48,343,659 | |||
Life Sciences Tools & Services - 1.1% | |||
IQVIA Holdings, Inc. (a) | 186,110 | 29,945,099 | |
Mettler-Toledo International, Inc. (a) | 46,300 | 38,892,000 | |
PRA Health Sciences, Inc. (a) | 235,104 | 23,310,562 | |
Thermo Fisher Scientific, Inc. | 401,700 | 117,971,256 | |
210,118,917 | |||
Pharmaceuticals - 2.2% | |||
AstraZeneca PLC: | |||
(United Kingdom) | 51,266 | 4,191,082 | |
sponsored ADR | 1,240,800 | 51,220,224 | |
Bristol-Myers Squibb Co. | 1,436,200 | 65,131,670 | |
Eli Lilly & Co. | 342,817 | 37,980,695 | |
Hansoh Pharmaceutical Group Co. Ltd. (d) | 1,166,000 | 3,082,287 | |
Idorsia Ltd. (a) | 220,100 | 5,027,894 | |
Johnson & Johnson | 443,000 | 61,701,040 | |
Merck & Co., Inc. | 385,200 | 32,299,020 | |
Novartis AG sponsored ADR | 315,800 | 28,835,698 | |
Roche Holding AG (participation certificate) | 158,900 | 44,680,751 | |
Supernus Pharmaceuticals, Inc. (a) | 26,097 | 863,550 | |
Turning Point Therapeutics, Inc. | 54,700 | 2,226,290 | |
Zoetis, Inc. Class A | 640,100 | 72,644,949 | |
409,885,150 | |||
TOTAL HEALTH CARE | 2,886,903,053 | ||
INDUSTRIALS - 5.4% | |||
Aerospace & Defense - 1.7% | |||
Harris Corp. | 211,400 | 39,982,082 | |
Huntington Ingalls Industries, Inc. | 257,000 | 57,758,180 | |
L3 Technologies, Inc. | 10,639 | 2,608,364 | |
Lockheed Martin Corp. | 18,800 | 6,834,552 | |
The Boeing Co. | 234,000 | 85,178,340 | |
TransDigm Group, Inc. (a) | 238,500 | 115,386,300 | |
307,747,818 | |||
Building Products - 0.1% | |||
Toto Ltd. | 578,600 | 22,834,884 | |
Commercial Services & Supplies - 0.3% | |||
Aggreko PLC | 104,203 | 1,045,428 | |
Cintas Corp. | 32,300 | 7,664,467 | |
Clean TeQ Holdings Ltd. (a) | 51,800 | 13,819 | |
Copart, Inc. (a) | 450,000 | 33,633,000 | |
Waste Connection, Inc. (United States) | 33,300 | 3,182,814 | |
Waste Management, Inc. | 22,900 | 2,641,973 | |
48,181,501 | |||
Electrical Equipment - 1.1% | |||
AMETEK, Inc. | 188,339 | 17,108,715 | |
Fortive Corp. | 2,211,500 | 180,281,480 | |
197,390,195 | |||
Industrial Conglomerates - 0.5% | |||
General Electric Co. | 4,050,017 | 42,525,179 | |
Roper Technologies, Inc. | 134,000 | 49,078,840 | |
91,604,019 | |||
Machinery - 0.2% | |||
Deere & Co. | 90,600 | 15,013,326 | |
Gardner Denver Holdings, Inc. (a) | 91,700 | 3,172,820 | |
IDEX Corp. | 36,800 | 6,334,752 | |
Ingersoll-Rand PLC | 58,824 | 7,451,236 | |
31,972,134 | |||
Professional Services - 0.3% | |||
CoStar Group, Inc. (a) | 18,500 | 10,250,110 | |
Experian PLC | 178,000 | 5,389,058 | |
FTI Consulting, Inc. (a) | 447,800 | 37,543,552 | |
Verisk Analytics, Inc. | 87,000 | 12,742,020 | |
65,924,740 | |||
Road & Rail - 1.2% | |||
CSX Corp. | 961,297 | 74,375,549 | |
Lyft, Inc. | 124,361 | 7,763,173 | |
Norfolk Southern Corp. | 404,700 | 80,668,851 | |
Union Pacific Corp. | 299,900 | 50,716,089 | |
213,523,662 | |||
Trading Companies & Distributors - 0.0% | |||
Fastenal Co. | 55,078 | 1,794,992 | |
TOTAL INDUSTRIALS | 980,973,945 | ||
INFORMATION TECHNOLOGY - 29.9% | |||
Communications Equipment - 0.8% | |||
Cisco Systems, Inc. | 2,254,500 | 123,388,785 | |
Motorola Solutions, Inc. | 107,300 | 17,890,129 | |
Telefonaktiebolaget LM Ericsson (B Shares) | 800,000 | 7,593,382 | |
148,872,296 | |||
Electronic Equipment & Components - 1.4% | |||
Amphenol Corp. Class A | 1,936,050 | 185,744,637 | |
CDW Corp. | 80,400 | 8,924,400 | |
Dell Technologies, Inc. (a) | 70,900 | 3,601,720 | |
Keysight Technologies, Inc. (a) | 255,300 | 22,928,493 | |
Zebra Technologies Corp. Class A (a) | 130,512 | 27,340,959 | |
248,540,209 | |||
IT Services - 8.1% | |||
Accenture PLC Class A | 78,400 | 14,485,968 | |
Adyen BV (d) | 22,557 | 17,405,795 | |
Elastic NV | 77,795 | 5,808,175 | |
Endava PLC ADR (a) | 15,204 | 611,809 | |
EPAM Systems, Inc. (a) | 50,300 | 8,706,930 | |
Euronet Worldwide, Inc. (a) | 7,000 | 1,177,680 | |
Global Payments, Inc. | 609,700 | 97,631,261 | |
MasterCard, Inc. Class A | 1,420,900 | 375,870,677 | |
MongoDB, Inc. Class A (a)(e) | 523,500 | 79,619,115 | |
Netcompany Group A/S (d) | 856 | 34,479 | |
Okta, Inc. (a) | 1,565,300 | 193,330,203 | |
PagSeguro Digital Ltd. (a)(e) | 30,300 | 1,180,791 | |
PayPal Holdings, Inc. (a) | 2,097,600 | 240,091,296 | |
Square, Inc. (a) | 595,400 | 43,184,362 | |
Twilio, Inc. Class A (a) | 63,400 | 8,644,590 | |
VeriSign, Inc. (a) | 68,817 | 14,393,764 | |
Visa, Inc. Class A | 2,114,800 | 367,023,540 | |
Wix.com Ltd. (a) | 40,708 | 5,784,607 | |
1,474,985,042 | |||
Semiconductors & Semiconductor Equipment - 2.7% | |||
Advanced Micro Devices, Inc. (a) | 1,297,800 | 39,414,186 | |
Analog Devices, Inc. | 168,100 | 18,973,447 | |
Applied Materials, Inc. | 25,900 | 1,163,169 | |
Broadcom, Inc. | 168,563 | 48,522,545 | |
Intel Corp. | 637,538 | 30,518,944 | |
Lam Research Corp. | 333,044 | 62,558,985 | |
Marvell Technology Group Ltd. | 168,000 | 4,010,160 | |
Microchip Technology, Inc. | 118,800 | 10,299,960 | |
Micron Technology, Inc. (a) | 1,500,000 | 57,885,000 | |
NVIDIA Corp. | 491,590 | 80,733,826 | |
NXP Semiconductors NV | 105,700 | 10,317,377 | |
Qualcomm, Inc. | 493,815 | 37,564,507 | |
Skyworks Solutions, Inc. | 80,258 | 6,201,536 | |
Texas Instruments, Inc. | 75,000 | 8,607,000 | |
Xilinx, Inc. | 611,313 | 72,086,029 | |
488,856,671 | |||
Software - 15.0% | |||
Adobe, Inc. (a) | 1,171,200 | 345,094,080 | |
Alteryx, Inc. Class A (a) | 20,100 | 2,193,312 | |
Atlassian Corp. PLC (a) | 1,037,600 | 135,759,584 | |
Autodesk, Inc. (a) | 32,000 | 5,212,800 | |
Black Knight, Inc. (a) | 18,100 | 1,088,715 | |
Cadence Design Systems, Inc. (a) | 183,700 | 13,007,797 | |
Check Point Software Technologies Ltd. (a) | 74,211 | 8,579,534 | |
Coupa Software, Inc. (a)(e) | 576,878 | 73,038,524 | |
CyberArk Software Ltd. (a) | 15,400 | 1,968,736 | |
Dropbox, Inc. Class A (a) | 94,700 | 2,372,235 | |
Intuit, Inc. | 310,400 | 81,116,832 | |
Microsoft Corp. | 8,526,570 | 1,142,219,315 | |
New Relic, Inc. (a) | 125,904 | 10,891,955 | |
Pagerduty, Inc. (e) | 17,200 | 809,260 | |
Paycom Software, Inc. (a) | 6,400 | 1,451,008 | |
RingCentral, Inc. (a) | 829,616 | 95,339,471 | |
Salesforce.com, Inc. (a) | 4,369,000 | 662,908,370 | |
ServiceNow, Inc. (a) | 19,700 | 5,409,029 | |
Slack Technologies, Inc. Class A (a)(e) | 27,900 | 1,046,250 | |
SS&C Technologies Holdings, Inc. | 108,300 | 6,239,163 | |
Synopsys, Inc. (a) | 29,871 | 3,844,099 | |
Tableau Software, Inc. (a) | 173,425 | 28,792,019 | |
Workday, Inc. Class A (a) | 551,600 | 113,397,928 | |
2,741,780,016 | |||
Technology Hardware, Storage & Peripherals - 1.9% | |||
Apple, Inc. | 1,768,900 | 350,100,688 | |
TOTAL INFORMATION TECHNOLOGY | 5,453,134,922 | ||
MATERIALS - 1.7% | |||
Chemicals - 0.5% | |||
Air Products & Chemicals, Inc. | 31,300 | 7,085,381 | |
Linde PLC | 107,978 | 21,681,982 | |
Sherwin-Williams Co. | 113,099 | 51,832,141 | |
Westlake Chemical Corp. | 210,505 | 14,621,677 | |
95,221,181 | |||
Metals & Mining - 1.2% | |||
Barrick Gold Corp. (Canada) | 2,135,809 | 33,711,712 | |
Franco-Nevada Corp. | 735,000 | 62,384,216 | |
Kirkland Lake Gold Ltd. | 2,766,764 | 119,201,882 | |
Newcrest Mining Ltd. | 238,657 | 5,353,195 | |
220,651,005 | |||
TOTAL MATERIALS | 315,872,186 | ||
REAL ESTATE - 1.1% | |||
Equity Real Estate Investment Trusts (REITs) - 1.1% | |||
American Tower Corp. | 748,500 | 153,030,825 | |
AvalonBay Communities, Inc. | 27,300 | 5,546,814 | |
Equity Residential (SBI) | 160,100 | 12,154,792 | |
Essex Property Trust, Inc. | 19,500 | 5,692,635 | |
SBA Communications Corp. Class A (a) | 75,000 | 16,863,000 | |
193,288,066 | |||
UTILITIES - 0.9% | |||
Electric Utilities - 0.8% | |||
NextEra Energy, Inc. | 665,100 | 136,252,386 | |
Independent Power and Renewable Electricity Producers - 0.1% | |||
NRG Energy, Inc. | 679,500 | 23,864,040 | |
TOTAL UTILITIES | 160,116,426 | ||
TOTAL COMMON STOCKS | |||
(Cost $12,900,562,315) | 17,722,429,172 | ||
Preferred Stocks - 0.0% | |||
Convertible Preferred Stocks - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Textiles, Apparel & Luxury Goods - 0.0% | |||
Allbirds, Inc.: | |||
Series A (b)(c) | 10,328 | 518,672 | |
Series B (b)(c) | 1,814 | 91,099 | |
Series C (b)(c) | 17,341 | 870,865 | |
1,480,636 | |||
Nonconvertible Preferred Stocks - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Textiles, Apparel & Luxury Goods - 0.0% | |||
Allbirds, Inc. (b)(c) | 5,549 | 278,671 | |
TOTAL PREFERRED STOCKS | |||
(Cost $1,921,008) | 1,759,307 | ||
Money Market Funds - 2.5% | |||
Fidelity Cash Central Fund 2.42% (f) | 380,805,104 | 380,881,265 | |
Fidelity Securities Lending Cash Central Fund 2.42% (f)(g) | 70,741,632 | 70,748,706 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $451,625,063) | 451,629,971 | ||
TOTAL INVESTMENT IN SECURITIES - 99.8% | |||
(Cost $13,354,108,386) | 18,175,818,450 | ||
NET OTHER ASSETS (LIABILITIES) - 0.2% | 34,073,918 | ||
NET ASSETS - 100% | $18,209,892,368 |
Legend
(a) Non-income producing
(b) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,073,464 or 0.0% of net assets.
(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 $22,747,285 or 0.1% of net assets.
(e) Security or a portion of the security is on loan at period end.
(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.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Allbirds, Inc. | 10/9/18 | $1,434,943 |
Allbirds, Inc. | 10/9/18 | $304,284 |
Allbirds, Inc. Series A | 10/9/18 | $566,344 |
Allbirds, Inc. Series B | 10/9/18 | $99,472 |
Allbirds, Inc. Series C | 10/9/18 | $950,908 |
Weinstein Co. Holdings LLC Class A-1 | 10/19/05 | $11,499,000 |
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 | $2,855,736 |
Fidelity Securities Lending Cash Central Fund | 345,063 |
Total | $3,200,799 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of payments to and from borrowers of securities.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $2,224,504,273 | $2,224,504,273 | $-- | $0 |
Consumer Discretionary | 2,019,981,279 | 2,012,316,459 | 4,591,356 | 3,073,464 |
Consumer Staples | 902,980,357 | 887,131,994 | 15,848,363 | -- |
Energy | 286,610,268 | 261,596,459 | 25,013,809 | -- |
Financials | 2,299,823,704 | 2,299,823,704 | -- | -- |
Health Care | 2,886,903,053 | 2,838,031,220 | 48,871,833 | -- |
Industrials | 980,973,945 | 973,210,772 | 7,763,173 | -- |
Information Technology | 5,453,134,922 | 5,445,541,540 | 7,593,382 | -- |
Materials | 315,872,186 | 315,872,186 | -- | -- |
Real Estate | 193,288,066 | 193,288,066 | -- | -- |
Utilities | 160,116,426 | 160,116,426 | -- | -- |
Money Market Funds | 451,629,971 | 451,629,971 | -- | -- |
Total Investments in Securities: | $18,175,818,450 | $18,063,063,070 | $109,681,916 | $3,073,464 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
June 30, 2019 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $69,589,736) — See accompanying schedule: Unaffiliated issuers (cost $12,902,483,323) | $17,724,188,479 | |
Fidelity Central Funds (cost $451,625,063) | 451,629,971 | |
Total Investment in Securities (cost $13,354,108,386) | $18,175,818,450 | |
Cash | 374,635 | |
Foreign currency held at value (cost $396,782) | 397,793 | |
Receivable for investments sold | ||
Regular delivery | 180,140,606 | |
Delayed delivery | 11,123 | |
Receivable for fund shares sold | 1,456,889 | |
Dividends receivable | 7,620,309 | |
Distributions receivable from Fidelity Central Funds | 681,199 | |
Other receivables | 1,154,650 | |
Total assets | 18,367,655,654 | |
Liabilities | ||
Payable for investments purchased | $48,193,799 | |
Payable for fund shares redeemed | 24,208,314 | |
Accrued management fee | 8,043,090 | |
Distribution and service plan fees payable | 1,783,449 | |
Other affiliated payables | 1,213,949 | |
Other payables and accrued expenses | 3,572,428 | |
Collateral on securities loaned | 70,748,257 | |
Total liabilities | 157,763,286 | |
Net Assets | $18,209,892,368 | |
Net Assets consist of: | ||
Paid in capital | $13,448,949,519 | |
Total distributable earnings (loss) | 4,760,942,849 | |
Net Assets | $18,209,892,368 | |
Net Asset Value and Maximum Offering Price | ||
Initial Class: | ||
Net Asset Value, offering price and redemption price per share ($7,011,517,320 ÷ 205,645,580 shares) | $34.10 | |
Service Class: | ||
Net Asset Value, offering price and redemption price per share ($1,497,883,288 ÷ 44,191,484 shares) | $33.90 | |
Service Class 2: | ||
Net Asset Value, offering price and redemption price per share ($8,082,227,843 ÷ 244,258,527 shares) | $33.09 | |
Investor Class: | ||
Net Asset Value, offering price and redemption price per share ($1,618,263,917 ÷ 47,802,653 shares) | $33.85 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2019 (Unaudited) | ||
Investment Income | ||
Dividends | $94,454,408 | |
Income from Fidelity Central Funds (including $345,063 from security lending) | 3,200,799 | |
Total income | 97,655,207 | |
Expenses | ||
Management fee | $47,503,368 | |
Transfer agent fees | 6,363,557 | |
Distribution and service plan fees | 10,489,168 | |
Accounting and security lending fees | 803,959 | |
Custodian fees and expenses | 103,570 | |
Independent trustees' fees and expenses | 41,785 | |
Audit | 42,500 | |
Legal | 17,218 | |
Miscellaneous | 70,663 | |
Total expenses before reductions | 65,435,788 | |
Expense reductions | (198,300) | |
Total expenses after reductions | 65,237,488 | |
Net investment income (loss) | 32,417,719 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $220,865) | (60,482,142) | |
Fidelity Central Funds | 548 | |
Foreign currency transactions | 119,360 | |
Total net realized gain (loss) | (60,362,234) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of increase in deferred foreign taxes of $2,339,167) | 3,200,450,339 | |
Fidelity Central Funds | (1) | |
Assets and liabilities in foreign currencies | 8,053 | |
Total change in net unrealized appreciation (depreciation) | 3,200,458,391 | |
Net gain (loss) | 3,140,096,157 | |
Net increase (decrease) in net assets resulting from operations | $3,172,513,876 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2019 (Unaudited) | Year ended December 31, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $32,417,719 | $99,021,828 |
Net realized gain (loss) | (60,362,234) | 2,300,592,450 |
Change in net unrealized appreciation (depreciation) | 3,200,458,391 | (3,411,045,027) |
Net increase (decrease) in net assets resulting from operations | 3,172,513,876 | (1,011,430,749) |
Distributions to shareholders | (2,057,601,803) | (1,830,022,548) |
Share transactions - net increase (decrease) | 1,147,229,416 | (1,199,312,259) |
Total increase (decrease) in net assets | 2,262,141,489 | (4,040,765,556) |
Net Assets | ||
Beginning of period | 15,947,750,879 | 19,988,516,435 |
End of period | $18,209,892,368 | $15,947,750,879 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
VIP Contrafund Portfolio Initial Class
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $32.13 | $37.94 | $33.18 | $33.91 | $37.36 | $34.35 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .08 | .23 | .35 | .33 | .35 | .36 |
Net realized and unrealized gain (loss) | 6.03 | (2.50) | 6.69 | 1.85 | (.14) | 3.76 |
Total from investment operations | 6.11 | (2.27) | 7.04 | 2.18 | .21 | 4.12 |
Distributions from net investment income | (.03) | (.26) | (.36) | (.26) | (.37) | (.36) |
Distributions from net realized gain | (4.11) | (3.28) | (1.91) | (2.65) | (3.30) | (.75) |
Total distributions | (4.14) | (3.54) | (2.28)B | (2.91) | (3.66)C | (1.11) |
Redemption fees added to paid in capitalA | – | – | – | – | – | –D |
Net asset value, end of period | $34.10 | $32.13 | $37.94 | $33.18 | $33.91 | $37.36 |
Total ReturnE,F,G | 20.29% | (6.38)% | 21.88% | 8.04% | .64% | 11.94% |
Ratios to Average Net AssetsH,I | ||||||
Expenses before reductions | .62%J | .62% | .62% | .63% | .63% | .63% |
Expenses net of fee waivers, if any | .61%J | .62% | .62% | .63% | .63% | .63% |
Expenses net of all reductions | .61%J | .61% | .62% | .62% | .62% | .63% |
Net investment income (loss) | .49%J | .64% | .98% | 1.04% | 1.01% | 1.01% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $7,011,517 | $6,240,295 | $7,609,925 | $6,962,430 | $7,436,130 | $8,005,930 |
Portfolio turnover rateK | 44%J | 111%L | 70% | 62% | 80% | 74% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $2.28 per share is comprised of distributions from net investment income of $.364 and distributions from net realized gain of $1.911 per share.
C Total distributions of $3.66 per share is comprised of distributions from net investment income of $.369 and distributions from net realized gain of $3.295 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 do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the 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 brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Annualized
K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
VIP Contrafund Portfolio Service Class
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $31.97 | $37.77 | $33.04 | $33.79 | $37.23 | $34.24 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .06 | .19 | .31 | .29 | .32 | .33 |
Net realized and unrealized gain (loss) | 6.01 | (2.48) | 6.66 | 1.84 | (.13) | 3.73 |
Total from investment operations | 6.07 | (2.29) | 6.97 | 2.13 | .19 | 4.06 |
Distributions from net investment income | (.03) | (.22) | (.33) | (.23) | (.33) | (.32) |
Distributions from net realized gain | (4.11) | (3.28) | (1.91) | (2.65) | (3.30) | (.75) |
Total distributions | (4.14) | (3.51)B | (2.24) | (2.88) | (3.63) | (1.07) |
Redemption fees added to paid in capitalA | – | – | – | – | – | –C |
Net asset value, end of period | $33.90 | $31.97 | $37.77 | $33.04 | $33.79 | $37.23 |
Total ReturnD,E,F | 20.24% | (6.49)% | 21.76% | 7.91% | .56% | 11.82% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | .72%I | .72% | .72% | .73% | .73% | .73% |
Expenses net of fee waivers, if any | .71%I | .72% | .72% | .73% | .73% | .73% |
Expenses net of all reductions | .71%I | .71% | .72% | .72% | .72% | .73% |
Net investment income (loss) | .39%I | .54% | .88% | .94% | .91% | .91% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,497,883 | $1,324,859 | $1,569,798 | $1,428,793 | $1,546,864 | $1,714,615 |
Portfolio turnover rateJ | 44%I | 111%K | 70% | 62% | 80% | 74% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $3.51 per share is comprised of distributions from net investment income of $.223 and distributions from net realized gain of $3.282 per share.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
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 class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the 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 brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
VIP Contrafund Portfolio Service Class 2
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $31.31 | $37.05 | $32.45 | $33.25 | $36.70 | $33.77 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .04 | .14 | .25 | .24 | .26 | .27 |
Net realized and unrealized gain (loss) | 5.87 | (2.44) | 6.54 | 1.80 | (.14) | 3.68 |
Total from investment operations | 5.91 | (2.30) | 6.79 | 2.04 | .12 | 3.95 |
Distributions from net investment income | (.02) | (.16) | (.28) | (.20) | (.28) | (.27) |
Distributions from net realized gain | (4.11) | (3.28) | (1.91) | (2.65) | (3.30) | (.75) |
Total distributions | (4.13) | (3.44) | (2.19) | (2.84)B | (3.57)C | (1.02) |
Redemption fees added to paid in capitalA | – | – | – | – | – | –D |
Net asset value, end of period | $33.09 | $31.31 | $37.05 | $32.45 | $33.25 | $36.70 |
Total ReturnE,F,G | 20.15% | (6.64)% | 21.59% | 7.76% | .39% | 11.65% |
Ratios to Average Net AssetsH,I | ||||||
Expenses before reductions | .86%J | .87% | .87% | .88% | .88% | .88% |
Expenses net of fee waivers, if any | .86%J | .87% | .87% | .88% | .88% | .88% |
Expenses net of all reductions | .86%J | .86% | .87% | .87% | .87% | .88% |
Net investment income (loss) | .24%J | .39% | .73% | .79% | .76% | .76% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $8,082,228 | $6,979,731 | $9,255,124 | $8,138,206 | $8,363,076 | $8,764,266 |
Portfolio turnover rateK | 44%J | 111%L | 70% | 62% | 80% | 74% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $2.84 per share is comprised of distributions from net investment income of $.196 and distributions from net realized gain of $2.648 per share.
C Total distributions of $3.57 per share is comprised of distributions from net investment income of $.279 and distributions from net realized gain of $3.295 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 do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the 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 brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Annualized
K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
L Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
VIP Contrafund Portfolio Investor Class
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $31.93 | $37.74 | $33.01 | $33.76 | $37.21 | $34.22 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .07 | .20 | .32 | .30 | .32 | .33 |
Net realized and unrealized gain (loss) | 5.99 | (2.49) | 6.66 | 1.84 | (.13) | 3.74 |
Total from investment operations | 6.06 | (2.29) | 6.98 | 2.14 | .19 | 4.07 |
Distributions from net investment income | (.03) | (.23) | (.34) | (.24) | (.34) | (.33) |
Distributions from net realized gain | (4.11) | (3.28) | (1.91) | (2.65) | (3.30) | (.75) |
Total distributions | (4.14) | (3.52)B | (2.25) | (2.89) | (3.64) | (1.08) |
Redemption fees added to paid in capitalA | – | – | – | – | – | –C |
Net asset value, end of period | $33.85 | $31.93 | $37.74 | $33.01 | $33.76 | $37.21 |
Total ReturnD,E,F | 20.24% | (6.49)% | 21.81% | 7.95% | .56% | 11.85% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | .69%I | .70% | .70% | .71% | .71% | .71% |
Expenses net of fee waivers, if any | .69%I | .69% | .70% | .71% | .71% | .71% |
Expenses net of all reductions | .69%I | .69% | .70% | .70% | .70% | .71% |
Net investment income (loss) | .41%I | .56% | .90% | .95% | .93% | .93% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,618,264 | $1,402,867 | $1,553,670 | $1,327,708 | $1,276,807 | $1,210,592 |
Portfolio turnover rateJ | 44%I | 111%K | 70% | 62% | 80% | 74% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $3.52 per share is comprised of distributions from net investment income of $.233 and distributions from net realized gain of $3.282 per share.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
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 class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the 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 brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2019
1. Organization.
VIP Contrafund Portfolio (the Fund) is a fund of Variable Insurance Products Fund II (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
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 June 30, 2019 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $908,595 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
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 the short-term gain distributions from the Underlying Funds, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, certain deemed distributions, redemptions in kind, partnerships, deferred trustees compensation and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $4,974,814,064 |
Gross unrealized depreciation | (180,111,385) |
Net unrealized appreciation (depreciation) | $4,794,702,679 |
Tax cost | $13,381,115,771 |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
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. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $3,802,594,742 and $4,773,691,140, respectively.
Prior Fiscal Year Unaffiliated Redemptions In-Kind. During the prior period, 21,612,787 shares of the Fund were redeemed in-kind for investments and cash with a value of $749,882,972. The Fund had a net realized gain of $218,492,937 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.
5. 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. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .54% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.
For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:
Service Class | $728,394 |
Service Class 2 | 9,760,774 |
$10,489,168 |
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 with respect to each class. Each class pays a fee for transfer agent services, typesetting and printing and mailing of shareholder reports, excluding mailing of proxy statements, equal to an annual rate of class-level average net assets. The annual rate for Investor Class is .15% and the annual rate for all other classes is .07%. For the period, transfer agent fees for each class were as follows:
Initial Class | $2,219,661 |
Service Class | 473,456 |
Service Class 2 | 2,537,801 |
Investor Class | 1,132,639 |
$6,363,557 |
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Prior to April 1, 2019, FSC had a separate agreement with the Fund for administration of the security lending program, based on the number and duration of lending transactions. For the period, the total fees paid for accounting and administration of securities lending were equivalent to an annualized rate of .01%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $98,520 for the period.
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.
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $125,688.
6. 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 $24,900 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $893. 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 $14,076 from securities loaned to NFS, as affiliated borrower.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $132,989 for the period. 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 $295.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $65,016.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended June 30, 2019 | Year ended December 31, 2018 | |
Distributions to shareholders | ||
Initial Class | $791,787,379 | $698,874,927 |
Service Class | 170,108,704 | 143,784,613 |
Service Class 2 | 914,711,249 | 843,883,749 |
Investor Class | 180,994,471 | 143,479,259 |
Total | $2,057,601,803 | $1,830,022,548 |
10. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2019 | Year ended December 31, 2018 | Six months ended June 30, 2019 | Year ended December 31, 2018 | |
Initial Class | ||||
Shares sold | 1,410,872 | 4,059,960 | $46,545,013 | $145,255,809 |
Reinvestment of distributions | 25,492,189 | 20,693,857 | 791,787,379 | 698,874,927 |
Shares redeemed | (15,492,569) | (31,071,165)(a) | (511,535,206) | (1,127,211,361)(a) |
Net increase (decrease) | 11,410,492 | (6,317,348) | $326,797,186 | $(283,080,625) |
Service Class | ||||
Shares sold | 538,035 | 1,284,175 | $17,696,847 | $46,034,436 |
Reinvestment of distributions | 5,506,918 | 4,277,001 | 170,108,704 | 143,784,613 |
Shares redeemed | (3,293,604) | (5,681,788) | (107,744,860) | (204,912,780) |
Net increase (decrease) | 2,751,349 | (120,612) | $80,060,691 | $(15,093,731) |
Service Class 2 | ||||
Shares sold | 8,896,154 | 13,800,310 | $281,361,968 | $480,254,082 |
Reinvestment of distributions | 30,308,524 | 25,604,080 | 914,711,249 | 843,883,749 |
Shares redeemed | (17,838,251) | (66,305,493)(a) | (571,256,369) | (2,314,846,305)(a) |
Net increase (decrease) | 21,366,427 | (26,901,103) | $624,816,848 | $(990,708,474) |
Investor Class | ||||
Shares sold | 465,849 | 2,340,125 | $15,379,594 | $83,325,236 |
Reinvestment of distributions | 5,866,920 | 4,273,374 | 180,994,471 | 143,479,259 |
Shares redeemed | (2,460,176) | (3,855,597) | (80,819,374) | (137,233,924) |
Net increase (decrease) | 3,872,593 | 2,757,902 | $115,554,691 | $89,570,571 |
(a) Amount includes in-kind redemptions (see the Prior Fiscal Year Unaffiliated Redemptions In-Kind note for additional details).
11. 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, the investment adviser or its affiliates were the owners of record of 14% of the total outstanding shares of the Fund and two otherwise unaffiliated shareholders were the owner of record of 22% of the total outstanding shares of the Fund.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in 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 (January 1, 2019 to June 30, 2019).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. 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 January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period-B January 1, 2019 to June 30, 2019 | |
Initial Class | .61% | |||
Actual | $1,000.00 | $1,202.90 | $3.33 | |
Hypothetical-C | $1,000.00 | $1,021.77 | $3.06 | |
Service Class | .71% | |||
Actual | $1,000.00 | $1,202.40 | $3.88 | |
Hypothetical-C | $1,000.00 | $1,021.27 | $3.56 | |
Service Class 2 | .86% | |||
Actual | $1,000.00 | $1,201.50 | $4.69 | |
Hypothetical-C | $1,000.00 | $1,020.53 | $4.31 | |
Investor Class | .69% | |||
Actual | $1,000.00 | $1,202.40 | $3.77 | |
Hypothetical-C | $1,000.00 | $1,021.37 | $3.46 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
VIP Contrafund Portfolio
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its January 2019 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.The Board noted that it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The fund had portfolio manager changes in October 2015, October 2016, August 2017, November 2017, and May 2018. The Board will continue to monitor closely the fund's performance, taking into account the portfolio manager changes.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2018, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.VIP Contrafund Portfolio
VIP Contrafund Portfolio
VIPCON-SANN-0819
1.705691.121
Fidelity® Variable Insurance Products: Emerging Markets Portfolio Semi-Annual Report June 30, 2019 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, and if your insurance carrier elects to participate, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your variable insurance product unless you specifically request paper copies from your financial professional or the administrator of your variable insurance product. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically, by contacting your financial professional or the administrator of your variable insurance product. If you own a Fidelity-administered variable insurance product, please visit fidelity.com/mailpreferences to make your election or call 1-800-343-3548.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial professional or the administrator of your variable insurance product. If you own a Fidelity-administered variable insurance product, please visit fidelity.com/mailpreferences to make your election or call 1-800-343-3548. Your election to receive reports in paper will apply to all funds available under your variable insurance product.
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
As of June 30, 2019 | ||
United States of America* | 16.4% | |
Cayman Islands | 14.1% | |
India | 11.2% | |
Brazil | 9.5% | |
China | 8.4% | |
South Africa | 5.8% | |
Korea (South) | 5.0% | |
Taiwan | 4.9% | |
Russia | 4.2% | |
Other | 20.5% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of June 30, 2019
% of fund's net assets | |
Stocks | 90.9 |
Short-Term Investments and Net Other Assets (Liabilities) | 9.1 |
Top Ten Stocks as of June 30, 2019
% of fund's net assets | |
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 5.1 |
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 4.5 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 3.9 |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 3.2 |
Naspers Ltd. Class N (South Africa, Internet & Direct Marketing Retail) | 2.7 |
Siam Cement PCL (For. Reg.) (Thailand, Construction Materials) | 2.3 |
Larsen & Toubro Ltd. (India, Construction & Engineering) | 1.9 |
China Resources Beer Holdings Co. Ltd. (Hong Kong, Beverages) | 1.9 |
Infosys Ltd. sponsored ADR (India, IT Services) | 1.8 |
Housing Development Finance Corp. Ltd. (India, Thrifts & Mortgage Finance) | 1.7 |
29.0 |
Top Market Sectors as of June 30, 2019
% of fund's net assets | |
Financials | 20.7 |
Consumer Discretionary | 17.5 |
Information Technology | 16.9 |
Materials | 8.2 |
Industrials | 6.9 |
Consumer Staples | 6.9 |
Energy | 6.3 |
Communication Services | 5.1 |
Real Estate | 1.2 |
Health Care | 1.2 |
Schedule of Investments June 30, 2019 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 88.4% | |||
Shares | Value | ||
Brazil - 7.0% | |||
Atacadao Distribuicao Comercio e Industria Ltda | 1,094,100 | $6,268,363 | |
BM&F BOVESPA SA | 435,800 | 4,251,375 | |
IRB Brasil Resseguros SA | 170,200 | 4,365,864 | |
Lojas Renner SA | 176,850 | 2,171,967 | |
Natura Cosmeticos SA | 321,500 | 4,729,628 | |
Suzano Papel e Celulose SA | 301,000 | 2,574,994 | |
Vale SA sponsored ADR | 521,000 | 7,002,240 | |
TOTAL BRAZIL | 31,364,431 | ||
Cayman Islands - 14.1% | |||
Airtac International Group | 545,000 | 6,122,212 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 119,100 | 20,181,495 | |
JD.com, Inc. sponsored ADR (a) | 152,400 | 4,616,196 | |
Meituan Dianping Class B | 271,800 | 2,383,386 | |
Shenzhou International Group Holdings Ltd. | 514,700 | 7,076,408 | |
Tencent Holdings Ltd. | 510,400 | 23,090,201 | |
TOTAL CAYMAN ISLANDS | 63,469,898 | ||
Chile - 1.0% | |||
Banco de Chile | 29,705,800 | 4,379,427 | |
China - 8.4% | |||
AVIC Jonhon OptronicTechnology Co. Ltd. | 676,225 | 3,295,056 | |
China Merchants Bank Co. Ltd. (H Shares) | 789,385 | 3,935,961 | |
China Petroleum & Chemical Corp. (H Shares) | 3,170,000 | 2,159,467 | |
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) | 147,800 | 2,260,005 | |
Haier Smart Home Co. Ltd. (A Shares) | 2,683,785 | 6,757,535 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 5,665,739 | 4,134,147 | |
Inner Mongoli Yili Industries Co. Ltd. (A Shares) | 47 | 229 | |
Kweichow Moutai Co. Ltd. (A Shares) | 19,653 | 2,816,239 | |
Midea Group Co. Ltd. (A Shares) | 252,724 | 1,908,643 | |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) | 574,000 | 6,902,279 | |
Shenzhen Inovance Technology Co. Ltd. (A Shares) | 944,582 | 3,151,450 | |
Sinopec Engineering Group Co. Ltd. (H Shares) | 609,000 | 516,095 | |
TOTAL CHINA | 37,837,106 | ||
France - 3.0% | |||
Dassault Systemes SA | 11,200 | 1,786,793 | |
Hermes International SCA | 5,227 | 3,769,445 | |
Kering SA | 6,430 | 3,802,739 | |
LVMH Moet Hennessy Louis Vuitton SE | 10,159 | 4,318,850 | |
TOTAL FRANCE | 13,677,827 | ||
Hong Kong - 2.8% | |||
AIA Group Ltd. | 392,000 | 4,233,170 | |
China Resources Beer Holdings Co. Ltd. | 1,744,000 | 8,282,755 | |
TOTAL HONG KONG | 12,515,925 | ||
India - 11.2% | |||
Axis Bank Ltd. (a) | 269,500 | 3,160,322 | |
Godrej Consumer Products Ltd. | 73,025 | 702,290 | |
HDFC Bank Ltd. | 59,260 | 2,101,422 | |
Housing Development Finance Corp. Ltd. | 243,750 | 7,749,447 | |
Infosys Ltd. sponsored ADR | 763,500 | 8,169,450 | |
Larsen & Toubro Ltd. | 377,000 | 8,492,479 | |
Reliance Industries Ltd. | 288,086 | 5,235,686 | |
Shree Cement Ltd. | 8,460 | 2,677,360 | |
Solar Industries India Ltd. | 58,100 | 1,063,875 | |
State Bank of India (a) | 1,294,100 | 6,780,183 | |
Tata Consultancy Services Ltd. | 126,000 | 4,070,010 | |
TOTAL INDIA | 50,202,524 | ||
Indonesia - 1.5% | |||
PT Bank Mandiri (Persero) Tbk | 11,478,800 | 6,517,078 | |
Ireland - 0.8% | |||
Accenture PLC Class A | 20,600 | 3,806,262 | |
Israel - 1.5% | |||
Elbit Systems Ltd. | 9,467 | 1,415,411 | |
Elbit Systems Ltd. (Israel) | 34,333 | 5,108,390 | |
TOTAL ISRAEL | 6,523,801 | ||
Japan - 1.2% | |||
Hoya Corp. | 20,416 | 1,562,989 | |
Keyence Corp. | 5,900 | 3,618,856 | |
TOTAL JAPAN | 5,181,845 | ||
Korea (South) - 5.0% | |||
Db Insurance Co. Ltd. | 55,860 | 2,862,437 | |
Samsung Electronics Co. Ltd. | 355,481 | 14,437,585 | |
Shinhan Financial Group Co. Ltd. | 132,730 | 5,150,903 | |
TOTAL KOREA (SOUTH) | 22,450,925 | ||
Mexico - 1.2% | |||
Grupo Financiero Banorte S.A.B. de CV Series O | 901,900 | 5,232,723 | |
Netherlands - 1.6% | |||
ASML Holding NV (Netherlands) | 18,200 | 3,787,236 | |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 59,000 | 3,584,733 | |
TOTAL NETHERLANDS | 7,371,969 | ||
Peru - 1.5% | |||
Compania de Minas Buenaventura SA sponsored ADR | 403,400 | 6,724,678 | |
Philippines - 1.2% | |||
Ayala Land, Inc. | 5,642,500 | 5,594,048 | |
Russia - 4.2% | |||
Lukoil PJSC sponsored ADR | 74,000 | 6,247,080 | |
NOVATEK OAO GDR (Reg. S) | 27,410 | 5,810,920 | |
Sberbank of Russia | 1,851,400 | 6,970,212 | |
TOTAL RUSSIA | 19,028,212 | ||
South Africa - 5.8% | |||
FirstRand Ltd. | 611,700 | 2,977,070 | |
Impala Platinum Holdings Ltd. (a) | 1,292,100 | 6,398,578 | |
Mr Price Group Ltd. | 306,800 | 4,323,952 | |
Naspers Ltd. Class N | 51,168 | 12,385,227 | |
TOTAL SOUTH AFRICA | 26,084,827 | ||
Taiwan - 4.9% | |||
Sporton International, Inc. | 383,504 | 2,271,635 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,274,000 | 17,437,620 | |
Unified-President Enterprises Corp. | 834,000 | 2,226,405 | |
TOTAL TAIWAN | 21,935,660 | ||
Thailand - 2.3% | |||
Siam Cement PCL (For. Reg.) | 657,800 | 10,119,175 | |
Turkey - 0.9% | |||
Tupras Turkiye Petrol Rafinerileri A/S | 204,000 | 4,051,464 | |
United States of America - 7.3% | |||
Adobe, Inc. (a) | 13,500 | 3,977,775 | |
MasterCard, Inc. Class A | 15,100 | 3,994,403 | |
MercadoLibre, Inc. (a) | 8,700 | 5,322,399 | |
Microsoft Corp. | 30,400 | 4,072,384 | |
Moody's Corp. | 19,900 | 3,886,669 | |
Thermo Fisher Scientific, Inc. | 12,800 | 3,759,104 | |
TransDigm Group, Inc. (a) | 8,000 | 3,870,400 | |
Visa, Inc. Class A | 22,900 | 3,974,295 | |
TOTAL UNITED STATES OF AMERICA | 32,857,429 | ||
TOTAL COMMON STOCKS | |||
(Cost $311,237,184) | 396,927,234 | ||
Nonconvertible Preferred Stocks - 2.5% | |||
Brazil - 2.5% | |||
Itau Unibanco Holding SA | 736,730 | 6,956,817 | |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 275,900 | 4,295,763 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $8,509,916) | 11,252,580 | ||
Money Market Funds - 7.2% | |||
Fidelity Cash Central Fund 2.42% (b) | |||
(Cost $32,183,803) | 32,177,367 | 32,183,803 | |
TOTAL INVESTMENT IN SECURITIES - 98.1% | |||
(Cost $351,930,903) | 440,363,617 | ||
NET OTHER ASSETS (LIABILITIES) - 1.9% | 8,618,394 | ||
NET ASSETS - 100% | $448,982,011 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) 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 | $147,852 |
Fidelity Securities Lending Cash Central Fund | 182,716 |
Total | $330,568 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of payments to and from borrowers of securities.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $23,090,201 | $-- | $23,090,201 | $-- |
Consumer Discretionary | 79,018,242 | 62,314,165 | 16,704,077 | -- |
Consumer Staples | 30,870,647 | 27,285,914 | 3,584,733 | -- |
Energy | 27,800,380 | 25,640,913 | 2,159,467 | -- |
Financials | 92,547,506 | 60,672,442 | 31,875,064 | -- |
Health Care | 5,322,093 | 5,322,093 | -- | -- |
Industrials | 30,948,072 | 30,948,072 | -- | -- |
Information Technology | 76,427,725 | 55,202,869 | 21,224,856 | -- |
Materials | 36,560,900 | 36,560,900 | -- | -- |
Real Estate | 5,594,048 | 5,594,048 | -- | -- |
Money Market Funds | 32,183,803 | 32,183,803 | -- | -- |
Total Investments in Securities: | $440,363,617 | $341,725,219 | $98,638,398 | $-- |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
June 30, 2019 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $319,747,100) | $408,179,814 | |
Fidelity Central Funds (cost $32,183,803) | 32,183,803 | |
Total Investment in Securities (cost $351,930,903) | $440,363,617 | |
Cash | 79,380 | |
Foreign currency held at value (cost $156,901) | 156,901 | |
Receivable for investments sold | 171,047 | |
Receivable for fund shares sold | 8,283,728 | |
Dividends receivable | 1,327,542 | |
Distributions receivable from Fidelity Central Funds | 57,991 | |
Other receivables | 30,274 | |
Total assets | 450,470,480 | |
Liabilities | ||
Payable for investments purchased | $698,083 | |
Payable for fund shares redeemed | 202,504 | |
Accrued management fee | 278,360 | |
Accrued custody fee | 89,920 | |
Distribution and service plan fees payable | 9,402 | |
Other affiliated payables | 53,192 | |
Other payables and accrued expenses | 157,008 | |
Total liabilities | 1,488,469 | |
Net Assets | $448,982,011 | |
Net Assets consist of: | ||
Paid in capital | $342,275,797 | |
Total distributable earnings (loss) | 106,706,214 | |
Net Assets | $448,982,011 | |
Net Asset Value and Maximum Offering Price | ||
Initial Class: | ||
Net Asset Value, offering price and redemption price per share ($193,122,043 ÷ 16,174,336 shares) | $11.94 | |
Service Class: | ||
Net Asset Value, offering price and redemption price per share ($29,727,096 ÷ 2,486,412 shares) | $11.96 | |
Service Class 2: | ||
Net Asset Value, offering price and redemption price per share ($40,428,526 ÷ 3,386,374 shares) | $11.94 | |
Investor Class: | ||
Net Asset Value, offering price and redemption price per share ($185,704,346 ÷ 15,623,864 shares) | $11.89 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2019 (Unaudited) | ||
Investment Income | ||
Dividends | $4,503,239 | |
Income from Fidelity Central Funds (including $182,716 from security lending) | 330,568 | |
Income before foreign taxes withheld | 4,833,807 | |
Less foreign taxes withheld | (527,376) | |
Total income | 4,306,431 | |
Expenses | ||
Management fee | $1,578,475 | |
Transfer agent fees | 199,787 | |
Distribution and service plan fees | 46,744 | |
Accounting and security lending fees | 104,026 | |
Custodian fees and expenses | 92,027 | |
Independent trustees' fees and expenses | 926 | |
Audit | 79,887 | |
Legal | 1,055 | |
Miscellaneous | 1,120 | |
Total expenses before reductions | 2,104,047 | |
Expense reductions | (48,710) | |
Total expenses after reductions | 2,055,337 | |
Net investment income (loss) | 2,251,094 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 36,815,232 | |
Fidelity Central Funds | 23 | |
Foreign currency transactions | (163,450) | |
Total net realized gain (loss) | 36,651,805 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of increase in deferred foreign taxes of $127,524) | 31,894,639 | |
Assets and liabilities in foreign currencies | (460) | |
Total change in net unrealized appreciation (depreciation) | 31,894,179 | |
Net gain (loss) | 68,545,984 | |
Net increase (decrease) in net assets resulting from operations | $70,797,078 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2019 (Unaudited) | Year ended December 31, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $2,251,094 | $2,405,621 |
Net realized gain (loss) | 36,651,805 | (10,499,567) |
Change in net unrealized appreciation (depreciation) | 31,894,179 | (61,366,836) |
Net increase (decrease) in net assets resulting from operations | 70,797,078 | (69,460,782) |
Distributions to shareholders | – | (2,500,207) |
Share transactions - net increase (decrease) | 28,745,890 | 42,453,011 |
Total increase (decrease) in net assets | 99,542,968 | (29,507,978) |
Net Assets | ||
Beginning of period | 349,439,043 | 378,947,021 |
End of period | $448,982,011 | $349,439,043 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
VIP Emerging Markets Portfolio Initial Class
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $9.95 | $12.23 | $8.36 | $8.14 | $9.10 | $9.01 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .07 | .08 | .07 | .06 | .06 | .06 |
Net realized and unrealized gain (loss) | 1.92 | (2.28) | 3.88 | .20 | (.97) | .06 |
Total from investment operations | 1.99 | (2.20) | 3.95 | .26 | (.91) | .12 |
Distributions from net investment income | – | (.08) | (.07) | (.04) | (.05) | (.03) |
Distributions from net realized gain | – | –B | (.01) | – | – | – |
Total distributions | – | (.08) | (.08) | (.04) | (.05) | (.03) |
Redemption fees added to paid in capitalA | – | – | – | – | –B | –B |
Net asset value, end of period | $11.94 | $9.95 | $12.23 | $8.36 | $8.14 | $9.10 |
Total ReturnC,D,E | 20.00% | (18.00)% | 47.40% | 3.24% | (9.97)% | 1.38% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .99%H | 1.01% | 1.01% | 1.05% | 1.07% | 1.10% |
Expenses net of fee waivers, if any | .99%H | 1.01% | 1.01% | 1.05% | 1.07% | 1.10% |
Expenses net of all reductions | .97%H | .98% | .99% | 1.05% | 1.05% | 1.10% |
Net investment income (loss) | 1.18%H | .71% | .64% | .71% | .69% | .62% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $193,122 | $159,140 | $165,396 | $132,435 | $112,675 | $91,224 |
Portfolio turnover rateI | 127%H | 117% | 82% | 86% | 106% | 96% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the 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 brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I 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.
VIP Emerging Markets Portfolio Service Class
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $9.97 | $12.26 | $8.39 | $8.17 | $9.14 | $9.04 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .06 | .06 | .06 | .05 | .05 | .05 |
Net realized and unrealized gain (loss) | 1.93 | (2.27) | 3.89 | .21 | (.98) | .07 |
Total from investment operations | 1.99 | (2.21) | 3.95 | .26 | (.93) | .12 |
Distributions from net investment income | – | (.08) | (.07) | (.04) | (.04) | (.02) |
Distributions from net realized gain | – | –B | (.01) | – | – | – |
Total distributions | – | (.08) | (.08) | (.04) | (.04) | (.02) |
Redemption fees added to paid in capitalA | – | – | – | – | –B | –B |
Net asset value, end of period | $11.96 | $9.97 | $12.26 | $8.39 | $8.17 | $9.14 |
Total ReturnC,D,E | 19.96% | (18.02)% | 47.19% | 3.13% | (10.15)% | 1.36% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.09%H | 1.12% | 1.11% | 1.16% | 1.17% | 1.20% |
Expenses net of fee waivers, if any | 1.09%H | 1.12% | 1.11% | 1.16% | 1.17% | 1.20% |
Expenses net of all reductions | 1.07%H | 1.09% | 1.09% | 1.15% | 1.16% | 1.19% |
Net investment income (loss) | 1.08%H | .60% | .54% | .61% | .58% | .52% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $29,727 | $17,147 | $1,089 | $81 | $72 | $84 |
Portfolio turnover rateI | 127%H | 117% | 82% | 86% | 106% | 96% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the 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 brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I 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.
VIP Emerging Markets Portfolio Service Class 2
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $9.96 | $12.25 | $8.38 | $8.15 | $9.12 | $9.03 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .05 | .05 | .04 | .04 | .04 | .03 |
Net realized and unrealized gain (loss) | 1.93 | (2.27) | 3.90 | .20 | (.98) | .07 |
Total from investment operations | 1.98 | (2.22) | 3.94 | .24 | (.94) | .10 |
Distributions from net investment income | – | (.06) | (.06) | (.01) | (.03) | (.01) |
Distributions from net realized gain | – | –B | (.01) | – | – | – |
Total distributions | – | (.07)C | (.07) | (.01) | (.03) | (.01) |
Redemption fees added to paid in capitalA | – | – | – | – | –B | –B |
Net asset value, end of period | $11.94 | $9.96 | $12.25 | $8.38 | $8.15 | $9.12 |
Total ReturnD,E,F | 19.88% | (18.16)% | 47.05% | 2.95% | (10.31)% | 1.13% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | 1.24%I | 1.27% | 1.26% | 1.31% | 1.32% | 1.35% |
Expenses net of fee waivers, if any | 1.24%I | 1.26% | 1.26% | 1.31% | 1.32% | 1.35% |
Expenses net of all reductions | 1.22%I | 1.23% | 1.24% | 1.30% | 1.30% | 1.34% |
Net investment income (loss) | .93%I | .46% | .39% | .45% | .44% | .37% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $40,429 | $20,128 | $7,246 | $2,868 | $8,076 | $7,681 |
Portfolio turnover rateJ | 127%I | 117% | 82% | 86% | 106% | 96% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions of $.07 per share is comprised of distributions from net investment income of $.062 and distributions from net realized gain of $.003 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
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 class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the 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 brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
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.
VIP Emerging Markets Portfolio Investor Class
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $9.91 | $12.17 | $8.32 | $8.11 | $9.07 | $8.98 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .06 | .07 | .06 | .05 | .05 | .05 |
Net realized and unrealized gain (loss) | 1.92 | (2.26) | 3.87 | .20 | (.96) | .07 |
Total from investment operations | 1.98 | (2.19) | 3.93 | .25 | (.91) | .12 |
Distributions from net investment income | – | (.06) | (.07) | (.04) | (.05) | (.03) |
Distributions from net realized gain | – | –B | (.01) | – | – | – |
Total distributions | – | (.07)C | (.08) | (.04) | (.05) | (.03) |
Redemption fees added to paid in capitalA | – | – | – | – | –B | –B |
Net asset value, end of period | $11.89 | $9.91 | $12.17 | $8.32 | $8.11 | $9.07 |
Total ReturnD,E,F | 19.98% | (18.02)% | 47.32% | 3.06% | (10.08)% | 1.30% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | 1.07%I | 1.09% | 1.09% | 1.14% | 1.15% | 1.18% |
Expenses net of fee waivers, if any | 1.07%I | 1.09% | 1.09% | 1.14% | 1.15% | 1.18% |
Expenses net of all reductions | 1.05%I | 1.06% | 1.07% | 1.13% | 1.13% | 1.18% |
Net investment income (loss) | 1.10%I | .63% | .56% | .63% | .61% | .54% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $185,704 | $153,024 | $205,217 | $93,982 | $76,045 | $69,854 |
Portfolio turnover rateJ | 127%I | 117% | 82% | 86% | 106% | 96% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions of $.07 per share is comprised of distributions from net investment income of $.063 and distributions from net realized gain of $.004 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
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 class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the 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 brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
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 June 30, 2019
1. Organization.
VIP Emerging Markets Portfolio (the Fund) is a fund of Variable Insurance Products Fund II (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
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 June 30, 2019 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
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 foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $90,653,366 |
Gross unrealized depreciation | (2,870,102) |
Net unrealized appreciation (depreciation) | $87,783,264 |
Tax cost | $352,580,353 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $(18,052,487) |
The Fund elected to defer to its next fiscal year approximately $59,835 of ordinary losses recognized during the period November 1, 2018 to December 31, 2018.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $245,676,133 and $249,835,808, respectively.
5. 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. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .79% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.
For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:
Service Class | $11,219 |
Service Class 2 | 35,525 |
$46,744 |
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 with respect to each class. Each class pays a fee for transfer agent services, typesetting and printing and mailing of shareholder reports, excluding mailing of proxy statements, equal to an annual rate of class-level average net assets. The annual rate for Investor Class is .15% and the annual rate for all other classes is .07%. For the period, transfer agent fees for each class were as follows:
Initial Class | $57,131 |
Service Class | 7,292 |
Service Class 2 | 9,236 |
Investor Class | 126,128 |
$199,787 |
Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Prior to April 1, 2019, FSC had a separate agreement with the Fund for administration of the security lending program, based on the number and duration of lending transactions. For the period, the total fees paid for accounting and administration of securities lending were equivalent to an annualized rate of .05%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $1,519 for the period.
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.
6. 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 $513 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. 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, and includes $1,639 from securities loaned to NFS, as affiliated borrower.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $47,336 for the period.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,374.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended June 30, 2019 | Year ended December 31, 2018 | |
Distributions to shareholders | ||
Initial Class | $– | $1,212,846 |
Service Class | – | 128,628 |
Service Class 2 | – | 123,374 |
Investor Class | – | 1,035,359 |
Total | $– | $2,500,207 |
10. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2019 | Year ended December 31, 2018 | Six months ended June 30, 2019 | Year ended December 31, 2018 | |
Initial Class | ||||
Shares sold | 2,182,765 | 7,084,598 | $24,712,586 | $78,572,216 |
Reinvestment of distributions | – | 121,693 | – | 1,212,846 |
Shares redeemed | (2,006,055) | (4,736,786) | (22,405,989) | (54,722,076) |
Net increase (decrease) | 176,710 | 2,469,505 | $2,306,597 | $25,062,986 |
Service Class | ||||
Shares sold | 989,974 | 1,717,800 | $11,130,421 | $17,975,909 |
Reinvestment of distributions | – | 13,038 | – | 128,540 |
Shares redeemed | (224,206) | (98,984) | (2,510,516) | (1,058,249) |
Net increase (decrease) | 765,768 | 1,631,854 | $8,619,905 | $17,046,200 |
Service Class 2 | ||||
Shares sold | 1,667,543 | 1,613,477 | $19,114,171 | $17,986,128 |
Reinvestment of distributions | – | 12,501 | – | 123,374 |
Shares redeemed | (302,278) | (196,177) | (3,424,229) | (2,212,473) |
Net increase (decrease) | 1,365,265 | 1,429,801 | $15,689,942 | $15,897,029 |
Investor Class | ||||
Shares sold | 2,016,623 | 6,902,758 | $22,621,215 | $80,793,022 |
Reinvestment of distributions | – | 103,786 | – | 1,035,359 |
Shares redeemed | (1,839,919) | (8,420,884) | (20,491,769) | (97,381,585) |
Net increase (decrease) | 176,704 | (1,414,340) | $2,129,446 | $(15,553,204) |
11. 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, the investment adviser or its affiliates were the owners of record of 26% of the total outstanding shares of the Fund and one otherwise unaffiliated shareholder was the owner of record of 13% of the total outstanding shares of the Fund. In addition, at the end of the period, VIP Freedom 2020 Portfolio was the owner of record of approximately 13% of the total outstanding shares of the Fund. Mutual funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 57% of the total outstanding shares of the Fund.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in 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 (January 1, 2019 to June 30, 2019).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. 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 January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period-B January 1, 2019 to June 30, 2019 | |
Initial Class | .99% | |||
Actual | $1,000.00 | $1,200.00 | $5.40 | |
Hypothetical-C | $1,000.00 | $1,019.89 | $4.96 | |
Service Class | 1.09% | |||
Actual | $1,000.00 | $1,199.60 | $5.94 | |
Hypothetical-C | $1,000.00 | $1,019.39 | $5.46 | |
Service Class 2 | 1.24% | |||
Actual | $1,000.00 | $1,198.80 | $6.76 | |
Hypothetical-C | $1,000.00 | $1,018.65 | $6.21 | |
Investor Class | 1.07% | |||
Actual | $1,000.00 | $1,199.80 | $5.84 | |
Hypothetical-C | $1,000.00 | $1,019.49 | $5.36 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
VIP Emerging Markets Portfolio
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its January 2019 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.The Board noted that it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2018, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.VIP Emerging Markets Portfolio
VIP Emerging Markets Portfolio
VIPEM-SANN-0819
1.858138.111
Fidelity® Variable Insurance Products: Index 500 Portfolio Semi-Annual Report June 30, 2019 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, and if your insurance carrier elects to participate, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your variable insurance product unless you specifically request paper copies from your financial professional or the administrator of your variable insurance product. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically, by contacting your financial professional or the administrator of your variable insurance product. If you own a Fidelity-administered variable insurance product, please visit fidelity.com/mailpreferences to make your election or call 1-800-343-3548.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial professional or the administrator of your variable insurance product. If you own a Fidelity-administered variable insurance product, please visit fidelity.com/mailpreferences to make your election or call 1-800-343-3548. Your election to receive reports in paper will apply to all funds available under your variable insurance product.
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2019
% of fund's net assets | |
Microsoft Corp. | 4.2 |
Apple, Inc. | 3.5 |
Amazon.com, Inc. | 3.2 |
Facebook, Inc. Class A | 1.9 |
Berkshire Hathaway, Inc. Class B | 1.7 |
Johnson & Johnson | 1.5 |
JPMorgan Chase & Co. | 1.5 |
Alphabet, Inc. Class C | 1.4 |
Alphabet, Inc. Class A | 1.3 |
Exxon Mobil Corp. | 1.3 |
21.5 |
Top Market Sectors as of June 30, 2019
% of fund's net assets | |
Information Technology | 21.4 |
Health Care | 14.3 |
Financials | 13.1 |
Consumer Discretionary | 10.2 |
Communication Services | 10.2 |
Industrials | 9.4 |
Consumer Staples | 7.2 |
Energy | 5.0 |
Utilities | 3.3 |
Real Estate | 3.0 |
Asset Allocation (% of fund's net assets)
As of June 30, 2019* | ||
Stocks and Equity Futures | 101.8% | |
Short-Term Investments and Net Other Assets (Liabilities) | (1.8)**% |
* Foreign investments - 3.8%
** Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart
Schedule of Investments June 30, 2019 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 10.2% | |||
Diversified Telecommunication Services - 2.0% | |||
AT&T, Inc. | 2,531,637 | $84,835,156 | |
CenturyLink, Inc. | 333,320 | 3,919,843 | |
Verizon Communications, Inc. | 1,434,564 | 81,956,641 | |
170,711,640 | |||
Entertainment - 2.0% | |||
Activision Blizzard, Inc. | 265,831 | 12,547,223 | |
Electronic Arts, Inc. (a) | 102,966 | 10,426,337 | |
Netflix, Inc. (a) | 151,685 | 55,716,934 | |
Take-Two Interactive Software, Inc. (a) | 38,877 | 4,413,706 | |
The Walt Disney Co. | 605,655 | 84,573,664 | |
Viacom, Inc. Class B (non-vtg.) | 121,494 | 3,629,026 | |
171,306,890 | |||
Interactive Media & Services - 4.7% | |||
Alphabet, Inc.: | |||
Class A (a) | 104,082 | 112,699,990 | |
Class C (a) | 106,098 | 114,682,389 | |
Facebook, Inc. Class A (a) | 833,411 | 160,848,323 | |
TripAdvisor, Inc. (a) | 35,309 | 1,634,454 | |
Twitter, Inc. (a) | 252,389 | 8,808,376 | |
398,673,532 | |||
Media - 1.5% | |||
CBS Corp. Class B | 121,734 | 6,074,527 | |
Charter Communications, Inc. Class A (a) | 59,707 | 23,595,012 | |
Comcast Corp. Class A | 1,571,560 | 66,445,557 | |
Discovery Communications, Inc.: | |||
Class A (a)(b) | 53,950 | 1,656,265 | |
Class C (non-vtg.) (a) | 123,827 | 3,522,878 | |
DISH Network Corp. Class A (a) | 80,428 | 3,089,239 | |
Fox Corp.: | |||
Class A | 123,313 | 4,518,188 | |
Class B | 55,782 | 2,037,716 | |
Interpublic Group of Companies, Inc. | 135,723 | 3,065,983 | |
News Corp.: | |||
Class A | 132,367 | 1,785,631 | |
Class B | 42,534 | 593,775 | |
Omnicom Group, Inc. (b) | 75,921 | 6,221,726 | |
122,606,497 | |||
TOTAL COMMUNICATION SERVICES | 863,298,559 | ||
CONSUMER DISCRETIONARY - 10.2% | |||
Auto Components - 0.1% | |||
Aptiv PLC | 89,336 | 7,221,029 | |
BorgWarner, Inc. | 71,356 | 2,995,525 | |
10,216,554 | |||
Automobiles - 0.4% | |||
Ford Motor Co. | 1,360,956 | 13,922,580 | |
General Motors Co. | 458,254 | 17,656,527 | |
Harley-Davidson, Inc. (b) | 54,812 | 1,963,914 | |
33,543,021 | |||
Distributors - 0.1% | |||
Genuine Parts Co. | 50,927 | 5,275,019 | |
LKQ Corp. (a) | 108,141 | 2,877,632 | |
8,152,651 | |||
Diversified Consumer Services - 0.0% | |||
H&R Block, Inc. | 70,609 | 2,068,844 | |
Hotels, Restaurants & Leisure - 1.9% | |||
Carnival Corp. | 139,134 | 6,476,688 | |
Chipotle Mexican Grill, Inc. (a) | 8,463 | 6,202,363 | |
Darden Restaurants, Inc. | 42,432 | 5,165,247 | |
Hilton Worldwide Holdings, Inc. | 100,608 | 9,833,426 | |
Marriott International, Inc. Class A | 95,947 | 13,460,405 | |
McDonald's Corp. | 264,833 | 54,995,221 | |
MGM Mirage, Inc. | 177,529 | 5,072,004 | |
Norwegian Cruise Line Holdings Ltd. (a) | 74,775 | 4,010,183 | |
Royal Caribbean Cruises Ltd. | 59,562 | 7,219,510 | |
Starbucks Corp. | 420,030 | 35,211,115 | |
Wynn Resorts Ltd. | 33,776 | 4,187,886 | |
Yum! Brands, Inc. | 106,193 | 11,752,379 | |
163,586,427 | |||
Household Durables - 0.3% | |||
D.R. Horton, Inc. | 118,942 | 5,129,968 | |
Garmin Ltd. | 41,657 | 3,324,229 | |
Leggett & Platt, Inc. (b) | 45,031 | 1,727,839 | |
Lennar Corp. Class A | 100,064 | 4,849,101 | |
Mohawk Industries, Inc. (a) | 21,115 | 3,113,829 | |
Newell Brands, Inc. (b) | 133,634 | 2,060,636 | |
PulteGroup, Inc. | 87,596 | 2,769,786 | |
Whirlpool Corp. | 21,857 | 3,111,563 | |
26,086,951 | |||
Internet & Direct Marketing Retail - 3.8% | |||
Amazon.com, Inc. (a) | 143,454 | 271,648,798 | |
eBay, Inc. | 284,543 | 11,239,449 | |
Expedia, Inc. | 40,893 | 5,439,996 | |
The Booking Holdings, Inc. (a) | 15,024 | 28,165,643 | |
316,493,886 | |||
Leisure Products - 0.1% | |||
Hasbro, Inc. (b) | 40,385 | 4,267,887 | |
Multiline Retail - 0.5% | |||
Dollar General Corp. | 89,661 | 12,118,581 | |
Dollar Tree, Inc. (a) | 82,484 | 8,857,957 | |
Kohl's Corp. | 56,731 | 2,697,559 | |
Macy's, Inc. | 105,642 | 2,267,077 | |
Nordstrom, Inc. (b) | 36,819 | 1,173,053 | |
Target Corp. | 177,822 | 15,401,163 | |
42,515,390 | |||
Specialty Retail - 2.3% | |||
Advance Auto Parts, Inc. | 25,023 | 3,857,045 | |
AutoZone, Inc. (a) | 8,519 | 9,366,385 | |
Best Buy Co., Inc. | 80,432 | 5,608,523 | |
CarMax, Inc. (a)(b) | 57,443 | 4,987,776 | |
Foot Locker, Inc. | 38,783 | 1,625,783 | |
Gap, Inc. (b) | 73,384 | 1,318,710 | |
L Brands, Inc. | 78,451 | 2,047,571 | |
Lowe's Companies, Inc. | 271,709 | 27,418,155 | |
O'Reilly Automotive, Inc. (a) | 27,184 | 10,039,595 | |
Ross Stores, Inc. | 127,616 | 12,649,298 | |
The Home Depot, Inc. | 381,699 | 79,381,941 | |
Tiffany & Co., Inc. (b) | 37,272 | 3,490,150 | |
TJX Companies, Inc. | 420,982 | 22,261,528 | |
Tractor Supply Co. | 41,667 | 4,533,370 | |
Ulta Beauty, Inc. (a) | 19,322 | 6,702,609 | |
195,288,439 | |||
Textiles, Apparel & Luxury Goods - 0.7% | |||
Capri Holdings Ltd. (a) | 52,436 | 1,818,480 | |
Hanesbrands, Inc. | 124,168 | 2,138,173 | |
NIKE, Inc. Class B | 436,132 | 36,613,281 | |
PVH Corp. | 26,019 | 2,462,438 | |
Ralph Lauren Corp. | 18,120 | 2,058,251 | |
Tapestry, Inc. | 99,623 | 3,161,038 | |
Under Armour, Inc.: | |||
Class A (sub. vtg.) (a)(b) | 54,083 | 1,371,004 | |
Class C (non-vtg.) (a)(b) | 79,623 | 1,767,631 | |
VF Corp. | 113,300 | 9,896,755 | |
61,287,051 | |||
TOTAL CONSUMER DISCRETIONARY | 863,507,101 | ||
CONSUMER STAPLES - 7.2% | |||
Beverages - 1.9% | |||
Brown-Forman Corp. Class B (non-vtg.) | 57,131 | 3,166,771 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 58,096 | 11,441,426 | |
Molson Coors Brewing Co. Class B | 64,471 | 3,610,376 | |
Monster Beverage Corp. (a) | 135,533 | 8,651,071 | |
PepsiCo, Inc. | 486,333 | 63,772,846 | |
The Coca-Cola Co. | 1,332,064 | 67,828,699 | |
158,471,189 | |||
Food & Staples Retailing - 1.5% | |||
Costco Wholesale Corp. | 152,561 | 40,315,770 | |
Kroger Co. | 278,492 | 6,046,061 | |
Sysco Corp. | 164,225 | 11,613,992 | |
Walgreens Boots Alliance, Inc. | 269,897 | 14,755,269 | |
Walmart, Inc. | 485,079 | 53,596,379 | |
126,327,471 | |||
Food Products - 1.1% | |||
Archer Daniels Midland Co. | 194,236 | 7,924,829 | |
Campbell Soup Co. (b) | 66,189 | 2,652,193 | |
Conagra Brands, Inc. | 168,921 | 4,479,785 | |
General Mills, Inc. | 207,961 | 10,922,112 | |
Hormel Foods Corp. (b) | 93,668 | 3,797,301 | |
Kellogg Co. | 86,247 | 4,620,252 | |
Lamb Weston Holdings, Inc. | 50,328 | 3,188,782 | |
McCormick & Co., Inc. (non-vtg.) | 42,580 | 6,600,326 | |
Mondelez International, Inc. | 499,840 | 26,941,376 | |
The Hershey Co. | 48,310 | 6,474,989 | |
The J.M. Smucker Co. | 39,598 | 4,561,294 | |
The Kraft Heinz Co. | 216,750 | 6,727,920 | |
Tyson Foods, Inc. Class A | 102,412 | 8,268,745 | |
97,159,904 | |||
Household Products - 1.7% | |||
Church & Dwight Co., Inc. | 85,462 | 6,243,854 | |
Clorox Co. | 44,032 | 6,741,740 | |
Colgate-Palmolive Co. | 298,053 | 21,361,459 | |
Kimberly-Clark Corp. | 119,343 | 15,906,035 | |
Procter & Gamble Co. | 869,932 | 95,388,044 | |
145,641,132 | |||
Personal Products - 0.2% | |||
Coty, Inc. Class A (b) | 103,239 | 1,383,403 | |
Estee Lauder Companies, Inc. Class A | 76,109 | 13,936,319 | |
15,319,722 | |||
Tobacco - 0.8% | |||
Altria Group, Inc. | 649,084 | 30,734,127 | |
Philip Morris International, Inc. | 539,697 | 42,382,405 | |
73,116,532 | |||
TOTAL CONSUMER STAPLES | 616,035,950 | ||
ENERGY - 5.0% | |||
Energy Equipment & Services - 0.4% | |||
Baker Hughes, a GE Co. Class A | 178,800 | 4,403,844 | |
Halliburton Co. | 303,043 | 6,891,198 | |
Helmerich & Payne, Inc. (b) | 38,793 | 1,963,702 | |
National Oilwell Varco, Inc. | 134,509 | 2,990,135 | |
Schlumberger Ltd. | 480,466 | 19,093,719 | |
TechnipFMC PLC | 146,173 | 3,791,728 | |
39,134,326 | |||
Oil, Gas & Consumable Fuels - 4.6% | |||
Anadarko Petroleum Corp. | 174,256 | 12,295,503 | |
Apache Corp. | 131,038 | 3,796,171 | |
Cabot Oil & Gas Corp. | 145,449 | 3,339,509 | |
Chevron Corp. | 660,720 | 82,219,997 | |
Cimarex Energy Co. | 34,855 | 2,067,947 | |
Concho Resources, Inc. | 69,674 | 7,188,963 | |
ConocoPhillips Co. | 392,176 | 23,922,736 | |
Devon Energy Corp. | 144,776 | 4,129,012 | |
Diamondback Energy, Inc. | 53,810 | 5,863,676 | |
EOG Resources, Inc. | 201,443 | 18,766,430 | |
Exxon Mobil Corp. | 1,467,505 | 112,454,908 | |
Hess Corp. | 88,602 | 5,632,429 | |
HollyFrontier Corp. | 53,974 | 2,497,917 | |
Kinder Morgan, Inc. | 675,304 | 14,100,348 | |
Marathon Oil Corp. | 281,199 | 3,995,838 | |
Marathon Petroleum Corp. | 230,033 | 12,854,244 | |
Noble Energy, Inc. | 166,136 | 3,721,446 | |
Occidental Petroleum Corp. | 259,716 | 13,058,520 | |
ONEOK, Inc. | 142,666 | 9,816,847 | |
Phillips 66 Co. | 144,997 | 13,563,019 | |
Pioneer Natural Resources Co. | 58,330 | 8,974,654 | |
The Williams Companies, Inc. | 420,962 | 11,803,774 | |
Valero Energy Corp. | 144,413 | 12,363,197 | |
388,427,085 | |||
TOTAL ENERGY | 427,561,411 | ||
FINANCIALS - 13.1% | |||
Banks - 5.5% | |||
Bank of America Corp. | 3,067,422 | 88,955,238 | |
BB&T Corp. | 266,174 | 13,077,129 | |
Citigroup, Inc. | 802,266 | 56,182,688 | |
Citizens Financial Group, Inc. | 158,168 | 5,592,820 | |
Comerica, Inc. | 53,418 | 3,880,284 | |
Fifth Third Bancorp | 251,138 | 7,006,750 | |
First Republic Bank | 57,349 | 5,600,130 | |
Huntington Bancshares, Inc. | 366,711 | 5,067,946 | |
JPMorgan Chase & Co. | 1,125,114 | 125,787,745 | |
KeyCorp | 351,709 | 6,242,835 | |
M&T Bank Corp. | 47,567 | 8,089,720 | |
Peoples United Financial, Inc. (b) | 135,083 | 2,266,693 | |
PNC Financial Services Group, Inc. | 156,708 | 21,512,874 | |
Regions Financial Corp. | 349,640 | 5,223,622 | |
SunTrust Banks, Inc. | 153,481 | 9,646,281 | |
SVB Financial Group (a) | 18,081 | 4,060,812 | |
U.S. Bancorp | 519,108 | 27,201,259 | |
Wells Fargo & Co. | 1,403,174 | 66,398,194 | |
Zions Bancorp NA (b) | 63,955 | 2,940,651 | |
464,733,671 | |||
Capital Markets - 2.7% | |||
Affiliated Managers Group, Inc. | 17,882 | 1,647,647 | |
Ameriprise Financial, Inc. | 46,552 | 6,757,488 | |
Bank of New York Mellon Corp. | 305,849 | 13,503,233 | |
BlackRock, Inc. Class A | 41,283 | 19,374,112 | |
Cboe Global Markets, Inc. | 38,548 | 3,994,729 | |
Charles Schwab Corp. | 412,393 | 16,574,075 | |
CME Group, Inc. | 124,138 | 24,096,427 | |
E*TRADE Financial Corp. | 84,622 | 3,774,141 | |
Franklin Resources, Inc. (b) | 101,525 | 3,533,070 | |
Goldman Sachs Group, Inc. | 118,082 | 24,159,577 | |
IntercontinentalExchange, Inc. | 195,541 | 16,804,794 | |
Invesco Ltd. | 140,031 | 2,865,034 | |
MarketAxess Holdings, Inc. | 13,076 | 4,202,888 | |
Moody's Corp. | 57,089 | 11,150,053 | |
Morgan Stanley | 443,864 | 19,445,682 | |
MSCI, Inc. | 29,286 | 6,993,204 | |
Northern Trust Corp. | 75,728 | 6,815,520 | |
Raymond James Financial, Inc. | 43,608 | 3,687,056 | |
S&P Global, Inc. | 85,366 | 19,445,521 | |
State Street Corp. | 129,821 | 7,277,765 | |
T. Rowe Price Group, Inc. | 81,853 | 8,980,093 | |
The NASDAQ OMX Group, Inc. | 40,415 | 3,886,711 | |
228,968,820 | |||
Consumer Finance - 0.7% | |||
American Express Co. | 237,452 | 29,311,075 | |
Capital One Financial Corp. | 163,122 | 14,801,690 | |
Discover Financial Services | 112,630 | 8,738,962 | |
Synchrony Financial | 220,622 | 7,648,965 | |
60,500,692 | |||
Diversified Financial Services - 1.7% | |||
Berkshire Hathaway, Inc. Class B (a) | 672,001 | 143,250,453 | |
Jefferies Financial Group, Inc. | 86,279 | 1,659,145 | |
144,909,598 | |||
Insurance - 2.5% | |||
AFLAC, Inc. | 258,885 | 14,189,487 | |
Allstate Corp. | 115,698 | 11,765,330 | |
American International Group, Inc. | 301,846 | 16,082,355 | |
Aon PLC | 83,422 | 16,098,778 | |
Arthur J. Gallagher & Co. | 64,091 | 5,613,731 | |
Assurant, Inc. | 21,196 | 2,254,830 | |
Chubb Ltd. | 158,785 | 23,387,443 | |
Cincinnati Financial Corp. | 52,647 | 5,457,914 | |
Everest Re Group Ltd. | 14,220 | 3,514,900 | |
Hartford Financial Services Group, Inc. | 124,845 | 6,956,363 | |
Lincoln National Corp. | 70,186 | 4,523,488 | |
Loews Corp. | 92,702 | 5,068,018 | |
Marsh & McLennan Companies, Inc. | 177,387 | 17,694,353 | |
MetLife, Inc. | 329,849 | 16,383,600 | |
Principal Financial Group, Inc. | 90,125 | 5,220,040 | |
Progressive Corp. | 202,544 | 16,189,342 | |
Prudential Financial, Inc. | 141,006 | 14,241,606 | |
The Travelers Companies, Inc. | 90,893 | 13,590,321 | |
Torchmark Corp. | 34,842 | 3,116,965 | |
Unum Group | 73,735 | 2,473,809 | |
Willis Group Holdings PLC | 44,745 | 8,570,457 | |
212,393,130 | |||
TOTAL FINANCIALS | 1,111,505,911 | ||
HEALTH CARE - 14.3% | |||
Biotechnology - 2.2% | |||
AbbVie, Inc. | 512,839 | 37,293,652 | |
Alexion Pharmaceuticals, Inc. (a) | 77,939 | 10,208,450 | |
Amgen, Inc. | 211,605 | 38,994,569 | |
Biogen, Inc. (a) | 67,306 | 15,740,854 | |
Celgene Corp. (a) | 244,678 | 22,618,034 | |
Gilead Sciences, Inc. | 441,168 | 29,805,310 | |
Incyte Corp. (a) | 61,791 | 5,249,763 | |
Regeneron Pharmaceuticals, Inc. (a) | 27,162 | 8,501,706 | |
Vertex Pharmaceuticals, Inc. (a) | 88,883 | 16,299,365 | |
184,711,703 | |||
Health Care Equipment & Supplies - 3.5% | |||
Abbott Laboratories | 611,692 | 51,443,297 | |
Abiomed, Inc. (a) | 15,727 | 4,096,726 | |
Align Technology, Inc. (a) | 25,278 | 6,918,589 | |
Baxter International, Inc. | 164,614 | 13,481,887 | |
Becton, Dickinson & Co. | 93,575 | 23,581,836 | |
Boston Scientific Corp. (a) | 482,369 | 20,732,220 | |
Danaher Corp. | 218,415 | 31,215,872 | |
Dentsply Sirona, Inc. | 81,424 | 4,751,905 | |
Edwards Lifesciences Corp. (a) | 72,331 | 13,362,429 | |
Hologic, Inc. (a) | 93,263 | 4,478,489 | |
IDEXX Laboratories, Inc. (a) | 29,852 | 8,219,151 | |
Intuitive Surgical, Inc. (a) | 40,059 | 21,012,948 | |
Medtronic PLC | 464,942 | 45,280,701 | |
ResMed, Inc. | 49,779 | 6,074,531 | |
Stryker Corp. | 107,385 | 22,076,208 | |
Teleflex, Inc. | 16,027 | 5,307,341 | |
The Cooper Companies, Inc. | 17,179 | 5,787,433 | |
Varian Medical Systems, Inc. (a) | 31,641 | 4,307,289 | |
Zimmer Biomet Holdings, Inc. | 70,861 | 8,343,174 | |
300,472,026 | |||
Health Care Providers & Services - 2.7% | |||
AmerisourceBergen Corp. | 53,666 | 4,575,563 | |
Anthem, Inc. | 89,216 | 25,177,647 | |
Cardinal Health, Inc. | 103,700 | 4,884,270 | |
Centene Corp. (a) | 143,300 | 7,514,652 | |
Cigna Corp. | 131,660 | 20,743,033 | |
CVS Health Corp. | 450,698 | 24,558,534 | |
DaVita HealthCare Partners, Inc. (a) | 43,447 | 2,444,328 | |
HCA Holdings, Inc. | 92,782 | 12,541,343 | |
Henry Schein, Inc. (a) | 51,860 | 3,625,014 | |
Humana, Inc. | 46,879 | 12,436,999 | |
Laboratory Corp. of America Holdings (a) | 34,231 | 5,918,540 | |
McKesson Corp. | 65,922 | 8,859,258 | |
Quest Diagnostics, Inc. | 46,730 | 4,757,581 | |
UnitedHealth Group, Inc. | 329,633 | 80,433,748 | |
Universal Health Services, Inc. Class B | 28,695 | 3,741,541 | |
Wellcare Health Plans, Inc. (a) | 17,429 | 4,968,485 | |
227,180,536 | |||
Health Care Technology - 0.1% | |||
Cerner Corp. | 112,481 | 8,244,857 | |
Life Sciences Tools & Services - 1.1% | |||
Agilent Technologies, Inc. | 109,119 | 8,147,916 | |
Illumina, Inc. (a) | 51,006 | 18,777,859 | |
IQVIA Holdings, Inc. (a) | 54,771 | 8,812,654 | |
Mettler-Toledo International, Inc. (a) | 8,612 | 7,234,080 | |
PerkinElmer, Inc. | 38,743 | 3,732,501 | |
Thermo Fisher Scientific, Inc. | 138,704 | 40,734,591 | |
Waters Corp. (a) | 24,031 | 5,172,432 | |
92,612,033 | |||
Pharmaceuticals - 4.7% | |||
Allergan PLC | 106,932 | 17,903,625 | |
Bristol-Myers Squibb Co. | 567,653 | 25,743,064 | |
Corteva, Inc. | 260,261 | 7,695,918 | |
Eli Lilly & Co. | 299,738 | 33,207,973 | |
Johnson & Johnson | 920,941 | 128,268,662 | |
Merck & Co., Inc. | 893,024 | 74,880,062 | |
Mylan NV (a) | 177,147 | 3,372,879 | |
Nektar Therapeutics (a)(b) | 59,814 | 2,128,182 | |
Perrigo Co. PLC | 42,945 | 2,045,041 | |
Pfizer, Inc. | 1,925,806 | 83,425,916 | |
Zoetis, Inc. Class A | 166,122 | 18,853,186 | |
397,524,508 | |||
TOTAL HEALTH CARE | 1,210,745,663 | ||
INDUSTRIALS - 9.4% | |||
Aerospace & Defense - 2.6% | |||
Arconic, Inc. | 138,535 | 3,576,974 | |
General Dynamics Corp. | 94,280 | 17,141,990 | |
Harris Corp. | 40,902 | 7,735,795 | |
Huntington Ingalls Industries, Inc. | 14,267 | 3,206,366 | |
L3 Technologies, Inc. | 27,540 | 6,751,982 | |
Lockheed Martin Corp. | 85,262 | 30,996,147 | |
Northrop Grumman Corp. | 58,923 | 19,038,611 | |
Raytheon Co. | 96,697 | 16,813,674 | |
Textron, Inc. | 80,625 | 4,276,350 | |
The Boeing Co. | 181,508 | 66,070,727 | |
TransDigm Group, Inc. (a) | 16,995 | 8,222,181 | |
United Technologies Corp. | 281,382 | 36,635,936 | |
220,466,733 | |||
Air Freight & Logistics - 0.5% | |||
C.H. Robinson Worldwide, Inc. (b) | 47,017 | 3,965,884 | |
Expeditors International of Washington, Inc. | 60,103 | 4,559,414 | |
FedEx Corp. | 82,953 | 13,620,053 | |
United Parcel Service, Inc. Class B | 242,112 | 25,002,906 | |
47,148,257 | |||
Airlines - 0.4% | |||
Alaska Air Group, Inc. | 42,297 | 2,703,201 | |
American Airlines Group, Inc. | 137,304 | 4,477,483 | |
Delta Air Lines, Inc. | 206,998 | 11,747,137 | |
Southwest Airlines Co. | 169,926 | 8,628,842 | |
United Continental Holdings, Inc. (a) | 76,916 | 6,733,996 | |
34,290,659 | |||
Building Products - 0.3% | |||
A.O. Smith Corp. | 48,717 | 2,297,494 | |
Allegion PLC | 32,451 | 3,587,458 | |
Fortune Brands Home & Security, Inc. | 48,286 | 2,758,579 | |
Johnson Controls International PLC | 276,732 | 11,431,799 | |
Masco Corp. | 101,173 | 3,970,029 | |
24,045,359 | |||
Commercial Services & Supplies - 0.4% | |||
Cintas Corp. | 29,478 | 6,994,835 | |
Copart, Inc. (a) | 69,996 | 5,231,501 | |
Republic Services, Inc. | 74,972 | 6,495,574 | |
Rollins, Inc. | 50,636 | 1,816,313 | |
Waste Management, Inc. | 135,602 | 15,644,403 | |
36,182,626 | |||
Construction & Engineering - 0.1% | |||
Jacobs Engineering Group, Inc. | 40,072 | 3,381,676 | |
Quanta Services, Inc. | 48,563 | 1,854,621 | |
5,236,297 | |||
Electrical Equipment - 0.6% | |||
AMETEK, Inc. | 78,879 | 7,165,368 | |
Eaton Corp. PLC | 146,874 | 12,231,667 | |
Emerson Electric Co. | 213,424 | 14,239,649 | |
Fortive Corp. | 102,095 | 8,322,784 | |
Rockwell Automation, Inc. | 41,070 | 6,728,498 | |
48,687,966 | |||
Industrial Conglomerates - 1.5% | |||
3M Co. | 200,054 | 34,677,360 | |
General Electric Co. | 3,025,389 | 31,766,585 | |
Honeywell International, Inc. | 252,389 | 44,064,596 | |
Roper Technologies, Inc. | 36,043 | 13,201,109 | |
123,709,650 | |||
Machinery - 1.5% | |||
Caterpillar, Inc. | 198,476 | 27,050,294 | |
Cummins, Inc. | 50,167 | 8,595,614 | |
Deere & Co. | 110,005 | 18,228,929 | |
Dover Corp. | 50,559 | 5,066,012 | |
Flowserve Corp. (b) | 45,000 | 2,371,050 | |
Illinois Tool Works, Inc. | 104,044 | 15,690,876 | |
Ingersoll-Rand PLC | 83,680 | 10,599,746 | |
PACCAR, Inc. | 120,348 | 8,624,138 | |
Parker Hannifin Corp. | 44,443 | 7,555,754 | |
Pentair PLC | 54,162 | 2,014,826 | |
Snap-On, Inc. (b) | 19,107 | 3,164,883 | |
Stanley Black & Decker, Inc. | 52,511 | 7,593,616 | |
Wabtec Corp. (b) | 55,844 | 4,007,365 | |
Xylem, Inc. | 62,586 | 5,234,693 | |
125,797,796 | |||
Professional Services - 0.3% | |||
Equifax, Inc. | 42,057 | 5,687,789 | |
IHS Markit Ltd. (a) | 126,390 | 8,053,571 | |
Nielsen Holdings PLC | 122,115 | 2,759,799 | |
Robert Half International, Inc. | 40,910 | 2,332,279 | |
Verisk Analytics, Inc. | 56,687 | 8,302,378 | |
27,135,816 | |||
Road & Rail - 1.0% | |||
CSX Corp. | 266,926 | 20,652,065 | |
J.B. Hunt Transport Services, Inc. | 29,886 | 2,731,879 | |
Kansas City Southern | 34,679 | 4,224,596 | |
Norfolk Southern Corp. | 92,365 | 18,411,115 | |
Union Pacific Corp. | 245,602 | 41,533,754 | |
87,553,409 | |||
Trading Companies & Distributors - 0.2% | |||
Fastenal Co. | 199,441 | 6,499,782 | |
United Rentals, Inc. (a) | 27,343 | 3,626,502 | |
W.W. Grainger, Inc. | 15,495 | 4,156,224 | |
14,282,508 | |||
TOTAL INDUSTRIALS | 794,537,076 | ||
INFORMATION TECHNOLOGY - 21.4% | |||
Communications Equipment - 1.2% | |||
Arista Networks, Inc. (a) | 18,257 | 4,739,882 | |
Cisco Systems, Inc. | 1,484,644 | 81,254,566 | |
F5 Networks, Inc. (a) | 20,906 | 3,044,541 | |
Juniper Networks, Inc. | 119,529 | 3,183,057 | |
Motorola Solutions, Inc. | 57,204 | 9,537,623 | |
101,759,669 | |||
Electronic Equipment & Components - 0.5% | |||
Amphenol Corp. Class A | 103,820 | 9,960,491 | |
Corning, Inc. | 272,573 | 9,057,601 | |
FLIR Systems, Inc. | 46,540 | 2,517,814 | |
IPG Photonics Corp. (a) | 12,191 | 1,880,462 | |
Keysight Technologies, Inc. (a) | 65,349 | 5,868,994 | |
TE Connectivity Ltd. | 117,045 | 11,210,570 | |
40,495,932 | |||
IT Services - 5.3% | |||
Accenture PLC Class A | 221,190 | 40,869,276 | |
Akamai Technologies, Inc. (a) | 57,011 | 4,568,862 | |
Alliance Data Systems Corp. | 15,658 | 2,194,156 | |
Automatic Data Processing, Inc. | 150,918 | 24,951,273 | |
Broadridge Financial Solutions, Inc. | 40,316 | 5,147,547 | |
Cognizant Technology Solutions Corp. Class A | 197,667 | 12,530,111 | |
DXC Technology Co. | 93,390 | 5,150,459 | |
Fidelity National Information Services, Inc. | 112,440 | 13,794,139 | |
Fiserv, Inc. (a)(b) | 136,246 | 12,420,185 | |
FleetCor Technologies, Inc. (a) | 29,983 | 8,420,726 | |
Gartner, Inc. (a) | 31,289 | 5,035,652 | |
Global Payments, Inc. | 54,145 | 8,670,239 | |
IBM Corp. | 307,560 | 42,412,524 | |
Jack Henry & Associates, Inc. | 26,515 | 3,550,889 | |
MasterCard, Inc. Class A | 311,685 | 82,450,033 | |
Paychex, Inc. | 110,651 | 9,105,471 | |
PayPal Holdings, Inc. (a) | 407,511 | 46,643,709 | |
The Western Union Co. (b) | 149,751 | 2,978,547 | |
Total System Services, Inc. | 56,512 | 7,248,794 | |
VeriSign, Inc. (a) | 36,485 | 7,631,203 | |
Visa, Inc. Class A | 603,023 | 104,654,642 | |
450,428,437 | |||
Semiconductors & Semiconductor Equipment - 3.7% | |||
Advanced Micro Devices, Inc. (a) | 307,967 | 9,352,958 | |
Analog Devices, Inc. | 128,334 | 14,485,059 | |
Applied Materials, Inc. | 324,917 | 14,592,022 | |
Broadcom, Inc. | 137,305 | 39,524,617 | |
Intel Corp. | 1,552,940 | 74,339,238 | |
KLA-Tencor Corp. | 56,244 | 6,648,041 | |
Lam Research Corp. | 52,047 | 9,776,508 | |
Maxim Integrated Products, Inc. | 93,927 | 5,618,713 | |
Microchip Technology, Inc. (b) | 82,287 | 7,134,283 | |
Micron Technology, Inc. (a) | 384,185 | 14,825,699 | |
NVIDIA Corp. | 211,293 | 34,700,649 | |
Qorvo, Inc. (a) | 41,027 | 2,732,808 | |
Qualcomm, Inc. | 421,711 | 32,079,556 | |
Skyworks Solutions, Inc. | 59,801 | 4,620,823 | |
Texas Instruments, Inc. | 325,422 | 37,345,429 | |
Xilinx, Inc. | 88,155 | 10,395,238 | |
318,171,641 | |||
Software - 6.8% | |||
Adobe, Inc. (a) | 169,256 | 49,871,280 | |
ANSYS, Inc. (a) | 29,171 | 5,974,804 | |
Autodesk, Inc. (a) | 76,225 | 12,417,053 | |
Cadence Design Systems, Inc. (a) | 97,359 | 6,893,991 | |
Citrix Systems, Inc. | 43,627 | 4,281,554 | |
Fortinet, Inc. (a) | 50,625 | 3,889,519 | |
Intuit, Inc. | 89,927 | 23,500,623 | |
Microsoft Corp. | 2,657,844 | 356,044,779 | |
Oracle Corp. | 841,597 | 47,945,781 | |
Red Hat, Inc. (a) | 61,647 | 11,574,841 | |
Salesforce.com, Inc. (a) | 269,387 | 40,874,090 | |
Symantec Corp. | 213,535 | 4,646,522 | |
Synopsys, Inc. (a) | 51,999 | 6,691,751 | |
574,606,588 | |||
Technology Hardware, Storage & Peripherals - 3.9% | |||
Apple, Inc. | 1,516,137 | 300,073,835 | |
Hewlett Packard Enterprise Co. | 462,891 | 6,920,220 | |
HP, Inc. | 523,023 | 10,873,648 | |
NetApp, Inc. | 85,839 | 5,296,266 | |
Seagate Technology LLC | 87,727 | 4,133,696 | |
Western Digital Corp. | 101,815 | 4,841,303 | |
Xerox Corp. | 68,247 | 2,416,626 | |
334,555,594 | |||
TOTAL INFORMATION TECHNOLOGY | 1,820,017,861 | ||
MATERIALS - 2.7% | |||
Chemicals - 1.9% | |||
Air Products & Chemicals, Inc. | 76,373 | 17,288,556 | |
Albemarle Corp. U.S. (b) | 36,332 | 2,558,136 | |
Celanese Corp. Class A | 44,009 | 4,744,170 | |
CF Industries Holdings, Inc. | 76,576 | 3,576,865 | |
Dow, Inc. (a) | 260,076 | 12,824,348 | |
DowDuPont, Inc. | 259,936 | 19,513,396 | |
Eastman Chemical Co. | 48,021 | 3,737,474 | |
Ecolab, Inc. | 87,983 | 17,371,364 | |
FMC Corp. | 45,348 | 3,761,617 | |
International Flavors & Fragrances, Inc. (b) | 35,248 | 5,114,132 | |
Linde PLC | 188,273 | 37,805,218 | |
LyondellBasell Industries NV Class A | 105,604 | 9,095,673 | |
PPG Industries, Inc. | 81,695 | 9,534,623 | |
Sherwin-Williams Co. | 28,213 | 12,929,736 | |
The Mosaic Co. | 121,835 | 3,049,530 | |
162,904,838 | |||
Construction Materials - 0.1% | |||
Martin Marietta Materials, Inc. | 21,750 | 5,004,893 | |
Vulcan Materials Co. | 45,852 | 6,295,938 | |
11,300,831 | |||
Containers & Packaging - 0.4% | |||
Amcor PLC (a)(b) | 563,951 | 6,479,797 | |
Avery Dennison Corp. | 29,559 | 3,419,385 | |
Ball Corp. | 115,977 | 8,117,230 | |
International Paper Co. | 137,502 | 5,956,587 | |
Packaging Corp. of America | 32,464 | 3,094,468 | |
Sealed Air Corp. | 53,469 | 2,287,404 | |
WestRock Co. | 89,789 | 3,274,605 | |
32,629,476 | |||
Metals & Mining - 0.3% | |||
Freeport-McMoRan, Inc. | 503,449 | 5,845,043 | |
Newmont Goldcorp Corp. | 284,562 | 10,947,100 | |
Nucor Corp. | 106,004 | 5,840,820 | |
22,632,963 | |||
TOTAL MATERIALS | 229,468,108 | ||
REAL ESTATE - 3.0% | |||
Equity Real Estate Investment Trusts (REITs) - 3.0% | |||
Alexandria Real Estate Equities, Inc. (b) | 39,360 | 5,553,302 | |
American Tower Corp. | 153,233 | 31,328,487 | |
Apartment Investment & Management Co. Class A | 52,002 | 2,606,340 | |
AvalonBay Communities, Inc. | 48,211 | 9,795,511 | |
Boston Properties, Inc. | 53,779 | 6,937,491 | |
Crown Castle International Corp. | 144,194 | 18,795,688 | |
Digital Realty Trust, Inc. (b) | 72,000 | 8,480,880 | |
Duke Realty Corp. | 123,419 | 3,901,275 | |
Equinix, Inc. | 29,170 | 14,710,139 | |
Equity Residential (SBI) | 128,122 | 9,727,022 | |
Essex Property Trust, Inc. | 22,836 | 6,666,513 | |
Extra Space Storage, Inc. | 44,385 | 4,709,249 | |
Federal Realty Investment Trust (SBI) | 26,178 | 3,370,679 | |
HCP, Inc. | 166,280 | 5,317,634 | |
Host Hotels & Resorts, Inc. | 258,201 | 4,704,422 | |
Iron Mountain, Inc. (b) | 98,382 | 3,079,357 | |
Kimco Realty Corp. | 144,769 | 2,675,331 | |
Mid-America Apartment Communities, Inc. | 39,815 | 4,688,614 | |
Prologis, Inc. | 218,809 | 17,526,601 | |
Public Storage | 52,122 | 12,413,897 | |
Realty Income Corp. | 108,803 | 7,504,143 | |
Regency Centers Corp. | 57,547 | 3,840,687 | |
SBA Communications Corp. Class A (a) | 39,384 | 8,855,099 | |
Simon Property Group, Inc. | 107,274 | 17,138,094 | |
SL Green Realty Corp. | 29,621 | 2,380,640 | |
The Macerich Co. (b) | 36,372 | 1,218,098 | |
UDR, Inc. | 97,802 | 4,390,332 | |
Ventas, Inc. | 127,609 | 8,722,075 | |
Vornado Realty Trust | 60,757 | 3,894,524 | |
Welltower, Inc. | 140,535 | 11,457,819 | |
Weyerhaeuser Co. | 259,038 | 6,823,061 | |
253,213,004 | |||
Real Estate Management & Development - 0.0% | |||
CBRE Group, Inc. (a) | 109,314 | 5,607,808 | |
TOTAL REAL ESTATE | 258,820,812 | ||
UTILITIES - 3.3% | |||
Electric Utilities - 2.0% | |||
Alliant Energy Corp. | 83,438 | 4,095,137 | |
American Electric Power Co., Inc. | 171,021 | 15,051,558 | |
Duke Energy Corp. | 252,541 | 22,284,218 | |
Edison International | 113,132 | 7,626,228 | |
Entergy Corp. | 65,856 | 6,778,558 | |
Evergy, Inc. | 84,377 | 5,075,277 | |
Eversource Energy (b) | 111,513 | 8,448,225 | |
Exelon Corp. | 336,895 | 16,150,746 | |
FirstEnergy Corp. | 174,745 | 7,480,833 | |
NextEra Energy, Inc. | 165,997 | 34,006,145 | |
Pinnacle West Capital Corp. | 38,528 | 3,625,100 | |
PPL Corp. | 250,058 | 7,754,299 | |
Southern Co. | 360,942 | 19,952,874 | |
Xcel Energy, Inc. | 178,890 | 10,642,166 | |
168,971,364 | |||
Gas Utilities - 0.0% | |||
Atmos Energy Corp. | 40,865 | 4,313,709 | |
Independent Power and Renewable Electricity Producers - 0.1% | |||
NRG Energy, Inc. | 92,578 | 3,251,339 | |
The AES Corp. | 231,368 | 3,877,728 | |
7,129,067 | |||
Multi-Utilities - 1.1% | |||
Ameren Corp. | 85,016 | 6,385,552 | |
CenterPoint Energy, Inc. | 175,045 | 5,011,538 | |
CMS Energy Corp. | 99,085 | 5,738,012 | |
Consolidated Edison, Inc. | 113,056 | 9,912,750 | |
Dominion Resources, Inc. | 278,282 | 21,516,764 | |
DTE Energy Co. | 63,295 | 8,094,165 | |
NiSource, Inc. | 130,737 | 3,765,226 | |
Public Service Enterprise Group, Inc. | 174,875 | 10,286,148 | |
Sempra Energy | 95,197 | 13,083,876 | |
WEC Energy Group, Inc. | 109,254 | 9,108,506 | |
92,902,537 | |||
Water Utilities - 0.1% | |||
American Water Works Co., Inc. | 62,618 | 7,263,688 | |
TOTAL UTILITIES | 280,580,365 | ||
TOTAL COMMON STOCKS | |||
(Cost $3,933,999,572) | 8,476,078,817 | ||
Money Market Funds - 2.0% | |||
Fidelity Cash Central Fund 2.42% (c) | 65,662,149 | 65,675,281 | |
Fidelity Securities Lending Cash Central Fund 2.42% (c)(d) | 104,084,642 | 104,095,050 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $169,765,104) | 169,770,331 | ||
TOTAL INVESTMENT IN SECURITIES - 101.8% | |||
(Cost $4,103,764,676) | 8,645,849,148 | ||
NET OTHER ASSETS (LIABILITIES) - (1.8)% | (152,494,267) | ||
NET ASSETS - 100% | $8,493,354,881 |
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) | 142 | Sept. 2019 | $20,903,820 | $243,776 | $243,776 |
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $1,035,937 |
Fidelity Securities Lending Cash Central Fund | 261,350 |
Total | $1,297,287 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of payments to and from borrowers of securities.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $863,298,559 | $863,298,559 | $-- | $-- |
Consumer Discretionary | 863,507,101 | 863,507,101 | -- | -- |
Consumer Staples | 616,035,950 | 616,035,950 | -- | -- |
Energy | 427,561,411 | 427,561,411 | -- | -- |
Financials | 1,111,505,911 | 1,111,505,911 | -- | -- |
Health Care | 1,210,745,663 | 1,210,745,663 | -- | -- |
Industrials | 794,537,076 | 794,537,076 | -- | -- |
Information Technology | 1,820,017,861 | 1,820,017,861 | -- | -- |
Materials | 229,468,108 | 229,468,108 | -- | -- |
Real Estate | 258,820,812 | 258,820,812 | -- | -- |
Utilities | 280,580,365 | 280,580,365 | -- | -- |
Money Market Funds | 169,770,331 | 169,770,331 | -- | -- |
Total Investments in Securities: | $8,645,849,148 | $8,645,849,148 | $-- | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $243,776 | $243,776 | $-- | $-- |
Total Assets | $243,776 | $243,776 | $-- | $-- |
Total Derivative Instruments: | $243,776 | $243,776 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $243,776 | $0 |
Total Equity Risk | 243,776 | 0 |
Total Value of Derivatives | $243,776 | $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 distributable earnings.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
June 30, 2019 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $102,703,923) — See accompanying schedule: Unaffiliated issuers (cost $3,933,999,572) | $8,476,078,817 | |
Fidelity Central Funds (cost $169,765,104) | 169,770,331 | |
Total Investment in Securities (cost $4,103,764,676) | $8,645,849,148 | |
Segregated cash with brokers for derivative instruments | 1,171,800 | |
Cash | 12,943 | |
Receivable for fund shares sold | 757,190 | |
Dividends receivable | 6,960,801 | |
Distributions receivable from Fidelity Central Funds | 88,698 | |
Receivable for daily variation margin on futures contracts | 126,755 | |
Other receivables | 23,644 | |
Total assets | 8,654,990,979 | |
Liabilities | ||
Payable for investments purchased | $49,868,591 | |
Payable for fund shares redeemed | 6,636,425 | |
Accrued management fee | 312,641 | |
Distribution and service plan fees payable | 338,898 | |
Other affiliated payables | 382,116 | |
Other payables and accrued expenses | 23,608 | |
Collateral on securities loaned | 104,073,819 | |
Total liabilities | 161,636,098 | |
Net Assets | $8,493,354,881 | |
Net Assets consist of: | ||
Paid in capital | $3,865,103,818 | |
Total distributable earnings (loss) | 4,628,251,063 | |
Net Assets | $8,493,354,881 | |
Net Asset Value and Maximum Offering Price | ||
Initial Class: | ||
Net Asset Value, offering price and redemption price per share ($6,768,077,307 ÷ 23,018,895 shares) | $294.02 | |
Service Class: | ||
Net Asset Value, offering price and redemption price per share ($106,333,939 ÷ 363,085 shares) | $292.86 | |
Service Class 2: | ||
Net Asset Value, offering price and redemption price per share ($1,618,943,635 ÷ 5,576,901 shares) | $290.29 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2019 (Unaudited) | ||
Investment Income | ||
Dividends | $80,287,280 | |
Interest | 43,869 | |
Income from Fidelity Central Funds (including $261,350 from security lending) | 1,297,287 | |
Total income | 81,628,436 | |
Expenses | ||
Management fee | $1,794,184 | |
Transfer agent fees | 2,192,891 | |
Distribution and service plan fees | 1,838,259 | |
Independent trustees' fees and expenses | 18,627 | |
Legal | 327 | |
Interest | 15,126 | |
Commitment fees | 10,867 | |
Total expenses before reductions | 5,870,281 | |
Expense reductions | (2,853) | |
Total expenses after reductions | 5,867,428 | |
Net investment income (loss) | 75,761,008 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 3,184,272 | |
Fidelity Central Funds | 2,653 | |
Futures contracts | 7,496,038 | |
Total net realized gain (loss) | 10,682,963 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 1,195,903,257 | |
Fidelity Central Funds | (1,736) | |
Futures contracts | (443,027) | |
Total change in net unrealized appreciation (depreciation) | 1,195,458,494 | |
Net gain (loss) | 1,206,141,457 | |
Net increase (decrease) in net assets resulting from operations | $1,281,902,465 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2019 (Unaudited) | Year ended December 31, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $75,761,008 | $139,900,685 |
Net realized gain (loss) | 10,682,963 | 103,785,461 |
Change in net unrealized appreciation (depreciation) | 1,195,458,494 | (560,106,509) |
Net increase (decrease) in net assets resulting from operations | 1,281,902,465 | (316,420,363) |
Distributions to shareholders | (124,967,390) | (175,009,093) |
Share transactions - net increase (decrease) | 510,708,614 | (418,325,147) |
Total increase (decrease) in net assets | 1,667,643,689 | (909,754,603) |
Net Assets | ||
Beginning of period | 6,825,711,192 | 7,735,465,795 |
End of period | $8,493,354,881 | $6,825,711,192 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
VIP Index 500 Portfolio Initial Class
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $252.46 | $271.18 | $227.46 | $206.43 | $208.12 | $186.29 |
Income from Investment Operations | ||||||
Net investment income (loss)A | 2.72 | 5.09 | 4.71 | 4.42 | 4.15 | 3.75 |
Net realized and unrealized gain (loss) | 43.47 | (17.22) | 44.36 | 20.06 | (1.44) | 21.58 |
Total from investment operations | 46.19 | (12.13) | 49.07 | 24.48 | 2.71 | 25.33 |
Distributions from net investment income | (1.36) | (5.28)B | (4.57) | (3.23) | (4.26) | (3.31) |
Distributions from net realized gain | (3.27) | (1.31)B | (.78) | (.22) | (.13) | (.18) |
Total distributions | (4.63) | (6.59) | (5.35) | (3.45) | (4.40)C | (3.50)D |
Net asset value, end of period | $294.02 | $252.46 | $271.18 | $227.46 | $206.43 | $208.12 |
Total ReturnE,F,G | 18.47% | (4.49)% | 21.71% | 11.86% | 1.33% | 13.57% |
Ratios to Average Net AssetsH,I | ||||||
Expenses before reductions | .10%J | .10% | .10% | .10% | .10% | .10% |
Expenses net of fee waivers, if any | .10%J | .10% | .10% | .10% | .10% | .10% |
Expenses net of all reductions | .10%J | .10% | .10% | .10% | .10% | .10% |
Net investment income (loss) | 1.94%J | 1.82% | 1.89% | 2.07% | 1.98% | 1.91% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $6,768,077 | $5,719,086 | $6,139,813 | $5,001,375 | $4,103,865 | $3,823,973 |
Portfolio turnover rateK | 5%J | 5% | 5% | 6% | 9% | 3% |
A Calculated based on average shares outstanding during the period.
B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
C Total distributions of $4.40 per share is comprised of distributions from net investment income of $4.262 and distributions from net realized gain of $.133 per share.
D Total distributions of $3.50 per share is comprised of distributions from net investment income of $3.314 and distributions from net realized gain of $.184 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
I Expense ratios reflect operating expenses of the 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.
J Annualized
K 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.
VIP Index 500 Portfolio Service Class
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $251.57 | $270.23 | $226.70 | $205.82 | $207.49 | $185.77 |
Income from Investment Operations | ||||||
Net investment income (loss)A | 2.57 | 4.79 | 4.44 | 4.19 | 3.93 | 3.54 |
Net realized and unrealized gain (loss) | 43.31 | (17.13) | 44.21 | 19.97 | (1.43) | 21.50 |
Total from investment operations | 45.88 | (12.34) | 48.65 | 24.16 | 2.50 | 25.04 |
Distributions from net investment income | (1.31) | (5.01)B | (4.34) | (3.07) | (4.03) | (3.14) |
Distributions from net realized gain | (3.27) | (1.31)B | (.78) | (.22) | (.13) | (.18) |
Total distributions | (4.59)C | (6.32) | (5.12) | (3.28)D | (4.17)E | (3.32) |
Net asset value, end of period | $292.86 | $251.57 | $270.23 | $226.70 | $205.82 | $207.49 |
Total ReturnF,G,H | 18.41% | (4.59)% | 21.59% | 11.75% | 1.24% | 13.46% |
Ratios to Average Net AssetsI,J | ||||||
Expenses before reductions | .20%K | .20% | .20% | .20% | .20% | .20% |
Expenses net of fee waivers, if any | .20%K | .20% | .20% | .20% | .20% | .20% |
Expenses net of all reductions | .20%K | .20% | .20% | .20% | .20% | .20% |
Net investment income (loss) | 1.84%K | 1.72% | 1.79% | 1.97% | 1.88% | 1.81% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $106,334 | $89,704 | $92,965 | $77,697 | $64,618 | $64,442 |
Portfolio turnover rateL | 5%K | 5% | 5% | 6% | 9% | 3% |
A Calculated based on average shares outstanding during the period.
B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
C Total distributions of $4.59 per share is comprised of distributions from net investment income of $1.314 and distributions from net realized gain of $3.273 per share.
D Total distributions of $3.28 per share is comprised of distributions from net investment income of $3.068 and distributions from net realized gain of $.216 per share.
E Total distributions of $4.17 per share is comprised of distributions from net investment income of $4.033 and distributions from net realized gain of $.133 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
I 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.
J 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.
K Annualized
L 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.
VIP Index 500 Portfolio Service Class 2
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $249.51 | $267.78 | $224.72 | $204.25 | $206.02 | $184.56 |
Income from Investment Operations | ||||||
Net investment income (loss)A | 2.35 | 4.34 | 4.04 | 3.88 | 3.59 | 3.23 |
Net realized and unrealized gain (loss) | 42.94 | (16.96) | 43.79 | 19.76 | (1.42) | 21.34 |
Total from investment operations | 45.29 | (12.62) | 47.83 | 23.64 | 2.17 | 24.57 |
Distributions from net investment income | (1.23) | (4.34)B | (3.99) | (2.95) | (3.80) | (2.92) |
Distributions from net realized gain | (3.27) | (1.31)B | (.78) | (.22) | (.13) | (.18) |
Total distributions | (4.51)C | (5.65) | (4.77) | (3.17) | (3.94)D | (3.11)E |
Net asset value, end of period | $290.29 | $249.51 | $267.78 | $224.72 | $204.25 | $206.02 |
Total ReturnF,G,H | 18.32% | (4.73)% | 21.41% | 11.58% | 1.08% | 13.29% |
Ratios to Average Net AssetsI,J | ||||||
Expenses before reductions | .35%K | .35% | .35% | .35% | .35% | .35% |
Expenses net of fee waivers, if any | .35%K | .35% | .35% | .35% | .35% | .35% |
Expenses net of all reductions | .35%K | .35% | .35% | .35% | .35% | .35% |
Net investment income (loss) | 1.70%K | 1.57% | 1.64% | 1.82% | 1.73% | 1.66% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,618,944 | $1,016,922 | $1,502,688 | $1,215,228 | $575,158 | $466,026 |
Portfolio turnover rateL | 5%K | 5% | 5% | 6% | 9% | 3% |
A Calculated based on average shares outstanding during the period.
B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
C Total distributions of $4.51 per share is comprised of distributions from net investment income of $1.234 and distributions from net realized gain of $3.273 per share.
D Total distributions of $3.94 per share is comprised of distributions from net investment income of $3.804 and distributions from net realized gain of $.133 per share.
E Total distributions of $3.11 per share is comprised of distributions from net investment income of $2.923 and distributions from net realized gain of $.184 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
I 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.
J 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.
K Annualized
L 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 June 30, 2019
1. Organization.
VIP Index 500 Portfolio (the Fund) is a fund of Variable Insurance Products Fund II (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, and Service Class 2 shares. All classes have equal rights and voting privileges, except for matters affecting a single class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
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 June 30, 2019 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.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $23,606 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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. These differences resulted in distribution reclassifications for the period ended December 31, 2018.
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, deferred trustees compensation and losses deferred due to wash sales and certain deemed distributions.
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 | $4,727,075,182 |
Gross unrealized depreciation | (197,256,834) |
Net unrealized appreciation (depreciation) | $4,529,818,348 |
Tax cost | $4,116,274,576 |
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. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $652,397,930 and $203,649,644, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. 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. The management fee is based on an annual rate of .045% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees. In addition, under an expense contract, the investment adviser pays class-level expenses as necessary so that total expenses do not exceed an annual rate of .10% of each class' average net assets, excluding the distribution and service fee for each applicable class, with certain exceptions.
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.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.
For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:
Service Class | $50,485 |
Service Class 2 | 1,787,774 |
$1,838,259 |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing, and shareholder servicing agent for each class. FIIOC receives asset-based fees of .07% of each class's average net assets for transfer agent services, typesetting, and printing and mailing of shareholder reports, excluding mailing of proxy statements. Under the expense contract, each class pays a portion of the transfer agent fees equal to an annual rate of .055% of class-level average net assets. For the period, transfer agent fees for each class were as follows:
Initial Class | $1,771,814 |
Service Class | 27,767 |
Service Class 2 | 393,310 |
$2,192,891 |
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 | $23,250,333 | 2.60% | $15,126 |
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 $10,867 and is reflected in Commitment fees 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 from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to NFS.
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $2,853.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended June 30, 2019 | Year ended December 31, 2018 | |
Distributions to shareholders | ||
Initial Class | $105,246,265 | $146,828,196 |
Service Class | 1,641,702 | 2,204,592 |
Service Class 2 | 18,079,423 | 25,976,305 |
Total | $124,967,390 | $175,009,093 |
11. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2019 | Year ended December 31, 2018 | Six months ended June 30, 2019 | Year ended December 31, 2018 | |
Initial Class | ||||
Shares sold | 1,387,469 | 2,237,184 | $387,431,390 | $616,855,660 |
Reinvestment of distributions | 391,847 | 574,264 | 105,246,265 | 146,828,196 |
Shares redeemed | (1,413,579) | (2,799,244) | (398,179,982) | (772,493,556) |
Net increase (decrease) | 365,737 | 12,204 | $94,497,673 | $(8,809,700) |
Service Class | ||||
Shares sold | 18,546 | 33,610 | $5,146,980 | $9,342,521 |
Reinvestment of distributions | 6,134 | 8,652 | 1,641,702 | 2,204,592 |
Shares redeemed | (18,172) | (29,706) | (5,075,128) | (8,241,258) |
Net increase (decrease) | 6,508 | 12,556 | $1,713,554 | $3,305,855 |
Service Class 2 | ||||
Shares sold | 2,012,674 | 667,272 | $550,002,478 | $183,031,179 |
Reinvestment of distributions | 68,111 | 102,379 | 18,079,423 | 25,976,305 |
Shares redeemed | (579,541) | (2,305,703) | (153,584,514) | (621,828,786) |
Net increase (decrease) | 1,501,244 | (1,536,052) | $414,497,387 | $(412,821,302) |
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, the investment adviser or its affiliates were the owners of record of 39% of the total outstanding shares of the Fund.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in 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 (January 1, 2019 to June 30, 2019).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. 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 January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period-B January 1, 2019 to June 30, 2019 | |
Initial Class | .10% | |||
Actual | $1,000.00 | $1,184.70 | $.54 | |
Hypothetical-C | $1,000.00 | $1,024.30 | $.50 | |
Service Class | .20% | |||
Actual | $1,000.00 | $1,184.10 | $1.08 | |
Hypothetical-C | $1,000.00 | $1,023.80 | $1.00 | |
Service Class 2 | .35% | |||
Actual | $1,000.00 | $1,183.20 | $1.89 | |
Hypothetical-C | $1,000.00 | $1,023.06 | $1.76 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
VIP Index 500 Portfolio
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement (Sub-Advisory Agreement) with Geode Capital Management, LLC (Geode). FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its January 2019 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.The Board noted that it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track and a peer group of funds with similar objectives ("peer group"), if any. The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to a fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2018, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.VIP Index 500 Portfolio
VIP Index 500 Portfolio
VIPIDX-SANN-0819
1.705630.121
Fidelity® Variable Insurance Products: Total Market Index Portfolio Extended Market Index Portfolio International Index Portfolio Semi-Annual Report June 30, 2019 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, and if your insurance carrier elects to participate, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your variable insurance product unless you specifically request paper copies from your financial professional or the administrator of your variable insurance product. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically, by contacting your financial professional or the administrator of your variable insurance product. If you own a Fidelity-administered variable insurance product, please visit fidelity.com/mailpreferences to make your election or call 1-800-343-3548.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial professional or the administrator of your variable insurance product. If you own a Fidelity-administered variable insurance product, please visit fidelity.com/mailpreferences to make your election or call 1-800-343-3548. Your election to receive reports in paper will apply to all funds available under your variable insurance product.
Contents
VIP Total Market Index Portfolio | |
VIP Extended Market Index Portfolio | |
VIP International Index Portfolio | |
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
VIP Total Market Index Portfolio
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2019
% of fund's net assets | |
Microsoft Corp. | 3.5 |
Apple, Inc. | 3.0 |
Amazon.com, Inc. | 2.6 |
Facebook, Inc. Class A | 1.6 |
Berkshire Hathaway, Inc. Class B | 1.4 |
Johnson & Johnson | 1.3 |
JPMorgan Chase & Co. | 1.3 |
Alphabet, Inc. Class C | 1.1 |
Alphabet, Inc. Class A | 1.1 |
Exxon Mobil Corp. | 1.1 |
18.0 |
Top Market Sectors as of June 30, 2019
% of fund's net assets | |
Information Technology | 21.1 |
Health Care | 13.9 |
Financials | 13.4 |
Consumer Discretionary | 10.4 |
Industrials | 10.0 |
Communication Services | 9.0 |
Consumer Staples | 6.3 |
Energy | 4.6 |
Real Estate | 3.9 |
Utilities | 3.1 |
Asset Allocation (% of fund's net assets)
As of June 30, 2019 * | ||
Stocks and Equity Futures | 99.5% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.5% |
* Foreign investments - 3.8%
VIP Total Market Index Portfolio
Schedule of Investments June 30, 2019 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.6% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 9.0% | |||
Diversified Telecommunication Services - 1.7% | |||
AT&T, Inc. | 31,224 | $1,046,316 | |
Atn International, Inc. | 44 | 2,540 | |
Bandwidth, Inc. (a) | 22 | 1,650 | |
CenturyLink, Inc. | 4,046 | 47,581 | |
Cincinnati Bell, Inc. (a) | 220 | 1,089 | |
Cogent Communications Group, Inc. | 171 | 10,151 | |
Consolidated Communications Holdings, Inc. | 284 | 1,400 | |
Frontier Communications Corp. (a)(b) | 471 | 824 | |
Globalstar, Inc. (a) | 3,059 | 1,468 | |
Intelsat SA (a) | 286 | 5,563 | |
Iridium Communications, Inc. (a) | 404 | 9,397 | |
ORBCOMM, Inc. (a) | 288 | 2,088 | |
Pareteum Corp. (a) | 313 | 817 | |
PDVWireless, Inc. (a) | 34 | 1,598 | |
Verizon Communications, Inc. | 17,730 | 1,012,915 | |
Vonage Holdings Corp. (a) | 920 | 10,424 | |
WideOpenWest, Inc. (a) | 125 | 908 | |
Zayo Group Holdings, Inc. (a) | 860 | 28,303 | |
2,185,032 | |||
Entertainment - 1.6% | |||
Activision Blizzard, Inc. | 3,244 | 153,117 | |
AMC Entertainment Holdings, Inc. Class A (b) | 209 | 1,950 | |
Cinemark Holdings, Inc. | 456 | 16,462 | |
Electronic Arts, Inc. (a) | 1,284 | 130,018 | |
Glu Mobile, Inc. (a) | 461 | 3,310 | |
Lions Gate Entertainment Corp.: | |||
Class A | 331 | 4,055 | |
Class B | 321 | 3,727 | |
Live Nation Entertainment, Inc. (a) | 586 | 38,823 | |
Marcus Corp. | 94 | 3,098 | |
Netflix, Inc. (a) | 1,876 | 689,092 | |
Rosetta Stone, Inc. (a) | 78 | 1,785 | |
Take-Two Interactive Software, Inc. (a) | 484 | 54,949 | |
The Madison Square Garden Co. (a) | 74 | 20,716 | |
The Walt Disney Co. | 6,389 | 892,160 | |
Viacom, Inc.: | |||
Class A | 107 | 3,649 | |
Class B (non-vtg.) | 1,415 | 42,266 | |
World Wrestling Entertainment, Inc. Class A | 181 | 13,070 | |
Zynga, Inc. (a) | 3,554 | 21,786 | |
2,094,033 | |||
Interactive Media & Services - 4.0% | |||
Alphabet, Inc.: | |||
Class A (a) | 1,290 | 1,396,812 | |
Class C (a) | 1,311 | 1,417,073 | |
ANGI Homeservices, Inc. Class A (a) | 222 | 2,888 | |
Care.com, Inc. (a) | 93 | 1,021 | |
CarGurus, Inc. Class A (a) | 139 | 5,019 | |
Cars.com, Inc. (a) | 267 | 5,265 | |
Eventbrite, Inc. | 47 | 761 | |
Facebook, Inc. Class A (a) | 10,300 | 1,987,900 | |
IAC/InterActiveCorp (a) | 331 | 72,002 | |
Liberty TripAdvisor Holdings, Inc. (a) | 313 | 3,881 | |
Match Group, Inc. | 220 | 14,799 | |
MeetMe, Inc. (a) | 275 | 957 | |
QuinStreet, Inc. (a) | 191 | 3,027 | |
Snap, Inc. Class A (a) | 2,936 | 41,985 | |
TripAdvisor, Inc. (a) | 433 | 20,044 | |
TrueCar, Inc. (a) | 447 | 2,441 | |
Twitter, Inc. (a) | 3,074 | 107,283 | |
Yelp, Inc. (a) | 333 | 11,382 | |
Zillow Group, Inc.: | |||
Class A (a) | 235 | 10,754 | |
Class C (a) | 463 | 21,479 | |
5,126,773 | |||
Media - 1.6% | |||
Altice U.S.A., Inc. Class A | 510 | 12,419 | |
AMC Networks, Inc. Class A (a) | 186 | 10,135 | |
Cable One, Inc. | 21 | 24,591 | |
CBS Corp. Class B | 1,434 | 71,557 | |
Charter Communications, Inc. Class A (a) | 760 | 300,337 | |
Comcast Corp. Class A | 19,534 | 825,898 | |
comScore, Inc. (a) | 171 | 882 | |
Discovery Communications, Inc.: | |||
Class A (a) | 747 | 22,933 | |
Class C (non-vtg.) (a) | 1,447 | 41,167 | |
DISH Network Corp. Class A (a) | 976 | 37,488 | |
E.W. Scripps Co. Class A | 232 | 3,547 | |
Emerald Expositions Events, Inc. | 117 | 1,305 | |
Entercom Communications Corp. Class A | 493 | 2,859 | |
Entravision Communication Corp. Class A | 238 | 743 | |
Fluent, Inc. (a) | 238 | 1,280 | |
Fox Corp.: | |||
Class A | 1,500 | 54,960 | |
Class B | 690 | 25,206 | |
Gannett Co., Inc. | 449 | 3,664 | |
GCI Liberty, Inc. (a) | 419 | 25,752 | |
Gray Television, Inc. (a) | 326 | 5,343 | |
Interpublic Group of Companies, Inc. | 1,616 | 36,505 | |
John Wiley & Sons, Inc. Class A | 192 | 8,805 | |
Liberty Broadband Corp.: | |||
Class A (a) | 156 | 16,043 | |
Class C (a) | 604 | 62,949 | |
Liberty Global PLC: | |||
Class A (a) | 1,055 | 28,474 | |
Class C (a) | 2,342 | 62,133 | |
Liberty Latin America Ltd.: | |||
Class A (a) | 178 | 3,067 | |
Class C (a) | 525 | 9,025 | |
Liberty Media Corp.: | |||
Liberty Braves Class C (a) | 158 | 4,419 | |
Liberty Formula One Group Series C (a) | 925 | 34,604 | |
Liberty Media Class A (a) | 47 | 1,685 | |
Liberty SiriusXM Series A (a) | 411 | 15,540 | |
Liberty SiriusXM Series C (a) | 608 | 23,092 | |
Loral Space & Communications Ltd. (a) | 65 | 2,243 | |
Meredith Corp. | 167 | 9,195 | |
MSG Network, Inc. Class A (a) | 276 | 5,724 | |
National CineMedia, Inc. | 252 | 1,653 | |
New Media Investment Group, Inc. | 227 | 2,143 | |
News Corp.: | |||
Class A | 1,378 | 18,589 | |
Class B | 768 | 10,721 | |
Nexstar Broadcasting Group, Inc. Class A | 195 | 19,695 | |
Omnicom Group, Inc. | 954 | 78,180 | |
Scholastic Corp. | 108 | 3,590 | |
Sinclair Broadcast Group, Inc. Class A | 301 | 16,143 | |
Sirius XM Holdings, Inc. (b) | 5,494 | 30,657 | |
TechTarget, Inc. (a) | 81 | 1,721 | |
Tegna, Inc. | 913 | 13,832 | |
The New York Times Co. Class A | 603 | 19,670 | |
Tribune Media Co. Class A | 354 | 16,362 | |
Tribune Publishing Co. | 60 | 478 | |
2,029,003 | |||
Wireless Telecommunication Services - 0.1% | |||
Boingo Wireless, Inc. (a) | 184 | 3,306 | |
Gogo, Inc. (a) | 293 | 1,166 | |
NII Holdings, Inc. (a) | 363 | 613 | |
Shenandoah Telecommunications Co. | 193 | 7,434 | |
Spok Holdings, Inc. | 71 | 1,068 | |
T-Mobile U.S., Inc. (a) | 1,335 | 98,977 | |
Telephone & Data Systems, Inc. | 387 | 11,765 | |
U.S. Cellular Corp. (a) | 65 | 2,904 | |
Vobile Group Ltd. (a) | 2,000 | 702 | |
127,935 | |||
TOTAL COMMUNICATION SERVICES | 11,562,776 | ||
CONSUMER DISCRETIONARY - 10.4% | |||
Auto Components - 0.3% | |||
Adient PLC | 363 | 8,810 | |
American Axle & Manufacturing Holdings, Inc. (a) | 461 | 5,882 | |
Aptiv PLC | 1,121 | 90,610 | |
Autoliv, Inc. | 366 | 25,807 | |
BorgWarner, Inc. | 881 | 36,984 | |
Cooper Tire & Rubber Co. | 211 | 6,657 | |
Cooper-Standard Holding, Inc. (a) | 75 | 3,437 | |
Dana, Inc. | 631 | 12,582 | |
Delphi Technologies PLC | 398 | 7,960 | |
Dorman Products, Inc. (a) | 121 | 10,544 | |
Fox Factory Holding Corp. (a) | 163 | 13,449 | |
Garrett Motion, Inc. (a) | 336 | 5,158 | |
Gentex Corp. | 1,101 | 27,096 | |
Gentherm, Inc. (a) | 147 | 6,149 | |
LCI Industries | 106 | 9,540 | |
Lear Corp. | 275 | 38,299 | |
Modine Manufacturing Co. (a) | 194 | 2,776 | |
Motorcar Parts of America, Inc. (a) | 67 | 1,434 | |
Standard Motor Products, Inc. | 88 | 3,990 | |
Stoneridge, Inc. (a) | 120 | 3,786 | |
Superior Industries International, Inc. | 55 | 190 | |
Tenneco, Inc. | 217 | 2,407 | |
The Goodyear Tire & Rubber Co. | 1,000 | 15,300 | |
Tower International, Inc. | 72 | 1,404 | |
Veoneer, Inc. (a)(b) | 355 | 6,145 | |
Visteon Corp. (a) | 120 | 7,030 | |
353,426 | |||
Automobiles - 0.4% | |||
Ford Motor Co. | 16,608 | 169,900 | |
General Motors Co. | 5,748 | 221,470 | |
Harley-Davidson, Inc. | 686 | 24,579 | |
REV Group, Inc. | 142 | 2,046 | |
Tesla, Inc. (a)(b) | 577 | 128,936 | |
Thor Industries, Inc. | 215 | 12,567 | |
Winnebago Industries, Inc. | 126 | 4,870 | |
564,368 | |||
Distributors - 0.1% | |||
Core-Mark Holding Co., Inc. | 201 | 7,984 | |
Genuine Parts Co. | 624 | 64,634 | |
LKQ Corp. (a) | 1,344 | 35,764 | |
Pool Corp. | 169 | 32,279 | |
140,661 | |||
Diversified Consumer Services - 0.2% | |||
Adtalem Global Education, Inc. (a) | 252 | 11,353 | |
American Public Education, Inc. (a) | 66 | 1,952 | |
Bright Horizons Family Solutions, Inc. (a) | 248 | 37,416 | |
Career Education Corp. (a) | 307 | 5,854 | |
Carriage Services, Inc. | 58 | 1,103 | |
Chegg, Inc. (a) | 434 | 16,748 | |
Frontdoor, Inc. (a) | 285 | 12,412 | |
Graham Holdings Co. | 18 | 12,421 | |
Grand Canyon Education, Inc. (a) | 203 | 23,755 | |
H&R Block, Inc. | 871 | 25,520 | |
Houghton Mifflin Harcourt Co. (a) | 466 | 2,684 | |
K12, Inc. (a) | 156 | 4,744 | |
Laureate Education, Inc. Class A (a) | 291 | 4,572 | |
Regis Corp. (a) | 121 | 2,009 | |
Service Corp. International | 771 | 36,067 | |
ServiceMaster Global Holdings, Inc. (a) | 582 | 30,316 | |
Sotheby's Class A (Ltd. vtg.) (a) | 141 | 8,196 | |
Strategic Education, Inc. | 94 | 16,732 | |
Weight Watchers International, Inc. (a) | 182 | 3,476 | |
Zovio, Inc. (a) | 63 | 226 | |
257,556 | |||
Hotels, Restaurants & Leisure - 2.2% | |||
ARAMARK Holdings Corp. | 1,050 | 37,863 | |
BFC Financial Corp. Class A | 249 | 1,223 | |
BJ's Restaurants, Inc. | 99 | 4,350 | |
Bloomin' Brands, Inc. | 390 | 7,375 | |
Boyd Gaming Corp. | 348 | 9,375 | |
Brinker International, Inc. | 159 | 6,257 | |
Caesars Entertainment Corp. (a) | 2,470 | 29,195 | |
Carnival Corp. | 1,703 | 79,275 | |
Carrols Restaurant Group, Inc. (a) | 157 | 1,418 | |
Chipotle Mexican Grill, Inc. (a) | 104 | 76,220 | |
Choice Hotels International, Inc. | 145 | 12,616 | |
Churchill Downs, Inc. | 153 | 17,606 | |
Chuy's Holdings, Inc. (a) | 77 | 1,765 | |
Cracker Barrel Old Country Store, Inc. | 100 | 17,073 | |
Darden Restaurants, Inc. | 530 | 64,517 | |
Dave & Buster's Entertainment, Inc. | 161 | 6,516 | |
Del Frisco's Restaurant Group, Inc. (a)(b) | 153 | 1,218 | |
Del Taco Restaurants, Inc. (a) | 134 | 1,718 | |
Denny's Corp. (a) | 273 | 5,605 | |
Dine Brands Global, Inc. | 73 | 6,969 | |
Domino's Pizza, Inc. | 176 | 48,977 | |
Drive Shack, Inc. (a) | 181 | 849 | |
Dunkin' Brands Group, Inc. | 347 | 27,642 | |
El Pollo Loco Holdings, Inc. (a) | 75 | 800 | |
Eldorado Resorts, Inc. (a)(b) | 278 | 12,807 | |
Everi Holdings, Inc. (a) | 325 | 3,877 | |
Extended Stay America, Inc. unit | 812 | 13,715 | |
Fiesta Restaurant Group, Inc. (a) | 72 | 946 | |
Golden Entertainment, Inc. (a) | 91 | 1,274 | |
Habit Restaurants, Inc. Class A (a) | 121 | 1,269 | |
Hilton Grand Vacations, Inc. (a) | 410 | 13,046 | |
Hilton Worldwide Holdings, Inc. | 1,261 | 123,250 | |
Hyatt Hotels Corp. Class A | 185 | 14,084 | |
International Speedway Corp. Class A | 105 | 4,713 | |
Jack in the Box, Inc. | 111 | 9,034 | |
Las Vegas Sands Corp. | 1,567 | 92,594 | |
Lindblad Expeditions Holdings (a) | 126 | 2,262 | |
Marriott International, Inc. Class A | 1,204 | 168,909 | |
Marriott Vacations Worldwide Corp. | 170 | 16,388 | |
McDonald's Corp. | 3,311 | 687,562 | |
MGM Mirage, Inc. | 2,135 | 60,997 | |
Monarch Casino & Resort, Inc. (a) | 40 | 1,710 | |
Noodles & Co. (a) | 147 | 1,158 | |
Norwegian Cruise Line Holdings Ltd. (a) | 938 | 50,305 | |
Papa John's International, Inc. | 89 | 3,980 | |
Penn National Gaming, Inc. (a) | 464 | 8,937 | |
Planet Fitness, Inc. (a) | 376 | 27,237 | |
Playa Hotels & Resorts NV (a) | 209 | 1,611 | |
PlayAGS, Inc. (a) | 83 | 1,614 | |
Potbelly Corp. (a) | 153 | 779 | |
Red Robin Gourmet Burgers, Inc. (a) | 57 | 1,742 | |
Red Rock Resorts, Inc. | 303 | 6,508 | |
Royal Caribbean Cruises Ltd. | 730 | 88,483 | |
Ruth's Hospitality Group, Inc. | 109 | 2,475 | |
Scientific Games Corp. Class A (a) | 223 | 4,420 | |
SeaWorld Entertainment, Inc. (a) | 292 | 9,052 | |
Shake Shack, Inc. Class A (a) | 106 | 7,653 | |
Six Flags Entertainment Corp. | 306 | 15,202 | |
Starbucks Corp. | 5,364 | 449,664 | |
Texas Roadhouse, Inc. Class A | 286 | 15,350 | |
The Cheesecake Factory, Inc. | 167 | 7,301 | |
U.S. Foods Holding Corp. (a) | 925 | 33,078 | |
Vail Resorts, Inc. | 171 | 38,164 | |
Wendy's Co. | 785 | 15,370 | |
Wingstop, Inc. | 123 | 11,654 | |
Wyndham Destinations, Inc. | 420 | 18,438 | |
Wyndham Hotels & Resorts, Inc. | 423 | 23,578 | |
Wynn Resorts Ltd. | 417 | 51,704 | |
YETI Holdings, Inc. | 65 | 1,882 | |
Yum! Brands, Inc. | 1,327 | 146,859 | |
2,739,057 | |||
Household Durables - 0.5% | |||
Beazer Homes U.S.A., Inc. (a) | 145 | 1,393 | |
Cavco Industries, Inc. (a) | 38 | 5,987 | |
Century Communities, Inc. (a) | 120 | 3,190 | |
D.R. Horton, Inc. | 1,456 | 62,797 | |
Ethan Allen Interiors, Inc. | 97 | 2,043 | |
Garmin Ltd. | 513 | 40,937 | |
GoPro, Inc. Class A (a) | 478 | 2,610 | |
Helen of Troy Ltd. (a) | 114 | 14,887 | |
Hooker Furniture Corp. | 58 | 1,196 | |
Hovnanian Enterprises, Inc. Class A (a) | 3 | 23 | |
Installed Building Products, Inc. (a) | 91 | 5,389 | |
iRobot Corp. (a) | 120 | 10,997 | |
KB Home | 372 | 9,572 | |
La-Z-Boy, Inc. | 211 | 6,469 | |
Leggett & Platt, Inc. | 556 | 21,334 | |
Lennar Corp.: | |||
Class A | 1,151 | 55,777 | |
Class B | 180 | 6,932 | |
LGI Homes, Inc. (a) | 77 | 5,500 | |
Libbey, Inc. (a) | 58 | 108 | |
Lovesac (a) | 35 | 1,087 | |
M.D.C. Holdings, Inc. | 215 | 7,048 | |
M/I Homes, Inc. (a) | 118 | 3,368 | |
Meritage Homes Corp. (a) | 164 | 8,420 | |
Mohawk Industries, Inc. (a) | 268 | 39,522 | |
Newell Brands, Inc. | 1,812 | 27,941 | |
NVR, Inc. (a) | 16 | 53,924 | |
PulteGroup, Inc. | 1,100 | 34,782 | |
Roku, Inc. Class A (a) | 213 | 19,294 | |
Skyline Champion Corp. | 177 | 4,846 | |
Taylor Morrison Home Corp. (a) | 513 | 10,752 | |
Tempur Sealy International, Inc. (a) | 196 | 14,381 | |
Toll Brothers, Inc. | 579 | 21,203 | |
TopBuild Corp. (a) | 151 | 12,497 | |
TRI Pointe Homes, Inc. (a) | 588 | 7,038 | |
Tupperware Brands Corp. | 207 | 3,939 | |
Turtle Beach Corp. (a) | 50 | 578 | |
Universal Electronics, Inc. (a) | 52 | 2,133 | |
Vuzix Corp. (a) | 22 | 90 | |
Whirlpool Corp. | 270 | 38,437 | |
William Lyon Homes, Inc. (a) | 154 | 2,807 | |
Zagg, Inc. (a) | 132 | 919 | |
572,147 | |||
Internet & Direct Marketing Retail - 3.2% | |||
1-800-FLOWERS.com, Inc. Class A (a) | 123 | 2,322 | |
Amazon.com, Inc. (a) | 1,760 | 3,332,789 | |
Duluth Holdings, Inc. (a) | 23 | 313 | |
eBay, Inc. | 4,005 | 158,198 | |
Etsy, Inc. (a) | 511 | 31,360 | |
Expedia, Inc. | 505 | 67,180 | |
Gaia, Inc. Class A (a) | 88 | 667 | |
Groupon, Inc. (a) | 1,818 | 6,508 | |
GrubHub, Inc. (a) | 384 | 29,948 | |
Lands' End, Inc. (a) | 91 | 1,112 | |
Liberty Expedia Holdings, Inc. (a) | 235 | 11,231 | |
Liberty Interactive Corp. QVC Group Series A (a) | 1,769 | 21,918 | |
Overstock.com, Inc. (a) | 98 | 1,333 | |
PetMed Express, Inc. | 89 | 1,395 | |
Quotient Technology, Inc. (a) | 346 | 3,716 | |
Shutterfly, Inc. (a) | 141 | 7,128 | |
Shutterstock, Inc. | 73 | 2,861 | |
Stamps.com, Inc. (a) | 73 | 3,305 | |
Stitch Fix, Inc. (a) | 101 | 3,231 | |
The Booking Holdings, Inc. (a) | 200 | 374,942 | |
The Rubicon Project, Inc. (a) | 138 | 878 | |
Wayfair LLC Class A (a) | 263 | 38,398 | |
4,100,733 | |||
Leisure Products - 0.1% | |||
Acushnet Holdings Corp. | 149 | 3,913 | |
American Outdoor Brands Corp. (a) | 196 | 1,766 | |
Brunswick Corp. | 363 | 16,658 | |
Callaway Golf Co. | 405 | 6,950 | |
Clarus Corp. | 89 | 1,285 | |
Hasbro, Inc. | 495 | 52,312 | |
Johnson Outdoors, Inc. Class A | 24 | 1,790 | |
Malibu Boats, Inc. Class A (a) | 90 | 3,497 | |
Mattel, Inc. (a)(b) | 1,476 | 16,546 | |
MCBC Holdings, Inc.(a) | 87 | 1,704 | |
Nautilus, Inc. (a) | 70 | 155 | |
Polaris Industries, Inc. | 247 | 22,534 | |
Sturm, Ruger & Co., Inc. | 75 | 4,086 | |
Vista Outdoor, Inc. (a) | 221 | 1,962 | |
135,158 | |||
Multiline Retail - 0.4% | |||
Big Lots, Inc. | 172 | 4,921 | |
Dillard's, Inc. Class A | 85 | 5,294 | |
Dollar General Corp. | 1,117 | 150,974 | |
Dollar Tree, Inc. (a) | 1,011 | 108,571 | |
JC Penney Corp., Inc. (a)(b) | 1,440 | 1,642 | |
Kohl's Corp. | 706 | 33,570 | |
Macy's, Inc. | 1,292 | 27,726 | |
Nordstrom, Inc. | 488 | 15,548 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 220 | 19,164 | |
Target Corp. | 2,217 | 192,014 | |
559,424 | |||
Specialty Retail - 2.2% | |||
Aaron's, Inc. Class A | 291 | 17,870 | |
Abercrombie & Fitch Co. Class A | 276 | 4,427 | |
Advance Auto Parts, Inc. | 310 | 47,783 | |
America's Car Mart, Inc. (a) | 28 | 2,410 | |
American Eagle Outfitters, Inc. | 703 | 11,881 | |
Armstrong Flooring, Inc. (a) | 125 | 1,231 | |
Asbury Automotive Group, Inc. (a) | 85 | 7,169 | |
Ascena Retail Group, Inc. (a) | 687 | 419 | |
At Home Group, Inc. (a) | 100 | 666 | |
AutoNation, Inc. (a) | 250 | 10,485 | |
AutoZone, Inc. (a) | 107 | 117,643 | |
Barnes & Noble Education, Inc. (a) | 142 | 477 | |
Barnes & Noble, Inc. | 204 | 1,365 | |
Bed Bath & Beyond, Inc. (b) | 587 | 6,821 | |
Best Buy Co., Inc. | 996 | 69,451 | |
Boot Barn Holdings, Inc. (a) | 116 | 4,134 | |
Burlington Stores, Inc. (a) | 286 | 48,663 | |
Caleres, Inc. | 170 | 3,386 | |
Camping World Holdings, Inc. | 152 | 1,888 | |
CarMax, Inc. (a) | 743 | 64,515 | |
Carvana Co. Class A (a) | 142 | 8,888 | |
Chico's FAS, Inc. | 441 | 1,486 | |
Citi Trends, Inc. | 32 | 468 | |
Conn's, Inc. (a) | 100 | 1,782 | |
Dick's Sporting Goods, Inc. | 318 | 11,012 | |
DSW, Inc. Class A | 288 | 5,521 | |
Express, Inc. (a) | 222 | 606 | |
Five Below, Inc. (a) | 238 | 28,565 | |
Floor & Decor Holdings, Inc. Class A (a) | 240 | 10,056 | |
Foot Locker, Inc. | 490 | 20,541 | |
GameStop Corp. Class A (b) | 448 | 2,451 | |
Gap, Inc. | 906 | 16,281 | |
Genesco, Inc. (a) | 88 | 3,722 | |
GNC Holdings, Inc. Class A (a) | 240 | 360 | |
Group 1 Automotive, Inc. | 75 | 6,142 | |
Guess?, Inc. | 263 | 4,247 | |
Haverty Furniture Companies, Inc. | 68 | 1,158 | |
Hibbett Sports, Inc. (a) | 99 | 1,802 | |
IAA Spinco, Inc. (a) | 576 | 22,337 | |
Kirkland's, Inc. (a) | 58 | 131 | |
L Brands, Inc. | 975 | 25,448 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 93 | 11,047 | |
Lowe's Companies, Inc. | 3,461 | 349,250 | |
Lumber Liquidators Holdings, Inc. (a) | 132 | 1,525 | |
MarineMax, Inc. (a) | 81 | 1,332 | |
Michaels Companies, Inc. (a) | 360 | 3,132 | |
Monro, Inc. | 141 | 12,027 | |
Murphy U.S.A., Inc. (a) | 123 | 10,336 | |
O'Reilly Automotive, Inc. (a) | 341 | 125,938 | |
Office Depot, Inc. | 2,396 | 4,936 | |
Party City Holdco, Inc. (a)(b) | 234 | 1,715 | |
Penske Automotive Group, Inc. | 149 | 7,048 | |
Rent-A-Center, Inc. (a) | 187 | 4,980 | |
RH (a) | 79 | 9,132 | |
Ross Stores, Inc. | 1,643 | 162,854 | |
Sally Beauty Holdings, Inc. (a) | 497 | 6,630 | |
Shoe Carnival, Inc. | 52 | 1,435 | |
Signet Jewelers Ltd. | 207 | 3,701 | |
Sleep Number Corp. (a) | 149 | 6,018 | |
Sonic Automotive, Inc. Class A (sub. vtg.) | 115 | 2,685 | |
Sportsman's Warehouse Holdings, Inc. (a) | 124 | 469 | |
Tailored Brands, Inc. | 207 | 1,194 | |
The Buckle, Inc. (b) | 130 | 2,250 | |
The Cato Corp. Class A (sub. vtg.) | 98 | 1,207 | |
The Children's Place Retail Stores, Inc. | 70 | 6,677 | |
The Container Store Group, Inc. (a) | 110 | 805 | |
The Home Depot, Inc. | 4,846 | 1,007,823 | |
Tiffany & Co., Inc. | 463 | 43,355 | |
Tile Shop Holdings, Inc. | 112 | 448 | |
Tilly's, Inc. | 106 | 809 | |
TJX Companies, Inc. | 5,406 | 285,869 | |
Tractor Supply Co. | 520 | 56,576 | |
Ulta Beauty, Inc. (a) | 240 | 83,254 | |
Urban Outfitters, Inc. (a) | 331 | 7,530 | |
Williams-Sonoma, Inc. | 341 | 22,165 | |
Zumiez, Inc. (a) | 74 | 1,931 | |
2,843,771 | |||
Textiles, Apparel & Luxury Goods - 0.8% | |||
Capri Holdings Ltd. (a) | 637 | 22,091 | |
Carter's, Inc. | 196 | 19,118 | |
Columbia Sportswear Co. | 127 | 12,720 | |
Crocs, Inc. (a) | 274 | 5,412 | |
Deckers Outdoor Corp. (a) | 125 | 21,996 | |
Fossil Group, Inc. (a)(b) | 213 | 2,450 | |
G-III Apparel Group Ltd. (a) | 171 | 5,031 | |
Hanesbrands, Inc. | 1,525 | 26,261 | |
Kontoor Brands, Inc. (a) | 190 | 5,324 | |
lululemon athletica, Inc. (a) | 448 | 80,734 | |
Movado Group, Inc. | 67 | 1,809 | |
NIKE, Inc. Class B | 5,504 | 462,061 | |
Oxford Industries, Inc. | 74 | 5,609 | |
PVH Corp. | 319 | 30,190 | |
Ralph Lauren Corp. | 232 | 26,353 | |
Rocky Brands, Inc. | 37 | 1,009 | |
Samsonite International SA (c) | 1,200 | 2,753 | |
Samsonite International SA ADR | 1,008 | 11,572 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 573 | 18,044 | |
Steven Madden Ltd. | 328 | 11,136 | |
Tapestry, Inc. | 1,224 | 38,838 | |
Under Armour, Inc.: | |||
Class A (sub. vtg.) (a) | 810 | 20,534 | |
Class C (non-vtg.) (a) | 794 | 17,627 | |
Unifi, Inc. (a) | 60 | 1,090 | |
Vera Bradley, Inc. (a) | 105 | 1,260 | |
VF Corp. | 1,383 | 120,805 | |
Wolverine World Wide, Inc. | 412 | 11,346 | |
983,173 | |||
TOTAL CONSUMER DISCRETIONARY | 13,249,474 | ||
CONSUMER STAPLES - 6.3% | |||
Beverages - 1.6% | |||
Boston Beer Co., Inc. Class A (a) | 36 | 13,599 | |
Brown-Forman Corp. Class B (non-vtg.) | 707 | 39,189 | |
Coca-Cola Bottling Co. Consolidated | 21 | 6,284 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 706 | 139,040 | |
Craft Brew Alliance, Inc. (a) | 65 | 909 | |
MGP Ingredients, Inc. | 57 | 3,780 | |
Molson Coors Brewing Co. Class B | 798 | 44,688 | |
Monster Beverage Corp. (a) | 1,693 | 108,064 | |
National Beverage Corp. | 55 | 2,455 | |
PepsiCo, Inc. | 6,050 | 793,337 | |
Primo Water Corp. (a) | 160 | 1,968 | |
The Coca-Cola Co. | 16,417 | 835,954 | |
1,989,267 | |||
Food & Staples Retailing - 1.3% | |||
Andersons, Inc. | 96 | 2,615 | |
BJ's Wholesale Club Holdings, Inc. | 278 | 7,339 | |
Casey's General Stores, Inc. | 156 | 24,334 | |
Chefs' Warehouse Holdings (a) | 94 | 3,297 | |
Costco Wholesale Corp. | 1,887 | 498,659 | |
Ingles Markets, Inc. Class A | 64 | 1,992 | |
Kroger Co. | 3,394 | 73,684 | |
Natural Grocers by Vitamin Cottage, Inc. (a) | 65 | 653 | |
Performance Food Group Co. (a) | 447 | 17,893 | |
PriceSmart, Inc. | 92 | 4,703 | |
Rite Aid Corp. (a)(b) | 198 | 1,586 | |
SpartanNash Co. | 139 | 1,622 | |
Sprouts Farmers Market LLC (a) | 551 | 10,408 | |
Sysco Corp. | 2,034 | 143,844 | |
United Natural Foods, Inc. (a) | 237 | 2,126 | |
Walgreens Boots Alliance, Inc. | 3,418 | 186,862 | |
Walmart, Inc. | 6,092 | 673,105 | |
Weis Markets, Inc. | 73 | 2,658 | |
1,657,380 | |||
Food Products - 1.1% | |||
Archer Daniels Midland Co. | 2,384 | 97,267 | |
B&G Foods, Inc. Class A (b) | 270 | 5,616 | |
Bunge Ltd. | 603 | 33,593 | |
Cal-Maine Foods, Inc. | 126 | 5,257 | |
Calavo Growers, Inc. | 65 | 6,288 | |
Campbell Soup Co. | 814 | 32,617 | |
Conagra Brands, Inc. | 2,065 | 54,764 | |
Darling International, Inc. (a) | 716 | 14,241 | |
Dean Foods Co. (b) | 332 | 307 | |
Farmer Brothers Co. (a) | 69 | 1,130 | |
Flowers Foods, Inc. | 766 | 17,825 | |
Fresh Del Monte Produce, Inc. | 142 | 3,827 | |
Freshpet, Inc. (a) | 102 | 4,642 | |
General Mills, Inc. | 2,534 | 133,086 | |
Hormel Foods Corp. (b) | 1,160 | 47,026 | |
Hostess Brands, Inc. Class A (a) | 443 | 6,397 | |
Ingredion, Inc. | 301 | 24,829 | |
J&J Snack Foods Corp. | 65 | 10,462 | |
John B. Sanfilippo & Son, Inc. | 33 | 2,630 | |
Kellogg Co. | 1,078 | 57,748 | |
Lamb Weston Holdings, Inc. | 626 | 39,663 | |
Lancaster Colony Corp. | 84 | 12,482 | |
Limoneira Co. | 55 | 1,097 | |
McCormick & Co., Inc. (non-vtg.) | 518 | 80,295 | |
Mondelez International, Inc. | 6,283 | 338,654 | |
nLIGHT, Inc. (a) | 21 | 403 | |
Pilgrim's Pride Corp. (a) | 215 | 5,459 | |
Post Holdings, Inc. (a) | 281 | 29,216 | |
Sanderson Farms, Inc. | 87 | 11,881 | |
Seaboard Corp. | 1 | 4,137 | |
The Hain Celestial Group, Inc. (a) | 380 | 8,322 | |
The Hershey Co. | 596 | 79,882 | |
The J.M. Smucker Co. | 484 | 55,752 | |
The Kraft Heinz Co. | 2,644 | 82,070 | |
The Simply Good Foods Co. (a) | 214 | 5,153 | |
Tootsie Roll Industries, Inc. | 79 | 2,917 | |
TreeHouse Foods, Inc. (a) | 242 | 13,092 | |
Tyson Foods, Inc. Class A | 1,255 | 101,329 | |
1,431,356 | |||
Household Products - 1.4% | |||
Central Garden & Pet Co. (a) | 95 | 2,560 | |
Central Garden & Pet Co. Class A (non-vtg.) (a) | 126 | 3,105 | |
Church & Dwight Co., Inc. | 1,047 | 76,494 | |
Clorox Co. | 543 | 83,139 | |
Colgate-Palmolive Co. | 3,767 | 269,981 | |
Energizer Holdings, Inc. | 262 | 10,124 | |
Funko, Inc. (a) | 54 | 1,308 | |
Kimberly-Clark Corp. | 1,508 | 200,986 | |
Procter & Gamble Co. | 10,663 | 1,169,198 | |
Spectrum Brands Holdings, Inc. | 189 | 10,163 | |
WD-40 Co. | 57 | 9,065 | |
1,836,123 | |||
Personal Products - 0.2% | |||
Avon Products, Inc. (a) | 1,907 | 7,399 | |
Coty, Inc. Class A | 1,922 | 25,755 | |
Edgewell Personal Care Co. (a) | 238 | 6,414 | |
elf Beauty, Inc. (a) | 81 | 1,142 | |
Estee Lauder Companies, Inc. Class A | 934 | 171,025 | |
Herbalife Nutrition Ltd. (a) | 444 | 18,985 | |
Inter Parfums, Inc. | 74 | 4,920 | |
MediFast, Inc. | 52 | 6,672 | |
Natural Health Trends Corp. | 6 | 48 | |
Nu Skin Enterprises, Inc. Class A | 240 | 11,837 | |
USANA Health Sciences, Inc. (a) | 58 | 4,607 | |
258,804 | |||
Tobacco - 0.7% | |||
22nd Century Group, Inc. (a)(b) | 530 | 1,108 | |
Altria Group, Inc. | 8,083 | 382,730 | |
Philip Morris International, Inc. | 6,677 | 524,345 | |
Pyxus International, Inc. (a) | 44 | 669 | |
Turning Point Brands, Inc. | 31 | 1,518 | |
Universal Corp. | 102 | 6,199 | |
Vector Group Ltd. | 423 | 4,124 | |
920,693 | |||
TOTAL CONSUMER STAPLES | 8,093,623 | ||
ENERGY - 4.6% | |||
Energy Equipment & Services - 0.5% | |||
Archrock, Inc. | 579 | 6,137 | |
Baker Hughes, a GE Co. Class A | 2,190 | 53,940 | |
Basic Energy Services, Inc. (a) | 19 | 36 | |
C&J Energy Services, Inc. (a) | 279 | 3,287 | |
Carbo Ceramics, Inc. (a) | 24 | 32 | |
Core Laboratories NV | 182 | 9,515 | |
Diamond Offshore Drilling, Inc. (a)(b) | 271 | 2,404 | |
Dmc Global, Inc. | 62 | 3,928 | |
Dril-Quip, Inc. (a) | 149 | 7,152 | |
Ensco PLC Class A (b) | 484 | 4,129 | |
Exterran Corp. (a) | 111 | 1,578 | |
Forum Energy Technologies, Inc. (a) | 281 | 961 | |
Frank's International NV (a) | 318 | 1,736 | |
FTS International, Inc. (a) | 151 | 843 | |
Halliburton Co. | 4,110 | 93,461 | |
Helix Energy Solutions Group, Inc. (a) | 597 | 5,152 | |
Helmerich & Payne, Inc. | 469 | 23,741 | |
ION Geophysical Corp. (a) | 64 | 515 | |
KLX Energy Services Holdings, Inc. (a) | 81 | 1,655 | |
Liberty Oilfield Services, Inc. Class A | 143 | 2,314 | |
Mammoth Energy Services, Inc. | 36 | 248 | |
Matrix Service Co. (a) | 126 | 2,553 | |
McDermott International, Inc. (a) | 747 | 7,216 | |
Nabors Industries Ltd. | 1,268 | 3,677 | |
National Oilwell Varco, Inc. | 1,633 | 36,302 | |
Newpark Resources, Inc. (a) | 424 | 3,146 | |
Noble Corp. (a) | 900 | 1,683 | |
Oceaneering International, Inc. (a) | 403 | 8,217 | |
Oil States International, Inc. (a) | 267 | 4,886 | |
Patterson-UTI Energy, Inc. | 950 | 10,935 | |
Pioneer Energy Services Corp. (a) | 455 | 115 | |
RPC, Inc. | 224 | 1,615 | |
Schlumberger Ltd. | 6,043 | 240,149 | |
SEACOR Holdings, Inc. (a) | 67 | 3,183 | |
Solaris Oilfield Infrastructure, Inc. Class A | 127 | 1,902 | |
Superior Energy Services, Inc. (a) | 675 | 878 | |
TechnipFMC PLC | 1,805 | 46,822 | |
TETRA Technologies, Inc. (a) | 598 | 975 | |
Tidewater, Inc. (a) | 123 | 2,888 | |
Transocean Ltd. (United States) (a) | 2,185 | 14,006 | |
U.S. Silica Holdings, Inc. | 356 | 4,553 | |
618,465 | |||
Oil, Gas & Consumable Fuels - 4.1% | |||
Abraxas Petroleum Corp. (a) | 921 | 949 | |
Anadarko Petroleum Corp. | 2,144 | 151,281 | |
Antero Resources Corp. (a) | 959 | 5,303 | |
Apache Corp. | 1,617 | 46,844 | |
Arch Coal, Inc. | 77 | 7,254 | |
Bonanza Creek Energy, Inc. (a) | 77 | 1,608 | |
Cabot Oil & Gas Corp. | 1,838 | 42,200 | |
California Resources Corp. (a)(b) | 190 | 3,739 | |
Callon Petroleum Co. (a) | 926 | 6,102 | |
Carrizo Oil & Gas, Inc. (a) | 337 | 3,377 | |
Centennial Resource Development, Inc. Class A (a) | 777 | 5,897 | |
Cheniere Energy, Inc. (a) | 942 | 64,480 | |
Chesapeake Energy Corp. (a)(b) | 3,814 | 7,437 | |
Chevron Corp. | 8,202 | 1,020,657 | |
Cimarex Energy Co. | 408 | 24,207 | |
Clean Energy Fuels Corp. (a) | 585 | 1,562 | |
CNX Resources Corp. (a) | 881 | 6,440 | |
Concho Resources, Inc. | 852 | 87,909 | |
ConocoPhillips Co. | 4,995 | 304,695 | |
CONSOL Energy, Inc. (a) | 113 | 3,007 | |
Contango Oil & Gas Co. (a) | 26 | 45 | |
Continental Resources, Inc. (a) | 375 | 15,784 | |
CVR Energy, Inc. | 124 | 6,199 | |
Delek U.S. Holdings, Inc. | 323 | 13,088 | |
Denbury Resources, Inc. (a) | 1,843 | 2,285 | |
Devon Energy Corp. | 1,996 | 56,926 | |
Diamondback Energy, Inc. | 657 | 71,593 | |
Earthstone Energy, Inc. (a) | 120 | 734 | |
EOG Resources, Inc. | 2,517 | 234,484 | |
EQT Corp. | 1,094 | 17,296 | |
Equitrans Midstream Corp. | 865 | 17,049 | |
Evolution Petroleum Corp. | 132 | 944 | |
Extraction Oil & Gas, Inc. (a)(b) | 521 | 2,256 | |
Exxon Mobil Corp. | 18,171 | 1,392,444 | |
Green Plains, Inc. | 142 | 1,531 | |
Gulfport Energy Corp. (a) | 628 | 3,083 | |
Halcon Resources Corp. (a) | 390 | 69 | |
Hess Corp. | 1,060 | 67,384 | |
Highpoint Resources, Inc. (a) | 535 | 974 | |
HollyFrontier Corp. | 675 | 31,239 | |
International Seaways, Inc. (a) | 125 | 2,375 | |
Jagged Peak Energy, Inc. (a) | 234 | 1,935 | |
Kinder Morgan, Inc. | 8,068 | 168,460 | |
Kosmos Energy Ltd. | 974 | 6,107 | |
Laredo Petroleum, Inc. (a) | 577 | 1,673 | |
Lonestar Resources U.S., Inc. (a) | 186 | 426 | |
Magnolia Oil & Gas Corp. Class A (a) | 376 | 4,354 | |
Marathon Oil Corp. | 3,546 | 50,389 | |
Marathon Petroleum Corp. | 2,939 | 164,231 | |
Matador Resources Co. (a) | 427 | 8,489 | |
Midstates Petroleum Co., Inc. (a) | 123 | 724 | |
Montage Resources Corp. (a) | 6 | 37 | |
Murphy Oil Corp. | 698 | 17,206 | |
Nine Energy Service, Inc. (a) | 38 | 659 | |
Noble Energy, Inc. | 2,046 | 45,830 | |
Northern Oil & Gas, Inc. (a) | 814 | 1,571 | |
Oasis Petroleum, Inc. (a) | 1,189 | 6,754 | |
Occidental Petroleum Corp. | 3,211 | 161,449 | |
ONEOK, Inc. | 1,750 | 120,418 | |
Overseas Shipholding Group, Inc. (a) | 351 | 660 | |
Par Pacific Holdings, Inc. (a) | 135 | 2,770 | |
Parsley Energy, Inc. Class A (a) | 1,117 | 21,234 | |
PBF Energy, Inc. Class A | 513 | 16,057 | |
PDC Energy, Inc. (a) | 281 | 10,133 | |
Peabody Energy Corp. | 341 | 8,218 | |
Penn Virginia Corp. (a) | 52 | 1,595 | |
Phillips 66 Co. | 1,805 | 168,840 | |
Pioneer Natural Resources Co. | 725 | 111,549 | |
QEP Resources, Inc. (a) | 975 | 7,049 | |
Range Resources Corp. | 862 | 6,017 | |
Renewable Energy Group, Inc. (a) | 150 | 2,379 | |
Rex American Resources Corp. (a) | 23 | 1,677 | |
Ring Energy, Inc. (a) | 284 | 923 | |
SandRidge Energy, Inc. (a) | 159 | 1,100 | |
SemGroup Corp. Class A | 259 | 3,108 | |
SM Energy Co. | 424 | 5,308 | |
Southwestern Energy Co. (a) | 2,444 | 7,723 | |
SRC Energy, Inc. (a) | 1,002 | 4,970 | |
Talos Energy, Inc. (a) | 90 | 2,165 | |
Targa Resources Corp. | 969 | 38,043 | |
Teekay Corp. | 238 | 819 | |
Teekay Tankers Ltd. (a) | 1,073 | 1,373 | |
Tellurian, Inc. (a) | 430 | 3,376 | |
The Williams Companies, Inc. | 5,150 | 144,406 | |
Ultra Petroleum Corp. (a) | 807 | 145 | |
Unit Corp. (a) | 224 | 1,991 | |
Uranium Energy Corp. (a) | 918 | 1,258 | |
Valero Energy Corp. | 1,805 | 154,526 | |
W&T Offshore, Inc. (a) | 370 | 1,835 | |
Whiting Petroleum Corp. (a)(b) | 374 | 6,986 | |
World Fuel Services Corp. | 291 | 10,464 | |
WPX Energy, Inc. (a) | 1,690 | 19,452 | |
5,261,591 | |||
TOTAL ENERGY | 5,880,056 | ||
FINANCIALS - 13.4% | |||
Banks - 5.6% | |||
1st Source Corp. | 82 | 3,805 | |
Allegiance Bancshares, Inc. (a) | 43 | 1,434 | |
Amalgamated Bank | 54 | 942 | |
Ameris Bancorp | 173 | 6,780 | |
Associated Banc-Corp. | 729 | 15,411 | |
Atlantic Capital Bancshares, Inc. (a) | 88 | 1,507 | |
Banc of California, Inc. | 183 | 2,557 | |
BancFirst Corp. | 61 | 3,395 | |
Bancorp, Inc., Delaware (a) | 267 | 2,382 | |
BancorpSouth Bank | 369 | 10,716 | |
Bank of America Corp. | 39,204 | 1,136,916 | |
Bank of Hawaii Corp. | 181 | 15,007 | |
Bank of Marin Bancorp | 45 | 1,846 | |
Bank OZK | 504 | 15,165 | |
BankUnited, Inc. | 458 | 15,453 | |
Banner Corp. | 126 | 6,823 | |
BB&T Corp. | 3,277 | 160,999 | |
Berkshire Hills Bancorp, Inc. | 154 | 4,834 | |
BOK Financial Corp. | 141 | 10,643 | |
Boston Private Financial Holdings, Inc. | 420 | 5,069 | |
Brookline Bancorp, Inc., Delaware | 324 | 4,983 | |
Bryn Mawr Bank Corp. | 74 | 2,762 | |
Byline Bancorp, Inc. (a) | 59 | 1,128 | |
Cadence Bancorp Class A | 541 | 11,253 | |
Carolina Financial Corp. | 77 | 2,702 | |
Cathay General Bancorp | 349 | 12,533 | |
CBTX, Inc. | 64 | 1,801 | |
Centerstate Banks of Florida, Inc. | 882 | 20,312 | |
Central Pacific Financial Corp. | 145 | 4,344 | |
Chemical Financial Corp. | 290 | 11,922 | |
CIT Group, Inc. | 453 | 23,801 | |
Citigroup, Inc. | 10,537 | 737,906 | |
Citizens Financial Group, Inc. | 1,993 | 70,472 | |
City Holding Co. | 71 | 5,414 | |
Columbia Banking Systems, Inc. | 299 | 10,818 | |
Comerica, Inc. | 690 | 50,122 | |
Commerce Bancshares, Inc. | 435 | 25,952 | |
Community Bank System, Inc. | 209 | 13,761 | |
Community Trust Bancorp, Inc. | 81 | 3,425 | |
ConnectOne Bancorp, Inc. | 147 | 3,331 | |
Cullen/Frost Bankers, Inc. | 270 | 25,288 | |
Customers Bancorp, Inc. (a) | 110 | 2,310 | |
CVB Financial Corp. | 416 | 8,748 | |
Eagle Bancorp, Inc. | 134 | 7,253 | |
East West Bancorp, Inc. | 622 | 29,091 | |
Enterprise Financial Services Corp. | 96 | 3,994 | |
Equity Bancshares, Inc. (a) | 60 | 1,600 | |
Fifth Third Bancorp | 3,067 | 85,569 | |
Financial Institutions, Inc. | 74 | 2,157 | |
First Bancorp, North Carolina | 129 | 4,698 | |
First Bancorp, Puerto Rico | 919 | 10,146 | |
First Busey Corp. | 192 | 5,071 | |
First Citizens Bancshares, Inc. | 39 | 17,561 | |
First Commonwealth Financial Corp. | 394 | 5,307 | |
First Financial Bancorp, Ohio | 393 | 9,518 | |
First Financial Bankshares, Inc. | 570 | 17,550 | |
First Financial Corp., Indiana | 40 | 1,606 | |
First Foundation, Inc. | 183 | 2,460 | |
First Hawaiian, Inc. | 359 | 9,287 | |
First Horizon National Corp. | 1,393 | 20,797 | |
First Internet Bancorp | 26 | 560 | |
First Interstate Bancsystem, Inc. | 149 | 5,902 | |
First Merchants Corp. | 227 | 8,603 | |
First Midwest Bancorp, Inc., Delaware | 468 | 9,580 | |
First of Long Island Corp. | 105 | 2,108 | |
First Republic Bank | 697 | 68,062 | |
Flushing Financial Corp. | 97 | 2,153 | |
FNB Corp., Pennsylvania | 1,396 | 16,431 | |
Franklin Financial Network, Inc. | 58 | 1,616 | |
Fulton Financial Corp. | 710 | 11,623 | |
German American Bancorp, Inc. | 79 | 2,379 | |
Glacier Bancorp, Inc. | 361 | 14,639 | |
Great Southern Bancorp, Inc. | 46 | 2,753 | |
Great Western Bancorp, Inc. | 567 | 20,253 | |
Hancock Whitney Corp. | 370 | 14,822 | |
Hanmi Financial Corp. | 134 | 2,984 | |
Heartland Financial U.S.A., Inc. | 124 | 5,547 | |
Heritage Commerce Corp. | 169 | 2,070 | |
Heritage Financial Corp., Washington | 120 | 3,545 | |
Hilltop Holdings, Inc. | 287 | 6,104 | |
Home Bancshares, Inc. | 690 | 13,289 | |
Hope Bancorp, Inc. | 559 | 7,703 | |
Horizon Bancorp, Inc. Indiana | 136 | 2,222 | |
Huntington Bancshares, Inc. | 4,521 | 62,480 | |
IBERIABANK Corp. | 234 | 17,749 | |
Independent Bank Corp. | 93 | 2,026 | |
Independent Bank Corp., Massachusetts | 129 | 9,823 | |
Independent Bank Group, Inc. | 146 | 8,024 | |
International Bancshares Corp. | 240 | 9,050 | |
Investors Bancorp, Inc. | 978 | 10,905 | |
JPMorgan Chase & Co. | 14,278 | 1,596,280 | |
KeyCorp | 4,402 | 78,136 | |
Lakeland Bancorp, Inc. | 220 | 3,553 | |
Lakeland Financial Corp. | 115 | 5,385 | |
LegacyTexas Financial Group, Inc. | 180 | 7,328 | |
Live Oak Bancshares, Inc. | 115 | 1,972 | |
M&T Bank Corp. | 597 | 101,532 | |
Mercantile Bank Corp. | 61 | 1,987 | |
Midland States Bancorp, Inc. | 78 | 2,084 | |
National Bank Holdings Corp. | 115 | 4,175 | |
NBT Bancorp, Inc. | 183 | 6,864 | |
OFG Bancorp | 195 | 4,635 | |
Old Line Bancshares, Inc. | 57 | 1,517 | |
Old National Bancorp, Indiana | 604 | 10,020 | |
Old Second Bancorp, Inc. | 98 | 1,251 | |
Opus Bank | 92 | 1,942 | |
Origin Bancorp, Inc. | 23 | 759 | |
Pacific Premier Bancorp, Inc. | 178 | 5,497 | |
PacWest Bancorp | 514 | 19,959 | |
Park National Corp. | 64 | 6,361 | |
Peapack-Gladstone Financial Corp. | 62 | 1,743 | |
Peoples Bancorp, Inc. | 107 | 3,452 | |
Peoples United Financial, Inc. | 1,618 | 27,150 | |
Pinnacle Financial Partners, Inc. | 310 | 17,819 | |
PNC Financial Services Group, Inc. | 1,962 | 269,343 | |
Popular, Inc. | 427 | 23,160 | |
Preferred Bank, Los Angeles | 55 | 2,599 | |
Prosperity Bancshares, Inc. | 286 | 18,890 | |
QCR Holdings, Inc. | 50 | 1,744 | |
Regions Financial Corp. | 4,402 | 65,766 | |
Renasant Corp. | 218 | 7,835 | |
S&T Bancorp, Inc. | 138 | 5,172 | |
Sandy Spring Bancorp, Inc. | 169 | 5,895 | |
Seacoast Banking Corp., Florida (a) | 214 | 5,444 | |
ServisFirst Bancshares, Inc. | 209 | 7,160 | |
Signature Bank | 228 | 27,552 | |
Simmons First National Corp. Class A | 372 | 8,653 | |
South State Corp. | 147 | 10,829 | |
Southside Bancshares, Inc. | 121 | 3,918 | |
Sterling Bancorp | 961 | 20,450 | |
Stock Yards Bancorp, Inc. | 87 | 3,145 | |
SunTrust Banks, Inc. | 1,910 | 120,044 | |
SVB Financial Group (a) | 227 | 50,982 | |
Synovus Financial Corp. | 712 | 24,920 | |
TCF Financial Corp. | 730 | 15,177 | |
Texas Capital Bancshares, Inc. (a) | 216 | 13,256 | |
Tompkins Financial Corp. | 55 | 4,488 | |
TowneBank | 295 | 8,048 | |
Trico Bancshares | 96 | 3,629 | |
TriState Capital Holdings, Inc. (a) | 94 | 2,006 | |
Triumph Bancorp, Inc. (a) | 95 | 2,760 | |
Trustmark Corp. | 317 | 10,540 | |
U.S. Bancorp | 6,455 | 338,242 | |
UMB Financial Corp. | 181 | 11,913 | |
Umpqua Holdings Corp. | 902 | 14,964 | |
Union Bankshares Corp. | 266 | 9,398 | |
United Bankshares, Inc., West Virginia | 445 | 16,505 | |
United Community Bank, Inc. | 341 | 9,739 | |
Univest Corp. of Pennsylvania | 121 | 3,177 | |
Valley National Bancorp | 1,429 | 15,405 | |
Veritex Holdings, Inc. | 194 | 5,034 | |
Washington Trust Bancorp, Inc. | 55 | 2,870 | |
Webster Financial Corp. | 381 | 18,200 | |
Wells Fargo & Co. | 18,230 | 862,644 | |
WesBanco, Inc. | 259 | 9,984 | |
Westamerica Bancorp. | 104 | 6,407 | |
Western Alliance Bancorp. (a) | 406 | 18,156 | |
Wintrust Financial Corp. | 238 | 17,412 | |
Zions Bancorp NA | 821 | 37,750 | |
7,108,048 | |||
Capital Markets - 2.5% | |||
Affiliated Managers Group, Inc. | 225 | 20,732 | |
Ameriprise Financial, Inc. | 593 | 86,080 | |
Artisan Partners Asset Management, Inc. | 229 | 6,302 | |
Bank of New York Mellon Corp. | 3,868 | 170,772 | |
BGC Partners, Inc. Class A | 1,172 | 6,130 | |
BlackRock, Inc. Class A | 535 | 251,076 | |
Blucora, Inc. (a) | 212 | 6,438 | |
Cboe Global Markets, Inc. | 474 | 49,121 | |
Charles Schwab Corp. | 5,112 | 205,451 | |
CME Group, Inc. | 1,546 | 300,094 | |
Cohen & Steers, Inc. | 89 | 4,578 | |
Cowen Group, Inc. Class A (a) | 129 | 2,218 | |
Diamond Hill Investment Group, Inc. | 12 | 1,701 | |
Donnelley Financial Solutions, Inc. (a) | 134 | 1,788 | |
E*TRADE Financial Corp. | 1,085 | 48,391 | |
Eaton Vance Corp. (non-vtg.) | 497 | 21,436 | |
Evercore, Inc. Class A | 169 | 14,968 | |
FactSet Research Systems, Inc. | 162 | 46,423 | |
Federated Investors, Inc. Class B (non-vtg.) | 411 | 13,358 | |
Franklin Resources, Inc. | 1,257 | 43,744 | |
Gain Capital Holdings, Inc. | 20 | 83 | |
Goldman Sachs Group, Inc. | 1,499 | 306,695 | |
Greenhill & Co., Inc. | 78 | 1,060 | |
Hamilton Lane, Inc. Class A | 71 | 4,051 | |
Houlihan Lokey | 142 | 6,323 | |
Interactive Brokers Group, Inc. | 312 | 16,910 | |
IntercontinentalExchange, Inc. | 2,420 | 207,975 | |
INTL FCStone, Inc. (a) | 72 | 2,850 | |
Invesco Ltd. | 1,736 | 35,519 | |
Janus Henderson Group PLC | 721 | 15,429 | |
Lazard Ltd. Class A | 555 | 19,086 | |
Legg Mason, Inc. | 365 | 13,972 | |
LPL Financial | 370 | 30,181 | |
MarketAxess Holdings, Inc. | 160 | 51,427 | |
Moelis & Co. Class A | 187 | 6,536 | |
Moody's Corp. | 709 | 138,475 | |
Morgan Stanley | 5,727 | 250,900 | |
Morningstar, Inc. | 77 | 11,137 | |
MSCI, Inc. | 374 | 89,307 | |
Northern Trust Corp. | 943 | 84,870 | |
Oppenheimer Holdings, Inc. Class A (non-vtg.) | 34 | 925 | |
Piper Jaffray Companies | 61 | 4,530 | |
PJT Partners, Inc. | 85 | 3,444 | |
Raymond James Financial, Inc. | 542 | 45,826 | |
S&P Global, Inc. | 1,103 | 251,252 | |
SEI Investments Co. | 553 | 31,023 | |
State Street Corp. | 1,616 | 90,593 | |
Stifel Financial Corp. | 309 | 18,250 | |
T. Rowe Price Group, Inc. | 1,024 | 112,343 | |
TD Ameritrade Holding Corp. | 1,151 | 57,458 | |
The NASDAQ OMX Group, Inc. | 488 | 46,931 | |
Virtu Financial, Inc. Class A | 262 | 5,706 | |
Virtus Investment Partners, Inc. | 30 | 3,222 | |
Waddell & Reed Financial, Inc. Class A (b) | 305 | 5,084 | |
Westwood Holdings Group, Inc. | 24 | 845 | |
WisdomTree Investments, Inc. | 506 | 3,122 | |
3,274,141 | |||
Consumer Finance - 0.7% | |||
Ally Financial, Inc. | 1,759 | 54,511 | |
American Express Co. | 3,042 | 375,504 | |
Capital One Financial Corp. | 2,014 | 182,750 | |
Credit Acceptance Corp. (a) | 52 | 25,159 | |
CURO Group Holdings Corp. (a) | 91 | 1,006 | |
Discover Financial Services | 1,429 | 110,876 | |
Encore Capital Group, Inc. (a) | 117 | 3,963 | |
Enova International, Inc. (a) | 148 | 3,411 | |
EZCORP, Inc. (non-vtg.) Class A (a)(b) | 226 | 2,140 | |
First Cash Financial Services, Inc. | 188 | 18,804 | |
Green Dot Corp. Class A (a) | 207 | 10,122 | |
LendingClub Corp. (a) | 1,904 | 6,245 | |
Navient Corp. | 957 | 13,063 | |
Nelnet, Inc. Class A | 86 | 5,093 | |
OneMain Holdings, Inc. | 320 | 10,819 | |
PRA Group, Inc. (a) | 197 | 5,544 | |
Regional Management Corp. (a) | 62 | 1,635 | |
Santander Consumer U.S.A. Holdings, Inc. | 493 | 11,812 | |
SLM Corp. | 1,863 | 18,108 | |
Synchrony Financial | 2,811 | 97,457 | |
World Acceptance Corp. (a) | 28 | 4,595 | |
962,617 | |||
Diversified Financial Services - 1.5% | |||
AXA Equitable Holdings, Inc. | 575 | 12,018 | |
Berkshire Hathaway, Inc. Class B (a) | 8,326 | 1,774,853 | |
Cannae Holdings, Inc. (a) | 294 | 8,520 | |
Columbia Financial, Inc. (a) | 174 | 2,627 | |
FB Financial Corp. | 63 | 2,306 | |
FGL Holdings Class A | 732 | 6,149 | |
Focus Financial Partners, Inc. Class A | 73 | 1,994 | |
Jefferies Financial Group, Inc. | 1,197 | 23,018 | |
On Deck Capital, Inc. (a) | 153 | 635 | |
Pennymac Financial Services, Inc. | 257 | 5,700 | |
Victory Capital Holdings, Inc. (a) | 48 | 825 | |
Voya Financial, Inc. | 661 | 36,553 | |
1,875,198 | |||
Insurance - 2.7% | |||
AFLAC, Inc. | 3,234 | 177,256 | |
Alleghany Corp. (a) | 63 | 42,910 | |
Allstate Corp. | 1,464 | 148,874 | |
AMBAC Financial Group, Inc. (a) | 203 | 3,421 | |
American Equity Investment Life Holding Co. | 390 | 10,592 | |
American Financial Group, Inc. | 297 | 30,434 | |
American International Group, Inc. | 3,761 | 200,386 | |
American National Insurance Co. | 37 | 4,309 | |
Amerisafe, Inc. | 83 | 5,293 | |
Aon PLC | 1,024 | 197,612 | |
Arch Capital Group Ltd. (a) | 1,724 | 63,926 | |
Argo Group International Holdings, Ltd. | 139 | 10,293 | |
Arthur J. Gallagher & Co. | 782 | 68,495 | |
Assurant, Inc. | 223 | 23,723 | |
Assured Guaranty Ltd. | 452 | 19,020 | |
Athene Holding Ltd. (a) | 540 | 23,252 | |
Axis Capital Holdings Ltd. | 353 | 21,056 | |
Brighthouse Financial, Inc. (a) | 506 | 18,565 | |
Brown & Brown, Inc. | 1,000 | 33,500 | |
Chubb Ltd. | 1,958 | 288,394 | |
Cincinnati Financial Corp. | 643 | 66,660 | |
CNO Financial Group, Inc. | 674 | 11,242 | |
eHealth, Inc. (a) | 75 | 6,458 | |
Employers Holdings, Inc. | 138 | 5,833 | |
Enstar Group Ltd. (a) | 62 | 10,805 | |
Erie Indemnity Co. Class A | 84 | 21,360 | |
Everest Re Group Ltd. | 172 | 42,515 | |
FBL Financial Group, Inc. Class A | 33 | 2,105 | |
First American Financial Corp. | 477 | 25,615 | |
FNF Group | 1,171 | 47,191 | |
Genworth Financial, Inc. Class A | 2,223 | 8,247 | |
Goosehead Insurance | 43 | 2,055 | |
Greenlight Capital Re, Ltd. (a) | 134 | 1,138 | |
Hanover Insurance Group, Inc. | 181 | 23,222 | |
Hartford Financial Services Group, Inc. | 1,526 | 85,029 | |
HCI Group, Inc. | 39 | 1,578 | |
Health Insurance Innovations, Inc. (a) | 52 | 1,348 | |
Heritage Insurance Holdings, Inc. | 117 | 1,803 | |
Horace Mann Educators Corp. | 169 | 6,809 | |
James River Group Holdings Ltd. | 130 | 6,097 | |
Kemper Corp. | 261 | 22,522 | |
Kinsale Capital Group, Inc. | 85 | 7,776 | |
Lincoln National Corp. | 913 | 58,843 | |
Loews Corp. | 1,177 | 64,347 | |
Maiden Holdings Ltd. | 97 | 62 | |
Markel Corp. (a) | 59 | 64,286 | |
Marsh & McLennan Companies, Inc. | 2,141 | 213,565 | |
MBIA, Inc. (a) | 362 | 3,370 | |
Mercury General Corp. | 114 | 7,125 | |
MetLife, Inc. | 4,195 | 208,366 | |
National General Holdings Corp. | 283 | 6,492 | |
National Western Life Group, Inc. | 8 | 2,056 | |
Old Republic International Corp. | 1,214 | 27,169 | |
Primerica, Inc. | 179 | 21,471 | |
Principal Financial Group, Inc. | 1,111 | 64,349 | |
ProAssurance Corp. | 229 | 8,269 | |
Progressive Corp. | 2,479 | 198,146 | |
Prudential Financial, Inc. | 1,757 | 177,457 | |
Reinsurance Group of America, Inc. | 266 | 41,504 | |
RenaissanceRe Holdings Ltd. | 170 | 30,262 | |
RLI Corp. | 169 | 14,485 | |
Safety Insurance Group, Inc. | 60 | 5,708 | |
Selective Insurance Group, Inc. | 250 | 18,723 | |
Stewart Information Services Corp. | 94 | 3,806 | |
The Travelers Companies, Inc. | 1,126 | 168,360 | |
Third Point Reinsurance Ltd. (a) | 298 | 3,075 | |
Torchmark Corp. | 433 | 38,736 | |
Trupanion, Inc. (a) | 106 | 3,830 | |
United Fire Group, Inc. | 85 | 4,119 | |
United Insurance Holdings Corp. | 105 | 1,497 | |
Universal Insurance Holdings, Inc. | 125 | 3,488 | |
Unum Group | 932 | 31,269 | |
W.R. Berkley Corp. | 615 | 40,547 | |
White Mountains Insurance Group Ltd. | 14 | 14,300 | |
Willis Group Holdings PLC | 552 | 105,730 | |
3,453,531 | |||
Mortgage Real Estate Investment Trusts - 0.2% | |||
AG Mortgage Investment Trust, Inc. | 129 | 2,051 | |
AGNC Investment Corp. | 2,231 | 37,525 | |
Annaly Capital Management, Inc. | 5,915 | 54,004 | |
Anworth Mortgage Asset Corp. | 433 | 1,641 | |
Apollo Commercial Real Estate Finance, Inc. | 490 | 9,011 | |
Arbor Realty Trust, Inc. | 289 | 3,503 | |
Ares Commercial Real Estate Corp. | 103 | 1,531 | |
Arlington Asset Investment Corp. | 136 | 936 | |
Armour Residential REIT, Inc. | 181 | 3,374 | |
Blackstone Mortgage Trust, Inc. | 521 | 18,537 | |
Capstead Mortgage Corp. | 407 | 3,398 | |
Cherry Hill Mortgage Investment Corp. | 65 | 1,040 | |
Chimera Investment Corp. | 785 | 14,813 | |
Dynex Capital, Inc. | 79 | 1,323 | |
Exantas Capital Corp. | 140 | 1,583 | |
Granite Point Mortgage Trust, Inc. | 176 | 3,377 | |
Invesco Mortgage Capital, Inc. | 453 | 7,302 | |
KKR Real Estate Finance Trust, Inc. | 135 | 2,689 | |
Ladder Capital Corp. Class A | 378 | 6,279 | |
MFA Financial, Inc. | 1,932 | 13,872 | |
New Residential Investment Corp. | 1,565 | 24,085 | |
New York Mortgage Trust, Inc. | 724 | 4,489 | |
Orchid Island Capital, Inc. | 236 | 1,501 | |
PennyMac Mortgage Investment Trust | 261 | 5,698 | |
Redwood Trust, Inc. | 398 | 6,579 | |
Starwood Property Trust, Inc. | 1,165 | 26,469 | |
TPG RE Finance Trust, Inc. | 187 | 3,607 | |
Two Harbors Investment Corp. | 1,070 | 13,557 | |
Western Asset Mortgage Capital Corp. | 212 | 2,116 | |
275,890 | |||
Real Estate Management & Development - 0.0% | |||
The RMR Group, Inc. | 28 | 1,315 | |
Thrifts & Mortgage Finance - 0.2% | |||
Axos Financial, Inc. (a) | 227 | 6,186 | |
Capitol Federal Financial, Inc. | 578 | 7,959 | |
Dime Community Bancshares, Inc. | 134 | 2,545 | |
Essent Group Ltd. (a) | 409 | 19,219 | |
Farmer Mac Class C (non-vtg.) | 35 | 2,543 | |
First Defiance Financial Corp. | 90 | 2,571 | |
Flagstar Bancorp, Inc. | 115 | 3,811 | |
HomeStreet, Inc. (a) | 115 | 3,409 | |
Kearny Financial Corp. | 458 | 6,087 | |
LendingTree, Inc. (a) | 32 | 13,441 | |
Meridian Bancorp, Inc. Maryland | 220 | 3,936 | |
Meta Financial Group, Inc. | 131 | 3,675 | |
MGIC Investment Corp. (a) | 1,538 | 20,209 | |
New York Community Bancorp, Inc. | 2,067 | 20,629 | |
NMI Holdings, Inc. (a) | 271 | 7,694 | |
Northfield Bancorp, Inc. | 157 | 2,451 | |
Northwest Bancshares, Inc. | 468 | 8,241 | |
OceanFirst Financial Corp. | 157 | 3,901 | |
Ocwen Financial Corp. (a) | 602 | 1,246 | |
Oritani Financial Corp. | 167 | 2,963 | |
Provident Financial Services, Inc. | 238 | 5,772 | |
Radian Group, Inc. | 904 | 20,656 | |
TFS Financial Corp. | 231 | 4,174 | |
Trustco Bank Corp., New York | 350 | 2,772 | |
United Financial Bancorp, Inc. New | 189 | 2,680 | |
Walker & Dunlop, Inc. | 125 | 6,651 | |
Washington Federal, Inc. | 583 | 20,364 | |
WMI Holdings Corp. (a) | 101 | 809 | |
WSFS Financial Corp. | 334 | 13,794 | |
220,388 | |||
TOTAL FINANCIALS | 17,171,128 | ||
HEALTH CARE - 13.9% | |||
Biotechnology - 2.6% | |||
AbbVie, Inc. | 6,471 | 470,571 | |
Abeona Therapeutics, Inc. (a) | 180 | 860 | |
ACADIA Pharmaceuticals, Inc. (a) | 469 | 12,536 | |
Acceleron Pharma, Inc. (a) | 178 | 7,312 | |
Achaogen, Inc. (a) | 23 | 0 | |
Achillion Pharmaceuticals, Inc. (a) | 639 | 1,713 | |
Acorda Therapeutics, Inc. (a) | 167 | 1,281 | |
Adamas Pharmaceuticals, Inc. (a) | 42 | 260 | |
Aduro Biotech, Inc. (a) | 269 | 414 | |
Adverum Biotechnologies, Inc. (a) | 286 | 3,401 | |
Aeglea BioTherapeutics, Inc. (a) | 123 | 843 | |
Agenus, Inc. (a) | 457 | 1,371 | |
Agios Pharmaceuticals, Inc. (a) | 206 | 10,275 | |
Aimmune Therapeutics, Inc. (a) | 169 | 3,519 | |
Akebia Therapeutics, Inc. (a) | 390 | 1,888 | |
Alder Biopharmaceuticals, Inc. (a) | 232 | 2,731 | |
Aldeyra Therapeutics, Inc. (a) | 125 | 750 | |
Alexion Pharmaceuticals, Inc. (a) | 948 | 124,169 | |
Alkermes PLC (a) | 667 | 15,034 | |
Allakos, Inc. (a) | 28 | 1,213 | |
Allogene Therapeutics, Inc. | 79 | 2,121 | |
Alnylam Pharmaceuticals, Inc. (a) | 377 | 27,355 | |
AMAG Pharmaceuticals, Inc. (a) | 165 | 1,648 | |
Amgen, Inc. | 2,753 | 507,323 | |
Amicus Therapeutics, Inc. (a) | 814 | 10,159 | |
AnaptysBio, Inc. (a) | 94 | 5,303 | |
Anika Therapeutics, Inc. (a) | 61 | 2,478 | |
Apellis Pharmaceuticals, Inc. (a) | 151 | 3,826 | |
Arcus Biosciences, Inc. (a) | 55 | 437 | |
Arena Pharmaceuticals, Inc. (a) | 212 | 12,430 | |
ArQule, Inc. (a) | 427 | 4,701 | |
Array BioPharma, Inc. (a) | 900 | 41,697 | |
Arrowhead Pharmaceuticals, Inc. (a) | 366 | 9,699 | |
Assembly Biosciences, Inc. (a) | 73 | 985 | |
Atara Biotherapeutics, Inc. (a) | 187 | 3,761 | |
Audentes Therapeutics, Inc. (a) | 155 | 5,868 | |
Avid Bioservices, Inc. (a) | 270 | 1,512 | |
Bellicum Pharmaceuticals, Inc. (a) | 72 | 122 | |
BioCryst Pharmaceuticals, Inc. (a) | 477 | 1,808 | |
Biogen, Inc. (a) | 856 | 200,193 | |
Biohaven Pharmaceutical Holding Co. Ltd. (a) | 153 | 6,700 | |
BioMarin Pharmaceutical, Inc. (a) | 756 | 64,751 | |
Biospecifics Technologies Corp. (a) | 19 | 1,134 | |
bluebird bio, Inc. (a) | 230 | 29,256 | |
Blueprint Medicines Corp. (a) | 189 | 17,828 | |
Calithera Biosciences, Inc. (a) | 167 | 651 | |
Cara Therapeutics, Inc. (a)(b) | 125 | 2,688 | |
CareDx, Inc. (a) | 163 | 5,866 | |
CASI Pharmaceuticals, Inc. (a) | 285 | 912 | |
Catalyst Biosciences, Inc. (a) | 98 | 722 | |
Catalyst Pharmaceutical Partners, Inc. (a) | 425 | 1,632 | |
Celgene Corp. (a) | 2,971 | 274,639 | |
Cellular Biomedicine Group, Inc. (a) | 53 | 876 | |
ChemoCentryx, Inc. (a) | 92 | 856 | |
Clovis Oncology, Inc. (a) | 211 | 3,138 | |
Coherus BioSciences, Inc. (a) | 259 | 5,724 | |
Concert Pharmaceuticals, Inc. (a) | 55 | 660 | |
Corbus Pharmaceuticals Holdings, Inc. (a) | 176 | 1,220 | |
Crinetics Pharmaceuticals, Inc. (a) | 41 | 1,025 | |
Cytokinetics, Inc. (a) | 254 | 2,858 | |
CytomX Therapeutics, Inc. (a) | 165 | 1,851 | |
Deciphera Pharmaceuticals, Inc. (a) | 64 | 1,443 | |
Denali Therapeutics, Inc. (a) | 270 | 5,605 | |
Dicerna Pharmaceuticals, Inc. (a) | 177 | 2,788 | |
Dynavax Technologies Corp. (a) | 194 | 774 | |
Eagle Pharmaceuticals, Inc. (a) | 50 | 2,784 | |
Editas Medicine, Inc. (a) | 171 | 4,231 | |
Eiger Biopharmaceuticals, Inc. (a) | 75 | 795 | |
Emergent BioSolutions, Inc. (a) | 195 | 9,420 | |
Enanta Pharmaceuticals, Inc. (a) | 67 | 5,653 | |
Epizyme, Inc. (a) | 285 | 3,577 | |
Esperion Therapeutics, Inc. (a) | 110 | 5,117 | |
Exact Sciences Corp. (a) | 523 | 61,735 | |
Exelixis, Inc. (a) | 1,264 | 27,012 | |
Fate Therapeutics, Inc. (a) | 263 | 5,339 | |
FibroGen, Inc. (a) | 324 | 14,638 | |
Five Prime Therapeutics, Inc. (a) | 126 | 760 | |
Flexion Therapeutics, Inc. (a) | 147 | 1,808 | |
Galectin Therapeutics, Inc. (a) | 201 | 834 | |
Genomic Health, Inc. (a) | 88 | 5,119 | |
Geron Corp. (a)(b) | 863 | 1,217 | |
Gilead Sciences, Inc. | 5,602 | 378,471 | |
Global Blood Therapeutics, Inc. (a) | 235 | 12,361 | |
GlycoMimetics, Inc. (a) | 147 | 1,752 | |
Halozyme Therapeutics, Inc. (a) | 533 | 9,157 | |
Heron Therapeutics, Inc. (a) | 280 | 5,205 | |
Homology Medicines, Inc. (a) | 26 | 509 | |
ImmunoGen, Inc. (a) | 616 | 1,337 | |
Immunomedics, Inc. (a) | 715 | 9,917 | |
Incyte Corp. (a) | 750 | 63,720 | |
Inovio Pharmaceuticals, Inc. (a)(b) | 375 | 1,103 | |
Insmed, Inc. (a) | 338 | 8,653 | |
Intellia Therapeutics, Inc. (a) | 153 | 2,505 | |
Intercept Pharmaceuticals, Inc. (a) | 97 | 7,718 | |
Intrexon Corp. (a)(b) | 272 | 2,084 | |
Invitae Corp. (a) | 267 | 6,275 | |
Ionis Pharmaceuticals, Inc. (a) | 587 | 37,726 | |
Iovance Biotherapeutics, Inc. (a) | 525 | 12,873 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 618 | 6,761 | |
Kadmon Holdings, Inc. (a) | 461 | 950 | |
Karyopharm Therapeutics, Inc. (a) | 190 | 1,138 | |
Kindred Biosciences, Inc. (a) | 112 | 933 | |
Kiniksa Pharmaceuticals Ltd. (a) | 56 | 758 | |
Kura Oncology, Inc. (a) | 144 | 2,835 | |
La Jolla Pharmaceutical Co. (a) | 126 | 1,166 | |
Lexicon Pharmaceuticals, Inc. (a) | 225 | 1,415 | |
Ligand Pharmaceuticals, Inc. Class B (a) | 92 | 10,502 | |
Macrogenics, Inc. (a) | 140 | 2,376 | |
Madrigal Pharmaceuticals, Inc. (a) | 38 | 3,983 | |
MannKind Corp. (a)(b) | 796 | 915 | |
Minerva Neurosciences, Inc. (a) | 186 | 1,047 | |
Mirati Therapeutics, Inc. (a) | 136 | 14,008 | |
Momenta Pharmaceuticals, Inc. (a) | 434 | 5,403 | |
Myriad Genetics, Inc. (a) | 314 | 8,723 | |
Natera, Inc. (a) | 156 | 4,302 | |
Neurocrine Biosciences, Inc. (a) | 388 | 32,759 | |
Novavax, Inc. (a)(b) | 78 | 457 | |
Opko Health, Inc. (a) | 1,552 | 3,787 | |
PDL BioPharma, Inc. (a) | 644 | 2,022 | |
Polarityte, Inc. (a) | 65 | 371 | |
Portola Pharmaceuticals, Inc. (a) | 291 | 7,895 | |
Principia Biopharma, Inc. | 36 | 1,195 | |
Progenics Pharmaceuticals, Inc. (a) | 375 | 2,314 | |
Prothena Corp. PLC (a) | 164 | 1,733 | |
PTC Therapeutics, Inc. (a) | 205 | 9,225 | |
Puma Biotechnology, Inc. (a) | 132 | 1,678 | |
Ra Pharmaceuticals, Inc. (a) | 124 | 3,729 | |
Radius Health, Inc. (a) | 159 | 3,873 | |
Regeneron Pharmaceuticals, Inc. (a) | 330 | 103,290 | |
REGENXBIO, Inc. (a) | 132 | 6,781 | |
Repligen Corp. (a) | 161 | 13,838 | |
Retrophin, Inc. (a) | 164 | 3,295 | |
Rigel Pharmaceuticals, Inc. (a) | 677 | 1,767 | |
Rocket Pharmaceuticals, Inc. (a) | 97 | 1,455 | |
Sage Therapeutics, Inc. (a) | 199 | 36,435 | |
Sangamo Therapeutics, Inc. (a) | 406 | 4,373 | |
Sarepta Therapeutics, Inc. (a) | 282 | 42,850 | |
Savara, Inc. (a) | 136 | 322 | |
Scholar Rock Holding Corp. (a) | 35 | 555 | |
Seattle Genetics, Inc. (a) | 456 | 31,560 | |
Solid Biosciences, Inc. (a) | 27 | 155 | |
Sorrento Therapeutics, Inc. (a) | 392 | 1,047 | |
Spark Therapeutics, Inc. (a) | 140 | 14,333 | |
Spectrum Pharmaceuticals, Inc. (a) | 398 | 3,427 | |
Stemline Therapeutics, Inc. (a) | 149 | 2,283 | |
Syndax Pharmaceuticals, Inc. (a) | 131 | 1,220 | |
T2 Biosystems, Inc. (a) | 213 | 358 | |
TG Therapeutics, Inc. (a) | 295 | 2,552 | |
Tocagen, Inc. (a) | 92 | 615 | |
Trevena, Inc. (a) | 432 | 445 | |
Twist Bioscience Corp. | 90 | 2,611 | |
Ultragenyx Pharmaceutical, Inc. (a) | 203 | 12,891 | |
United Therapeutics Corp. (a) | 186 | 14,519 | |
Vanda Pharmaceuticals, Inc. (a) | 208 | 2,931 | |
Veracyte, Inc. (a) | 139 | 3,963 | |
Verastem, Inc. (a)(b) | 413 | 624 | |
Vericel Corp. (a) | 186 | 3,514 | |
Vertex Pharmaceuticals, Inc. (a) | 1,120 | 205,386 | |
Viking Therapeutics, Inc. (a) | 196 | 1,627 | |
Voyager Therapeutics, Inc. (a) | 99 | 2,695 | |
Xencor, Inc. (a) | 198 | 8,104 | |
XOMA Corp. (a) | 48 | 713 | |
Y-mAbs Therapeutics, Inc. | 25 | 572 | |
Zafgen, Inc. (a) | 224 | 267 | |
ZIOPHARM Oncology, Inc. (a)(b) | 587 | 3,422 | |
3,325,617 | |||
Health Care Equipment & Supplies - 3.4% | |||
Abbott Laboratories | 7,530 | 633,273 | |
Abiomed, Inc. (a) | 193 | 50,275 | |
Accuray, Inc. (a) | 296 | 1,146 | |
Align Technology, Inc. (a) | 310 | 84,847 | |
Angiodynamics, Inc. (a) | 170 | 3,347 | |
Antares Pharma, Inc. (a) | 497 | 1,635 | |
Atricure, Inc. (a) | 142 | 4,237 | |
Atrion Corp. | 6 | 5,116 | |
Avanos Medical, Inc. (a) | 198 | 8,635 | |
AxoGen, Inc. (a) | 142 | 2,812 | |
Axonics Modulation Technologies, Inc. (a) | 34 | 1,393 | |
Baxter International, Inc. | 2,183 | 178,788 | |
Becton, Dickinson & Co. | 1,161 | 292,584 | |
BioLife Solutions, Inc. (a) | 65 | 1,102 | |
Boston Scientific Corp. (a) | 6,008 | 258,224 | |
Cantel Medical Corp. | 156 | 12,580 | |
Cardiovascular Systems, Inc. (a) | 152 | 6,525 | |
Cerus Corp. (a) | 592 | 3,327 | |
CONMED Corp. | 104 | 8,899 | |
Cryolife, Inc. (a) | 141 | 4,220 | |
CryoPort, Inc. (a) | 107 | 1,960 | |
Cutera, Inc. (a) | 77 | 1,600 | |
CytoSorbents Corp. (a) | 123 | 813 | |
Danaher Corp. | 2,645 | 378,023 | |
Dentsply Sirona, Inc. | 947 | 55,267 | |
DexCom, Inc. (a) | 378 | 56,640 | |
Edwards Lifesciences Corp. (a) | 909 | 167,929 | |
Endologix, Inc. (a) | 14 | 101 | |
Genmark Diagnostics, Inc. (a) | 189 | 1,227 | |
Glaukos Corp. (a) | 145 | 10,933 | |
Globus Medical, Inc. (a) | 316 | 13,367 | |
Haemonetics Corp. (a) | 220 | 26,475 | |
Heska Corp. (a) | 34 | 2,896 | |
Hill-Rom Holdings, Inc. | 285 | 29,817 | |
Hologic, Inc. (a) | 1,146 | 55,031 | |
ICU Medical, Inc. (a) | 69 | 17,382 | |
IDEXX Laboratories, Inc. (a) | 367 | 101,046 | |
Inogen, Inc. (a) | 77 | 5,141 | |
Inspire Medical Systems, Inc. (a) | 49 | 2,972 | |
Insulet Corp. (a) | 253 | 30,203 | |
Integer Holdings Corp. (a) | 129 | 10,826 | |
Integra LifeSciences Holdings Corp. (a) | 291 | 16,252 | |
IntriCon Corp. (a) | 38 | 888 | |
Intuitive Surgical, Inc. (a) | 496 | 260,177 | |
Invacare Corp. | 158 | 820 | |
iRhythm Technologies, Inc. (a) | 92 | 7,275 | |
Lantheus Holdings, Inc. (a) | 155 | 4,387 | |
LeMaitre Vascular, Inc. | 75 | 2,099 | |
LivaNova PLC (a) | 203 | 14,608 | |
Masimo Corp. (a) | 206 | 30,657 | |
Medtronic PLC | 5,758 | 560,772 | |
Meridian Bioscience, Inc. | 173 | 2,055 | |
Merit Medical Systems, Inc. (a) | 235 | 13,997 | |
Mesa Laboratories, Inc. | 14 | 3,421 | |
Natus Medical, Inc. (a) | 146 | 3,751 | |
Neogen Corp. (a) | 223 | 13,851 | |
Nevro Corp. (a) | 131 | 8,493 | |
NuVasive, Inc. (a) | 221 | 12,937 | |
Nuvectra Corp. (a) | 72 | 241 | |
OraSure Technologies, Inc. (a) | 251 | 2,329 | |
Orthofix International NV (a) | 80 | 4,230 | |
OrthoPediatrics Corp. (a) | 29 | 1,131 | |
Penumbra, Inc. (a) | 131 | 20,960 | |
Quanterix Corp. (a) | 45 | 1,521 | |
Quidel Corp. (a) | 151 | 8,957 | |
ResMed, Inc. | 606 | 73,950 | |
Seaspine Holdings Corp. (a) | 63 | 835 | |
Senseonics Holdings, Inc. (a)(b) | 429 | 875 | |
SI-BONE, Inc. | 32 | 651 | |
Sientra, Inc. (a) | 122 | 752 | |
Staar Surgical Co. (a) | 111 | 3,261 | |
STERIS PLC | 360 | 53,597 | |
Stryker Corp. | 1,320 | 271,366 | |
SurModics, Inc. (a) | 68 | 2,936 | |
Tactile Systems Technology, Inc. (a) | 77 | 4,383 | |
Tandem Diabetes Care, Inc. (a) | 241 | 15,549 | |
Teleflex, Inc. | 196 | 64,905 | |
The Cooper Companies, Inc. | 209 | 70,410 | |
TransEnterix, Inc. (a) | 693 | 942 | |
Varex Imaging Corp. (a) | 159 | 4,873 | |
Varian Medical Systems, Inc. (a) | 388 | 52,818 | |
ViewRay, Inc. (a) | 238 | 2,097 | |
West Pharmaceutical Services, Inc. | 316 | 39,547 | |
Wright Medical Group NV (a) | 499 | 14,880 | |
Zimmer Biomet Holdings, Inc. | 867 | 102,081 | |
4,309,131 | |||
Health Care Providers & Services - 2.5% | |||
Acadia Healthcare Co., Inc. (a) | 380 | 13,281 | |
Addus HomeCare Corp. (a) | 47 | 3,523 | |
Amedisys, Inc. (a) | 125 | 15,176 | |
American Renal Associates Holdings, Inc. (a) | 30 | 223 | |
AmerisourceBergen Corp. | 667 | 56,868 | |
AMN Healthcare Services, Inc. (a) | 203 | 11,013 | |
Anthem, Inc. | 1,116 | 314,946 | |
Apollo Medical Holdings, Inc. (a) | 84 | 1,404 | |
BioScrip, Inc. (a) | 467 | 1,214 | |
BioTelemetry, Inc. (a) | 135 | 6,500 | |
Brookdale Senior Living, Inc. (a) | 788 | 5,681 | |
Capital Senior Living Corp. (a) | 83 | 417 | |
Cardinal Health, Inc. | 1,271 | 59,864 | |
Centene Corp. (a) | 1,747 | 91,613 | |
Chemed Corp. | 69 | 24,898 | |
Cigna Corp. | 1,646 | 259,327 | |
Community Health Systems, Inc. (a)(b) | 406 | 1,084 | |
Corvel Corp. (a) | 41 | 3,567 | |
Covetrus, Inc. (a) | 417 | 10,200 | |
Cross Country Healthcare, Inc. (a) | 203 | 1,904 | |
CVS Health Corp. | 5,588 | 304,490 | |
DaVita HealthCare Partners, Inc. (a) | 538 | 30,268 | |
Diplomat Pharmacy, Inc. (a) | 187 | 1,139 | |
Elanco Animal Health, Inc. | 1,554 | 52,525 | |
Encompass Health Corp. | 415 | 26,294 | |
G1 Therapeutics, Inc. (a) | 118 | 3,618 | |
HCA Holdings, Inc. | 1,141 | 154,229 | |
HealthEquity, Inc. (a) | 229 | 14,977 | |
Henry Schein, Inc. (a) | 649 | 45,365 | |
Humana, Inc. | 583 | 154,670 | |
Laboratory Corp. of America Holdings (a) | 429 | 74,174 | |
LHC Group, Inc. (a) | 124 | 14,828 | |
Magellan Health Services, Inc. (a) | 103 | 7,646 | |
McKesson Corp. | 831 | 111,678 | |
MEDNAX, Inc. (a) | 369 | 9,310 | |
Molina Healthcare, Inc. (a) | 263 | 37,646 | |
National Healthcare Corp. | 50 | 4,058 | |
National Vision Holdings, Inc. (a) | 260 | 7,990 | |
Neuronetics, Inc. | 48 | 600 | |
OptiNose, Inc. (a) | 74 | 524 | |
Owens & Minor, Inc. | 217 | 694 | |
Patterson Companies, Inc. | 333 | 7,626 | |
PetIQ, Inc. Class A (a) | 60 | 1,978 | |
Premier, Inc. (a) | 227 | 8,878 | |
Providence Service Corp. | 39 | 2,236 | |
Quest Diagnostics, Inc. | 579 | 58,948 | |
R1 RCM, Inc. (a) | 434 | 5,460 | |
RadNet, Inc. (a) | 153 | 2,110 | |
Select Medical Holdings Corp. (a) | 447 | 7,094 | |
Surgery Partners, Inc. (a) | 49 | 399 | |
Tenet Healthcare Corp. (a) | 339 | 7,004 | |
The Ensign Group, Inc. | 212 | 12,067 | |
Tivity Health, Inc. (a) | 175 | 2,877 | |
Triple-S Management Corp. (a) | 104 | 2,480 | |
U.S. Physical Therapy, Inc. | 55 | 6,741 | |
UnitedHealth Group, Inc. | 4,129 | 1,007,517 | |
Universal Health Services, Inc. Class B | 363 | 47,332 | |
Wellcare Health Plans, Inc. (a) | 213 | 60,720 | |
3,180,893 | |||
Health Care Technology - 0.2% | |||
Allscripts Healthcare Solutions, Inc. (a) | 724 | 8,420 | |
Castlight Health, Inc. Class B (a) | 342 | 1,105 | |
Cerner Corp. | 1,402 | 102,767 | |
Computer Programs & Systems, Inc. | 60 | 1,667 | |
Evolent Health, Inc. (a) | 286 | 2,274 | |
HealthStream, Inc. (a) | 135 | 3,491 | |
HMS Holdings Corp. (a) | 349 | 11,304 | |
Inovalon Holdings, Inc. Class A (a) | 292 | 4,237 | |
Medidata Solutions, Inc. (a) | 262 | 23,714 | |
Nextgen Healthcare, Inc. (a) | 194 | 3,861 | |
Omnicell, Inc. (a) | 165 | 14,195 | |
Tabula Rasa HealthCare, Inc. (a) | 80 | 3,994 | |
Teladoc Health, Inc. (a)(b) | 294 | 19,525 | |
Veeva Systems, Inc. Class A (a) | 518 | 83,973 | |
Vocera Communications, Inc. (a) | 124 | 3,958 | |
288,485 | |||
Life Sciences Tools & Services - 1.1% | |||
Accelerate Diagnostics, Inc. (a) | 95 | 2,174 | |
Agilent Technologies, Inc. | 1,355 | 101,178 | |
Bio-Rad Laboratories, Inc. Class A (a) | 86 | 26,883 | |
Bio-Techne Corp. | 161 | 33,567 | |
Bruker Corp. | 430 | 21,479 | |
Cambrex Corp. (a) | 139 | 6,507 | |
Charles River Laboratories International, Inc. (a) | 203 | 28,806 | |
Codexis, Inc. (a) | 211 | 3,889 | |
Fluidigm Corp. (a) | 199 | 2,452 | |
Illumina, Inc. (a) | 636 | 234,143 | |
IQVIA Holdings, Inc. (a) | 673 | 108,286 | |
Luminex Corp. | 177 | 3,653 | |
Medpace Holdings, Inc. (a) | 107 | 7,000 | |
Mettler-Toledo International, Inc. (a) | 106 | 89,040 | |
Nanostring Technologies, Inc. (a) | 115 | 3,490 | |
NeoGenomics, Inc. (a) | 404 | 8,864 | |
Pacific Biosciences of California, Inc. (a) | 604 | 3,654 | |
PerkinElmer, Inc. | 468 | 45,087 | |
PRA Health Sciences, Inc. (a) | 246 | 24,391 | |
Syneos Health, Inc. (a) | 254 | 12,977 | |
Thermo Fisher Scientific, Inc. | 1,733 | 508,947 | |
Waters Corp. (a) | 323 | 69,523 | |
1,345,990 | |||
Pharmaceuticals - 4.1% | |||
AcelRx Pharmaceuticals, Inc. (a)(b) | 380 | 961 | |
Aclaris Therapeutics, Inc. (a) | 197 | 431 | |
Adamis Pharmaceuticals Corp. (a) | 261 | 339 | |
Aerie Pharmaceuticals, Inc. (a) | 170 | 5,024 | |
Akcea Therapeutics, Inc. (a) | 67 | 1,571 | |
Akorn, Inc. (a) | 464 | 2,390 | |
Allergan PLC | 1,348 | 225,696 | |
Amneal Pharmaceuticals, Inc. (a) | 344 | 2,466 | |
Amphastar Pharmaceuticals, Inc. (a) | 150 | 3,167 | |
ANI Pharmaceuticals, Inc. (a) | 36 | 2,959 | |
Aratana Therapeutics, Inc. (a) | 186 | 960 | |
Arvinas Holding Co. LLC (a) | 30 | 660 | |
Assertio Therapeutics, Inc. (a) | 321 | 1,107 | |
Athenex, Inc. (a) | 193 | 3,821 | |
Biodelivery Sciences International, Inc. (a) | 310 | 1,442 | |
Bristol-Myers Squibb Co. | 7,053 | 319,854 | |
Catalent, Inc. (a) | 620 | 33,610 | |
Collegium Pharmaceutical, Inc. (a) | 127 | 1,670 | |
Corcept Therapeutics, Inc. (a) | 478 | 5,330 | |
Corteva, Inc. | 3,251 | 96,132 | |
Cyclerion Therapeutics, Inc. (a) | 54 | 618 | |
CymaBay Therapeutics, Inc. (a) | 265 | 1,897 | |
Dermira, Inc. (a) | 127 | 1,214 | |
Dova Pharmaceuticals, Inc. (a) | 86 | 1,213 | |
Eli Lilly & Co. | 4,068 | 450,694 | |
Endo International PLC (a) | 828 | 3,411 | |
Evolus, Inc. (a) | 49 | 716 | |
Horizon Pharma PLC (a) | 716 | 17,227 | |
Innoviva, Inc. (a) | 276 | 4,019 | |
Intersect ENT, Inc. (a) | 124 | 2,822 | |
Intra-Cellular Therapies, Inc. (a) | 221 | 2,869 | |
Jazz Pharmaceuticals PLC (a) | 257 | 36,638 | |
Johnson & Johnson | 11,496 | 1,601,163 | |
Kala Pharmaceuticals, Inc. (a) | 139 | 887 | |
Lannett Co., Inc. (a) | 145 | 879 | |
Mallinckrodt PLC (a) | 356 | 3,268 | |
Marinus Pharmaceuticals, Inc. (a) | 275 | 1,141 | |
Merck & Co., Inc. | 11,169 | 936,521 | |
Mylan NV (a) | 2,193 | 41,755 | |
MyoKardia, Inc. (a) | 137 | 6,869 | |
Nektar Therapeutics (a) | 736 | 26,187 | |
Neos Therapeutics, Inc. (a) | 116 | 150 | |
Ocular Therapeutix, Inc. (a)(b) | 194 | 854 | |
Omeros Corp. (a)(b) | 187 | 2,934 | |
Pacira Biosciences, Inc. (a) | 179 | 7,785 | |
Paratek Pharmaceuticals, Inc. (a) | 65 | 259 | |
Perrigo Co. PLC | 532 | 25,334 | |
Pfizer, Inc. | 24,814 | 1,074,942 | |
Phibro Animal Health Corp. Class A | 89 | 2,828 | |
Prestige Brands Holdings, Inc. (a) | 225 | 7,128 | |
Reata Pharmaceuticals, Inc. (a) | 65 | 6,133 | |
Revance Therapeutics, Inc. (a) | 160 | 2,075 | |
Rhythm Pharmaceuticals, Inc. (a) | 79 | 1,738 | |
SIGA Technologies, Inc. (a) | 162 | 920 | |
Supernus Pharmaceuticals, Inc. (a) | 216 | 7,147 | |
The Medicines Company (a) | 281 | 10,248 | |
TherapeuticsMD, Inc. (a)(b) | 802 | 2,085 | |
Theravance Biopharma, Inc. (a) | 173 | 2,825 | |
Tricida, Inc. | 59 | 2,328 | |
WAVE Life Sciences (a) | 58 | 1,513 | |
Zoetis, Inc. Class A | 2,087 | 236,854 | |
Zogenix, Inc. (a) | 169 | 8,075 | |
Zynerba Pharmaceuticals, Inc. (a) | 105 | 1,423 | |
5,257,176 | |||
TOTAL HEALTH CARE | 17,707,292 | ||
INDUSTRIALS - 10.0% | |||
Aerospace & Defense - 2.3% | |||
AAR Corp. | 139 | 5,114 | |
Aerojet Rocketdyne Holdings, Inc. (a) | 307 | 13,744 | |
AeroVironment, Inc. (a) | 94 | 5,336 | |
Arconic, Inc. | 1,830 | 47,251 | |
Astronics Corp. (a) | 113 | 4,545 | |
Axon Enterprise, Inc. (a) | 250 | 16,053 | |
BWX Technologies, Inc. | 409 | 21,309 | |
Cubic Corp. | 125 | 8,060 | |
Curtiss-Wright Corp. | 187 | 23,773 | |
Ducommun, Inc. (a) | 49 | 2,208 | |
General Dynamics Corp. | 1,183 | 215,093 | |
Harris Corp. | 500 | 94,565 | |
HEICO Corp. | 180 | 24,086 | |
HEICO Corp. Class A | 297 | 30,701 | |
Hexcel Corp. | 364 | 29,440 | |
Huntington Ingalls Industries, Inc. | 182 | 40,903 | |
Kratos Defense & Security Solutions, Inc. (a) | 383 | 8,767 | |
Lockheed Martin Corp. | 1,070 | 388,988 | |
Mercury Systems, Inc. (a) | 210 | 14,774 | |
Moog, Inc. Class A | 140 | 13,105 | |
National Presto Industries, Inc. | 20 | 1,866 | |
Northrop Grumman Corp. | 758 | 244,917 | |
Raytheon Co. | 1,210 | 210,395 | |
Spirit AeroSystems Holdings, Inc. Class A | 448 | 36,454 | |
Teledyne Technologies, Inc. (a) | 152 | 41,628 | |
Textron, Inc. | 1,034 | 54,843 | |
The Boeing Co. | 2,266 | 824,847 | |
TransDigm Group, Inc. (a) | 206 | 99,663 | |
Triumph Group, Inc. | 194 | 4,443 | |
United Technologies Corp. | 3,513 | 457,393 | |
Vectrus, Inc. (a) | 59 | 2,393 | |
Wesco Aircraft Holdings, Inc. (a) | 290 | 3,219 | |
2,989,876 | |||
Air Freight & Logistics - 0.5% | |||
Air Transport Services Group, Inc. (a) | 247 | 6,027 | |
Atlas Air Worldwide Holdings, Inc. (a) | 104 | 4,643 | |
C.H. Robinson Worldwide, Inc. | 585 | 49,345 | |
Echo Global Logistics, Inc. (a) | 123 | 2,567 | |
Expeditors International of Washington, Inc. | 735 | 55,757 | |
FedEx Corp. | 1,085 | 178,146 | |
Forward Air Corp. | 128 | 7,571 | |
Hub Group, Inc. Class A (a) | 140 | 5,877 | |
United Parcel Service, Inc. Class B | 3,007 | 310,533 | |
XPO Logistics, Inc. (a) | 538 | 31,102 | |
651,568 | |||
Airlines - 0.4% | |||
Alaska Air Group, Inc. | 526 | 33,617 | |
Allegiant Travel Co. | 52 | 7,462 | |
American Airlines Group, Inc. | 1,751 | 57,100 | |
Delta Air Lines, Inc. | 2,651 | 150,444 | |
Hawaiian Holdings, Inc. | 221 | 6,062 | |
JetBlue Airways Corp. (a) | 1,291 | 23,871 | |
Mesa Air Group, Inc. | 77 | 704 | |
SkyWest, Inc. | 222 | 13,469 | |
Southwest Airlines Co. | 2,151 | 109,228 | |
Spirit Airlines, Inc. (a) | 289 | 13,794 | |
United Continental Holdings, Inc. (a) | 972 | 85,099 | |
500,850 | |||
Building Products - 0.4% | |||
A.O. Smith Corp. | 613 | 28,909 | |
AAON, Inc. | 174 | 8,731 | |
Advanced Drain Systems, Inc. Del | 182 | 5,968 | |
Allegion PLC | 404 | 44,662 | |
American Woodmark Corp. (a) | 68 | 5,754 | |
Apogee Enterprises, Inc. | 123 | 5,343 | |
Armstrong World Industries, Inc. | 213 | 20,704 | |
Builders FirstSource, Inc. (a) | 506 | 8,531 | |
Continental Building Products, Inc. (a) | 137 | 3,640 | |
COVIA Corp. (a) | 109 | 214 | |
CSW Industrials, Inc. | 65 | 4,430 | |
Fortune Brands Home & Security, Inc. | 596 | 34,049 | |
GCP Applied Technologies, Inc. (a) | 307 | 6,950 | |
Gibraltar Industries, Inc. (a) | 141 | 5,691 | |
GMS, Inc. (a) | 123 | 2,706 | |
Griffon Corp. | 139 | 2,352 | |
Insteel Industries, Inc. | 66 | 1,374 | |
Jeld-Wen Holding, Inc. (a) | 290 | 6,157 | |
Johnson Controls International PLC | 4,135 | 170,817 | |
Lennox International, Inc. | 154 | 42,350 | |
Masco Corp. | 1,300 | 51,012 | |
Masonite International Corp. (a) | 108 | 5,689 | |
NCI Building Systems, Inc. (a) | 253 | 1,475 | |
Owens Corning | 460 | 26,772 | |
Patrick Industries, Inc. (a) | 102 | 5,017 | |
PGT, Inc. (a) | 238 | 3,979 | |
Quanex Building Products Corp. | 138 | 2,607 | |
Resideo Technologies, Inc. (a) | 520 | 11,398 | |
Simpson Manufacturing Co. Ltd. | 170 | 11,298 | |
Trex Co., Inc. (a) | 250 | 17,925 | |
Universal Forest Products, Inc. | 268 | 10,200 | |
556,704 | |||
Commercial Services & Supplies - 0.6% | |||
ABM Industries, Inc. | 277 | 11,080 | |
ACCO Brands Corp. | 375 | 2,951 | |
ADS Waste Holdings, Inc. (a) | 311 | 9,924 | |
Brady Corp. Class A | 198 | 9,765 | |
BrightView Holdings, Inc. | 87 | 1,628 | |
Casella Waste Systems, Inc. Class A (a) | 173 | 6,856 | |
Cintas Corp. | 369 | 87,560 | |
Clean Harbors, Inc. (a) | 219 | 15,571 | |
Copart, Inc. (a) | 876 | 65,472 | |
Covanta Holding Corp. | 493 | 8,830 | |
Deluxe Corp. | 188 | 7,644 | |
Ennis, Inc. | 111 | 2,278 | |
Evoqua Water Technologies Corp. (a) | 262 | 3,731 | |
Healthcare Services Group, Inc. | 320 | 9,702 | |
Heritage-Crystal Clean, Inc. (a) | 46 | 1,210 | |
Herman Miller, Inc. | 266 | 11,890 | |
HNI Corp. | 194 | 6,864 | |
Interface, Inc. | 264 | 4,047 | |
KAR Auction Services, Inc. | 576 | 14,400 | |
Kimball International, Inc. Class B | 135 | 2,353 | |
Knoll, Inc. | 218 | 5,010 | |
LSC Communications, Inc. | 90 | 330 | |
Matthews International Corp. Class A | 142 | 4,949 | |
McGrath RentCorp. | 105 | 6,526 | |
Mobile Mini, Inc. | 199 | 6,056 | |
MSA Safety, Inc. | 148 | 15,598 | |
Multi-Color Corp. | 55 | 2,748 | |
Pitney Bowes, Inc. | 793 | 3,394 | |
Quad/Graphics, Inc. | 110 | 870 | |
R.R. Donnelley & Sons Co. | 324 | 638 | |
Republic Services, Inc. | 925 | 80,142 | |
Rollins, Inc. | 631 | 22,634 | |
SP Plus Corp. (a) | 113 | 3,608 | |
Steelcase, Inc. Class A | 348 | 5,951 | |
Stericycle, Inc. (a) | 355 | 16,951 | |
Team, Inc. (a) | 127 | 1,946 | |
Tetra Tech, Inc. | 234 | 18,381 | |
The Brink's Co. | 211 | 17,129 | |
U.S. Ecology, Inc. | 95 | 5,656 | |
UniFirst Corp. | 66 | 12,446 | |
Viad Corp. | 87 | 5,763 | |
Waste Management, Inc. | 1,724 | 198,898 | |
719,380 | |||
Construction & Engineering - 0.2% | |||
AECOM (a) | 672 | 25,435 | |
Aegion Corp. (a) | 121 | 2,226 | |
Ameresco, Inc. Class A (a) | 68 | 1,002 | |
Arcosa, Inc. | 214 | 8,053 | |
Argan, Inc. | 69 | 2,799 | |
Comfort Systems U.S.A., Inc. | 158 | 8,056 | |
Dycom Industries, Inc. (a) | 139 | 8,183 | |
EMCOR Group, Inc. | 246 | 21,673 | |
Fluor Corp. | 594 | 20,012 | |
Granite Construction, Inc. | 201 | 9,684 | |
Great Lakes Dredge & Dock Corp. (a) | 253 | 2,793 | |
HC2 Holdings, Inc. (a) | 258 | 609 | |
Jacobs Engineering Group, Inc. | 510 | 43,039 | |
Keane Group, Inc. (a) | 190 | 1,277 | |
MasTec, Inc. (a) | 273 | 14,068 | |
MYR Group, Inc. (a) | 70 | 2,615 | |
NV5 Holdings, Inc. (a) | 44 | 3,582 | |
Orion Group Holdings, Inc. (a) | 179 | 480 | |
Primoris Services Corp. | 174 | 3,642 | |
Quanta Services, Inc. | 619 | 23,640 | |
Sterling Construction Co., Inc. (a) | 89 | 1,194 | |
Tutor Perini Corp. (a) | 145 | 2,011 | |
Valmont Industries, Inc. | 95 | 12,047 | |
Williams Scotsman Corp. (a) | 151 | 2,271 | |
220,391 | |||
Electrical Equipment - 0.6% | |||
Acuity Brands, Inc. | 169 | 23,307 | |
Allied Motion Technologies, Inc. | 28 | 1,061 | |
AMETEK, Inc. | 988 | 89,750 | |
AZZ, Inc. | 105 | 4,832 | |
Eaton Corp. PLC | 1,843 | 153,485 | |
Emerson Electric Co. | 2,851 | 190,219 | |
Encore Wire Corp. | 79 | 4,628 | |
Energous Corp. (a) | 47 | 205 | |
EnerSys | 182 | 12,467 | |
Enphase Energy, Inc. (a) | 337 | 6,144 | |
Fortive Corp. | 1,250 | 101,900 | |
Generac Holdings, Inc. (a) | 265 | 18,394 | |
GrafTech International Ltd. | 282 | 3,243 | |
Hubbell, Inc. Class B | 232 | 30,253 | |
Plug Power, Inc. (a)(b) | 1,125 | 2,531 | |
Regal Beloit Corp. | 186 | 15,198 | |
Rockwell Automation, Inc. | 514 | 84,209 | |
Sensata Technologies, Inc. PLC (a) | 700 | 34,300 | |
Sunrun, Inc. (a) | 334 | 6,266 | |
Thermon Group Holdings, Inc. (a) | 154 | 3,950 | |
TPI Composites, Inc. (a) | 66 | 1,632 | |
Vicor Corp. (a) | 59 | 1,832 | |
Vivint Solar, Inc. (a) | 242 | 1,767 | |
791,573 | |||
Industrial Conglomerates - 1.3% | |||
3M Co. | 2,504 | 434,043 | |
Carlisle Companies, Inc. | 252 | 35,383 | |
General Electric Co. | 37,366 | 392,343 | |
Honeywell International, Inc. | 3,183 | 555,720 | |
ITT, Inc. | 375 | 24,555 | |
Raven Industries, Inc. | 149 | 5,346 | |
Roper Technologies, Inc. | 440 | 161,154 | |
1,608,544 | |||
Machinery - 1.9% | |||
Actuant Corp. Class A | 250 | 6,203 | |
AGCO Corp. | 282 | 21,875 | |
Alamo Group, Inc. | 41 | 4,097 | |
Albany International Corp. Class A | 121 | 10,032 | |
Allison Transmission Holdings, Inc. | 502 | 23,268 | |
Altra Industrial Motion Corp. | 279 | 10,011 | |
Apergy Corp. (a) | 337 | 11,303 | |
Astec Industries, Inc. | 94 | 3,061 | |
Barnes Group, Inc. | 192 | 10,817 | |
Blue Bird Corp. (a) | 53 | 1,044 | |
Briggs & Stratton Corp. | 168 | 1,720 | |
Cactus, Inc. (a) | 157 | 5,200 | |
Caterpillar, Inc. | 2,563 | 349,311 | |
Chart Industries, Inc. (a) | 135 | 10,379 | |
CIRCOR International, Inc. (a) | 79 | 3,634 | |
Colfax Corp. (a) | 411 | 11,520 | |
Columbus McKinnon Corp. (NY Shares) | 95 | 3,987 | |
Commercial Vehicle Group, Inc. (a) | 157 | 1,259 | |
Crane Co. | 213 | 17,773 | |
Cummins, Inc. | 628 | 107,602 | |
Deere & Co. | 1,397 | 231,497 | |
Donaldson Co., Inc. | 543 | 27,617 | |
Douglas Dynamics, Inc. | 89 | 3,541 | |
Dover Corp. | 623 | 62,425 | |
Energy Recovery, Inc. (a) | 161 | 1,678 | |
EnPro Industries, Inc. | 91 | 5,809 | |
ESCO Technologies, Inc. | 112 | 9,253 | |
Federal Signal Corp. | 245 | 6,554 | |
Flowserve Corp. | 550 | 28,980 | |
Franklin Electric Co., Inc. | 168 | 7,980 | |
Gardner Denver Holdings, Inc. (a) | 547 | 18,926 | |
Gates Industrial Corp. PLC (a) | 173 | 1,974 | |
Global Brass & Copper Holdings, Inc. | 95 | 4,154 | |
Gorman-Rupp Co. | 83 | 2,725 | |
Graco, Inc. | 710 | 35,628 | |
Greenbrier Companies, Inc. | 126 | 3,830 | |
Harsco Corp. (a) | 347 | 9,522 | |
Hillenbrand, Inc. | 252 | 9,972 | |
Hyster-Yale Materials Handling Class A | 44 | 2,431 | |
IDEX Corp. | 326 | 56,118 | |
Illinois Tool Works, Inc. | 1,298 | 195,751 | |
Ingersoll-Rand PLC | 1,044 | 132,243 | |
John Bean Technologies Corp. | 135 | 16,353 | |
Kadant, Inc. | 44 | 3,996 | |
Kennametal, Inc. | 354 | 13,094 | |
Lincoln Electric Holdings, Inc. | 279 | 22,967 | |
Lindsay Corp. | 43 | 3,535 | |
Lydall, Inc. (a) | 57 | 1,151 | |
Manitowoc Co., Inc. (a) | 138 | 2,456 | |
Meritor, Inc. (a) | 349 | 8,463 | |
Middleby Corp. (a)(b) | 235 | 31,890 | |
Milacron Holdings Corp. (a) | 327 | 4,513 | |
Mueller Industries, Inc. | 256 | 7,493 | |
Mueller Water Products, Inc. Class A | 645 | 6,334 | |
Navistar International Corp. New (a) | 275 | 9,474 | |
NN, Inc. | 162 | 1,581 | |
Nordson Corp. | 223 | 31,512 | |
Oshkosh Corp. | 304 | 25,381 | |
PACCAR, Inc. | 1,486 | 106,487 | |
Parker Hannifin Corp. | 564 | 95,886 | |
Pentair PLC | 673 | 25,036 | |
ProPetro Holding Corp. (a) | 308 | 6,376 | |
Proto Labs, Inc. (a) | 112 | 12,994 | |
RBC Bearings, Inc. (a) | 104 | 17,348 | |
Rexnord Corp. (a) | 449 | 13,569 | |
Snap-On, Inc. | 238 | 39,422 | |
Spartan Motors, Inc. | 165 | 1,808 | |
SPX Corp. (a) | 188 | 6,208 | |
SPX Flow, Inc. (a) | 173 | 7,242 | |
Standex International Corp. | 49 | 3,584 | |
Stanley Black & Decker, Inc. | 642 | 92,840 | |
Sun Hydraulics Corp. | 121 | 5,616 | |
Tennant Co. | 72 | 4,406 | |
Terex Corp. | 261 | 8,195 | |
Timken Co. | 297 | 15,248 | |
Titan International, Inc. | 190 | 929 | |
Toro Co. | 442 | 29,570 | |
TriMas Corp. (a) | 188 | 5,822 | |
Trinity Industries, Inc. | 600 | 12,450 | |
Wabash National Corp. | 234 | 3,807 | |
WABCO Holdings, Inc. (a) | 224 | 29,702 | |
Wabtec Corp. (b) | 567 | 40,688 | |
Watts Water Technologies, Inc. Class A | 120 | 11,182 | |
Welbilt, Inc. (a) | 536 | 8,951 | |
Woodward, Inc. | 239 | 27,045 | |
Xylem, Inc. | 766 | 64,068 | |
2,359,376 | |||
Marine - 0.0% | |||
Eagle Bulk Shipping, Inc. (a) | 280 | 1,467 | |
Genco Shipping & Trading Ltd. (a) | 96 | 810 | |
Kirby Corp. (a) | 224 | 17,696 | |
Matson, Inc. | 172 | 6,682 | |
26,655 | |||
Professional Services - 0.5% | |||
Asgn, Inc. (a) | 225 | 13,635 | |
Barrett Business Services, Inc. | 29 | 2,395 | |
BG Staffing, Inc. | 37 | 699 | |
CBIZ, Inc. (a) | 215 | 4,212 | |
CoStar Group, Inc. (a) | 155 | 85,879 | |
CRA International, Inc. | 30 | 1,150 | |
Equifax, Inc. | 513 | 69,378 | |
Exponent, Inc. | 223 | 13,054 | |
Forrester Research, Inc. | 44 | 2,069 | |
FTI Consulting, Inc. (a) | 163 | 13,666 | |
Heidrick & Struggles International, Inc. | 75 | 2,248 | |
Huron Consulting Group, Inc. (a) | 89 | 4,484 | |
ICF International, Inc. | 82 | 5,970 | |
IHS Markit Ltd. (a) | 1,526 | 97,237 | |
InnerWorkings, Inc. (a) | 115 | 439 | |
Insperity, Inc. | 162 | 19,787 | |
Kelly Services, Inc. Class A (non-vtg.) | 148 | 3,876 | |
Kforce, Inc. | 103 | 3,614 | |
Korn Ferry | 236 | 9,457 | |
Manpower, Inc. | 259 | 25,019 | |
Navigant Consulting, Inc. | 170 | 3,942 | |
Nielsen Holdings PLC | 1,504 | 33,990 | |
Resources Connection, Inc. | 147 | 2,353 | |
Robert Half International, Inc. | 518 | 29,531 | |
TransUnion Holding Co., Inc. | 788 | 57,926 | |
TriNet Group, Inc. (a) | 186 | 12,611 | |
TrueBlue, Inc. (a) | 169 | 3,728 | |
Verisk Analytics, Inc. | 700 | 102,522 | |
WageWorks, Inc. (a) | 174 | 8,837 | |
Willdan Group, Inc. (a) | 46 | 1,714 | |
635,422 | |||
Road & Rail - 1.0% | |||
AMERCO | 32 | 12,114 | |
ArcBest Corp. | 117 | 3,289 | |
Avis Budget Group, Inc. (a) | 282 | 9,915 | |
Covenant Transport Group, Inc. Class A (a) | 46 | 677 | |
CSX Corp. | 3,465 | 268,087 | |
Daseke, Inc. (a) | 301 | 1,084 | |
Genesee & Wyoming, Inc. Class A (a) | 249 | 24,900 | |
Heartland Express, Inc. | 192 | 3,469 | |
Hertz Global Holdings, Inc. (a)(b) | 243 | 3,878 | |
J.B. Hunt Transport Services, Inc. | 370 | 33,822 | |
Kansas City Southern | 432 | 52,626 | |
Knight-Swift Transportation Holdings, Inc. Class A | 535 | 17,569 | |
Landstar System, Inc. | 171 | 18,466 | |
Marten Transport Ltd. | 166 | 3,013 | |
Norfolk Southern Corp. | 1,188 | 236,804 | |
Old Dominion Freight Lines, Inc. | 280 | 41,793 | |
Ryder System, Inc. | 228 | 13,292 | |
Saia, Inc. (a) | 113 | 7,308 | |
Schneider National, Inc. Class B | 120 | 2,189 | |
U.S. Xpress Enterprises, Inc. | 105 | 540 | |
U.S.A. Truck, Inc. (a) | 46 | 465 | |
Union Pacific Corp. | 3,161 | 534,557 | |
Universal Logistics Holdings, Inc. | 45 | 1,011 | |
Werner Enterprises, Inc. | 185 | 5,750 | |
YRC Worldwide, Inc. (a) | 116 | 467 | |
1,297,085 | |||
Trading Companies & Distributors - 0.3% | |||
Air Lease Corp. Class A | 427 | 17,652 | |
Aircastle Ltd. | 227 | 4,826 | |
Applied Industrial Technologies, Inc. | 160 | 9,845 | |
Beacon Roofing Supply, Inc. (a) | 279 | 10,245 | |
BlueLinx Corp. (a) | 35 | 693 | |
BMC Stock Holdings, Inc. (a) | 266 | 5,639 | |
CAI International, Inc. (a) | 77 | 1,911 | |
DXP Enterprises, Inc. (a) | 76 | 2,880 | |
Fastenal Co. | 2,441 | 79,552 | |
GATX Corp. | 164 | 13,004 | |
General Finance Corp. (a) | 102 | 854 | |
H&E Equipment Services, Inc. | 143 | 4,160 | |
HD Supply Holdings, Inc. (a) | 776 | 31,257 | |
Herc Holdings, Inc. (a) | 95 | 4,354 | |
Kaman Corp. | 133 | 8,471 | |
MRC Global, Inc. (a) | 378 | 6,471 | |
MSC Industrial Direct Co., Inc. Class A | 197 | 14,629 | |
Now, Inc. (a) | 431 | 6,362 | |
Rush Enterprises, Inc. Class A | 131 | 4,784 | |
SiteOne Landscape Supply, Inc. (a) | 177 | 12,266 | |
Systemax, Inc. | 49 | 1,086 | |
Textainer Group Holdings Ltd. (a) | 142 | 1,431 | |
Titan Machinery, Inc. (a) | 65 | 1,338 | |
Triton International Ltd. | 226 | 7,404 | |
United Rentals, Inc. (a) | 345 | 45,757 | |
Univar, Inc. (a) | 496 | 10,932 | |
Veritiv Corp. (a) | 66 | 1,282 | |
W.W. Grainger, Inc. | 194 | 52,037 | |
Watsco, Inc. | 137 | 22,404 | |
WESCO International, Inc. (a) | 201 | 10,181 | |
393,707 | |||
Transportation Infrastructure - 0.0% | |||
Macquarie Infrastructure Co. LLC | 330 | 13,378 | |
TOTAL INDUSTRIALS | 12,764,509 | ||
INFORMATION TECHNOLOGY - 21.1% | |||
Communications Equipment - 1.2% | |||
Acacia Communications, Inc. (a) | 115 | 5,423 | |
ADTRAN, Inc. | 212 | 3,233 | |
Applied Optoelectronics, Inc. (a) | 70 | 720 | |
Arista Networks, Inc. (a) | 222 | 57,636 | |
CalAmp Corp. (a) | 151 | 1,764 | |
Calix Networks, Inc. (a) | 242 | 1,588 | |
Ciena Corp. (a) | 598 | 24,596 | |
Cisco Systems, Inc. | 19,334 | 1,058,150 | |
CommScope Holding Co., Inc. (a) | 822 | 12,930 | |
Comtech Telecommunications Corp. | 90 | 2,530 | |
EchoStar Holding Corp. Class A (a) | 210 | 9,307 | |
Extreme Networks, Inc. (a) | 456 | 2,950 | |
F5 Networks, Inc. (a) | 257 | 37,427 | |
Finisar Corp. (a) | 511 | 11,687 | |
Harmonic, Inc. (a) | 320 | 1,776 | |
Infinera Corp. (a) | 532 | 1,548 | |
InterDigital, Inc. | 139 | 8,952 | |
Juniper Networks, Inc. | 1,453 | 38,693 | |
Lumentum Holdings, Inc. (a) | 307 | 16,397 | |
Maxar Technologies, Inc. | 219 | 1,713 | |
Motorola Solutions, Inc. | 696 | 116,044 | |
NETGEAR, Inc. (a) | 135 | 3,414 | |
NetScout Systems, Inc. (a) | 283 | 7,185 | |
Plantronics, Inc. | 137 | 5,074 | |
Sonus Networks, Inc. (a) | 174 | 851 | |
Ubiquiti Networks, Inc. | 80 | 10,520 | |
ViaSat, Inc. (a) | 240 | 19,397 | |
Viavi Solutions, Inc. (a) | 984 | 13,077 | |
1,474,582 | |||
Electronic Equipment & Components - 0.9% | |||
ADT, Inc. | 579 | 3,543 | |
Amphenol Corp. Class A | 1,280 | 122,803 | |
Anixter International, Inc. (a) | 129 | 7,703 | |
Arlo Technologies, Inc. | 335 | 1,343 | |
Arrow Electronics, Inc. (a) | 371 | 26,441 | |
Avnet, Inc. | 475 | 21,503 | |
AVX Corp. | 208 | 3,453 | |
Badger Meter, Inc. | 129 | 7,700 | |
Belden, Inc. | 175 | 10,425 | |
Benchmark Electronics, Inc. | 192 | 4,823 | |
Cardtronics PLC (a) | 156 | 4,262 | |
Casa Systems, Inc. (a) | 111 | 714 | |
CDW Corp. | 638 | 70,818 | |
Cognex Corp. | 733 | 35,169 | |
Coherent, Inc. (a) | 103 | 14,046 | |
Control4 Corp. (a) | 115 | 2,731 | |
Corning, Inc. | 3,401 | 113,015 | |
CTS Corp. | 141 | 3,889 | |
Daktronics, Inc. | 114 | 703 | |
Dell Technologies, Inc. (a) | 640 | 32,512 | |
Dolby Laboratories, Inc. Class A | 268 | 17,313 | |
ePlus, Inc. (a) | 57 | 3,930 | |
Fabrinet (a) | 157 | 7,798 | |
FARO Technologies, Inc. (a) | 72 | 3,786 | |
Fitbit, Inc. (a)(b) | 888 | 3,907 | |
FLIR Systems, Inc. | 585 | 31,649 | |
II-VI, Inc. (a) | 262 | 9,579 | |
Insight Enterprises, Inc. (a) | 153 | 8,905 | |
IPG Photonics Corp. (a) | 152 | 23,446 | |
Itron, Inc. (a) | 139 | 8,697 | |
Jabil, Inc. | 621 | 19,624 | |
KEMET Corp. | 268 | 5,041 | |
Keysight Technologies, Inc. (a) | 797 | 71,579 | |
Knowles Corp. (a) | 366 | 6,701 | |
Littelfuse, Inc. | 105 | 18,576 | |
Methode Electronics, Inc. Class A | 163 | 4,657 | |
MTS Systems Corp. | 74 | 4,331 | |
National Instruments Corp. | 481 | 20,197 | |
Novanta, Inc. (a) | 141 | 13,296 | |
OSI Systems, Inc. (a) | 70 | 7,884 | |
Par Technology Corp. (a) | 38 | 1,072 | |
Park Electrochemical Corp. | 68 | 1,135 | |
PC Connection, Inc. | 41 | 1,434 | |
PC Mall, Inc. (a) | 27 | 946 | |
Plexus Corp. (a) | 127 | 7,413 | |
Rogers Corp. (a) | 80 | 13,806 | |
Sanmina Corp. (a) | 303 | 9,175 | |
ScanSource, Inc. (a) | 125 | 4,070 | |
SYNNEX Corp. | 178 | 17,515 | |
TE Connectivity Ltd. | 1,458 | 139,647 | |
Tech Data Corp. (a) | 157 | 16,422 | |
Trimble, Inc. (a) | 1,069 | 48,223 | |
TTM Technologies, Inc. (a) | 400 | 4,080 | |
Vishay Intertechnology, Inc. | 576 | 9,516 | |
Vishay Precision Group, Inc. (a) | 46 | 1,869 | |
Zebra Technologies Corp. Class A (a) | 229 | 47,973 | |
1,102,788 | |||
Internet Software & Services - 0.0% | |||
Razer, Inc. (a)(c) | 17,000 | 3,656 | |
IT Services - 5.2% | |||
Accenture PLC Class A | 2,736 | 505,531 | |
Akamai Technologies, Inc. (a) | 694 | 55,617 | |
Alliance Data Systems Corp. | 198 | 27,746 | |
Amdocs Ltd. | 602 | 37,378 | |
Automatic Data Processing, Inc. | 1,908 | 315,450 | |
Booz Allen Hamilton Holding Corp. Class A | 606 | 40,123 | |
Broadridge Financial Solutions, Inc. | 497 | 63,457 | |
CACI International, Inc. Class A (a) | 106 | 21,687 | |
Carbonite, Inc. (a) | 151 | 3,932 | |
Cass Information Systems, Inc. | 41 | 1,988 | |
Cognizant Technology Solutions Corp. Class A | 2,461 | 156,003 | |
Conduent, Inc. (a) | 752 | 7,212 | |
CoreLogic, Inc. (a) | 343 | 14,348 | |
CSG Systems International, Inc. | 144 | 7,032 | |
DXC Technology Co. | 1,193 | 65,794 | |
Endurance International Group Holdings, Inc. (a) | 325 | 1,560 | |
EPAM Systems, Inc. (a) | 219 | 37,909 | |
Euronet Worldwide, Inc. (a) | 220 | 37,013 | |
EVERTEC, Inc. | 260 | 8,502 | |
EVO Payments, Inc. Class A (a) | 110 | 3,468 | |
ExlService Holdings, Inc. (a) | 142 | 9,390 | |
Fidelity National Information Services, Inc. | 1,392 | 170,771 | |
First Data Corp. Class A (a) | 2,411 | 65,266 | |
Fiserv, Inc. (a) | 1,694 | 154,425 | |
FleetCor Technologies, Inc. (a) | 377 | 105,880 | |
Gartner, Inc. (a) | 387 | 62,284 | |
Genpact Ltd. | 599 | 22,816 | |
Global Payments, Inc. | 673 | 107,767 | |
GoDaddy, Inc. (a) | 712 | 49,947 | |
GreenSky, Inc. Class A (a)(b) | 157 | 1,930 | |
GTT Communications, Inc. (a) | 132 | 2,323 | |
Hackett Group, Inc. | 103 | 1,729 | |
i3 Verticals, Inc. Class A | 42 | 1,237 | |
IBM Corp. | 3,904 | 538,362 | |
Internap Network Services Corp. (a) | 15 | 45 | |
Jack Henry & Associates, Inc. | 330 | 44,194 | |
KBR, Inc. | 584 | 14,565 | |
Leidos Holdings, Inc. | 637 | 50,864 | |
Limelight Networks, Inc. (a) | 540 | 1,458 | |
Liveramp Holdings, Inc. (a) | 285 | 13,817 | |
ManTech International Corp. Class A | 111 | 7,309 | |
MasterCard, Inc. Class A | 3,897 | 1,030,873 | |
Maximus, Inc. | 274 | 19,876 | |
MongoDB, Inc. Class A (a) | 116 | 17,642 | |
NIC, Inc. | 269 | 4,315 | |
Okta, Inc. (a) | 331 | 40,882 | |
Paychex, Inc. | 1,360 | 111,914 | |
PayPal Holdings, Inc. (a) | 5,070 | 580,312 | |
Perficient, Inc. (a) | 142 | 4,873 | |
Perspecta, Inc. | 605 | 14,163 | |
Presidio, Inc. | 141 | 1,927 | |
Sabre Corp. | 1,165 | 25,863 | |
Science Applications International Corp. | 215 | 18,610 | |
Square, Inc. (a) | 1,311 | 95,087 | |
Switch, Inc. Class A | 179 | 2,343 | |
Sykes Enterprises, Inc. (a) | 158 | 4,339 | |
The Western Union Co. | 1,866 | 37,115 | |
Total System Services, Inc. | 713 | 91,457 | |
Ttec Holdings, Inc. | 67 | 3,122 | |
Twilio, Inc. Class A (a) | 337 | 45,950 | |
U.S.A. Technologies, Inc. (a) | 311 | 2,311 | |
Unisys Corp. (a)(b) | 243 | 2,362 | |
VeriSign, Inc. (a) | 452 | 94,540 | |
Virtusa Corp. (a) | 113 | 5,021 | |
Visa, Inc. Class A | 7,516 | 1,304,402 | |
WEX, Inc. (a) | 184 | 38,290 | |
Worldpay, Inc. (a) | 1,283 | 157,232 | |
6,592,950 | |||
Semiconductors & Semiconductor Equipment - 3.5% | |||
Adesto Technologies Corp. (a) | 135 | 1,100 | |
Advanced Energy Industries, Inc. (a) | 160 | 9,003 | |
Advanced Micro Devices, Inc. (a) | 3,738 | 113,523 | |
Amkor Technology, Inc. (a) | 584 | 4,357 | |
Analog Devices, Inc. | 1,572 | 177,432 | |
Applied Materials, Inc. | 4,177 | 187,589 | |
Aquantia Corp. (a) | 125 | 1,629 | |
Axcelis Technologies, Inc. (a) | 141 | 2,122 | |
AXT, Inc. (a) | 227 | 899 | |
Broadcom, Inc. | 1,784 | 513,542 | |
Brooks Automation, Inc. | 297 | 11,509 | |
Cabot Microelectronics Corp. | 123 | 13,540 | |
Ceva, Inc. (a) | 84 | 2,045 | |
Cirrus Logic, Inc. (a) | 258 | 11,275 | |
Cohu, Inc. | 199 | 3,071 | |
Cree, Inc. (a) | 437 | 24,551 | |
Cypress Semiconductor Corp. | 1,538 | 34,205 | |
Diodes, Inc. (a) | 176 | 6,401 | |
Entegris, Inc. | 598 | 22,317 | |
First Solar, Inc. (a) | 322 | 21,149 | |
FormFactor, Inc. (a) | 300 | 4,701 | |
Ichor Holdings Ltd. (a) | 101 | 2,388 | |
Impinj, Inc. (a) | 72 | 2,061 | |
Inphi Corp. (a) | 187 | 9,369 | |
Intel Corp. | 19,589 | 937,725 | |
KLA-Tencor Corp. | 651 | 76,948 | |
Kulicke & Soffa Industries, Inc. | 290 | 6,540 | |
Lam Research Corp. | 660 | 123,974 | |
Lattice Semiconductor Corp. (a) | 567 | 8,273 | |
MACOM Technology Solutions Holdings, Inc. (a) | 213 | 3,223 | |
Marvell Technology Group Ltd. | 2,517 | 60,081 | |
Maxim Integrated Products, Inc. | 1,181 | 70,647 | |
MaxLinear, Inc. Class A (a) | 256 | 6,001 | |
Microchip Technology, Inc. | 1,005 | 87,134 | |
Micron Technology, Inc. (a) | 4,761 | 183,727 | |
MKS Instruments, Inc. | 230 | 17,915 | |
Monolithic Power Systems, Inc. | 166 | 22,539 | |
Nanometrics, Inc. (a) | 109 | 3,783 | |
NeoPhotonics Corp. (a) | 104 | 435 | |
NVE Corp. | 22 | 1,532 | |
NVIDIA Corp. | 2,630 | 431,925 | |
ON Semiconductor Corp. (a) | 1,770 | 35,772 | |
PDF Solutions, Inc. (a) | 137 | 1,797 | |
Photronics, Inc. (a) | 267 | 2,189 | |
Pixelworks, Inc. (a) | 100 | 295 | |
Power Integrations, Inc. | 118 | 9,461 | |
Qorvo, Inc. (a) | 526 | 35,037 | |
Qualcomm, Inc. | 5,207 | 396,096 | |
Rambus, Inc. (a) | 446 | 5,370 | |
Rudolph Technologies, Inc. (a) | 123 | 3,398 | |
Semtech Corp. (a) | 283 | 13,598 | |
Silicon Laboratories, Inc. (a) | 183 | 18,922 | |
Skyworks Solutions, Inc. | 750 | 57,953 | |
SMART Global Holdings, Inc. (a) | 51 | 1,172 | |
SolarEdge Technologies, Inc. (a) | 179 | 11,180 | |
SunPower Corp. (a) | 280 | 2,993 | |
Synaptics, Inc. (a) | 144 | 4,196 | |
Teradyne, Inc. | 767 | 36,747 | |
Texas Instruments, Inc. | 4,196 | 481,533 | |
Ultra Clean Holdings, Inc. (a) | 182 | 2,533 | |
Universal Display Corp. | 181 | 34,039 | |
Veeco Instruments, Inc. (a) | 207 | 2,530 | |
Versum Materials, Inc. | 462 | 23,830 | |
Xilinx, Inc. | 1,075 | 126,764 | |
Xperi Corp. | 213 | 4,386 | |
4,533,971 | |||
Software - 6.9% | |||
2U, Inc. (a) | 255 | 9,598 | |
8x8, Inc. (a) | 413 | 9,953 | |
A10 Networks, Inc. (a) | 232 | 1,582 | |
ACI Worldwide, Inc. (a) | 498 | 17,101 | |
Adobe, Inc. (a) | 2,104 | 619,944 | |
Alarm.com Holdings, Inc. (a) | 154 | 8,239 | |
Altair Engineering, Inc. Class A (a) | 121 | 4,887 | |
Alteryx, Inc. Class A (a) | 126 | 13,749 | |
American Software, Inc. Class A | 101 | 1,328 | |
ANSYS, Inc. (a) | 356 | 72,916 | |
AppFolio, Inc. (a) | 49 | 5,011 | |
Appian Corp. Class A (a)(b) | 125 | 4,509 | |
Aspen Technology, Inc. (a) | 298 | 37,035 | |
Autodesk, Inc. (a) | 932 | 151,823 | |
Avaya Holdings Corp. (a) | 472 | 5,622 | |
Benefitfocus, Inc. (a) | 94 | 2,552 | |
Black Knight, Inc. (a) | 604 | 36,331 | |
Blackbaud, Inc. | 203 | 16,951 | |
BlackLine, Inc. (a) | 152 | 8,134 | |
Bottomline Technologies, Inc. (a) | 155 | 6,857 | |
Box, Inc. Class A (a) | 626 | 11,024 | |
Cadence Design Systems, Inc. (a) | 1,200 | 84,972 | |
Cardlytics, Inc. (a) | 48 | 1,247 | |
CDK Global, Inc. | 547 | 27,044 | |
Ceridian HCM Holding, Inc. (a) | 146 | 7,329 | |
Cision Ltd. (a) | 310 | 3,636 | |
Citrix Systems, Inc. | 542 | 53,192 | |
Cloudera, Inc. (a) | 921 | 4,844 | |
CommVault Systems, Inc. (a) | 170 | 8,435 | |
Cornerstone OnDemand, Inc. (a) | 218 | 12,629 | |
Coupa Software, Inc. (a) | 219 | 27,728 | |
Digimarc Corp. (a) | 49 | 2,175 | |
Domo, Inc. Class B | 35 | 956 | |
Dropbox, Inc. Class A (a) | 377 | 9,444 | |
Ebix, Inc. | 96 | 4,821 | |
eGain Communications Corp. (a) | 87 | 708 | |
Envestnet, Inc. (a) | 197 | 13,469 | |
Everbridge, Inc. (a) | 124 | 11,088 | |
Fair Isaac Corp. (a) | 155 | 48,673 | |
FireEye, Inc. (a) | 830 | 12,292 | |
Five9, Inc. (a) | 252 | 12,925 | |
Forescout Technologies, Inc. (a) | 99 | 3,352 | |
Fortinet, Inc. (a) | 617 | 47,404 | |
Guidewire Software, Inc. (a) | 345 | 34,976 | |
HubSpot, Inc. (a) | 154 | 26,260 | |
Instructure, Inc. (a) | 131 | 5,568 | |
Intuit, Inc. | 1,123 | 293,474 | |
j2 Global, Inc. | 198 | 17,600 | |
LivePerson, Inc. (a) | 239 | 6,702 | |
LogMeIn, Inc. | 213 | 15,694 | |
Manhattan Associates, Inc. (a) | 275 | 19,066 | |
Microsoft Corp. | 33,094 | 4,433,243 | |
MicroStrategy, Inc. Class A (a) | 41 | 5,876 | |
Mitek Systems, Inc. (a) | 118 | 1,173 | |
MobileIron, Inc. (a) | 330 | 2,046 | |
Model N, Inc. (a) | 121 | 2,360 | |
Monotype Imaging Holdings, Inc. | 164 | 2,762 | |
New Relic, Inc. (a) | 195 | 16,869 | |
Nuance Communications, Inc. (a) | 1,232 | 19,675 | |
Nutanix, Inc. Class A (a) | 311 | 8,067 | |
Onespan, Inc. (a) | 119 | 1,686 | |
Oracle Corp. | 10,932 | 622,796 | |
Palo Alto Networks, Inc. (a) | 401 | 81,708 | |
Parametric Technology Corp. (a) | 452 | 40,572 | |
Paycom Software, Inc. (a) | 205 | 46,478 | |
Paylocity Holding Corp. (a) | 131 | 12,290 | |
Pegasystems, Inc. | 160 | 11,394 | |
Pivotal Software, Inc. (a) | 193 | 2,038 | |
Pluralsight, Inc. (a) | 90 | 2,729 | |
Progress Software Corp. | 195 | 8,506 | |
Proofpoint, Inc. (a) | 231 | 27,778 | |
PROS Holdings, Inc. (a) | 143 | 9,046 | |
Q2 Holdings, Inc. (a) | 158 | 12,065 | |
QAD, Inc. Class A | 40 | 1,608 | |
Qualys, Inc. (a) | 147 | 12,801 | |
Rapid7, Inc. (a) | 180 | 10,411 | |
RealPage, Inc. (a) | 314 | 18,479 | |
Red Hat, Inc. (a) | 751 | 141,008 | |
RingCentral, Inc. (a) | 291 | 33,442 | |
SailPoint Technologies Holding, Inc. (a) | 265 | 5,311 | |
Salesforce.com, Inc. (a) | 3,305 | 501,468 | |
SecureWorks Corp. (a) | 46 | 611 | |
ServiceNow, Inc. (a) | 776 | 213,066 | |
ShotSpotter, Inc. (a) | 27 | 1,193 | |
Smartsheet, Inc. (a) | 58 | 2,807 | |
Splunk, Inc. (a) | 624 | 78,468 | |
SPS Commerce, Inc. (a) | 75 | 7,666 | |
SS&C Technologies Holdings, Inc. | 918 | 52,886 | |
Symantec Corp. | 2,718 | 59,144 | |
Synopsys, Inc. (a) | 635 | 81,718 | |
Tableau Software, Inc. (a) | 305 | 50,636 | |
Teradata Corp. (a) | 506 | 18,140 | |
The Trade Desk, Inc. (a) | 154 | 35,078 | |
TiVo Corp. | 528 | 3,891 | |
Tyler Technologies, Inc. (a) | 166 | 35,859 | |
Upland Software, Inc. (a) | 67 | 3,051 | |
Upwork, Inc. | 248 | 3,988 | |
Varonis Systems, Inc. (a) | 131 | 8,114 | |
Verint Systems, Inc. (a) | 279 | 15,005 | |
VirnetX Holding Corp. (a) | 205 | 1,273 | |
VMware, Inc. Class A | 323 | 54,009 | |
Workday, Inc. Class A (a) | 622 | 127,871 | |
Workiva, Inc. (a) | 112 | 6,506 | |
Yext, Inc. (a) | 259 | 5,203 | |
Zendesk, Inc. (a) | 452 | 40,242 | |
Zix Corp. (a) | 261 | 2,372 | |
Zuora, Inc. (a) | 56 | 858 | |
8,868,189 | |||
Technology Hardware, Storage & Peripherals - 3.4% | |||
3D Systems Corp. (a)(b) | 483 | 4,395 | |
Apple, Inc. | 19,322 | 3,824,210 | |
Cray, Inc. (a) | 179 | 6,233 | |
Diebold Nixdorf, Inc. (a) | 336 | 3,078 | |
Electronics for Imaging, Inc. (a) | 194 | 7,161 | |
Hewlett Packard Enterprise Co. | 6,048 | 90,418 | |
HP, Inc. | 6,724 | 139,792 | |
Immersion Corp. (a) | 125 | 951 | |
NCR Corp. (a) | 510 | 15,861 | |
NetApp, Inc. | 1,072 | 66,142 | |
Pure Storage, Inc. Class A (a) | 719 | 10,979 | |
Seagate Technology LLC | 1,107 | 52,162 | |
Western Digital Corp. | 1,225 | 58,249 | |
Xerox Corp. | 879 | 31,125 | |
4,310,756 | |||
TOTAL INFORMATION TECHNOLOGY | 26,886,892 | ||
MATERIALS - 2.9% | |||
Chemicals - 1.9% | |||
A. Schulman, Inc. rights (a)(d) | 54 | 23 | |
AdvanSix, Inc. (a) | 134 | 3,274 | |
Air Products & Chemicals, Inc. | 933 | 211,203 | |
Albemarle Corp. U.S. | 447 | 31,473 | |
American Vanguard Corp. | 121 | 1,865 | |
Amyris, Inc. (a) | 218 | 776 | |
Ashland Global Holdings, Inc. | 266 | 21,272 | |
Axalta Coating Systems Ltd. (a) | 902 | 26,853 | |
Balchem Corp. | 139 | 13,896 | |
Cabot Corp. | 257 | 12,261 | |
Celanese Corp. Class A | 565 | 60,907 | |
CF Industries Holdings, Inc. | 981 | 45,823 | |
Chase Corp. | 34 | 3,660 | |
Dow, Inc. (a) | 3,251 | 160,307 | |
DowDuPont, Inc. | 3,313 | 248,707 | |
Eastman Chemical Co. | 593 | 46,153 | |
Ecolab, Inc. | 1,080 | 213,235 | |
Element Solutions, Inc. (a) | 998 | 10,319 | |
Ferro Corp. (a) | 371 | 5,862 | |
Flotek Industries, Inc. (a) | 172 | 569 | |
FMC Corp. | 657 | 54,498 | |
FutureFuel Corp. | 94 | 1,099 | |
H.B. Fuller Co. | 205 | 9,512 | |
Hawkins, Inc. | 34 | 1,476 | |
Huntsman Corp. | 917 | 18,743 | |
Ingevity Corp. (a) | 179 | 18,825 | |
Innophos Holdings, Inc. | 77 | 2,241 | |
Innospec, Inc. | 106 | 9,671 | |
International Flavors & Fragrances, Inc. | 430 | 62,389 | |
Intrepid Potash, Inc. (a) | 452 | 1,519 | |
Koppers Holdings, Inc. (a) | 97 | 2,848 | |
Kraton Performance Polymers, Inc. (a) | 144 | 4,474 | |
Kronos Worldwide, Inc. | 103 | 1,578 | |
Linde PLC | 2,379 | 477,703 | |
LyondellBasell Industries NV Class A | 1,337 | 115,156 | |
Minerals Technologies, Inc. | 160 | 8,562 | |
NewMarket Corp. | 37 | 14,835 | |
Olin Corp. | 703 | 15,403 | |
OMNOVA Solutions, Inc. (a) | 142 | 885 | |
PolyOne Corp. | 344 | 10,798 | |
PPG Industries, Inc. | 1,019 | 118,927 | |
PQ Group Holdings, Inc. (a) | 165 | 2,615 | |
Quaker Chemical Corp. | 57 | 11,564 | |
Rayonier Advanced Materials, Inc. | 220 | 1,428 | |
RPM International, Inc. | 567 | 34,649 | |
Sensient Technologies Corp. | 193 | 14,182 | |
Sherwin-Williams Co. | 350 | 160,402 | |
Stepan Co. | 89 | 8,180 | |
The Chemours Co. LLC | 733 | 17,592 | |
The Mosaic Co. | 1,498 | 37,495 | |
The Scotts Miracle-Gro Co. Class A | 166 | 16,351 | |
Tredegar Corp. | 93 | 1,546 | |
Trinseo SA | 174 | 7,367 | |
Tronox Holdings PLC | 426 | 5,444 | |
Valvoline, Inc. | 800 | 15,624 | |
Venator Materials PLC (a) | 255 | 1,349 | |
W.R. Grace & Co. | 284 | 21,615 | |
Westlake Chemical Corp. | 158 | 10,975 | |
2,437,958 | |||
Construction Materials - 0.2% | |||
Eagle Materials, Inc. | 196 | 18,169 | |
Forterra, Inc. (a) | 19 | 94 | |
Martin Marietta Materials, Inc. | 265 | 60,979 | |
nVent Electric PLC | 677 | 16,783 | |
Summit Materials, Inc. (a) | 472 | 9,086 | |
U.S. Concrete, Inc. (a) | 62 | 3,081 | |
Vulcan Materials Co. | 562 | 77,168 | |
185,360 | |||
Containers & Packaging - 0.4% | |||
Amcor PLC (a) | 1,988 | 22,842 | |
Aptargroup, Inc. | 265 | 32,950 | |
Avery Dennison Corp. | 369 | 42,686 | |
Ball Corp. | 1,442 | 100,926 | |
Berry Global Group, Inc. (a) | 562 | 29,556 | |
Crown Holdings, Inc. (a) | 572 | 34,949 | |
Graphic Packaging Holding Co. | 1,333 | 18,635 | |
Greif, Inc. Class A | 102 | 3,320 | |
International Paper Co. | 1,726 | 74,770 | |
Myers Industries, Inc. | 130 | 2,505 | |
Owens-Illinois, Inc. | 648 | 11,191 | |
Packaging Corp. of America | 401 | 38,223 | |
Sealed Air Corp. | 658 | 28,149 | |
Silgan Holdings, Inc. | 319 | 9,761 | |
Sonoco Products Co. | 423 | 27,639 | |
WestRock Co. | 1,083 | 39,497 | |
517,599 | |||
Metals & Mining - 0.4% | |||
AK Steel Holding Corp. (a)(b) | 1,501 | 3,557 | |
Alcoa Corp. (a) | 795 | 18,611 | |
Allegheny Technologies, Inc. (a) | 538 | 13,558 | |
Atkore International Group, Inc. (a) | 203 | 5,252 | |
Carpenter Technology Corp. | 195 | 9,356 | |
Century Aluminum Co. (a) | 213 | 1,472 | |
Cleveland-Cliffs, Inc. (b) | 1,271 | 13,562 | |
Coeur d'Alene Mines Corp. (a) | 843 | 3,659 | |
Commercial Metals Co. | 481 | 8,586 | |
Compass Minerals International, Inc. | 146 | 8,023 | |
Coronado Global Resources, Inc. unit (c) | 791 | 2,016 | |
Freeport-McMoRan, Inc. | 6,180 | 71,750 | |
Gold Resource Corp. | 192 | 649 | |
Haynes International, Inc. | 56 | 1,781 | |
Hecla Mining Co. | 2,182 | 3,928 | |
Kaiser Aluminum Corp. | 70 | 6,833 | |
Livent Corp. | 520 | 3,598 | |
Materion Corp. | 92 | 6,239 | |
McEwen Mining, Inc. (b) | 1,043 | 1,825 | |
Newmont Goldcorp Corp. | 2,262 | 87,019 | |
Nucor Corp. | 1,333 | 73,448 | |
Olympic Steel, Inc. | 50 | 683 | |
Reliance Steel & Aluminum Co. | 296 | 28,008 | |
Royal Gold, Inc. | 278 | 28,492 | |
Ryerson Holding Corp. (a) | 91 | 758 | |
Schnitzer Steel Industries, Inc. Class A | 107 | 2,800 | |
Steel Dynamics, Inc. | 970 | 29,294 | |
SunCoke Energy, Inc. | 301 | 2,673 | |
TimkenSteel Corp. (a) | 156 | 1,268 | |
United States Steel Corp. | 745 | 11,406 | |
Universal Stainless & Alloy Products, Inc. (a) | 61 | 976 | |
Warrior Metropolitan Coal, Inc. | 184 | 4,806 | |
Worthington Industries, Inc. | 174 | 7,005 | |
462,891 | |||
Paper & Forest Products - 0.0% | |||
Boise Cascade Co. | 169 | 4,751 | |
Clearwater Paper Corp. (a) | 66 | 1,220 | |
Domtar Corp. | 269 | 11,979 | |
Louisiana-Pacific Corp. | 602 | 15,784 | |
Mercer International, Inc. (SBI) | 182 | 2,816 | |
Neenah, Inc. | 73 | 4,931 | |
P.H. Glatfelter Co. | 203 | 3,427 | |
Resolute Forest Products | 354 | 2,549 | |
Schweitzer-Mauduit International, Inc. | 131 | 4,347 | |
Verso Corp. (a) | 155 | 2,953 | |
54,757 | |||
TOTAL MATERIALS | 3,658,565 | ||
REAL ESTATE - 3.9% | |||
Equity Real Estate Investment Trusts (REITs) - 3.8% | |||
Acadia Realty Trust (SBI) | 355 | 9,716 | |
Agree Realty Corp. | 142 | 9,095 | |
Alexander & Baldwin, Inc. | 288 | 6,653 | |
Alexanders, Inc. | 17 | 6,295 | |
Alexandria Real Estate Equities, Inc. | 459 | 64,760 | |
American Assets Trust, Inc. | 474 | 22,335 | |
American Campus Communities, Inc. | 584 | 26,957 | |
American Finance Trust, Inc. | 200 | 2,180 | |
American Homes 4 Rent Class A | 1,088 | 26,449 | |
American Tower Corp. | 1,887 | 385,797 | |
Americold Realty Trust | 256 | 8,300 | |
Apartment Investment & Management Co. Class A | 648 | 32,478 | |
Apple Hospitality (REIT), Inc. | 909 | 14,417 | |
Armada Hoffler Properties, Inc. | 209 | 3,459 | |
Ashford Hospitality Trust, Inc. | 297 | 882 | |
AvalonBay Communities, Inc. | 588 | 119,470 | |
Bluerock Residential Growth (REIT), Inc. | 100 | 1,175 | |
Boston Properties, Inc. | 658 | 84,882 | |
Braemar Hotels & Resorts, Inc. | 135 | 1,337 | |
Brandywine Realty Trust (SBI) | 778 | 11,141 | |
Brixmor Property Group, Inc. | 1,277 | 22,833 | |
Camden Property Trust (SBI) | 488 | 50,942 | |
CareTrust (REIT), Inc. | 356 | 8,466 | |
CatchMark Timber Trust, Inc. | 168 | 1,756 | |
CBL & Associates Properties, Inc. (b) | 625 | 650 | |
Cedar Realty Trust, Inc. | 264 | 700 | |
Chatham Lodging Trust | 172 | 3,246 | |
Chesapeake Lodging Trust | 268 | 7,617 | |
City Office REIT, Inc. | 179 | 2,146 | |
Colony Capital, Inc. | 2,030 | 10,150 | |
Columbia Property Trust, Inc. | 496 | 10,287 | |
Community Healthcare Trust, Inc. | 67 | 2,640 | |
CorEnergy Infrastructure Trust, Inc. | 47 | 1,864 | |
CorePoint Lodging, Inc. | 163 | 2,020 | |
CoreSite Realty Corp. | 154 | 17,736 | |
Corporate Office Properties Trust (SBI) | 475 | 12,526 | |
Corrections Corp. of America | 495 | 10,276 | |
Cousins Properties, Inc. | 453 | 16,385 | |
Crown Castle International Corp. | 1,787 | 232,935 | |
CubeSmart | 784 | 26,217 | |
CyrusOne, Inc. | 454 | 26,205 | |
DDR Corp. | 606 | 8,023 | |
DiamondRock Hospitality Co. | 2,126 | 21,983 | |
Digital Realty Trust, Inc. | 877 | 103,302 | |
Douglas Emmett, Inc. | 689 | 27,450 | |
Duke Realty Corp. | 1,532 | 48,427 | |
Easterly Government Properties, Inc. | 258 | 4,672 | |
EastGroup Properties, Inc. | 156 | 18,093 | |
Empire State Realty Trust, Inc. | 573 | 8,486 | |
EPR Properties | 316 | 23,570 | |
Equinix, Inc. | 342 | 172,467 | |
Equity Commonwealth | 513 | 16,683 | |
Equity Lifestyle Properties, Inc. | 383 | 46,473 | |
Equity Residential (SBI) | 1,569 | 119,118 | |
Essential Properties Realty Trust, Inc. | 161 | 3,226 | |
Essex Property Trust, Inc. | 281 | 82,032 | |
Extra Space Storage, Inc. | 539 | 57,188 | |
Farmland Partners, Inc. | 171 | 1,206 | |
Federal Realty Investment Trust (SBI) | 313 | 40,302 | |
First Industrial Realty Trust, Inc. | 548 | 20,134 | |
Four Corners Property Trust, Inc. | 304 | 8,308 | |
Franklin Street Properties Corp. | 453 | 3,343 | |
Front Yard Residential Corp. Class B | 216 | 2,640 | |
Gaming & Leisure Properties | 863 | 33,640 | |
Getty Realty Corp. | 156 | 4,799 | |
Gladstone Commercial Corp. | 116 | 2,462 | |
Gladstone Land Corp. | 81 | 934 | |
Global Net Lease, Inc. | 337 | 6,612 | |
Government Properties Income Trust | 203 | 5,333 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 252 | 7,101 | |
HCP, Inc. | 2,034 | 65,047 | |
Healthcare Realty Trust, Inc. | 538 | 16,850 | |
Healthcare Trust of America, Inc. | 884 | 24,248 | |
Hersha Hospitality Trust | 131 | 2,167 | |
Highwoods Properties, Inc. (SBI) | 448 | 18,502 | |
Hospitality Properties Trust (SBI) | 711 | 17,775 | |
Host Hotels & Resorts, Inc. | 3,164 | 57,648 | |
Hudson Pacific Properties, Inc. | 656 | 21,825 | |
Independence Realty Trust, Inc. | 358 | 4,142 | |
Industrial Logistics Properties Trust | 301 | 6,267 | |
Investors Real Estate Trust | 57 | 3,344 | |
Invitation Homes, Inc. | 1,264 | 33,787 | |
Iron Mountain, Inc. | 1,220 | 38,186 | |
iStar Financial, Inc. | 304 | 3,776 | |
JBG SMITH Properties | 451 | 17,742 | |
Jernigan Capital, Inc. | 61 | 1,251 | |
Kilroy Realty Corp. | 430 | 31,738 | |
Kimco Realty Corp. | 1,775 | 32,802 | |
Kite Realty Group Trust | 342 | 5,174 | |
Lamar Advertising Co. Class A | 364 | 29,378 | |
Lexington Corporate Properties Trust | 894 | 8,413 | |
Liberty Property Trust (SBI) | 636 | 31,825 | |
Life Storage, Inc. | 201 | 19,111 | |
LTC Properties, Inc. | 165 | 7,534 | |
Mack-Cali Realty Corp. | 380 | 8,850 | |
Medical Properties Trust, Inc. | 1,566 | 27,311 | |
Mid-America Apartment Communities, Inc. | 486 | 57,231 | |
Monmouth Real Estate Investment Corp. Class A | 419 | 5,677 | |
National Health Investors, Inc. | 175 | 13,655 | |
National Retail Properties, Inc. | 680 | 36,047 | |
National Storage Affiliates Trust | 232 | 6,714 | |
New Senior Investment Group, Inc. | 378 | 2,540 | |
NexPoint Residential Trust, Inc. | 94 | 3,892 | |
NorthStar Realty Europe Corp. | 220 | 3,615 | |
Omega Healthcare Investors, Inc. | 849 | 31,201 | |
Outfront Media, Inc. | 588 | 15,165 | |
Paramount Group, Inc. | 836 | 11,712 | |
Park Hotels & Resorts, Inc. | 855 | 23,564 | |
Pebblebrook Hotel Trust | 532 | 14,992 | |
Pennsylvania Real Estate Investment Trust (SBI) (b) | 290 | 1,885 | |
Physicians Realty Trust | 779 | 13,586 | |
Piedmont Office Realty Trust, Inc. Class A | 528 | 10,523 | |
Potlatch Corp. | 293 | 11,421 | |
Preferred Apartment Communities, Inc. Class A | 193 | 2,885 | |
Prologis, Inc. | 2,724 | 218,192 | |
PS Business Parks, Inc. | 86 | 14,494 | |
Public Storage | 638 | 151,952 | |
QTS Realty Trust, Inc. Class A | 212 | 9,790 | |
Ramco-Gershenson Properties Trust (SBI) | 314 | 3,803 | |
Rayonier, Inc. | 555 | 16,817 | |
Realty Income Corp. | 1,256 | 86,626 | |
Regency Centers Corp. | 852 | 56,862 | |
Retail Opportunity Investments Corp. | 462 | 7,914 | |
Retail Properties America, Inc. | 939 | 11,043 | |
Rexford Industrial Realty, Inc. | 399 | 16,108 | |
RLJ Lodging Trust | 765 | 13,571 | |
Ryman Hospitality Properties, Inc. | 213 | 17,272 | |
Sabra Health Care REIT, Inc. | 741 | 14,590 | |
Saul Centers, Inc. | 42 | 2,357 | |
SBA Communications Corp. Class A (a) | 482 | 108,373 | |
Senior Housing Properties Trust (SBI) | 986 | 8,154 | |
Seritage Growth Properties | 107 | 4,597 | |
Simon Property Group, Inc. | 1,316 | 210,244 | |
SL Green Realty Corp. | 362 | 29,094 | |
Spirit MTA REIT | 227 | 1,893 | |
Spirit Realty Capital, Inc. | 365 | 15,571 | |
Stag Industrial, Inc. | 473 | 14,304 | |
Store Capital Corp. | 798 | 26,486 | |
Summit Hotel Properties, Inc. | 434 | 4,978 | |
Sun Communities, Inc. | 369 | 47,302 | |
Sunstone Hotel Investors, Inc. | 989 | 13,559 | |
Tanger Factory Outlet Centers, Inc. (b) | 391 | 6,338 | |
Taubman Centers, Inc. | 264 | 10,779 | |
Terreno Realty Corp. | 257 | 12,603 | |
The GEO Group, Inc. | 502 | 10,547 | |
The Macerich Co. | 456 | 15,271 | |
UDR, Inc. | 1,177 | 52,836 | |
UMH Properties, Inc. | 142 | 1,762 | |
Uniti Group, Inc. | 783 | 7,439 | |
Universal Health Realty Income Trust (SBI) | 56 | 4,756 | |
Urban Edge Properties | 509 | 8,821 | |
Urstadt Biddle Properties, Inc. Class A | 107 | 2,247 | |
Ventas, Inc. | 1,516 | 103,619 | |
VEREIT, Inc. | 4,148 | 37,373 | |
VICI Properties, Inc. | 1,527 | 33,655 | |
Vornado Realty Trust | 740 | 47,434 | |
Washington Prime Group, Inc. | 739 | 2,823 | |
Washington REIT (SBI) | 346 | 9,249 | |
Weingarten Realty Investors (SBI) | 498 | 13,655 | |
Welltower, Inc. | 1,598 | 130,285 | |
Weyerhaeuser Co. | 3,187 | 83,946 | |
Whitestone REIT Class B | 153 | 1,942 | |
WP Carey, Inc. | 688 | 55,852 | |
Xenia Hotels & Resorts, Inc. | 464 | 9,674 | |
4,793,232 | |||
Real Estate Management & Development - 0.1% | |||
Altisource Portfolio Solutions SA (a) | 44 | 865 | |
CBRE Group, Inc. (a) | 1,350 | 69,255 | |
Colony NorthStar Credit Real Estate, Inc. | 340 | 5,270 | |
eXp World Holdings, Inc. (a) | 136 | 1,514 | |
HFF, Inc. | 161 | 7,322 | |
Howard Hughes Corp. (a) | 168 | 20,805 | |
Jones Lang LaSalle, Inc. | 192 | 27,012 | |
Kennedy-Wilson Holdings, Inc. | 531 | 10,923 | |
Marcus & Millichap, Inc. (a) | 82 | 2,530 | |
Newmark Group, Inc. | 637 | 5,720 | |
RE/MAX Holdings, Inc. | 66 | 2,030 | |
Realogy Holdings Corp. | 471 | 3,410 | |
Redfin Corp. (a) | 282 | 5,070 | |
Retail Value, Inc. | 68 | 2,366 | |
Tejon Ranch Co. (a) | 77 | 1,277 | |
The St. Joe Co. (a) | 225 | 3,888 | |
169,257 | |||
TOTAL REAL ESTATE | 4,962,489 | ||
UTILITIES - 3.1% | |||
Electric Utilities - 1.8% | |||
Allete, Inc. | 218 | 18,140 | |
Alliant Energy Corp. | 1,004 | 49,276 | |
American Electric Power Co., Inc. | 2,095 | 184,381 | |
Duke Energy Corp. | 3,093 | 272,926 | |
Edison International | 1,386 | 93,430 | |
El Paso Electric Co. | 169 | 11,053 | |
Entergy Corp. | 770 | 79,256 | |
Evergy, Inc. | 1,125 | 67,669 | |
Eversource Energy | 1,346 | 101,973 | |
Exelon Corp. | 4,109 | 196,985 | |
FirstEnergy Corp. | 2,066 | 88,445 | |
Hawaiian Electric Industries, Inc. | 470 | 20,469 | |
IDACORP, Inc. | 215 | 21,592 | |
MGE Energy, Inc. | 149 | 10,889 | |
NextEra Energy, Inc. | 2,056 | 421,192 | |
OGE Energy Corp. | 852 | 36,261 | |
Otter Tail Corp. | 163 | 8,608 | |
Pinnacle West Capital Corp. | 477 | 44,881 | |
PNM Resources, Inc. | 341 | 17,360 | |
Portland General Electric Co. | 374 | 20,260 | |
PPL Corp. | 3,062 | 94,953 | |
Southern Co. | 4,371 | 241,629 | |
Spark Energy, Inc. Class A, | 59 | 660 | |
Vistra Energy Corp. | 1,676 | 37,945 | |
Xcel Energy, Inc. | 2,183 | 129,867 | |
2,270,100 | |||
Gas Utilities - 0.2% | |||
Atmos Energy Corp. | 496 | 52,358 | |
Chesapeake Utilities Corp. | 67 | 6,366 | |
National Fuel Gas Co. | 369 | 19,465 | |
New Jersey Resources Corp. | 379 | 18,863 | |
Northwest Natural Holding Co. | 125 | 8,688 | |
ONE Gas, Inc. | 224 | 20,227 | |
South Jersey Industries, Inc. | 393 | 13,256 | |
Southwest Gas Holdings, Inc. | 221 | 19,806 | |
Spire, Inc. | 214 | 17,959 | |
UGI Corp. | 742 | 39,630 | |
216,618 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
Bloom Energy Corp. Class A | 86 | 1,055 | |
NRG Energy, Inc. | 1,234 | 43,338 | |
NRG Yield, Inc.: | |||
Class A | 224 | 3,624 | |
Class C | 256 | 4,316 | |
Ormat Technologies, Inc. | 217 | 13,756 | |
Pattern Energy Group, Inc. | 383 | 8,843 | |
Terraform Power, Inc. | 355 | 5,077 | |
The AES Corp. | 2,816 | 47,196 | |
127,205 | |||
Multi-Utilities - 0.9% | |||
Ameren Corp. | 1,039 | 78,039 | |
Avangrid, Inc. | 241 | 12,171 | |
Avista Corp. | 282 | 12,577 | |
Black Hills Corp. | 228 | 17,823 | |
CenterPoint Energy, Inc. | 2,133 | 61,068 | |
CMS Energy Corp. | 1,205 | 69,782 | |
Consolidated Edison, Inc. | 1,324 | 116,088 | |
Dominion Resources, Inc. | 3,317 | 256,470 | |
DTE Energy Co. | 773 | 98,851 | |
MDU Resources Group, Inc. | 832 | 21,466 | |
NiSource, Inc. | 1,546 | 44,525 | |
NorthWestern Energy Corp. | 208 | 15,007 | |
Public Service Enterprise Group, Inc. | 2,149 | 126,404 | |
Sempra Energy | 1,163 | 159,843 | |
Unitil Corp. | 62 | 3,713 | |
WEC Energy Group, Inc. | 1,340 | 111,716 | |
1,205,543 | |||
Water Utilities - 0.1% | |||
American States Water Co. | 158 | 11,888 | |
American Water Works Co., Inc. | 767 | 88,972 | |
Aqua America, Inc. | 757 | 31,317 | |
AquaVenture Holdings Ltd. (a) | 51 | 1,018 | |
California Water Service Group | 204 | 10,329 | |
Connecticut Water Service, Inc. | 52 | 3,625 | |
Middlesex Water Co. | 74 | 4,385 | |
Select Energy Services, Inc. Class A (a) | 231 | 2,682 | |
SJW Corp. | 96 | 5,834 | |
160,050 | |||
TOTAL UTILITIES | 3,979,516 | ||
TOTAL COMMON STOCKS | |||
(Cost $119,990,463) | 125,916,320 | ||
Money Market Funds - 1.8% | |||
Fidelity Cash Central Fund 2.42% (e) | 1,958,119 | 1,958,510 | |
Fidelity Securities Lending Cash Central Fund 2.42% (e)(f) | 341,514 | 341,548 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $2,300,058) | 2,300,058 | ||
TOTAL INVESTMENT IN SECURITIES - 100.4% | |||
(Cost $122,290,521) | 128,216,378 | ||
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (539,105) | ||
NET ASSETS - 100% | $127,677,273 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Russell 2000 Index Contracts (United States) | 4 | Sept. 2019 | $313,420 | $5,325 | $5,325 |
CME E-mini S&P 500 Index Contracts (United States) | 6 | Sept. 2019 | 883,260 | 9,731 | 9,731 |
TOTAL FUTURES CONTRACTS | $15,056 |
The notional amount of futures purchased as a percentage of Net Assets is 0.9%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $8,425 or 0.0% of net assets.
(d) Level 3 security
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $30,022 |
Fidelity Securities Lending Cash Central Fund | 3,539 |
Total | $33,561 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of payments to and from borrowers of securities.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $11,562,776 | $11,562,776 | $-- | $-- |
Consumer Discretionary | 13,249,474 | 13,249,474 | -- | -- |
Consumer Staples | 8,093,623 | 8,093,623 | -- | -- |
Energy | 5,880,056 | 5,880,056 | -- | -- |
Financials | 17,171,128 | 17,171,128 | -- | -- |
Health Care | 17,707,292 | 17,707,292 | -- | -- |
Industrials | 12,764,509 | 12,764,509 | -- | -- |
Information Technology | 26,886,892 | 26,886,892 | -- | -- |
Materials | 3,658,565 | 3,658,542 | -- | 23 |
Real Estate | 4,962,489 | 4,962,489 | -- | -- |
Utilities | 3,979,516 | 3,979,516 | -- | -- |
Money Market Funds | 2,300,058 | 2,300,058 | -- | -- |
Total Investments in Securities: | $128,216,378 | $128,216,355 | $-- | $23 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $15,056 | $15,056 | $-- | $-- |
Total Assets | $15,056 | $15,056 | $-- | $-- |
Total Derivative Instruments: | $15,056 | $15,056 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $15,056 | $0 |
Total Equity Risk | 15,056 | 0 |
Total Value of Derivatives | $15,056 | $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 distributable earnings.
See accompanying notes which are an integral part of the financial statements.
VIP Total Market Index Portfolio
Financial Statements
Statement of Assets and Liabilities
June 30, 2019 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $336,316) — See accompanying schedule: Unaffiliated issuers (cost $119,990,463) | $125,916,320 | |
Fidelity Central Funds (cost $2,300,058) | 2,300,058 | |
Total Investment in Securities (cost $122,290,521) | $128,216,378 | |
Segregated cash with brokers for derivative instruments | 48,450 | |
Cash | 16,944 | |
Foreign currency held at value (cost $407) | 414 | |
Receivable for investments sold | 85,703 | |
Receivable for fund shares sold | 580,676 | |
Dividends receivable | 109,163 | |
Distributions receivable from Fidelity Central Funds | 4,312 | |
Receivable for daily variation margin on futures contracts | 6,586 | |
Other receivables | 78 | |
Total assets | 129,068,704 | |
Liabilities | ||
Payable for investments purchased | $1,003,031 | |
Payable for fund shares redeemed | 34,341 | |
Accrued management fee | 6,137 | |
Distribution and service plan fees payable | 231 | |
Other affiliated payables | 6,138 | |
Collateral on securities loaned | 341,553 | |
Total liabilities | 1,391,431 | |
Net Assets | $127,677,273 | |
Net Assets consist of: | ||
Paid in capital | $120,744,051 | |
Total distributable earnings (loss) | 6,933,222 | |
Net Assets | $127,677,273 | |
Net Asset Value and Maximum Offering Price | ||
Initial Class: | ||
Net Asset Value, offering price and redemption price per share ($126,483,029 ÷ 11,569,007 shares) | $10.93 | |
Service Class: | ||
Net Asset Value, offering price and redemption price per share ($101,886 ÷ 9,320 shares) | $10.93 | |
Service Class 2: | ||
Net Asset Value, offering price and redemption price per share ($1,092,358 ÷ 100,000 shares) | $10.92 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2019 (Unaudited) | ||
Investment Income | ||
Dividends | $1,036,906 | |
Interest | 1,031 | |
Income from Fidelity Central Funds (including $3,539 from security lending) | 33,561 | |
Total income | 1,071,498 | |
Expenses | ||
Management fee | $32,827 | |
Transfer agent fees | 32,827 | |
Distribution and service plan fees | 1,321 | |
Independent trustees' fees and expenses | 244 | |
Commitment fees | 22 | |
Total expenses before reductions | 67,241 | |
Expense reductions | (53) | |
Total expenses after reductions | 67,188 | |
Net investment income (loss) | 1,004,310 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (220,432) | |
Fidelity Central Funds | (2) | |
Foreign currency transactions | 4 | |
Futures contracts | 428,166 | |
Total net realized gain (loss) | 207,736 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 15,828,993 | |
Assets and liabilities in foreign currencies | 7 | |
Futures contracts | 7,200 | |
Total change in net unrealized appreciation (depreciation) | 15,836,200 | |
Net gain (loss) | 16,043,936 | |
Net increase (decrease) in net assets resulting from operations | $17,048,246 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2019 (Unaudited) | For the period April 17, 2018 (commencement of operations) to December 31, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $1,004,310 | $677,051 |
Net realized gain (loss) | 207,736 | (100,169) |
Change in net unrealized appreciation (depreciation) | 15,836,200 | (9,895,280) |
Net increase (decrease) in net assets resulting from operations | 17,048,246 | (9,318,398) |
Distributions to shareholders | – | (816,019) |
Share transactions - net increase (decrease) | 27,850,587 | 92,912,857 |
Total increase (decrease) in net assets | 44,898,833 | 82,778,440 |
Net Assets | ||
Beginning of period | 82,778,440 | – |
End of period | $127,677,273 | $82,778,440 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
VIP Total Market Index Portfolio Initial Class
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |
2019 | 2018 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $9.23 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .10 | .13 |
Net realized and unrealized gain (loss) | 1.60 | (.81) |
Total from investment operations | 1.70 | (.68) |
Distributions from net investment income | – | (.08) |
Distributions from net realized gain | – | (.01) |
Total distributions | – | (.09) |
Net asset value, end of period | $10.93 | $9.23 |
Total ReturnC,D,E | 18.42% | (6.76)% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | .12%H | .12%H |
Expenses net of fee waivers, if any | .12%H | .12%H |
Expenses net of all reductions | .12%H | .12%H |
Net investment income (loss) | 1.84%H | 1.84%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $126,483 | $81,855 |
Portfolio turnover rateI | 4%H | 4%H |
A For the period April 17, 2018 (commencement of operations) to December 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the 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.
H Annualized
I 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.
VIP Total Market Index Portfolio Service Class
Six months ended (Unaudited) June 30, | |
2019 A | |
Selected Per–Share Data | |
Net asset value, beginning of period | $10.73 |
Income from Investment Operations | |
Net investment income (loss)B | .04 |
Net realized and unrealized gain (loss) | .16 |
Total from investment operations | .20 |
Distributions from net investment income | – |
Total distributions | – |
Net asset value, end of period | $10.93 |
Total ReturnC,D,E | 1.86% |
Ratios to Average Net AssetsF,G | |
Expenses before reductions | .22%H |
Expenses net of fee waivers, if any | .22%H |
Expenses net of all reductions | .22%H |
Net investment income (loss) | 1.67%H |
Supplemental Data | |
Net assets, end of period (000 omitted) | $102 |
Portfolio turnover rateI | 4%H |
A For the period April 11, 2019 (commencement of sale of shares) to June 30, 2019.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the 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.
H Annualized
I 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.
VIP Total Market Index Portfolio Service Class 2
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |
2019 | 2018 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $9.23 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .08 | .12 |
Net realized and unrealized gain (loss) | 1.61 | (.82) |
Total from investment operations | 1.69 | (.70) |
Distributions from net investment income | – | (.06) |
Distributions from net realized gain | – | (.01) |
Total distributions | – | (.07) |
Net asset value, end of period | $10.92 | $9.23 |
Total ReturnC,D,E | 18.31% | (6.96)% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | .37%H | .37%H |
Expenses net of fee waivers, if any | .37%H | .37%H |
Expenses net of all reductions | .37%H | .37%H |
Net investment income (loss) | 1.59%H | 1.59%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $1,092 | $923 |
Portfolio turnover rateI | 4%H | 4%H |
A For the period April 17, 2018 (commencement of operations) to December 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the 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.
H Annualized
I 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.
VIP Extended Market Index Portfolio
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2019
% of fund's net assets | |
MarketAxess Holdings, Inc. | 0.3 |
Arconic, Inc. | 0.3 |
Paycom Software, Inc. | 0.3 |
FactSet Research Systems, Inc. | 0.3 |
Allegion PLC | 0.3 |
Jacobs Engineering Group, Inc. | 0.2 |
Lennox International, Inc. | 0.2 |
Snap, Inc. Class A | 0.2 |
Array BioPharma, Inc. | 0.2 |
Teledyne Technologies, Inc. | 0.2 |
2.5 |
Top Market Sectors as of June 30, 2019
% of fund's net assets | |
Industrials | 16.1 |
Financials | 15.8 |
Information Technology | 15.4 |
Consumer Discretionary | 13.1 |
Health Care | 12.1 |
Real Estate | 9.2 |
Materials | 5.2 |
Communication Services | 3.9 |
Consumer Staples | 3.0 |
Energy | 2.8 |
Asset Allocation (% of fund's net assets)
As of June 30, 2019 * | ||
Stocks and Equity Futures | 99.8% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.2% |
* Foreign investments - 5.3%
VIP Extended Market Index Portfolio
Schedule of Investments June 30, 2019 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.2% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 3.9% | |||
Diversified Telecommunication Services - 0.4% | |||
Atn International, Inc. | 126 | $7,274 | |
Bandwidth, Inc. (a) | 65 | 4,876 | |
Cincinnati Bell, Inc. (a) | 578 | 2,861 | |
Cogent Communications Group, Inc. | 474 | 28,137 | |
Consolidated Communications Holdings, Inc. | 826 | 4,072 | |
Frontier Communications Corp. (a)(b) | 1,049 | 1,836 | |
Globalstar, Inc. (a) | 7,915 | 3,799 | |
Intelsat SA (a) | 782 | 15,210 | |
Iridium Communications, Inc. (a) | 1,094 | 25,446 | |
ORBCOMM, Inc. (a) | 914 | 6,627 | |
Pareteum Corp. (a) | 669 | 1,746 | |
PDVWireless, Inc. (a) | 104 | 4,888 | |
Vonage Holdings Corp. (a) | 2,506 | 28,393 | |
WideOpenWest, Inc. (a) | 294 | 2,134 | |
Zayo Group Holdings, Inc. (a) | 2,316 | 76,220 | |
213,519 | |||
Entertainment - 0.7% | |||
AMC Entertainment Holdings, Inc. Class A (b) | 575 | 5,365 | |
Cinemark Holdings, Inc. | 1,206 | 43,537 | |
Glu Mobile, Inc. (a) | 1,258 | 9,032 | |
Lions Gate Entertainment Corp.: | |||
Class A | 640 | 7,840 | |
Class B | 1,169 | 13,572 | |
Live Nation Entertainment, Inc. (a) | 1,574 | 104,278 | |
Marcus Corp. | 229 | 7,548 | |
Rosetta Stone, Inc. (a) | 234 | 5,354 | |
The Madison Square Garden Co. (a) | 196 | 54,868 | |
World Wrestling Entertainment, Inc. Class A | 494 | 35,672 | |
Zynga, Inc. (a) | 9,451 | 57,935 | |
345,001 | |||
Interactive Media & Services - 0.8% | |||
ANGI Homeservices, Inc. Class A (a) | 640 | 8,326 | |
Care.com, Inc. (a) | 301 | 3,305 | |
CarGurus, Inc. Class A (a) | 383 | 13,830 | |
Cars.com, Inc. (a) | 714 | 14,080 | |
Eventbrite, Inc. | 127 | 2,057 | |
Liberty TripAdvisor Holdings, Inc. (a) | 812 | 10,069 | |
Match Group, Inc. | 595 | 40,026 | |
MeetMe, Inc. (a) | 846 | 2,944 | |
QuinStreet, Inc. (a) | 449 | 7,117 | |
Snap, Inc. Class A (a) | 7,919 | 113,242 | |
TripAdvisor, Inc. (a) | 1,169 | 54,113 | |
TrueCar, Inc. (a) | 918 | 5,012 | |
Yelp, Inc. (a) | 875 | 29,908 | |
Zillow Group, Inc.: | |||
Class A (a) | 580 | 26,541 | |
Class C (a)(b) | 1,294 | 60,029 | |
390,599 | |||
Media - 1.8% | |||
Altice U.S.A., Inc. Class A | 1,374 | 33,457 | |
AMC Networks, Inc. Class A (a) | 512 | 27,899 | |
Cable One, Inc. | 57 | 66,746 | |
comScore, Inc. (a) | 496 | 2,559 | |
DISH Network Corp. Class A (a) | 2,610 | 100,250 | |
E.W. Scripps Co. Class A | 630 | 9,633 | |
Emerald Expositions Events, Inc. | 290 | 3,234 | |
Entercom Communications Corp. Class A | 1,426 | 8,271 | |
Entravision Communication Corp. Class A | 716 | 2,234 | |
Fluent, Inc. (a) | 400 | 2,152 | |
Gannett Co., Inc. | 1,289 | 10,518 | |
GCI Liberty, Inc. (a) | 1,120 | 68,835 | |
Gray Television, Inc. (a) | 861 | 14,112 | |
John Wiley & Sons, Inc. Class A | 514 | 23,572 | |
Liberty Latin America Ltd.: | |||
Class A (a) | 492 | 8,477 | |
Class C (a) | 1,375 | 23,636 | |
Loral Space & Communications Ltd. (a) | 142 | 4,900 | |
Meredith Corp. | 456 | 25,107 | |
MSG Network, Inc. Class A (a) | 703 | 14,580 | |
National CineMedia, Inc. | 698 | 4,579 | |
New Media Investment Group, Inc. | 593 | 5,598 | |
News Corp.: | |||
Class A | 4,283 | 57,778 | |
Class B | 1,510 | 21,080 | |
Nexstar Broadcasting Group, Inc. Class A | 520 | 52,520 | |
Scholastic Corp. | 313 | 10,404 | |
Sinclair Broadcast Group, Inc. Class A | 815 | 43,708 | |
Sirius XM Holdings, Inc. (b) | 14,625 | 81,608 | |
TechTarget, Inc. (a) | 250 | 5,313 | |
Tegna, Inc. | 2,456 | 37,208 | |
The New York Times Co. Class A | 1,609 | 52,486 | |
Tribune Media Co. Class A | 919 | 42,476 | |
Tribune Publishing Co. | 219 | 1,745 | |
866,675 | |||
Wireless Telecommunication Services - 0.2% | |||
Boingo Wireless, Inc. (a) | 484 | 8,697 | |
Gogo, Inc. (a) | 670 | 2,667 | |
NII Holdings, Inc. (a) | 1,280 | 2,163 | |
Shenandoah Telecommunications Co. | 526 | 20,262 | |
Spok Holdings, Inc. | 207 | 3,113 | |
Telephone & Data Systems, Inc. | 1,059 | 32,194 | |
U.S. Cellular Corp. (a) | 166 | 7,415 | |
Vobile Group Ltd. (a) | 2,000 | 702 | |
77,213 | |||
TOTAL COMMUNICATION SERVICES | 1,893,007 | ||
CONSUMER DISCRETIONARY - 13.1% | |||
Auto Components - 1.0% | |||
Adient PLC | 982 | 23,833 | |
American Axle & Manufacturing Holdings, Inc. (a) | 1,285 | 16,397 | |
Autoliv, Inc. (b) | 993 | 70,016 | |
Cooper Tire & Rubber Co. | 577 | 18,204 | |
Cooper-Standard Holding, Inc. (a) | 190 | 8,706 | |
Dana, Inc. | 1,641 | 32,722 | |
Delphi Technologies PLC | 1,005 | 20,100 | |
Dorman Products, Inc. (a) | 330 | 28,756 | |
Fox Factory Holding Corp. (a) | 432 | 35,644 | |
Garrett Motion, Inc. (a) | 855 | 13,124 | |
Gentex Corp. | 2,979 | 73,313 | |
Gentherm, Inc. (a) | 393 | 16,439 | |
LCI Industries | 288 | 25,920 | |
Modine Manufacturing Co. (a) | 588 | 8,414 | |
Motorcar Parts of America, Inc. (a) | 216 | 4,625 | |
Standard Motor Products, Inc. | 229 | 10,383 | |
Stoneridge, Inc. (a) | 309 | 9,749 | |
Superior Industries International, Inc. | 277 | 958 | |
Tenneco, Inc. | 543 | 6,022 | |
The Goodyear Tire & Rubber Co. | 2,649 | 40,530 | |
Tower International, Inc. | 229 | 4,466 | |
Veoneer, Inc. (a)(b) | 991 | 17,154 | |
Visteon Corp. (a) | 331 | 19,390 | |
504,865 | |||
Automobiles - 0.2% | |||
Harley-Davidson, Inc. | 1,854 | 66,429 | |
REV Group, Inc. | 346 | 4,986 | |
Thor Industries, Inc. | 571 | 33,375 | |
Winnebago Industries, Inc. | 337 | 13,025 | |
117,815 | |||
Distributors - 0.4% | |||
Core-Mark Holding Co., Inc. | 516 | 20,496 | |
LKQ Corp. (a) | 3,618 | 96,275 | |
Pool Corp. | 458 | 87,478 | |
204,249 | |||
Diversified Consumer Services - 1.4% | |||
Adtalem Global Education, Inc. (a) | 667 | 30,048 | |
American Public Education, Inc. (a) | 179 | 5,295 | |
Bright Horizons Family Solutions, Inc. (a) | 665 | 100,329 | |
Career Education Corp. (a) | 793 | 15,123 | |
Carriage Services, Inc. | 160 | 3,042 | |
Chegg, Inc. (a) | 1,172 | 45,227 | |
Frontdoor, Inc. (a) | 771 | 33,577 | |
Graham Holdings Co. | 50 | 34,502 | |
Grand Canyon Education, Inc. (a) | 547 | 64,010 | |
H&R Block, Inc. | 2,340 | 68,562 | |
Houghton Mifflin Harcourt Co. (a) | 1,140 | 6,566 | |
K12, Inc. (a) | 433 | 13,168 | |
Laureate Education, Inc. Class A (a) | 754 | 11,845 | |
Regis Corp. (a) | 384 | 6,374 | |
Service Corp. International | 2,058 | 96,273 | |
ServiceMaster Global Holdings, Inc. (a) | 1,544 | 80,427 | |
Sotheby's Class A (Ltd. vtg.) (a) | 381 | 22,148 | |
Strategic Education, Inc. | 248 | 44,144 | |
Weight Watchers International, Inc. (a) | 445 | 8,500 | |
Zovio, Inc. (a) | 310 | 1,110 | |
690,270 | |||
Hotels, Restaurants & Leisure - 3.0% | |||
ARAMARK Holdings Corp. | 2,808 | 101,256 | |
BFC Financial Corp. Class A | 723 | 3,550 | |
BJ's Restaurants, Inc. | 244 | 10,721 | |
Bloomin' Brands, Inc. | 1,045 | 19,761 | |
Boyd Gaming Corp. | 922 | 24,839 | |
Brinker International, Inc. | 433 | 17,039 | |
Caesars Entertainment Corp. (a) | 6,644 | 78,532 | |
Carrols Restaurant Group, Inc. (a) | 394 | 3,558 | |
Choice Hotels International, Inc. | 387 | 33,673 | |
Churchill Downs, Inc. | 410 | 47,179 | |
Chuy's Holdings, Inc. (a) | 195 | 4,469 | |
Cracker Barrel Old Country Store, Inc. | 274 | 46,780 | |
Dave & Buster's Entertainment, Inc. | 442 | 17,888 | |
Del Frisco's Restaurant Group, Inc. (a)(b) | 353 | 2,810 | |
Del Taco Restaurants, Inc. (a) | 405 | 5,192 | |
Denny's Corp. (a) | 703 | 14,433 | |
Dine Brands Global, Inc. | 203 | 19,380 | |
Drive Shack, Inc. (a) | 717 | 3,363 | |
Dunkin' Brands Group, Inc. | 939 | 74,801 | |
El Pollo Loco Holdings, Inc. (a) | 269 | 2,868 | |
Eldorado Resorts, Inc. (a)(b) | 739 | 34,046 | |
Everi Holdings, Inc. (a) | 825 | 9,842 | |
Extended Stay America, Inc. unit | 2,134 | 36,043 | |
Fiesta Restaurant Group, Inc. (a) | 251 | 3,298 | |
Golden Entertainment, Inc. (a) | 219 | 3,066 | |
Habit Restaurants, Inc. Class A (a) | 244 | 2,560 | |
Hilton Grand Vacations, Inc. (a) | 1,103 | 35,097 | |
Hyatt Hotels Corp. Class A | 482 | 36,695 | |
International Speedway Corp. Class A | 278 | 12,479 | |
Jack in the Box, Inc. | 293 | 23,847 | |
Lindblad Expeditions Holdings (a) | 302 | 5,421 | |
Marriott Vacations Worldwide Corp. | 465 | 44,826 | |
Monarch Casino & Resort, Inc. (a) | 133 | 5,684 | |
Noodles & Co. (a) | 451 | 3,554 | |
Papa John's International, Inc. | 254 | 11,359 | |
Penn National Gaming, Inc. (a) | 1,233 | 23,748 | |
Planet Fitness, Inc. (a) | 1,005 | 72,802 | |
Playa Hotels & Resorts NV (a) | 617 | 4,757 | |
PlayAGS, Inc. (a) | 244 | 4,746 | |
Potbelly Corp. (a) | 281 | 1,430 | |
Red Robin Gourmet Burgers, Inc. (a) | 149 | 4,555 | |
Red Rock Resorts, Inc. | 794 | 17,055 | |
Ruth's Hospitality Group, Inc. | 318 | 7,222 | |
Scientific Games Corp. Class A (a) | 625 | 12,388 | |
SeaWorld Entertainment, Inc. (a) | 770 | 23,870 | |
Shake Shack, Inc. Class A (a) | 295 | 21,299 | |
Six Flags Entertainment Corp. | 816 | 40,539 | |
Texas Roadhouse, Inc. Class A | 756 | 40,575 | |
The Cheesecake Factory, Inc. | 477 | 20,854 | |
U.S. Foods Holding Corp. (a) | 2,471 | 88,363 | |
Vail Resorts, Inc. | 460 | 102,663 | |
Wendy's Co. | 2,123 | 41,568 | |
Wingstop, Inc. | 334 | 31,647 | |
Wyndham Destinations, Inc. | 1,107 | 48,597 | |
Wyndham Hotels & Resorts, Inc. | 1,127 | 62,819 | |
YETI Holdings, Inc. | 175 | 5,066 | |
1,476,472 | |||
Household Durables - 1.8% | |||
Beazer Homes U.S.A., Inc. (a) | 397 | 3,815 | |
Cavco Industries, Inc. (a) | 96 | 15,124 | |
Century Communities, Inc. (a) | 322 | 8,559 | |
Ethan Allen Interiors, Inc. | 275 | 5,792 | |
Garmin Ltd. | 1,375 | 109,725 | |
GoPro, Inc. Class A (a) | 1,324 | 7,229 | |
Helen of Troy Ltd. (a) | 300 | 39,177 | |
Hooker Furniture Corp. | 126 | 2,598 | |
Hovnanian Enterprises, Inc. Class A (a) | 48 | 365 | |
Installed Building Products, Inc. (a) | 254 | 15,042 | |
iRobot Corp. (a)(b) | 317 | 29,050 | |
KB Home | 980 | 25,215 | |
La-Z-Boy, Inc. | 531 | 16,280 | |
Leggett & Platt, Inc. | 1,487 | 57,056 | |
LGI Homes, Inc. (a) | 209 | 14,929 | |
Libbey, Inc. (a) | 223 | 415 | |
Lovesac (a) | 70 | 2,175 | |
M.D.C. Holdings, Inc. | 554 | 18,160 | |
M/I Homes, Inc. (a) | 321 | 9,161 | |
Meritage Homes Corp. (a) | 430 | 22,076 | |
Mohawk Industries, Inc. (a) | 717 | 105,736 | |
PulteGroup, Inc. | 2,940 | 92,963 | |
Roku, Inc. Class A (a) | 572 | 51,812 | |
Skyline Champion Corp. | 445 | 12,184 | |
Taylor Morrison Home Corp. (a) | 1,350 | 28,296 | |
Tempur Sealy International, Inc. (a) | 524 | 38,446 | |
Toll Brothers, Inc. | 1,547 | 56,651 | |
TopBuild Corp. (a) | 401 | 33,187 | |
TRI Pointe Homes, Inc. (a) | 1,612 | 19,296 | |
Tupperware Brands Corp. | 555 | 10,562 | |
Turtle Beach Corp. (a) | 65 | 751 | |
Universal Electronics, Inc. (a) | 162 | 6,645 | |
Vuzix Corp. (a) | 294 | 1,202 | |
William Lyon Homes, Inc. (a) | 367 | 6,690 | |
Zagg, Inc. (a) | 339 | 2,359 | |
868,723 | |||
Internet & Direct Marketing Retail - 0.8% | |||
1-800-FLOWERS.com, Inc. Class A (a) | 273 | 5,154 | |
Blue Apron Holdings, Inc. Class A (a) | 47 | 318 | |
Duluth Holdings, Inc. (a) | 113 | 1,536 | |
Etsy, Inc. (a) | 1,372 | 84,200 | |
Gaia, Inc. Class A (a) | 115 | 872 | |
Groupon, Inc. (a) | 4,691 | 16,794 | |
GrubHub, Inc. (a)(b) | 1,032 | 80,486 | |
Lands' End, Inc. (a) | 216 | 2,640 | |
Liberty Expedia Holdings, Inc. (a) | 619 | 29,582 | |
Overstock.com, Inc. (a)(b) | 251 | 3,414 | |
PetMed Express, Inc. | 216 | 3,385 | |
Quotient Technology, Inc. (a) | 899 | 9,655 | |
Shutterfly, Inc. (a) | 380 | 19,209 | |
Shutterstock, Inc. | 211 | 8,269 | |
Stamps.com, Inc. (a) | 194 | 8,782 | |
Stitch Fix, Inc. (a) | 258 | 8,253 | |
The Rubicon Project, Inc. (a) | 512 | 3,256 | |
Wayfair LLC Class A (a) | 704 | 102,784 | |
388,589 | |||
Leisure Products - 0.5% | |||
Acushnet Holdings Corp. | 376 | 9,874 | |
American Outdoor Brands Corp. (a) | 609 | 5,487 | |
Brunswick Corp. | 986 | 45,248 | |
Callaway Golf Co. | 1,006 | 17,263 | |
Clarus Corp. | 266 | 3,841 | |
Johnson Outdoors, Inc. Class A | 66 | 4,922 | |
Malibu Boats, Inc. Class A (a) | 245 | 9,518 | |
Mattel, Inc. (a)(b) | 3,913 | 43,865 | |
MCBC Holdings, Inc. (a) | 227 | 4,447 | |
Nautilus, Inc. (a) | 301 | 665 | |
Polaris Industries, Inc. | 661 | 60,303 | |
Sturm, Ruger & Co., Inc. | 198 | 10,787 | |
Vista Outdoor, Inc. (a) | 684 | 6,074 | |
222,294 | |||
Multiline Retail - 0.4% | |||
Big Lots, Inc. | 468 | 13,389 | |
Dillard's, Inc. Class A (b) | 215 | 13,390 | |
JC Penney Corp., Inc. (a)(b) | 3,398 | 3,874 | |
Macy's, Inc. | 3,499 | 75,089 | |
Nordstrom, Inc. | 1,289 | 41,068 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 587 | 51,134 | |
197,944 | |||
Specialty Retail - 2.1% | |||
Aaron's, Inc. Class A | 784 | 48,145 | |
Abercrombie & Fitch Co. Class A | 756 | 12,126 | |
America's Car Mart, Inc. (a) | 71 | 6,112 | |
American Eagle Outfitters, Inc. | 1,916 | 32,380 | |
Armstrong Flooring, Inc. (a) | 289 | 2,847 | |
Asbury Automotive Group, Inc. (a) | 223 | 18,808 | |
Ascena Retail Group, Inc. (a) | 1,854 | 1,131 | |
At Home Group, Inc. (a) | 293 | 1,951 | |
AutoNation, Inc. (a) | 653 | 27,387 | |
Barnes & Noble Education, Inc. (a) | 503 | 1,690 | |
Barnes & Noble, Inc. | 701 | 4,690 | |
Bed Bath & Beyond, Inc. (b) | 1,564 | 18,174 | |
Boot Barn Holdings, Inc. (a) | 330 | 11,761 | |
Caleres, Inc. | 503 | 10,020 | |
Camping World Holdings, Inc. | 371 | 4,608 | |
Carvana Co. Class A (a) | 372 | 23,283 | |
Chico's FAS, Inc. | 1,382 | 4,657 | |
Citi Trends, Inc. | 142 | 2,076 | |
Conn's, Inc. (a) | 265 | 4,722 | |
Dick's Sporting Goods, Inc. | 839 | 29,055 | |
DSW, Inc. Class A | 768 | 14,723 | |
Express, Inc. (a) | 792 | 2,162 | |
Five Below, Inc. (a) | 635 | 76,213 | |
Floor & Decor Holdings, Inc. Class A (a) | 657 | 27,528 | |
Foot Locker, Inc. | 1,301 | 54,538 | |
GameStop Corp. Class A (b) | 1,162 | 6,356 | |
Gap, Inc. | 2,414 | 43,380 | |
Genesco, Inc. (a) | 236 | 9,980 | |
GNC Holdings, Inc. Class A (a)(b) | 813 | 1,220 | |
Group 1 Automotive, Inc. | 209 | 17,115 | |
Guess?, Inc. | 632 | 10,207 | |
Haverty Furniture Companies, Inc. | 213 | 3,627 | |
Hibbett Sports, Inc. (a) | 221 | 4,022 | |
IAA Spinco, Inc. (a) | 1,532 | 59,411 | |
Kirkland's, Inc. (a) | 158 | 357 | |
L Brands, Inc. | 2,604 | 67,964 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 255 | 30,289 | |
Lumber Liquidators Holdings, Inc. (a)(b) | 333 | 3,846 | |
MarineMax, Inc. (a) | 269 | 4,422 | |
Michaels Companies, Inc. (a) | 1,005 | 8,744 | |
Monro, Inc. | 376 | 32,073 | |
Murphy U.S.A., Inc. (a) | 341 | 28,654 | |
Office Depot, Inc. | 6,165 | 12,700 | |
Party City Holdco, Inc. (a)(b) | 678 | 4,970 | |
Penske Automotive Group, Inc. | 410 | 19,393 | |
Rent-A-Center, Inc. (a) | 508 | 13,528 | |
RH (a)(b) | 212 | 24,507 | |
Sally Beauty Holdings, Inc. (a) | 1,363 | 18,182 | |
Shoe Carnival, Inc. (b) | 117 | 3,229 | |
Signet Jewelers Ltd. | 591 | 10,567 | |
Sleep Number Corp. (a) | 378 | 15,267 | |
Sonic Automotive, Inc. Class A (sub. vtg.) | 295 | 6,888 | |
Sportsman's Warehouse Holdings, Inc. (a) | 349 | 1,319 | |
Tailored Brands, Inc. | 567 | 3,272 | |
The Buckle, Inc. (b) | 331 | 5,730 | |
The Cato Corp. Class A (sub. vtg.) | 253 | 3,117 | |
The Children's Place Retail Stores, Inc. | 183 | 17,455 | |
The Container Store Group, Inc. (a) | 140 | 1,025 | |
Tile Shop Holdings, Inc. | 467 | 1,868 | |
Tilly's, Inc. | 265 | 2,022 | |
Urban Outfitters, Inc. (a) | 862 | 19,611 | |
Williams-Sonoma, Inc. | 913 | 59,345 | |
Zumiez, Inc. (a) | 209 | 5,455 | |
1,021,904 | |||
Textiles, Apparel & Luxury Goods - 1.5% | |||
Capri Holdings Ltd. (a) | 1,712 | 59,372 | |
Carter's, Inc. | 522 | 50,916 | |
Columbia Sportswear Co. | 337 | 33,754 | |
Crocs, Inc. (a) | 767 | 15,148 | |
Deckers Outdoor Corp. (a) | 332 | 58,422 | |
Fossil Group, Inc. (a)(b) | 526 | 6,049 | |
G-III Apparel Group Ltd. (a) | 489 | 14,386 | |
Hanesbrands, Inc. | 4,102 | 70,636 | |
J.Jill, Inc. | 221 | 440 | |
Movado Group, Inc. | 184 | 4,968 | |
Oxford Industries, Inc. | 195 | 14,781 | |
PVH Corp. | 862 | 81,580 | |
Ralph Lauren Corp. | 620 | 70,426 | |
Rocky Brands, Inc. | 92 | 2,510 | |
Samsonite International SA (c) | 12,300 | 28,216 | |
Samsonite International SA ADR | 810 | 9,299 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 1,526 | 48,054 | |
Steven Madden Ltd. | 907 | 30,793 | |
Under Armour, Inc.: | |||
Class A (sub. vtg.) (a) | 2,154 | 54,604 | |
Class C (non-vtg.) (a) | 2,168 | 48,130 | |
Unifi, Inc. (a) | 177 | 3,216 | |
Vera Bradley, Inc. (a) | 238 | 2,856 | |
Wolverine World Wide, Inc. | 1,079 | 29,716 | |
738,272 | |||
TOTAL CONSUMER DISCRETIONARY | 6,431,397 | ||
CONSUMER STAPLES - 3.0% | |||
Beverages - 0.4% | |||
Boston Beer Co., Inc. Class A (a) | 98 | 37,020 | |
Brown-Forman Corp. Class B (non-vtg.) | 1,890 | 104,763 | |
Coca-Cola Bottling Co. Consolidated | 53 | 15,860 | |
Craft Brew Alliance, Inc. (a) | 100 | 1,399 | |
MGP Ingredients, Inc. | 143 | 9,482 | |
National Beverage Corp. | 134 | 5,980 | |
Primo Water Corp. (a) | 371 | 4,563 | |
179,067 | |||
Food & Staples Retailing - 0.4% | |||
Andersons, Inc. | 302 | 8,226 | |
BJ's Wholesale Club Holdings, Inc. | 772 | 20,381 | |
Casey's General Stores, Inc. | 418 | 65,204 | |
Chefs' Warehouse Holdings (a) | 265 | 9,294 | |
Ingles Markets, Inc. Class A | 157 | 4,887 | |
Natural Grocers by Vitamin Cottage, Inc. (a) | 71 | 714 | |
Performance Food Group Co. (a) | 1,195 | 47,836 | |
PriceSmart, Inc. | 253 | 12,933 | |
Rite Aid Corp. (a)(b) | 590 | 4,726 | |
SpartanNash Co. | 399 | 4,656 | |
Sprouts Farmers Market LLC (a) | 1,453 | 27,447 | |
United Natural Foods, Inc. (a) | 563 | 5,050 | |
Weis Markets, Inc. | 189 | 6,881 | |
218,235 | |||
Food Products - 1.4% | |||
B&G Foods, Inc. Class A (b) | 744 | 15,475 | |
Bunge Ltd. | 1,606 | 89,470 | |
Cal-Maine Foods, Inc. | 342 | 14,268 | |
Calavo Growers, Inc. | 178 | 17,220 | |
Campbell Soup Co. | 2,193 | 87,874 | |
Darling International, Inc. (a) | 1,866 | 37,115 | |
Dean Foods Co. (b) | 1,067 | 986 | |
Farmer Brothers Co. (a) | 133 | 2,177 | |
Flowers Foods, Inc. | 2,082 | 48,448 | |
Fresh Del Monte Produce, Inc. | 340 | 9,163 | |
Freshpet, Inc. (a) | 290 | 13,198 | |
Hostess Brands, Inc. Class A (a) | 1,116 | 16,115 | |
Ingredion, Inc. | 803 | 66,239 | |
J&J Snack Foods Corp. | 170 | 27,362 | |
John B. Sanfilippo & Son, Inc. | 100 | 7,969 | |
Lancaster Colony Corp. | 221 | 32,841 | |
Limoneira Co. | 160 | 3,190 | |
nLIGHT, Inc. (a) | 50 | 960 | |
Pilgrim's Pride Corp. (a) | 586 | 14,879 | |
Post Holdings, Inc. (a) | 759 | 78,913 | |
Sanderson Farms, Inc. | 229 | 31,272 | |
Seaboard Corp. | 4 | 16,547 | |
The Hain Celestial Group, Inc. (a) | 1,017 | 22,272 | |
The Simply Good Foods Co. (a) | 568 | 13,677 | |
Tootsie Roll Industries, Inc. | 218 | 8,051 | |
TreeHouse Foods, Inc. (a) | 637 | 34,462 | |
710,143 | |||
Household Products - 0.2% | |||
Central Garden & Pet Co. (a) | 154 | 4,150 | |
Central Garden & Pet Co. Class A (non-vtg.) (a) | 427 | 10,521 | |
Energizer Holdings, Inc. | 725 | 28,014 | |
Funko, Inc. (a) | 120 | 2,906 | |
Spectrum Brands Holdings, Inc. | 517 | 27,799 | |
WD-40 Co. | 158 | 25,128 | |
98,518 | |||
Personal Products - 0.5% | |||
Avon Products, Inc. (a) | 5,057 | 19,621 | |
Coty, Inc. Class A | 5,127 | 68,702 | |
Edgewell Personal Care Co. (a) | 614 | 16,547 | |
elf Beauty, Inc. (a) | 268 | 3,779 | |
Herbalife Nutrition Ltd. (a) | 1,187 | 50,756 | |
Inter Parfums, Inc. | 195 | 12,966 | |
MediFast, Inc. | 137 | 17,577 | |
Natural Health Trends Corp. | 104 | 837 | |
Nu Skin Enterprises, Inc. Class A | 628 | 30,973 | |
USANA Health Sciences, Inc. (a) | 159 | 12,629 | |
234,387 | |||
Tobacco - 0.1% | |||
22nd Century Group, Inc. (a)(b) | 1,401 | 2,928 | |
Pyxus International, Inc. (a) | 96 | 1,459 | |
Turning Point Brands, Inc. | 96 | 4,702 | |
Universal Corp. | 284 | 17,259 | |
Vector Group Ltd. | 1,219 | 11,885 | |
38,233 | |||
TOTAL CONSUMER STAPLES | 1,478,583 | ||
ENERGY - 2.8% | |||
Energy Equipment & Services - 0.8% | |||
Archrock, Inc. | 1,449 | 15,359 | |
Basic Energy Services, Inc. (a) | 187 | 355 | |
C&J Energy Services, Inc. (a) | 724 | 8,529 | |
Carbo Ceramics, Inc. (a) | 180 | 243 | |
Core Laboratories NV | 509 | 26,611 | |
Diamond Offshore Drilling, Inc. (a)(b) | 701 | 6,218 | |
Dmc Global, Inc. | 158 | 10,009 | |
Dril-Quip, Inc. (a) | 404 | 19,392 | |
Ensco PLC Class A (b) | 1,226 | 10,458 | |
Exterran Corp. (a) | 384 | 5,460 | |
Forum Energy Technologies, Inc. (a) | 875 | 2,993 | |
Frank's International NV (a) | 811 | 4,428 | |
FTS International, Inc. (a) | 379 | 2,115 | |
Helix Energy Solutions Group, Inc. (a) | 1,599 | 13,799 | |
Helmerich & Payne, Inc. | 1,236 | 62,566 | |
ION Geophysical Corp. (a) | 95 | 765 | |
KLX Energy Services Holdings, Inc. (a) | 249 | 5,087 | |
Liberty Oilfield Services, Inc. Class A | 417 | 6,747 | |
Mammoth Energy Services, Inc. | 166 | 1,142 | |
Matrix Service Co. (a) | 318 | 6,443 | |
McDermott International, Inc. (a) | 2,070 | 19,996 | |
Nabors Industries Ltd. | 3,780 | 10,962 | |
NCS Multistage Holdings, Inc. (a) | 180 | 639 | |
Newpark Resources, Inc. (a) | 987 | 7,324 | |
Noble Corp. (a) | 2,667 | 4,987 | |
Oceaneering International, Inc. (a) | 1,129 | 23,020 | |
Oil States International, Inc. (a) | 698 | 12,773 | |
Patterson-UTI Energy, Inc. | 2,493 | 28,694 | |
Pioneer Energy Services Corp. (a) | 649 | 164 | |
RPC, Inc. | 662 | 4,773 | |
SEACOR Holdings, Inc. (a) | 204 | 9,692 | |
Solaris Oilfield Infrastructure, Inc. Class A | 298 | 4,464 | |
Superior Energy Services, Inc. (a) | 1,647 | 2,141 | |
TETRA Technologies, Inc. (a) | 1,516 | 2,471 | |
Tidewater, Inc. (a) | 367 | 8,617 | |
Transocean Ltd. (United States) (a) | 5,791 | 37,120 | |
U.S. Silica Holdings, Inc. | 862 | 11,025 | |
397,581 | |||
Oil, Gas & Consumable Fuels - 2.0% | |||
Abraxas Petroleum Corp. (a) | 1,746 | 1,798 | |
Alta Mesa Resources, Inc. Class A (a) | 1,070 | 156 | |
Antero Resources Corp. (a) | 2,476 | 13,692 | |
Arch Coal, Inc. | 216 | 20,349 | |
Bonanza Creek Energy, Inc. (a) | 214 | 4,468 | |
California Resources Corp. (a)(b) | 563 | 11,080 | |
Callon Petroleum Co. (a) | 2,550 | 16,805 | |
Carrizo Oil & Gas, Inc. (a) | 977 | 9,790 | |
Centennial Resource Development, Inc. Class A (a) | 2,170 | 16,470 | |
Chesapeake Energy Corp. (a)(b) | 10,371 | 20,223 | |
Cimarex Energy Co. | 1,088 | 64,551 | |
Clean Energy Fuels Corp. (a) | 1,509 | 4,029 | |
CNX Resources Corp. (a) | 2,325 | 16,996 | |
CONSOL Energy, Inc. (a) | 322 | 8,568 | |
Contango Oil & Gas Co. (a) | 341 | 593 | |
Continental Resources, Inc. (a) | 986 | 41,501 | |
CVR Energy, Inc. | 328 | 16,397 | |
Delek U.S. Holdings, Inc. | 862 | 34,928 | |
Denbury Resources, Inc. (a) | 5,354 | 6,639 | |
Earthstone Energy, Inc. (a) | 174 | 1,065 | |
EQT Corp. | 2,901 | 45,865 | |
Equitrans Midstream Corp. | 2,322 | 45,767 | |
Evolution Petroleum Corp. | 405 | 2,896 | |
Extraction Oil & Gas, Inc. (a)(b) | 1,317 | 5,703 | |
Green Plains, Inc. | 440 | 4,743 | |
Gulfport Energy Corp. (a) | 1,755 | 8,617 | |
Halcon Resources Corp. (a) | 1,816 | 321 | |
Highpoint Resources, Inc. (a) | 1,078 | 1,962 | |
International Seaways, Inc. (a) | 319 | 6,061 | |
Jagged Peak Energy, Inc. (a) | 662 | 5,475 | |
Kosmos Energy Ltd. | 2,679 | 16,797 | |
Laredo Petroleum, Inc. (a) | 1,652 | 4,791 | |
Lilis Energy, Inc. (a) | 431 | 263 | |
Lonestar Resources U.S., Inc. (a) | 204 | 467 | |
Magnolia Oil & Gas Corp. Class A (a) | 979 | 11,337 | |
Matador Resources Co. (a) | 1,192 | 23,697 | |
Midstates Petroleum Co., Inc. (a) | 247 | 1,455 | |
Montage Resources Corp. (a) | 83 | 506 | |
Murphy Oil Corp. | 1,860 | 45,849 | |
Nine Energy Service, Inc. (a) | 134 | 2,322 | |
Northern Oil & Gas, Inc. (a) | 2,417 | 4,665 | |
Oasis Petroleum, Inc. (a) | 3,023 | 17,171 | |
Overseas Shipholding Group, Inc. (a) | 638 | 1,199 | |
Par Pacific Holdings, Inc. (a) | 347 | 7,120 | |
Parsley Energy, Inc. Class A (a) | 2,986 | 56,764 | |
PBF Energy, Inc. Class A | 1,368 | 42,818 | |
PDC Energy, Inc. (a) | 754 | 27,189 | |
Peabody Energy Corp. | 891 | 21,473 | |
Penn Virginia Corp. (a) | 143 | 4,387 | |
QEP Resources, Inc. (a) | 2,657 | 19,210 | |
Range Resources Corp. | 2,370 | 16,543 | |
Renewable Energy Group, Inc. (a) | 438 | 6,947 | |
Rex American Resources Corp. (a) | 63 | 4,593 | |
Ring Energy, Inc. (a) | 639 | 2,077 | |
SandRidge Energy, Inc. (a) | 319 | 2,207 | |
SemGroup Corp. Class A | 756 | 9,072 | |
SM Energy Co. | 1,158 | 14,498 | |
Southwestern Energy Co. (a) | 6,640 | 20,982 | |
SRC Energy, Inc. (a) | 2,776 | 13,769 | |
Talos Energy, Inc. (a) | 258 | 6,205 | |
Teekay Corp. | 807 | 2,776 | |
Teekay Tankers Ltd. (a) | 2,123 | 2,717 | |
Tellurian, Inc. (a) | 1,076 | 8,447 | |
Ultra Petroleum Corp. (a) | 1,891 | 340 | |
Unit Corp. (a) | 590 | 5,245 | |
Uranium Energy Corp. (a) | 1,713 | 2,347 | |
W&T Offshore, Inc. (a) | 991 | 4,915 | |
Whiting Petroleum Corp. (a)(b) | 1,038 | 19,390 | |
World Fuel Services Corp. | 770 | 27,689 | |
WPX Energy, Inc. (a) | 4,491 | 51,691 | |
969,438 | |||
TOTAL ENERGY | 1,367,019 | ||
FINANCIALS - 15.8% | |||
Banks - 6.5% | |||
1st Source Corp. | 186 | 8,630 | |
Allegiance Bancshares, Inc. (a) | 129 | 4,301 | |
Amalgamated Bank | 109 | 1,902 | |
Ameris Bancorp | 455 | 17,831 | |
Associated Banc-Corp. | 1,881 | 39,764 | |
Atlantic Capital Bancshares, Inc. (a) | 292 | 4,999 | |
Banc of California, Inc. | 484 | 6,761 | |
BancFirst Corp. | 198 | 11,021 | |
Bancorp, Inc., Delaware (a) | 658 | 5,869 | |
BancorpSouth Bank | 1,029 | 29,882 | |
Bank of Hawaii Corp. | 474 | 39,299 | |
Bank of Marin Bancorp | 147 | 6,030 | |
Bank OZK | 1,375 | 41,374 | |
BankUnited, Inc. | 1,170 | 39,476 | |
Banner Corp. | 360 | 19,494 | |
Berkshire Hills Bancorp, Inc. | 450 | 14,126 | |
BOK Financial Corp. | 361 | 27,248 | |
Boston Private Financial Holdings, Inc. | 956 | 11,539 | |
Brookline Bancorp, Inc., Delaware | 895 | 13,765 | |
Bryn Mawr Bank Corp. | 227 | 8,472 | |
Byline Bancorp, Inc. (a) | 184 | 3,518 | |
Cadence Bancorp Class A | 1,410 | 29,328 | |
Carolina Financial Corp. | 233 | 8,176 | |
Cathay General Bancorp | 873 | 31,349 | |
CBTX, Inc. | 200 | 5,628 | |
Centerstate Banks of Florida, Inc. | 1,072 | 24,688 | |
Central Pacific Financial Corp. | 324 | 9,707 | |
Chemical Financial Corp. | 814 | 33,464 | |
CIT Group, Inc. | 1,204 | 63,258 | |
City Holding Co. | 193 | 14,718 | |
Columbia Banking Systems, Inc. | 832 | 30,102 | |
Commerce Bancshares, Inc. | 1,127 | 67,237 | |
Community Bank System, Inc. | 579 | 38,121 | |
Community Trust Bancorp, Inc. | 206 | 8,712 | |
ConnectOne Bancorp, Inc. | 339 | 7,682 | |
Cullen/Frost Bankers, Inc. | 723 | 67,716 | |
Customers Bancorp, Inc. (a) | 335 | 7,035 | |
CVB Financial Corp. | 1,160 | 24,395 | |
Eagle Bancorp, Inc. | 360 | 19,487 | |
East West Bancorp, Inc. | 1,643 | 76,843 | |
Enterprise Financial Services Corp. | 266 | 11,066 | |
Equity Bancshares, Inc. (a) | 162 | 4,319 | |
Financial Institutions, Inc. | 176 | 5,130 | |
First Bancorp, North Carolina | 333 | 12,128 | |
First Bancorp, Puerto Rico | 2,483 | 27,412 | |
First Busey Corp. | 503 | 13,284 | |
First Citizens Bancshares, Inc. | 102 | 45,928 | |
First Commonwealth Financial Corp. | 1,094 | 14,736 | |
First Financial Bancorp, Ohio | 1,107 | 26,812 | |
First Financial Bankshares, Inc. | 1,542 | 47,478 | |
First Financial Corp., Indiana | 121 | 4,859 | |
First Foundation, Inc. | 418 | 5,618 | |
First Hawaiian, Inc. | 1,025 | 26,517 | |
First Horizon National Corp. | 3,697 | 55,196 | |
First Internet Bancorp | 112 | 2,412 | |
First Interstate Bancsystem, Inc. | 367 | 14,537 | |
First Merchants Corp. | 566 | 21,451 | |
First Midwest Bancorp, Inc., Delaware | 1,208 | 24,728 | |
First of Long Island Corp. | 238 | 4,779 | |
Flushing Financial Corp. | 307 | 6,815 | |
FNB Corp., Pennsylvania | 3,688 | 43,408 | |
Franklin Financial Network, Inc. | 142 | 3,956 | |
Fulton Financial Corp. | 2,005 | 32,822 | |
German American Bancorp, Inc. | 228 | 6,867 | |
Glacier Bancorp, Inc. | 959 | 38,887 | |
Great Southern Bancorp, Inc. | 145 | 8,678 | |
Great Western Bancorp, Inc. | 658 | 23,504 | |
Hancock Whitney Corp. | 967 | 38,738 | |
Hanmi Financial Corp. | 347 | 7,728 | |
Heartland Financial U.S.A., Inc. | 319 | 14,269 | |
Heritage Commerce Corp. | 422 | 5,170 | |
Heritage Financial Corp., Washington | 374 | 11,048 | |
Hilltop Holdings, Inc. | 828 | 17,612 | |
Home Bancshares, Inc. | 1,804 | 34,745 | |
Hope Bancorp, Inc. | 1,378 | 18,989 | |
Horizon Bancorp, Inc. Indiana | 392 | 6,405 | |
IBERIABANK Corp. | 633 | 48,013 | |
Independent Bank Corp. | 270 | 5,883 | |
Independent Bank Corp., Massachusetts | 367 | 27,947 | |
Independent Bank Group, Inc. | 401 | 22,039 | |
International Bancshares Corp. | 615 | 23,192 | |
Investors Bancorp, Inc. | 2,729 | 30,428 | |
Lakeland Bancorp, Inc. | 558 | 9,012 | |
Lakeland Financial Corp. | 283 | 13,253 | |
LegacyTexas Financial Group, Inc. | 515 | 20,966 | |
Live Oak Bancshares, Inc. | 299 | 5,128 | |
Mercantile Bank Corp. | 182 | 5,930 | |
Midland States Bancorp, Inc. | 218 | 5,825 | |
National Bank Holdings Corp. | 298 | 10,817 | |
NBT Bancorp, Inc. | 498 | 18,680 | |
OFG Bancorp | 513 | 12,194 | |
Old Line Bancshares, Inc. | 165 | 4,391 | |
Old National Bancorp, Indiana | 1,706 | 28,303 | |
Old Second Bancorp, Inc. | 301 | 3,844 | |
Opus Bank | 239 | 5,045 | |
Origin Bancorp, Inc. | 48 | 1,584 | |
Pacific Premier Bancorp, Inc. | 511 | 15,780 | |
PacWest Bancorp | 1,380 | 53,585 | |
Park National Corp. | 152 | 15,107 | |
Peapack-Gladstone Financial Corp. | 179 | 5,033 | |
Peoples Bancorp, Inc. | 188 | 6,065 | |
Peoples United Financial, Inc. | 4,294 | 72,053 | |
Pinnacle Financial Partners, Inc. | 832 | 47,823 | |
Popular, Inc. | 1,144 | 62,051 | |
Preferred Bank, Los Angeles | 158 | 7,466 | |
Prosperity Bancshares, Inc. | 755 | 49,868 | |
QCR Holdings, Inc. | 141 | 4,917 | |
Renasant Corp. | 543 | 19,515 | |
S&T Bancorp, Inc. | 394 | 14,767 | |
Sandy Spring Bancorp, Inc. | 393 | 13,708 | |
Seacoast Banking Corp., Florida (a) | 578 | 14,704 | |
ServisFirst Bancshares, Inc. | 512 | 17,541 | |
Signature Bank | 608 | 73,471 | |
Simmons First National Corp. Class A | 1,049 | 24,400 | |
South State Corp. | 416 | 30,647 | |
Southside Bancshares, Inc. | 370 | 11,981 | |
Sterling Bancorp | 2,541 | 54,072 | |
Stock Yards Bancorp, Inc. | 236 | 8,531 | |
Synovus Financial Corp. | 1,883 | 65,905 | |
TCF Financial Corp. | 1,900 | 39,501 | |
Texas Capital Bancshares, Inc. (a) | 570 | 34,981 | |
Tompkins Financial Corp. | 141 | 11,506 | |
TowneBank | 738 | 20,133 | |
Trico Bancshares | 308 | 11,642 | |
TriState Capital Holdings, Inc. (a) | 254 | 5,420 | |
Triumph Bancorp, Inc. (a) | 283 | 8,221 | |
Trustmark Corp. | 763 | 25,370 | |
UMB Financial Corp. | 510 | 33,568 | |
Umpqua Holdings Corp. | 2,503 | 41,525 | |
Union Bankshares Corp. | 682 | 24,095 | |
United Bankshares, Inc., West Virginia | 1,174 | 43,544 | |
United Community Bank, Inc. | 903 | 25,790 | |
Univest Corp. of Pennsylvania | 336 | 8,823 | |
Valley National Bancorp | 3,762 | 40,554 | |
Veritex Holdings, Inc. | 504 | 13,079 | |
Washington Trust Bancorp, Inc. | 163 | 8,505 | |
Webster Financial Corp. | 1,049 | 50,111 | |
WesBanco, Inc. | 618 | 23,824 | |
Westamerica Bancorp. | 299 | 18,421 | |
Western Alliance Bancorp. (a) | 1,107 | 49,505 | |
Wintrust Financial Corp. | 641 | 46,896 | |
3,187,456 | |||
Capital Markets - 2.4% | |||
Affiliated Managers Group, Inc. | 596 | 54,915 | |
Artisan Partners Asset Management, Inc. | 583 | 16,044 | |
BGC Partners, Inc. Class A | 3,058 | 15,993 | |
Blucora, Inc. (a) | 548 | 16,643 | |
Cohen & Steers, Inc. | 244 | 12,551 | |
Cowen Group, Inc. Class A (a) | 311 | 5,346 | |
Diamond Hill Investment Group, Inc. | 38 | 5,385 | |
Donnelley Financial Solutions, Inc. (a) | 379 | 5,056 | |
Eaton Vance Corp. (non-vtg.) | 1,326 | 57,190 | |
Evercore, Inc. Class A | 460 | 40,742 | |
FactSet Research Systems, Inc. | 434 | 124,367 | |
Federated Investors, Inc. Class B (non-vtg.) | 1,088 | 35,360 | |
Gain Capital Holdings, Inc. | 354 | 1,462 | |
Greenhill & Co., Inc. | 202 | 2,745 | |
Hamilton Lane, Inc. Class A | 203 | 11,583 | |
Houlihan Lokey | 389 | 17,322 | |
Interactive Brokers Group, Inc. | 851 | 46,124 | |
INTL FCStone, Inc. (a) | 172 | 6,809 | |
Invesco Ltd. | 4,680 | 95,753 | |
Janus Henderson Group PLC | 1,897 | 40,596 | |
Lazard Ltd. Class A | 1,476 | 50,760 | |
Legg Mason, Inc. | 975 | 37,323 | |
LPL Financial | 987 | 80,510 | |
MarketAxess Holdings, Inc. | 428 | 137,554 | |
Moelis & Co. Class A | 522 | 18,244 | |
Morningstar, Inc. | 209 | 30,230 | |
Oppenheimer Holdings, Inc. Class A (non-vtg.) | 130 | 3,539 | |
Piper Jaffray Companies | 168 | 12,477 | |
PJT Partners, Inc. | 211 | 8,550 | |
SEI Investments Co. | 1,485 | 83,309 | |
Stifel Financial Corp. | 815 | 48,134 | |
Virtu Financial, Inc. Class A | 717 | 15,616 | |
Virtus Investment Partners, Inc. | 83 | 8,914 | |
Waddell & Reed Financial, Inc. Class A (b) | 906 | 15,103 | |
Westwood Holdings Group, Inc. | 86 | 3,027 | |
WisdomTree Investments, Inc. | 1,274 | 7,861 | |
1,173,137 | |||
Consumer Finance - 0.8% | |||
Credit Acceptance Corp. (a) | 141 | 68,220 | |
CURO Group Holdings Corp. (a) | 168 | 1,856 | |
Elevate Credit, Inc. (a) | 300 | 1,236 | |
Encore Capital Group, Inc. (a) | 293 | 9,924 | |
Enova International, Inc. (a) | 396 | 9,128 | |
EZCORP, Inc. (non-vtg.) Class A (a)(b) | 621 | 5,881 | |
First Cash Financial Services, Inc. | 496 | 49,610 | |
Green Dot Corp. Class A (a) | 543 | 26,553 | |
LendingClub Corp. (a) | 4,753 | 15,590 | |
Navient Corp. | 2,612 | 35,654 | |
Nelnet, Inc. Class A | 242 | 14,331 | |
OneMain Holdings, Inc. | 848 | 28,671 | |
PRA Group, Inc. (a) | 512 | 14,408 | |
Regional Management Corp. (a) | 95 | 2,505 | |
Santander Consumer U.S.A. Holdings, Inc. | 1,309 | 31,364 | |
SLM Corp. | 4,947 | 48,085 | |
World Acceptance Corp. (a) | 77 | 12,636 | |
375,652 | |||
Diversified Financial Services - 0.6% | |||
AXA Equitable Holdings, Inc. | 1,529 | 31,956 | |
Cannae Holdings, Inc. (a) | 777 | 22,517 | |
Columbia Financial, Inc. (a) | 542 | 8,184 | |
FB Financial Corp. | 184 | 6,734 | |
FGL Holdings Class A | 1,998 | 16,783 | |
Focus Financial Partners, Inc. Class A | 221 | 6,036 | |
Jefferies Financial Group, Inc. | 3,191 | 61,363 | |
On Deck Capital, Inc. (a) | 628 | 2,606 | |
Pennymac Financial Services, Inc. | 683 | 15,149 | |
Victory Capital Holdings, Inc. (a) | 152 | 2,611 | |
Voya Financial, Inc. | 1,772 | 97,992 | |
271,931 | |||
Insurance - 3.4% | |||
AMBAC Financial Group, Inc. (a) | 525 | 8,846 | |
American Equity Investment Life Holding Co. | 1,026 | 27,866 | |
American Financial Group, Inc. | 799 | 81,874 | |
American National Insurance Co. | 96 | 11,181 | |
Amerisafe, Inc. | 215 | 13,711 | |
Argo Group International Holdings, Ltd. | 386 | 28,583 | |
Assurant, Inc. | 594 | 63,190 | |
Assured Guaranty Ltd. | 1,207 | 50,791 | |
Athene Holding Ltd. (a) | 1,444 | 62,179 | |
Axis Capital Holdings Ltd. | 950 | 56,668 | |
Brighthouse Financial, Inc. (a) | 1,354 | 49,678 | |
Brown & Brown, Inc. | 2,663 | 89,211 | |
CNO Financial Group, Inc. | 1,875 | 31,275 | |
eHealth, Inc. (a) | 211 | 18,167 | |
Employers Holdings, Inc. | 373 | 15,767 | |
Enstar Group Ltd. (a) | 170 | 29,628 | |
Erie Indemnity Co. Class A | 227 | 57,722 | |
FBL Financial Group, Inc. Class A | 111 | 7,082 | |
First American Financial Corp. | 1,272 | 68,306 | |
Genworth Financial, Inc. Class A | 5,697 | 21,136 | |
Goosehead Insurance | 109 | 5,210 | |
Greenlight Capital Re, Ltd. (a) | 309 | 2,623 | |
Hanover Insurance Group, Inc. | 481 | 61,712 | |
HCI Group, Inc. | 84 | 3,399 | |
Health Insurance Innovations, Inc. (a) | 145 | 3,758 | |
Heritage Insurance Holdings, Inc. | 266 | 4,099 | |
Horace Mann Educators Corp. | 469 | 18,896 | |
James River Group Holdings Ltd. | 340 | 15,946 | |
Kemper Corp. | 693 | 59,799 | |
Kinsale Capital Group, Inc. | 222 | 20,309 | |
Maiden Holdings Ltd. | 689 | 441 | |
MBIA, Inc. (a) | 1,034 | 9,627 | |
Mercury General Corp. | 307 | 19,188 | |
National General Holdings Corp. | 726 | 16,654 | |
National Western Life Group, Inc. | 26 | 6,682 | |
Old Republic International Corp. | 3,234 | 72,377 | |
Primerica, Inc. | 489 | 58,656 | |
ProAssurance Corp. | 609 | 21,991 | |
RenaissanceRe Holdings Ltd. | 459 | 81,707 | |
RLI Corp. | 448 | 38,398 | |
Safety Insurance Group, Inc. | 163 | 15,506 | |
Selective Insurance Group, Inc. | 671 | 50,251 | |
Stewart Information Services Corp. | 270 | 10,932 | |
Third Point Reinsurance Ltd. (a) | 859 | 8,865 | |
Trupanion, Inc. (a) | 293 | 10,586 | |
United Fire Group, Inc. | 242 | 11,727 | |
United Insurance Holdings Corp. | 247 | 3,522 | |
Universal Insurance Holdings, Inc. | 368 | 10,267 | |
Unum Group | 2,488 | 83,472 | |
W.R. Berkley Corp. | 1,648 | 108,653 | |
White Mountains Insurance Group Ltd. | 36 | 36,773 | |
1,664,887 | |||
Mortgage Real Estate Investment Trusts - 1.0% | |||
AG Mortgage Investment Trust, Inc. | 334 | 5,311 | |
Anworth Mortgage Asset Corp. | 1,110 | 4,207 | |
Apollo Commercial Real Estate Finance, Inc. | 1,286 | 23,650 | |
Arbor Realty Trust, Inc. | 770 | 9,332 | |
Ares Commercial Real Estate Corp. | 295 | 4,384 | |
Arlington Asset Investment Corp. | 353 | 2,429 | |
Armour Residential REIT, Inc. | 573 | 10,681 | |
Blackstone Mortgage Trust, Inc. | 1,380 | 49,100 | |
Capstead Mortgage Corp. | 1,011 | 8,442 | |
Cherry Hill Mortgage Investment Corp. | 183 | 2,928 | |
Chimera Investment Corp. | 2,131 | 40,212 | |
Dynex Capital, Inc. | 226 | 3,786 | |
Exantas Capital Corp. | 354 | 4,004 | |
Granite Point Mortgage Trust, Inc. | 484 | 9,288 | |
Invesco Mortgage Capital, Inc. | 1,279 | 20,617 | |
KKR Real Estate Finance Trust, Inc. | 305 | 6,076 | |
Ladder Capital Corp. Class A | 1,013 | 16,826 | |
MFA Financial, Inc. | 5,083 | 36,496 | |
New Residential Investment Corp. | 4,159 | 64,007 | |
New York Mortgage Trust, Inc. | 1,911 | 11,848 | |
Orchid Island Capital, Inc. | 587 | 3,733 | |
PennyMac Mortgage Investment Trust | 701 | 15,303 | |
Redwood Trust, Inc. | 1,050 | 17,357 | |
Starwood Property Trust, Inc. | 3,136 | 71,250 | |
TPG RE Finance Trust, Inc. | 479 | 9,240 | |
Two Harbors Investment Corp. | 2,816 | 35,679 | |
Western Asset Mortgage Capital Corp. | 569 | 5,679 | |
491,865 | |||
Real Estate Management & Development - 0.0% | |||
The RMR Group, Inc. | 78 | 3,664 | |
Thrifts & Mortgage Finance - 1.1% | |||
Axos Financial, Inc. (a) | 615 | 16,759 | |
Capitol Federal Financial, Inc. | 1,587 | 21,853 | |
Dime Community Bancshares, Inc. | 343 | 6,514 | |
Essent Group Ltd. (a) | 1,116 | 52,441 | |
Farmer Mac Class C (non-vtg.) | 99 | 7,193 | |
First Defiance Financial Corp. | 242 | 6,914 | |
Flagstar Bancorp, Inc. | 333 | 11,036 | |
HomeStreet, Inc. (a) | 308 | 9,129 | |
Kearny Financial Corp. | 1,084 | 14,406 | |
LendingTree, Inc. (a) | 85 | 35,703 | |
Meridian Bancorp, Inc. Maryland | 596 | 10,662 | |
Meta Financial Group, Inc. | 314 | 8,808 | |
MGIC Investment Corp. (a) | 4,111 | 54,019 | |
New York Community Bancorp, Inc. | 5,588 | 55,768 | |
NMI Holdings, Inc. (a) | 757 | 21,491 | |
Northfield Bancorp, Inc. | 499 | 7,789 | |
Northwest Bancshares, Inc. | 1,156 | 20,357 | |
OceanFirst Financial Corp. | 472 | 11,729 | |
Ocwen Financial Corp. (a) | 1,156 | 2,393 | |
Oritani Financial Corp. | 429 | 7,610 | |
Provident Financial Services, Inc. | 686 | 16,636 | |
Radian Group, Inc. | 2,431 | 55,548 | |
TFS Financial Corp. | 597 | 10,788 | |
Trustco Bank Corp., New York | 1,104 | 8,744 | |
United Financial Bancorp, Inc. New | 569 | 8,068 | |
Walker & Dunlop, Inc. | 323 | 17,187 | |
Washington Federal, Inc. | 914 | 31,926 | |
WMI Holdings Corp. (a) | 306 | 2,451 | |
WSFS Financial Corp. | 538 | 22,219 | |
556,141 | |||
TOTAL FINANCIALS | 7,724,733 | ||
HEALTH CARE - 12.1% | |||
Biotechnology - 4.5% | |||
Abeona Therapeutics, Inc. (a) | 322 | 1,539 | |
ACADIA Pharmaceuticals, Inc. (a) | 1,274 | 34,054 | |
Acceleron Pharma, Inc. (a) | 494 | 20,294 | |
Achillion Pharmaceuticals, Inc. (a) | 1,545 | 4,141 | |
Acorda Therapeutics, Inc. (a) | 463 | 3,551 | |
Adamas Pharmaceuticals, Inc. (a) | 224 | 1,389 | |
Aduro Biotech, Inc. (a) | 461 | 710 | |
Adverum Biotechnologies, Inc. (a) | 626 | 7,443 | |
Aeglea BioTherapeutics, Inc. (a) | 156 | 1,069 | |
Agenus, Inc. (a) | 1,171 | 3,513 | |
Agios Pharmaceuticals, Inc. (a) | 579 | 28,881 | |
Aimmune Therapeutics, Inc. (a) | 427 | 8,890 | |
Akebia Therapeutics, Inc. (a) | 1,160 | 5,614 | |
Alder Biopharmaceuticals, Inc. (a) | 651 | 7,662 | |
Aldeyra Therapeutics, Inc. (a) | 266 | 1,596 | |
Alkermes PLC (a) | 1,767 | 39,828 | |
Allakos, Inc. (a) | 90 | 3,900 | |
Allogene Therapeutics, Inc. | 213 | 5,719 | |
Alnylam Pharmaceuticals, Inc. (a) | 1,022 | 74,156 | |
AMAG Pharmaceuticals, Inc. (a) | 404 | 4,036 | |
Amicus Therapeutics, Inc. (a) | 2,163 | 26,994 | |
AnaptysBio, Inc. (a) | 258 | 14,556 | |
Anika Therapeutics, Inc.(a) | 157 | 6,377 | |
Apellis Pharmaceuticals, Inc. (a) | 397 | 10,060 | |
Arcus Biosciences, Inc. (a) | 93 | 739 | |
Arena Pharmaceuticals, Inc. (a) | 562 | 32,950 | |
ArQule, Inc. (a) | 1,129 | 12,430 | |
Array BioPharma, Inc. (a) | 2,426 | 112,397 | |
Arrowhead Pharmaceuticals, Inc. (a) | 1,002 | 26,553 | |
Assembly Biosciences, Inc. (a) | 234 | 3,157 | |
Atara Biotherapeutics, Inc. (a) | 520 | 10,457 | |
Audentes Therapeutics, Inc. (a) | 389 | 14,728 | |
Avid Bioservices, Inc. (a) | 630 | 3,528 | |
Bellicum Pharmaceuticals, Inc. (a) | 391 | 665 | |
BioCryst Pharmaceuticals, Inc. (a) | 1,182 | 4,480 | |
Biohaven Pharmaceutical Holding Co. Ltd. (a) | 399 | 17,472 | |
Biospecifics Technologies Corp. (a) | 60 | 3,583 | |
bluebird bio, Inc. (a) | 622 | 79,118 | |
Blueprint Medicines Corp. (a) | 500 | 47,165 | |
Calithera Biosciences, Inc. (a) | 325 | 1,268 | |
Cara Therapeutics, Inc. (a) | 383 | 8,235 | |
CareDx, Inc. (a) | 422 | 15,188 | |
CASI Pharmaceuticals, Inc. (a) | 607 | 1,942 | |
Catalyst Biosciences, Inc. (a)(b) | 107 | 789 | |
Catalyst Pharmaceutical Partners, Inc. (a) | 1,132 | 4,347 | |
Cellular Biomedicine Group, Inc. (a) | 127 | 2,099 | |
ChemoCentryx, Inc. (a) | 257 | 2,390 | |
Clovis Oncology, Inc. (a) | 607 | 9,026 | |
Coherus BioSciences, Inc. (a) | 658 | 14,542 | |
Concert Pharmaceuticals, Inc. (a) | 178 | 2,136 | |
Corbus Pharmaceuticals Holdings, Inc. (a)(b) | 588 | 4,075 | |
Crinetics Pharmaceuticals, Inc. (a) | 82 | 2,050 | |
Cytokinetics, Inc. (a) | 631 | 7,099 | |
CytomX Therapeutics, Inc. (a) | 505 | 5,666 | |
Deciphera Pharmaceuticals, Inc. (a) | 170 | 3,834 | |
Denali Therapeutics, Inc. (a) | 766 | 15,902 | |
Dicerna Pharmaceuticals, Inc. (a) | 548 | 8,631 | |
Dynavax Technologies Corp. (a) | 633 | 2,526 | |
Eagle Pharmaceuticals, Inc. (a) | 120 | 6,682 | |
Editas Medicine, Inc. (a) | 488 | 12,073 | |
Eiger Biopharmaceuticals, Inc. (a) | 181 | 1,919 | |
Emergent BioSolutions, Inc. (a) | 509 | 24,590 | |
Enanta Pharmaceuticals, Inc. (a) | 178 | 15,020 | |
Epizyme, Inc. (a) | 727 | 9,124 | |
Esperion Therapeutics, Inc. (a) | 277 | 12,886 | |
Exelixis, Inc. (a) | 3,404 | 72,743 | |
Fate Therapeutics, Inc. (a) | 680 | 13,804 | |
FibroGen, Inc. (a) | 861 | 38,900 | |
Five Prime Therapeutics, Inc. (a) | 420 | 2,533 | |
Flexion Therapeutics, Inc. (a) | 382 | 4,699 | |
Galectin Therapeutics, Inc. (a) | 400 | 1,660 | |
Genomic Health, Inc. (a) | 237 | 13,786 | |
Geron Corp. (a)(b) | 2,168 | 3,057 | |
Global Blood Therapeutics, Inc. (a) | 633 | 33,296 | |
GlycoMimetics, Inc. (a) | 359 | 4,279 | |
Halozyme Therapeutics, Inc. (a) | 1,426 | 24,499 | |
Heron Therapeutics, Inc. (a) | 784 | 14,575 | |
Homology Medicines, Inc. (a) | 112 | 2,192 | |
ImmunoGen, Inc. (a) | 1,835 | 3,982 | |
Immunomedics, Inc. (a) | 1,932 | 26,797 | |
Inovio Pharmaceuticals, Inc. (a)(b) | 1,040 | 3,058 | |
Insmed, Inc. (a) | 877 | 22,451 | |
Intellia Therapeutics, Inc. (a) | 338 | 5,533 | |
Intercept Pharmaceuticals, Inc. (a) | 252 | 20,052 | |
Intrexon Corp. (a)(b) | 833 | 6,381 | |
Invitae Corp. (a) | 757 | 17,790 | |
Ionis Pharmaceuticals, Inc. (a) | 1,566 | 100,647 | |
Iovance Biotherapeutics, Inc. (a) | 1,402 | 34,377 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 1,598 | 17,482 | |
Kadmon Holdings, Inc. (a) | 1,305 | 2,688 | |
Karyopharm Therapeutics, Inc. (a) | 567 | 3,396 | |
Kindred Biosciences, Inc. (a) | 366 | 3,049 | |
Kiniksa Pharmaceuticals Ltd. (a) | 114 | 1,544 | |
Kura Oncology, Inc. (a) | 340 | 6,695 | |
La Jolla Pharmaceutical Co. (a) | 236 | 2,183 | |
Lexicon Pharmaceuticals, Inc. (a) | 520 | 3,271 | |
Ligand Pharmaceuticals, Inc. Class B (a) | 242 | 27,624 | |
Macrogenics, Inc. (a) | 427 | 7,246 | |
Madrigal Pharmaceuticals, Inc. (a) | 96 | 10,062 | |
MannKind Corp. (a)(b) | 2,096 | 2,410 | |
Minerva Neurosciences, Inc. (a) | 404 | 2,275 | |
Mirati Therapeutics, Inc. (a) | 371 | 38,213 | |
Momenta Pharmaceuticals, Inc. (a) | 1,096 | 13,645 | |
Myriad Genetics, Inc. (a) | 853 | 23,696 | |
Natera, Inc. (a) | 433 | 11,942 | |
Neurocrine Biosciences, Inc. (a) | 1,031 | 87,047 | |
Novavax, Inc. (a)(b) | 193 | 1,131 | |
Opko Health, Inc. (a) | 4,173 | 10,182 | |
PDL BioPharma, Inc. (a) | 1,592 | 4,999 | |
Polarityte, Inc. (a) | 150 | 855 | |
Portola Pharmaceuticals, Inc. (a) | 754 | 20,456 | |
Principia Biopharma, Inc. | 96 | 3,186 | |
Progenics Pharmaceuticals, Inc. (a) | 974 | 6,010 | |
Prothena Corp. PLC (a) | 440 | 4,651 | |
PTC Therapeutics, Inc. (a) | 534 | 24,030 | |
Puma Biotechnology, Inc. (a) | 357 | 4,537 | |
Ra Pharmaceuticals, Inc. (a) | 322 | 9,683 | |
Radius Health, Inc. (a) | 482 | 11,742 | |
REGENXBIO, Inc. (a) | 338 | 17,363 | |
Repligen Corp. (a) | 442 | 37,990 | |
Retrophin, Inc. (a) | 466 | 9,362 | |
Rigel Pharmaceuticals, Inc. (a) | 1,743 | 4,549 | |
Rocket Pharmaceuticals, Inc. (a) | 303 | 4,545 | |
Sage Therapeutics, Inc. (a) | 533 | 97,587 | |
Sangamo Therapeutics, Inc. (a) | 1,175 | 12,655 | |
Savara, Inc. (a) | 321 | 761 | |
Scholar Rock Holding Corp. (a) | 50 | 793 | |
Seattle Genetics, Inc. (a) | 1,221 | 84,505 | |
Solid Biosciences, Inc. (a)(b) | 159 | 914 | |
Sorrento Therapeutics, Inc. (a) | 1,081 | 2,886 | |
Spark Therapeutics, Inc. (a) | 368 | 37,676 | |
Spectrum Pharmaceuticals, Inc. (a) | 1,149 | 9,893 | |
Stemline Therapeutics, Inc. (a) | 408 | 6,251 | |
Syndax Pharmaceuticals, Inc. (a) | 276 | 2,570 | |
T2 Biosystems, Inc. (a) | 330 | 554 | |
TG Therapeutics, Inc. (a) | 754 | 6,522 | |
Tocagen, Inc. (a) | 259 | 1,730 | |
Trevena, Inc. (a) | 649 | 668 | |
Twist Bioscience Corp. | 256 | 7,427 | |
Ultragenyx Pharmaceutical, Inc. (a) | 543 | 34,481 | |
United Therapeutics Corp. (a) | 498 | 38,874 | |
Vanda Pharmaceuticals, Inc. (a) | 607 | 8,553 | |
Veracyte, Inc. (a) | 344 | 9,807 | |
Verastem, Inc. (a)(b) | 784 | 1,184 | |
Vericel Corp. (a) | 504 | 9,521 | |
Viking Therapeutics, Inc. (a)(b) | 605 | 5,022 | |
Voyager Therapeutics, Inc. (a) | 248 | 6,751 | |
Xencor, Inc. (a) | 543 | 22,225 | |
XOMA Corp. (a) | 81 | 1,204 | |
Y-mAbs Therapeutics, Inc. | 67 | 1,532 | |
Zafgen, Inc. (a) | 296 | 352 | |
ZIOPHARM Oncology, Inc. (a)(b) | 1,511 | 8,809 | |
2,211,970 | |||
Health Care Equipment & Supplies - 2.7% | |||
Accuray, Inc. (a) | 983 | 3,804 | |
Angiodynamics, Inc. (a) | 420 | 8,270 | |
Antares Pharma, Inc. (a) | 1,665 | 5,478 | |
Atricure, Inc. (a) | 399 | 11,906 | |
Atrion Corp. | 16 | 13,644 | |
Avanos Medical, Inc. (a) | 539 | 23,506 | |
AxoGen, Inc. (a) | 390 | 7,722 | |
Axonics Modulation Technologies, Inc. (a) | 91 | 3,728 | |
BioLife Solutions, Inc. (a) | 135 | 2,288 | |
Cantel Medical Corp. | 414 | 33,385 | |
Cardiovascular Systems, Inc. (a) | 399 | 17,129 | |
Cerus Corp. (a) | 1,486 | 8,351 | |
CONMED Corp. | 294 | 25,158 | |
Cryolife, Inc. (a) | 392 | 11,733 | |
CryoPort, Inc. (a) | 326 | 5,972 | |
Cutera, Inc. (a) | 167 | 3,470 | |
CytoSorbents Corp. (a) | 305 | 2,016 | |
Endologix, Inc. (a) | 162 | 1,173 | |
Genmark Diagnostics, Inc. (a) | 672 | 4,361 | |
Glaukos Corp. (a) | 380 | 28,652 | |
Globus Medical, Inc. (a) | 862 | 36,463 | |
Haemonetics Corp. (a) | 588 | 70,760 | |
Heska Corp. (a) | 76 | 6,473 | |
Hill-Rom Holdings, Inc. | 765 | 80,034 | |
ICU Medical, Inc. (a) | 188 | 47,359 | |
Inogen, Inc. (a) | 204 | 13,619 | |
Inspire Medical Systems, Inc. (a) | 142 | 8,612 | |
Insulet Corp. (a) | 672 | 80,223 | |
Integer Holdings Corp. (a) | 340 | 28,533 | |
Integra LifeSciences Holdings Corp. (a) | 800 | 44,680 | |
IntriCon Corp. (a) | 94 | 2,196 | |
Invacare Corp. | 401 | 2,081 | |
iRhythm Technologies, Inc. (a) | 251 | 19,849 | |
Lantheus Holdings, Inc. (a) | 447 | 12,650 | |
LeMaitre Vascular, Inc. | 176 | 4,924 | |
LivaNova PLC (a) | 553 | 39,794 | |
Masimo Corp. (a) | 555 | 82,595 | |
Meridian Bioscience, Inc. | 471 | 5,595 | |
Merit Medical Systems, Inc. (a) | 623 | 37,106 | |
Mesa Laboratories, Inc. | 40 | 9,774 | |
Natus Medical, Inc. (a) | 394 | 10,122 | |
Neogen Corp. (a) | 588 | 36,521 | |
Nevro Corp. (a) | 343 | 22,237 | |
NuVasive, Inc. (a) | 584 | 34,187 | |
Nuvectra Corp. (a) | 160 | 536 | |
OraSure Technologies, Inc. (a) | 715 | 6,635 | |
Orthofix International NV (a) | 214 | 11,316 | |
OrthoPediatrics Corp. (a) | 87 | 3,393 | |
Penumbra, Inc. (a) | 354 | 56,640 | |
Quanterix Corp. (a) | 109 | 3,683 | |
Quidel Corp. (a) | 397 | 23,550 | |
Seaspine Holdings Corp. (a) | 173 | 2,292 | |
Senseonics Holdings, Inc. (a)(b) | 1,046 | 2,134 | |
SI-BONE, Inc. | 88 | 1,790 | |
Sientra, Inc. (a) | 271 | 1,669 | |
Staar Surgical Co. (a) | 321 | 9,431 | |
SurModics, Inc. (a) | 154 | 6,648 | |
Tactile Systems Technology, Inc. (a) | 192 | 10,929 | |
Tandem Diabetes Care, Inc. (a) | 651 | 42,003 | |
TransEnterix, Inc. (a) | 2,180 | 2,965 | |
Varex Imaging Corp. (a) | 425 | 13,026 | |
ViewRay, Inc. (a) | 637 | 5,612 | |
West Pharmaceutical Services, Inc. | 842 | 105,376 | |
Wright Medical Group NV (a) | 1,322 | 39,422 | |
1,307,183 | |||
Health Care Providers & Services - 1.8% | |||
Acadia Healthcare Co., Inc. (a) | 1,004 | 35,090 | |
Addus HomeCare Corp. (a) | 114 | 8,544 | |
Amedisys, Inc. (a) | 331 | 40,187 | |
American Renal Associates Holdings, Inc. (a) | 223 | 1,659 | |
AMN Healthcare Services, Inc. (a) | 531 | 28,807 | |
Apollo Medical Holdings, Inc. (a) | 260 | 4,345 | |
BioScrip, Inc. (a) | 1,369 | 3,559 | |
BioTelemetry, Inc. (a) | 380 | 18,297 | |
Brookdale Senior Living, Inc. (a) | 2,177 | 15,696 | |
Capital Senior Living Corp. (a) | 363 | 1,826 | |
Chemed Corp. | 182 | 65,673 | |
Community Health Systems, Inc. (a)(b) | 1,339 | 3,575 | |
Corvel Corp. (a) | 106 | 9,223 | |
Covetrus, Inc. (a) | 1,077 | 26,343 | |
Cross Country Healthcare, Inc. (a) | 443 | 4,155 | |
DaVita HealthCare Partners, Inc. (a) | 1,435 | 80,733 | |
Diplomat Pharmacy, Inc. (a) | 653 | 3,977 | |
Encompass Health Corp. | 1,125 | 71,280 | |
G1 Therapeutics, Inc. (a) | 293 | 8,983 | |
HealthEquity, Inc. (a) | 615 | 40,221 | |
LHC Group, Inc. (a) | 333 | 39,820 | |
Magellan Health Services, Inc. (a) | 278 | 20,636 | |
MEDNAX, Inc. (a) | 1,015 | 25,608 | |
Molina Healthcare, Inc. (a) | 710 | 101,629 | |
National Healthcare Corp. | 115 | 9,332 | |
National Vision Holdings, Inc. (a) | 719 | 22,095 | |
Neuronetics, Inc. | 58 | 726 | |
OptiNose, Inc. (a) | 151 | 1,069 | |
Owens & Minor, Inc. | 780 | 2,496 | |
Patterson Companies, Inc. | 928 | 21,251 | |
PetIQ, Inc. Class A (a) | 188 | 6,196 | |
Premier, Inc. (a) | 608 | 23,779 | |
Providence Service Corp. | 124 | 7,110 | |
R1 RCM, Inc. (a) | 1,110 | 13,964 | |
RadNet, Inc. (a) | 452 | 6,233 | |
Select Medical Holdings Corp. (a) | 1,212 | 19,234 | |
Surgery Partners, Inc. (a) | 214 | 1,742 | |
Tenet Healthcare Corp. (a) | 949 | 19,606 | |
The Ensign Group, Inc. | 561 | 31,932 | |
Tivity Health, Inc. (a) | 473 | 7,776 | |
Triple-S Management Corp. (a) | 239 | 5,700 | |
U.S. Physical Therapy, Inc. | 144 | 17,650 | |
877,757 | |||
Health Care Technology - 0.6% | |||
Allscripts Healthcare Solutions, Inc. (a) | 1,985 | 23,086 | |
Castlight Health, Inc. Class B (a) | 879 | 2,839 | |
Computer Programs & Systems, Inc. | 135 | 3,752 | |
Evolent Health, Inc. (a) | 814 | 6,471 | |
HealthStream, Inc. (a) | 298 | 7,706 | |
HMS Holdings Corp. (a) | 951 | 30,803 | |
Inovalon Holdings, Inc. Class A (a) | 834 | 12,101 | |
Medidata Solutions, Inc. (a) | 693 | 62,723 | |
Nextgen Healthcare, Inc. (a) | 539 | 10,726 | |
Omnicell, Inc. (a) | 451 | 38,800 | |
Tabula Rasa HealthCare, Inc. (a)(b) | 199 | 9,936 | |
Teladoc Health, Inc. (a)(b) | 798 | 52,995 | |
Vocera Communications, Inc. (a) | 348 | 11,108 | |
273,046 | |||
Life Sciences Tools & Services - 1.0% | |||
Accelerate Diagnostics, Inc. (a)(b) | 297 | 6,795 | |
Bio-Rad Laboratories, Inc. Class A (a) | 229 | 71,583 | |
Bio-Techne Corp. | 430 | 89,651 | |
Bruker Corp. | 1,144 | 57,143 | |
Cambrex Corp. (a) | 381 | 17,835 | |
Charles River Laboratories International, Inc. (a) | 547 | 77,619 | |
Codexis, Inc. (a) | 549 | 10,118 | |
Fluidigm Corp. (a) | 549 | 6,764 | |
Luminex Corp. | 468 | 9,660 | |
Medpace Holdings, Inc. (a) | 296 | 19,364 | |
Nanostring Technologies, Inc. (a) | 300 | 9,105 | |
NeoGenomics, Inc. (a) | 1,061 | 23,278 | |
Pacific Biosciences of California, Inc. (a) | 1,563 | 9,456 | |
PRA Health Sciences, Inc. (a) | 665 | 65,935 | |
Syneos Health, Inc. (a) | 693 | 35,405 | |
509,711 | |||
Pharmaceuticals - 1.5% | |||
AcelRx Pharmaceuticals, Inc. (a)(b) | 768 | 1,943 | |
Aclaris Therapeutics, Inc. (a) | 450 | 986 | |
Adamis Pharmaceuticals Corp. (a) | 438 | 569 | |
Aerie Pharmaceuticals, Inc. (a) | 438 | 12,943 | |
Akcea Therapeutics, Inc. (a) | 181 | 4,244 | |
Akorn, Inc. (a) | 1,110 | 5,717 | |
Amneal Pharmaceuticals, Inc. (a) | 913 | 6,546 | |
Amphastar Pharmaceuticals, Inc. (a) | 398 | 8,402 | |
ANI Pharmaceuticals, Inc. (a) | 95 | 7,809 | |
Aratana Therapeutics, Inc. (a) | 610 | 3,148 | |
Arvinas Holding Co. LLC (a) | 81 | 1,781 | |
Assertio Therapeutics, Inc. (a) | 744 | 2,567 | |
Athenex, Inc. (a) | 467 | 9,247 | |
Biodelivery Sciences International, Inc. (a) | 719 | 3,343 | |
Catalent, Inc. (a) | 1,653 | 89,609 | |
Collegium Pharmaceutical, Inc. (a) | 318 | 4,182 | |
Corcept Therapeutics, Inc. (a) | 1,190 | 13,269 | |
Cyclerion Therapeutics, Inc. (a) | 149 | 1,706 | |
CymaBay Therapeutics, Inc. (a) | 649 | 4,647 | |
Dermira, Inc. (a) | 373 | 3,566 | |
Dova Pharmaceuticals, Inc. (a) | 170 | 2,397 | |
Endo International PLC (a) | 2,238 | 9,221 | |
Evolus, Inc. (a) | 110 | 1,608 | |
Horizon Pharma PLC (a) | 1,902 | 45,762 | |
Innoviva, Inc. (a) | 771 | 11,226 | |
Intersect ENT, Inc. (a) | 354 | 8,057 | |
Intra-Cellular Therapies, Inc. (a) | 555 | 7,204 | |
Jazz Pharmaceuticals PLC (a) | 686 | 97,796 | |
Kala Pharmaceuticals, Inc. (a) | 264 | 1,684 | |
Lannett Co., Inc. (a) | 450 | 2,727 | |
Mallinckrodt PLC (a) | 941 | 8,638 | |
Marinus Pharmaceuticals, Inc. (a) | 591 | 2,453 | |
MyoKardia, Inc. (a) | 375 | 18,803 | |
Nektar Therapeutics (a) | 1,969 | 70,057 | |
Neos Therapeutics, Inc. (a) | 479 | 618 | |
Ocular Therapeutix, Inc. (a)(b) | 453 | 1,993 | |
Omeros Corp. (a)(b) | 514 | 8,065 | |
Pacira Biosciences, Inc. (a) | 469 | 20,397 | |
Paratek Pharmaceuticals, Inc. (a)(b) | 315 | 1,257 | |
Perrigo Co. PLC | 1,421 | 67,668 | |
Phibro Animal Health Corp. Class A | 220 | 6,989 | |
Prestige Brands Holdings, Inc. (a) | 583 | 18,469 | |
Reata Pharmaceuticals, Inc. (a) | 178 | 16,794 | |
Revance Therapeutics, Inc. (a) | 354 | 4,591 | |
Rhythm Pharmaceuticals, Inc. (a) | 249 | 5,478 | |
SIGA Technologies, Inc. (a) | 490 | 2,783 | |
Supernus Pharmaceuticals, Inc. (a) | 593 | 19,622 | |
The Medicines Company (a) | 747 | 27,243 | |
TherapeuticsMD, Inc. (a)(b) | 2,281 | 5,931 | |
Theravance Biopharma, Inc. (a) | 500 | 8,165 | |
Tricida, Inc. | 186 | 7,340 | |
WAVE Life Sciences (a)(b) | 180 | 4,696 | |
Xeris Pharmaceuticals, Inc. | 87 | 995 | |
Zogenix, Inc. (a) | 482 | 23,030 | |
Zynerba Pharmaceuticals, Inc. (a) | 223 | 3,022 | |
729,003 | |||
TOTAL HEALTH CARE | 5,908,670 | ||
INDUSTRIALS - 16.1% | |||
Aerospace & Defense - 1.8% | |||
AAR Corp. | 374 | 13,759 | |
Aerojet Rocketdyne Holdings, Inc. (a) | 820 | 36,711 | |
AeroVironment, Inc. (a) | 245 | 13,909 | |
Arconic, Inc. | 4,897 | 126,441 | |
Astronics Corp. (a) | 286 | 11,503 | |
Axon Enterprise, Inc. (a) | 668 | 42,892 | |
BWX Technologies, Inc. | 1,118 | 58,248 | |
Cubic Corp. | 325 | 20,956 | |
Curtiss-Wright Corp. | 498 | 63,311 | |
Ducommun, Inc. (a) | 116 | 5,228 | |
HEICO Corp. | 483 | 64,630 | |
HEICO Corp. Class A | 797 | 82,386 | |
Hexcel Corp. | 978 | 79,101 | |
Kratos Defense & Security Solutions, Inc. (a) | 1,000 | 22,890 | |
Mercury Systems, Inc. (a) | 552 | 38,833 | |
Moog, Inc. Class A | 370 | 34,636 | |
National Presto Industries, Inc. | 59 | 5,504 | |
Teledyne Technologies, Inc. (a) | 410 | 112,287 | |
Triumph Group, Inc. | 569 | 13,030 | |
Vectrus, Inc. (a) | 125 | 5,070 | |
Wesco Aircraft Holdings, Inc. (a) | 750 | 8,325 | |
859,650 | |||
Air Freight & Logistics - 0.3% | |||
Air Transport Services Group, Inc. (a) | 681 | 16,616 | |
Atlas Air Worldwide Holdings, Inc. (a) | 292 | 13,035 | |
Echo Global Logistics, Inc. (a) | 308 | 6,428 | |
Forward Air Corp. | 334 | 19,756 | |
Hub Group, Inc. Class A (a) | 384 | 16,120 | |
XPO Logistics, Inc. (a) | 1,445 | 83,535 | |
155,490 | |||
Airlines - 0.5% | |||
Alaska Air Group, Inc. | 1,401 | 89,538 | |
Allegiant Travel Co. | 145 | 20,808 | |
Hawaiian Holdings, Inc. | 570 | 15,635 | |
JetBlue Airways Corp. (a) | 3,465 | 64,068 | |
Mesa Air Group, Inc. | 143 | 1,307 | |
SkyWest, Inc. | 591 | 35,856 | |
Spirit Airlines, Inc. (a) | 776 | 37,038 | |
264,250 | |||
Building Products - 1.8% | |||
A.O. Smith Corp. | 1,636 | 77,154 | |
AAON, Inc. | 463 | 23,233 | |
Advanced Drain Systems, Inc. Del | 464 | 15,215 | |
Allegion PLC | 1,082 | 119,615 | |
American Woodmark Corp. (a) | 173 | 14,639 | |
Apogee Enterprises, Inc. | 313 | 13,597 | |
Armstrong World Industries, Inc. | 565 | 54,918 | |
Builders FirstSource, Inc. (a) | 1,314 | 22,154 | |
Continental Building Products, Inc. (a) | 416 | 11,053 | |
COVIA Corp. (a) | 351 | 688 | |
CSW Industrials, Inc. | 176 | 11,994 | |
Fortune Brands Home & Security, Inc. | 1,609 | 91,922 | |
GCP Applied Technologies, Inc. (a) | 822 | 18,610 | |
Gibraltar Industries, Inc. (a) | 369 | 14,893 | |
GMS, Inc. (a) | 379 | 8,338 | |
Griffon Corp. | 373 | 6,311 | |
Insteel Industries, Inc. | 206 | 4,289 | |
Jeld-Wen Holding, Inc. (a) | 771 | 16,368 | |
Lennox International, Inc. | 413 | 113,575 | |
Masonite International Corp. (a) | 302 | 15,909 | |
NCI Building Systems, Inc. (a) | 562 | 3,276 | |
Owens Corning | 1,243 | 72,343 | |
Patrick Industries, Inc. (a) | 260 | 12,789 | |
PGT, Inc. (a) | 661 | 11,052 | |
Quanex Building Products Corp. | 404 | 7,632 | |
Resideo Technologies, Inc. (a) | 1,402 | 30,732 | |
Simpson Manufacturing Co. Ltd. | 468 | 31,103 | |
Trex Co., Inc. (a) | 669 | 47,967 | |
Universal Forest Products, Inc. | 702 | 26,718 | |
898,087 | |||
Commercial Services & Supplies - 1.6% | |||
ABM Industries, Inc. | 751 | 30,040 | |
ACCO Brands Corp. | 1,160 | 9,129 | |
ADS Waste Holdings, Inc. (a) | 818 | 26,102 | |
Brady Corp. Class A | 560 | 27,619 | |
BrightView Holdings, Inc. | 251 | 4,696 | |
Casella Waste Systems, Inc. Class A (a) | 441 | 17,477 | |
Clean Harbors, Inc. (a) | 579 | 41,167 | |
Covanta Holding Corp. | 1,326 | 23,749 | |
Deluxe Corp. | 526 | 21,387 | |
Ennis, Inc. | 308 | 6,320 | |
Evoqua Water Technologies Corp. (a) | 647 | 9,213 | |
Healthcare Services Group, Inc. | 835 | 25,317 | |
Heritage-Crystal Clean, Inc. (a) | 150 | 3,947 | |
Herman Miller, Inc. | 675 | 30,173 | |
HNI Corp. | 496 | 17,548 | |
Interface, Inc. | 672 | 10,302 | |
KAR Auction Services, Inc. | 1,532 | 38,300 | |
Kimball International, Inc. Class B | 423 | 7,373 | |
Knoll, Inc. | 572 | 13,145 | |
LSC Communications, Inc. | 418 | 1,534 | |
Matthews International Corp. Class A | 357 | 12,441 | |
McGrath RentCorp. | 274 | 17,029 | |
Mobile Mini, Inc. | 500 | 15,215 | |
MSA Safety, Inc. | 398 | 41,945 | |
Multi-Color Corp. | 160 | 7,995 | |
Pitney Bowes, Inc. | 2,142 | 9,168 | |
Quad/Graphics, Inc. | 333 | 2,634 | |
R.R. Donnelley & Sons Co. | 846 | 1,667 | |
Rollins, Inc. | 1,675 | 60,082 | |
SP Plus Corp. (a) | 255 | 8,142 | |
Steelcase, Inc. Class A | 986 | 16,861 | |
Stericycle, Inc. (a) | 969 | 46,270 | |
Team, Inc. (a) | 334 | 5,117 | |
Tetra Tech, Inc. | 628 | 49,329 | |
The Brink's Co. | 573 | 46,516 | |
U.S. Ecology, Inc. | 252 | 15,004 | |
UniFirst Corp. | 175 | 33,000 | |
Viad Corp. | 229 | 15,169 | |
768,122 | |||
Construction & Engineering - 1.2% | |||
AECOM (a) | 1,781 | 67,411 | |
Aegion Corp. (a) | 355 | 6,532 | |
Ameresco, Inc. Class A (a) | 215 | 3,167 | |
Arcosa, Inc. | 559 | 21,035 | |
Argan, Inc. | 160 | 6,490 | |
Comfort Systems U.S.A., Inc. | 422 | 21,518 | |
Dycom Industries, Inc. (a) | 353 | 20,781 | |
EMCOR Group, Inc. | 655 | 57,706 | |
Fluor Corp. | 1,607 | 54,140 | |
Granite Construction, Inc. | 534 | 25,728 | |
Great Lakes Dredge & Dock Corp. (a) | 741 | 8,181 | |
HC2 Holdings, Inc. (a) | 356 | 840 | |
Jacobs Engineering Group, Inc. | 1,362 | 114,939 | |
Keane Group, Inc. (a) | 468 | 3,145 | |
MasTec, Inc. (a) | 725 | 37,359 | |
MYR Group, Inc. (a) | 189 | 7,059 | |
NV5 Holdings, Inc. (a) | 108 | 8,791 | |
Orion Group Holdings, Inc. (a) | 264 | 708 | |
Primoris Services Corp. | 473 | 9,900 | |
Quanta Services, Inc. | 1,665 | 63,586 | |
Sterling Construction Co., Inc. (a) | 310 | 4,160 | |
Tutor Perini Corp. (a) | 440 | 6,103 | |
Valmont Industries, Inc. | 250 | 31,703 | |
Williams Scotsman Corp. (a) | 407 | 6,121 | |
587,103 | |||
Electrical Equipment - 0.9% | |||
Acuity Brands, Inc. | 457 | 63,025 | |
Allied Motion Technologies, Inc. | 90 | 3,411 | |
AZZ, Inc. | 289 | 13,300 | |
Encore Wire Corp. | 233 | 13,649 | |
Energous Corp. (a) | 232 | 1,014 | |
EnerSys | 477 | 32,675 | |
Enphase Energy, Inc. (a) | 874 | 15,933 | |
Generac Holdings, Inc. (a) | 710 | 49,281 | |
GrafTech International Ltd. | 701 | 8,062 | |
Hubbell, Inc. Class B | 623 | 81,239 | |
Plug Power, Inc. (a)(b) | 2,585 | 5,816 | |
Regal Beloit Corp. | 491 | 40,120 | |
Sensata Technologies, Inc. PLC (a) | 1,868 | 91,532 | |
Sunrun, Inc. (a) | 854 | 16,021 | |
Thermon Group Holdings, Inc. (a) | 371 | 9,516 | |
TPI Composites, Inc. (a) | 199 | 4,919 | |
Vicor Corp. (a) | 191 | 5,931 | |
Vivint Solar, Inc. (a) | 506 | 3,694 | |
459,138 | |||
Industrial Conglomerates - 0.4% | |||
Carlisle Companies, Inc. | 678 | 95,198 | |
ITT, Inc. | 998 | 65,349 | |
Raven Industries, Inc. | 404 | 14,496 | |
175,043 | |||
Machinery - 4.5% | |||
Actuant Corp. Class A | 690 | 17,119 | |
AGCO Corp. | 749 | 58,100 | |
Alamo Group, Inc. | 110 | 10,992 | |
Albany International Corp. Class A | 331 | 27,443 | |
Allison Transmission Holdings, Inc. | 1,358 | 62,943 | |
Altra Industrial Motion Corp. | 731 | 26,228 | |
Apergy Corp. (a) | 880 | 29,515 | |
Astec Industries, Inc. | 263 | 8,563 | |
Barnes Group, Inc. | 532 | 29,973 | |
Blue Bird Corp. (a) | 173 | 3,406 | |
Briggs & Stratton Corp. | 469 | 4,803 | |
Cactus, Inc. (a) | 426 | 14,109 | |
Chart Industries, Inc. (a) | 354 | 27,216 | |
CIRCOR International, Inc. (a) | 228 | 10,488 | |
Colfax Corp. (a) | 1,083 | 30,356 | |
Columbus McKinnon Corp. (NY Shares) | 236 | 9,905 | |
Commercial Vehicle Group, Inc. (a) | 321 | 2,574 | |
Crane Co. | 575 | 47,978 | |
Donaldson Co., Inc. | 1,453 | 73,900 | |
Douglas Dynamics, Inc. | 250 | 9,948 | |
Energy Recovery, Inc. (a) | 374 | 3,897 | |
EnPro Industries, Inc. | 239 | 15,258 | |
ESCO Technologies, Inc. | 297 | 24,538 | |
Federal Signal Corp. | 683 | 18,270 | |
Flowserve Corp. | 1,491 | 78,561 | |
Franklin Electric Co., Inc. | 442 | 20,995 | |
Gardner Denver Holdings, Inc. (a) | 1,453 | 50,274 | |
Gates Industrial Corp. PLC (a) | 522 | 5,956 | |
Global Brass & Copper Holdings, Inc. | 255 | 11,151 | |
Gorman-Rupp Co. | 207 | 6,796 | |
Graco, Inc. | 1,891 | 94,890 | |
Greenbrier Companies, Inc. | 371 | 11,278 | |
Harsco Corp. (a) | 915 | 25,108 | |
Hillenbrand, Inc. | 706 | 27,936 | |
Hyster-Yale Materials Handling Class A | 106 | 5,858 | |
John Bean Technologies Corp. | 360 | 43,607 | |
Kadant, Inc. | 126 | 11,442 | |
Kennametal, Inc. | 933 | 34,512 | |
Lincoln Electric Holdings, Inc. | 732 | 60,258 | |
Lindsay Corp. | 123 | 10,112 | |
Lydall, Inc. (a) | 199 | 4,020 | |
Manitowoc Co., Inc. (a) | 408 | 7,262 | |
Meritor, Inc. (a) | 975 | 23,644 | |
Middleby Corp. (a)(b) | 636 | 86,305 | |
Milacron Holdings Corp. (a) | 825 | 11,385 | |
Mueller Industries, Inc. | 660 | 19,318 | |
Mueller Water Products, Inc. Class A | 1,806 | 17,735 | |
Navistar International Corp. New (a) | 742 | 25,562 | |
NN, Inc. | 493 | 4,812 | |
Nordson Corp. | 594 | 83,938 | |
Oshkosh Corp. | 820 | 68,462 | |
Pentair PLC | 1,817 | 67,592 | |
ProPetro Holding Corp. (a) | 853 | 17,657 | |
Proto Labs, Inc. (a)�� | 306 | 35,502 | |
RBC Bearings, Inc. (a) | 282 | 47,040 | |
Rexnord Corp. (a) | 1,192 | 36,022 | |
Spartan Motors, Inc. | 389 | 4,263 | |
SPX Corp. (a) | 499 | 16,477 | |
SPX Flow, Inc. (a) | 486 | 20,344 | |
Standex International Corp. | 146 | 10,678 | |
Sun Hydraulics Corp. | 333 | 15,455 | |
Tennant Co. | 202 | 12,362 | |
Terex Corp. | 737 | 23,142 | |
Timken Co. | 785 | 40,302 | |
Titan International, Inc. | 603 | 2,949 | |
Toro Co. | 1,196 | 80,012 | |
TriMas Corp. (a) | 518 | 16,042 | |
Trinity Industries, Inc. | 1,663 | 34,507 | |
Wabash National Corp. | 641 | 10,429 | |
WABCO Holdings, Inc. (a) | 593 | 78,632 | |
Wabtec Corp. (b) | 978 | 70,181 | |
Watts Water Technologies, Inc. Class A | 315 | 29,352 | |
Welbilt, Inc. (a) | 1,477 | 24,666 | |
Woodward, Inc. | 633 | 71,630 | |
2,183,935 | |||
Marine - 0.1% | |||
Eagle Bulk Shipping, Inc. (a) | 831 | 4,354 | |
Genco Shipping & Trading Ltd. (a) | 129 | 1,089 | |
Kirby Corp. (a) | 610 | 48,190 | |
Matson, Inc. | 482 | 18,726 | |
72,359 | |||
Professional Services - 1.0% | |||
Asgn, Inc. (a) | 597 | 36,178 | |
Barrett Business Services, Inc. | 86 | 7,104 | |
BG Staffing, Inc. | 105 | 1,982 | |
CBIZ, Inc. (a) | 629 | 12,322 | |
CRA International, Inc. | 94 | 3,603 | |
Exponent, Inc. | 591 | 34,597 | |
Forrester Research, Inc. | 111 | 5,220 | |
FTI Consulting, Inc. (a) | 437 | 36,638 | |
Heidrick & Struggles International, Inc. | 219 | 6,563 | |
Huron Consulting Group, Inc. (a) | 257 | 12,948 | |
ICF International, Inc. | 213 | 15,506 | |
InnerWorkings, Inc. (a) | 443 | 1,692 | |
Insperity, Inc. | 434 | 53,009 | |
Kelly Services, Inc. Class A (non-vtg.) | 367 | 9,612 | |
Kforce, Inc. | 264 | 9,264 | |
Korn Ferry | 643 | 25,765 | |
Manpower, Inc. | 704 | 68,006 | |
Navigant Consulting, Inc. | 486 | 11,270 | |
Resources Connection, Inc. | 331 | 5,299 | |
Robert Half International, Inc. | 1,382 | 78,788 | |
TriNet Group, Inc. (a) | 495 | 33,561 | |
TrueBlue, Inc. (a) | 456 | 10,059 | |
WageWorks, Inc. (a) | 453 | 23,008 | |
Willdan Group, Inc. (a) | 119 | 4,433 | |
506,427 | |||
Road & Rail - 0.7% | |||
AMERCO | 87 | 32,934 | |
ArcBest Corp. | 284 | 7,983 | |
Avis Budget Group, Inc. (a) | 741 | 26,054 | |
Covenant Transport Group, Inc. Class A (a) | 155 | 2,280 | |
Daseke, Inc. (a) | 631 | 2,272 | |
Genesee & Wyoming, Inc. Class A (a) | 666 | 66,600 | |
Heartland Express, Inc. | 521 | 9,414 | |
Hertz Global Holdings, Inc. (a)(b) | 710 | 11,332 | |
Knight-Swift Transportation Holdings, Inc. Class A (b) | 1,425 | 46,797 | |
Landstar System, Inc. | 469 | 50,647 | |
Marten Transport Ltd. | 429 | 7,786 | |
Ryder System, Inc. | 605 | 35,272 | |
Saia, Inc. (a) | 293 | 18,948 | |
Schneider National, Inc. Class B | 313 | 5,709 | |
U.S. Xpress Enterprises, Inc. | 152 | 781 | |
U.S.A. Truck, Inc. (a) | 62 | 627 | |
Universal Logistics Holdings, Inc. | 97 | 2,180 | |
Werner Enterprises, Inc. | 501 | 15,571 | |
YRC Worldwide, Inc. (a) | 348 | 1,402 | |
344,589 | |||
Trading Companies & Distributors - 1.2% | |||
Air Lease Corp. Class A | 1,140 | 47,128 | |
Aircastle Ltd. | 624 | 13,266 | |
Applied Industrial Technologies, Inc. | 442 | 27,196 | |
Beacon Roofing Supply, Inc. (a) | 776 | 28,495 | |
BlueLinx Corp. (a) | 105 | 2,080 | |
BMC Stock Holdings, Inc. (a) | 766 | 16,239 | |
CAI International, Inc. (a) | 194 | 4,815 | |
DXP Enterprises, Inc. (a) | 182 | 6,896 | |
GATX Corp. | 427 | 33,857 | |
General Finance Corp. (a) | 141 | 1,180 | |
H&E Equipment Services, Inc. | 363 | 10,560 | |
HD Supply Holdings, Inc. (a) | 2,090 | 84,185 | |
Herc Holdings, Inc. (a) | 266 | 12,191 | |
Kaman Corp. | 314 | 19,999 | |
MRC Global, Inc. (a) | 1,021 | 17,480 | |
MSC Industrial Direct Co., Inc. Class A | 516 | 38,318 | |
Now, Inc. (a) | 1,226 | 18,096 | |
Rush Enterprises, Inc. Class A | 339 | 12,380 | |
SiteOne Landscape Supply, Inc. (a) | 466 | 32,294 | |
Systemax, Inc. | 161 | 3,568 | |
Textainer Group Holdings Ltd. (a) | 346 | 3,488 | |
Titan Machinery, Inc. (a) | 238 | 4,898 | |
Triton International Ltd. | 586 | 19,197 | |
Univar, Inc. (a) | 1,304 | 28,740 | |
Veritiv Corp. (a) | 145 | 2,816 | |
Watsco, Inc. | 365 | 59,688 | |
WESCO International, Inc. (a) | 532 | 26,946 | |
575,996 | |||
Transportation Infrastructure - 0.1% | |||
Macquarie Infrastructure Co. LLC | 875 | 35,473 | |
TOTAL INDUSTRIALS | 7,885,662 | ||
INFORMATION TECHNOLOGY - 15.4% | |||
Communications Equipment - 0.9% | |||
Acacia Communications, Inc. (a) | 320 | 15,091 | |
ADTRAN, Inc. | 551 | 8,403 | |
Applied Optoelectronics, Inc. (a)(b) | 184 | 1,892 | |
CalAmp Corp. (a) | 407 | 4,754 | |
Calix Networks, Inc. (a) | 520 | 3,411 | |
Ciena Corp. (a) | 1,617 | 66,507 | |
CommScope Holding Co., Inc. (a) | 2,184 | 34,354 | |
Comtech Telecommunications Corp. | 267 | 7,505 | |
EchoStar Holding Corp. Class A (a) | 551 | 24,420 | |
Extreme Networks, Inc. (a) | 1,341 | 8,676 | |
Finisar Corp. (a) | 1,338 | 30,600 | |
Harmonic, Inc. (a) | 982 | 5,450 | |
Infinera Corp. (a) | 1,627 | 4,735 | |
InterDigital, Inc. | 384 | 24,730 | |
Lumentum Holdings, Inc. (a) | 838 | 44,758 | |
Maxar Technologies, Inc. | 706 | 5,521 | |
NETGEAR, Inc. (a) | 360 | 9,104 | |
NetScout Systems, Inc. (a) | 795 | 20,185 | |
Plantronics, Inc. | 375 | 13,890 | |
Sonus Networks, Inc. (a) | 528 | 2,582 | |
Ubiquiti Networks, Inc. | 218 | 28,667 | |
ViaSat, Inc. (a) | 639 | 51,644 | |
Viavi Solutions, Inc. (a) | 2,601 | 34,567 | |
451,446 | |||
Electronic Equipment & Components - 2.7% | |||
ADT, Inc. | 1,396 | 8,544 | |
Anixter International, Inc. (a) | 329 | 19,645 | |
Arlo Technologies, Inc. | 886 | 3,553 | |
Arrow Electronics, Inc. (a) | 992 | 70,700 | |
Avnet, Inc. | 1,268 | 57,402 | |
AVX Corp. | 535 | 8,881 | |
Badger Meter, Inc. | 334 | 19,936 | |
Belden, Inc. | 457 | 27,223 | |
Benchmark Electronics, Inc. | 499 | 12,535 | |
Cardtronics PLC (a) | 426 | 11,638 | |
Casa Systems, Inc. (a) | 326 | 2,096 | |
Cognex Corp. | 1,959 | 93,993 | |
Coherent, Inc. (a) | 277 | 37,774 | |
Control4 Corp. (a) | 301 | 7,149 | |
CTS Corp. | 374 | 10,315 | |
Daktronics, Inc. | 429 | 2,647 | |
Dell Technologies, Inc. (a) | 1,700 | 86,360 | |
Dolby Laboratories, Inc. Class A | 726 | 46,900 | |
ePlus, Inc. (a) | 156 | 10,755 | |
Fabrinet (a) | 424 | 21,060 | |
FARO Technologies, Inc. (a) | 198 | 10,411 | |
Fitbit, Inc. (a)(b) | 2,416 | 10,630 | |
FLIR Systems, Inc. | 1,573 | 85,099 | |
II-VI, Inc. (a) | 681 | 24,897 | |
Insight Enterprises, Inc. (a) | 403 | 23,455 | |
IPG Photonics Corp. (a) | 408 | 62,934 | |
Itron, Inc. (a) | 381 | 23,839 | |
Jabil, Inc. | 1,630 | 51,508 | |
KEMET Corp. | 646 | 12,151 | |
Knowles Corp. (a) | 1,038 | 19,006 | |
Littelfuse, Inc. | 285 | 50,419 | |
Methode Electronics, Inc. Class A | 418 | 11,942 | |
MTS Systems Corp. | 205 | 11,999 | |
National Instruments Corp. | 1,278 | 53,663 | |
Novanta, Inc. (a) | 374 | 35,268 | |
OSI Systems, Inc. (a) | 193 | 21,738 | |
Par Technology Corp. (a)(b) | 118 | 3,328 | |
Park Electrochemical Corp. | 221 | 3,688 | |
PC Connection, Inc. | 130 | 4,547 | |
PC Mall, Inc. (a) | 95 | 3,329 | |
Plexus Corp. (a) | 358 | 20,896 | |
Rogers Corp. (a) | 210 | 36,242 | |
Sanmina Corp. (a) | 777 | 23,528 | |
ScanSource, Inc. (a) | 297 | 9,670 | |
SYNNEX Corp. | 471 | 46,346 | |
Tech Data Corp. (a) | 423 | 44,246 | |
TTM Technologies, Inc. (a) | 1,060 | 10,812 | |
Vishay Intertechnology, Inc. | 1,506 | 24,879 | |
Vishay Precision Group, Inc. (a) | 141 | 5,729 | |
1,305,305 | |||
Internet Software & Services - 0.0% | |||
Razer, Inc. (a)(c) | 43,000 | 9,248 | |
IT Services - 3.1% | |||
Alliance Data Systems Corp. | 533 | 74,689 | |
Amdocs Ltd. | 1,609 | 99,903 | |
Booz Allen Hamilton Holding Corp. Class A | 1,621 | 107,326 | |
CACI International, Inc. Class A (a) | 283 | 57,899 | |
Carbonite, Inc. (a) | 376 | 9,791 | |
Cass Information Systems, Inc. | 138 | 6,690 | |
Conduent, Inc. (a) | 2,097 | 20,110 | |
CoreLogic, Inc. (a) | 914 | 38,233 | |
CSG Systems International, Inc. | 380 | 18,555 | |
Endurance International Group Holdings, Inc. (a) | 856 | 4,109 | |
EPAM Systems, Inc. (a) | 585 | 101,264 | |
Euronet Worldwide, Inc. (a) | 588 | 98,925 | |
EVERTEC, Inc. | 692 | 22,628 | |
EVO Payments, Inc. Class A (a) | 271 | 8,545 | |
ExlService Holdings, Inc. (a) | 388 | 25,658 | |
Genpact Ltd. | 1,580 | 60,182 | |
GreenSky, Inc. Class A (a)(b) | 495 | 6,084 | |
GTT Communications, Inc. (a) | 372 | 6,547 | |
Hackett Group, Inc. | 306 | 5,138 | |
i3 Verticals, Inc. Class A | 101 | 2,974 | |
Internap Network Services Corp. (a)(b) | 239 | 719 | |
KBR, Inc. | 1,607 | 40,079 | |
Limelight Networks, Inc. (a) | 1,373 | 3,707 | |
Liveramp Holdings, Inc. (a) | 773 | 37,475 | |
ManTech International Corp. Class A | 301 | 19,821 | |
Maximus, Inc. | 727 | 52,737 | |
MongoDB, Inc. Class A (a) | 315 | 47,908 | |
NIC, Inc. | 754 | 12,094 | |
Okta, Inc. (a) | 886 | 109,430 | |
Perficient, Inc. (a) | 382 | 13,110 | |
Perspecta, Inc. | 1,610 | 37,690 | |
Presidio, Inc. | 341 | 4,661 | |
Sabre Corp. | 3,131 | 69,508 | |
Science Applications International Corp. | 580 | 50,205 | |
ServiceSource International, Inc. (a) | 690 | 656 | |
Switch, Inc. Class A | 434 | 5,681 | |
Sykes Enterprises, Inc. (a) | 452 | 12,412 | |
The Western Union Co. | 5,037 | 100,186 | |
Ttec Holdings, Inc. | 167 | 7,781 | |
U.S.A. Technologies, Inc. (a)(b) | 693 | 5,149 | |
Unisys Corp. (a)(b) | 552 | 5,365 | |
Virtusa Corp. (a) | 313 | 13,907 | |
WEX, Inc. (a) | 490 | 101,969 | |
1,527,500 | |||
Semiconductors & Semiconductor Equipment - 2.8% | |||
Adesto Technologies Corp. (a) | 316 | 2,575 | |
Advanced Energy Industries, Inc. (a) | 438 | 24,646 | |
Amkor Technology, Inc. (a) | 1,437 | 10,720 | |
Aquantia Corp. (a) | 317 | 4,131 | |
Axcelis Technologies, Inc. (a) | 349 | 5,252 | |
AXT, Inc. (a) | 446 | 1,766 | |
Brooks Automation, Inc. | 818 | 31,698 | |
Cabot Microelectronics Corp. | 325 | 35,776 | |
Ceva, Inc. (a) | 255 | 6,209 | |
Cirrus Logic, Inc. (a) | 682 | 29,803 | |
Cohu, Inc. | 450 | 6,944 | |
Cree, Inc. (a) | 1,168 | 65,618 | |
Cypress Semiconductor Corp. | 4,121 | 91,651 | |
Diodes, Inc. (a) | 449 | 16,330 | |
Entegris, Inc. | 1,607 | 59,973 | |
First Solar, Inc. (a) | 859 | 56,419 | |
FormFactor, Inc. (a) | 819 | 12,834 | |
Ichor Holdings Ltd. (a) | 255 | 6,028 | |
Impinj, Inc. (a) | 210 | 6,010 | |
Inphi Corp. (a) | 506 | 25,351 | |
Kulicke & Soffa Industries, Inc. | 763 | 17,206 | |
Lattice Semiconductor Corp. (a) | 1,484 | 21,652 | |
MACOM Technology Solutions Holdings, Inc. (a) | 523 | 7,913 | |
MaxLinear, Inc. Class A (a) | 709 | 16,619 | |
MKS Instruments, Inc. | 614 | 47,824 | |
Monolithic Power Systems, Inc. | 443 | 60,151 | |
Nanometrics, Inc. (a) | 276 | 9,580 | |
NeoPhotonics Corp. (a) | 369 | 1,542 | |
NVE Corp. | 55 | 3,830 | |
ON Semiconductor Corp. (a) | 4,788 | 96,765 | |
PDF Solutions, Inc. (a) | 320 | 4,198 | |
Photronics, Inc. (a) | 756 | 6,199 | |
Pixelworks, Inc. (a) | 576 | 1,699 | |
Power Integrations, Inc. | 331 | 26,540 | |
Qorvo, Inc. (a) | 1,421 | 94,653 | |
Rambus, Inc. (a) | 1,230 | 14,809 | |
Rudolph Technologies, Inc. (a) | 347 | 9,588 | |
Semtech Corp. (a) | 743 | 35,701 | |
Silicon Laboratories, Inc. (a) | 493 | 50,976 | |
SMART Global Holdings, Inc. (a) | 147 | 3,380 | |
SolarEdge Technologies, Inc. (a) | 491 | 30,668 | |
SunPower Corp. (a) | 699 | 7,472 | |
Synaptics, Inc. (a) | 396 | 11,539 | |
Teradyne, Inc. | 2,039 | 97,688 | |
Ultra Clean Holdings, Inc. (a) | 429 | 5,972 | |
Universal Display Corp. | 483 | 90,833 | |
Veeco Instruments, Inc. (a) | 530 | 6,477 | |
Versum Materials, Inc. | 1,240 | 63,959 | |
Xperi Corp. | 549 | 11,304 | |
1,356,471 | |||
Software - 5.5% | |||
2U, Inc. (a) | 652 | 24,541 | |
8x8, Inc. (a) | 1,084 | 26,124 | |
A10 Networks, Inc. (a) | 612 | 4,174 | |
ACI Worldwide, Inc. (a) | 1,318 | 45,260 | |
Alarm.com Holdings, Inc. (a) | 401 | 21,454 | |
Altair Engineering, Inc. Class A (a) | 314 | 12,682 | |
Alteryx, Inc. Class A (a) | 344 | 37,537 | |
American Software, Inc. Class A | 311 | 4,090 | |
AppFolio, Inc. (a) | 136 | 13,909 | |
Appian Corp. Class A (a)(b) | 320 | 11,542 | |
Aspen Technology, Inc. (a) | 805 | 100,045 | |
Avaya Holdings Corp. (a) | 1,156 | 13,768 | |
Benefitfocus, Inc. (a) | 270 | 7,331 | |
Black Knight, Inc. (a) | 1,612 | 96,962 | |
Blackbaud, Inc. | 551 | 46,009 | |
BlackLine, Inc. (a) | 416 | 22,260 | |
Bottomline Technologies, Inc. (a) | 417 | 18,448 | |
Box, Inc. Class A (a) | 1,639 | 28,863 | |
Cardlytics, Inc. (a) | 107 | 2,780 | |
CDK Global, Inc. | 1,463 | 72,331 | |
Ceridian HCM Holding, Inc. (a) | 410 | 20,582 | |
Cision Ltd. (a) | 773 | 9,067 | |
Cloudera, Inc. (a) | 2,483 | 13,061 | |
CommVault Systems, Inc. (a) | 445 | 22,081 | |
Cornerstone OnDemand, Inc. (a) | 606 | 35,106 | |
Coupa Software, Inc. (a) | 589 | 74,573 | |
Digimarc Corp. (a) | 135 | 5,993 | |
Domo, Inc. Class B | 106 | 2,896 | |
Dropbox, Inc. Class A (a) | 1,054 | 26,403 | |
Ebix, Inc. | 261 | 13,107 | |
eGain Communications Corp. (a) | 211 | 1,718 | |
Envestnet, Inc. (a) | 519 | 35,484 | |
Everbridge, Inc. (a) | 324 | 28,972 | |
Fair Isaac Corp. (a) | 330 | 103,627 | |
FireEye, Inc. (a) | 2,239 | 33,160 | |
Five9, Inc. (a) | 670 | 34,364 | |
Forescout Technologies, Inc. (a) | 263 | 8,905 | |
Guidewire Software, Inc. (a) | 921 | 93,371 | |
HubSpot, Inc. (a) | 416 | 70,936 | |
Instructure, Inc. (a) | 364 | 15,470 | |
j2 Global, Inc. | 533 | 47,378 | |
LivePerson, Inc. (a) | 664 | 18,619 | |
LogMeIn, Inc. | 578 | 42,587 | |
Manhattan Associates, Inc. (a) | 747 | 51,790 | |
MicroStrategy, Inc. Class A (a) | 108 | 15,477 | |
Mitek Systems, Inc. (a) | 395 | 3,926 | |
MobileIron, Inc. (a) | 822 | 5,096 | |
Model N, Inc. (a) | 314 | 6,123 | |
Monotype Imaging Holdings, Inc. | 477 | 8,033 | |
New Relic, Inc. (a) | 516 | 44,639 | |
Nuance Communications, Inc. (a) | 3,267 | 52,174 | |
Nutanix, Inc. Class A (a) | 843 | 21,867 | |
Onespan, Inc. (a) | 354 | 5,016 | |
Paycom Software, Inc. (a) | 553 | 125,376 | |
Paylocity Holding Corp. (a) | 361 | 33,869 | |
Pegasystems, Inc. | 421 | 29,979 | |
Pivotal Software, Inc. (a) | 498 | 5,259 | |
Pluralsight, Inc. (a) | 236 | 7,156 | |
Progress Software Corp. | 516 | 22,508 | |
Proofpoint, Inc. (a) | 621 | 74,675 | |
PROS Holdings, Inc. (a) | 394 | 24,924 | |
Q2 Holdings, Inc. (a) | 419 | 31,995 | |
QAD, Inc. Class A | 121 | 4,865 | |
Qualys, Inc. (a) | 385 | 33,526 | |
Rapid7, Inc. (a) | 470 | 27,185 | |
RealPage, Inc. (a) | 830 | 48,846 | |
RingCentral, Inc. (a) | 781 | 89,753 | |
SailPoint Technologies Holding, Inc. (a) | 745 | 14,930 | |
SecureWorks Corp. (a) | 114 | 1,515 | |
ShotSpotter, Inc. (a) | 89 | 3,934 | |
Smartsheet, Inc. (a) | 156 | 7,550 | |
SPS Commerce, Inc. (a) | 201 | 20,544 | |
Teradata Corp. (a) | 1,343 | 48,147 | |
The Trade Desk, Inc. (a) | 413 | 94,073 | |
TiVo Corp. | 1,403 | 10,340 | |
Tyler Technologies, Inc. (a) | 440 | 95,049 | |
Upland Software, Inc. (a) | 185 | 8,423 | |
Upwork, Inc. | 694 | 11,160 | |
Varonis Systems, Inc. (a) | 334 | 20,688 | |
Verint Systems, Inc. (a) | 738 | 39,690 | |
VirnetX Holding Corp. (a) | 650 | 4,037 | |
Workiva, Inc. (a) | 293 | 17,020 | |
Yext, Inc. (a) | 708 | 14,224 | |
Zendesk, Inc. (a) | 1,219 | 108,528 | |
Zix Corp. (a) | 612 | 5,563 | |
Zuora, Inc. (a) | 156 | 2,390 | |
2,669,432 | |||
Technology Hardware, Storage & Peripherals - 0.4% | |||
3D Systems Corp. (a)(b) | 1,338 | 12,176 | |
Cray, Inc. (a) | 461 | 16,052 | |
Diebold Nixdorf, Inc. (a) | 866 | 7,933 | |
Electronics for Imaging, Inc. (a) | 504 | 18,603 | |
Immersion Corp. (a) | 368 | 2,800 | |
NCR Corp. (a) | 1,344 | 41,798 | |
Pure Storage, Inc. Class A (a) | 1,971 | 30,097 | |
Xerox Corp. | 2,362 | 83,638 | |
213,097 | |||
TOTAL INFORMATION TECHNOLOGY | 7,532,499 | ||
MATERIALS - 5.2% | |||
Chemicals - 2.1% | |||
A. Schulman, Inc. rights (a)(d) | 192 | 83 | |
AdvanSix, Inc. (a) | 337 | 8,233 | |
American Vanguard Corp. | 298 | 4,592 | |
Amyris, Inc. (a) | 519 | 1,848 | |
Ashland Global Holdings, Inc. | 716 | 57,259 | |
Axalta Coating Systems Ltd. (a) | 2,419 | 72,014 | |
Balchem Corp. | 367 | 36,689 | |
Cabot Corp. | 680 | 32,443 | |
Chase Corp. | 84 | 9,042 | |
Element Solutions, Inc. (a) | 2,653 | 27,432 | |
Ferro Corp. (a) | 946 | 14,947 | |
Flotek Industries, Inc. (a) | 588 | 1,946 | |
FutureFuel Corp. | 291 | 3,402 | |
H.B. Fuller Co. | 578 | 26,819 | |
Hawkins, Inc. | 109 | 4,732 | |
Huntsman Corp. | 2,442 | 49,914 | |
Ingevity Corp. (a) | 476 | 50,061 | |
Innophos Holdings, Inc. | 218 | 6,346 | |
Innospec, Inc. | 279 | 25,456 | |
Intrepid Potash, Inc. (a) | 1,165 | 3,914 | |
Koppers Holdings, Inc. (a) | 230 | 6,753 | |
Kraton Performance Polymers, Inc. (a) | 358 | 11,123 | |
Kronos Worldwide, Inc. | 249 | 3,815 | |
Minerals Technologies, Inc. | 401 | 21,458 | |
NewMarket Corp. | 101 | 40,495 | |
Olin Corp. | 1,899 | 41,607 | |
OMNOVA Solutions, Inc. (a) | 481 | 2,997 | |
PolyOne Corp. | 909 | 28,534 | |
PQ Group Holdings, Inc. (a) | 397 | 6,292 | |
Quaker Chemical Corp. | 153 | 31,041 | |
Rayonier Advanced Materials, Inc. | 572 | 3,712 | |
RPM International, Inc. | 1,511 | 92,337 | |
Sensient Technologies Corp. | 481 | 35,344 | |
Stepan Co. | 232 | 21,323 | |
The Chemours Co. LLC | 1,948 | 46,752 | |
The Scotts Miracle-Gro Co. Class A | 448 | 44,128 | |
Tredegar Corp. | 291 | 4,836 | |
Trinseo SA | 481 | 20,366 | |
Tronox Holdings PLC | 1,051 | 13,432 | |
Valvoline, Inc. | 2,138 | 41,755 | |
Venator Materials PLC (a) | 589 | 3,116 | |
W.R. Grace & Co. | 760 | 57,844 | |
Westlake Chemical Corp. | 411 | 28,548 | |
1,044,780 | |||
Construction Materials - 0.3% | |||
Eagle Materials, Inc. | 533 | 49,409 | |
Forterra, Inc. (a) | 372 | 1,849 | |
nVent Electric PLC | 1,856 | 46,010 | |
Summit Materials, Inc. (a) | 1,270 | 24,448 | |
U.S. Concrete, Inc. (a) | 184 | 9,143 | |
130,859 | |||
Containers & Packaging - 1.2% | |||
Amcor PLC (a) | 5,284 | 60,713 | |
Aptargroup, Inc. | 714 | 88,779 | |
Berry Global Group, Inc. (a) | 1,491 | 78,412 | |
Crown Holdings, Inc. (a) | 1,540 | 94,094 | |
Graphic Packaging Holding Co. | 3,536 | 49,433 | |
Greif, Inc. Class A | 299 | 9,732 | |
Myers Industries, Inc. | 401 | 7,727 | |
Owens-Illinois, Inc. | 1,805 | 31,172 | |
Sealed Air Corp. | 1,785 | 76,362 | |
Silgan Holdings, Inc. | 868 | 26,561 | |
Sonoco Products Co. | 1,135 | 74,161 | |
597,146 | |||
Metals & Mining - 1.3% | |||
AK Steel Holding Corp. (a)(b) | 3,640 | 8,627 | |
Alcoa Corp. (a) | 2,122 | 49,676 | |
Allegheny Technologies, Inc. (a) | 1,429 | 36,011 | |
Atkore International Group, Inc. (a) | 528 | 13,659 | |
Carpenter Technology Corp. | 539 | 25,861 | |
Century Aluminum Co. (a) | 564 | 3,897 | |
Cleveland-Cliffs, Inc. (b) | 3,399 | 36,267 | |
Coeur d'Alene Mines Corp. (a) | 2,318 | 10,060 | |
Commercial Metals Co. | 1,346 | 24,026 | |
Compass Minerals International, Inc. | 386 | 21,211 | |
Coronado Global Resources, Inc. unit (c) | 2,123 | 5,410 | |
Gold Resource Corp. | 634 | 2,143 | |
Haynes International, Inc. | 153 | 4,867 | |
Hecla Mining Co. | 5,470 | 9,846 | |
Kaiser Aluminum Corp. | 188 | 18,351 | |
Livent Corp. | 1,666 | 11,529 | |
Materion Corp. | 231 | 15,664 | |
McEwen Mining, Inc. (b) | 2,833 | 4,958 | |
Olympic Steel, Inc. | 107 | 1,461 | |
Reliance Steel & Aluminum Co. | 804 | 76,074 | |
Royal Gold, Inc. | 746 | 76,458 | |
Ryerson Holding Corp. (a) | 208 | 1,733 | |
Schnitzer Steel Industries, Inc. Class A | 303 | 7,930 | |
Steel Dynamics, Inc. | 2,607 | 78,731 | |
SunCoke Energy, Inc. | 758 | 6,731 | |
TimkenSteel Corp. (a) | 441 | 3,585 | |
United States Steel Corp. | 2,027 | 31,033 | |
Universal Stainless & Alloy Products, Inc. (a) | 80 | 1,280 | |
Warrior Metropolitan Coal, Inc. | 502 | 13,112 | |
Worthington Industries, Inc. | 453 | 18,238 | |
618,429 | |||
Paper & Forest Products - 0.3% | |||
Boise Cascade Co. | 439 | 12,340 | |
Clearwater Paper Corp. (a) | 188 | 3,476 | |
Domtar Corp. | 717 | 31,928 | |
Louisiana-Pacific Corp. | 1,604 | 42,057 | |
Mercer International, Inc. (SBI) | 495 | 7,658 | |
Neenah, Inc. | 191 | 12,902 | |
P.H. Glatfelter Co. | 505 | 8,524 | |
Resolute Forest Products | 989 | 7,121 | |
Schweitzer-Mauduit International, Inc. | 354 | 11,746 | |
Verso Corp. (a) | 385 | 7,334 | |
145,086 | |||
TOTAL MATERIALS | 2,536,300 | ||
REAL ESTATE - 9.2% | |||
Equity Real Estate Investment Trusts (REITs) - 8.7% | |||
Acadia Realty Trust (SBI) | 929 | 25,427 | |
Agree Realty Corp. | 392 | 25,108 | |
Alexander & Baldwin, Inc. | 775 | 17,903 | |
Alexanders, Inc. | 43 | 15,923 | |
American Assets Trust, Inc. | 437 | 20,591 | |
American Campus Communities, Inc. | 1,563 | 72,148 | |
American Finance Trust, Inc. | 620 | 6,758 | |
American Homes 4 Rent Class A | 2,932 | 71,277 | |
Americold Realty Trust | 685 | 22,208 | |
Apartment Investment & Management Co. Class A | 1,721 | 86,257 | |
Apple Hospitality (REIT), Inc. | 2,445 | 38,778 | |
Armada Hoffler Properties, Inc. | 577 | 9,549 | |
Ashford Hospitality Trust, Inc. | 901 | 2,676 | |
Bluerock Residential Growth (REIT), Inc. | 296 | 3,478 | |
Braemar Hotels & Resorts, Inc. | 386 | 3,821 | |
Brandywine Realty Trust (SBI) | 2,035 | 29,141 | |
Brixmor Property Group, Inc. | 3,422 | 61,185 | |
CareTrust (REIT), Inc. | 969 | 23,043 | |
CatchMark Timber Trust, Inc. | 547 | 5,716 | |
CBL & Associates Properties, Inc. (b) | 2,033 | 2,114 | |
Cedar Realty Trust, Inc. | 996 | 2,639 | |
Chatham Lodging Trust | 529 | 9,982 | |
Chesapeake Lodging Trust | 696 | 19,780 | |
City Office REIT, Inc. | 450 | 5,396 | |
Colony Capital, Inc. | 5,562 | 27,810 | |
Columbia Property Trust, Inc. | 1,342 | 27,833 | |
Community Healthcare Trust, Inc. | 201 | 7,921 | |
CorEnergy Infrastructure Trust, Inc. | 140 | 5,552 | |
CorePoint Lodging, Inc. | 460 | 5,699 | |
CoreSite Realty Corp. | 419 | 48,256 | |
Corporate Office Properties Trust (SBI) | 1,241 | 32,725 | |
Corrections Corp. of America | 1,361 | 28,254 | |
Cousins Properties, Inc. | 1,205 | 43,585 | |
CubeSmart | 2,121 | 70,926 | |
CyrusOne, Inc. | 1,205 | 69,553 | |
DDR Corp. | 1,665 | 22,045 | |
DiamondRock Hospitality Co. | 2,373 | 24,537 | |
Douglas Emmett, Inc. | 1,837 | 73,186 | |
Easterly Government Properties, Inc. | 686 | 12,423 | |
EastGroup Properties, Inc. | 412 | 47,784 | |
Empire State Realty Trust, Inc. | 1,591 | 23,563 | |
EPR Properties | 850 | 63,402 | |
Equity Commonwealth | 1,388 | 45,138 | |
Essential Properties Realty Trust, Inc. | 414 | 8,297 | |
Farmland Partners, Inc. | 322 | 2,270 | |
First Industrial Realty Trust, Inc. | 1,443 | 53,016 | |
Four Corners Property Trust, Inc. | 774 | 21,153 | |
Franklin Street Properties Corp. | 1,186 | 8,753 | |
Front Yard Residential Corp. Class B | 564 | 6,892 | |
Gaming & Leisure Properties | 2,293 | 89,381 | |
Getty Realty Corp. | 389 | 11,966 | |
Gladstone Commercial Corp. | 339 | 7,194 | |
Gladstone Land Corp. | 180 | 2,075 | |
Global Net Lease, Inc. | 868 | 17,030 | |
Government Properties Income Trust | 551 | 14,475 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 711 | 20,036 | |
Healthcare Realty Trust, Inc. | 1,434 | 44,913 | |
Healthcare Trust of America, Inc. | 2,361 | 64,762 | |
Hersha Hospitality Trust | 413 | 6,831 | |
Highwoods Properties, Inc. (SBI) | 1,176 | 48,569 | |
Hospitality Properties Trust (SBI) | 1,863 | 46,575 | |
Hudson Pacific Properties, Inc. | 1,783 | 59,320 | |
Independence Realty Trust, Inc. | 1,034 | 11,963 | |
Industrial Logistics Properties Trust | 741 | 15,428 | |
Investors Real Estate Trust | 139 | 8,155 | |
Invitation Homes, Inc. | 3,387 | 90,535 | |
iStar Financial, Inc. | 794 | 9,861 | |
JBG SMITH Properties | 1,244 | 48,939 | |
Jernigan Capital, Inc. | 205 | 4,203 | |
Kilroy Realty Corp. | 1,147 | 84,660 | |
Kimco Realty Corp. | 4,808 | 88,852 | |
Kite Realty Group Trust | 962 | 14,555 | |
Lamar Advertising Co. Class A | 970 | 78,289 | |
Lexington Corporate Properties Trust | 2,414 | 22,716 | |
Liberty Property Trust (SBI) | 1,688 | 84,468 | |
Life Storage, Inc. | 532 | 50,583 | |
LTC Properties, Inc. | 453 | 20,684 | |
Mack-Cali Realty Corp. | 1,035 | 24,105 | |
Medical Properties Trust, Inc. | 4,168 | 72,690 | |
Monmouth Real Estate Investment Corp. Class A | 1,047 | 14,187 | |
National Health Investors, Inc. | 483 | 37,688 | |
National Retail Properties, Inc. | 1,815 | 96,213 | |
National Storage Affiliates Trust | 636 | 18,406 | |
New Senior Investment Group, Inc. | 947 | 6,364 | |
NexPoint Residential Trust, Inc. | 247 | 10,226 | |
NorthStar Realty Europe Corp. | 572 | 9,398 | |
Omega Healthcare Investors, Inc. | 2,298 | 84,452 | |
Outfront Media, Inc. | 1,588 | 40,955 | |
Paramount Group, Inc. | 2,322 | 32,531 | |
Park Hotels & Resorts, Inc. | 2,295 | 63,250 | |
Pebblebrook Hotel Trust | 1,456 | 41,030 | |
Pennsylvania Real Estate Investment Trust (SBI) (b) | 735 | 4,778 | |
Physicians Realty Trust | 2,080 | 36,275 | |
Piedmont Office Realty Trust, Inc. Class A | 1,465 | 29,197 | |
Potlatch Corp. | 769 | 29,976 | |
Preferred Apartment Communities, Inc. Class A | 467 | 6,982 | |
PS Business Parks, Inc. | 231 | 38,930 | |
QTS Realty Trust, Inc. Class A (b) | 582 | 26,877 | |
Ramco-Gershenson Properties Trust (SBI) | 909 | 11,008 | |
Rayonier, Inc. | 1,472 | 44,602 | |
Retail Opportunity Investments Corp. | 1,292 | 22,132 | |
Retail Properties America, Inc. | 2,455 | 28,871 | |
Rexford Industrial Realty, Inc. | 1,064 | 42,954 | |
RLJ Lodging Trust | 1,992 | 35,338 | |
Ryman Hospitality Properties, Inc. | 582 | 47,194 | |
Sabra Health Care REIT, Inc. | 2,031 | 39,990 | |
Saul Centers, Inc. | 135 | 7,578 | |
Senior Housing Properties Trust (SBI) | 2,707 | 22,387 | |
Seritage Growth Properties | 311 | 13,361 | |
SL Green Realty Corp. | 971 | 78,039 | |
Spirit MTA REIT | 509 | 4,245 | |
Spirit Realty Capital, Inc. | 976 | 41,636 | |
Stag Industrial, Inc. | 1,254 | 37,921 | |
Store Capital Corp. | 2,164 | 71,823 | |
Summit Hotel Properties, Inc. | 1,162 | 13,328 | |
Sunstone Hotel Investors, Inc. | 2,600 | 35,646 | |
Tanger Factory Outlet Centers, Inc. (b) | 1,051 | 17,037 | |
Taubman Centers, Inc. | 697 | 28,459 | |
Terreno Realty Corp. | 679 | 33,298 | |
The GEO Group, Inc. | 1,381 | 29,015 | |
The Macerich Co. | 1,203 | 40,288 | |
UMH Properties, Inc. | 390 | 4,840 | |
Uniti Group, Inc. | 2,039 | 19,371 | |
Universal Health Realty Income Trust (SBI) | 146 | 12,400 | |
Urban Edge Properties | 1,296 | 22,460 | |
Urstadt Biddle Properties, Inc. Class A | 341 | 7,161 | |
VEREIT, Inc. | 11,045 | 99,515 | |
VICI Properties, Inc. | 4,105 | 90,474 | |
Washington Prime Group, Inc. | 2,147 | 8,202 | |
Washington REIT (SBI) | 912 | 24,378 | |
Weingarten Realty Investors (SBI) | 1,370 | 37,565 | |
Whitestone REIT Class B | 454 | 5,761 | |
Xenia Hotels & Resorts, Inc. | 1,279 | 26,667 | |
4,257,943 | |||
Real Estate Management & Development - 0.5% | |||
Altisource Portfolio Solutions SA (a) | 140 | 2,752 | |
Colony NorthStar Credit Real Estate, Inc. | 950 | 14,725 | |
eXp World Holdings, Inc. (a) | 404 | 4,497 | |
HFF, Inc. | 446 | 20,284 | |
Howard Hughes Corp. (a) | 444 | 54,985 | |
Jones Lang LaSalle, Inc. | 519 | 73,018 | |
Kennedy-Wilson Holdings, Inc. | 1,423 | 29,271 | |
Marcus & Millichap, Inc. (a) | 235 | 7,250 | |
Newmark Group, Inc. | 1,691 | 15,185 | |
RE/MAX Holdings, Inc. | 201 | 6,183 | |
Realogy Holdings Corp. | 1,345 | 9,738 | |
Redfin Corp. (a) | 781 | 14,042 | |
Retail Value, Inc. | 172 | 5,986 | |
Tejon Ranch Co. (a) | 237 | 3,932 | |
The St. Joe Co. (a) | 684 | 11,820 | |
273,668 | |||
TOTAL REAL ESTATE | 4,531,611 | ||
UTILITIES - 2.6% | |||
Electric Utilities - 0.9% | |||
Allete, Inc. | 585 | 48,678 | |
El Paso Electric Co. | 464 | 30,346 | |
Hawaiian Electric Industries, Inc. | 1,247 | 54,307 | |
IDACORP, Inc. | 575 | 57,747 | |
MGE Energy, Inc. | 394 | 28,794 | |
OGE Energy Corp. | 2,274 | 96,781 | |
Otter Tail Corp. | 449 | 23,712 | |
PNM Resources, Inc. | 909 | 46,277 | |
Portland General Electric Co. | 1,019 | 55,199 | |
Spark Energy, Inc. Class A, | 137 | 1,533 | |
443,374 | |||
Gas Utilities - 0.7% | |||
Chesapeake Utilities Corp. | 187 | 17,769 | |
National Fuel Gas Co. | 976 | 51,484 | |
New Jersey Resources Corp. | 1,010 | 50,268 | |
Northwest Natural Holding Co. | 328 | 22,796 | |
ONE Gas, Inc. | 597 | 53,909 | |
South Jersey Industries, Inc. | 1,050 | 35,417 | |
Southwest Gas Holdings, Inc. | 603 | 54,041 | |
Spire, Inc. | 575 | 48,254 | |
333,938 | |||
Independent Power and Renewable Electricity Producers - 0.2% | |||
Bloom Energy Corp. Class A | 237 | 2,908 | |
NRG Yield, Inc.: | |||
Class A | 426 | 6,893 | |
Class C | 812 | 13,690 | |
Ormat Technologies, Inc. | 576 | 36,513 | |
Pattern Energy Group, Inc. | 1,043 | 24,083 | |
Terraform Power, Inc. | 920 | 13,156 | |
97,243 | |||
Multi-Utilities - 0.4% | |||
Avangrid, Inc. | 633 | 31,967 | |
Avista Corp. | 742 | 33,093 | |
Black Hills Corp. | 614 | 47,996 | |
MDU Resources Group, Inc. | 2,220 | 57,276 | |
NorthWestern Energy Corp. | 572 | 41,270 | |
Unitil Corp. | 173 | 10,361 | |
221,963 | |||
Water Utilities - 0.4% | |||
American States Water Co. | 417 | 31,375 | |
Aqua America, Inc. | 2,024 | 83,733 | |
AquaVenture Holdings Ltd. (a) | 148 | 2,956 | |
California Water Service Group | 545 | 27,593 | |
Connecticut Water Service, Inc. | 137 | 9,552 | |
Middlesex Water Co. | 192 | 11,376 | |
Select Energy Services, Inc. Class A (a) | 706 | 8,197 | |
SJW Corp. | 254 | 15,436 | |
190,218 | |||
TOTAL UTILITIES | 1,286,736 | ||
TOTAL COMMON STOCKS | |||
(Cost $49,007,353) | 48,576,217 | ||
Money Market Funds - 2.3% | |||
Fidelity Cash Central Fund 2.42% (e) | 265,012 | 265,065 | |
Fidelity Securities Lending Cash Central Fund 2.42% (e)(f) | 852,000 | 852,085 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $1,117,153) | 1,117,150 | ||
TOTAL INVESTMENT IN SECURITIES - 101.5% | |||
(Cost $50,124,506) | 49,693,367 | ||
NET OTHER ASSETS (LIABILITIES) - (1.5)% | (750,288) | ||
NET ASSETS - 100% | $48,943,079 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Russell 2000 Index Contracts (United States) | 4 | Sept. 2019 | $313,420 | $7,027 | $7,027 |
The notional amount of futures purchased as a percentage of Net Assets is 0.6%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 $42,874 or 0.1% of net assets.
(d) Level 3 security
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $12,150 |
Fidelity Securities Lending Cash Central Fund | 4,450 |
Total | $16,600 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of payments to and from borrowers of securities.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $1,893,007 | $1,893,007 | $-- | $-- |
Consumer Discretionary | 6,431,397 | 6,431,397 | -- | -- |
Consumer Staples | 1,478,583 | 1,478,583 | -- | -- |
Energy | 1,367,019 | 1,367,019 | -- | -- |
Financials | 7,724,733 | 7,724,733 | -- | -- |
Health Care | 5,908,670 | 5,908,670 | -- | -- |
Industrials | 7,885,662 | 7,885,662 | -- | -- |
Information Technology | 7,532,499 | 7,532,499 | -- | -- |
Materials | 2,536,300 | 2,536,217 | -- | 83 |
Real Estate | 4,531,611 | 4,531,611 | -- | -- |
Utilities | 1,286,736 | 1,286,736 | -- | -- |
Money Market Funds | 1,117,150 | 1,117,150 | -- | -- |
Total Investments in Securities: | $49,693,367 | $49,693,284 | $-- | $83 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $7,027 | $7,027 | $-- | $-- |
Total Assets | $7,027 | $7,027 | $-- | $-- |
Total Derivative Instruments: | $7,027 | $7,027 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $7,027 | $0 |
Total Equity Risk | 7,027 | 0 |
Total Value of Derivatives | $7,027 | $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 distributable earnings.
See accompanying notes which are an integral part of the financial statements.
VIP Extended Market Index Portfolio
Financial Statements
Statement of Assets and Liabilities
June 30, 2019 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $844,022) — See accompanying schedule: Unaffiliated issuers (cost $49,007,353) | $48,576,217 | |
Fidelity Central Funds (cost $1,117,153) | 1,117,150 | |
Total Investment in Securities (cost $50,124,506) | $49,693,367 | |
Segregated cash with brokers for derivative instruments | 14,200 | |
Cash | 19,831 | |
Foreign currency held at value (cost $387) | 391 | |
Receivable for investments sold | 9,158 | |
Dividends receivable | 60,341 | |
Distributions receivable from Fidelity Central Funds | 2,015 | |
Receivable for daily variation margin on futures contracts | 3,460 | |
Other receivables | 43 | |
Total assets | 49,802,806 | |
Liabilities | ||
Payable for investments purchased | $1,471 | |
Payable for fund shares redeemed | 786 | |
Accrued management fee | 2,764 | |
Distribution and service plan fees payable | 219 | |
Other affiliated payables | 2,369 | |
Other payables and accrued expenses | 9 | |
Collateral on securities loaned | 852,109 | |
Total liabilities | 859,727 | |
Net Assets | $48,943,079 | |
Net Assets consist of: | ||
Paid in capital | $48,720,246 | |
Total distributable earnings (loss) | 222,833 | |
Net Assets | $48,943,079 | |
Net Asset Value and Maximum Offering Price | ||
Initial Class: | ||
Net Asset Value, offering price and redemption price per share ($47,805,193 ÷ 4,600,770 shares) | $10.39 | |
Service Class: | ||
Net Asset Value, offering price and redemption price per share ($99,522 ÷ 9,579 shares) | $10.39 | |
Service Class 2: | ||
Net Asset Value, offering price and redemption price per share ($1,038,364 ÷ 100,000 shares) | $10.38 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2019 (Unaudited) | ||
Investment Income | ||
Dividends | $337,805 | |
Interest | 436 | |
Income from Fidelity Central Funds (including $4,450 from security lending) | 16,600 | |
Total income | 354,841 | |
Expenses | ||
Management fee | $15,142 | |
Transfer agent fees | 12,980 | |
Distribution and service plan fees | 1,278 | |
Independent trustees' fees and expenses | 96 | |
Commitment fees | 9 | |
Total expenses before reductions | 29,505 | |
Expense reductions | (41) | |
Total expenses after reductions | 29,464 | |
Net investment income (loss) | 325,377 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 436,139 | |
Fidelity Central Funds | (14) | |
Foreign currency transactions | 8 | |
Futures contracts | 167,655 | |
Total net realized gain (loss) | 603,788 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 4,977,732 | |
Fidelity Central Funds | (3) | |
Assets and liabilities in foreign currencies | 4 | |
Futures contracts | (4,912) | |
Total change in net unrealized appreciation (depreciation) | 4,972,821 | |
Net gain (loss) | 5,576,609 | |
Net increase (decrease) in net assets resulting from operations | $5,901,986 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2019 (Unaudited) | For the period April 17, 2018 (commencement of operations) to December 31, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $325,377 | $251,611 |
Net realized gain (loss) | 603,788 | (263,234) |
Change in net unrealized appreciation (depreciation) | 4,972,821 | (5,396,929) |
Net increase (decrease) in net assets resulting from operations | 5,901,986 | (5,408,552) |
Distributions to shareholders | – | (278,790) |
Share transactions - net increase (decrease) | 11,816,497 | 36,911,938 |
Total increase (decrease) in net assets | 17,718,483 | 31,224,596 |
Net Assets | ||
Beginning of period | 31,224,596 | – |
End of period | $48,943,079 | $31,224,596 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
VIP Extended Market Index Portfolio Initial Class
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |
2019 | 2018 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $8.82 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .08 | .11 |
Net realized and unrealized gain (loss) | 1.49 | (1.21) |
Total from investment operations | 1.57 | (1.10) |
Distributions from net investment income | – | (.08) |
Total distributions | – | (.08) |
Net asset value, end of period | $10.39 | $8.82 |
Total ReturnC,D,E | 17.80% | (10.99)% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | .13%H | .13%H |
Expenses net of fee waivers, if any | .13%H | .13%H |
Expenses net of all reductions | .13%H | .13%H |
Net investment income (loss) | 1.51%H | 1.57%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $47,805 | $30,342 |
Portfolio turnover rateI | 28%H | 11%H |
A For the period April 17, 2018 (commencement of operations) to December 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the 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.
H Annualized
I 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.
VIP Extended Market Index Portfolio Service Class
Six months ended (Unaudited) June 30, | |
2019 A | |
Selected Per–Share Data | |
Net asset value, beginning of period | $10.44 |
Income from Investment Operations | |
Net investment income (loss)B | .03 |
Net realized and unrealized gain (loss) | (.08)C |
Total from investment operations | (.05) |
Distributions from net investment income | – |
Total distributions | – |
Net asset value, end of period | $10.39 |
Total ReturnD,E,F | (.48)% |
Ratios to Average Net AssetsG,H | |
Expenses before reductions | .23%I |
Expenses net of fee waivers, if any | .23%I |
Expenses net of all reductions | .23%I |
Net investment income (loss) | 1.46%I |
Supplemental Data | |
Net assets, end of period (000 omitted) | $100 |
Portfolio turnover rateJ | 28%I |
A For the period April 11, 2019 (commencement of sale of shares) to June 30, 2019.
B Calculated based on average shares outstanding during the period.
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
D Total returns for periods of less than one year are not annualized.
E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
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 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.
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.
VIP Extended Market Index Portfolio Service Class 2
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |
2019 | 2018 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $8.83 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .06 | .10 |
Net realized and unrealized gain (loss) | 1.49 | (1.21) |
Total from investment operations | 1.55 | (1.11) |
Distributions from net investment income | – | (.06) |
Total distributions | – | (.06) |
Net asset value, end of period | $10.38 | $8.83 |
Total ReturnC,D,E | 17.55% | (11.09)% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | .38%H | .38%H |
Expenses net of fee waivers, if any | .38%H | .38%H |
Expenses net of all reductions | .38%H | .38%H |
Net investment income (loss) | 1.26%H | 1.32%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $1,038 | $883 |
Portfolio turnover rateI | 28%H | 11%H |
A For the period April 17, 2018 (commencement of operations) to December 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the 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.
H Annualized
I 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.
VIP International Index Portfolio
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2019
% of fund's net assets | |
Nestle SA (Reg. S) (Switzerland, Food Products) | 1.4 |
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 1.1 |
Novartis AG (Switzerland, Pharmaceuticals) | 1.0 |
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) | 1.0 |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 1.0 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 0.9 |
HSBC Holdings PLC (United Kingdom) (United Kingdom, Banks) | 0.8 |
Toyota Motor Corp. (Japan, Automobiles) | 0.7 |
Royal Dutch Shell PLC Class A (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels) | 0.7 |
SAP SE (Germany, Software) | 0.7 |
9.3 |
Top Market Sectors as of June 30, 2019
% of fund's net assets | |
Financials | 22.2 |
Industrials | 11.7 |
Consumer Discretionary | 10.9 |
Consumer Staples | 9.8 |
Information Technology | 8.3 |
Health Care | 8.1 |
Materials | 7.2 |
Energy | 6.7 |
Communication Services | 6.3 |
Real Estate | 2.8 |
Geographic Diversification (% of fund's net assets)
As of June 30, 2019 | ||
Japan | 17.4% | |
United Kingdom | 10.5% | |
Canada | 6.9% | |
France | 6.2% | |
Switzerland | 5.8% | |
Germany | 5.4% | |
Australia | 4.6% | |
Cayman Islands | 4.3% | |
Korea (South) | 3.4% | |
Other* | 35.5% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of June 30, 2019
% of fund's net assets | |
Stocks and Equity Futures | 99.7 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |
VIP International Index Portfolio
Schedule of Investments June 30, 2019 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.8% | |||
Shares | Value | ||
Australia - 4.6% | |||
AGL Energy Ltd. | 2,560 | $35,963 | |
ALS Ltd. | 2,205 | 11,362 | |
Alumina Ltd. | 11,281 | 18,453 | |
AMP Ltd. | 11,398 | 16,964 | |
Ansell Ltd. | 638 | 12,026 | |
APA Group unit | 4,553 | 34,521 | |
Aristocrat Leisure Ltd. | 2,556 | 55,125 | |
ASX Ltd. | 783 | 45,279 | |
Atlas Arteria Ltd. unit | 2,221 | 12,225 | |
Aurizon Holdings Ltd. | 7,676 | 29,100 | |
Australia & New Zealand Banking Group Ltd. | 11,312 | 224,032 | |
Bank of Queensland Ltd. | 1,471 | 9,842 | |
Beach Energy Ltd. | 5,678 | 7,913 | |
Bendigo & Adelaide Bank Ltd. | 1,870 | 15,203 | |
BHP Billiton Ltd. | 11,502 | 334,347 | |
BlueScope Steel Ltd. | 2,106 | 17,816 | |
Boral Ltd. | 4,543 | 16,330 | |
Brambles Ltd. | 6,230 | 56,334 | |
Caltex Australia Ltd. | 1,046 | 18,175 | |
Carsales.com Ltd. | 653 | 6,203 | |
Challenger Ltd. | 2,547 | 11,873 | |
Charter Hall Group unit | 1,612 | 12,256 | |
Cimic Group Ltd. | 415 | 13,044 | |
Coca-Cola Amatil Ltd. | 2,575 | 18,476 | |
Cochlear Ltd. | 234 | 33,980 | |
Coles Group Ltd. (a) | 4,471 | 41,904 | |
Commonwealth Bank of Australia | 6,876 | 399,604 | |
Computershare Ltd. | 2,033 | 23,136 | |
Crown Ltd. | 1,391 | 12,158 | |
CSL Ltd. | 1,761 | 265,807 | |
DEXUS Property Group unit | 4,033 | 36,751 | |
Downer EDI Ltd. | 2,423 | 11,771 | |
Evolution Mining Ltd. | 6,404 | 19,602 | |
Fortescue Metals Group Ltd. | 6,692 | 42,377 | |
Goodman Group unit | 6,280 | 66,265 | |
Iluka Resources Ltd. | 1,594 | 12,052 | |
Incitec Pivot Ltd. | 7,049 | 16,875 | |
Insurance Australia Group Ltd. | 9,390 | 54,452 | |
Lendlease Group unit | 2,512 | 22,926 | |
Link Administration Holdings Ltd. | 2,007 | 7,045 | |
Macquarie Group Ltd. | 1,233 | 108,541 | |
Magellan Financial Group Ltd. | 531 | 19,012 | |
Medibank Private Ltd. | 10,637 | 26,062 | |
Mirvac Group unit | 14,267 | 31,351 | |
National Australia Bank Ltd. | 10,645 | 199,957 | |
Newcrest Mining Ltd. | 3,022 | 67,785 | |
Northern Star Resources Ltd. | 2,640 | 21,592 | |
Orica Ltd. | 1,541 | 21,929 | |
Origin Energy Ltd. | 6,495 | 33,332 | |
Orora Ltd. | 4,497 | 10,229 | |
OZ Minerals Ltd. | 1,096 | 7,718 | |
Qantas Airways Ltd. | 2,879 | 10,914 | |
QBE Insurance Group Ltd. | 5,319 | 44,176 | |
Qube Holdings Ltd. | 4,628 | 9,877 | |
Ramsay Health Care Ltd. | 489 | 24,800 | |
realestate.com.au Ltd. | 220 | 14,833 | |
Reliance Worldwide Corp. Ltd. | 2,357 | 5,825 | |
Rio Tinto Ltd. | 1,456 | 106,062 | |
Santos Ltd. | 7,361 | 36,588 | |
Scentre Group unit | 21,179 | 57,096 | |
SEEK Ltd. | 1,388 | 20,619 | |
Sonic Healthcare Ltd. | 1,870 | 35,578 | |
South32 Ltd. | 21,190 | 47,307 | |
Spark Infrastructure Group unit | 6,645 | 11,336 | |
Stockland Corp. Ltd. unit | 8,964 | 26,243 | |
Suncorp Group Ltd. | 5,031 | 47,576 | |
Sydney Airport unit | 4,348 | 24,542 | |
Tabcorp Holdings Ltd. | 9,218 | 28,798 | |
Telstra Corp. Ltd. | 16,087 | 43,481 | |
The GPT Group unit | 7,020 | 30,310 | |
The Star Entertainment Group Ltd. | 3,209 | 9,282 | |
Transpacific Industries Group Ltd. | 7,756 | 12,687 | |
Transurban Group unit | 9,917 | 102,623 | |
Treasury Wine Estates Ltd. | 2,692 | 28,198 | |
Vicinity Centres unit | 12,762 | 21,951 | |
Washington H. Soul Pattinson & Co. Ltd. | 375 | 5,789 | |
Wesfarmers Ltd. | 4,364 | 110,785 | |
Westpac Banking Corp. | 13,846 | 275,954 | |
Whitehaven Coal Ltd. | 2,599 | 6,678 | |
Woodside Petroleum Ltd. | 3,703 | 94,525 | |
Woolworths Group Ltd. | 5,103 | 119,049 | |
WorleyParsons Ltd. | 1,187 | 12,258 | |
TOTAL AUSTRALIA | 4,072,815 | ||
Austria - 0.2% | |||
ams AG | 230 | 9,017 | |
Andritz AG | 287 | 10,802 | |
BAWAG Group AG (b) | 123 | 5,155 | |
BUWOG AG rights (a)(c) | 115 | 0 | |
CA Immobilien Anlagen AG | 324 | 11,900 | |
Erste Group Bank AG | 1,239 | 45,985 | |
IMMOFINANZ Immobilien Anlagen AG | 310 | 8,079 | |
Lenzing AG | 47 | 5,237 | |
Oesterreichische Post AG | 116 | 3,898 | |
OMV AG | 555 | 27,042 | |
Raiffeisen International Bank-Holding AG | 576 | 13,512 | |
S&T AG | 177 | 4,122 | |
Verbund AG | 267 | 13,966 | |
Voestalpine AG | 391 | 12,080 | |
Wienerberger AG | 478 | 11,795 | |
TOTAL AUSTRIA | 182,590 | ||
Bailiwick of Jersey - 0.5% | |||
Experian PLC | 3,510 | 106,267 | |
Ferguson PLC | 927 | 65,926 | |
Glencore Xstrata PLC | 47,374 | 163,958 | |
Polymetal International PLC | 872 | 11,039 | |
WPP PLC | 5,010 | 63,108 | |
TOTAL BAILIWICK OF JERSEY | 410,298 | ||
Belgium - 0.8% | |||
Ackermans & Van Haaren SA | 76 | 11,399 | |
Ageas | 750 | 38,983 | |
Anheuser-Busch InBev SA NV | 3,911 | 346,086 | |
Cofinimmo SA | 111 | 14,414 | |
Colruyt NV | 215 | 12,468 | |
Galapagos Genomics NV (a) | 207 | 26,735 | |
Groupe Bruxelles Lambert SA | 323 | 31,689 | |
KBC Groep NV | 1,384 | 90,711 | |
Proximus | 620 | 18,274 | |
Sofina SA | 62 | 11,816 | |
Solvay SA Class A | 288 | 29,834 | |
Telenet Group Holding NV | 258 | 14,375 | |
UCB SA | 527 | 43,697 | |
Umicore SA | 777 | 24,915 | |
Warehouses de Pauw | 57 | 9,593 | |
TOTAL BELGIUM | 724,989 | ||
Bermuda - 0.5% | |||
Alibaba Health Information Technology Ltd. (a) | 14,000 | 13,406 | |
Alibaba Pictures Group Ltd. (a) | 50,000 | 10,753 | |
Beijing Enterprises Water Group Ltd. | 22,000 | 13,068 | |
Brilliance China Automotive Holdings Ltd. | 12,000 | 13,272 | |
Cheung Kong Infrastructure Holdings Ltd. | 2,500 | 20,386 | |
China Gas Holdings Ltd. | 8,600 | 31,982 | |
China Resource Gas Group Ltd. | 4,000 | 19,842 | |
Credicorp Ltd. (United States) | 276 | 63,179 | |
GasLog Ltd. | 64 | 922 | |
Golar LNG Ltd. | 342 | 6,320 | |
Haier Electronics Group Co. Ltd. | 5,000 | 13,825 | |
Hiscox Ltd. | 1,234 | 26,516 | |
Hongkong Land Holdings Ltd. | 4,204 | 27,074 | |
Jardine Matheson Holdings Ltd. | 1,234 | 77,767 | |
Jardine Strategic Holdings Ltd. | 700 | 26,691 | |
Kunlun Energy Co. Ltd. | 12,000 | 10,461 | |
NWS Holdings Ltd. | 6,000 | 12,335 | |
Shenzhen International Holdings Ltd. | 3,238 | 6,425 | |
Ship Finance International Ltd. (NY Shares) | 363 | 4,541 | |
TOTAL BERMUDA | 398,765 | ||
Brazil - 1.2% | |||
Ambev SA | 17,400 | 81,065 | |
Atacadao Distribuicao Comercio e Industria Ltda | 1,000 | 5,729 | |
B2W Companhia Global do Varejo (a) | 500 | 4,260 | |
Banco Bradesco SA | 3,120 | 27,178 | |
Banco do Brasil SA | 4,900 | 68,831 | |
BB Seguridade Participacoes SA | 3,000 | 25,297 | |
BM&F BOVESPA SA | 8,400 | 81,945 | |
BR Malls Participacoes SA | 4,200 | 15,674 | |
Brasil Foods SA (a) | 3,200 | 24,600 | |
CCR SA | 4,900 | 17,431 | |
Centrais Eletricas Brasileiras SA (Electrobras) (a) | 1,400 | 12,852 | |
Cielo SA | 4,400 | 7,700 | |
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | 1,300 | 16,003 | |
Companhia Siderurgica Nacional SA (CSN) | 2,400 | 10,444 | |
Compania de Saneamento do Parana unit | 300 | 6,295 | |
Cosan SA Industria e Comercio | 500 | 6,009 | |
CVC Brasil Operadora e Agencia de Viagens SA | 600 | 7,781 | |
Drogasil SA | 1,200 | 23,782 | |
Embraer SA | 2,900 | 14,659 | |
ENGIE Brasil Energia SA | 950 | 10,754 | |
Equatorial Energia SA | 600 | 14,344 | |
Estacio Participacoes SA | 1,000 | 7,552 | |
Hypermarcas SA | 1,600 | 12,496 | |
IRB Brasil Resseguros SA | 300 | 7,695 | |
JBS SA | 4,100 | 22,657 | |
Klabin SA unit | 2,700 | 11,496 | |
Kroton Educacional SA | 6,000 | 17,141 | |
Localiza Rent A Car SA | 1,900 | 20,277 | |
Lojas Renner SA | 2,970 | 36,476 | |
M. Dias Branco SA | 400 | 4,058 | |
Magazine Luiza SA | 300 | 16,494 | |
Multiplan Empreendimentos Imobiliarios SA | 1,100 | 7,952 | |
Natura Cosmeticos SA | 700 | 10,298 | |
Notre Dame Intermedica Participacoes SA | 800 | 8,400 | |
Oi SA (a) | 19,300 | 8,042 | |
Petrobras Distribuidora SA | 1,200 | 7,813 | |
Petroleo Brasileiro SA - Petrobras (ON) | 12,200 | 95,377 | |
Rumo SA (a) | 5,000 | 26,993 | |
Sul America SA unit | 1,000 | 9,771 | |
Suzano Papel e Celulose SA | 2,200 | 18,821 | |
Terna Participacoes SA unit | 1,100 | 7,780 | |
TIM Participacoes SA | 3,200 | 9,692 | |
Ultrapar Participacoes SA | 4,100 | 21,461 | |
Vale SA | 12,100 | 163,289 | |
Weg SA | 2,650 | 14,741 | |
TOTAL BRAZIL | 1,049,405 | ||
British Virgin Islands - 0.0% | |||
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 381 | 9,723 | |
Canada - 6.7% | |||
Agnico Eagle Mines Ltd. (Canada) | 990 | 50,757 | |
Air Canada (a) | 1,162 | 35,218 | |
Algonquin Power & Utilities Corp. | 1,709 | 20,711 | |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 1,707 | 107,422 | |
AltaGas Ltd. | 1,156 | 17,487 | |
ARC Resources Ltd. | 1,186 | 5,805 | |
ATCO Ltd. Class I (non-vtg.) | 306 | 10,314 | |
B2Gold Corp. (a) | 3,865 | 11,747 | |
Bank of Montreal | 2,496 | 188,541 | |
Bank of Nova Scotia | 4,795 | 257,554 | |
Barrick Gold Corp. (Canada) | 6,867 | 108,389 | |
Bausch Health Cos., Inc. (Canada) (a) | 1,207 | 30,453 | |
BCE, Inc. | 1,116 | 50,774 | |
BlackBerry Ltd. (a) | 2,036 | 15,174 | |
Bombardier, Inc. Class B (sub. vtg.) (a) | 8,352 | 14,031 | |
Brookfield Asset Management, Inc. Class A | 3,376 | 161,511 | |
CAE, Inc. | 1,049 | 28,205 | |
Cameco Corp. | 1,507 | 16,157 | |
Canada Goose Holdings, Inc. (a)(d) | 205 | 7,940 | |
Canadian Apartment Properties (REIT) unit | 248 | 9,158 | |
Canadian Imperial Bank of Commerce | 1,782 | 140,132 | |
Canadian National Railway Co. | 2,847 | 263,492 | |
Canadian Natural Resources Ltd. | 4,783 | 128,966 | |
Canadian Pacific Railway Ltd. | 557 | 131,187 | |
Canadian Tire Ltd. Class A (non-vtg.) | 228 | 24,841 | |
Canadian Utilities Ltd. Class A (non-vtg.) | 605 | 17,075 | |
CCL Industries, Inc. Class B | 597 | 29,277 | |
Cenovus Energy, Inc. (Canada) | 3,970 | 35,015 | |
CGI Group, Inc. Class A (sub. vtg.) (a) | 976 | 75,036 | |
CI Financial Corp. | 826 | 13,460 | |
Constellation Software, Inc. | 78 | 73,515 | |
Descartes Systems Group, Inc. (Canada) (a) | 303 | 11,210 | |
Dollarama, Inc. | 1,143 | 40,211 | |
Element Financial Corp. | 1,930 | 14,089 | |
Emera, Inc. | 914 | 37,347 | |
Empire Co. Ltd. Class A (non-vtg.) | 513 | 12,920 | |
Enbridge, Inc. | 7,884 | 284,764 | |
Encana Corp. (Toronto) | 4,689 | 24,062 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 115 | 56,445 | |
Finning International, Inc. | 586 | 10,681 | |
First Capital Realty, Inc. | 883 | 14,740 | |
First Quantum Minerals Ltd. | 2,592 | 24,623 | |
FirstService Corp. | 122 | 11,738 | |
Fortis, Inc. | 1,740 | 68,707 | |
Franco-Nevada Corp. | 765 | 64,931 | |
George Weston Ltd. | 356 | 27,014 | |
Gildan Activewear, Inc. | 797 | 30,844 | |
Great Canadian Gaming Corp. (a) | 186 | 6,306 | |
Great-West Lifeco, Inc. | 1,092 | 25,141 | |
H&R (REIT) unit | 619 | 10,796 | |
Husky Energy, Inc. | 1,149 | 10,889 | |
Hydro One Ltd. (b) | 1,457 | 25,412 | |
iA Financial Corp, Inc. | 460 | 18,737 | |
Imperial Oil Ltd. | 902 | 24,975 | |
Intact Financial Corp. | 587 | 54,247 | |
Inter Pipeline Ltd. | 1,992 | 30,985 | |
Keyera Corp. | 798 | 20,536 | |
Kinross Gold Corp. (a) | 4,901 | 18,937 | |
Kirkland Lake Gold Ltd. | 721 | 31,063 | |
Loblaw Companies Ltd. | 706 | 36,148 | |
Lundin Mining Corp. | 2,511 | 13,825 | |
Magna International, Inc. Class A (sub. vtg.) | 1,288 | 64,088 | |
Manulife Financial Corp. | 7,909 | 143,740 | |
Methanex Corp. | 307 | 13,937 | |
Metro, Inc. Class A (sub. vtg.) | 959 | 35,986 | |
National Bank of Canada | 1,457 | 69,215 | |
Nutrien Ltd. | 2,432 | 130,092 | |
Onex Corp. (sub. vtg.) | 395 | 23,826 | |
Open Text Corp. | 1,034 | 42,669 | |
Parkland Fuel Corp. | 501 | 15,896 | |
Pembina Pipeline Corp. | 2,090 | 77,803 | |
Power Corp. of Canada (sub. vtg.) | 1,414 | 30,460 | |
Power Financial Corp. | 975 | 22,425 | |
PrairieSky Royalty Ltd. | 728 | 10,229 | |
Quebecor, Inc. Class B (sub. vtg.) | 1,022 | 24,341 | |
Restaurant Brands International, Inc. | 1,024 | 71,212 | |
RioCan (REIT) | 576 | 11,432 | |
Ritchie Bros. Auctioneers, Inc. | 424 | 14,100 | |
Rogers Communications, Inc. Class B (non-vtg.) | 1,455 | 77,886 | |
Royal Bank of Canada | 5,610 | 445,827 | |
Saputo, Inc. | 852 | 25,504 | |
Shaw Communications, Inc. Class B | 1,797 | 36,666 | |
Shopify, Inc. Class A (a) | 369 | 110,901 | |
SNC-Lavalin Group, Inc. | 704 | 14,235 | |
Stantec, Inc. | 446 | 10,704 | |
Sun Life Financial, Inc. | 2,471 | 102,327 | |
Suncor Energy, Inc. | 6,398 | 199,579 | |
Teck Resources Ltd. Class B (sub. vtg.) | 2,139 | 49,361 | |
TELUS Corp. | 770 | 28,465 | |
The Stars Group, Inc. (a) | 860 | 14,678 | |
The Toronto-Dominion Bank | 7,162 | 418,492 | |
Thomson Reuters Corp. | 705 | 45,480 | |
Toromont Industries Ltd. | 349 | 16,542 | |
Tourmaline Oil Corp. | 987 | 12,572 | |
TransCanada Corp. | 3,535 | 175,245 | |
TransForce, Inc. | 344 | 10,410 | |
Vermilion Energy, Inc. | 513 | 11,145 | |
Waste Connection, Inc. (Canada) | 1,053 | 100,592 | |
West Fraser Timber Co. Ltd. | 200 | 9,118 | |
Wheaton Precious Metals Corp. | 1,729 | 41,814 | |
WSP Global, Inc. | 261 | 14,368 | |
Yamana Gold, Inc. | 3,442 | 8,726 | |
TOTAL CANADA | 5,923,755 | ||
Cayman Islands - 4.3% | |||
58.com, Inc. ADR (a) | 344 | 21,386 | |
AAC Technology Holdings, Inc. | 3,000 | 16,973 | |
Agile Property Holdings Ltd. | 6,000 | 8,034 | |
Airtac International Group | 1,000 | 11,233 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 5,070 | 859,112 | |
Anta Sports Products Ltd. | 3,000 | 20,604 | |
ASM Pacific Technology Ltd. | 900 | 9,217 | |
Autohome, Inc. ADR Class A (a) | 214 | 18,323 | |
Baidu.com, Inc. sponsored ADR (a) | 1,099 | 128,979 | |
BeiGene Ltd. ADR (a) | 152 | 18,840 | |
Chailease Holding Co. Ltd. | 4,020 | 16,675 | |
Cheung Kong Property Holdings Ltd. | 10,500 | 82,194 | |
China Biologic Products Holdings, Inc. (a)(d) | 105 | 10,007 | |
China Conch Venture Holdings Ltd. | 6,500 | 22,966 | |
China Mengniu Dairy Co. Ltd. | 11,000 | 42,596 | |
China Resources Cement Holdings Ltd. | 8,000 | 7,752 | |
China Resources Land Ltd. | 10,000 | 44,037 | |
CIFI Holdings Group Co. Ltd. | 12,000 | 7,911 | |
CK Hutchison Holdings Ltd. | 10,500 | 103,499 | |
Country Garden Holdings Co. Ltd. | 31,000 | 47,145 | |
Ctrip.com International Ltd. ADR (a) | 1,552 | 57,284 | |
ENN Energy Holdings Ltd. | 2,900 | 28,214 | |
Evergrande Real Estate Group Ltd. | 13,000 | 36,445 | |
Geely Automobile Holdings Ltd. | 22,000 | 37,626 | |
Hengan International Group Co. Ltd. | 3,000 | 22,063 | |
Huazhu Group Ltd. ADR | 408 | 14,790 | |
iQIYI, Inc. ADR (a)(d) | 414 | 8,549 | |
JD.com, Inc. sponsored ADR (a)(d) | 3,260 | 98,745 | |
Kingboard Chemical Holdings Ltd. | 2,500 | 6,961 | |
Kingsoft Corp. Ltd. | 4,000 | 8,654 | |
Li Ning Co. Ltd. | 5,500 | 12,969 | |
Longfor Properties Co. Ltd. | 6,000 | 22,620 | |
Meituan Dianping Class B | 14,500 | 127,149 | |
Melco Crown Entertainment Ltd. sponsored ADR | 1,087 | 23,610 | |
Minth Group Ltd. | 2,000 | 5,389 | |
Momo, Inc. ADR | 610 | 21,838 | |
NetEase, Inc. ADR | 293 | 74,941 | |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 485 | 46,841 | |
PagSeguro Digital Ltd. (a)(d) | 641 | 24,980 | |
Parade Technologies Ltd. | 1,000 | 17,044 | |
Ping An Healthcare and Technology Co. Ltd. (a)(b) | 1,900 | 7,917 | |
Sands China Ltd. | 10,000 | 47,813 | |
Semiconductor Manufacturing International Corp. (a) | 11,500 | 12,819 | |
Shenzhou International Group Holdings Ltd. | 2,800 | 38,496 | |
Shimao Property Holdings Ltd. | 4,000 | 12,187 | |
Silergy Corp. | 1,000 | 19,626 | |
Silicon Motion Technology Corp. sponsored ADR | 138 | 6,124 | |
SINA Corp. (a) | 279 | 12,033 | |
Sino Biopharmaceutical Ltd. | 24,500 | 25,059 | |
StoneCo Ltd. Class A (a)(d) | 359 | 10,619 | |
Sunac China Holdings Ltd. | 10,000 | 49,157 | |
Sunny Optical Technology Group Co. Ltd. | 3,000 | 30,992 | |
TAL Education Group ADR (a) | 1,437 | 54,750 | |
Tencent Holdings Ltd. | 21,600 | 977,171 | |
Tingyi (Cayman Islands) Holding Corp. | 8,000 | 13,354 | |
Vipshop Holdings Ltd. ADR (a) | 1,903 | 16,423 | |
Want Want China Holdings Ltd. | 24,000 | 19,509 | |
Weibo Corp. sponsored ADR (a) | 241 | 10,496 | |
WH Group Ltd. (b) | 36,500 | 37,006 | |
Wharf Real Estate Investment Co. Ltd. | 5,000 | 35,236 | |
Wuxi Biologics (Cayman), Inc. (a)(b) | 1,500 | 13,470 | |
Wynn Macau Ltd. | 5,600 | 12,545 | |
Xiaomi Corp. Class B (b) | 52,400 | 67,079 | |
Xinyi Glass Holdings Ltd. | 10,000 | 10,497 | |
YY, Inc. ADR (a) | 184 | 12,823 | |
Zall Smart Commerce Ltd. | 10,000 | 1,344 | |
Zhen Ding Technology Holding Ltd. | 2,000 | 6,417 | |
ZTO Express (Cayman), Inc. sponsored ADR | 1,422 | 27,189 | |
TOTAL CAYMAN ISLANDS | 3,782,346 | ||
Chile - 0.2% | |||
Aguas Andinas SA | 7,795 | 4,601 | |
Banco de Chile | 118,654 | 17,493 | |
Banco de Credito e Inversiones | 181 | 12,487 | |
Banco Santander Chile | 345,063 | 25,716 | |
Cencosud SA | 5,195 | 10,196 | |
Colbun SA (a) | 26,156 | 5,404 | |
Compania Cervecerias Unidas SA | 480 | 6,765 | |
Compania de Petroleos de Chile SA (COPEC) | 1,109 | 12,150 | |
CorpBanca SA | 494,787 | 4,131 | |
Empresa Nacional de Telecomunicaciones SA (ENTEL) (a) | 443 | 4,511 | |
Empresas CMPC SA | 4,714 | 12,939 | |
Enel Chile SA | 82,359 | 7,827 | |
Enersis SA | 107,999 | 19,047 | |
Enersis SA rights 7/26/19 (a) | 35,208 | 520 | |
LATAM Airlines Group SA | 942 | 8,862 | |
Parque Arauco SA | 2,071 | 5,749 | |
S.A.C.I. Falabella | 3,628 | 23,691 | |
TOTAL CHILE | 182,089 | ||
China - 2.2% | |||
Agricultural Bank of China Ltd. (H Shares) | 111,000 | 46,465 | |
Air China Ltd. (H Shares) | 8,000 | 8,070 | |
Anhui Conch Cement Co. Ltd. (H Shares) | 4,500 | 28,198 | |
Bank Communications Co. Ltd. (H Shares) | 86,000 | 65,284 | |
Bank of China Ltd. (H Shares) | 298,000 | 125,888 | |
BYD Co. Ltd. (H Shares) | 2,500 | 15,090 | |
CGN Power Co. Ltd. (H Shares) (b) | 33,000 | 9,083 | |
China Cinda Asset Management Co. Ltd. (H Shares) | 28,000 | 6,452 | |
China CITIC Bank Corp. Ltd. (H Shares) | 44,000 | 25,065 | |
China Communications Construction Co. Ltd. (H Shares) | 22,000 | 19,686 | |
China Communications Services Corp. Ltd. (H Shares) | 8,000 | 6,206 | |
China Construction Bank Corp. (H Shares) | 420,000 | 362,042 | |
China Huarong Asset Management Co. Ltd. (b) | 27,000 | 4,701 | |
China International Capital Corp. Ltd. (H Shares) (b) | 3,200 | 6,456 | |
China Life Insurance Co. Ltd. (H Shares) | 30,000 | 74,150 | |
China Longyuan Power Grid Corp. Ltd. (H Shares) | 11,000 | 7,055 | |
China Merchants Bank Co. Ltd. (H Shares) | 14,500 | 72,299 | |
China Minsheng Banking Corp. Ltd. (H Shares) | 23,800 | 16,483 | |
China National Building Materials Co. Ltd. (H Shares) | 14,000 | 12,276 | |
China Oilfield Services Ltd. (H Shares) | 6,000 | 5,937 | |
China Pacific Insurance (Group) Co. Ltd. (H Shares) | 11,200 | 43,801 | |
China Petroleum & Chemical Corp. (H Shares) | 102,000 | 69,484 | |
China Railway Construction Corp. Ltd. (H Shares) | 7,000 | 8,585 | |
China Railway Group Ltd. (H Shares) | 14,000 | 10,646 | |
China Shenhua Energy Co. Ltd. (H Shares) | 15,000 | 31,414 | |
China Telecom Corp. Ltd. (H Shares) | 54,000 | 27,167 | |
China Tower Corp. Ltd. (H Shares) (b) | 176,000 | 46,187 | |
China Vanke Co. Ltd. (H Shares) | 6,400 | 24,005 | |
CITIC Securities Co. Ltd. (H Shares) | 9,500 | 19,799 | |
CRRC Corp. Ltd. (H Shares) | 14,000 | 11,703 | |
Dongfeng Motor Group Co. Ltd. (H Shares) | 10,000 | 8,193 | |
GF Securities Co. Ltd. (H Shares) | 4,800 | 5,708 | |
Great Wall Motor Co. Ltd. (H Shares) | 11,500 | 8,229 | |
Guangzhou Automobile Group Co. Ltd. (H Shares) | 10,800 | 11,530 | |
Guangzhou R&F Properties Co. Ltd. (H Shares) | 3,200 | 6,153 | |
Haitong Securities Co. Ltd. (H Shares) | 12,000 | 13,457 | |
Huaneng Power International, Inc. (H Shares) | 16,000 | 9,422 | |
Huatai Securities Co. Ltd. (H Shares) (b) | 5,200 | 8,947 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 304,000 | 221,821 | |
New China Life Insurance Co. Ltd. (H Shares) | 2,700 | 13,134 | |
People's Insurance Co. of China Group (H Shares) | 27,000 | 10,542 | |
PetroChina Co. Ltd. (H Shares) | 82,000 | 45,214 | |
PICC Property & Casualty Co. Ltd. (H Shares) | 30,000 | 32,375 | |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) | 20,000 | 240,498 | |
Postal Savings Bank of China Co. Ltd. (H Shares) (b) | 37,000 | 21,977 | |
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) | 8,000 | 7,251 | |
Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares) | 2,900 | 5,702 | |
Sinopharm Group Co. Ltd. (H Shares) | 5,600 | 19,714 | |
TravelSky Technology Ltd. (H Shares) | 3,000 | 6,029 | |
Weichai Power Co. Ltd. (H Shares) | 7,000 | 11,828 | |
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | 2,100 | 11,062 | |
Zijin Mining Group Co. Ltd. (H Shares) | 22,000 | 8,928 | |
TOTAL CHINA | 1,937,391 | ||
Colombia - 0.0% | |||
Bancolombia SA | 712 | 8,561 | |
Grupo de Inversiones Suramerica SA | 788 | 8,362 | |
Interconexion Electrica SA ESP | 1,370 | 7,614 | |
Inversiones Argos SA | 1,475 | 7,941 | |
TOTAL COLOMBIA | 32,478 | ||
Czech Republic - 0.0% | |||
Ceske Energeticke Zavody A/S | 501 | 12,099 | |
Komercni Banka A/S | 306 | 12,193 | |
MONETA Money Bank A/S (b) | 1,346 | 4,611 | |
TOTAL CZECH REPUBLIC | 28,903 | ||
Denmark - 1.1% | |||
A.P. Moller - Maersk A/S: | |||
Series A | 13 | 15,091 | |
Series B | 26 | 32,352 | |
Ambu A/S Series B | 667 | 10,806 | |
Carlsberg A/S Series B | 424 | 56,209 | |
Christian Hansen Holding A/S | 396 | 37,186 | |
Coloplast A/S Series B | 463 | 52,323 | |
Danske Bank A/S | 2,744 | 43,370 | |
DONG Energy A/S (b) | 638 | 55,168 | |
DSV de Sammensluttede Vognmaend A/S | 731 | 71,784 | |
Genmab A/S (a) | 234 | 43,027 | |
GN Store Nord A/S | 597 | 27,858 | |
H Lundbeck A/S | 248 | 9,797 | |
ISS Holdings A/S | 730 | 22,031 | |
Novo Nordisk A/S Series B | 6,908 | 352,841 | |
Novozymes A/S Series B | 851 | 39,684 | |
Pandora A/S | 431 | 15,332 | |
Royal Unibrew A/S | 168 | 12,259 | |
SimCorp A/S | 156 | 15,091 | |
The Drilling Co. of 1972 A/S (a) | 70 | 5,439 | |
Tryg A/S | 405 | 13,167 | |
Vestas Wind Systems A/S | 817 | 70,571 | |
William Demant Holding A/S (a) | 416 | 12,935 | |
TOTAL DENMARK | 1,014,321 | ||
Egypt - 0.0% | |||
Commercial International Bank SAE | 5,141 | 22,479 | |
Elsewedy Electric Co. | 2,395 | 2,037 | |
Global Telecom Holding (a) | 4,761 | 1,372 | |
TOTAL EGYPT | 25,888 | ||
Finland - 0.8% | |||
Elisa Corp. (A Shares) | 594 | 28,983 | |
Fortum Corp. | 1,759 | 38,873 | |
Huhtamaki Oyj | 416 | 17,105 | |
Kesko Oyj | 213 | 11,849 | |
Kone Oyj (B Shares) | 1,545 | 91,179 | |
Metso Corp. | 606 | 23,808 | |
Neste Oyj | 1,512 | 51,304 | |
Nokia Corp. | 22,231 | 110,728 | |
Nokian Tyres PLC | 539 | 16,830 | |
Nordea Bank ABP (Stockholm Stock Exchange) | 12,387 | 89,933 | |
Orion Oyj (B Shares) | 440 | 16,125 | |
Sampo Oyj (A Shares) | 1,908 | 90,038 | |
Stora Enso Oyj (R Shares) | 2,228 | 26,183 | |
UPM-Kymmene Corp. | 2,384 | 63,352 | |
Wartsila Corp. | 1,665 | 24,149 | |
TOTAL FINLAND | 700,439 | ||
France - 6.2% | |||
Accor SA | 795 | 34,126 | |
Aeroports de Paris | 125 | 22,060 | |
Air Liquide SA | 1,656 | 231,708 | |
Alstom SA | 592 | 27,465 | |
Arkema SA | 258 | 23,992 | |
Atos Origin SA | 369 | 30,848 | |
AXA SA | 7,592 | 199,379 | |
BNP Paribas SA | 4,480 | 212,376 | |
Bouygues SA | 881 | 32,628 | |
Bureau Veritas SA | 1,140 | 28,156 | |
Capgemini SA | 628 | 78,087 | |
Carrefour SA | 2,068 | 39,929 | |
Carrefour SA rights 12/31/49 (a)(e) | 2,068 | 1,082 | |
Compagnie de St. Gobain | 2,173 | 84,691 | |
Covivio | 270 | 28,261 | |
Credit Agricole SA | 4,920 | 58,709 | |
Danone SA | 2,516 | 213,035 | |
Dassault Systemes SA | 517 | 82,480 | |
Edenred SA | 979 | 49,939 | |
EDF SA | 1,885 | 23,760 | |
Eiffage SA | 317 | 31,338 | |
ENGIE | 7,120 | 108,003 | |
Essilor International SA | 1,019 | 132,961 | |
Gecina SA | 212 | 31,724 | |
Groupe Eurotunnel SA | 1,874 | 30,025 | |
Hermes International SCA | 134 | 96,634 | |
Kering SA | 288 | 170,325 | |
Klepierre SA | 761 | 25,510 | |
L'Oreal SA | 942 | 268,323 | |
Legrand SA | 1,036 | 75,748 | |
LVMH Moet Hennessy Louis Vuitton SE | 1,050 | 446,382 | |
Michelin CGDE Series B | 708 | 89,805 | |
Orange SA | 8,340 | 131,548 | |
Pernod Ricard SA | 794 | 146,308 | |
Peugeot Citroen SA | 2,244 | 55,294 | |
Publicis Groupe SA | 873 | 46,091 | |
Publicis Groupe SA rights 12/31/49 (a)(e) | 873 | 2,105 | |
Renault SA | 832 | 52,308 | |
Rubis SCA | 409 | 23,030 | |
Rubis SCA rights 7/16/19 (a)(e) | 409 | 739 | |
Safran SA | 1,300 | 190,470 | |
Sanofi SA | 4,508 | 389,592 | |
Schneider Electric SA | 2,053 | 185,761 | |
SCOR SE | 668 | 29,290 | |
Societe Generale Series A | 3,250 | 82,028 | |
Sodexo SA | 355 | 41,497 | |
SR Teleperformance SA | 230 | 46,082 | |
Thales SA | 419 | 51,766 | |
Total SA | 9,837 | 551,795 | |
Ubisoft Entertainment SA (a) | 277 | 21,664 | |
Valeo SA | 921 | 29,952 | |
Veolia Environnement SA | 2,268 | 55,241 | |
VINCI SA | 1,994 | 204,200 | |
Vivendi SA | 2,935 | 80,798 | |
Worldline SA (a)(b) | 136 | 9,897 | |
TOTAL FRANCE | 5,436,945 | ||
Germany - 5.1% | |||
adidas AG | 682 | 210,549 | |
Allianz SE | 1,646 | 396,976 | |
BASF AG | 3,560 | 258,987 | |
Bayer AG | 3,666 | 254,275 | |
Bayerische Motoren Werke AG (BMW) | 1,270 | 93,998 | |
Beiersdorf AG | 383 | 45,968 | |
Brenntag AG | 709 | 34,917 | |
Commerzbank AG | 4,178 | 30,020 | |
Continental AG | 450 | 65,529 | |
Covestro AG (b) | 627 | 31,877 | |
Daimler AG (Germany) | 3,884 | 216,077 | |
Delivery Hero AG (a)(b) | 477 | 21,636 | |
Deutsche Bank AG | 7,785 | 60,019 | |
Deutsche Borse AG | 733 | 103,478 | |
Deutsche Lufthansa AG | 945 | 16,194 | |
Deutsche Post AG | 3,736 | 122,773 | |
Deutsche Telekom AG | 12,589 | 218,100 | |
Deutsche Wohnen AG: | |||
rights 7/17/19 (a)(e) | 1,394 | 1,332 | |
(Bearer) | 1,394 | 51,152 | |
E.ON AG | 8,494 | 92,161 | |
Evonik Industries AG | 724 | 21,084 | |
Fresenius Medical Care AG & Co. KGaA | 837 | 65,732 | |
Fresenius SE & Co. KGaA | 1,598 | 86,639 | |
GEA Group AG | 686 | 19,501 | |
Hannover Reuck SE | 234 | 37,837 | |
HeidelbergCement Finance AG | 556 | 44,989 | |
Henkel AG & Co. KGaA | 371 | 34,066 | |
Hugo Boss AG | 312 | 20,754 | |
Infineon Technologies AG | 4,602 | 81,776 | |
innogy SE (b) | 468 | 22,191 | |
K&S AG | 753 | 14,025 | |
KION Group AG | 252 | 15,886 | |
Knorr-Bremse AG | 166 | 18,498 | |
Lanxess AG | 357 | 21,215 | |
LEG Immobilien AG | 233 | 26,282 | |
Merck KGaA | 550 | 57,512 | |
MTU Aero Engines Holdings AG | 214 | 50,980 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 581 | 145,807 | |
OSRAM Licht AG | 382 | 12,579 | |
ProSiebenSat.1 Media AG | 957 | 14,992 | |
Puma AG | 323 | 21,541 | |
Rheinmetall AG | 170 | 20,810 | |
RWE AG | 2,177 | 53,643 | |
SAP SE | 4,235 | 580,584 | |
Scout24 AG (b) | 427 | 22,685 | |
Siemens AG | 3,321 | 395,383 | |
Symrise AG | 491 | 47,256 | |
TAG Immobilien AG | 595 | 13,748 | |
Thyssenkrupp AG | 1,589 | 23,173 | |
TUI AG (GB) | 1,751 | 17,176 | |
Uniper SE | 766 | 23,195 | |
United Internet AG | 495 | 16,301 | |
Vonovia SE | 2,018 | 96,376 | |
Wirecard AG | 445 | 74,915 | |
TOTAL GERMANY | 4,545,149 | ||
Greece - 0.1% | |||
Alpha Bank AE (a) | 5,456 | 10,919 | |
EFG Eurobank Ergasias SA (a) | 13,641 | 13,417 | |
Greek Organization of Football Prognostics SA | 503 | 5,634 | |
Hellenic Telecommunications Organization SA | 925 | 13,674 | |
Jumbo SA | 378 | 7,307 | |
Motor Oil (HELLAS) Corinth Refineries SA | 160 | 4,094 | |
Mytilineos Holdings SA | 696 | 8,033 | |
National Bank of Greece SA (a) | 2,058 | 5,640 | |
TOTAL GREECE | 68,718 | ||
Hong Kong - 2.5% | |||
AIA Group Ltd. | 47,200 | 509,708 | |
Bank of East Asia Ltd. | 5,174 | 14,472 | |
Beijing Enterprises Holdings Ltd. | 2,000 | 10,164 | |
BOC Hong Kong (Holdings) Ltd. | 14,000 | 55,110 | |
China Everbright International Ltd. | 13,222 | 12,204 | |
China Jinmao Holdings Group Ltd. | 16,000 | 9,729 | |
China Merchants Holdings International Co. Ltd. | 4,000 | 6,800 | |
China Mobile Ltd. | 21,500 | 195,729 | |
China Overseas Land and Investment Ltd. | 14,000 | 51,615 | |
China Resources Beer Holdings Co. Ltd. | 6,000 | 28,496 | |
China Resources Pharmaceutical Group Ltd. (b) | 7,000 | 7,895 | |
China Resources Power Holdings Co. Ltd. | 6,000 | 8,756 | |
China Taiping Insurance Group Ltd. | 5,800 | 15,518 | |
China Unicom Ltd. | 22,000 | 24,055 | |
CITIC Pacific Ltd. | 24,000 | 34,594 | |
CLP Holdings Ltd. | 7,000 | 77,243 | |
CNOOC Ltd. | 64,000 | 109,169 | |
CSPC Pharmaceutical Group Ltd. | 22,000 | 35,485 | |
Evergrande Health Industry Group Ltd. (a) | 10,000 | 10,830 | |
Far East Horizon Ltd. | 7,000 | 7,160 | |
Fosun International Ltd. | 9,000 | 11,959 | |
Galaxy Entertainment Group Ltd. | 10,000 | 67,399 | |
Guangdong Investment Ltd. | 12,000 | 23,749 | |
Hang Lung Properties Ltd. | 10,000 | 23,785 | |
Hang Seng Bank Ltd. | 2,800 | 69,716 | |
Henderson Land Development Co. Ltd. | 6,610 | 36,427 | |
Hong Kong & China Gas Co. Ltd. | 37,550 | 83,245 | |
Hong Kong Exchanges and Clearing Ltd. | 4,650 | 164,173 | |
Hysan Development Co. Ltd. | 2,000 | 10,331 | |
Lenovo Group Ltd. | 24,000 | 18,588 | |
Link (REIT) | 8,500 | 104,459 | |
MTR Corp. Ltd. | 6,012 | 40,482 | |
New World Development Co. Ltd. | 22,000 | 34,415 | |
Power Assets Holdings Ltd. | 5,000 | 35,972 | |
Sino Land Ltd. | 14,292 | 23,967 | |
Sun Art Retail Group Ltd. | 6,500 | 6,157 | |
Sun Hung Kai Properties Ltd. | 6,000 | 101,770 | |
Swire Pacific Ltd. (A Shares) | 2,000 | 24,579 | |
Swire Properties Ltd. | 3,400 | 13,732 | |
Techtronic Industries Co. Ltd. | 5,500 | 42,104 | |
Vitasoy International Holdings Ltd. | 4,000 | 19,228 | |
Wharf Holdings Ltd. | 4,000 | 10,599 | |
Wheelock and Co. Ltd. | 3,000 | 21,506 | |
TOTAL HONG KONG | 2,213,074 | ||
Hungary - 0.1% | |||
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | 1,753 | 19,448 | |
OTP Bank PLC | 853 | 33,927 | |
Richter Gedeon PLC | 490 | 9,029 | |
TOTAL HUNGARY | 62,404 | ||
India - 2.1% | |||
Adani Ports & Special Economic Zone Ltd. (a) | 3,299 | 19,627 | |
Asian Paints Ltd. | 1,057 | 20,820 | |
Aurobindo Pharma Ltd. | 1,146 | 10,106 | |
Axis Bank Ltd. (a) | 6,960 | 81,617 | |
Bajaj Finance Ltd. | 683 | 36,464 | |
Bajaj Finserv Ltd. | 162 | 20,029 | |
Bharat Petroleum Corp. Ltd. | 3,036 | 17,280 | |
Bharti Airtel Ltd. | 5,903 | 29,678 | |
Dr. Reddy's Laboratories Ltd. | 330 | 12,240 | |
Eicher Motors Ltd. | 52 | 14,434 | |
Grasim Industries Ltd. (a) | 1,117 | 14,809 | |
HDFC Bank Ltd. | 7,825 | 277,483 | |
Hindustan Unilever Ltd. | 2,783 | 72,152 | |
Housing Development Finance Corp. Ltd. | 6,654 | 211,548 | |
ICICI Bank Ltd. | 12,559 | 79,597 | |
Indian Oil Corp. Ltd. | 8,854 | 20,019 | |
IndusInd Bank Ltd. | 1,106 | 22,625 | |
Infosys Ltd. | 14,854 | 158,709 | |
ITC Ltd. | 11,251 | 44,686 | |
JSW Steel Ltd. | 3,886 | 15,589 | |
Kotak Mahindra Bank Ltd. | 3,171 | 67,932 | |
Larsen & Toubro Ltd. | 1,265 | 28,496 | |
Mahindra & Mahindra Ltd. | 2,790 | 26,518 | |
Maruti Suzuki India Ltd. | 486 | 46,060 | |
Reliance Industries Ltd. | 12,096 | 219,833 | |
State Bank of India (a) | 6,581 | 34,480 | |
Sun Pharmaceutical Industries Ltd. | 4,312 | 25,075 | |
Tata Consultancy Services Ltd. | 3,508 | 113,314 | |
Tech Mahindra Ltd. | 1,812 | 18,569 | |
Titan Co. Ltd. | 1,267 | 24,526 | |
UPL Ltd. (a) | 1,607 | 21,849 | |
Vedanta Ltd. | 6,450 | 16,310 | |
Wipro Ltd. | 5,568 | 22,692 | |
Yes Bank Ltd. | 6,227 | 9,821 | |
TOTAL INDIA | 1,854,987 | ||
Indonesia - 0.5% | |||
PT ACE Hardware Indonesia Tbk | 24,300 | 3,113 | |
PT Adaro Energy Tbk | 61,100 | 5,882 | |
PT Astra International Tbk | 78,100 | 41,185 | |
PT Bank Central Asia Tbk | 44,900 | 95,267 | |
PT Bank Danamon Indonesia Tbk Series A | 6,700 | 2,276 | |
PT Bank Jabar Banten Tbk | 7,900 | 945 | |
PT Bank Mandiri (Persero) Tbk | 68,600 | 38,948 | |
PT Bank Negara Indonesia (Persero) Tbk | 28,400 | 18,494 | |
PT Bank Rakyat Indonesia Tbk | 219,300 | 67,680 | |
PT Bank Tabungan Negara Tbk | 6,500 | 1,132 | |
PT Bumi Serpong Damai Tbk (a) | 46,400 | 5,042 | |
PT Charoen Pokphand Indonesia Tbk | 28,500 | 9,542 | |
PT Gudang Garam Tbk | 1,500 | 8,162 | |
PT Indah Kiat Pulp & Paper Tbk | 8,100 | 5,375 | |
PT Indocement Tunggal Prakarsa Tbk | 7,000 | 9,910 | |
PT Indofood CBP Sukses Makmur Tbk | 6,000 | 4,311 | |
PT Indofood Sukses Makmur Tbk | 16,700 | 8,304 | |
PT Japfa Comfeed Indonesia Tbk | 14,600 | 1,602 | |
PT Kalbe Farma Tbk | 69,700 | 7,203 | |
PT Matahari Department Store Tbk | 4,900 | 1,197 | |
PT Pabrik Kertas Tjiwi Kimia Tbk | 4,000 | 3,560 | |
PT Perusahaan Gas Negara Tbk Series B | 41,800 | 6,243 | |
PT Semen Gresik (Persero) Tbk | 9,200 | 7,538 | |
PT Surya Citra Media Tbk | 7,900 | 900 | |
PT Tambang Batubara Bukit Asam Tbk | 10,400 | 2,179 | |
PT Telekomunikasi Indonesia Tbk Series B | 205,900 | 60,346 | |
PT United Tractors Tbk | 5,600 | 11,178 | |
TOTAL INDONESIA | 427,514 | ||
Ireland - 0.5% | |||
AIB Group PLC | 2,529 | 10,341 | |
Bank Ireland Group PLC | 3,513 | 18,359 | |
CRH PLC | 3,083 | 100,775 | |
DCC PLC (United Kingdom) | 389 | 34,680 | |
Glanbia PLC | 674 | 10,960 | |
Grafton Group PLC unit | 817 | 8,363 | |
Greencore Group PLC | 2,694 | 7,493 | |
ICON PLC (a) | 208 | 32,026 | |
James Hardie Industries PLC CDI | 1,700 | 22,318 | |
Kerry Group PLC Class A | 559 | 66,742 | |
Kingspan Group PLC (Ireland) | 585 | 31,770 | |
Paddy Power Betfair PLC (Ireland) | 275 | 20,682 | |
Ryanair Holdings PLC sponsored ADR (a) | 536 | 34,379 | |
Smurfit Kappa Group PLC | 973 | 29,441 | |
United Drug PLC (United Kingdom) | 966 | 9,802 | |
TOTAL IRELAND | 438,131 | ||
Isle of Man - 0.1% | |||
Gaming VC Holdings SA | 2,403 | 19,891 | |
Genting Singapore Ltd. | 20,800 | 14,143 | |
NEPI Rockcastle PLC | 1,734 | 15,932 | |
TOTAL ISLE OF MAN | 49,966 | ||
Israel - 0.4% | |||
Airport City Ltd. (a) | 222 | 4,073 | |
Alony Hetz Properties & Investments Ltd. | 352 | 4,563 | |
Azrieli Group | 107 | 7,166 | |
Bank Hapoalim BM (Reg.) | 4,439 | 32,912 | |
Bank Leumi le-Israel BM | 5,616 | 40,537 | |
Bezeq The Israel Telecommunication Corp. Ltd. | 6,279 | 4,750 | |
Check Point Software Technologies Ltd. (a) | 497 | 57,458 | |
CyberArk Software Ltd. (a) | 137 | 17,514 | |
Elbit Systems Ltd. (Israel) | 74 | 11,010 | |
First International Bank of Israel | 128 | 3,236 | |
Israel Chemicals Ltd. | 3,029 | 15,863 | |
Israel Corp. Ltd. (Class A) (a) | 14 | 3,394 | |
Israel Discount Bank Ltd. (Class A) | 4,381 | 17,886 | |
Mellanox Technologies Ltd. (a) | 161 | 17,818 | |
Mizrahi Tefahot Bank Ltd. | 565 | 13,025 | |
NICE Systems Ltd. (a) | 245 | 33,302 | |
Paz Oil Co. Ltd. | 38 | 5,339 | |
Plus500 Ltd. | 311 | 2,062 | |
Shufersal Ltd. | 581 | 3,867 | |
Strauss Group Ltd. | 164 | 4,710 | |
Taro Pharmaceutical Industries Ltd. | 52 | 4,442 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | 3,627 | 33,477 | |
Tower Semiconductor Ltd. (a) | 236 | 3,621 | |
Wix.com Ltd. (a) | 179 | 25,436 | |
TOTAL ISRAEL | 367,461 | ||
Italy - 1.3% | |||
A2A SpA | 5,917 | 10,267 | |
Assicurazioni Generali SpA | 4,655 | 87,655 | |
Atlantia SpA | 1,835 | 47,804 | |
Banco BPM SpA (a) | 6,061 | 12,337 | |
Brembo SpA | 516 | 5,944 | |
Cerved Information Solutions SpA | 748 | 6,630 | |
Davide Campari-Milano SpA | 2,197 | 21,522 | |
DiaSorin S.p.A. | 79 | 9,172 | |
Enel SpA | 30,026 | 209,454 | |
Eni SpA | 9,685 | 161,036 | |
FinecoBank SpA | 1,540 | 17,179 | |
Hera SpA | 2,417 | 9,246 | |
Infrastrutture Wireless Italiane SpA (b) | 927 | 9,097 | |
Interpump Group SpA | 427 | 13,139 | |
Intesa Sanpaolo SpA | 62,145 | 133,040 | |
Italgas SpA | 1,783 | 11,978 | |
Leonardo SpA | 1,521 | 19,276 | |
Mediobanca SpA | 2,389 | 24,628 | |
Moncler SpA | 648 | 27,705 | |
Pirelli & C. SpA (b) | 1,540 | 9,102 | |
Poste Italiane SpA (b) | 1,918 | 20,196 | |
Prada SpA | 1,600 | 4,946 | |
Prysmian SpA | 1,153 | 23,796 | |
Recordati SpA | 429 | 17,883 | |
Saipem SpA (a) | 2,131 | 10,601 | |
Snam Rete Gas SpA | 8,755 | 43,515 | |
Telecom Italia SpA (a) | 45,555 | 24,871 | |
Terna SpA | 5,688 | 36,220 | |
UniCredit SpA | 8,342 | 102,692 | |
Unione di Banche Italiane SCpA | 4,086 | 11,151 | |
Unipol Gruppo SpA | 1,739 | 8,469 | |
Unipolsai SpA | 3,047 | 7,827 | |
TOTAL ITALY | 1,158,378 | ||
Japan - 17.4% | |||
ABC-MART, Inc. | 100 | 6,511 | |
ACOM Co. Ltd. | 1,500 | 5,398 | |
Activia Properties, Inc. | 2 | 8,700 | |
Adeka Corp. | 400 | 5,906 | |
Advance Residence Investment Corp. | 6 | 17,836 | |
Advantest Corp. | 600 | 16,500 | |
Aeon (REIT) Investment Corp. | 5 | 6,400 | |
AEON Co. Ltd. | 3,500 | 60,089 | |
AEON Financial Service Co. Ltd. | 400 | 6,437 | |
AEON MALL Co. Ltd. | 400 | 6,018 | |
Agc, Inc. | 1,000 | 34,550 | |
Aica Kogyo Co. Ltd. | 200 | 6,678 | |
Ain Holdings, Inc. | 100 | 5,816 | |
Air Water, Inc. | 600 | 10,262 | |
Aisin Seiki Co. Ltd. | 800 | 27,529 | |
Ajinomoto Co., Inc. | 2,100 | 36,385 | |
Alfresa Holdings Corp. | 1,000 | 24,653 | |
All Nippon Airways Ltd. | 400 | 13,237 | |
Alps Electric Co. Ltd. | 900 | 15,159 | |
Amada Holdings Co. Ltd. | 1,300 | 14,626 | |
Anritsu Corp. | 500 | 8,686 | |
Aozora Bank Ltd. | 500 | 11,993 | |
Asahi Group Holdings | 1,800 | 80,889 | |
ASAHI INTECC Co. Ltd. | 1,000 | 24,616 | |
Asahi Kasei Corp. | 5,600 | 59,654 | |
Asics Corp. | 600 | 6,494 | |
Astellas Pharma, Inc. | 8,000 | 114,006 | |
Azbil Corp. | 400 | 9,765 | |
Bandai Namco Holdings, Inc. | 900 | 43,658 | |
Bank of Kyoto Ltd. | 300 | 11,589 | |
Benesse Holdings, Inc. | 300 | 6,979 | |
Bic Camera, Inc. | 500 | 4,907 | |
Bridgestone Corp. | 2,300 | 90,494 | |
Brother Industries Ltd. | 900 | 16,987 | |
Calbee, Inc. | 500 | 13,486 | |
Canon, Inc. | 4,200 | 122,989 | |
Capcom Co. Ltd. | 300 | 6,016 | |
Casio Computer Co. Ltd. | 800 | 9,928 | |
Central Japan Railway Co. | 800 | 160,126 | |
Chiba Bank Ltd. | 2,900 | 14,148 | |
Chubu Electric Power Co., Inc. | 3,000 | 42,058 | |
Chugai Pharmaceutical Co. Ltd. | 800 | 52,238 | |
Chugoku Electric Power Co., Inc. | 1,100 | 13,855 | |
Citizen Watch Co. Ltd. | 1,200 | 6,155 | |
Coca-Cola West Co. Ltd. | 600 | 15,187 | |
Comforia Residential REIT, Inc. | 2 | 5,741 | |
COMSYS Holdings Corp. | 400 | 10,136 | |
Concordia Financial Group Ltd. | 4,900 | 18,225 | |
Cosmos Pharmaceutical Corp. | 100 | 16,964 | |
Credit Saison Co. Ltd. | 500 | 5,848 | |
CyberAgent, Inc. | 400 | 14,488 | |
Dai Nippon Printing Co. Ltd. | 1,100 | 23,425 | |
Dai-ichi Mutual Life Insurance Co. | 4,800 | 72,346 | |
Daicel Chemical Industries Ltd. | 1,300 | 11,551 | |
Daido Steel Co. Ltd. | 100 | 3,789 | |
Daifuku Co. Ltd. | 500 | 28,057 | |
Daiichi Sankyo Kabushiki Kaisha | 2,400 | 125,437 | |
Daiichikosho Co. Ltd. | 200 | 9,294 | |
Daikin Industries Ltd. | 1,100 | 143,500 | |
Dainippon Sumitomo Pharma Co. Ltd. | 700 | 13,264 | |
Daio Paper Corp. | 400 | 4,701 | |
Daito Trust Construction Co. Ltd. | 300 | 38,218 | |
Daiwa House Industry Co. Ltd. | 2,600 | 75,746 | |
Daiwa House REIT Investment Corp. | 8 | 19,300 | |
Daiwa Office Investment Corp. | 1 | 7,170 | |
Daiwa Securities Group, Inc. | 7,100 | 31,089 | |
DeNA Co. Ltd. | 500 | 9,577 | |
Denki Kagaku Kogyo KK | 400 | 11,854 | |
DENSO Corp. | 2,100 | 88,293 | |
Dentsu, Inc. | 1,000 | 34,875 | |
Dic Corp. | 300 | 7,914 | |
Disco Corp. | 100 | 16,398 | |
Dmg Mori Co. Ltd. | 500 | 8,000 | |
Dowa Holdings Co. Ltd. | 300 | 9,614 | |
East Japan Railway Co. | 1,500 | 140,240 | |
Ebara Corp. | 300 | 8,136 | |
Eisai Co. Ltd. | 1,200 | 67,794 | |
Electric Power Development Co. Ltd. | 800 | 18,164 | |
Ezaki Glico Co. Ltd. | 200 | 8,904 | |
FamilyMart Co. Ltd. | 1,300 | 31,012 | |
Fancl Corp. | 300 | 7,374 | |
Fanuc Corp. | 800 | 148,650 | |
Fast Retailing Co. Ltd. | 300 | 181,227 | |
Frontier Real Estate Investment Corp. | 3 | 12,800 | |
Fuji Electric Co. Ltd. | 600 | 20,674 | |
Fuji Oil Holdings, Inc. | 200 | 6,029 | |
Fuji Seal International, Inc. | 200 | 6,112 | |
Fujifilm Holdings Corp. | 1,700 | 86,139 | |
Fujitsu Ltd. | 800 | 55,740 | |
Fukuoka Financial Group, Inc. | 600 | 10,947 | |
Fukuyama Transporting Co. Ltd. | 100 | 3,617 | |
Furukawa Electric Co. Ltd. | 200 | 5,853 | |
GLP J-REIT | 14 | 15,946 | |
GMO Payment Gateway, Inc. | 100 | 6,873 | |
GOLDWIN, Inc. | 100 | 12,531 | |
GS Yuasa Corp. | 200 | 3,855 | |
Gunma Bank Ltd. | 1,500 | 5,245 | |
Hakuhodo DY Holdings, Inc. | 1,100 | 18,508 | |
Hamamatsu Photonics K.K. | 500 | 19,455 | |
Hankyu Hanshin Holdings, Inc. | 1,000 | 35,802 | |
Haseko Corp. | 1,200 | 12,132 | |
Hikari Tsushin, Inc. | 100 | 21,787 | |
Hino Motors Ltd. | 1,000 | 8,413 | |
Hirose Electric Co. Ltd. | 100 | 11,149 | |
Hiroshima Bank Ltd. | 1,100 | 5,295 | |
Hisamitsu Pharmaceutical Co., Inc. | 300 | 11,840 | |
Hitachi Chemical Co. Ltd. | 400 | 10,856 | |
Hitachi Construction Machinery Co. Ltd. | 400 | 10,396 | |
Hitachi High-Technologies Corp. | 300 | 15,415 | |
Hitachi Ltd. | 3,800 | 139,185 | |
Hitachi Metals Ltd. | 700 | 7,902 | |
Hokuriku Electric Power Co., Inc. (a) | 700 | 5,071 | |
Honda Motor Co. Ltd. | 7,000 | 181,012 | |
Horiba Ltd. | 200 | 10,314 | |
Hoshizaki Corp. | 200 | 14,877 | |
House Foods Group, Inc. | 300 | 11,255 | |
Hoya Corp. | 1,500 | 114,836 | |
Hulic (REIT), Inc. | 3 | 5,206 | |
Hulic Co. Ltd. | 1,700 | 13,655 | |
Ibiden Co. Ltd. | 500 | 8,746 | |
Idemitsu Kosan Co. Ltd. | 887 | 26,656 | |
IHI Corp. | 600 | 14,453 | |
Iida Group Holdings Co. Ltd. | 800 | 12,911 | |
Industrial & Infrastructure Fund Investment Corp. | 5 | 6,214 | |
INPEX Corp. | 4,400 | 39,639 | |
Invincible Investment Corp. | 27 | 13,974 | |
Isetan Mitsukoshi Holdings Ltd. | 1,500 | 12,160 | |
Isuzu Motors Ltd. | 2,300 | 26,175 | |
IT Holdings Corp. | 300 | 15,276 | |
ITO EN Ltd. | 200 | 9,312 | |
Itochu Corp. | 5,700 | 108,935 | |
ITOCHU Techno-Solutions Corp. | 400 | 10,247 | |
Iyo Bank Ltd. | 1,100 | 5,550 | |
Izumi Co. Ltd. | 300 | 12,118 | |
J. Front Retailing Co. Ltd. | 900 | 10,309 | |
Japan Airlines Co. Ltd. | 400 | 12,774 | |
Japan Airport Terminal Co. Ltd. | 300 | 12,786 | |
Japan Excellent, Inc. | 4 | 5,869 | |
Japan Exchange Group, Inc. | 2,000 | 31,758 | |
Japan Hotel REIT Investment Corp. | 15 | 12,076 | |
Japan Logistics Fund, Inc. | 3 | 6,865 | |
Japan Post Holdings Co. Ltd. | 5,600 | 63,368 | |
Japan Prime Realty Investment Corp. | 3 | 12,994 | |
Japan Real Estate Investment Corp. | 5 | 30,422 | |
Japan Retail Fund Investment Corp. | 9 | 18,198 | |
Japan Tobacco, Inc. | 4,300 | 94,902 | |
JFE Holdings, Inc. | 2,200 | 32,291 | |
JGC Corp. | 1,100 | 15,080 | |
JSR Corp. | 700 | 11,044 | |
JTEKT Corp. | 900 | 10,902 | |
JX Holdings, Inc. | 13,600 | 67,410 | |
K's Holdings Corp. | 1,000 | 9,433 | |
Kagome Co. Ltd. | 300 | 6,970 | |
Kajima Corp. | 1,900 | 26,046 | |
Kakaku.com, Inc. | 500 | 9,646 | |
Kaken Pharmaceutical Co. Ltd. | 200 | 9,349 | |
Kamigumi Co. Ltd. | 500 | 11,826 | |
Kaneka Corp. | 200 | 7,513 | |
Kansai Electric Power Co., Inc. | 3,200 | 36,641 | |
Kansai Paint Co. Ltd. | 900 | 18,857 | |
Kao Corp. | 1,900 | 144,683 | |
Kawasaki Heavy Industries Ltd. | 500 | 11,747 | |
KDDI Corp. | 6,800 | 173,037 | |
Keihan Electric Railway Co., Ltd. | 400 | 17,419 | |
Keihin Electric Express Railway Co. Ltd. | 1,000 | 17,205 | |
Keio Corp. | 500 | 32,880 | |
Keisei Electric Railway Co. | 600 | 21,843 | |
Kenedix Office Investment Corp. | 2 | 14,302 | |
Kewpie Corp. | 500 | 11,042 | |
Keyence Corp. | 400 | 245,346 | |
Kikkoman Corp. | 700 | 30,450 | |
Kinden Corp. | 500 | 7,657 | |
Kintetsu Group Holdings Co. Ltd. | 800 | 38,288 | |
Kirin Holdings Co. Ltd. | 3,600 | 77,583 | |
Kobayashi Pharmaceutical Co. Ltd. | 200 | 14,302 | |
Kobe Steel Ltd. | 1,200 | 7,847 | |
Koito Manufacturing Co. Ltd. | 500 | 26,666 | |
Kokuyo Co. Ltd. | 400 | 5,595 | |
Komatsu Ltd. | 3,800 | 92,256 | |
Konami Holdings Corp. | 400 | 18,736 | |
Konica Minolta, Inc. | 1,900 | 18,486 | |
Kose Corp. | 100 | 16,760 | |
Kubota Corp. | 4,600 | 76,500 | |
Kuraray Co. Ltd. | 1,700 | 20,293 | |
Kurita Water Industries Ltd. | 300 | 7,443 | |
Kyocera Corp. | 1,400 | 91,351 | |
Kyowa Exeo Corp. | 400 | 9,950 | |
Kyowa Hakko Kirin Co., Ltd. | 1,000 | 17,985 | |
Kyudenko Corp. | 200 | 6,001 | |
Kyushu Electric Power Co., Inc. | 1,700 | 16,682 | |
Kyushu Financial Group, Inc. | 1,500 | 5,927 | |
Kyushu Railway Co. | 700 | 20,387 | |
Lawson, Inc. | 200 | 9,591 | |
LINE Corp. (a) | 200 | 5,625 | |
Lion Corp. | 1,100 | 20,477 | |
LIXIL Group Corp. | 1,300 | 20,546 | |
M3, Inc. | 1,600 | 29,220 | |
Mabuchi Motor Co. Ltd. | 200 | 6,836 | |
Maeda Corp. | 600 | 4,797 | |
Makita Corp. | 1,100 | 37,342 | |
Marubeni Corp. | 7,400 | 48,938 | |
Maruha Nichiro Corp. | 200 | 5,871 | |
Marui Group Co. Ltd. | 800 | 16,280 | |
Maruichi Steel Tube Ltd. | 300 | 8,328 | |
Matsumotokiyoshi Holdings Co. Ltd. | 300 | 8,765 | |
Mazda Motor Corp. | 2,200 | 22,946 | |
McDonald's Holdings Co. (Japan) Ltd. | 200 | 8,811 | |
Mebuki Financial Group, Inc. | 3,700 | 9,643 | |
Medipal Holdings Corp. | 1,000 | 22,066 | |
Meiji Holdings Co. Ltd. | 600 | 42,851 | |
Minebea Mitsumi, Inc. | 1,600 | 27,083 | |
Misumi Group, Inc. | 1,200 | 30,074 | |
Mitsubishi Chemical Holdings Corp. | 5,400 | 37,695 | |
Mitsubishi Corp. | 6,100 | 160,683 | |
Mitsubishi Electric Corp. | 8,400 | 110,556 | |
Mitsubishi Estate Co. Ltd. | 5,400 | 100,422 | |
Mitsubishi Gas Chemical Co., Inc. | 700 | 9,323 | |
Mitsubishi Heavy Industries Ltd. | 1,400 | 60,914 | |
Mitsubishi Logistics Corp. | 300 | 8,247 | |
Mitsubishi Materials Corp. | 500 | 14,214 | |
Mitsubishi Motors Corp. of Japan | 2,600 | 12,444 | |
Mitsubishi Tanabe Pharma Corp. | 1,000 | 11,130 | |
Mitsubishi UFJ Financial Group, Inc. | 50,900 | 242,435 | |
Mitsubishi UFJ Lease & Finance Co. Ltd. | 2,000 | 10,592 | |
Mitsui & Co. Ltd. | 6,800 | 110,627 | |
Mitsui Chemicals, Inc. | 1,000 | 24,737 | |
Mitsui Fudosan Co. Ltd. | 3,900 | 94,502 | |
Mitsui OSK Lines Ltd. | 400 | 9,568 | |
Miura Co. Ltd. | 400 | 12,336 | |
Mizuho Financial Group, Inc. | 98,100 | 142,650 | |
MonotaRO Co. Ltd. | 600 | 14,614 | |
Mori Hills REIT Investment Corp. | 5 | 7,077 | |
Morinaga & Co. Ltd. | 200 | 9,739 | |
MS&AD Insurance Group Holdings, Inc. | 1,900 | 60,270 | |
Murata Manufacturing Co. Ltd. | 2,500 | 112,552 | |
Nabtesco Corp. | 500 | 13,885 | |
Nagase & Co. Ltd. | 400 | 5,992 | |
Nagoya Railroad Co. Ltd. | 900 | 24,884 | |
Nankai Electric Railway Co. Ltd. | 600 | 14,581 | |
NEC Corp. | 1,100 | 43,259 | |
Net One Systems Co. Ltd. | 300 | 8,250 | |
New Hampshire Foods Ltd. | 400 | 17,122 | |
Nexon Co. Ltd. (a) | 1,700 | 24,629 | |
NGK Insulators Ltd. | 900 | 13,114 | |
NGK Spark Plug Co. Ltd. | 600 | 11,253 | |
NHK Spring Co. Ltd. | 900 | 6,945 | |
Nichirei Corp. | 700 | 16,602 | |
Nidec Corp. | 1,100 | 150,234 | |
Nifco, Inc. | 300 | 7,427 | |
Nihon Kohden Corp. | 400 | 10,826 | |
Nihon M&A Center, Inc. | 600 | 14,380 | |
Nihon Unisys Ltd. | 300 | 10,059 | |
Nikkon Holdings Co. Ltd. | 200 | 4,586 | |
Nikon Corp. | 1,600 | 22,617 | |
Nintendo Co. Ltd. | 500 | 183,449 | |
Nippon Accommodations Fund, Inc. | 2 | 11,204 | |
Nippon Building Fund, Inc. | 6 | 41,070 | |
Nippon Electric Glass Co. Ltd. | 300 | 7,594 | |
Nippon Express Co. Ltd. | 300 | 15,944 | |
Nippon Gas Co. Ltd. | 200 | 5,081 | |
Nippon Kayaku Co. Ltd. | 600 | 7,218 | |
Nippon Paint Holdings Co. Ltd. | 800 | 31,016 | |
Nippon Paper Industries Co. Ltd. | 400 | 7,079 | |
Nippon Prologis REIT, Inc. | 8 | 18,469 | |
Nippon REIT Investment Corp. | 1 | 3,886 | |
Nippon Shinyaku Co. Ltd. | 300 | 21,147 | |
Nippon Shokubai Co. Ltd. | 100 | 6,604 | |
Nippon Steel & Sumitomo Metal Corp. | 3,800 | 65,169 | |
Nippon Suisan Kaisha Co. Ltd. | 1,000 | 6,196 | |
Nippon Telegraph & Telephone Corp. | 2,500 | 116,334 | |
Nippon Yusen KK | 600 | 9,622 | |
Nipro Corp. | 500 | 5,542 | |
Nishi-Nippon Railroad Co. Ltd. | 300 | 6,400 | |
Nissan Chemical Corp. | 700 | 31,522 | |
Nissan Motor Co. Ltd. | 9,500 | 68,043 | |
Nisshin Seifun Group, Inc. | 1,000 | 22,808 | |
Nissin Food Holdings Co. Ltd. | 300 | 19,311 | |
Nitori Holdings Co. Ltd. | 400 | 52,980 | |
Nitto Denko Corp. | 600 | 29,590 | |
NKSJ Holdings, Inc. | 1,500 | 57,891 | |
NOF Corp. | 300 | 11,172 | |
NOK Corp. | 300 | 4,491 | |
Nomura Holdings, Inc. | 14,200 | 50,271 | |
Nomura Real Estate Holdings, Inc. | 400 | 8,593 | |
Nomura Real Estate Master Fund, Inc. | 16 | 24,590 | |
Nomura Research Institute Ltd. | 1,500 | 24,027 | |
NSK Ltd. | 1,500 | 13,356 | |
NTN Corp. | 1,200 | 3,562 | |
NTT Data Corp. | 2,500 | 33,275 | |
NTT DOCOMO, Inc. | 4,600 | 107,327 | |
Obayashi Corp. | 2,800 | 27,555 | |
OBIC Co. Ltd. | 300 | 33,947 | |
Odakyu Electric Railway Co. Ltd. | 1,200 | 29,350 | |
Oji Holdings Corp. | 3,900 | 22,500 | |
Olympus Corp. | 5,100 | 56,575 | |
OMRON Corp. | 800 | 41,701 | |
Ono Pharmaceutical Co. Ltd. | 2,300 | 41,215 | |
Oracle Corp. Japan | 100 | 7,300 | |
Oriental Land Co. Ltd. | 900 | 111,357 | |
ORIX Corp. | 5,200 | 77,555 | |
ORIX JREIT, Inc. | 9 | 16,411 | |
Osaka Gas Co. Ltd. | 1,700 | 29,596 | |
OSG Corp. | 400 | 7,880 | |
Otsuka Corp. | 400 | 16,083 | |
Otsuka Holdings Co. Ltd. | 2,400 | 78,267 | |
Pan Pacific International Hold | 500 | 31,721 | |
Panasonic Corp. | 9,500 | 79,355 | |
Park24 Co. Ltd. | 500 | 11,636 | |
Penta-Ocean Construction Co. Ltd. | 1,000 | 4,897 | |
PeptiDream, Inc. (a) | 400 | 20,442 | |
Persol Holdings Co., Ltd. | 800 | 18,780 | |
Pigeon Corp. | 500 | 20,104 | |
Pilot Corp. | 100 | 3,863 | |
Pola Orbis Holdings, Inc. | 400 | 11,167 | |
Premier Investment Corp. | 4 | 5,261 | |
Rakuten, Inc. | 3,300 | 39,452 | |
Recruit Holdings Co. Ltd. | 6,100 | 203,343 | |
Relo Group, Inc. | 400 | 10,065 | |
Renesas Electronics Corp. (a) | 2,800 | 13,894 | |
Rengo Co. Ltd. | 900 | 7,221 | |
Resona Holdings, Inc. | 9,000 | 37,447 | |
Ricoh Co. Ltd. | 3,200 | 31,936 | |
Rinnai Corp. | 200 | 12,707 | |
ROHM Co. Ltd. | 400 | 26,861 | |
Rohto Pharmaceutical Co. Ltd. | 500 | 13,560 | |
Ryohin Keikaku Co. Ltd. | 100 | 18,049 | |
SanBio Co. Ltd. (a) | 100 | 3,209 | |
Sankyo Co. Ltd. (Gunma) | 200 | 7,235 | |
Sankyu, Inc. | 200 | 10,499 | |
Santen Pharmaceutical Co. Ltd. | 1,600 | 26,490 | |
Sanwa Holdings Corp. | 900 | 9,667 | |
Sapporo Breweries Ltd. | 300 | 6,314 | |
Sawai Pharmaceutical Co. Ltd. | 200 | 10,796 | |
SBI Holdings, Inc. Japan | 900 | 22,263 | |
Screen Holdings Co. Ltd. | 200 | 8,338 | |
SCSK Corp. | 200 | 9,832 | |
Secom Co. Ltd. | 800 | 68,814 | |
Sega Sammy Holdings, Inc. | 600 | 7,285 | |
Seibu Holdings, Inc. | 1,100 | 18,324 | |
Seiko Epson Corp. | 1,500 | 23,721 | |
Seino Holdings Co. Ltd. | 800 | 10,648 | |
Sekisui Chemical Co. Ltd. | 1,600 | 24,012 | |
Sekisui House (REIT), Inc. | 12 | 8,971 | |
Sekisui House Ltd. | 2,800 | 46,110 | |
Seven & i Holdings Co. Ltd. | 3,100 | 105,032 | |
Seven Bank Ltd. | 2,300 | 6,016 | |
SG Holdings Co. Ltd. | 1,000 | 28,336 | |
Sharp Corp. | 600 | 6,578 | |
Shikoku Electric Power Co., Inc. | 700 | 6,467 | |
Shimadzu Corp. | 1,200 | 29,406 | |
Shimamura Co. Ltd. | 100 | 7,466 | |
SHIMANO, Inc. | 300 | 44,604 | |
SHIMIZU Corp. | 2,700 | 22,413 | |
Shin-Etsu Chemical Co. Ltd. | 1,600 | 148,922 | |
Shinsei Bank Ltd. | 600 | 9,310 | |
Shionogi & Co. Ltd. | 1,300 | 74,866 | |
Ship Healthcare Holdings, Inc. | 200 | 8,626 | |
Shiseido Co. Ltd. | 1,600 | 120,518 | |
Shizuoka Bank Ltd. | 2,700 | 19,884 | |
SHO-BOND Holdings Co. Ltd. | 200 | 7,049 | |
Showa Denko K.K. | 500 | 14,701 | |
Skylark Co. Ltd. | 700 | 12,213 | |
SMC Corp. | 300 | 111,775 | |
SoftBank Corp. | 6,800 | 325,762 | |
Sohgo Security Services Co., Ltd. | 300 | 13,829 | |
Sojitz Corp. | 3,700 | 11,874 | |
Sony Corp. | 5,000 | 262,750 | |
Sony Financial Holdings, Inc. | 500 | 12,002 | |
Sotetsu Holdings, Inc. | 400 | 11,015 | |
Square Enix Holdings Co. Ltd. | 300 | 9,600 | |
Stanley Electric Co. Ltd. | 600 | 14,736 | |
Subaru Corp. | 2,600 | 63,158 | |
Sumco Corp. | 1,000 | 11,891 | |
Sumitomo Chemical Co. Ltd. | 7,800 | 36,173 | |
Sumitomo Corp. | 4,900 | 74,194 | |
Sumitomo Electric Industries Ltd. | 2,800 | 36,735 | |
Sumitomo Forestry Co. Ltd. | 600 | 7,185 | |
Sumitomo Heavy Industries Ltd. | 400 | 13,746 | |
Sumitomo Metal Mining Co. Ltd. | 1,000 | 29,857 | |
Sumitomo Mitsui Financial Group, Inc. | 5,400 | 191,407 | |
Sumitomo Mitsui Trust Holdings, Inc. | 1,600 | 58,131 | |
Sumitomo Osaka Cement Co. Ltd. | 200 | 7,940 | |
Sumitomo Realty & Development Co. Ltd. | 1,900 | 67,812 | |
Sumitomo Rubber Industries Ltd. | 500 | 5,778 | |
Sundrug Co. Ltd. | 200 | 5,409 | |
Suntory Beverage & Food Ltd. | 500 | 21,727 | |
Suzuken Co. Ltd. | 300 | 17,586 | |
Suzuki Motor Corp. | 1,700 | 79,848 | |
Sysmex Corp. | 600 | 39,106 | |
T&D Holdings, Inc. | 2,800 | 30,372 | |
Taiheiyo Cement Corp. | 500 | 15,118 | |
Taisei Corp. | 900 | 32,681 | |
Taisho Pharmaceutical Holdings Co. Ltd. | 200 | 15,341 | |
Taiyo Nippon Sanso Corp. | 900 | 19,099 | |
Taiyo Yuden Co. Ltd. | 500 | 9,298 | |
Takara Holdings, Inc. | 800 | 8,362 | |
Takashimaya Co. Ltd. | 500 | 5,477 | |
Takeda Pharmaceutical Co. Ltd. | 5,938 | 211,231 | |
TDK Corp. | 500 | 38,677 | |
TechnoPro Holdings, Inc. | 100 | 5,305 | |
Teijin Ltd. | 700 | 11,927 | |
Terumo Corp. | 2,600 | 77,410 | |
The Chugoku Bank Ltd. | 700 | 6,168 | |
The Hachijuni Bank Ltd. | 1,900 | 7,736 | |
THK Co. Ltd. | 400 | 9,553 | |
Tobu Railway Co. Ltd. | 1,000 | 29,124 | |
Toda Corp. | 700 | 3,870 | |
Toho Co. Ltd. | 500 | 21,240 | |
Toho Gas Co. Ltd. | 500 | 18,388 | |
Tohoku Electric Power Co., Inc. | 2,300 | 23,231 | |
Tokai Carbon Co. Ltd. | 800 | 8,340 | |
Tokio Marine Holdings, Inc. | 2,800 | 140,214 | |
Tokuyama Corp. | 200 | 5,402 | |
Tokyo Century Corp. | 200 | 8,431 | |
Tokyo Electric Power Co., Inc. (a) | 3,200 | 16,680 | |
Tokyo Electron Ltd. | 700 | 98,168 | |
Tokyo Gas Co. Ltd. | 1,500 | 35,304 | |
Tokyo Tatemono Co. Ltd. | 900 | 9,992 | |
Tokyu Corp. | 2,300 | 40,767 | |
Tokyu Fudosan Holdings Corp. | 1,800 | 9,934 | |
Toppan Printing Co. Ltd. | 1,500 | 22,747 | |
Toray Industries, Inc. | 6,700 | 50,903 | |
Toshiba Corp. | 2,300 | 71,572 | |
Tosoh Corp. | 1,100 | 15,457 | |
Toto Ltd. | 700 | 27,626 | |
Toyo Seikan Group Holdings Ltd. | 600 | 11,898 | |
Toyo Suisan Kaisha Ltd. | 400 | 16,473 | |
Toyo Tire Corp. | 500 | 6,571 | |
Toyoda Gosei Co. Ltd. | 200 | 3,897 | |
Toyota Industries Corp. | 800 | 44,001 | |
Toyota Motor Corp. | 10,400 | 645,464 | |
Toyota Tsusho Corp. | 900 | 27,255 | |
Trend Micro, Inc. | 500 | 22,284 | |
TS tech Co. Ltd. | 300 | 8,161 | |
Tsumura & Co. | 300 | 8,362 | |
Tsuruha Holdings, Inc. | 200 | 18,476 | |
Ube Industries Ltd. | 400 | 8,288 | |
Unicharm Corp. | 1,600 | 48,142 | |
United Urban Investment Corp. | 12 | 20,101 | |
USS Co. Ltd. | 700 | 13,784 | |
Wacoal Holdings Corp. | 200 | 5,189 | |
Welcia Holdings Co. Ltd. | 200 | 8,134 | |
West Japan Railway Co. | 800 | 64,674 | |
Yahoo! Japan Corp. | 4,800 | 14,069 | |
Yakult Honsha Co. Ltd. | 600 | 35,338 | |
Yamada Denki Co. Ltd. | 2,600 | 11,503 | |
Yamaguchi Financial Group, Inc. | 700 | 4,779 | |
Yamaha Corp. | 600 | 28,493 | |
Yamaha Motor Co. Ltd. | 1,200 | 21,314 | |
Yamato Holdings Co. Ltd. | 1,800 | 36,579 | |
Yamazaki Baking Co. Ltd. | 900 | 13,598 | |
Yaskawa Electric Corp. | 1,000 | 33,947 | |
Yokogawa Electric Corp. | 800 | 15,671 | |
Yokohama Rubber Co. Ltd. | 600 | 11,019 | |
Zenkoku Hosho Co. Ltd. | 200 | 7,671 | |
Zensho Holdings Co. Ltd. | 300 | 6,094 | |
Zeon Corp. | 700 | 7,772 | |
Zozo, Inc. | 700 | 13,109 | |
TOTAL JAPAN | 15,387,138 | ||
Korea (South) - 3.2% | |||
AMOREPACIFIC Corp. | 120 | 17,058 | |
AMOREPACIFIC Group, Inc. | 111 | 5,976 | |
Ananti, Inc. (a) | 113 | 1,484 | |
BGF Retail Co. Ltd. | 37 | 6,746 | |
BS Financial Group, Inc. | 918 | 5,942 | |
Bukwang Pharmaceutical Co. Ltd. | 200 | 3,024 | |
Celltrion Healthcare Co. Ltd. | 176 | 8,593 | |
Celltrion Pharm, Inc. (a) | 74 | 3,073 | |
Celltrion, Inc. (a) | 414 | 73,518 | |
CHA Biotech Co. Ltd. (a) | 87 | 1,162 | |
Cheil Industries, Inc. | 328 | 27,125 | |
Cheil Worldwide, Inc. | 252 | 6,402 | |
CJ CheilJedang Corp. | 32 | 8,213 | |
CJ Corp. | 46 | 4,015 | |
CJ O Shopping Co. Ltd. | 35 | 5,353 | |
Com2uS Corp. | 16 | 1,403 | |
Cosmax, Inc. | 46 | 4,333 | |
Daelim Industrial Co. | 100 | 9,938 | |
Daewoo Engineering & Construction Co. Ltd. (a) | 1,318 | 5,626 | |
Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a) | 130 | 3,673 | |
Daewoong Pharmaceutical Co. Ltd. | 23 | 2,981 | |
Db Insurance Co. Ltd. | 170 | 8,711 | |
DGB Financial Group Co. Ltd. | 544 | 3,831 | |
Dong Suh Companies, Inc. | 73 | 1,214 | |
Doosan Bobcat, Inc. | 116 | 3,649 | |
Doosan Co. Ltd. | 45 | 3,908 | |
Doosan Infracore Co. Ltd. (a) | 133 | 715 | |
E-Mart Co. Ltd. | 66 | 7,985 | |
Fila Korea Ltd. | 189 | 12,527 | |
Genexine Co. Ltd. (a) | 57 | 2,793 | |
Green Cross Holdings Corp. | 45 | 844 | |
GS Engineering & Construction Corp. | 265 | 9,240 | |
GS Holdings Corp. | 157 | 6,946 | |
GS Retail Co. Ltd. | 36 | 1,223 | |
Hana Financial Group, Inc. | 1,178 | 38,071 | |
HanAll BioPharma Co. Ltd. (a) | 181 | 3,895 | |
Hanjin Kal Corp. | 204 | 5,288 | |
Hankook Tire Co. Ltd. | 324 | 9,827 | |
Hanmi Pharm Co. Ltd. | 21 | 7,331 | |
Hanmi Science Co. Ltd. | 113 | 6,660 | |
Hanon Systems | 524 | 5,275 | |
Hanssem Co. Ltd. | 57 | 3,610 | |
Hanwha Aerospace Co. Ltd. (a) | 137 | 3,936 | |
Hanwha Chemical Corp. | 399 | 7,827 | |
Hanwha Corp. | 182 | 4,199 | |
Hanwha Life Insurance Co. Ltd. | 1,338 | 3,787 | |
HDC Hyundai Development Co. | 112 | 4,210 | |
HLB, Inc. (a) | 111 | 3,386 | |
Hotel Shilla Co. | 115 | 9,639 | |
HUGEL, Inc. (a) | 9 | 3,263 | |
Hyundai Department Store Co. Ltd. | 56 | 4,002 | |
Hyundai Elevator Co. Ltd. | 51 | 3,997 | |
Hyundai Engineering & Construction Co. Ltd. | 307 | 14,219 | |
Hyundai Fire & Marine Insurance Co. Ltd. | 212 | 5,212 | |
Hyundai Glovis Co. Ltd. | 75 | 10,434 | |
Hyundai Heavy Industries Co. Ltd. (a) | 209 | 21,402 | |
Hyundai Merchant Marine Co. Ltd. (a) | 934 | 2,990 | |
Hyundai Mipo Dockyard Co. Ltd. | 79 | 3,372 | |
Hyundai Mobis | 283 | 57,591 | |
Hyundai Motor Co. | 563 | 68,111 | |
Hyundai Robotics Co. Ltd. | 30 | 8,399 | |
Hyundai Rotem Co. Ltd. (a) | 165 | 3,001 | |
Hyundai Steel Co. | 298 | 10,764 | |
Industrial Bank of Korea | 847 | 10,283 | |
ING Life Insurance Korea Ltd. (b) | 133 | 3,638 | |
JB Financial Group Co. Ltd. | 535 | 2,732 | |
Kakao Corp. | 266 | 30,226 | |
Kangwon Land, Inc. | 361 | 9,437 | |
KB Financial Group, Inc. | 1,667 | 65,931 | |
KCC Corp. | 18 | 4,285 | |
Kia Motors Corp. | 1,047 | 39,809 | |
Kiwoom Securities Co. Ltd. | 79 | 5,571 | |
Koh Young Technology, Inc. | 14 | 1,005 | |
Kolmar Korea Co. Ltd. | 60 | 3,132 | |
Kolon Industries, Inc. | 20 | 738 | |
Komipharm International Co. Ltd. (a) | 267 | 5,053 | |
Korea Aerospace Industries Ltd. | 239 | 7,425 | |
Korea Electric Power Corp. (a) | 1,014 | 22,396 | |
Korea Express Co. Ltd. (a) | 30 | 3,487 | |
Korea Gas Corp. | 91 | 3,318 | |
Korea Investment Holdings Co. Ltd. | 139 | 9,693 | |
Korea Zinc Co. Ltd. | 43 | 17,687 | |
Korean Air Lines Co. Ltd. | 187 | 4,678 | |
Korean Reinsurance Co. | 485 | 3,655 | |
KT Corp. | 43 | 1,053 | |
KT&G Corp. | 551 | 46,899 | |
Kumho Petro Chemical Co. Ltd. | 54 | 4,545 | |
LG Chemical Ltd. | 207 | 63,411 | |
LG Corp. | 544 | 36,150 | |
LG Display Co. Ltd. (a) | 877 | 13,563 | |
LG Electronics, Inc. | 403 | 27,616 | |
LG Household & Health Care Ltd. | 42 | 47,653 | |
LG Innotek Co. Ltd. | 43 | 4,050 | |
LG Telecom Ltd. | 702 | 8,796 | |
Lotte Chemical Corp. | 65 | 14,183 | |
Lotte Confectionery Co. Ltd. | 147 | 5,589 | |
Lotte Shopping Co. Ltd. | 38 | 5,270 | |
LS Cable Ltd. | 144 | 5,911 | |
LS Industrial Systems Ltd. | 19 | 829 | |
Mando Corp. | 70 | 1,784 | |
Medy-Tox, Inc. | 15 | 5,833 | |
Meritz Fire & Marine Insurance Co. Ltd. | 240 | 4,293 | |
Meritz Securities Co. Ltd. | 1,023 | 4,738 | |
Mirae Asset Daewoo Co. Ltd. | 1,817 | 12,844 | |
NAVER Corp. | 600 | 59,107 | |
NCSOFT Corp. | 67 | 27,617 | |
Netmarble Corp. (a)(b) | 174 | 16,991 | |
Nong Shim Co. Ltd. | 17 | 3,731 | |
Oci Co. Ltd. | 67 | 5,402 | |
Orion Corp./Republic of Korea | 100 | 7,993 | |
Ottogi Corp. | 6 | 3,552 | |
Paradise Co. Ltd. | 228 | 3,211 | |
Pearl Abyss Corp. (a) | 46 | 8,439 | |
Pharmicell Co. Ltd. (a) | 254 | 1,708 | |
POSCO | 348 | 73,526 | |
POSCO Chemtech Co. Ltd. | 79 | 3,659 | |
Posco International Corp. | 67 | 1,062 | |
S-Oil Corp. | 149 | 10,777 | |
S.M. Entertainment Co. Ltd. (a) | 77 | 2,768 | |
S1 Corp. | 68 | 5,735 | |
Samsung Biologics Co. Ltd. (a)(b) | 72 | 19,910 | |
Samsung Card Co. Ltd. | 38 | 1,254 | |
Samsung Electro-Mechanics Co. Ltd. | 233 | 19,691 | |
Samsung Electronics Co. Ltd. | 21,107 | 857,244 | |
Samsung Engineering Co. Ltd. (a) | 624 | 9,248 | |
Samsung Fire & Marine Insurance Co. Ltd. | 120 | 27,791 | |
Samsung Heavy Industries Co. Ltd. (a) | 1,848 | 13,031 | |
Samsung Life Insurance Co. Ltd. | 436 | 31,497 | |
Samsung SDI Co. Ltd. | 213 | 43,530 | |
Samsung SDS Co. Ltd. | 178 | 33,070 | |
Samsung Securities Co. Ltd. | 221 | 7,467 | |
Seoul Semiconductor Co. Ltd. | 142 | 2,215 | |
SFA Engineering Corp. | 75 | 2,615 | |
Shinhan Financial Group Co. Ltd. | 1,968 | 76,373 | |
Shinsegae Co. Ltd. | 26 | 6,763 | |
SillaJen, Inc. (a) | 222 | 9,477 | |
SK C&C Co. Ltd. | 158 | 31,676 | |
SK Energy Co. Ltd. | 223 | 30,640 | |
SK Hynix, Inc. | 2,313 | 138,912 | |
SK Networks Co. Ltd. | 556 | 2,431 | |
SK Telecom Co. Ltd. | 154 | 34,467 | |
STX Pan Ocean Co. Ltd. (Korea) (a) | 622 | 2,494 | |
ViroMed Co. Ltd. (a) | 48 | 6,993 | |
ViroMed Co. Ltd. rights 8/6/19 (a) | 3 | 85 | |
Woongjin Coway Co. Ltd. | 209 | 13,979 | |
Woori Financial Group, Inc. (a) | 2,018 | 24,501 | |
Woori Investment & Securities Co. Ltd. | 494 | 6,190 | |
Yuhan Corp. | 30 | 6,338 | |
TOTAL KOREA (SOUTH) | 2,867,271 | ||
Luxembourg - 0.2% | |||
ArcelorMittal SA (Netherlands) | 2,711 | 48,509 | |
Aroundtown SA | 2,712 | 22,345 | |
Aroundtown SA rights 12/31/19 (a) | 2,712 | 782 | |
B&M European Value Retail SA | 3,731 | 15,792 | |
Globant SA (a) | 93 | 9,398 | |
Millicom International Cellular SA (depository receipt) | 231 | 12,998 | |
Orion Engineered Carbons SA | 201 | 4,303 | |
RTL Group SA | 134 | 6,863 | |
SES SA (France) (depositary receipt) | 1,397 | 21,842 | |
Spotify Technology SA (a)(d) | 211 | 30,852 | |
Subsea 7 SA | 866 | 10,421 | |
Tenaris SA | 2,087 | 27,373 | |
Ternium SA sponsored ADR | 165 | 3,701 | |
TOTAL LUXEMBOURG | 215,179 | ||
Malaysia - 0.5% | |||
AirAsia Group BHD | 6,400 | 4,228 | |
AMMB Holdings Bhd | 5,400 | 5,527 | |
Axiata Group Bhd | 12,440 | 14,991 | |
British American Tobacco (Malaysia) Bhd | 500 | 3,485 | |
Bumiputra-Commerce Holdings Bhd | 17,768 | 23,132 | |
Dialog Group Bhd | 14,300 | 11,281 | |
DiGi.com Bhd | 8,200 | 10,021 | |
Gamuda Bhd | 6,800 | 6,187 | |
Genting Bhd | 9,100 | 14,908 | |
Genting Malaysia Bhd | 11,900 | 9,330 | |
Hap Seng Consolidated Bhd | 1,900 | 4,575 | |
Hartalega Holdings Bhd | 5,900 | 7,481 | |
Hong Leong Bank Bhd | 2,100 | 9,655 | |
Hong Leong Credit Bhd | 800 | 3,589 | |
IHH Healthcare Bhd | 10,300 | 14,456 | |
IOI Corp. Bhd | 8,200 | 8,433 | |
Kuala Lumpur Kepong Bhd | 2,200 | 13,075 | |
Malayan Banking Bhd | 19,305 | 41,483 | |
Malaysia Airports Holdings Bhd | 3,100 | 6,399 | |
Maxis Bhd | 4,600 | 6,200 | |
MISC Bhd | 4,200 | 7,267 | |
Nestle (Malaysia) BHD | 300 | 10,824 | |
Petronas Chemicals Group Bhd | 11,800 | 23,985 | |
Petronas Dagangan Bhd | 1,000 | 6,146 | |
Petronas Gas Bhd | 2,200 | 9,242 | |
PPB Group Bhd | 2,200 | 9,955 | |
Press Metal Bhd | 7,000 | 7,453 | |
Public Bank Bhd | 9,600 | 53,430 | |
QL Resources Bhd | 2,600 | 4,303 | |
RHB Capital Bhd | 4,000 | 5,411 | |
Sime Darby Bhd | 9,900 | 5,414 | |
Sime Darby Plantation Bhd | 10,700 | 12,739 | |
Tenaga Nasional Bhd | 11,900 | 39,854 | |
Top Glove Corp. Bhd | 5,100 | 6,060 | |
TOTAL MALAYSIA | 420,519 | ||
Malta - 0.0% | |||
Kindred Group PLC (depositary receipt) | 881 | 7,472 | |
Mexico - 0.6% | |||
Alfa SA de CV Series A | 11,000 | 10,809 | |
America Movil S.A.B. de CV Series L | 94,600 | 68,854 | |
Banco Santander Mexico SA | 6,400 | 9,793 | |
CEMEX S.A.B. de CV unit | 57,900 | 24,404 | |
Coca-Cola FEMSA S.A.B. de CV unit | 2,500 | 15,514 | |
Embotelladoras Arca S.A.B. de CV | 1,500 | 8,116 | |
Fibra Uno Administracion SA de CV | 11,900 | 15,760 | |
Fomento Economico Mexicano S.A.B. de CV unit | 7,600 | 73,633 | |
Gruma S.A.B. de CV Series B | 995 | 9,338 | |
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | 1,800 | 18,745 | |
Grupo Aeroportuario del Sureste S.A.B. de CV Series B | 625 | 10,130 | |
Grupo Aeroportuario Norte S.A.B. de CV | 1,100 | 6,718 | |
Grupo Bimbo S.A.B. de CV Series A | 10,000 | 20,856 | |
Grupo Carso SA de CV Series A1 | 1,700 | 6,338 | |
Grupo Elektra SA de CV | 205 | 13,415 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 11,600 | 67,302 | |
Grupo Financiero Inbursa S.A.B. de CV Series O | 7,100 | 10,269 | |
Grupo Mexico SA de CV Series B | 13,700 | 36,381 | |
Grupo Televisa SA de CV | 8,700 | 14,709 | |
Industrias Penoles SA de CV | 400 | 5,175 | |
Infraestructura Energetica Nova S.A.B. de CV | 2,700 | 10,605 | |
Kimberly-Clark de Mexico SA de CV Series A | 4,500 | 8,368 | |
Mexichem S.A.B. de CV | 3,200 | 6,717 | |
Promotora y Operadora de Infraestructura S.A.B. de CV | 695 | 6,906 | |
Wal-Mart de Mexico SA de CV Series V | 19,500 | 53,236 | |
TOTAL MEXICO | 532,091 | ||
Multi-National - 0.0% | |||
HKT Trust/HKT Ltd. unit | 15,000 | 23,810 | |
Netherlands - 3.2% | |||
ABN AMRO Group NV GDR (b) | 1,647 | 35,242 | |
Adyen BV (b) | 89 | 68,676 | |
AEGON NV | 5,425 | 26,948 | |
AerCap Holdings NV (a) | 536 | 27,877 | |
Airbus Group NV | 2,235 | 316,301 | |
Akzo Nobel NV | 900 | 84,573 | |
Argenx SE (a) | 132 | 18,654 | |
ASML Holding NV (Netherlands) | 1,679 | 349,383 | |
ASR Nederland NV | 559 | 22,730 | |
CNH Industrial NV | 3,834 | 39,315 | |
Euronext NV (b) | 269 | 20,356 | |
EXOR NV | 367 | 25,707 | |
Ferrari NV | 479 | 77,779 | |
Fiat Chrysler Automobiles NV | 4,401 | 61,384 | |
Heineken Holding NV | 459 | 48,174 | |
Heineken NV (Bearer) | 924 | 103,114 | |
IMCD Group BV | 263 | 24,104 | |
ING Groep NV (Certificaten Van Aandelen) | 15,055 | 174,393 | |
Interxion Holding N.V. (a)(d) | 291 | 22,142 | |
Koninklijke Ahold Delhaize NV | 4,622 | 103,762 | |
Koninklijke DSM NV | 711 | 87,726 | |
Koninklijke KPN NV | 16,932 | 51,995 | |
Koninklijke Philips Electronics NV | 3,634 | 157,992 | |
NN Group NV | 1,315 | 52,933 | |
NXP Semiconductors NV | 1,294 | 126,307 | |
QIAGEN NV (Germany) (a) | 979 | 39,731 | |
Randstad NV | 483 | 26,527 | |
RHI Magnesita NV | 93 | 5,712 | |
STMicroelectronics NV (Italy) | 2,542 | 45,019 | |
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit | 552 | 82,697 | |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 6,680 | 405,865 | |
Wolters Kluwer NV | 1,086 | 79,058 | |
X5 Retail Group NV GDR (Reg. S) | 459 | 15,739 | |
Yandex NV Series A (a) | 942 | 35,796 | |
TOTAL NETHERLANDS | 2,863,711 | ||
New Zealand - 0.2% | |||
Auckland International Airport Ltd. | 3,774 | 24,973 | |
Contact Energy Ltd. | 2,838 | 15,253 | |
Fisher & Paykel Healthcare Corp. | 2,421 | 25,145 | |
Fletcher Building Ltd. | 3,394 | 11,058 | |
Meridian Energy Ltd. | 5,738 | 18,310 | |
Ryman Healthcare Group Ltd. | 1,525 | 12,038 | |
SKYCITY Entertainment Group Ltd. | 2,697 | 6,867 | |
Spark New Zealand Ltd. | 6,715 | 18,045 | |
The a2 Milk Co. Ltd. (a) | 2,694 | 26,550 | |
Xero Ltd. (a) | 411 | 17,295 | |
Z Energy Ltd. | 1,193 | 5,065 | |
TOTAL NEW ZEALAND | 180,599 | ||
Norway - 0.6% | |||
Adevinta ASA: | |||
Class A (a) | 230 | 2,556 | |
Class B | 349 | 3,846 | |
Aker ASA (A Shares) | 89 | 5,121 | |
Aker Bp ASA | 349 | 10,007 | |
Austevoll Seafood ASA | 307 | 3,223 | |
Det Norske Oljeselskap ASA (DNO) (A Shares) | 2,230 | 4,039 | |
DNB ASA | 3,612 | 67,197 | |
Entra ASA (b) | 517 | 7,939 | |
Equinor ASA | 4,192 | 82,779 | |
Gjensidige Forsikring ASA | 705 | 14,198 | |
Kongsberg Gruppen ASA | 301 | 4,206 | |
Leroy Seafood Group ASA | 919 | 6,080 | |
Marine Harvest ASA | 1,790 | 41,852 | |
Norsk Hydro ASA | 5,373 | 19,245 | |
Norwegian Finans Holding ASA (a) | 529 | 3,845 | |
Orkla ASA | 3,485 | 30,918 | |
Salmar ASA | 219 | 9,522 | |
Schibsted ASA: | |||
(A Shares) | 439 | 12,109 | |
(B Shares) | 349 | 9,099 | |
SpareBank 1 SR-Bank ASA (primary capital certificate) | 727 | 8,855 | |
Sparebanken Midt-Norge | 579 | 6,631 | |
Storebrand ASA (A Shares) | 1,843 | 13,542 | |
Telenor ASA | 2,618 | 55,580 | |
TGS Nopec Geophysical Co. ASA | 385 | 10,796 | |
Tomra Systems ASA | 475 | 15,613 | |
Veidekke ASA | 336 | 3,261 | |
Yara International ASA | 667 | 32,355 | |
TOTAL NORWAY | 484,414 | ||
Pakistan - 0.0% | |||
Engro Corp. Ltd. | 550 | 914 | |
Habib Bank Ltd. | 2,300 | 1,631 | |
Lucky Cement Ltd. | 700 | 1,667 | |
United Bank Ltd. | 800 | 738 | |
TOTAL PAKISTAN | 4,950 | ||
Papua New Guinea - 0.0% | |||
Oil Search Ltd. ADR | 5,926 | 29,414 | |
Philippines - 0.3% | |||
Aboitiz Equity Ventures, Inc. | 7,760 | 8,329 | |
Ayala Corp. | 1,320 | 23,030 | |
Ayala Land, Inc. | 27,200 | 26,966 | |
Bank of the Philippine Islands (BPI) | 5,570 | 8,533 | |
BDO Unibank, Inc. | 7,000 | 19,126 | |
GT Capital Holdings, Inc. | 249 | 4,568 | |
International Container Terminal Services, Inc. | 3,090 | 8,829 | |
JG Summit Holdings, Inc. | 11,360 | 14,943 | |
Jollibee Food Corp. | 1,340 | 7,369 | |
Manila Electric Co. | 870 | 6,571 | |
Megaworld Corp. | 37,000 | 4,405 | |
Metropolitan Bank & Trust Co. | 4,810 | 6,688 | |
Philippine Long Distance Telephone Co. | 320 | 8,027 | |
San Miguel Corp. | 1,270 | 4,342 | |
SM Investments Corp. | 1,810 | 34,229 | |
SM Prime Holdings, Inc. | 41,800 | 30,265 | |
Universal Robina Corp. | 2,960 | 9,589 | |
TOTAL PHILIPPINES | 225,809 | ||
Poland - 0.3% | |||
Alior Bank SA (a) | 296 | 3,950 | |
Bank Millennium SA (a) | 2,242 | 5,621 | |
Bank Polska Kasa Opieki SA | 540 | 16,170 | |
Bank Zachodni WBK SA | 154 | 15,294 | |
BRE Bank SA | 47 | 5,413 | |
CD Projekt RED SA | 256 | 14,762 | |
Cyfrowy Polsat SA | 942 | 7,508 | |
Dino Polska SA (a)(b) | 169 | 5,925 | |
Grupa Lotos SA | 287 | 6,511 | |
Jastrzebska Spolka Weglowa SA | 221 | 2,794 | |
KGHM Polska Miedz SA (Bearer) (a) | 477 | 13,223 | |
LPP SA | 5 | 10,231 | |
NG2 SA | 94 | 4,245 | |
Polish Oil & Gas Co. SA | 5,111 | 7,269 | |
Polska Grupa Energetyczna SA (a) | 3,269 | 8,398 | |
Polski Koncern Naftowy Orlen SA | 1,169 | 28,173 | |
Powszechna Kasa Oszczednosci Bank SA | 3,429 | 39,326 | |
Powszechny Zaklad Ubezpieczen SA | 2,286 | 26,732 | |
Telekomunikacja Polska SA (a) | 2,615 | 4,682 | |
TOTAL POLAND | 226,227 | ||
Portugal - 0.1% | |||
Banco Comercial Portugues SA (Reg.) | 36,721 | 11,353 | |
Energias de Portugal SA | 9,670 | 36,748 | |
Galp Energia SGPS SA Class B | 1,830 | 28,144 | |
Jeronimo Martins SGPS SA | 881 | 14,190 | |
NOS SGPS SA | 1,036 | 6,809 | |
Portucel Industrial Empresa Produtora de Celulosa SA | 1,443 | 5,510 | |
REN - Redes Energeticas Nacionais SGPS SA | 1,204 | 3,299 | |
TOTAL PORTUGAL | 106,053 | ||
Qatar - 0.2% | |||
Barwa Real Estate Co. (a) | 558 | 5,241 | |
Industries Qatar QSC (a) | 7,750 | 24,478 | |
Masraf al Rayan (a) | 11,620 | 12,159 | |
Qatar Electricity & Water Co. (a) | 1,540 | 7,047 | |
Qatar Islamic Bank (a) | 4,990 | 22,764 | |
Qatar National Bank SAQ (a) | 17,360 | 90,734 | |
Qatar Telecom (Qtel) Q.S.C. (a) | 353 | 6,342 | |
The Commercial Bank of Qatar (a) | 7,812 | 9,848 | |
TOTAL QATAR | 178,613 | ||
Russia - 0.8% | |||
Alrosa Co. Ltd. | 8,100 | 11,021 | |
Gazprom OAO | 46,540 | 171,661 | |
Lukoil PJSC | 1,464 | 122,852 | |
Magnit OJSC | 228 | 13,467 | |
MMC Norilsk Nickel PJSC | 228 | 51,588 | |
NOVATEK OAO | 3,330 | 70,427 | |
Novolipetsk Steel OJSC GDR (Reg. S) | 249 | 6,285 | |
Sberbank of Russia | 41,640 | 156,768 | |
Severstal PAO | 760 | 12,831 | |
Surgutneftegas OJSC | 20,500 | 8,539 | |
Tatneft PAO | 6,210 | 76,098 | |
VTB Bank OJSC | 23,720,000 | 14,959 | |
TOTAL RUSSIA | 716,496 | ||
Singapore - 0.9% | |||
Ascendas Real Estate Investment Trust | 12,400 | 28,594 | |
CapitaCommercial Trust (REIT) | 8,800 | 14,114 | |
CapitaLand Ltd. | 8,400 | 21,916 | |
CapitaMall Trust | 12,800 | 24,881 | |
City Developments Ltd. | 2,000 | 13,999 | |
ComfortDelgro Corp. Ltd. | 8,000 | 15,728 | |
DBS Group Holdings Ltd. | 7,000 | 134,309 | |
Flextronics International Ltd. (a) | 2,072 | 19,829 | |
Jardine Cycle & Carriage Ltd. | 400 | 10,711 | |
Keppel Corp. Ltd. | 7,300 | 35,933 | |
Mapletree Commercial Trust | 6,100 | 9,423 | |
Mapletree Greater China Commercial Trust | 7,500 | 8,093 | |
Mapletree Industrial (REIT) | 4,203 | 6,958 | |
Mapletree Logistics Trust (REIT) | 7,832 | 9,204 | |
Oversea-Chinese Banking Corp. Ltd. | 16,046 | 135,199 | |
Singapore Airlines Ltd. | 1,800 | 12,333 | |
Singapore Airport Terminal Service Ltd. | 2,000 | 7,716 | |
Singapore Exchange Ltd. | 4,000 | 23,415 | |
Singapore Press Holdings Ltd. | 5,800 | 10,460 | |
Singapore Technologies Engineering Ltd. | 7,000 | 21,419 | |
Singapore Telecommunications Ltd. | 30,200 | 78,123 | |
Suntec (REIT) | 7,900 | 11,327 | |
United Overseas Bank Ltd. | 5,600 | 108,151 | |
UOL Group Ltd. | 2,000 | 11,160 | |
Venture Corp. Ltd. | 900 | 10,836 | |
Wilmar International Ltd. | 13,300 | 36,371 | |
Yangzijiang Shipbuilding Holdings Ltd. | 7,500 | 8,481 | |
TOTAL SINGAPORE | 828,683 | ||
South Africa - 1.4% | |||
Anglo American Platinum Ltd. | 200 | 11,884 | |
AngloGold Ashanti Ltd. | 1,585 | 28,411 | |
Aspen Pharmacare Holdings Ltd. | 1,356 | 9,671 | |
AVI Ltd. | 994 | 6,447 | |
Barclays Africa Group Ltd. | 2,740 | 34,238 | |
Barloworld Ltd. | 705 | 6,407 | |
Bidcorp Ltd. | 1,429 | 31,146 | |
Bidvest Group Ltd. | 1,190 | 15,998 | |
Capitec Bank Holdings Ltd. | 288 | 26,556 | |
Clicks Group Ltd. | 819 | 11,937 | |
Discovery Ltd. | 1,405 | 14,874 | |
Exxaro Resources Ltd. | 921 | 11,246 | |
FirstRand Ltd. | 14,009 | 68,180 | |
Foschini Ltd. | 786 | 10,061 | |
Gold Fields Ltd. | 3,395 | 18,453 | |
Growthpoint Properties Ltd. | 15,507 | 26,731 | |
Impala Platinum Holdings Ltd. (a) | 3,044 | 15,074 | |
Investec Ltd. | 956 | 6,235 | |
Life Healthcare Group Holdings Ltd. | 4,886 | 7,784 | |
Mondi Ltd. | 365 | 8,214 | |
Mr Price Group Ltd. | 961 | 13,544 | |
MTN Group Ltd. | 6,655 | 50,438 | |
MultiChoice Group Ltd. (a) | 1,663 | 15,818 | |
Naspers Ltd. Class N | 1,704 | 412,454 | |
Nedbank Group Ltd. | 1,698 | 30,524 | |
Netcare Ltd. | 4,841 | 6,180 | |
Oceana Group Ltd. | 166 | 813 | |
Old Mutual Ltd. | 17,942 | 26,755 | |
PSG Group Ltd. | 552 | 9,367 | |
Rand Merchant Insurance Holdings Ltd. | 2,998 | 7,231 | |
Redefine Properties Ltd. | 22,685 | 14,560 | |
Remgro Ltd. | 1,955 | 26,081 | |
RMB Holdings Ltd. | 3,986 | 23,885 | |
Sanlam Ltd. | 7,505 | 41,646 | |
Sappi Ltd. | 2,051 | 7,993 | |
Sasol Ltd. | 2,235 | 55,574 | |
Shoprite Holdings Ltd. | 1,869 | 20,921 | |
Spar Group Ltd. | 675 | 8,954 | |
Standard Bank Group Ltd. | 5,245 | 73,236 | |
Tiger Brands Ltd. | 645 | 10,244 | |
Truworths International Ltd. | 1,481 | 7,360 | |
Vodacom Group Ltd. | 2,892 | 24,571 | |
Woolworths Holdings Ltd. | 3,704 | 12,854 | |
TOTAL SOUTH AFRICA | 1,270,550 | ||
Spain - 1.9% | |||
Abertis Infraestructuras SA (a) | 363 | 7,578 | |
ACS Actividades de Construccion y Servicios SA | 1,087 | 43,490 | |
ACS Actividades de Construccion y Servicios SA rights 7/10/19 (a) | 1,087 | 1,706 | |
Aena Sme SA (b) | 274 | 54,306 | |
Amadeus IT Holding SA Class A | 1,723 | 136,479 | |
Banco Bilbao Vizcaya Argentaria SA | 26,060 | 145,354 | |
Banco de Sabadell SA | 23,746 | 24,598 | |
Banco Santander SA (Spain) | 63,747 | 295,445 | |
Bankia SA | 4,396 | 10,387 | |
Bankinter SA | 3,054 | 21,038 | |
CaixaBank SA | 14,566 | 41,775 | |
Cellnex Telecom SA (b) | 650 | 24,051 | |
Enagas SA | 888 | 23,699 | |
Endesa SA | 1,255 | 32,266 | |
Ferrovial SA | 1,880 | 48,121 | |
Gas Natural SDG SA | 1,459 | 40,198 | |
Grifols SA | 819 | 24,213 | |
Grifols SA ADR | 1,660 | 35,026 | |
Iberdrola SA | 23,690 | 235,862 | |
Inditex SA | 4,090 | 123,057 | |
International Consolidated Airlines Group SA CDI | 3,140 | 19,017 | |
Merlin Properties Socimi SA | 1,519 | 21,073 | |
Red Electrica Corporacion SA | 1,730 | 36,029 | |
Repsol SA | 5,224 | 81,979 | |
Repsol SA rights 7/4/19 (a) | 5,224 | 2,898 | |
Siemens Gamesa Renewable Energy SA | 928 | 15,427 | |
Telefonica SA | 17,865 | 146,909 | |
TOTAL SPAIN | 1,691,981 | ||
Sweden - 1.9% | |||
AarhusKarlshamn AB | 630 | 11,940 | |
Alfa Laval AB | 1,122 | 24,479 | |
ASSA ABLOY AB (B Shares) | 3,827 | 86,347 | |
Atlas Copco AB: | |||
(A Shares) | 2,658 | 84,954 | |
(B Shares) | 1,380 | 39,589 | |
Axfood AB | 235 | 4,650 | |
Billerud AB | 569 | 7,570 | |
Boliden AB | 1,010 | 25,826 | |
Castellum AB | 1,050 | 20,076 | |
Dometic Group AB (b) | 1,165 | 11,665 | |
Electrolux AB (B Shares) | 1,003 | 25,631 | |
Elekta AB (B Shares) | 1,420 | 20,598 | |
Epiroc AB: | |||
Class A | 2,383 | 24,810 | |
Class B | 1,538 | 15,234 | |
Essity AB Class B | 2,351 | 72,256 | |
Fabege AB | 1,155 | 17,382 | |
Fastighets AB Balder (a) | 444 | 14,870 | |
Getinge AB (B Shares) | 835 | 13,155 | |
H&M Hennes & Mauritz AB (B Shares) | 3,184 | 56,567 | |
Hexagon AB (B Shares) | 1,116 | 61,964 | |
HEXPOL AB (B Shares) | 1,026 | 8,358 | |
Holmen AB (B Shares) | 446 | 9,514 | |
Hufvudstaden AB Series A | 488 | 8,298 | |
Husqvarna AB (B Shares) | 2,090 | 19,549 | |
ICA Gruppen AB | 289 | 12,424 | |
Industrivarden AB: | |||
(A Shares) | 496 | 11,313 | |
(C Shares) | 712 | 15,779 | |
Indutrade AB | 323 | 10,324 | |
Intrum Justitia AB | 291 | 7,471 | |
Investor AB (B Shares) | 1,707 | 82,003 | |
Kinnevik AB (B Shares) | 957 | 24,888 | |
Latour Investment AB Class B | 488 | 7,194 | |
Lifco AB | 171 | 9,474 | |
Loomis AB (B Shares) | 279 | 9,590 | |
Lundin Petroleum AB | 771 | 23,903 | |
Modern Times Group MTG AB (B Shares) (a) | 223 | 2,497 | |
Nibe Industrier AB (B Shares) | 1,584 | 23,190 | |
Nordic Entertainment Group AB Class B | 223 | 5,235 | |
Saab AB (B Shares) | 341 | 11,097 | |
Sandvik AB | 4,430 | 81,386 | |
Securitas AB (B Shares) | 1,277 | 22,401 | |
Skandinaviska Enskilda Banken AB (A Shares) | 6,222 | 57,569 | |
Skanska AB (B Shares) | 1,567 | 28,299 | |
SKF AB (B Shares) | 1,858 | 34,164 | |
SSAB Svenskt Stal AB (B Shares) | 2,238 | 6,811 | |
Svenska Cellulosa AB (SCA) (B Shares) | 2,525 | 21,943 | |
Svenska Handelsbanken AB (A Shares) | 5,843 | 57,663 | |
Swedbank AB (A Shares) | 3,617 | 54,452 | |
Swedish Match Co. AB | 710 | 29,972 | |
Swedish Orphan Biovitrum AB (a) | 615 | 11,845 | |
Tele2 AB (B Shares) | 1,976 | 28,833 | |
Telefonaktiebolaget LM Ericsson (B Shares) | 11,066 | 105,035 | |
Telia Co. AB | 10,565 | 46,919 | |
Thule Group AB (b) | 370 | 9,140 | |
Trelleborg AB (B Shares) | 933 | 13,247 | |
Volvo AB (B Shares) | 6,509 | 103,283 | |
Wallenstam AB (B Shares) | 622 | 6,578 | |
Wihlborgs Fastigheter AB | 561 | 8,132 | |
TOTAL SWEDEN | 1,669,336 | ||
Switzerland - 5.8% | |||
ABB Ltd. (Reg.) | 7,447 | 149,299 | |
Adecco SA (Reg.) | 635 | 38,157 | |
Alcon, Inc. (a) | 1,985 | 122,573 | |
Baloise Holdings AG | 179 | 31,685 | |
Coca-Cola HBC AG | 830 | 31,327 | |
Compagnie Financiere Richemont SA Series A | 2,016 | 171,313 | |
Credit Suisse Group AG | 9,657 | 115,586 | |
Geberit AG (Reg.) | 144 | 67,265 | |
Givaudan SA | 30 | 84,696 | |
Julius Baer Group Ltd. | 837 | 37,292 | |
Kuehne & Nagel International AG | 194 | 28,796 | |
Lafargeholcim Ltd. (Reg.) | 1,950 | 95,223 | |
Lindt & Spruengli AG (participation certificate) | 4 | 29,113 | |
Lonza Group AG | 289 | 97,564 | |
Nestle SA (Reg. S) | 12,015 | 1,243,816 | |
Novartis AG | 10,019 | 914,652 | |
Partners Group Holding AG | 76 | 59,713 | |
Roche Holding AG: | |||
(Bearer) | 162 | 45,404 | |
(participation certificate) | 2,710 | 762,019 | |
Schindler Holding AG (participation certificate) | 149 | 33,167 | |
SGS SA (Reg.) | 20 | 50,953 | |
Sika AG | 499 | 85,160 | |
Sonova Holding AG Class B | 212 | 48,168 | |
Straumann Holding AG | 40 | 35,296 | |
Swatch Group AG (Bearer) | 140 | 40,084 | |
Swiss Life Holding AG | 133 | 65,914 | |
Swiss Prime Site AG | 360 | 31,438 | |
Swiss Re Ltd. | 1,173 | 119,247 | |
Swisscom AG | 95 | 47,695 | |
Temenos Group AG | 242 | 43,296 | |
UBS Group AG | 14,809 | 175,973 | |
Zurich Insurance Group Ltd. | 585 | 203,689 | |
TOTAL SWITZERLAND | 5,105,573 | ||
Taiwan - 2.6% | |||
Accton Technology Corp. | 2,000 | 8,490 | |
Acer, Inc. | 10,000 | 6,214 | |
Advantech Co. Ltd. | 2,000 | 17,044 | |
ASE Technology Holding Co. Ltd. | 11,000 | 22,012 | |
Asia Cement Corp. | 7,000 | 10,744 | |
ASUSTeK Computer, Inc. | 3,000 | 21,595 | |
AU Optronics Corp. | 31,000 | 9,311 | |
Catcher Technology Co. Ltd. | 3,000 | 21,547 | |
Cathay Financial Holding Co. Ltd. | 35,000 | 48,581 | |
Chang Hwa Commercial Bank | 29,640 | 20,044 | |
Cheng Shin Rubber Industry Co. Ltd. | 7,000 | 9,061 | |
Chicony Electronics Co. Ltd. | 2,010 | 4,957 | |
China Airlines Ltd. | 4,000 | 1,271 | |
China Development Finance Holding Corp. | 43,000 | 13,145 | |
China Life Insurance Co. Ltd. | 10,003 | 8,024 | |
China Petrochemical Development Corp. | 3,150 | 1,073 | |
China Steel Corp. | 53,000 | 42,685 | |
China Synthetic Rubber Corp. | 3,000 | 3,617 | |
Chinatrust Financial Holding Co. Ltd. | 71,000 | 48,932 | |
Chipbond Technology Corp. | 2,000 | 3,906 | |
Chroma ATE, Inc. | 1,000 | 4,455 | |
Chunghwa Telecom Co. Ltd. | 15,000 | 54,714 | |
Compal Electronics, Inc. | 13,000 | 8,540 | |
CTCI Corp. | 2,000 | 2,986 | |
Delta Electronics, Inc. | 8,000 | 40,673 | |
E Ink Holdings, Inc. | 3,000 | 3,225 | |
E.SUN Financial Holdings Co. Ltd. | 45,857 | 38,487 | |
ECLAT Textile Co. Ltd. | 1,000 | 12,847 | |
Elan Microelectronics Corp. | 1,000 | 2,350 | |
Elite Material Co. Ltd. | 1,000 | 3,025 | |
EPISTAR Corp. | 2,000 | 1,614 | |
EVA Airways Corp. | 4,430 | 2,138 | |
Evergreen Marine Corp. (Taiwan) | 4,439 | 1,784 | |
Far Eastern Textile Ltd. | 14,000 | 15,139 | |
Far EasTone Telecommunications Co. Ltd. | 5,000 | 12,638 | |
Feng Tay Enterprise Co. Ltd. | 2,000 | 15,623 | |
First Financial Holding Co. Ltd. | 33,250 | 24,471 | |
Formosa Chemicals & Fibre Corp. | 16,000 | 53,197 | |
Formosa Petrochemical Corp. | 6,000 | 21,402 | |
Formosa Plastics Corp. | 18,000 | 66,529 | |
Formosa Taffeta Co. Ltd. | 3,000 | 3,786 | |
Foxconn Technology Co. Ltd. | 3,000 | 6,111 | |
Fubon Financial Holding Co. Ltd. | 26,000 | 38,481 | |
Giant Manufacturing Co. Ltd. | 1,000 | 7,844 | |
GlobalWafers Co. Ltd. | 1,000 | 10,152 | |
Great Wall Enterprise Co. Ltd. | 3,000 | 3,869 | |
Highwealth Construction Corp. | 3,000 | 4,789 | |
HIWIN Technologies Corp. | 1,064 | 8,930 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 49,600 | 123,924 | |
Hota Industrial Manufacturing Co. Ltd. | 1,000 | 3,276 | |
Hotai Motor Co. Ltd. | 2,000 | 32,796 | |
HTC Corp. (a) | 3,000 | 3,539 | |
Hua Nan Financial Holdings Co. Ltd. | 40,855 | 27,497 | |
Innolux Corp. | 33,000 | 7,808 | |
Inventec Corp. | 12,000 | 9,568 | |
King Yuan Electronics Co. Ltd. | 1,000 | 865 | |
Lien Hwa Industrial Corp. | 3,000 | 3,622 | |
Lite-On Technology Corp. | 7,000 | 10,281 | |
Macronix International Co. Ltd. | 3,060 | 2,287 | |
Makalot Industrial Co. Ltd. | 1,000 | 6,779 | |
MediaTek, Inc. | 6,000 | 60,815 | |
Mega Financial Holding Co. Ltd. | 45,000 | 44,885 | |
Merida Industry Co. Ltd. | 1,000 | 5,923 | |
Merry Electronics Co. Ltd. | 1,000 | 5,455 | |
Micro-Star International Co. Ltd. | 2,000 | 5,681 | |
Nan Ya Plastics Corp. | 20,000 | 50,744 | |
Nanya Technology Corp. | 4,000 | 8,328 | |
Nien Made Enterprise Co. Ltd. | 1,000 | 7,537 | |
Novatek Microelectronics Corp. | 2,000 | 11,169 | |
OBI Pharma, Inc. (a) | 1,064 | 5,667 | |
Pegatron Corp. | 8,000 | 13,867 | |
PharmaEssentia Corp. (a) | 1,000 | 3,890 | |
Phison Electronics Corp. | 1,000 | 9,135 | |
Pou Chen Corp. | 11,000 | 13,671 | |
Powertech Technology, Inc. | 3,000 | 7,360 | |
President Chain Store Corp. | 2,000 | 19,400 | |
Qisda Corp. | 5,000 | 3,244 | |
Quanta Computer, Inc. | 9,000 | 17,547 | |
Radiant Opto-Electronics Corp. | 1,000 | 3,357 | |
Realtek Semiconductor Corp. | 2,000 | 14,752 | |
Ruentex Development Co. Ltd. | 4,600 | 6,593 | |
Ruentex Industries Ltd. | 1,800 | 4,387 | |
Shin Kong Financial Holding Co. Ltd. | 37,216 | 11,329 | |
Simplo Technology Co. Ltd. | 1,000 | 8,086 | |
Sino-American Silicon Products, Inc. | 2,000 | 5,268 | |
Sinopac Holdings Co. | 34,680 | 14,609 | |
Synnex Technology International Corp. | 3,000 | 3,777 | |
Ta Chen Stainless Pipe Co. Ltd. | 3,000 | 4,387 | |
TaiMed Biologics, Inc. (a) | 1,000 | 5,133 | |
Taishin Financial Holdings Co. Ltd. | 49,108 | 22,668 | |
Taiwan Business Bank | 22,280 | 9,817 | |
Taiwan Cement Corp. | 21,500 | 31,960 | |
Taiwan Cooperative Financial Holding Co. Ltd. | 42,450 | 28,502 | |
Taiwan Fertilizer Co. Ltd. | 2,000 | 3,083 | |
Taiwan High Speed Rail Corp. | 10,000 | 14,752 | |
Taiwan Mobile Co. Ltd. | 5,000 | 19,771 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 72,000 | 552,115 | |
Tatung Co. Ltd. (a) | 6,000 | 3,631 | |
TCI Co. Ltd. | 1,000 | 13,784 | |
TECO Electric & Machinery Co. Ltd. | 7,000 | 5,152 | |
Tripod Technology Corp. | 2,000 | 7,102 | |
Unified-President Enterprises Corp. | 19,000 | 50,721 | |
Unimicron Technology Corp. | 5,000 | 5,689 | |
United Microelectronics Corp. | 42,000 | 18,973 | |
Vanguard International Semiconductor Corp. | 2,000 | 4,209 | |
Walsin Lihwa Corp. | 4,000 | 1,898 | |
Walsin Technology Corp. | 1,000 | 5,294 | |
Win Semiconductors Corp. | 2,000 | 12,847 | |
Winbond Electronics Corp. | 4,000 | 1,963 | |
Wistron Corp. | 9,058 | 7,076 | |
WPG Holding Co. Ltd. | 3,920 | 5,106 | |
Yageo Corp. | 1,000 | 8,522 | |
Yuanta Financial Holding Co. Ltd. | 49,000 | 29,499 | |
TOTAL TAIWAN | 2,264,424 | ||
Thailand - 0.8% | |||
Advanced Info Service PCL (For. Reg.) | 5,600 | 39,788 | |
Airports of Thailand PCL (For. Reg.) | 24,000 | 57,492 | |
B. Grimm Power PCL | 3,000 | 3,495 | |
Bangkok Bank PCL | 1,400 | 8,989 | |
Bangkok Chain Hospital PCL | 5,000 | 2,705 | |
Bangkok Dusit Medical Services PCL (For. Reg.) | 18,900 | 16,016 | |
Bangkok Expressway and Metro PCL | 45,200 | 16,794 | |
Banpu PCL (For. Reg.) | 6,800 | 3,324 | |
Berli Jucker PCL (For. Reg) | 2,800 | 4,608 | |
BTS Group Holdings PCL | 17,644 | 6,901 | |
Bumrungrad Hospital PCL (For. Reg.) | 1,200 | 6,610 | |
C.P. ALL PCL (For. Reg.) | 25,300 | 70,913 | |
Central Pattana PCL (For. Reg.) | 6,200 | 15,155 | |
Central Plaza Hotel PCL | 1,800 | 2,083 | |
Charoen Pokphand Foods PCL (For. Reg.) | 16,400 | 15,100 | |
Electricity Generating PCL (For. Reg.) | 700 | 7,415 | |
Energy Absolute PCL | 8,700 | 15,808 | |
Global Power Synergy Public Co. Ltd. | 1,300 | 2,976 | |
Glow Energy PCL (For. Reg.) | 3,600 | 10,442 | |
Gulf Energy Development PCL | 2,400 | 9,621 | |
Hana Microelectronics PCL (For. Reg.) | 3,400 | 2,853 | |
Home Product Center PCL (For. Reg.) | 11,700 | 6,673 | |
Indorama Ventures PCL (For. Reg.) | 13,600 | 20,833 | |
Intouch Holdings PCL | 2,800 | 5,726 | |
Intouch Holdings PCL (For. Reg.) | 3,800 | 7,772 | |
IRPC PCL (For. Reg.) | 32,700 | 5,329 | |
Kasikornbank PCL | 1,300 | 7,965 | |
Kasikornbank PCL (For. Reg.) | 3,600 | 22,234 | |
Kiatnakin Bank PCL (For. Reg.) | 1,300 | 2,945 | |
Krung Thai Bank PCL (For. Reg.) | 10,500 | 6,673 | |
Krungthai Card PCL (For. Reg.) | 3,300 | 4,652 | |
Land & House PCL (For. Reg.) | 10,800 | 3,907 | |
Minor International PCL: | |||
warrants 9/30/21 (a) | 520 | 94 | |
(For. Reg.) | 10,400 | 13,897 | |
Muangthai Leasing PCL | 2,200 | 4,051 | |
Osotspa PCL | 2,900 | 3,284 | |
PTT Exploration and Production PCL (For. Reg.) | 7,200 | 31,679 | |
PTT Global Chemical PCL (For. Reg.) | 7,600 | 15,853 | |
PTT PCL (For. Reg.) | 50,300 | 79,919 | |
Robinsons Department Store PCL (For. Reg.) | 1,600 | 2,933 | |
Siam Cement PCL (For. Reg.) | 1,400 | 21,537 | |
Siam Commercial Bank PCL (For. Reg.) | 8,400 | 38,191 | |
Siam Global House PCL | 4,620 | 2,665 | |
Srisawad Corp. PCL | 2,200 | 4,033 | |
Thai Beverage PCL | 28,700 | 17,606 | |
Thai Oil PCL (For. Reg.) | 2,600 | 5,635 | |
Thai Union Frozen Products PCL (For. Reg.) | 7,300 | 4,354 | |
Thanachart Capital PCL (For. Reg.) | 1,900 | 3,437 | |
TISCO Financial Group PCL | 1,200 | 3,657 | |
TMB PCL (For. Reg.) | 69,500 | 4,440 | |
Total Access Communication PCL (For. Reg.) | 2,200 | 3,800 | |
True Corp. PCL (For. Reg.) | 33,500 | 6,387 | |
WHA Corp. PCL | 26,500 | 4,094 | |
TOTAL THAILAND | 685,343 | ||
Turkey - 0.2% | |||
Akbank TAS (a) | 12,152 | 14,271 | |
Anadolu Efes Biracilik Ve Malt Sanayii A/S | 792 | 2,720 | |
Arcelik A/S (a) | 1,023 | 3,436 | |
Aselsan A/S | 1,347 | 4,187 | |
Bim Birlesik Magazalar A/S JSC | 887 | 12,201 | |
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | 9,423 | 1,839 | |
Enka Insaat ve Sanayi A/S | 6,204 | 5,861 | |
Eregli Demir ve Celik Fabrikalari T.A.S. | 5,357 | 7,281 | |
Ford Otomotiv Sanayi A/S | 294 | 3,173 | |
Haci Omer Sabanci Holding A/S | 4,295 | 6,371 | |
Koc Holding A/S | 4,338 | 13,140 | |
Petkim Petrokimya Holding A/S | 3,959 | 2,776 | |
Soda Sanayii AS | 1,699 | 1,866 | |
TAV Havalimanlari Holding A/S | 711 | 3,315 | |
Tekfen Holding A/S | 900 | 4,035 | |
Tupras Turkiye Petrol Rafinerileri A/S | 419 | 8,321 | |
Turk Hava Yollari AO (a) | 2,612 | 5,814 | |
Turk Sise ve Cam Fabrikalari A/S | 2,037 | 1,826 | |
Turkcell Iletisim Hizmet A/S | 4,396 | 9,717 | |
Turkiye Garanti Bankasi A/S (a) | 8,321 | 13,077 | |
Turkiye Halk Bankasi A/S | 1,218 | 1,207 | |
Turkiye Is Bankasi A/S Series C (a) | 4,935 | 5,156 | |
Turkiye Vakiflar Bankasi TAO | 7,036 | 5,091 | |
Ulker Biskuvi Sanayi A/S | 1,554 | 5,217 | |
Yapi ve Kredi Bankasi A/S (a) | 2,751 | 1,145 | |
TOTAL TURKEY | 143,043 | ||
United Arab Emirates - 0.1% | |||
Abu Dhabi Commercial Bank PJSC | 7,220 | 16,315 | |
DP World Ltd. | 510 | 8,109 | |
Dubai Islamic Bank Pakistan Ltd. (a) | 5,467 | 7,635 | |
Emaar Properties PJSC | 11,224 | 13,506 | |
Emirates Telecommunications Corp. | 7,408 | 33,640 | |
National Bank of Abu Dhabi PJSC (a) | 10,890 | 44,056 | |
TOTAL UNITED ARAB EMIRATES | 123,261 | ||
United Kingdom - 10.5% | |||
3i Group PLC | 3,760 | 53,170 | |
Admiral Group PLC | 1,002 | 28,097 | |
Amarin Corp. PLC ADR (a) | 1,154 | 22,376 | |
Anglo American PLC (United Kingdom) | 5,487 | 156,402 | |
Antofagasta PLC | 1,252 | 14,780 | |
Ashtead Group PLC | 2,053 | 58,766 | |
Associated British Foods PLC | 1,393 | 43,571 | |
AstraZeneca PLC (United Kingdom) | 4,964 | 405,815 | |
Atlassian Corp. PLC (a) | 437 | 57,177 | |
Auto Trader Group PLC (b) | 3,900 | 27,163 | |
Aviva PLC | 15,654 | 82,912 | |
Babcock International Group PLC | 2,321 | 13,506 | |
BAE Systems PLC | 12,431 | 78,127 | |
Barclays PLC | 61,717 | 117,389 | |
Barratt Developments PLC | 3,787 | 27,538 | |
Beazley PLC | 2,014 | 14,106 | |
Bellway PLC | 426 | 15,067 | |
Berkeley Group Holdings PLC | 514 | 24,354 | |
BHP Billiton PLC | 8,232 | 210,528 | |
BP PLC | 77,634 | 540,858 | |
British American Tobacco PLC (United Kingdom) | 8,954 | 312,592 | |
British Land Co. PLC | 4,255 | 29,093 | |
BT Group PLC | 33,818 | 84,556 | |
BTG PLC (a) | 1,793 | 19,025 | |
Bunzl PLC | 1,360 | 35,873 | |
Burberry Group PLC | 1,580 | 37,361 | |
Carnival PLC | 821 | 36,131 | |
Centrica PLC | 21,004 | 23,415 | |
Cobham PLC (a) | 9,821 | 13,289 | |
Coca-Cola European Partners PLC | 949 | 53,619 | |
Compass Group PLC | 6,149 | 147,402 | |
Croda International PLC | 551 | 35,827 | |
Derwent London PLC | 511 | 20,221 | |
Diageo PLC | 9,418 | 405,353 | |
Direct Line Insurance Group PLC | 5,161 | 21,747 | |
DS Smith PLC | 5,979 | 27,525 | |
easyJet PLC | 1,032 | 12,493 | |
Evraz PLC | 1,229 | 10,382 | |
G4S PLC (United Kingdom) | 6,567 | 17,347 | |
GlaxoSmithKline PLC | 19,414 | 389,151 | |
GW Pharmaceuticals PLC ADR (a) | 120 | 20,687 | |
Halma PLC | 1,382 | 35,452 | |
Hammerson PLC | 3,200 | 11,261 | |
Hargreaves Lansdown PLC | 1,002 | 24,419 | |
HomeServe PLC | 1,192 | 17,969 | |
Howden Joinery Group PLC | 2,219 | 14,287 | |
HSBC Holdings PLC (United Kingdom) | 79,603 | 664,388 | |
IMI PLC | 877 | 11,561 | |
Imperial Tobacco Group PLC | 3,759 | 88,161 | |
Informa PLC | 5,031 | 53,349 | |
InterContinental Hotel Group PLC | 707 | 46,437 | |
Intermediate Capital Group PLC | 1,271 | 22,291 | |
International Game Technology PLC | 351 | 4,552 | |
Intertek Group PLC | 602 | 42,063 | |
Investec PLC | 2,810 | 18,235 | |
ITV PLC | 16,052 | 22,016 | |
J Sainsbury PLC | 7,285 | 18,103 | |
John Wood Group PLC | 2,600 | 14,924 | |
Johnson Matthey PLC | 742 | 31,369 | |
Just Eat Holding Ltd. (a) | 2,565 | 20,359 | |
Kingfisher PLC | 8,030 | 21,887 | |
Land Securities Group PLC | 3,132 | 33,140 | |
Legal & General Group PLC | 23,066 | 78,944 | |
Lloyds Banking Group PLC | 278,313 | 199,890 | |
London Stock Exchange Group PLC | 1,206 | 84,021 | |
Marks & Spencer Group PLC | 8,371 | 22,399 | |
Meggitt PLC | 3,022 | 20,110 | |
Melrose Industries PLC | 19,654 | 45,139 | |
Micro Focus International PLC | 1,403 | 36,899 | |
Mondi PLC | 1,367 | 31,075 | |
National Grid PLC | 14,254 | 151,295 | |
Next PLC | 554 | 38,878 | |
Ocado Group PLC (a) | 2,236 | 33,138 | |
Pearson PLC | 2,889 | 30,057 | |
Pennon Group PLC | 1,711 | 16,140 | |
Persimmon PLC | 1,217 | 30,864 | |
Phoenix Group Holdings PLC | 2,564 | 23,086 | |
Prudential PLC | 10,076 | 219,969 | |
Reckitt Benckiser Group PLC | 2,887 | 227,942 | |
RELX PLC (London Stock Exchange) | 7,983 | 193,585 | |
Rentokil Initial PLC | 7,068 | 35,680 | |
Rightmove PLC | 3,334 | 22,639 | |
Rio Tinto PLC | 4,390 | 271,711 | |
Rolls-Royce Holdings PLC | 7,372 | 78,755 | |
Royal Bank of Scotland Group PLC | 17,544 | 48,932 | |
Royal Dutch Shell PLC: | |||
Class A (United Kingdom) | 18,408 | 600,793 | |
Class B (United Kingdom) | 13,809 | 452,475 | |
RPC Group PLC | 1,473 | 14,827 | |
RSA Insurance Group PLC | 4,329 | 31,710 | |
Sage Group PLC | 4,265 | 43,461 | |
Schroders PLC | 436 | 16,888 | |
Scottish & Southern Energy PLC | 4,111 | 58,596 | |
Segro PLC | 3,942 | 36,555 | |
Severn Trent PLC | 888 | 23,096 | |
Smith & Nephew PLC | 3,442 | 74,742 | |
Smiths Group PLC | 1,486 | 29,534 | |
Spectris PLC | 468 | 17,105 | |
Spirax-Sarco Engineering PLC | 310 | 36,160 | |
SSP Group PLC | 1,622 | 14,131 | |
St. James's Place Capital PLC | 2,434 | 33,940 | |
Standard Chartered PLC (United Kingdom) | 10,833 | 98,255 | |
Standard Life PLC | 9,499 | 35,538 | |
Tate & Lyle PLC | 1,920 | 18,004 | |
Taylor Wimpey PLC | 14,702 | 29,453 | |
Tesco PLC | 37,482 | 108,048 | |
The Weir Group PLC | 1,173 | 23,037 | |
Travis Perkins PLC | 1,069 | 17,302 | |
Tullow Oil PLC | 5,182 | 13,787 | |
Unilever PLC | 4,591 | 284,988 | |
United Utilities Group PLC | 2,561 | 25,459 | |
Vodafone Group PLC | 105,178 | 172,393 | |
Whitbread PLC | 726 | 42,679 | |
WM Morrison Supermarkets PLC | 8,177 | 20,914 | |
TOTAL UNITED KINGDOM | 9,276,032 | ||
United States of America - 0.1% | |||
KLA-Tencor Corp. | 32 | 3,782 | |
Kolon TissueGene, Inc. unit (a)(c) | 120 | 831 | |
Stratasys Ltd. (a) | 312 | 9,163 | |
Yum China Holdings, Inc. | 1,569 | 72,488 | |
TOTAL UNITED STATES OF AMERICA | 86,264 | ||
TOTAL COMMON STOCKS | |||
(Cost $85,073,792) | 84,713,178 | ||
Nonconvertible Preferred Stocks - 1.3% | |||
Brazil - 0.7% | |||
Azul SA (a) | 900 | 10,146 | |
Banco Bradesco SA (PN) | 16,620 | 163,346 | |
Bradespar SA (PN) | 800 | 6,844 | |
Braskem SA (PN-A) (a) | 600 | 5,474 | |
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) (a) | 800 | 7,500 | |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN) | 500 | 12,328 | |
Companhia Energetica de Minas Gerais (CEMIG) (PN) | 3,300 | 12,762 | |
Gerdau SA | 3,700 | 14,646 | |
Itau Unibanco Holding SA | 19,000 | 179,414 | |
Itausa-Investimentos Itau SA (PN) | 18,560 | 62,302 | |
Lojas Americanas SA (PN) | 2,800 | 12,010 | |
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) | 16,400 | 117,065 | |
Telefonica Brasil SA | 2,000 | 25,995 | |
TOTAL BRAZIL | 629,832 | ||
Chile - 0.0% | |||
Sociedad Quimica y Minera de Chile SA (PN-B) | 296 | 9,195 | |
Colombia - 0.0% | |||
Bancolombia SA (PN)�� | 2,498 | 31,716 | |
Grupo Aval Acciones y Valores SA | 13,886 | 5,553 | |
TOTAL COLOMBIA | 37,269 | ||
Germany - 0.3% | |||
Bayerische Motoren Werke AG (BMW) (non-vtg.) | 196 | 12,169 | |
Henkel AG & Co. KGaA | 722 | 70,621 | |
Porsche Automobil Holding SE (Germany) | 614 | 39,894 | |
Sartorius AG (non-vtg.) | 136 | 27,883 | |
Volkswagen AG | 716 | 120,675 | |
TOTAL GERMANY | 271,242 | ||
Italy - 0.0% | |||
Telecom Italia SpA (Risparmio Shares) | 23,785 | 12,333 | |
Korea (South) - 0.2% | |||
CJ Corp. 0.00 (a)(c) | 9 | 285 | |
Hyundai Motor Co. | 169 | 11,552 | |
Hyundai Motor Co. Series 2 | 102 | 7,607 | |
LG Chemical Ltd. | 32 | 5,406 | |
Samsung Electronics Co. Ltd. | 3,419 | 113,008 | |
TOTAL KOREA (SOUTH) | 137,858 | ||
Russia - 0.1% | |||
AK Transneft OAO | 6 | 15,698 | |
Sberbank of Russia | 4,210 | 13,688 | |
Surgutneftegas OJSC | 38,600 | 26,010 | |
TOTAL RUSSIA | 55,396 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $1,081,407) | 1,153,125 | ||
Principal Amount | Value | ||
Government Obligations - 0.2% | |||
United States of America - 0.2% | |||
U.S. Treasury Bills, yield at date of purchase 2.48% 9/12/19(f) | |||
(Cost $199,013) | 200,000 | 199,162 | |
Shares | Value | ||
Money Market Funds - 2.2% | |||
Fidelity Cash Central Fund 2.42% (g) | 1,668,082 | 1,668,416 | |
Fidelity Securities Lending Cash Central Fund 2.42% (g)(h) | 211,336 | 211,357 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $1,879,773) | 1,879,773 | ||
TOTAL INVESTMENT IN SECURITIES - 99.5% | |||
(Cost $88,233,985) | 87,945,238 | ||
NET OTHER ASSETS (LIABILITIES) - 0.5% | 476,543 | ||
NET ASSETS - 100% | $88,421,781 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI EAFE Index Contracts (United States) | 16 | Sept. 2019 | $1,538,640 | $25,156 | $25,156 |
ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 11 | Sept. 2019 | 579,370 | 14,062 | 14,062 |
TME S&P/TSX 60 Index Contracts (Canada) | 1 | Sept. 2019 | 149,318 | 598 | 598 |
TOTAL FUTURES CONTRACTS | $39,816 |
The notional amount of futures purchased as a percentage of Net Assets is 2.6%
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) 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 $772,747 or 0.9% of net assets.
(c) Level 3 security
(d) Security or a portion of the security is on loan at period end.
(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $164,309.
(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(h) 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 | $35,098 |
Fidelity Securities Lending Cash Central Fund | 593 |
Total | $35,691 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of payments to and from borrowers of securities.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $5,471,826 | $2,736,318 | $2,735,508 | $-- |
Consumer Discretionary | 9,744,892 | 6,988,094 | 2,756,798 | -- |
Consumer Staples | 8,308,863 | 4,846,833 | 3,462,030 | -- |
Energy | 5,848,892 | 2,914,203 | 2,934,689 | -- |
Financials | 18,556,651 | 12,010,732 | 6,545,919 | -- |
Health Care | 7,207,266 | 2,959,109 | 4,247,326 | 831 |
Industrials | 10,984,297 | 9,377,291 | 1,606,721 | 285 |
Information Technology | 7,491,005 | 5,118,873 | 2,372,132 | -- |
Materials | 6,434,257 | 4,833,639 | 1,600,618 | -- |
Real Estate | 3,135,361 | 3,135,361 | -- | -- |
Utilities | 2,682,993 | 1,957,864 | 725,129 | -- |
Government Obligations | 199,162 | -- | 199,162 | -- |
Money Market Funds | 1,879,773 | 1,879,773 | -- | -- |
Total Investments in Securities: | $87,945,238 | $58,758,090 | $29,186,032 | $1,116 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $39,816 | $39,816 | $-- | $-- |
Total Assets | $39,816 | $39,816 | $-- | $-- |
Total Derivative Instruments: | $39,816 | $39,816 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $39,816 | $0 |
Total Equity Risk | 39,816 | 0 |
Total Value of Derivatives | $39,816 | $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 distributable earnings.
See accompanying notes which are an integral part of the financial statements.
VIP International Index Portfolio
Financial Statements
Statement of Assets and Liabilities
June 30, 2019 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $209,136) — See accompanying schedule: Unaffiliated issuers (cost $86,354,212) | $86,065,465 | |
Fidelity Central Funds (cost $1,879,773) | 1,879,773 | |
Total Investment in Securities (cost $88,233,985) | $87,945,238 | |
Cash | 28,521 | |
Foreign currency held at value (cost $122,692) | 122,946 | |
Receivable for securities sold on a delayed delivery basis | 591 | |
Receivable for fund shares sold | 311,185 | |
Dividends receivable | 255,648 | |
Distributions receivable from Fidelity Central Funds | 8,516 | |
Receivable for daily variation margin on futures contracts | 7,124 | |
Total assets | 88,679,769 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $782 | |
Delayed delivery | 5,257 | |
Payable for fund shares redeemed | 21,851 | |
Accrued management fee | 7,803 | |
Distribution and service plan fees payable | 270 | |
Other affiliated payables | 4,256 | |
Other payables and accrued expenses | 6,376 | |
Collateral on securities loaned | 211,393 | |
Total liabilities | 257,988 | |
Net Assets | $88,421,781 | |
Net Assets consist of: | ||
Paid in capital | $87,579,519 | |
Total distributable earnings (loss) | 842,262 | |
Net Assets | $88,421,781 | |
Net Asset Value and Maximum Offering Price | ||
Initial Class: | ||
Net Asset Value, offering price and redemption price per share ($86,956,592 ÷ 9,079,315 shares) | $9.58 | |
Service Class: | ||
Net Asset Value, offering price and redemption price per share ($100,961 ÷ 10,549 shares) | $9.57 | |
Service Class 2: | ||
Net Asset Value, offering price and redemption price per share ($1,364,228 ÷ 142,569 shares) | $9.57 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended June 30, 2019 (Unaudited) | ||
Investment Income | ||
Dividends | $1,520,517 | |
Interest | 2,295 | |
Income from Fidelity Central Funds (including $593 from security lending) | 35,691 | |
Income before foreign taxes withheld | 1,558,503 | |
Less foreign taxes withheld | (165,775) | |
Total income | 1,392,728 | |
Expenses | ||
Management fee | $40,057 | |
Transfer agent fees | 21,850 | |
Distribution and service plan fees | 1,258 | |
Independent trustees' fees and expenses | 162 | |
Commitment fees | 15 | |
Total expenses before reductions | 63,342 | |
Expense reductions | (358) | |
Total expenses after reductions | 62,984 | |
Net investment income (loss) | 1,329,744 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $260) | (370,454) | |
Fidelity Central Funds | (36) | |
Foreign currency transactions | (176) | |
Futures contracts | 364,782 | |
Total net realized gain (loss) | (5,884) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of increase in deferred foreign taxes of $6,314) | 7,086,012 | |
Assets and liabilities in foreign currencies | 863 | |
Futures contracts | 43,930 | |
Total change in net unrealized appreciation (depreciation) | 7,130,805 | |
Net gain (loss) | 7,124,921 | |
Net increase (decrease) in net assets resulting from operations | $8,454,665 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended June 30, 2019 (Unaudited) | For the period April 17, 2018 (commencement of operations) to December 31, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $1,329,744 | $621,972 |
Net realized gain (loss) | (5,884) | (193,179) |
Change in net unrealized appreciation (depreciation) | 7,130,805 | (7,384,384) |
Net increase (decrease) in net assets resulting from operations | 8,454,665 | (6,955,591) |
Distributions to shareholders | – | (676,099) |
Share transactions - net increase (decrease) | 23,627,836 | 63,970,970 |
Total increase (decrease) in net assets | 32,082,501 | 56,339,280 |
Net Assets | ||
Beginning of period | 56,339,280 | – |
End of period | $88,421,781 | $56,339,280 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
VIP International Index Portfolio Initial Class
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |
2019 | 2018 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $8.45 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .17 | .15 |
Net realized and unrealized gain (loss) | .96 | (1.60) |
Total from investment operations | 1.13 | (1.45) |
Distributions from net investment income | – | (.10) |
Distributions from net realized gain | – | (.01) |
Total distributions | – | (.10)C |
Net asset value, end of period | $9.58 | $8.45 |
Total ReturnD,E,F | 13.37% | (14.47)% |
Ratios to Average Net AssetsG,H | ||
Expenses before reductions | .17%I | .17%I |
Expenses net of fee waivers, if any | .17%I | .17%I |
Expenses net of all reductions | .17%I | .17%I |
Net investment income (loss) | 3.65%I | 2.27%I |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $86,957 | $55,494 |
Portfolio turnover rateJ | 8%I | 5%I |
A For the period April 17, 2018 (commencement of operations) to December 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.10 per share is comprised of distributions from net investment income of $.096 and distributions from net realized gain of $.007 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
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 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.
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.
VIP International Index Portfolio Service Class
Six months ended (Unaudited) June 30, | |
2019 A | |
Selected Per–Share Data | |
Net asset value, beginning of period | $9.48 |
Income from Investment Operations | |
Net investment income (loss)B | .09 |
Net realized and unrealized gain (loss) | –C |
Total from investment operations | .09 |
Distributions from net investment income | – |
Total distributions | – |
Net asset value, end of period | $9.57 |
Total ReturnD,E,F | .95% |
Ratios to Average Net AssetsG,H | |
Expenses before reductions | .27%I |
Expenses net of fee waivers, if any | .27%I |
Expenses net of all reductions | .27%I |
Net investment income (loss) | 4.28%I |
Supplemental Data | |
Net assets, end of period (000 omitted) | $101 |
Portfolio turnover rateJ | 8%I |
A For the period April 11, 2019 (commencement of sale of shares) to June 30, 2019.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
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 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.
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.
VIP International Index Portfolio Service Class 2
Six months ended (Unaudited) June 30, | Years endedDecember 31, | |
2019 | 2018 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $8.46 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .16 | .13 |
Net realized and unrealized gain (loss) | .95 | (1.58) |
Total from investment operations | 1.11 | (1.45) |
Distributions from net investment income | – | (.08) |
Distributions from net realized gain | – | (.01) |
Total distributions | – | (.09) |
Net asset value, end of period | $9.57 | $8.46 |
Total ReturnC,D,E | 13.12% | (14.55)% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | .42%H | .42%H |
Expenses net of fee waivers, if any | .42%H | .42%H |
Expenses net of all reductions | .42%H | .42%H |
Net investment income (loss) | 3.40%H | 2.02%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $1,364 | $846 |
Portfolio turnover rateI | 8%H | 5%H |
A For the period April 17, 2018 (commencement of operations) to December 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the 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.
H Annualized
I 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 June 30, 2019
1. Organization.
VIP Total Market Index Portfolio, VIP Extended Market Index Portfolio and VIP International Index Portfolio (the Funds) are funds of Variable Insurance Products Fund II (the Trust). Each Fund is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of each Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. Each Fund offers the following classes of shares: Initial Class, Service Class and Service Class 2 shares. All classes have equal rights and voting privileges, except for matters affecting a single class.
2. Investments in Fidelity Central Funds.
The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2019 is included at the end of each Fund's Schedule of Investments.
Foreign Currency. Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. VIP International Index Portfolio is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expense on each applicable Fund's Statement of Assets & Liabilities.
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 futures contracts, certain foreign taxes, foreign currency transactions, passive foreign investment companies (PFIC), market discount, capital loss carryforwards, partnerships and losses deferred due to wash sales and excise tax regulations and certain deemed distributions.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
VIP Total Market Index Portfolio | $122,527,710 | $11,895,469 | $(6,191,745) | $5,703,724 |
VIP Extended Market Index Portfolio | 50,380,110 | 4,441,224 | (5,120,940) | (679,716) |
VIP International Index Portfolio | 88,239,850 | 5,643,098 | (5,897,894) | (254,796) |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |||
Short-term | Long-term | Total capital loss carryforward | |
VIP Extended Market Index Portfolio | $(17,623) | $(43,125) | $(60,748) |
VIP International Index Portfolio | (89,053) | (123,276) | (212,329) |
Certain of the Funds elected to defer to the next fiscal year losses recognized during the period November 1, 2018 to December 31, 2018. Loss deferrals were as follows:
Capital losses | Ordinary losses | |
VIP Total Market Index Portfolio | $(101,686) | $– |
VIP Extended Market Index Portfolio | – | (35) |
VIP International Index Portfolio | – | (5,317) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Funds used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Funds may not achieve their objectives.
The Funds' use of derivatives increased or decreased their exposure to the following 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 Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Funds. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Funds used futures contracts to manage their exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
VIP Total Market Index Portfolio | 31,369,718 | 2,193,452 |
VIP Extended Market Index Portfolio | 19,321,973 | 5,910,395 |
VIP International Index Portfolio | 26,775,425 | 2,915,625 |
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is based on an annual rate of .06%, .07% and .11% of VIP Total Market Index Portfolio's, VIP Extended Market Index Portfolio's and VIP International Index Portfolio's average net assets, respectively. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
In addition, under the expense contract, the investment adviser pays class-level expenses as necessary so that the total expenses do not exceed certain amounts of each class' average net assets on an annual basis with certain exceptions, as noted in the following table:
Initial Class | Service Class | Service Class 2 | |
VIP Total Market Index Portfolio | .12% | .22% | .37% |
VIP Extended Market Index Portfolio | .13% | .23% | .38% |
VIP International Index Portfolio | .17% | .27% | .42% |
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.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Funds have adopted separate 12b-1 Plans for each Service Class and Service Class 2 shares. Each Service Class and Service Class 2 pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.
For the period, total fees, all of which were reallowed to insurance companies for the distribution of shares and providing shareholder support services were as follows:
Service Class | Service Class 2 | Total | |
VIP Total Market Index Portfolio | $22 | $1,299 | $1,321 |
VIP Extended Market Index Portfolio | 21 | 1,257 | 1,278 |
VIP International Index Portfolio | 22 | 1,236 | 1,258 |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Funds. For each Fund, FIIOC receives asset-based fees equal to an annual rate of .07% of each class's average net assets for transfer agent services, typesetting, and printing and mailing of shareholder reports, excluding mailing of proxy statements. Under the expense contract, each class of each Fund pays a portion of the transfer agent fees equal to an annual rate of .06% of class-level average net assets. For the period, the total transfer agent fees paid by each applicable class were as follows:
Amount | |
VIP Total Market Index Portfolio | |
Initial Class | $32,502 |
Service Class | 13 |
Service Class 2 | 312 |
$32,827 | |
VIP Extended Market Index Portfolio | |
Initial Class | $12,665 |
Service Class | 13 |
Service Class 2 | 302 |
$12,980 | |
VIP International Index Portfolio | |
Initial Class | $21,540 |
Service Class | 13 |
Service Class 2 | 297 |
$21,850 |
Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Commitment fees on the Statement of Operations, and are as follows:
VIP Total Market Index Portfolio | $22 |
VIP Extended Market Index Portfolio | 9 |
VIP International Index Portfolio | 15 |
8. Security Lending.
Certain Funds lend portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Funds. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a Fund's daily lending revenue, for its services as lending agent. The Funds may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity was as follows:
Total Security Lending Income Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
VIP Total Market Index Portfolio | $– | $2 | $– |
VIP International Index Portfolio | $13 | $5 | $96,746 |
9. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses as noted in the table below.
Management fee reduction | |
VIP Total Market Index Portfolio | $53 |
VIP Extended Market Index Portfolio | 41 |
VIP International Index Portfolio | 358 |
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended June 30, 2019 | Year ended December 31, 2018(a) | |
VIP Total Market Index Portfolio | ||
Distributions to shareholders | ||
Initial Class | $– | $808,619 |
Service Class 2 | – | 7,400 |
Total | $– | $816,019 |
VIP Extended Market Index Portfolio | ||
Distributions to shareholders | ||
Initial Class | $– | $272,690 |
Service Class 2 | – | 6,100 |
Total | $– | $278,790 |
VIP International Index Portfolio | ||
Distributions to shareholders | ||
Initial Class | $– | $667,599 |
Service Class 2 | – | 8,500 |
Total | $– | $676,099 |
(a) For the period April 17, 2018 (commencement of operations) to December 31, 2018.
11. Share Transactions.
Transactions for each class of shares were as follows:
Shares | Shares | Dollars | Dollars | |
Six months ended June 30, 2019 (a) | Year endedDecember 31, 2018(b) | Six months ended June 30, 2019 (a) | Year endedDecember 31, 2018 (b) | |
VIP Total Market Index Portfolio | ||||
Initial Class | ||||
Shares sold | 3,153,839 | 8,973,729 | $32,543,651 | $93,021,142 |
Reinvestment of distributions | – | 83,605 | – | 771,019 |
Shares redeemed | (457,420) | (184,746) | (4,793,064) | (1,879,304) |
Net increase (decrease) | 2,696,419 | 8,872,588 | $27,750,587 | $91,912,857 |
Service Class | ||||
Shares sold | 9,320 | – | $100,000 | $– |
Net increase (decrease) | 9,320 | – | $100,000 | $– |
Service Class 2 | ||||
Shares sold | – | 100,000 | $– | $1,000,000 |
Net increase (decrease) | – | 100,000 | $– | $1,000,000 |
VIP Extended Market Index Portfolio | ||||
Initial Class | ||||
Shares sold | 1,573,660 | 3,685,645 | $15,859,640 | $38,387,303 |
Reinvestment of distributions | – | 27,213 | – | 240,290 |
Shares redeemed | (411,062) | (274,686) | (4,143,143) | (2,715,655) |
Net increase (decrease) | 1,162,598 | 3,438,172 | $11,716,497 | $35,911,938 |
Service Class | ||||
Shares sold | 9,579 | – | $100,000 | $– |
Net increase (decrease) | 9,579 | – | $100,000 | $– |
Service Class 2 | ||||
Shares sold | – | 100,000 | $– | $1,000,000 |
Net increase (decrease) | – | 100,000 | $– | $1,000,000 |
VIP International Index Portfolio | ||||
Initial Class | ||||
Shares sold | 2,935,019 | 6,905,803 | $27,000,818 | $66,042,020 |
Reinvestment of distributions | – | 62,161 | – | 523,399 |
Shares redeemed | (420,157) | (403,511) | (3,866,828) | (3,594,449) |
Net increase (decrease) | 2,514,862 | 6,564,453 | $23,133,990 | $62,970,970 |
Service Class | ||||
Shares sold | 10,549 | – | $100,000 | $– |
Net increase (decrease) | 10,549 | – | $100,000 | $– |
Service Class 2 | ||||
Shares sold | 45,766 | 100,000 | $424,370 | $1,000,000 |
Shares redeemed | (3,197) | – | (30,524) | – |
Net increase (decrease) | 42,569 | 100,000 | $393,846 | $1,000,000 |
(a) Share transactions for Service Class are for the period April 11, 2019 (commencement of operations) to June 30, 2019.
(b) For the period April 17, 2018 (commencement of operations) to December 31, 2018.
12. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
At the end of the period the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares of the following Funds:
Affiliated % | |
VIP Total Market Index Portfolio | 100% |
VIP Extended Market Index Portfolio | 100% |
VIP International Index Portfolio | 100% |
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, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2019 to June 30, 2019) for Initial Class and Service Class 2 and for the period (April 11, 2019 to June 30, 2019) for Service Class. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (January 1, 2019 to June 30, 2019).
Actual Expenses
The first line of the accompanying table for each Class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a Class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each Class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value | Ending Account Value June 30, 2019 | Expenses Paid During Period | |
VIP Total Market Index Portfolio | ||||
Initial Class | .12% | |||
Actual | $1,000.00 | $1,184.20 | $.65-B | |
Hypothetical-C | $1,000.00 | $1,024.20 | $.60-D | |
Service Class | .22% | |||
Actual | $1,000.00 | $1,018.60 | $.49-B | |
Hypothetical-C | $1,000.00 | $1,023.70 | $1.10-D | |
Service Class 2 | .37% | |||
Actual | $1,000.00 | $1,183.10 | $2.00-B | |
Hypothetical-C | $1,000.00 | $1,022.96 | $1.86-D | |
VIP Extended Market Index Portfolio | ||||
Initial Class | .13% | |||
Actual | $1,000.00 | $1,178.00 | $.70-B | |
Hypothetical-C | $1,000.00 | $1,024.15 | $.65-D | |
Service Class | .23% | |||
Actual | $1,000.00 | $995.20 | $.51-B | |
Hypothetical-C | $1,000.00 | $1,023.65 | $1.15-D | |
Service Class 2 | .38% | |||
Actual | $1,000.00 | $1,175.50 | $2.05-B | |
Hypothetical-C | $1,000.00 | $1,022.91 | $1.91-D | |
VIP International Index Portfolio | ||||
Initial Class | .17% | |||
Actual | $1,000.00 | $1,133.70 | $.90-B | |
Hypothetical-C | $1,000.00 | $1,023.95 | $.85-D | |
Service Class | .27% | |||
Actual | $1,000.00 | $1,009.50 | $.60-B | |
Hypothetical-C | $1,000.00 | $1,023.46 | $1.35-D | |
Service Class 2 | .42% | |||
Actual | $1,000.00 | $1,131.20 | $2.22-B | |
Hypothetical-C | $1,000.00 | $1,022.71 | $2.11-D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period) for Initial Class and Service Class 2 and multiplied by 81/365 (to reflect the period April 11, 2019 to June 30, 2019) for Service Class.
C 5% return per year before expenses
D Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period).
Board Approval of Investment Advisory Contracts and Management Fees
VIP Extended Market Index Portfolio
VIP International Index Portfolio
VIP Total Market Index Portfolio
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund, including each fund's sub-advisory agreement (Sub-Advisory Agreement) with Geode Capital Management, LLC (Geode). FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its January 2019 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the funds and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement each fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.The Board noted that it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As the funds recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to their limited investment performance.Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the period ended June 30 shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.VIP Extended Market Index Portfolio
VIP International Index Portfolio
VIP Total Market Index Portfolio
VIPSAI-SANN-0819
1.9891401.101
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 Variable Insurance Products Fund II’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Variable Insurance Products Fund II’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.
Variable Insurance Products Fund II
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | August 26, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | August 26, 2019 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | August 26, 2019 |