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 811-07319
Fidelity Covington Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant’s telephone number, including area code: 617-563-7000
Date of fiscal year end: July 31
Date of reporting period: January 31, 2021
Item 1. | Reports to Stockholders |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img153524141.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img445844c02.jpg)
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Semi-Annual Report | 3 |
4 | Semi-Annual Report |
% of fund's net assets | |
Facebook, Inc. Class A | 14.9 |
Alphabet, Inc. Class C | 11.1 |
Alphabet, Inc. Class A | 11.1 |
The Walt Disney Co. | 6.3 |
Netflix, Inc. | 4.7 |
Comcast Corp. Class A | 4.3 |
AT&T, Inc. | 4.2 |
Verizon Communications, Inc. | 3.8 |
Charter Communications, Inc. Class A | 2.6 |
Activision Blizzard, Inc. | 2.2 |
65.2 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img652be0743.jpg)
Semi-Annual Report | 5 |
% of fund's net assets | |
Amazon.com, Inc. | 22.0 |
Tesla, Inc. | 11.9 |
The Home Depot, Inc. | 6.0 |
NIKE, Inc. Class B | 3.4 |
McDonald's Corp. | 3.2 |
Lowe's Cos., Inc. | 2.6 |
Starbucks Corp. | 2.3 |
Target Corp. | 1.9 |
MercadoLibre, Inc. | 1.7 |
Booking Holdings, Inc. | 1.6 |
56.6 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855imgcbe4f3064.jpg)
6 | Semi-Annual Report |
% of fund's net assets | |
The Procter & Gamble Co. | 14.5 |
Walmart, Inc. | 8.9 |
The Coca-Cola Co. | 8.9 |
PepsiCo, Inc. | 8.6 |
Philip Morris International, Inc. | 4.7 |
Costco Wholesale Corp. | 4.2 |
Mondelez International, Inc. Class A | 3.8 |
Altria Group, Inc. | 3.3 |
Colgate-Palmolive Co. | 3.1 |
The Estee Lauder Cos., Inc. Class A | 2.5 |
62.5 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img15840d0a5.jpg)
Semi-Annual Report | 7 |
% of fund's net assets | |
Exxon Mobil Corp. | 21.8 |
Chevron Corp. | 19.0 |
ConocoPhillips | 5.4 |
Schlumberger N.V. | 3.6 |
Phillips 66 | 3.4 |
EOG Resources, Inc. | 3.4 |
Kinder Morgan, Inc. | 3.3 |
Marathon Petroleum Corp. | 3.3 |
The Williams Cos., Inc. | 3.0 |
Pioneer Natural Resources Co. | 2.9 |
69.1 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img1044585b6.jpg)
8 | Semi-Annual Report |
% of fund's net assets | |
JPMorgan Chase & Co. | 9.9 |
Berkshire Hathaway, Inc. Class B | 8.1 |
Bank of America Corp. | 5.8 |
Citigroup, Inc. | 3.0 |
Wells Fargo & Co. | 3.0 |
BlackRock, Inc. | 2.7 |
Morgan Stanley | 2.3 |
The Goldman Sachs Group, Inc. | 2.2 |
American Express Co. | 2.0 |
The Charles Schwab Corp. | 2.0 |
41.0 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855imgc6187f657.jpg)
Semi-Annual Report | 9 |
% of fund's net assets | |
Johnson & Johnson | 7.9 |
UnitedHealth Group, Inc. | 5.9 |
Abbott Laboratories | 4.0 |
Thermo Fisher Scientific, Inc. | 3.7 |
Pfizer, Inc. | 3.7 |
Merck & Co., Inc. | 3.6 |
AbbVie, Inc. | 3.3 |
Eli Lilly & Co. | 3.3 |
Danaher Corp. | 2.8 |
Medtronic PLC | 2.8 |
41.0 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img90d092298.jpg)
10 | Semi-Annual Report |
% of fund's net assets | |
Honeywell International, Inc. | 4.1 |
Union Pacific Corp. | 4.0 |
United Parcel Service, Inc. Class B | 3.3 |
The Boeing Co. | 3.1 |
Raytheon Technologies Corp. | 3.0 |
3M Co. | 3.0 |
Caterpillar, Inc. | 3.0 |
General Electric Co. | 2.8 |
Deere & Co. | 2.6 |
Lockheed Martin Corp. | 2.4 |
31.3 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img4f6927529.jpg)
Semi-Annual Report | 11 |
% of fund's net assets | |
Apple, Inc. | 21.8 |
Microsoft Corp. | 16.1 |
Visa, Inc. Class A | 3.1 |
NVIDIA Corp. | 3.1 |
Mastercard, Inc. Class A | 2.7 |
PayPal Holdings, Inc. | 2.5 |
Intel Corp. | 2.3 |
Adobe, Inc. | 2.1 |
Salesforce.com, Inc. | 2.0 |
Cisco Systems, Inc. | 1.8 |
57.5 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img5cc07e8010.jpg)
12 | Semi-Annual Report |
% of fund's net assets | |
Linde PLC | 12.4 |
Air Products & Chemicals, Inc. | 5.7 |
DuPont de Nemours, Inc. | 5.6 |
The Sherwin-Williams Co. | 5.4 |
Ecolab, Inc. | 5.0 |
Newmont Corp. | 4.6 |
Freeport-McMoRan, Inc. | 3.8 |
Dow, Inc. | 3.7 |
PPG Industries, Inc. | 3.1 |
Corteva, Inc. | 2.9 |
52.2 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855imge5bd60cf11.jpg)
Semi-Annual Report | 13 |
% of fund's net assets | |
American Tower Corp. | 8.1 |
Prologis, Inc. | 6.1 |
Crown Castle International Corp. | 5.3 |
Equinix, Inc. | 4.5 |
Digital Realty Trust, Inc. | 3.2 |
Public Storage | 3.0 |
Simon Property Group, Inc. | 2.5 |
SBA Communications Corp. | 2.5 |
Welltower, Inc. | 2.1 |
Weyerhaeuser Co. | 1.9 |
39.2 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855imgf7c5cb5112.jpg)
14 | Semi-Annual Report |
% of fund's net assets | |
NextEra Energy, Inc. | 15.8 |
Duke Energy Corp. | 6.9 |
The Southern Co. | 6.2 |
Dominion Energy, Inc. | 6.1 |
Exelon Corp. | 4.0 |
American Electric Power Co., Inc. | 4.0 |
Sempra Energy | 3.6 |
Xcel Energy, Inc. | 3.3 |
Eversource Energy | 3.0 |
American Water Works Co., Inc. | 2.9 |
55.8 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855imgd50967b613.jpg)
Semi-Annual Report | 15 |
Common Stocks – 99.9% | ||
Shares | Value | |
DIVERSIFIED TELECOMMUNICATION SERVICES – 11.5% | ||
Alternative Carriers – 3.3% | ||
Anterix, Inc. (a) | 7,338 | $ 266,223 |
Bandwidth, Inc. Class A (a) | 11,542 | 2,056,092 |
Cogent Communications Holdings, Inc. | 27,516 | 1,567,036 |
Globalstar, Inc. (a) | 440,880 | 462,924 |
Iridium Communications, Inc. (a) | 77,398 | 3,813,399 |
Liberty Global PLC Class A (a) | 94,945 | 2,291,972 |
Liberty Global PLC Class C (a) | 137,945 | 3,332,751 |
Liberty Latin America Ltd. Class A (a) | 28,786 | 290,451 |
Liberty Latin America Ltd. Class C (a) | 99,513 | 984,184 |
Lumen Technologies, Inc. | 331,813 | 4,107,845 |
Vonage Holdings Corp. (a) | 150,377 | 1,876,705 |
21,049,582 | ||
Integrated Telecommunication Services – 8.2% | ||
AT&T, Inc. | 936,326 | 26,807,013 |
ATN International, Inc. | 7,364 | 317,978 |
Cincinnati Bell, Inc. (a) | 30,052 | 457,992 |
Consolidated Communications Holdings, Inc. (a) | 46,993 | 286,892 |
Verizon Communications, Inc. | 444,258 | 24,323,126 |
52,193,001 | ||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | 73,242,583 | |
ENTERTAINMENT – 20.4% | ||
Interactive Home Entertainment – 5.2% | ||
Activision Blizzard, Inc. | 154,576 | 14,066,416 |
Electronic Arts, Inc. | 63,130 | 9,040,216 |
Glu Mobile, Inc. (a) | 92,199 | 812,273 |
Take-Two Interactive Software, Inc. (a) | 29,809 | 5,975,214 |
Zynga, Inc. Class A (a) | 346,297 | 3,431,804 |
33,325,923 | ||
Movies & Entertainment – 15.2% | ||
AMC Entertainment Holdings, Inc. Class A | 35,029 | 464,484 |
Cinemark Holdings, Inc. | 72,459 | 1,466,570 |
IMAX Corp. (a) | 33,153 | 626,592 |
Liberty Media Corp-Liberty Braves Class A (a) | 5,463 | 149,468 |
Liberty Media Corp-Liberty Braves Class C (a) | 22,078 | 591,249 |
Liberty Media Corp-Liberty Formula One Class C (a) | 77,888 | 3,133,434 |
Lions Gate Entertainment Corp. Class A (a) | 38,345 | 536,447 |
Lions Gate Entertainment Corp. Class B (a) | 75,486 | 933,007 |
Live Nation Entertainment, Inc. (a) | 58,873 | 3,912,111 |
Madison Square Garden Entertainment Corp. (a) | 10,080 | 894,600 |
| ||
Shares | Value | |
Madison Square Garden Sports Corp. Class A (a) | 10,142 | $ 1,641,888 |
Netflix, Inc. (a) | 55,621 | 29,612,064 |
Roku, Inc. (a) | 27,923 | 10,862,885 |
The Walt Disney Co. (a) | 238,173 | 40,053,553 |
World Wrestling Entertainment, Inc. Class A | 30,170 | 1,699,476 |
96,577,828 | ||
TOTAL ENTERTAINMENT | 129,903,751 | |
INTERACTIVE MEDIA & SERVICES – 45.6% | ||
Interactive Media & Services – 45.6% | ||
Alphabet, Inc. Class A (a) | 38,417 | 70,201,689 |
Alphabet, Inc. Class C (a) | 38,423 | 70,534,638 |
ANGI Homeservices, Inc. Class A (a) | 46,246 | 646,519 |
Cargurus, Inc. (a) | 53,942 | 1,577,804 |
Cars.com, Inc. (a) | 43,504 | 505,081 |
Eventbrite, Inc. Class A (a) | 31,952 | 570,343 |
EverQuote, Inc. Class A (a) | 4,550 | 205,023 |
Facebook, Inc. Class A (a) | 366,639 | 94,713,853 |
IAC/InterActiveCorp (a) | 18,529 | 3,890,164 |
Match Group, Inc. (a) | 59,460 | 8,316,076 |
Pinterest, Inc. Class A (a) | 114,411 | 7,838,298 |
QuinStreet, Inc. (a) | 30,435 | 644,309 |
Snap, Inc. Class A (a) | 210,460 | 11,141,752 |
TripAdvisor, Inc. (a) | 64,238 | 1,989,451 |
TrueCar, Inc. (a) | 63,203 | 283,149 |
Twitter, Inc. (a) | 176,803 | 8,933,856 |
Yelp, Inc. (a) | 46,814 | 1,525,668 |
Zillow Group, Inc. Class A (a) | 252 | 34,957 |
Zillow Group, Inc. Class C (a) | 47,701 | 6,223,072 |
ZoomInfo Technologies, Inc. Class A (a) | 667 | 32,023 |
TOTAL INTERACTIVE MEDIA & SERVICES | 289,807,725 | |
MEDIA – 19.7% | ||
Advertising – 1.8% | ||
Boston Omaha Corp. Class A (a) | 10,066 | 274,802 |
Cardlytics, Inc. (a) | 15,078 | 1,843,587 |
Clear Channel Outdoor Holdings, Inc. (a) | 229,239 | 456,186 |
Omnicom Group, Inc. | 63,466 | 3,959,009 |
TechTarget, Inc. (a) | 15,520 | 1,159,344 |
The Interpublic Group of Cos., Inc. | 154,750 | 3,724,832 |
11,417,760 | ||
Broadcasting – 5.0% | ||
AMC Networks, Inc. Class A (a) | 17,587 | 869,150 |
Discovery, Inc. Class A (a) | 95,541 | 3,957,308 |
Discovery, Inc. Class C (a) | 131,883 | 4,619,861 |
Fox Corp. Class A | 109,517 | 3,414,740 |
Fox Corp. Class B (a) | 82,130 | 2,454,866 |
16 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
MEDIA – continued | ||
Broadcasting – continued | ||
Gray Television, Inc. (a) | 57,963 | $ 988,269 |
Hemisphere Media Group, Inc. (a) | 11,382 | 118,828 |
iHeartMedia, Inc. Class A (a) | 38,573 | 560,851 |
Nexstar Media Group, Inc. Class A | 26,474 | 3,009,300 |
Sinclair Broadcast Group, Inc. Class A | 29,637 | 933,862 |
TEGNA, Inc. | 134,419 | 2,154,737 |
The E.W. Scripps Co. Class A | 31,604 | 468,055 |
ViacomCBS, Inc. Class B | 166,371 | 8,068,994 |
31,618,821 | ||
Cable & Satellite – 11.4% | ||
Altice USA, Inc. Class A (a) | 89,652 | 3,188,922 |
Cable One, Inc. | 1,776 | 3,552,000 |
Charter Communications, Inc. Class A (a) | 27,598 | 16,767,441 |
Comcast Corp. Class A | 545,332 | 27,032,107 |
DISH Network Corp. Class A (a) | 94,354 | 2,738,153 |
Liberty Broadband Corp. Class A (a) | 15,856 | 2,301,816 |
Liberty Broadband Corp. Class C (a) | 50,870 | 7,429,563 |
Liberty Media Corp-Liberty SiriusXM Class A (a) | 56,736 | 2,293,269 |
Liberty Media Corp-Liberty SiriusXM Class C (a) | 72,538 | 2,942,141 |
Loral Space & Communications Ltd. | 7,654 | 194,412 |
MSG Networks, Inc. Class A (a) | 25,841 | 446,274 |
Sirius XM Holdings, Inc. | 482,443 | 3,020,093 |
WideOpenWest, Inc. (a) | 33,380 | 355,497 |
72,261,688 | ||
Publishing – 1.5% | ||
John Wiley & Sons, Inc. Class A | 29,174 | 1,330,626 |
Meredith Corp. | 26,206 | 574,697 |
News Corp. Class A | 195,665 | 3,795,901 |
Scholastic Corp. | 19,362 | 498,959 |
The New York Times Co. Class A | 65,642 | 3,255,187 |
| ||
Shares | Value | |
Tribune Publishing Co. | 8,218 | $ 120,065 |
9,575,435 | ||
TOTAL MEDIA | 124,873,704 | |
WIRELESS TELECOMMUNICATION SERVICES – 2.7% | ||
Wireless Telecommunication Services – 2.7% | ||
Boingo Wireless, Inc. (a) | 27,640 | 318,965 |
Gogo, Inc. (a) | 2,626 | 35,188 |
Shenandoah Telecommunications Co. | 30,872 | 1,199,995 |
Telephone & Data Systems, Inc. | 63,101 | 1,183,144 |
T-Mobile US, Inc. (a) | 111,472 | 14,054,390 |
United States Cellular Corp. (a) | 8,715 | 271,734 |
TOTAL WIRELESS TELECOMMUNICATION SERVICES | 17,063,416 | |
TOTAL COMMON STOCKS (Cost $489,929,370) | 634,891,179 | |
Money Market Fund – 0.2% | ||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b) (Cost $1,628,000) | 1,628,000 | 1,628,000 |
TOTAL INVESTMENT IN SECURITIES – 100.1% (Cost $491,557,370) | 636,519,179 | |
NET OTHER ASSETS (LIABILITIES) – (0.1%) | (924,584) | |
NET ASSETS – 100.0% | $ 635,594,595 |
Legend | ||
(a) | Non-income producing. | |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |
Purchased | |||||
Equity Index Contract | |||||
CME E-mini S&P Communication Services Select Sector Index Contracts (United States) | 7 | March 2021 | $612,150 | $(2,341) | $(2,341) |
Semi-Annual Report | 17 |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $ 634,891,179 | $ 634,891,179 | $ — | $ — | |||||
Money Market Funds | 1,628,000 | 1,628,000 | — | — | |||||
Total Investments in Securities: | $ 636,519,179 | $ 636,519,179 | $ — | $ — | |||||
Derivative Instruments: | |||||||||
Liabilities | |||||||||
Futures Contracts | $ (2,341) | $ (2,341) | $ — | $ — | |||||
Total Liabilities | $ (2,341) | $ (2,341) | $ — | $ — | |||||
Total Derivative Instruments: | $ (2,341) | $ (2,341) | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $0 | $(2,341) | |
Total Equity Risk | 0 | (2,341) | |
Total Value of Derivatives | $0 | $(2,341) |
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
18 | Semi-Annual Report |
Common Stocks – 99.9% | ||
Shares | Value | |
AUTO COMPONENTS – 2.6% | ||
Auto Parts & Equipment – 2.5% | ||
Adient PLC (a) | 35,302 | $ 1,139,902 |
American Axle & Manufacturing Holdings, Inc. (a) | 76,342 | 672,573 |
Aptiv PLC | 77,517 | 10,356,271 |
Autoliv, Inc. | 26,992 | 2,394,460 |
BorgWarner, Inc. | 77,157 | 3,239,822 |
Dana, Inc. | 58,733 | 1,137,071 |
Dorman Products, Inc. (a) | 11,742 | 1,066,526 |
Fox Factory Holding Corp. (a) | 15,015 | 1,796,395 |
Gentex Corp. | 79,003 | 2,611,049 |
Gentherm, Inc. (a) | 14,623 | 895,805 |
LCI Industries | 9,689 | 1,253,563 |
Lear Corp. | 18,079 | 2,725,590 |
Patrick Industries, Inc. | 1,009 | 69,681 |
Standard Motor Products, Inc. | 14,268 | 559,734 |
Stoneridge, Inc. (a) | 19,600 | 538,020 |
Tenneco, Inc. Class A (a) | 51,077 | 515,878 |
Veoneer, Inc. (a) | 46,446 | 1,221,065 |
Visteon Corp. (a) | 10,711 | 1,365,438 |
Workhorse Group, Inc. (a) | 2,672 | 91,703 |
XPEL, Inc. (a) | 1,775 | 85,218 |
33,735,764 | ||
Tires & Rubber – 0.1% | ||
Cooper Tire & Rubber Co. | 23,648 | 869,064 |
The Goodyear Tire & Rubber Co. | 100,016 | 1,055,169 |
1,924,233 | ||
TOTAL AUTO COMPONENTS | 35,659,997 | |
AUTOMOBILES – 14.6% | ||
Automobile Manufacturers – 14.4% | ||
Ford Motor Co. | 1,121,488 | 11,809,269 |
General Motors Co. | 363,727 | 18,433,684 |
Tesla, Inc. (a) | 202,887 | 160,996,921 |
Thor Industries, Inc. | 18,953 | 2,293,503 |
Winnebago Industries, Inc. | 14,498 | 1,001,232 |
194,534,609 | ||
Motorcycle Manufacturers – 0.2% | ||
Harley-Davidson, Inc. | 52,547 | 2,106,609 |
TOTAL AUTOMOBILES | 196,641,218 | |
DISTRIBUTORS – 0.9% | ||
Distributors – 0.9% | ||
Core-Mark Holding Co., Inc. | 24,228 | 743,073 |
Genuine Parts Co. | 43,615 | 4,094,576 |
LKQ Corp. (a) | 90,176 | 3,164,276 |
Pool Corp. | 12,100 | 4,285,578 |
TOTAL DISTRIBUTORS | 12,287,503 |
| ||
Shares | Value | |
DIVERSIFIED CONSUMER SERVICES – 1.7% | ||
Education Services – 1.0% | ||
Adtalem Global Education, Inc. (a) | 25,390 | $ 979,800 |
American Public Education, Inc. (a) | 15,146 | 435,902 |
Bright Horizons Family Solutions, Inc. (a) | 18,953 | 2,880,287 |
Chegg, Inc. (a) | 38,388 | 3,656,841 |
Graham Holdings Co. Class B | 1,851 | 1,051,572 |
Grand Canyon Education, Inc. (a) | 16,945 | 1,439,308 |
Laureate Education, Inc. Class A (a) | 52,737 | 686,108 |
Perdoceo Education Corp. (a) | 44,007 | 520,603 |
Strategic Education, Inc. | 9,570 | 845,701 |
Stride, Inc. (a) | 26,236 | 675,577 |
13,171,699 | ||
Specialized Consumer Services – 0.7% | ||
Carriage Services, Inc. | 16,738 | 554,363 |
Collectors Universe, Inc. | 899 | 82,088 |
Franchise Group, Inc. | 2,294 | 83,226 |
Frontdoor, Inc. (a) | 31,122 | 1,712,955 |
H&R Block, Inc. | 76,040 | 1,310,169 |
OneSpaWorld Holdings Ltd. | 53,475 | 507,478 |
Service Corp. International | 56,401 | 2,844,302 |
Terminix Global Holdings Inc. (a) | 43,861 | 2,091,292 |
WW International, Inc. (a) | 26,264 | 697,572 |
9,883,445 | ||
TOTAL DIVERSIFIED CONSUMER SERVICES | 23,055,144 | |
HOTELS, RESTAURANTS & LEISURE – 14.3% | ||
Casinos & Gaming – 2.1% | ||
Accel Entertainment, Inc. (a) | 48,116 | 463,357 |
Bally's Corp. | 12,223 | 641,463 |
Boyd Gaming Corp. | 32,012 | 1,445,662 |
Caesars Entertainment, Inc. (a) | 54,518 | 3,837,522 |
Churchill Downs, Inc. | 11,639 | 2,181,731 |
DraftKings, Inc. Class A (a) | 1,270 | 68,720 |
Everi Holdings, Inc. (a) | 50,221 | 656,891 |
Las Vegas Sands Corp. | 101,512 | 4,881,712 |
MGM Resorts International | 141,626 | 4,044,839 |
Monarch Casino & Resort, Inc. (a) | 9,748 | 515,182 |
Penn National Gaming, Inc. (a) | 46,816 | 4,855,755 |
Red Rock Resorts, Inc. Class A | 33,185 | 779,184 |
Scientific Games Corp. Class A (a) | 24,388 | 956,497 |
Wynn Resorts Ltd. | 30,099 | 2,995,753 |
28,324,268 | ||
Hotels, Resorts & Cruise Lines – 2.6% | ||
Carnival Corp. | 157,096 | 2,932,982 |
Choice Hotels International, Inc. | 13,602 | 1,368,905 |
Extended Stay America, Inc. | 75,083 | 1,102,219 |
Hilton Grand Vacations, Inc. (a) | 34,447 | 1,023,765 |
Hilton Worldwide Holdings, Inc. | 80,009 | 8,112,113 |
Semi-Annual Report | 19 |
Common Stocks – continued | ||
Shares | Value | |
HOTELS, RESTAURANTS & LEISURE – continued | ||
Hotels, Resorts & Cruise Lines – continued | ||
Hyatt Hotels Corp. Class A | 944 | $ 61,983 |
Lindblad Expeditions Holdings, Inc. (a) | 32,354 | 507,958 |
Marriott International, Inc. Class A | 79,055 | 9,194,887 |
Marriott Vacations Worldwide Corp. | 14,165 | 1,738,895 |
Norwegian Cruise Line Holdings Ltd. (a) | 95,178 | 2,155,782 |
Playa Hotels & Resorts N.V. (a) | 116,803 | 621,392 |
Royal Caribbean Cruises Ltd. | 55,705 | 3,620,825 |
Wyndham Destinations, Inc. | 32,393 | 1,433,066 |
Wyndham Hotels & Resorts, Inc. | 32,472 | 1,888,896 |
35,763,668 | ||
Leisure Facilities – 0.5% | ||
Planet Fitness, Inc. Class A (a) | 26,972 | 1,941,984 |
SeaWorld Entertainment, Inc. (a) | 26,167 | 747,591 |
Six Flags Entertainment Corp. | 32,046 | 1,095,973 |
Vail Resorts, Inc. | 12,446 | 3,310,138 |
7,095,686 | ||
Restaurants – 9.1% | ||
Aramark | 72,908 | 2,500,015 |
BJ's Restaurants, Inc. (a) | 15,635 | 730,780 |
Bloomin' Brands, Inc. | 40,100 | 844,907 |
Brinker International, Inc. | 18,386 | 1,082,568 |
Chipotle Mexican Grill, Inc. (a) | 7,518 | 11,126,640 |
Cracker Barrel Old Country Store, Inc. | 8,946 | 1,210,483 |
Darden Restaurants, Inc. | 39,108 | 4,571,334 |
Dave & Buster's Entertainment, Inc. | 24,322 | 827,435 |
Denny's Corp. (a) | 44,531 | 700,473 |
Dine Brands Global, Inc. | 10,337 | 710,772 |
Domino's Pizza, Inc. | 11,563 | 4,287,098 |
El Pollo Loco Holdings, Inc. (a) | 20,900 | 425,315 |
Jack in the Box, Inc. | 9,838 | 926,149 |
McDonald's Corp. | 206,480 | 42,914,803 |
Papa John's International, Inc. | 12,287 | 1,256,714 |
Ruth's Hospitality Group, Inc. | 30,726 | 558,906 |
Shake Shack, Inc. Class A (a) | 13,705 | 1,554,421 |
Starbucks Corp. | 325,593 | 31,520,658 |
Texas Roadhouse, Inc. | 22,965 | 1,750,163 |
The Cheesecake Factory, Inc. | 21,874 | 983,674 |
The Wendy's Co. | 69,165 | 1,410,966 |
Wingstop, Inc. | 10,840 | 1,626,542 |
Yum! Brands, Inc. | 85,973 | 8,725,400 |
122,246,216 | ||
TOTAL HOTELS, RESTAURANTS & LEISURE | 193,429,838 | |
HOUSEHOLD DURABLES – 4.8% | ||
Consumer Electronics – 0.6% | ||
Garmin Ltd. | 42,738 | 4,908,887 |
GoPro, Inc. Class A (a) | 77,395 | 692,685 |
| ||
Shares | Value | |
Sonos, Inc. (a) | 39,566 | $1,034,651 |
Universal Electronics, Inc. (a) | 10,982 | 595,664 |
7,231,887 | ||
Home Furnishings – 0.6% | ||
Ethan Allen Interiors, Inc. | 25,060 | 592,669 |
La-Z-Boy, Inc. | 21,686 | 839,682 |
Leggett & Platt, Inc. | 45,493 | 1,865,213 |
Mohawk Industries, Inc. (a) | 19,439 | 2,791,440 |
Purple Innovation, Inc. (a) | 2,187 | 74,445 |
Tempur Sealy International, Inc. (a) | 64,837 | 1,711,697 |
The Lovesac Co. (a) | 2,344 | 132,530 |
8,007,676 | ||
Homebuilding – 2.9% | ||
Cavco Industries, Inc. (a) | 4,333 | 817,464 |
Century Communities, Inc. (a) | 15,630 | 733,672 |
D.R. Horton, Inc. | 100,594 | 7,725,619 |
Green Brick Partners, Inc. (a) | 26,839 | 534,096 |
Installed Building Products, Inc. (a) | 9,981 | 1,047,306 |
KB Home | 32,790 | 1,365,376 |
Lennar Corp. Class A | 80,516 | 6,694,906 |
LGI Homes, Inc. (a) | 9,168 | 978,317 |
M.D.C. Holdings, Inc. | 22,131 | 1,151,255 |
M/I Homes, Inc. (a) | 15,632 | 771,752 |
Meritage Homes Corp. (a) | 14,548 | 1,167,623 |
NVR, Inc. (a) | 1,061 | 4,717,715 |
PulteGroup, Inc. | 82,362 | 3,582,747 |
Skyline Champion Corp. (a) | 25,783 | 867,082 |
Taylor Morrison Home Corp. (a) | 47,556 | 1,235,505 |
Toll Brothers, Inc. | 41,308 | 2,110,839 |
TopBuild Corp. (a) | 11,053 | 2,210,047 |
Tri Pointe Homes, Inc. (a) | 56,745 | 1,146,249 |
38,857,570 | ||
Household Appliances – 0.5% | ||
Helen of Troy Ltd. (a) | 8,693 | 2,123,265 |
iRobot Corp. (a) | 12,009 | 1,442,281 |
Whirlpool Corp. | 19,146 | 3,543,733 |
7,109,279 | ||
Housewares & Specialties – 0.2% | ||
Newell Brands, Inc. | 129,074 | 3,100,357 |
Tupperware Brands Corp. (a) | 1,808 | 54,385 |
3,154,742 | ||
TOTAL HOUSEHOLD DURABLES | 64,361,154 | |
INTERNET & DIRECT MARKETING RETAIL – 28.6% | ||
Internet & Direct Marketing Retail – 28.6% | ||
1-800-FLOWERS.com, Inc. Class A (a) | 21,155 | 650,093 |
Amazon.com, Inc. (a) | 92,734 | 297,323,751 |
Booking Holdings, Inc. (a) | 11,460 | 22,282,022 |
CarParts.com, Inc. (a) | 4,922 | 77,325 |
Chewy, Inc. Class A (a) | 908 | 92,453 |
20 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
INTERNET & DIRECT MARKETING RETAIL – continued | ||
Internet & Direct Marketing Retail – continued | ||
Duluth Holdings, Inc. Class B (a) | 5,814 | $ 72,501 |
eBay, Inc. | 200,828 | 11,348,790 |
Etsy, Inc. (a) | 34,937 | 6,955,607 |
Expedia Group, Inc. | 40,442 | 5,018,852 |
Groupon, Inc. (a) | 16,162 | 552,256 |
GrubHub, Inc. (a) | 30,624 | 2,305,069 |
Lands' End, Inc. (a) | 14,015 | 386,954 |
Magnite, Inc. (a) | 40,266 | 1,394,814 |
MercadoLibre, Inc. (a) | 12,581 | 22,388,015 |
Overstock.com, Inc. (a) | 17,647 | 1,369,407 |
PetMed Express, Inc. | 16,967 | 648,139 |
Quotient Technology, Inc. (a) | 59,680 | 528,765 |
Qurate Retail, Inc. Class A | 141,859 | 1,787,423 |
Revolve Group, Inc. (a) | 16,579 | 616,076 |
Shutterstock, Inc. | 10,663 | 692,988 |
Stamps.com, Inc. (a) | 6,344 | 1,448,399 |
Stitch Fix, Inc. Class A (a) | 20,275 | 1,935,046 |
The RealReal, Inc. (a) | 23,512 | 556,764 |
Wayfair, Inc. Class A (a) | 19,420 | 5,288,454 |
TOTAL INTERNET & DIRECT MARKETING RETAIL | 385,719,963 | |
LEISURE PRODUCTS – 1.9% | ||
Leisure Products – 1.9% | ||
Acushnet Holdings Corp. | 19,262 | 786,275 |
Brunswick Corp. | 26,518 | 2,292,746 |
Callaway Golf Co. | 39,869 | 1,111,946 |
Hasbro, Inc. | 39,969 | 3,749,892 |
Johnson Outdoors, Inc. Class A | 5,151 | 561,614 |
Malibu Boats, Inc. Class A (a) | 11,210 | 785,933 |
Mattel, Inc. (a) | 117,432 | 2,127,868 |
Nautilus, Inc. (a) | 3,538 | 86,716 |
Peloton Interactive, Inc. Class A (a) | 56,388 | 8,239,979 |
Polaris, Inc. | 19,932 | 2,325,466 |
Smith & Wesson Brands, Inc. | 35,840 | 593,510 |
Sturm Ruger & Co., Inc. | 10,371 | 657,107 |
Vista Outdoor, Inc. (a) | 30,402 | 886,826 |
YETI Holdings, Inc. (a) | 25,624 | 1,686,572 |
TOTAL LEISURE PRODUCTS | 25,892,450 | |
MEDIA – 0.0% | ||
Broadcasting – 0.0% | ||
Media General, Inc. (a)(b) | 7,026 | 0 |
MULTILINE RETAIL – 4.1% | ||
Department Stores – 0.5% | ||
Dillard's, Inc. Class A | 8,877 | 779,489 |
Kohl's Corp. | 53,300 | 2,348,398 |
Macy's, Inc. | 112,357 | 1,689,849 |
| ||
Shares | Value | |
Nordstrom, Inc. | 42,519 | $ 1,507,299 |
6,325,035 | ||
General Merchandise Stores – 3.6% | ||
Big Lots, Inc. | 19,390 | 1,157,195 |
Dollar General Corp. | 70,460 | 13,712,221 |
Dollar Tree, Inc. (a) | 68,641 | 6,978,044 |
Ollie's Bargain Outlet Holdings, Inc. (a) | 19,924 | 1,887,401 |
Target Corp. | 140,118 | 25,385,178 |
49,120,039 | ||
TOTAL MULTILINE RETAIL | 55,445,074 | |
SPECIALTY RETAIL – 19.6% | ||
Apparel Retail – 3.9% | ||
Abercrombie & Fitch Co. Class A | 35,673 | 822,976 |
American Eagle Outfitters, Inc. | 62,021 | 1,407,256 |
Boot Barn Holdings, Inc. (a) | 17,121 | 980,006 |
Burlington Stores, Inc. (a) | 19,792 | 4,926,229 |
Designer Brands, Inc. Class A | 65,684 | 804,629 |
Foot Locker, Inc. | 37,017 | 1,622,085 |
Genesco, Inc. (a) | 15,214 | 590,455 |
Guess?, Inc. | 29,743 | 690,632 |
L Brands, Inc. | 74,843 | 3,050,601 |
Ross Stores, Inc. | 101,506 | 11,296,603 |
Shoe Carnival, Inc. | 10,015 | 470,605 |
The Buckle, Inc. | 20,528 | 807,161 |
The Children's Place, Inc. | 11,293 | 829,697 |
The Gap, Inc. (a) | 79,452 | 1,608,903 |
The TJX Cos., Inc. | 336,303 | 21,536,844 |
Urban Outfitters, Inc. (a) | 31,384 | 860,863 |
Zumiez, Inc. (a) | 15,920 | 685,834 |
52,991,379 | ||
Automotive Retail – 3.1% | ||
Advance Auto Parts, Inc. | 21,339 | 3,182,498 |
America's Car-Mart, Inc. (a) | 5,117 | 607,797 |
Arko Corp. (a) | 6,838 | 63,252 |
Asbury Automotive Group, Inc. (a) | 7,971 | 1,136,744 |
AutoNation, Inc. (a) | 21,252 | 1,514,843 |
AutoZone, Inc. (a) | 6,760 | 7,560,181 |
Camping World Holdings, Inc. Class A | 23,284 | 795,381 |
CarMax, Inc. (a) | 48,753 | 5,742,128 |
Carvana Co. (a) | 18,619 | 4,863,097 |
Group 1 Automotive, Inc. | 7,900 | 1,087,198 |
Lithia Motors, Inc. Class A | 8,487 | 2,704,637 |
Monro, Inc. | 16,160 | 944,875 |
Murphy USA, Inc. | 10,482 | 1,305,743 |
O'Reilly Automotive, Inc. (a) | 21,277 | 9,052,725 |
Penske Automotive Group, Inc. | 15,284 | 914,595 |
Sonic Automotive, Inc. Class A | 16,144 | 660,774 |
Semi-Annual Report | 21 |
Common Stocks – continued | ||
Shares | Value | |
SPECIALTY RETAIL – continued | ||
Automotive Retail – continued | ||
Vroom, Inc. (a) | 1,823 | $ 67,141 |
42,203,609 | ||
Computer & Electronics Retail – 1.5% | ||
Best Buy Co., Inc. | 67,442 | 7,339,038 |
GameStop Corp. Class A (a) | 34,484 | 11,207,300 |
Rent-A-Center, Inc. | 23,079 | 999,321 |
19,545,659 | ||
Home Improvement Retail – 8.8% | ||
Floor & Decor Holdings, Inc. Class A (a) | 26,697 | 2,457,993 |
GrowGeneration Corp. (a) | 2,551 | 110,177 |
Lowe's Cos., Inc. | 210,340 | 35,095,229 |
Lumber Liquidators Holdings, Inc. (a) | 2,276 | 63,637 |
The Home Depot, Inc. | 297,295 | 80,513,432 |
118,240,468 | ||
Homefurnishing Retail – 0.7% | ||
At Home Group, Inc. (a) | 3,928 | 95,725 |
Bed Bath & Beyond, Inc. | 53,177 | 1,878,744 |
Haverty Furniture Companies, Inc. | 17,911 | 585,511 |
RH (a) | 5,060 | 2,405,322 |
Sleep Number Corp. (a) | 12,015 | 1,294,496 |
The Aaron's Co., Inc. (a) | 12,462 | 211,106 |
Williams-Sonoma, Inc. | 24,997 | 3,222,613 |
9,693,517 | ||
Specialty Stores – 1.6% | ||
Dick's Sporting Goods, Inc. | 24,829 | 1,663,791 |
Five Below, Inc. (a) | 17,759 | 3,120,789 |
Hibbett Sports, Inc. (a) | 12,384 | 699,077 |
MarineMax, Inc. (a) | 15,788 | 660,412 |
National Vision Holdings, Inc. (a) | 30,266 | 1,403,434 |
Sally Beauty Holdings, Inc. (a) | 60,447 | 912,750 |
Signet Jewelers Ltd. | 28,615 | 1,162,341 |
Sportsman's Warehouse Holdings, Inc. (a) | 4,702 | 82,379 |
The Michaels Cos., Inc. (a) | 52,740 | 817,470 |
The ODP Corp. | 27,474 | 1,172,865 |
Tractor Supply Co. | 34,656 | 4,912,142 |
Ulta Beauty, Inc. (a) | 16,205 | 4,533,511 |
Winmark Corp. | 2,844 | 485,272 |
21,626,233 | ||
TOTAL SPECIALTY RETAIL | 264,300,865 | |
TEXTILES, APPAREL & LUXURY GOODS – 6.8% | ||
Apparel, Accessories & Luxury Goods – 2.8% | ||
Capri Holdings Ltd. (a) | 48,382 | 2,015,594 |
| ||
Shares | Value | |
Carter's, Inc. | 16,066 | $ 1,414,451 |
Columbia Sportswear Co. | 12,313 | 1,076,895 |
G-III Apparel Group Ltd. (a) | 28,132 | 760,689 |
Hanesbrands, Inc. | 122,184 | 1,868,193 |
Kontoor Brands, Inc. | 22,307 | 805,729 |
Levi Strauss & Co. Class A | 35,029 | 690,422 |
Lululemon Athletica, Inc. (a) | 35,034 | 11,514,975 |
Oxford Industries, Inc. | 10,497 | 684,824 |
PVH Corp. | 23,643 | 2,015,802 |
Ralph Lauren Corp. | 17,058 | 1,723,711 |
Tapestry, Inc. | 88,479 | 2,797,706 |
Under Armour, Inc. Class A (a) | 73,255 | 1,281,963 |
Under Armour, Inc. Class C (a) | 78,865 | 1,180,609 |
VF Corp. | 95,927 | 7,373,908 |
37,205,471 | ||
Footwear – 4.0% | ||
Crocs, Inc. (a) | 24,703 | 1,729,704 |
Deckers Outdoor Corp. (a) | 9,022 | 2,634,244 |
NIKE, Inc. Class B | 344,692 | 46,047,404 |
Skechers U.S.A., Inc. Class A (a) | 48,175 | 1,661,074 |
Steven Madden Ltd. | 32,474 | 1,091,126 |
Wolverine World Wide, Inc. | 34,392 | 984,987 |
54,148,539 | ||
TOTAL TEXTILES, APPAREL & LUXURY GOODS | 91,354,010 | |
TOTAL COMMON STOCKS (Cost $957,282,084) | 1,348,147,216 | |
Money Market Fund – 0.1% | ||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (c) (Cost $1,680,000) | 1,680,000 | 1,680,000 |
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $958,962,084) | 1,349,827,216 | |
NET OTHER ASSETS (LIABILITIES) – 0.0% | 65,468 | |
NET ASSETS – 100.0% | $ 1,349,892,684 |
Legend | ||
(a) | Non-income producing. | |
(b) | Level 3 security. | |
(c) | The rate quoted is the annualized seven-day yield of the fund at period end. |
22 | Semi-Annual Report |
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) | 3 | March 2021 | $ 310,230 | $ (3,402) | $ (3,402) |
CME E-mini S&P Consumer Discretionary Select Sector Index Contracts (United States) | 8 | March 2021 | 1,308,320 | (11,209) | (11,209) |
Total Equity Index Contracts | $ (14,611) |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $ 1,348,147,216 | $ 1,348,147,216 | $ — | $ — | |||||
Money Market Funds | 1,680,000 | 1,680,000 | — | — | |||||
Total Investments in Securities: | $ 1,349,827,216 | $ 1,349,827,216 | $ — | $ — | |||||
Derivative Instruments: | |||||||||
Liabilities | |||||||||
Futures Contracts | $ (14,611) | $ (14,611) | $ — | $ — | |||||
Total Liabilities | $ (14,611) | $ (14,611) | $ — | $ — | |||||
Total Derivative Instruments: | $ (14,611) | $ (14,611) | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $0 | $(14,611) | |
Total Equity Risk | 0 | (14,611) | |
Total Value of Derivatives | $0 | $(14,611) |
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
Semi-Annual Report | 23 |
Common Stocks – 99.7% | ||
Shares | Value | |
BEVERAGES – 23.6% | ||
Brewers – 1.0% | ||
Molson Coors Beverage Co. Class B | 82,603 | $4,143,367 |
The Boston Beer Co., Inc. Class A (a) | 4,681 | 4,291,962 |
8,435,329 | ||
Distillers & Vintners – 2.9% | ||
Brown-Forman Corp. Class B | 130,168 | 9,329,141 |
Constellation Brands, Inc. Class A | 68,058 | 14,355,474 |
MGP Ingredients, Inc. | 12,276 | 710,780 |
24,395,395 | ||
Soft Drinks – 19.7% | ||
Celsius Holdings, Inc. (a) | 2,499 | 133,447 |
Coca-Cola Bottling Co. Consolidated | 3,678 | 981,511 |
Keurig Dr Pepper, Inc. | 63,812 | 2,029,221 |
Monster Beverage Corp. (a) | 168,611 | 14,640,493 |
National Beverage Corp. | 13,848 | 2,098,526 |
PepsiCo, Inc. | 533,785 | 72,899,017 |
The Coca-Cola Co. | 1,564,585 | 75,334,768 |
168,116,983 | ||
TOTAL BEVERAGES | 200,947,707 | |
FOOD & STAPLES RETAILING – 20.9% | ||
Drug Retail – 2.1% | ||
Rite Aid Corp. (a) | 80,952 | 2,128,228 |
Walgreens Boots Alliance, Inc. | 318,772 | 16,018,293 |
18,146,521 | ||
Food Distributors – 2.9% | ||
Performance Food Group Co. (a) | 58,420 | 2,738,729 |
SpartanNash Co. | 49,082 | 908,999 |
Sysco Corp. | 205,286 | 14,680,002 |
The Andersons, Inc. | 28,409 | 653,407 |
The Chefs' Warehouse, Inc. (a) | 30,979 | 845,417 |
United Natural Foods, Inc. (a) | 58,076 | 1,572,698 |
US Foods Holding Corp. (a) | 97,813 | 3,031,225 |
24,430,477 | ||
Food Retail – 2.2% | ||
Casey's General Stores, Inc. | 17,763 | 3,330,207 |
Grocery Outlet Holding Corp. (a) | 6,267 | 267,538 |
Ingles Markets, Inc. Class A | 18,944 | 900,977 |
Sprouts Farmers Market, Inc. (a) | 70,364 | 1,593,745 |
The Kroger Co. | 340,921 | 11,761,774 |
Village Super Market, Inc. Class A | 13,432 | 283,012 |
Weis Markets, Inc. | 17,881 | 881,176 |
19,018,429 | ||
Hypermarkets & Super Centers – 13.7% | ||
BJ's Wholesale Club Holdings, Inc. (a) | 67,281 | 2,830,512 |
Costco Wholesale Corp. | 102,188 | 36,014,117 |
PriceSmart, Inc. | 17,164 | 1,611,356 |
| ||
Shares | Value | |
Walmart, Inc. | 541,406 | $ 76,062,129 |
116,518,114 | ||
TOTAL FOOD & STAPLES RETAILING | 178,113,541 | |
FOOD PRODUCTS – 19.7% | ||
Agricultural Products – 2.9% | ||
Archer-Daniels-Midland Co. | 235,579 | 11,781,306 |
Bunge Ltd. | 64,364 | 4,211,980 |
Darling Ingredients, Inc. (a) | 88,010 | 5,457,500 |
Fresh Del Monte Produce, Inc. | 30,057 | 735,495 |
Ingredion, Inc. | 31,938 | 2,410,361 |
24,596,642 | ||
Packaged Foods & Meats – 16.8% | ||
B&G Foods, Inc. | 45,336 | 1,726,395 |
Beyond Meat, Inc. (a) | 850 | 151,368 |
Calavo Growers, Inc. | 11,562 | 880,446 |
Cal-Maine Foods, Inc. (a) | 23,175 | 888,530 |
Campbell Soup Co. | 80,214 | 3,859,096 |
Conagra Brands, Inc. | 207,215 | 7,169,639 |
Flowers Foods, Inc. | 94,089 | 2,160,283 |
Freshpet, Inc. (a) | 24,567 | 3,422,429 |
General Mills, Inc. | 244,348 | 14,196,619 |
Hormel Foods Corp. | 127,400 | 5,969,964 |
Hostess Brands, Inc. (a) | 90,172 | 1,384,140 |
J&J Snack Foods Corp. | 8,581 | 1,309,975 |
John B Sanfilippo & Son, Inc. | 9,053 | 728,133 |
Kellogg Co. | 109,905 | 6,477,801 |
Lamb Weston Holdings, Inc. | 65,056 | 4,859,683 |
Lancaster Colony Corp. | 10,604 | 1,851,246 |
Landec Corp. (a) | 41,210 | 439,299 |
McCormick & Co., Inc. (non-vtg.) | 102,599 | 9,186,714 |
Mondelez International, Inc. Class A | 578,611 | 32,078,194 |
Pilgrim's Pride Corp. (a) | 40,855 | 791,770 |
Post Holdings, Inc. (a) | 29,526 | 2,800,541 |
Sanderson Farms, Inc. | 11,454 | 1,559,920 |
Seaboard Corp. | 217 | 682,728 |
The Hain Celestial Group, Inc. (a) | 57,281 | 2,382,030 |
The Hershey Co. | 61,841 | 8,994,155 |
The JM Smucker Co. | 48,472 | 5,642,626 |
The Kraft Heinz Co. | 280,027 | 9,383,705 |
The Simply Good Foods Co. (a) | 58,099 | 1,658,145 |
Tootsie Roll Industries, Inc. | 18,761 | 742,560 |
TreeHouse Foods, Inc. (a) | 30,232 | 1,276,697 |
Tyson Foods, Inc. Class A | 122,577 | 7,882,927 |
Utz Brands, Inc. | 4,240 | 99,979 |
Vital Farms, Inc. (a) | 2,804 | 69,343 |
142,707,080 | ||
TOTAL FOOD PRODUCTS | 167,303,722 |
24 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
HOUSEHOLD PRODUCTS – 23.1% | ||
Household Products – 23.1% | ||
Central Garden and Pet Co. (a) | 15,042 | $ 636,126 |
Central Garden and Pet Co. Class A (a) | 32,878 | 1,282,242 |
Church & Dwight Co., Inc. | 107,188 | 9,049,883 |
Colgate-Palmolive Co. | 332,266 | 25,916,748 |
Energizer Holdings, Inc. | 35,915 | 1,574,514 |
Kimberly-Clark Corp. | 141,654 | 18,712,493 |
Spectrum Brands Holdings, Inc. | 27,764 | 2,098,125 |
The Clorox Co. | 53,612 | 11,229,570 |
The Procter & Gamble Co. | 963,606 | 123,543,925 |
WD-40 Co. | 8,966 | 2,729,340 |
TOTAL HOUSEHOLD PRODUCTS | 196,772,966 | |
PERSONAL PRODUCTS – 4.0% | ||
Personal Products – 4.0% | ||
BellRing Brands, Inc. Class A (a) | 4,395 | 102,228 |
Coty, Inc. Class A | 156,483 | 996,797 |
Edgewell Personal Care Co. | 35,640 | 1,190,376 |
elf Beauty, Inc. (a) | 34,716 | 755,420 |
Herbalife Nutrition Ltd. (a) | 58,198 | 2,965,770 |
Inter Parfums, Inc. | 15,555 | 967,210 |
Medifast, Inc. | 11,170 | 2,621,264 |
Nu Skin Enterprises, Inc. Class A | 30,887 | 1,787,431 |
The Estee Lauder Cos., Inc. Class A | 90,823 | 21,493,263 |
USANA Health Sciences, Inc. (a) | 11,532 | 954,388 |
TOTAL PERSONAL PRODUCTS | 33,834,147 |
| ||
Shares | Value | |
TOBACCO – 8.4% | ||
Tobacco – 8.4% | ||
Altria Group, Inc. | 687,227 | $ 28,231,285 |
Philip Morris International, Inc. | 504,168 | 40,156,981 |
Turning Point Brands, Inc. | 17,846 | 840,546 |
Universal Corp. | 17,625 | 808,459 |
Vector Group Ltd. | 97,963 | 1,150,086 |
TOTAL TOBACCO | 71,187,357 | |
TOTAL COMMON STOCKS (Cost $786,019,139) | 848,159,440 | |
Money Market Fund – 0.1% | ||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b) (Cost $1,170,000) | 1,170,000 | 1,170,000 |
TOTAL INVESTMENT IN SECURITIES – 99.8% (Cost $787,189,139) | 849,329,440 | |
NET OTHER ASSETS (LIABILITIES) – 0.2% | 1,397,618 | |
NET ASSETS – 100.0% | $ 850,727,058 |
Legend | ||
(a) | Non-income producing. | |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
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) | 1 | March 2021 | $ 103,410 | $ (4,142) | $ (4,142) |
CME E-mini S&P Consumer Staples Select Sector Index Contracts (United States) | 36 | March 2021 | 2,317,320 | (77,447) | (77,447) |
Total Equity Index Contracts | $ (81,589) |
Semi-Annual Report | 25 |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $ 848,159,440 | $ 848,159,440 | $ — | $ — | |||||
Money Market Funds | 1,170,000 | 1,170,000 | — | — | |||||
Total Investments in Securities: | $ 849,329,440 | $ 849,329,440 | $ — | $ — | |||||
Derivative Instruments: | |||||||||
Liabilities | |||||||||
Futures Contracts | $ (81,589) | $ (81,589) | $ — | $ — | |||||
Total Liabilities | $ (81,589) | $ (81,589) | $ — | $ — | |||||
Total Derivative Instruments: | $ (81,589) | $ (81,589) | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $0 | $(81,589) | |
Total Equity Risk | 0 | (81,589) | |
Total Value of Derivatives | $0 | $(81,589) |
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
26 | Semi-Annual Report |
Common Stocks – 99.7% | ||
Shares | Value | |
ENERGY EQUIPMENT & SERVICES – 10.7% | ||
Oil & Gas Drilling – 0.8% | ||
Helmerich & Payne, Inc. | 86,094 | $ 2,090,362 |
Patterson-UTI Energy, Inc. | 166,790 | 1,025,759 |
Transocean Ltd. (a) | 522,801 | 1,756,611 |
4,872,732 | ||
Oil & Gas Equipment & Services – 9.9% | ||
Archrock, Inc. | 113,184 | 1,003,942 |
Baker Hughes Co. | 483,738 | 9,718,297 |
Bristow Group, Inc. (a) | 4,869 | 117,879 |
Cactus, Inc. Class A | 40,127 | 1,051,327 |
ChampionX Corp. (a) | 150,681 | 2,303,913 |
Core Laboratories N.V. | 38,225 | 1,260,661 |
DMC Global, Inc. | 14,153 | 809,127 |
Dril-Quip, Inc. (a) | 29,381 | 884,956 |
Frank's International N.V. (a) | 133,453 | 370,999 |
Halliburton Co. | 648,784 | 11,438,062 |
Helix Energy Solutions Group, Inc. (a) | 137,636 | 567,060 |
Liberty Oilfield Services, Inc. Class A | 65,905 | 792,178 |
NexTier Oilfield Solitions, Inc. (a) | 164,028 | 544,573 |
NOV, Inc. | 291,713 | 3,611,407 |
Oceaneering International, Inc. (a) | 94,167 | 795,711 |
ProPetro Holding Corp. (a) | 81,690 | 652,703 |
RPC, Inc. (a) | 76,942 | 343,161 |
Schlumberger N.V. | 1,017,087 | 22,589,502 |
Select Energy Services, Inc. Class A (a) | 69,366 | 348,217 |
TechnipFMC PLC | 325,588 | 3,480,536 |
62,684,211 | ||
TOTAL ENERGY EQUIPMENT & SERVICES | 67,556,943 | |
OIL, GAS & CONSUMABLE FUELS – 89.0% | ||
Coal & Consumable Fuels – 0.1% | ||
Arch Resources, Inc. | 13,458 | 644,907 |
Integrated Oil & Gas – 42.9% | ||
Chevron Corp. | 1,410,124 | 120,142,565 |
Exxon Mobil Corp. | 3,079,527 | 138,085,991 |
Occidental Petroleum Corp. | 660,457 | 13,248,767 |
271,477,323 | ||
Oil & Gas Exploration & Production – 22.8% | ||
Antero Resources Corp. (a) | 204,065 | 1,416,211 |
Apache Corp. | 283,472 | 4,047,980 |
Bonanza Creek Energy, Inc. (a) | 17,612 | 363,864 |
Brigham Minerals, Inc. Class A | 43,098 | 577,082 |
Cabot Oil & Gas Corp. | 297,381 | 5,450,994 |
Cimarex Energy Co. | 78,570 | 3,314,083 |
CNX Resources Corp. (a) | 178,000 | 2,255,260 |
ConocoPhillips | 846,589 | 33,888,958 |
Continental Resources, Inc. | 74,003 | 1,457,119 |
Devon Energy Corp. | 462,050 | 7,605,343 |
Diamondback Energy, Inc. | 118,241 | 6,703,082 |
| ||
Shares | Value | |
EOG Resources, Inc. | 425,821 | $ 21,699,838 |
EQT Corp. | 195,995 | 3,196,678 |
Hess Corp. | 202,705 | 10,942,016 |
Kosmos Energy Ltd. | 376,053 | 834,838 |
Magnolia Oil & Gas Corp. Class A (a) | 109,802 | 930,023 |
Marathon Oil Corp. | 598,707 | 4,334,639 |
Matador Resources Co. (a) | 93,382 | 1,426,877 |
Murphy Oil Corp. | 116,111 | 1,436,293 |
Ovintiv, Inc. | 200,362 | 3,157,705 |
PDC Energy, Inc. (a) | 80,963 | 1,757,707 |
Pioneer Natural Resources Co. | 152,942 | 18,490,688 |
Range Resources Corp. | 185,545 | 1,708,869 |
Southwestern Energy Co. (a) | 542,722 | 2,046,062 |
Talos Energy, Inc. (a) | 43,828 | 370,785 |
Texas Pacific Land Corp. | 4,744 | 3,948,146 |
Viper Energy Partners LP | 56,205 | 772,257 |
144,133,397 | ||
Oil & Gas Refining & Marketing – 11.3% | ||
Alto Ingredients, Inc. (a) | 20,430 | 138,515 |
Clean Energy Fuels Corp. (a) | 151,759 | 1,552,495 |
CVR Energy, Inc. | 29,294 | 500,927 |
Delek US Holdings, Inc. | 61,485 | 1,153,459 |
Green Plains, Inc. (a) | 6,911 | 132,760 |
HollyFrontier Corp. | 117,031 | 3,330,702 |
Marathon Petroleum Corp. | 477,862 | 20,624,524 |
Par Pacific Holdings, Inc. (a) | 42,145 | 559,686 |
PBF Energy, Inc. Class A | 88,924 | 753,186 |
Phillips 66 | 321,474 | 21,795,937 |
Renewable Energy Group, Inc. (a) | 22,858 | 2,048,077 |
REX American Resources Corp. (a) | 5,943 | 454,640 |
Valero Energy Corp. | 300,480 | 16,956,086 |
World Fuel Services Corp. | 51,045 | 1,561,467 |
71,562,461 | ||
Oil & Gas Storage & Transportation – 11.9% | ||
Antero Midstream Corp. | 228,049 | 1,847,197 |
Cheniere Energy, Inc. (a) | 168,132 | 10,647,799 |
Dorian LPG Ltd. (a) | 42,493 | 492,494 |
EnLink Midstream LLC (a) | 236,304 | 919,222 |
Equitrans Midstream Corp. | 314,784 | 2,093,314 |
International Seaways, Inc. | 24,868 | 398,137 |
Kinder Morgan, Inc. | 1,491,357 | 20,998,306 |
ONEOK, Inc. | 323,541 | 12,886,638 |
Plains GP Holdings LP Class A (a) | 143,156 | 1,236,868 |
Targa Resources Corp. | 176,902 | 4,841,808 |
The Williams Cos., Inc. | 888,610 | 18,865,190 |
75,226,973 | ||
TOTAL OIL, GAS & CONSUMABLE FUELS | 563,045,061 | |
TOTAL COMMON STOCKS (Cost $778,579,717) | 630,602,004 |
Semi-Annual Report | 27 |
Money Market Fund – 0.2% | ||
Shares | Value | |
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b) (Cost $1,050,000) | 1,050,000 | $ 1,050,000 |
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $779,629,717) | 631,652,004 | |
NET OTHER ASSETS (LIABILITIES) – 0.1% | 823,770 | |
NET ASSETS – 100.0% | $ 632,475,774 |
Legend | ||
(a) | Non-income producing. | |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |
Purchased | |||||
Equity Index Contract | |||||
CME E-mini S&P Energy Select Sector Index Contracts (United States) | 44 | March 2021 | $1,793,000 | $(96,436) | $(96,436) |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $ 630,602,004 | $ 630,602,004 | $ — | $ — | |||||
Money Market Funds | 1,050,000 | 1,050,000 | — | — | |||||
Total Investments in Securities: | $ 631,652,004 | $ 631,652,004 | $ — | $ — | |||||
Derivative Instruments: | |||||||||
Liabilities | |||||||||
Futures Contracts | $ (96,436) | $ (96,436) | $ — | $ — | |||||
Total Liabilities | $ (96,436) | $ (96,436) | $ — | $ — | |||||
Total Derivative Instruments: | $ (96,436) | $ (96,436) | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $0 | $(96,436) | |
Total Equity Risk | 0 | (96,436) | |
Total Value of Derivatives | $0 | $(96,436) |
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
28 | Semi-Annual Report |
Common Stocks – 99.8% | ||
Shares | Value | |
BANKS – 37.7% | ||
Diversified Banks – 23.2% | ||
Bank of America Corp. | 1,785,473 | $ 52,939,275 |
Citigroup, Inc. | 476,718 | 27,644,877 |
JPMorgan Chase & Co. | 697,809 | 89,787,084 |
US Bancorp | 310,480 | 13,304,068 |
Wells Fargo & Co. | 896,266 | 26,780,428 |
210,455,732 | ||
Regional Banks – 14.5% | ||
1st Source Corp. | 4,605 | 181,207 |
Allegiance Bancshares, Inc. | 4,245 | 149,339 |
Altabancorp | 3,693 | 118,952 |
Amalgamated Bank Class A | 3,257 | 47,748 |
Amerant Bancorp, Inc. (a) | 5,585 | 79,642 |
Ameris Bancorp | 14,233 | 556,653 |
Arrow Financial Corp. | 3,549 | 104,341 |
Associated Banc-Corp. | 35,306 | 633,390 |
Atlantic Union Bankshares Corp. | 18,087 | 593,977 |
Banc of California, Inc. | 9,899 | 166,798 |
Bancfirst Corp. | 4,203 | 242,219 |
BancorpSouth Bank | 23,509 | 650,024 |
Bank First Corp. | 1,605 | 105,962 |
Bank of Hawaii Corp. | 9,268 | 724,665 |
Bank of Marin Bancorp | 2,956 | 109,786 |
Bank OZK | 28,082 | 1,043,527 |
BankUnited, Inc. | 20,007 | 693,243 |
Banner Corp. | 7,670 | 339,244 |
Bar Harbor Bankshares | 3,760 | 80,878 |
Berkshire Hills Bancorp, Inc. | 9,821 | 162,832 |
BOK Financial Corp. | 7,364 | 543,905 |
Boston Private Financial Holdings, Inc. | 17,974 | 219,103 |
Brookline Bancorp, Inc. | 17,341 | 218,323 |
Bryn Mawr Bank Corp. | 4,823 | 149,899 |
Byline Bancorp, Inc. | 6,302 | 101,273 |
Cadence BanCorp | 27,127 | 486,116 |
Camden National Corp. | 3,657 | 137,320 |
Capital City Bank Group, Inc. | 2,821 | 62,993 |
Cathay General Bancorp | 17,352 | 586,845 |
CBTX, Inc. | 4,451 | 117,150 |
Central Pacific Financial Corp. | 5,914 | 117,570 |
Century Bancorp, Inc. Class A | 743 | 58,846 |
CIT Group, Inc. | 22,725 | 838,552 |
Citizens Financial Group, Inc. | 97,879 | 3,566,711 |
City Holding Co. | 3,499 | 241,606 |
Columbia Banking System, Inc. | 15,441 | 594,787 |
Comerica, Inc. | 31,920 | 1,825,824 |
Commerce Bancshares, Inc. | 24,171 | 1,615,831 |
Community Bank System, Inc. | 11,592 | 751,741 |
Community Trust Bancorp, Inc. | 3,693 | 134,647 |
ConnectOne Bancorp, Inc. | 7,997 | 169,936 |
Contra BM Technologies, Inc. | 1,018 | 13,267 |
| ||
Shares | Value | |
CrossFirst Bankshares, Inc. (a) | 10,781 | $ 123,981 |
Cullen/Frost Bankers, Inc. | 13,645 | 1,258,615 |
Customers Bancorp, Inc. (a) | 6,683 | 148,496 |
CVB Financial Corp. | 27,880 | 541,708 |
Dime Community Bancshares, Inc. | 6,179 | 98,246 |
Dime Community Bancshares, Inc. | 3,913 | 95,595 |
Eagle Bancorp, Inc. | 6,585 | 279,797 |
East West Bancorp, Inc. | 32,437 | 1,944,274 |
Enterprise Financial Services Corp. | 5,881 | 207,658 |
FB Financial Corp. | 7,619 | 284,646 |
Fifth Third Bancorp | 163,220 | 4,721,955 |
First BanCorp | 46,593 | 423,996 |
First BanCorp/NC | 6,254 | 213,011 |
First Busey Corp. | 11,560 | 238,945 |
First Citizens BancShares, Inc. Class A | 1,122 | 668,701 |
First Commonwealth Financial Corp. | 21,144 | 248,019 |
First Community Bankshares, Inc. | 3,754 | 80,561 |
First Financial Bancorp | 21,041 | 385,471 |
First Financial Bankshares, Inc. | 29,485 | 1,116,892 |
First Financial Corp. | 2,794 | 107,262 |
First Foundation, Inc. | 8,901 | 180,334 |
First Hawaiian, Inc. | 29,855 | 694,129 |
First Horizon Corp. | 126,742 | 1,760,446 |
First Interstate Bancsystem, Inc. Class A | 9,849 | 380,762 |
First Merchants Corp. | 12,442 | 468,690 |
First Mid Bancshares, Inc. | 3,708 | 125,590 |
First Midwest Bancorp, Inc. | 24,561 | 405,993 |
First Republic Bank | 39,241 | 5,689,553 |
Flushing Financial Corp. | 5,826 | 106,499 |
FNB Corp. | 74,606 | 735,615 |
Fulton Financial Corp. | 37,166 | 498,024 |
German American Bancorp, Inc. | 5,894 | 199,394 |
Glacier Bancorp, Inc. | 21,918 | 1,022,475 |
Great Southern Bancorp, Inc. | 2,600 | 127,842 |
Great Western Bancorp, Inc. | 11,861 | 284,664 |
Hancock Whitney Corp. | 19,967 | 681,673 |
Harborone Bancorp, Inc. (a) | 12,890 | 139,985 |
Heartland Financial USA, Inc. | 7,724 | 329,506 |
Heritage Commerce Corp. | 14,713 | 129,180 |
Heritage Financial Corp. | 7,903 | 186,511 |
Hilltop Holdings, Inc. | 15,040 | 451,802 |
Home BancShares, Inc. | 36,106 | 765,447 |
Hope Bancorp, Inc. | 26,326 | 294,325 |
Horizon Bancorp, Inc. | 9,055 | 143,341 |
Huntington Bancshares, Inc. | 233,439 | 3,087,231 |
Independent Bank Corp. | 4,779 | 87,742 |
Independent Bank Corp./MA | 7,135 | 535,696 |
Independent Bank Group, Inc. | 8,490 | 521,456 |
International Bancshares Corp. | 12,349 | 466,916 |
Investors Bancorp, Inc. | 54,701 | 629,608 |
Semi-Annual Report | 29 |
Common Stocks – continued | ||
Shares | Value | |
BANKS – continued | ||
Regional Banks – continued | ||
KeyCorp | 223,763 | $ 3,772,644 |
Lakeland Bancorp, Inc. | 12,242 | 160,493 |
Lakeland Financial Corp. | 6,024 | 353,609 |
Live Oak Bancshares, Inc. | 6,716 | 267,834 |
M&T Bank Corp. | 29,404 | 3,895,148 |
Mercantile Bank Corp. | 3,674 | 99,749 |
Midland States Bancorp, Inc. | 4,798 | 88,235 |
MidWestOne Financial Group, Inc. | 3,652 | 89,803 |
National Bank Holdings Corp. Class A | 6,487 | 215,822 |
NBT Bancorp, Inc. | 9,251 | 305,375 |
Nicolet Bankshares, Inc. (a) | 2,232 | 151,307 |
OceanFirst Financial Corp. | 13,438 | 244,034 |
OFG Bancorp | 11,281 | 193,808 |
Old National Bancorp | 35,444 | 595,105 |
Origin Bancorp, Inc. | 4,852 | 153,275 |
Pacific Premier Bancorp, Inc. | 18,382 | 611,201 |
PacWest Bancorp | 26,787 | 808,700 |
Park National Corp. | 3,375 | 364,534 |
Peapack-Gladstone Financial Corp. | 4,251 | 99,984 |
Peoples Bancorp, Inc. | 4,372 | 133,346 |
People's United Financial, Inc. | 97,506 | 1,331,932 |
Pinnacle Financial Partners, Inc. | 17,425 | 1,194,135 |
Popular, Inc. | 19,297 | 1,095,105 |
Preferred Bank | 3,171 | 153,128 |
Prosperity Bancshares, Inc. | 21,272 | 1,434,584 |
QCR Holdings, Inc. | 3,554 | 137,824 |
Regions Financial Corp. | 220,129 | 3,744,394 |
Renasant Corp. | 12,211 | 432,269 |
Republic Bancorp, Inc. Class A | 2,458 | 88,709 |
S&T Bancorp, Inc. | 8,188 | 207,975 |
Sandy Spring Bancorp, Inc. | 10,263 | 341,039 |
Seacoast Banking Corp. of Florida (a) | 11,442 | 348,409 |
ServisFirst Bancshares, Inc. | 10,589 | 434,996 |
Signature Bank | 12,285 | 2,029,359 |
Simmons First National Corp. Class A | 23,504 | 580,549 |
South State Corp. | 16,338 | 1,139,412 |
Southside Bancshares, Inc. | 6,705 | 210,336 |
Sterling Bancorp | 44,625 | 823,777 |
Stock Yards Bancorp, Inc. | 4,973 | 224,780 |
SVB Financial Group (a) | 11,857 | 5,190,757 |
Synovus Financial Corp. | 33,917 | 1,261,712 |
TCF Financial Corp. | 34,906 | 1,356,447 |
Texas Capital Bancshares, Inc. (a) | 11,611 | 699,214 |
The Bancorp, Inc. (a) | 12,068 | 202,380 |
The First Bancshares, Inc. | 4,924 | 147,425 |
The First of Long Island Corp. | 5,977 | 99,995 |
The PNC Financial Services Group, Inc. | 97,216 | 13,952,440 |
Tompkins Financial Corp. | 3,092 | 206,762 |
| ||
Shares | Value | |
Towne Bank | 16,770 | $ 389,064 |
Trico Bancshares | 6,144 | 229,171 |
TriState Capital Holdings, Inc. (a) | 5,662 | 103,898 |
Triumph Bancorp, Inc. (a) | 5,405 | 309,923 |
Truist Financial Corp. | 308,613 | 14,807,252 |
Trustmark Corp. | 13,849 | 380,432 |
UMB Financial Corp. | 10,504 | 745,469 |
Umpqua Holdings Corp. | 50,708 | 735,773 |
United Bankshares, Inc. | 29,979 | 949,135 |
United Community Banks, Inc. | 17,679 | 527,365 |
Univest Financial Corp. | 6,698 | 150,370 |
Valley National Bancorp | 88,350 | 902,053 |
Veritex Holdings, Inc. | 9,517 | 243,255 |
Washington Trust Bancorp, Inc. | 3,562 | 155,232 |
Webster Financial Corp. | 20,693 | 967,398 |
WesBanco, Inc. | 15,400 | 446,600 |
Westamerica BanCorp. | 5,835 | 325,710 |
Western Alliance Bancorp | 21,989 | 1,499,210 |
Wintrust Financial Corp. | 13,222 | 795,832 |
Zions Bancorp NA | 37,644 | 1,661,606 |
131,653,528 | ||
TOTAL BANKS | 342,109,260 | |
CAPITAL MARKETS – 26.2% | ||
Asset Management & Custody Banks – 9.6% | ||
Affiliated Managers Group, Inc. | 10,660 | 1,174,625 |
Ameriprise Financial, Inc. | 27,552 | 5,451,714 |
Apollo Global Management, Inc. | 39,409 | 1,810,450 |
Ares Management Corp. Class A | 24,644 | 1,112,923 |
Artisan Partners Asset Management, Inc. Class A | 13,421 | 649,576 |
Assetmark Financial Holdings, Inc. (a) | 4,186 | 96,362 |
Associated Capital Group, Inc. Class A | 948 | 31,132 |
BlackRock, Inc. | 34,912 | 24,482,389 |
Blucora, Inc. (a) | 11,529 | 190,920 |
Brightsphere Investment Group, Inc. | 14,751 | 270,386 |
Cohen & Steers, Inc. | 5,570 | 364,835 |
Diamond Hill Investment Group, Inc. | 700 | 103,761 |
Eaton Vance Corp. | 26,252 | 1,762,559 |
Federated Hermes, Inc. | 21,859 | 590,193 |
Focus Financial Partners, Inc. Class A (a) | 6,114 | 290,904 |
Franklin Resources, Inc. | 68,228 | 1,793,714 |
Hamilton Lane, Inc. Class A | 6,014 | 453,275 |
Invesco Ltd. | 89,443 | 1,841,631 |
Janus Henderson Group PLC | 35,933 | 1,105,299 |
KKR & Co., Inc. | 115,331 | 4,492,143 |
Northern Trust Corp. | 45,313 | 4,041,467 |
SEI Investments Co. | 28,533 | 1,507,969 |
State Street Corp. | 80,721 | 5,650,470 |
30 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
CAPITAL MARKETS – continued | ||
Asset Management & Custody Banks – continued | ||
T Rowe Price Group, Inc. | 51,972 | $ 8,132,579 |
The Bank of New York Mellon Corp. | 182,567 | 7,271,644 |
The Blackstone Group, Inc. Class A | 153,691 | 10,326,498 |
The Carlyle Group, Inc. | 32,128 | 1,036,771 |
Victory Capital Holdings, Inc. Class A | 3,867 | 82,058 |
Virtus Investment Partners, Inc. | 1,765 | 370,650 |
Waddell & Reed Financial, Inc. Class A | 14,238 | 360,079 |
WisdomTree Investments, Inc. | 27,478 | 146,595 |
86,995,571 | ||
Financial Exchanges & Data – 8.8% | ||
Cboe Global Markets, Inc | 24,910 | 2,284,994 |
CME Group, Inc. | 82,128 | 14,925,943 |
FactSet Research Systems, Inc. | 8,700 | 2,630,358 |
Intercontinental Exchange, Inc. | 124,356 | 13,722,685 |
MarketAxess Holdings, Inc. | 8,703 | 4,706,234 |
Moody's Corp. | 38,689 | 10,301,333 |
Morningstar, Inc. | 5,421 | 1,246,234 |
MSCI, Inc. | 19,155 | 7,571,971 |
Nasdaq, Inc. | 26,358 | 3,565,447 |
Open Lending Corp. Class A (a) | 15,333 | 556,434 |
S&P Global, Inc. | 55,190 | 17,495,230 |
Tradeweb Markets, Inc. Class A | 20,811 | 1,265,101 |
80,271,964 | ||
Investment Banking & Brokerage – 7.8% | ||
B Riley Financial, Inc. | 3,390 | 163,398 |
BGC Partners, Inc. Class A | 65,405 | 232,188 |
Cowen, Inc. Class A | 5,723 | 143,933 |
Evercore, Inc. Class A | 9,374 | 1,022,703 |
Freedom Holding Corp. (a) | 4,184 | 209,535 |
Houlihan Lokey, Inc. | 11,697 | 758,551 |
Interactive Brokers Group, Inc. Class A | 16,985 | 1,039,312 |
LPL Financial Holdings, Inc. | 18,117 | 1,962,796 |
Moelis & Co. Class A | 12,688 | 630,721 |
Morgan Stanley | 310,406 | 20,812,722 |
Piper Sandler Cos. | 3,918 | 357,831 |
PJT Partners, Inc. Class A | 4,705 | 324,598 |
Raymond James Financial, Inc. | 28,266 | 2,824,621 |
Stifel Financial Corp. | 23,609 | 1,223,418 |
StoneX Group, Inc. (a) | 4,079 | 218,308 |
The Charles Schwab Corp. | 350,111 | 18,044,721 |
The Goldman Sachs Group, Inc. | 74,852 | 20,297,617 |
Virtu Financial, Inc. Class A | 14,239 | 395,417 |
70,662,390 | ||
TOTAL CAPITAL MARKETS | 237,929,925 |
| ||
Shares | Value | |
CONSUMER FINANCE – 5.5% | ||
Consumer Finance – 5.5% | ||
Ally Financial, Inc. | 85,777 | $ 3,245,802 |
American Express Co. | 156,725 | 18,220,848 |
Capital One Financial Corp. | 104,581 | 10,903,615 |
Credit Acceptance Corp. (a) | 2,230 | 860,267 |
Discover Financial Services | 70,192 | 5,863,840 |
Encore Capital Group, Inc. (a) | 6,692 | 198,752 |
Enova International, Inc. (a) | 8,528 | 192,733 |
FirstCash, Inc. | 9,635 | 567,309 |
Green Dot Corp. Class A (a) | 10,860 | 545,498 |
LendingClub Corp. (a) | 14,773 | 160,287 |
LendingTree, Inc. (a) | 2,728 | 888,019 |
Navient Corp. | 45,003 | 506,509 |
Nelnet, Inc. Class A | 4,462 | 306,941 |
OneMain Holdings, Inc. | 18,502 | 861,453 |
PRA Group, Inc. (a) | 10,453 | 344,635 |
PROG Holdings, Inc. | 15,484 | 730,535 |
SLM Corp. | 77,529 | 1,076,102 |
Synchrony Financial | 120,427 | 4,052,369 |
World Acceptance Corp. (a) | 1,212 | 173,825 |
TOTAL CONSUMER FINANCE | 49,699,339 | |
DIVERSIFIED FINANCIAL SERVICES – 8.7% | ||
Multi-Sector Holdings – 8.3% | ||
Berkshire Hathaway, Inc. Class B (a) | 320,870 | 73,116,647 |
Cannae Holdings, Inc. (a) | 18,897 | 717,897 |
Jefferies Financial Group, Inc. | 52,101 | 1,216,558 |
75,051,102 | ||
Other Diversified Financial Services – 0.4% | ||
Equitable Holdings, Inc. | 92,634 | 2,295,471 |
Voya Financial, Inc. | 28,978 | 1,607,120 |
3,902,591 | ||
Specialized Finance – 0.0% | ||
NewStar Financial, Inc. (b) | 6,699 | 0 |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 78,953,693 | |
INSURANCE – 18.9% | ||
Insurance Brokers – 4.2% | ||
Aon PLC Class A | 53,054 | 10,775,267 |
Arthur J Gallagher & Co. | 43,866 | 5,062,575 |
Brown & Brown, Inc. | 55,055 | 2,372,320 |
BRP Group, Inc. Class A (a) | 9,667 | 224,371 |
Crawford & Co. Class A | 4,129 | 31,422 |
eHealth, Inc. (a) | 5,401 | 258,438 |
GoHealth, Inc. Class A (a) | 9,644 | 128,362 |
Goosehead Insurance, Inc. Class A | 3,631 | 485,101 |
Marsh & McLennan Cos., Inc. | 116,004 | 12,750,000 |
Selectquote, Inc. (a) | 7,450 | 157,344 |
Semi-Annual Report | 31 |
Common Stocks – continued | ||
Shares | Value | |
INSURANCE – continued | ||
Insurance Brokers – continued | ||
Willis Towers Watson PLC | 29,517 | $ 5,990,180 |
38,235,380 | ||
Life & Health Insurance – 4.1% | ||
Aflac, Inc. | 155,091 | 7,007,012 |
American Equity Investment Life Holding Co. | 19,808 | 578,196 |
Athene Holding Ltd. Class A (a) | 29,014 | 1,186,383 |
Brighthouse Financial, Inc. (a) | 21,322 | 753,946 |
Citizens, Inc. (a) | 12,005 | 72,630 |
CNO Financial Group, Inc. | 32,468 | 688,646 |
FBL Financial Group, Inc. Class A | 2,549 | 142,846 |
Genworth Financial, Inc. Class A (a) | 115,860 | 329,042 |
Globe Life, Inc. | 23,187 | 2,095,873 |
Independence Holding Co. | 1,363 | 52,489 |
Lincoln National Corp. | 44,279 | 2,014,252 |
MetLife, Inc. | 176,709 | 8,508,538 |
National Western Life Group, Inc. Class A | 580 | 104,400 |
Primerica, Inc. | 9,069 | 1,263,402 |
Principal Financial Group, Inc. | 62,965 | 3,102,286 |
Prudential Financial, Inc. | 90,454 | 7,080,739 |
Trupanion, Inc. (a) | 6,863 | 770,029 |
Unum Group | 46,697 | 1,084,771 |
36,835,480 | ||
Multi-line Insurance – 1.7% | ||
American Financial Group, Inc. | 17,252 | 1,624,103 |
American International Group, Inc. | 197,018 | 7,376,354 |
American National Group, Inc. | 1,895 | 167,480 |
Assurant, Inc. | 13,671 | 1,852,011 |
Horace Mann Educators Corp. | 8,855 | 346,850 |
The Hartford Financial Services Group, Inc. | 82,109 | 3,942,874 |
Watford Holdings Ltd. (a) | 4,107 | 141,938 |
15,451,610 | ||
Property & Casualty Insurance – 8.0% | ||
Ambac Financial Group, Inc. (a) | 10,646 | 153,515 |
AMERISAFE, Inc. | 4,532 | 251,526 |
Arch Capital Group Ltd. (a) | 93,174 | 2,926,595 |
Argo Group International Holdings Ltd. | 7,553 | 304,764 |
Assured Guaranty Ltd. | 17,791 | 636,028 |
Axis Capital Holdings Ltd. | 19,408 | 890,827 |
Chubb Ltd. | 103,367 | 15,057,471 |
Cincinnati Financial Corp. | 35,077 | 2,949,625 |
Donegal Group, Inc. Class A | 3,416 | 47,380 |
Employers Holdings, Inc. | 6,339 | 193,339 |
Erie Indemnity Co. Class A | 5,834 | 1,418,245 |
Fidelity National Financial, Inc. | 63,502 | 2,305,123 |
First American Financial Corp. | 25,602 | 1,338,729 |
| ||
Shares | Value | |
HCI Group, Inc. | 1,558 | $ 86,672 |
Heritage Insurance Holdings, Inc. | 5,527 | 51,512 |
James River Group Holdings Ltd. | 6,610 | 294,013 |
Kemper Corp. | 14,254 | 1,002,769 |
Kinsale Capital Group, Inc. | 4,917 | 922,232 |
Lemonade, Inc. (a) | 3,290 | 477,872 |
Loews Corp. | 57,797 | 2,617,626 |
Markel Corp. (a) | 3,159 | 3,062,587 |
MBIA, Inc. (a) | 12,578 | 77,229 |
Mercury General Corp. | 6,472 | 343,081 |
Old Republic International Corp. | 66,522 | 1,204,048 |
Palomar Holdings, Inc. (a) | 4,170 | 415,290 |
ProAssurance Corp. | 11,534 | 211,418 |
ProSight Global, Inc. (a) | 3,148 | 39,193 |
RLI Corp. | 9,333 | 903,248 |
Safety Insurance Group, Inc. | 3,083 | 226,415 |
Selective Insurance Group, Inc. | 13,720 | 891,526 |
State Auto Financial Corp. | 4,563 | 75,472 |
Stewart Information Services Corp. | 5,772 | 267,705 |
The Allstate Corp. | 71,511 | 7,664,549 |
The Hanover Insurance Group, Inc. | 8,693 | 977,702 |
The Progressive Corp. | 134,068 | 11,689,389 |
The Travelers Cos., Inc. | 57,993 | 7,904,446 |
United Fire Group, Inc. | 5,001 | 137,728 |
Universal Insurance Holdings, Inc. | 6,600 | 88,374 |
White Mountains Insurance Group Ltd. | 715 | 729,300 |
WR Berkley Corp. | 32,643 | 2,028,436 |
72,862,999 | ||
Reinsurance – 0.9% | ||
Alleghany Corp. | 3,279 | 1,858,701 |
Enstar Group Ltd. (a) | 2,774 | 555,383 |
Everest Re Group Ltd. | 9,162 | 1,933,915 |
Reinsurance Group of America, Inc. | 15,588 | 1,637,519 |
RenaissanceRe Holdings Ltd. | 11,745 | 1,766,918 |
Third Point Reinsurance Ltd. (a) | 19,618 | 181,074 |
7,933,510 | ||
TOTAL INSURANCE | 171,318,979 | |
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 1.5% | ||
Mortgage REITs – 1.5% | ||
AGNC Investment Corp. | 127,357 | 1,986,769 |
Annaly Capital Management, Inc. | 321,247 | 2,608,526 |
Apollo Commercial Real Estate Finance, Inc. | 32,156 | 359,504 |
Arbor Realty Trust, Inc. | 24,712 | 352,393 |
Ares Commercial Real Estate Corp. | 7,749 | 87,719 |
ARMOUR Residential REIT, Inc. | 14,838 | 165,740 |
Blackstone Mortgage Trust, Inc. Class A | 31,830 | 848,588 |
Broadmark Realty Capital, Inc. | 29,545 | 304,018 |
Capstead Mortgage Corp. | 22,539 | 120,358 |
32 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – continued | ||
Mortgage REITs – continued | ||
Chimera Investment Corp. | 53,176 | $ 537,078 |
Colony Credit Real Estate, Inc. | 19,353 | 152,889 |
Dynex Capital, Inc. | 5,683 | 102,578 |
Ellington Financial, Inc. | 9,878 | 147,775 |
Granite Point Mortgage Trust, Inc. | 12,820 | 119,482 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 17,039 | 1,007,857 |
Invesco Mortgage Capital, Inc. | 41,549 | 167,858 |
KKR Real Estate Finance Trust, Inc. | 8,008 | 137,097 |
Ladder Capital Corp. | 25,031 | 246,055 |
MFA Financial, Inc. | 104,104 | 378,938 |
New Residential Investment Corp. | 95,710 | 898,717 |
New York Mortgage Trust, Inc. | 85,874 | 320,310 |
PennyMac Mortgage Investment Trust | 22,411 | 386,590 |
Ready Capital Corp. | 9,556 | 108,747 |
Redwood Trust, Inc. | 26,016 | 223,217 |
Starwood Property Trust, Inc. | 65,237 | 1,223,846 |
TPG RE Finance Trust, Inc. | 11,301 | 110,411 |
Two Harbors Investment Corp. | 62,839 | 381,433 |
TOTAL MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) | 13,484,493 | |
THRIFTS & MORTGAGE FINANCE – 1.3% | ||
Thrifts & Mortgage Finance – 1.3% | ||
Axos Financial, Inc. (a) | 12,262 | 477,605 |
Capitol Federal Financial, Inc. | 28,861 | 358,454 |
Columbia Financial, Inc. (a) | 12,285 | 189,435 |
Essent Group Ltd. | 25,774 | 1,078,126 |
Federal Agricultural Mortgage Corp. Class C | 2,196 | 166,896 |
Flagstar Bancorp, Inc. | 12,035 | 515,700 |
HomeStreet, Inc. | 5,001 | 182,036 |
Kearny Financial Corp. | 19,264 | 199,382 |
Luther Burbank Corp. | 4,374 | 42,821 |
Merchants Bancorp | 2,071 | 61,757 |
Meridian Bancorp, Inc. | 10,980 | 166,347 |
Meta Financial Group, Inc. | 6,563 | 253,529 |
MGIC Investment Corp. | 77,053 | 903,061 |
| ||
Shares | Value | |
Mr. Cooper Group, Inc. (a) | 16,946 | $ 461,439 |
New York Community Bancorp, Inc. | 106,587 | 1,114,900 |
NMI Holdings, Inc. Class A (a) | 19,446 | 412,450 |
Northfield Bancorp, Inc. | 10,433 | 128,952 |
Northwest Bancshares, Inc. | 25,949 | 330,850 |
PennyMac Financial Services, Inc. | 13,262 | 769,196 |
Premier Financial Corp. | 8,560 | 237,626 |
Provident Financial Services, Inc. | 15,743 | 291,560 |
Radian Group, Inc. | 44,198 | 848,602 |
Rocket Cos., Inc. Class A (a) | 26,450 | 564,972 |
TFS Financial Corp. | 12,886 | 227,696 |
TrustCo Bank Corp. | 20,493 | 127,466 |
Walker & Dunlop, Inc. | 6,771 | 557,389 |
Washington Federal, Inc. | 17,395 | 455,401 |
Waterstone Financial, Inc. | 5,353 | 98,870 |
WSFS Financial Corp. | 11,716 | 503,436 |
TOTAL THRIFTS & MORTGAGE FINANCE | 11,725,954 | |
TOTAL COMMON STOCKS (Cost $880,996,346) | 905,221,643 | |
Money Market Fund – 0.2% | ||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (c) (Cost $2,289,000) | 2,289,000 | 2,289,000 |
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $883,285,346) | 907,510,643 | |
NET OTHER ASSETS (LIABILITIES) – (0.0%) | (408,753) | |
NET ASSETS – 100.0% | $ 907,101,890 |
Legend | ||
(a) | Non-income producing. | |
(b) | Level 3 security. | |
(c) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Semi-Annual Report | 33 |
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) | 1 | March 2021 | $ 103,410 | $ (3,607) | $ (3,607) |
CME E-mini S&P Financial Select Sector Index Contracts (United States) | 18 | March 2021 | 1,601,550 | (100,826) | (100,826) |
Total Equity Index Contracts | $(104,433) |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $ 905,221,643 | $ 905,221,643 | $ — | $ — | |||||
Money Market Funds | 2,289,000 | 2,289,000 | — | — | |||||
Total Investments in Securities: | $ 907,510,643 | $ 907,510,643 | $ — | $ — | |||||
Derivative Instruments: | |||||||||
Liabilities | |||||||||
Futures Contracts | $ (104,433) | $ (104,433) | $ — | $ — | |||||
Total Liabilities | $ (104,433) | $ (104,433) | $ — | $ — | |||||
Total Derivative Instruments: | $ (104,433) | $ (104,433) | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $0 | $(104,433) | |
Total Equity Risk | 0 | (104,433) | |
Total Value of Derivatives | $0 | $(104,433) |
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
34 | Semi-Annual Report |
Common Stocks – 99.8% | ||
Shares | Value | |
BIOTECHNOLOGY – 19.7% | ||
Biotechnology – 19.7% | ||
AbbVie, Inc. | 833,103 | $ 85,376,395 |
ACADIA Pharmaceuticals, Inc. (a) | 56,228 | 2,701,755 |
Acceleron Pharma, Inc. (a) | 24,128 | 2,787,508 |
Adverum Biotechnologies, Inc. (a) | 27,034 | 333,329 |
Agenus, Inc. (a) | 60,721 | 223,453 |
Agios Pharmaceuticals, Inc. (a) | 29,156 | 1,369,457 |
Akebia Therapeutics, Inc. (a) | 64,010 | 207,392 |
Akero Therapeutics, Inc. (a) | 7,221 | 212,442 |
Akouos, Inc. (a) | 4,089 | 65,097 |
Albireo Pharma, Inc. (a) | 7,178 | 263,217 |
Alder Biopharmaceuticals, Inc. (a)(b) | 22,547 | 19,841 |
Alector, Inc. (a) | 20,831 | 350,794 |
Alexion Pharmaceuticals, Inc. (a) | 103,457 | 15,863,062 |
Alkermes PLC (a) | 74,810 | 1,570,262 |
Allakos, Inc. (a) | 11,474 | 1,529,828 |
Allogene Therapeutics, Inc. (a) | 29,677 | 1,029,792 |
Allovir, Inc. (a) | 6,161 | 225,308 |
Alnylam Pharmaceuticals, Inc. (a) | 54,818 | 8,249,013 |
ALX Oncology Holdings, Inc. (a) | 3,500 | 277,375 |
Amgen, Inc. | 276,472 | 66,748,635 |
Amicus Therapeutics, Inc. (a) | 110,142 | 2,082,785 |
AnaptysBio, Inc. (a) | 11,497 | 298,002 |
Anika Therapeutics, Inc. (a) | 7,127 | 263,770 |
Annexon, Inc. (a) | 6,307 | 138,754 |
Apellis Pharmaceuticals, Inc. (a) | 26,862 | 1,189,181 |
Applied Molecular Transport, Inc. (a) | 4,970 | 174,199 |
Applied Therapeutics, Inc. (a) | 6,296 | 131,838 |
Aprea Therapeutics, Inc. (a) | 4,521 | 24,956 |
Arcturus Therapeutics Holdings, Inc. (a) | 9,146 | 662,719 |
Arcus Biosciences, Inc. (a) | 19,982 | 693,975 |
Arcutis Biotherapeutics, Inc. (a) | 5,490 | 149,822 |
Ardelyx, Inc. (a) | 24,874 | 168,894 |
Arena Pharmaceuticals, Inc. (a) | 27,338 | 2,029,573 |
Arrowhead Pharmaceuticals, Inc. (a) | 45,962 | 3,546,888 |
Assembly Biosciences, Inc. (a) | 14,627 | 81,619 |
Atara Biotherapeutics, Inc. (a) | 32,578 | 601,390 |
Athenex, Inc. (a) | 26,196 | 342,382 |
Athersys, Inc. (a) | 89,485 | 173,153 |
Atreca, Inc. Class A (a) | 12,481 | 162,253 |
Avidity Biosciences, Inc. (a) | 6,211 | 142,108 |
Avrobio, Inc. (a) | 16,672 | 238,576 |
Beam Therapeutics, Inc. (a) | 7,468 | 720,139 |
BioCryst Pharmaceuticals, Inc. (a) | 82,635 | 704,050 |
Biogen, Inc. (a) | 74,736 | 21,121,141 |
Biohaven Pharmaceutical Holding Co. Ltd. (a) | 23,857 | 2,033,094 |
BioMarin Pharmaceutical, Inc. (a) | 85,506 | 7,078,187 |
Bioxcel Therapeutics, Inc. (a) | 6,103 | 282,691 |
| ||
Shares | Value | |
Black Diamond Therapeutics, Inc. (a) | 5,339 | $ 132,247 |
Bluebird Bio, Inc. (a) | 30,979 | 1,380,114 |
Blueprint Medicines Corp. (a) | 24,690 | 2,388,758 |
Bridgebio Pharma, Inc. (a) | 24,568 | 1,394,480 |
Calithera Biosciences, Inc. (a) | 25,304 | 72,622 |
CareDx, Inc. (a) | 22,009 | 1,682,148 |
Catalyst Pharmaceuticals, Inc. (a) | 51,133 | 186,124 |
Celldex Therapeutics, Inc. (a) | 18,511 | 400,208 |
CEL-SCI Corp. (a) | 17,064 | 425,747 |
ChemoCentryx, Inc. (a) | 22,823 | 1,301,139 |
Clovis Oncology, Inc. (a) | 40,018 | 316,142 |
Coherus Biosciences, Inc. (a) | 26,841 | 504,611 |
Constellation Pharmaceuticals, Inc. (a) | 12,382 | 408,235 |
Cortexyme, Inc. (a) | 7,038 | 276,030 |
Crinetics Pharmaceuticals, Inc. (a) | 7,641 | 109,648 |
CRISPR Therapeutics AG (a) | 24,972 | 4,137,860 |
Cue Biopharma, Inc. (a) | 10,217 | 138,338 |
Cytokinetics, Inc. (a) | 30,560 | 601,115 |
CytomX Therapeutics, Inc. (a) | 24,258 | 167,623 |
Deciphera Pharmaceuticals, Inc. (a) | 17,559 | 776,108 |
Denali Therapeutics, Inc. (a) | 36,607 | 2,507,579 |
Dicerna Pharmaceuticals, Inc. (a) | 30,026 | 674,684 |
Dynavax Technologies Corp. (a) | 45,741 | 288,626 |
Eagle Pharmaceuticals, Inc. (a) | 5,775 | 269,519 |
Editas Medicine, Inc. (a) | 29,070 | 1,783,445 |
Emergent BioSolutions, Inc. (a) | 19,807 | 2,116,378 |
Enanta Pharmaceuticals, Inc. (a) | 8,072 | 387,940 |
Epizyme, Inc. (a) | 33,745 | 369,508 |
Esperion Therapeutics, Inc. (a) | 12,836 | 404,206 |
Exact Sciences Corp. (a) | 74,949 | 10,280,005 |
Exelixis, Inc. (a) | 145,370 | 3,228,668 |
Fate Therapeutics, Inc. (a) | 32,913 | 2,982,905 |
FibroGen, Inc. (a) | 38,358 | 1,848,088 |
Flexion Therapeutics, Inc. (a) | 20,453 | 248,913 |
Forma Therapeutics Holdings, Inc. (a) | 7,792 | 301,005 |
Frequency Therapeutics, Inc. (a) | 11,967 | 466,593 |
G1 Therapeutics, Inc. (a) | 13,182 | 318,082 |
Generation Bio Co. (a) | 14,126 | 371,938 |
Geron Corp. (a) | 146,946 | 261,564 |
Gilead Sciences, Inc. | 591,833 | 38,824,245 |
Global Blood Therapeutics, Inc. (a) | 26,164 | 1,311,340 |
Gossamer Bio, Inc. (a) | 21,949 | 221,685 |
Halozyme Therapeutics, Inc. (a) | 61,274 | 2,916,030 |
Heron Therapeutics, Inc. (a) | 40,894 | 709,920 |
Homology Medicines, Inc. (a) | 11,555 | 140,393 |
IGM Biosciences, Inc. (a) | 3,471 | 330,925 |
ImmunoGen, Inc. (a) | 82,580 | 588,795 |
Immunovant, Inc. (a) | 16,338 | 637,672 |
Incyte Corp. (a) | 87,658 | 7,867,305 |
Inhibrx, Inc. (a) | 4,457 | 141,287 |
Inovio Pharmaceuticals, Inc. (a) | 79,384 | 1,012,146 |
Semi-Annual Report | 35 |
Common Stocks – continued | ||
Shares | Value | |
BIOTECHNOLOGY – continued | ||
Biotechnology – continued | ||
Insmed, Inc. (a) | 47,485 | $ 1,784,961 |
Intellia Therapeutics, Inc. (a) | 21,689 | 1,358,165 |
Intercept Pharmaceuticals, Inc. (a) | 12,388 | 436,553 |
Invitae Corp. (a) | 62,533 | 3,096,634 |
Ionis Pharmaceuticals, Inc. (a) | 62,735 | 3,768,491 |
Iovance Biotherapeutics, Inc. (a) | 51,903 | 2,275,428 |
Ironwood Pharmaceuticals, Inc. (a) | 71,889 | 734,706 |
iTeos Therapeutics, Inc. (a) | 5,828 | 186,496 |
IVERIC bio, Inc. (a) | 33,911 | 178,372 |
Kadmon Holdings, Inc. (a) | 57,390 | 275,472 |
Karuna Therapeutics, Inc. (a) | 5,681 | 563,726 |
Karyopharm Therapeutics, Inc. (a) | 24,397 | 371,566 |
Keros Therapeutics, Inc. (a) | 4,316 | 246,228 |
Kiniksa Pharmaceuticals Ltd. Class A (a) | 11,206 | 220,646 |
Kodiak Sciences, Inc. (a) | 15,383 | 1,943,027 |
Krystal Biotech, Inc. (a) | 6,087 | 424,264 |
Kura Oncology, Inc. (a) | 25,921 | 776,334 |
Kymera Therapeutics, Inc. (a) | 5,268 | 326,353 |
Ligand Pharmaceuticals, Inc. (a) | 7,461 | 1,382,896 |
MacroGenics, Inc. (a) | 24,348 | 497,673 |
Madrigal Pharmaceuticals, Inc. (a) | 4,839 | 574,680 |
MeiraGTx Holdings PLC (a) | 10,291 | 147,470 |
Mersana Therapeutics, Inc. (a) | 26,365 | 502,517 |
Merus N.V. (a) | 10,519 | 289,483 |
Mirati Therapeutics, Inc. (a) | 13,656 | 2,803,986 |
Moderna, Inc. (a) | 130,395 | 22,579,198 |
Molecular Templates, Inc. (a) | 9,807 | 112,290 |
Morphic Holding, Inc. (a) | 5,827 | 196,137 |
Myovant Sciences Ltd. (a) | 17,192 | 400,402 |
Myriad Genetics, Inc. (a) | 35,796 | 986,180 |
NantKwest, Inc. (a) | 15,362 | 289,958 |
Natera, Inc. (a) | 32,051 | 3,417,919 |
Neoleukin Therapeutics, Inc. (a) | 12,895 | 162,477 |
Neurocrine Biosciences, Inc. (a) | 41,914 | 4,600,061 |
NextCure, Inc. (a) | 5,951 | 68,972 |
Nkarta, Inc. (a) | 3,122 | 123,819 |
Novavax, Inc. (a) | 29,059 | 6,420,295 |
Nurix Therapeutics, Inc. (a) | 5,259 | 191,322 |
Opko Health, Inc. (a) | 206,992 | 1,119,827 |
ORIC Pharmaceuticals, Inc. (a) | 8,510 | 249,513 |
Passage Bio, Inc. (a) | 11,133 | 207,742 |
Preciden, Inc. (a) | 34,966 | 297,211 |
Precision BioSciences, Inc. (a) | 17,247 | 209,034 |
Protagonist Therapeutics, Inc. (a) | 17,322 | 358,739 |
Prothena Corp. PLC (a) | 12,369 | 138,656 |
PTC Therapeutics, Inc. (a) | 28,846 | 1,667,876 |
Puma Biotechnology, Inc. (a) | 15,854 | 186,126 |
Radius Health, Inc. (a) | 22,237 | 415,832 |
| ||
Shares | Value | |
Rapt Therapeutics, Inc. (a) | 7,553 | $ 150,456 |
Regeneron Pharmaceuticals, Inc. (a) | 49,348 | 24,863,496 |
REGENXBIO, Inc. (a) | 17,664 | 730,053 |
Relay Therapeutics, Inc. (a) | 12,802 | 634,723 |
Repare Therapeutics, Inc. (a) | 4,351 | 161,466 |
Replimune Group, Inc. (a) | 10,721 | 415,975 |
REVOLUTION Medicines, Inc. (a) | 9,381 | 395,315 |
Rhythm Pharmaceuticals, Inc. (a) | 11,523 | 353,641 |
Rigel Pharmaceuticals, Inc. (a) | 83,747 | 304,839 |
Rocket Pharmaceuticals, Inc. (a) | 14,440 | 795,355 |
Rubius Therapeutics, Inc. (a) | 15,267 | 182,746 |
Sage Therapeutics, Inc. (a) | 24,389 | 1,966,973 |
Sangamo Therapeutics, Inc. (a) | 55,235 | 754,510 |
Sarepta Therapeutics, Inc. (a) | 35,137 | 3,141,248 |
Scholar Rock Holding Corp. (a) | 10,044 | 599,225 |
Seagen, Inc. (a) | 57,497 | 9,445,032 |
Seres Therapeutics, Inc. (a) | 29,114 | 691,458 |
Sorrento Therapeutics, Inc. (a) | 102,746 | 1,300,764 |
Spectrum Pharmaceuticals, Inc. (a) | 65,871 | 236,477 |
SpringWorks Therapeutics, Inc. (a) | 9,200 | 766,452 |
Stoke Therapeutics, Inc. (a) | 3,965 | 242,182 |
Syndax Pharmaceuticals, Inc. (a) | 15,354 | 307,694 |
TCR2 Therapeutics, Inc. (a) | 9,481 | 243,946 |
TG Therapeutics, Inc. (a) | 47,642 | 2,299,679 |
Translate Bio, Inc. (a) | 21,502 | 513,468 |
Travere Therapeutics, Inc. (a) | 19,932 | 503,283 |
Turning Point Therapeutics, Inc. (a) | 18,725 | 2,349,800 |
Twist Bioscience Corp. (a) | 14,805 | 2,436,015 |
Ultragenyx Pharmaceutical, Inc. (a) | 27,100 | 3,755,789 |
uniQure N.V. (a) | 15,475 | 547,970 |
United Therapeutics Corp. (a) | 21,051 | 3,448,575 |
Vanda Pharmaceuticals, Inc. (a) | 25,699 | 368,524 |
Vaxart, Inc. (a) | 51,867 | 621,367 |
Vaxcyte, Inc. (a) | 7,216 | 177,008 |
VBI Vaccines, Inc. (a) | 76,699 | 250,039 |
Veracyte, Inc. (a) | 26,963 | 1,528,802 |
Vericel Corp. (a) | 18,219 | 751,898 |
Vertex Pharmaceuticals, Inc. (a) | 122,948 | 28,164,928 |
Viking Therapeutics, Inc. (a) | 31,939 | 233,474 |
Voyager Therapeutics, Inc. (a) | 11,368 | 85,828 |
XBiotech, Inc. (a) | 6,208 | 116,276 |
Xencor, Inc. (a) | 24,411 | 1,116,803 |
Xenon Pharmaceuticals, Inc. (a) | 13,366 | 191,802 |
Y-mAbs Therapeutics, Inc. (a) | 9,378 | 393,970 |
Zentalis Pharmaceuticals, Inc. (a) | 8,537 | 327,565 |
ZIOPHARM Oncology, Inc. (a) | 101,210 | 375,489 |
Zymeworks, Inc. (a) | 16,385 | 554,141 |
TOTAL BIOTECHNOLOGY | 504,613,012 |
36 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
HEALTH CARE EQUIPMENT & SUPPLIES – 25.8% | ||
Health Care Equipment – 23.3% | ||
Abbott Laboratories | 835,808 | $ 103,297,511 |
ABIOMED, Inc. (a) | 21,234 | 7,394,740 |
Accelerate Diagnostics, Inc. (a) | 14,609 | 149,888 |
Acutus Medical, Inc. (a) | 3,981 | 103,068 |
Alphatec Holdings, Inc. (a) | 21,425 | 318,804 |
AngioDynamics, Inc. (a) | 17,449 | 326,994 |
AtriCure, Inc. (a) | 20,955 | 1,220,210 |
AxoGen, Inc. (a) | 16,631 | 288,548 |
Axonics Modulation Technologies, Inc. (a) | 10,317 | 533,389 |
Baxter International, Inc. | 238,976 | 18,360,526 |
Becton Dickinson and Co. | 136,845 | 35,824,652 |
Boston Scientific Corp. (a) | 675,378 | 23,935,396 |
Cantel Medical Corp. | 18,059 | 1,426,119 |
Cardiovascular Systems, Inc. (a) | 18,553 | 834,699 |
Co-Diagnostics, Inc. (a) | 11,858 | 152,257 |
CONMED Corp. | 13,652 | 1,527,659 |
CryoLife, Inc. (a) | 18,402 | 440,360 |
CryoPort, Inc. (a) | 18,174 | 1,239,467 |
Danaher Corp. | 301,391 | 71,682,835 |
DexCom, Inc. (a) | 45,185 | 16,937,597 |
Edwards Lifesciences Corp. (a) | 293,500 | 24,237,230 |
Envista Holdings Corp. (a) | 74,970 | 2,664,434 |
GenMark Diagnostics, Inc. (a) | 30,017 | 414,535 |
Glaukos Corp. (a) | 19,174 | 1,700,542 |
Globus Medical, Inc. Class A (a) | 35,539 | 2,192,401 |
Heska Corp. (a) | 4,263 | 713,456 |
Hill-Rom Holdings, Inc. | 31,528 | 3,027,949 |
Hologic, Inc. (a) | 122,216 | 9,744,282 |
IDEXX Laboratories, Inc. (a) | 40,154 | 19,220,917 |
Inari Medical, Inc. (a) | 4,579 | 436,928 |
Inogen, Inc. (a) | 8,948 | 437,826 |
Insulet Corp. (a) | 30,959 | 8,271,626 |
Integer Holdings Corp. (a) | 15,682 | 1,157,332 |
Integra LifeSciences Holdings Corp. (a) | 33,923 | 2,240,275 |
Intersect ENT, Inc. (a) | 13,134 | 295,121 |
Intuitive Surgical, Inc. (a) | 55,247 | 41,304,867 |
iRhythm Technologies, Inc. (a) | 13,597 | 2,290,007 |
LeMaitre Vascular, Inc. | 8,449 | 406,059 |
LivaNova PLC (a) | 23,176 | 1,457,770 |
Masimo Corp. (a) | 24,720 | 6,326,342 |
Medtronic PLC | 634,117 | 70,596,246 |
Mesa Laboratories, Inc. | 2,295 | 636,036 |
Natus Medical, Inc. (a) | 16,349 | 398,425 |
Nevro Corp. (a) | 15,348 | 2,483,153 |
Novocure Ltd. (a) | 40,483 | 6,516,144 |
NuVasive, Inc. (a) | 23,961 | 1,287,664 |
Orthofix Medical, Inc. (a) | 9,052 | 365,791 |
Penumbra, Inc. (a) | 16,195 | 4,228,353 |
| ||
Shares | Value | |
ResMed, Inc. | 68,397 | $ 13,786,783 |
Shockwave Medical, Inc. (a) | 12,894 | 1,496,220 |
Steris PLC | 40,110 | 7,504,982 |
Stryker Corp. | 159,575 | 35,267,671 |
Surmodics, Inc. (a) | 6,390 | 290,745 |
Tactile Systems Technology, Inc. (a) | 9,200 | 501,860 |
Tandem Diabetes Care, Inc. (a) | 27,375 | 2,536,294 |
Teleflex, Inc. | 21,920 | 8,277,650 |
Vapotherm, Inc. (a) | 6,586 | 227,546 |
Varex Imaging Corp. (a) | 18,289 | 354,075 |
Varian Medical Systems, Inc. (a) | 42,979 | 7,545,823 |
ViewRay, Inc. (a) | 48,798 | 216,663 |
Zimmer Biomet Holdings, Inc. | 97,738 | 15,019,398 |
Zynex, Inc. (a) | 8,732 | 157,787 |
594,229,927 | ||
Health Care Supplies – 2.5% | ||
Align Technology, Inc. (a) | 35,337 | 18,565,353 |
Antares Pharma, Inc. (a) | 73,069 | 320,042 |
Atrion Corp. | 723 | 471,013 |
Avanos Medical, Inc. (a) | 22,351 | 1,012,500 |
BioLife Solutions, Inc. (a) | 12,284 | 465,809 |
Cerus Corp. (a) | 80,752 | 532,156 |
DENTSPLY SIRONA, Inc. | 102,860 | 5,501,981 |
Haemonetics Corp. (a) | 23,981 | 2,740,789 |
ICU Medical, Inc. (a) | 9,346 | 1,911,070 |
Lantheus Holdings, Inc. (a) | 29,985 | 487,856 |
Meridian Bioscience, Inc. (a) | 19,427 | 429,337 |
Merit Medical Systems, Inc. (a) | 23,726 | 1,284,763 |
Neogen Corp. (a) | 25,059 | 2,026,521 |
OraSure Technologies, Inc. (a) | 33,219 | 505,925 |
OrthoPediatrics Corp. (a) | 5,819 | 268,722 |
Quidel Corp. (a) | 17,907 | 4,494,120 |
Quotient Ltd. (a) | 37,360 | 226,402 |
SI-BONE, Inc. (a) | 12,916 | 378,181 |
Silk Road Medical, Inc. (a) | 12,878 | 702,237 |
SmileDirectClub, Inc. (a) | 29,246 | 388,387 |
STAAR Surgical Co. (a) | 16,216 | 1,663,437 |
The Cooper Cos., Inc. | 25,152 | 9,156,334 |
West Pharmaceutical Services, Inc. | 34,825 | 10,429,739 |
63,962,674 | ||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | 658,192,601 | |
HEALTH CARE PROVIDERS & SERVICES – 17.5% | ||
Health Care Distributors – 1.5% | ||
AmerisourceBergen Corp. | 72,172 | 7,520,322 |
Cardinal Health, Inc. | 137,878 | 7,408,185 |
Covetrus, Inc. (a) | 48,520 | 1,653,076 |
Henry Schein, Inc. (a) | 67,629 | 4,453,370 |
McKesson Corp. | 76,562 | 13,357,772 |
Owens & Minor, Inc. | 34,353 | 998,985 |
Patterson Cos., Inc. | 40,399 | 1,279,840 |
Semi-Annual Report | 37 |
Common Stocks – continued | ||
Shares | Value | |
HEALTH CARE PROVIDERS & SERVICES – continued | ||
Health Care Distributors – continued | ||
PetIQ, Inc. (a) | 9,731 | $ 337,277 |
37,008,827 | ||
Health Care Facilities – 1.5% | ||
Acadia Healthcare Co., Inc. (a) | 37,863 | 1,918,897 |
Brookdale Senior Living, Inc. (a) | 83,305 | 411,527 |
Community Health Systems, Inc. (a) | 42,467 | 395,792 |
Encompass Health Corp. | 47,087 | 3,785,795 |
Hanger, Inc. (a) | 17,897 | 366,709 |
HCA Healthcare, Inc. | 127,652 | 20,740,897 |
National HealthCare Corp. | 5,791 | 370,914 |
Select Medical Holdings Corp. (a) | 50,001 | 1,285,026 |
Surgery Partners, Inc. (a) | 10,697 | 398,784 |
Tenet Healthcare Corp. (a) | 42,078 | 1,989,027 |
The Ensign Group, Inc. | 24,168 | 1,891,871 |
The Pennant Group, Inc. (a) | 12,303 | 661,532 |
Universal Health Services, Inc. Class B | 36,566 | 4,559,049 |
US Physical Therapy, Inc. | 6,105 | 734,676 |
39,510,496 | ||
Health Care Services – 5.3% | ||
1Life Healthcare, Inc. (a) | 23,944 | 1,211,566 |
Addus HomeCare Corp. (a) | 7,057 | 794,265 |
Amedisys, Inc. (a) | 15,395 | 4,423,137 |
AMN Healthcare Services, Inc. (a) | 22,424 | 1,617,219 |
Apollo Medical Holdings, Inc. (a) | 13,891 | 305,602 |
BioTelemetry, Inc. (a) | 16,401 | 1,172,015 |
Castle Biosciences, Inc. (a) | 8,544 | 570,996 |
Chemed Corp. | 7,542 | 3,906,002 |
Cigna Corp. | 173,341 | 37,623,664 |
CorVel Corp. (a) | 4,490 | 443,702 |
CVS Health Corp. | 617,785 | 44,264,295 |
DaVita, Inc. (a) | 37,822 | 4,439,168 |
Fulgent Genetics, Inc. (a) | 5,736 | 633,771 |
Guardant Health, Inc. (a) | 35,339 | 5,495,215 |
Laboratory Corp. of America Holdings (a) | 45,950 | 10,518,414 |
LHC Group, Inc. (a) | 14,192 | 2,827,330 |
MEDNAX, Inc. (a) | 40,528 | 1,105,199 |
ModivCare, Inc. (a) | 6,298 | 998,674 |
National Research Corp. | 6,601 | 299,025 |
Ontrak, Inc. (a) | 3,231 | 256,186 |
Option Care Health, Inc. (a) | 16,985 | 313,883 |
Premier, Inc. Class A | 57,755 | 1,956,162 |
Quest Diagnostics, Inc. | 63,305 | 8,175,841 |
R1 RCM, Inc. (a) | 45,870 | 1,157,300 |
RadNet, Inc. (a) | 20,691 | 370,576 |
Tivity Health, Inc. (a) | 16,234 | 366,077 |
135,245,284 | ||
Managed Health Care – 9.2% | ||
Anthem, Inc. | 118,734 | 35,261,623 |
| ||
Shares | Value | |
Centene Corp. (a) | 273,549 | $ 16,495,005 |
HealthEquity, Inc. (a) | 36,334 | 3,035,706 |
Humana, Inc. | 62,441 | 23,921,771 |
Magellan Health, Inc. (a) | 10,641 | 1,000,041 |
Molina Healthcare, Inc. (a) | 28,067 | 5,995,392 |
Progyny, Inc. (a) | 8,093 | 378,510 |
Triple-S Management Corp. Class B (a) | 10,401 | 243,695 |
UnitedHealth Group, Inc. | 448,620 | 149,650,660 |
235,982,403 | ||
TOTAL HEALTH CARE PROVIDERS & SERVICES | 447,747,010 | |
HEALTH CARE TECHNOLOGY – 2.4% | ||
Health Care Technology – 2.4% | ||
Accolade, Inc. (a) | 5,853 | 296,689 |
Allscripts Healthcare Solutions, Inc. (a) | 77,349 | 1,276,259 |
Cerner Corp. | 144,150 | 11,547,856 |
Change Healthcare, Inc. (a) | 108,150 | 2,580,459 |
Computer Programs & Systems, Inc. | 6,624 | 203,887 |
Evolent Health, Inc. Class A (a) | 36,225 | 618,361 |
Health Catalyst, Inc. (a) | 7,112 | 353,324 |
HealthStream, Inc. (a) | 12,902 | 300,359 |
HMS Holdings Corp. (a) | 42,175 | 1,552,883 |
Inovalon Holdings, Inc. Class A (a) | 34,993 | 853,829 |
Inspire Medical Systems, Inc. (a) | 11,375 | 2,292,176 |
NextGen Healthcare, Inc. (a) | 25,071 | 495,904 |
Omnicell, Inc. (a) | 20,122 | 2,370,372 |
Phreesia, Inc. (a) | 14,236 | 929,468 |
Schrodinger, Inc. (a) | 18,358 | 1,658,278 |
Simulations Plus, Inc. | 7,459 | 590,305 |
Tabula Rasa HealthCare, Inc. (a) | 10,256 | 582,438 |
Teladoc Health, Inc. (a) | 54,041 | 14,257,637 |
Veeva Systems, Inc. Class A (a) | 63,733 | 17,618,351 |
Vocera Communications, Inc. (a) | 15,556 | 683,686 |
TOTAL HEALTH CARE TECHNOLOGY | 61,062,521 | |
LIFE SCIENCES TOOLS & SERVICES – 9.6% | ||
Life Sciences Tools & Services – 9.6% | ||
10X Genomics, Inc. Class A (a) | 29,111 | 4,982,348 |
Adaptive Biotechnologies Corp. (a) | 41,798 | 2,318,535 |
Agilent Technologies, Inc. | 145,758 | 17,515,739 |
Avantor, Inc. (a) | 243,997 | 7,195,471 |
Bio-Rad Laboratories, Inc. Class A (a) | 10,414 | 5,975,241 |
Bio-Techne Corp. | 18,220 | 5,919,860 |
Bruker Corp. | 50,789 | 2,940,175 |
Charles River Laboratories International, Inc. (a) | 23,377 | 6,055,812 |
Codexis, Inc. (a) | 26,693 | 621,680 |
Fluidigm Corp. (a) | 33,785 | 218,927 |
Illumina, Inc. (a) | 68,931 | 29,394,936 |
IQVIA Holdings, Inc. (a) | 90,295 | 16,054,451 |
38 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
LIFE SCIENCES TOOLS & SERVICES – continued | ||
Life Sciences Tools & Services – continued | ||
Luminex Corp. | 20,506 | $ 576,013 |
Medpace Holdings, Inc. (a) | 13,272 | 1,762,389 |
Mettler-Toledo International, Inc. (a) | 11,312 | 13,213,547 |
NanoString Technologies, Inc. (a) | 20,068 | 1,405,362 |
NeoGenomics, Inc. (a) | 49,496 | 2,624,278 |
Pacific Biosciences of California, Inc. (a) | 77,325 | 2,501,464 |
PerkinElmer, Inc. | 52,711 | 7,752,207 |
Personalis, Inc. (a) | 10,953 | 421,362 |
PPD, Inc. (a) | 57,816 | 1,859,362 |
PRA Health Sciences, Inc. (a) | 30,286 | 3,732,447 |
Quanterix Corp. (a) | 10,439 | 675,821 |
Repligen Corp. (a) | 23,612 | 4,722,400 |
Syneos Health, Inc. (a) | 29,397 | 2,185,667 |
Thermo Fisher Scientific, Inc. | 186,742 | 95,182,397 |
Waters Corp. (a) | 29,199 | 7,728,099 |
TOTAL LIFE SCIENCES TOOLS & SERVICES | 245,535,990 | |
PHARMACEUTICALS – 24.8% | ||
Pharmaceuticals – 24.8% | ||
Aerie Pharmaceuticals, Inc. (a) | 18,893 | 324,771 |
Amneal Pharmaceuticals, Inc. (a) | 44,717 | 215,089 |
Amphastar Pharmaceuticals, Inc. (a) | 18,246 | 331,712 |
ANI Pharmaceuticals, Inc. (a) | 4,489 | 128,116 |
Arvinas, Inc. (a) | 14,477 | 1,092,145 |
Axsome Therapeutics, Inc. (a) | 13,225 | 900,490 |
BioDelivery Sciences International, Inc. (a) | 38,782 | 149,311 |
Bristol-Myers Squibb Co. | 1,064,006 | 65,361,889 |
Cara Therapeutics, Inc. (a) | 20,885 | 390,550 |
Catalent, Inc. (a) | 77,402 | 8,905,100 |
Collegium Pharmaceutical, Inc. (a) | 14,465 | 349,185 |
Corcept Therapeutics, Inc. (a) | 52,067 | 1,471,413 |
Cymabay Therapeutics, Inc. (a) | 22,821 | 122,092 |
Durect Corp. (a) | 93,874 | 193,380 |
Elanco Animal Health, Inc. (a) | 200,981 | 5,834,478 |
Eli Lilly & Co. | 406,360 | 84,510,689 |
Endo International PLC (a) | 108,115 | 787,077 |
Horizon Therapeutics PLC (a) | 103,939 | 7,533,499 |
Innoviva, Inc. (a) | 31,461 | 377,847 |
Intra-Cellular Therapies, Inc. (a) | 33,884 | 1,089,371 |
Jazz Pharmaceuticals PLC (a) | 26,253 | 4,082,341 |
Johnson & Johnson | 1,242,850 | 202,746,120 |
Kala Pharmaceuticals, Inc. (a) | 15,674 | 116,458 |
Merck & Co., Inc. | 1,193,974 | 92,019,576 |
Nektar Therapeutics (a) | 85,480 | 1,683,956 |
Ocular Therapeutix, Inc. (a) | 28,712 | 521,123 |
| ||
Shares | Value | |
Odonate Therapeutics, Inc. (a) | 8,963 | $ 207,135 |
Omeros Corp. (a) | 26,080 | 507,517 |
Pacira BioSciences, Inc. (a) | 19,098 | 1,261,996 |
Perrigo Co. PLC | 64,677 | 2,761,708 |
Pfizer, Inc. | 2,623,199 | 94,172,844 |
Phathom Pharmaceuticals, Inc. (a) | 3,472 | 133,672 |
Phibro Animal Health Corp. Class A | 9,854 | 204,372 |
Pliant Therapeutics, Inc. (a) | 5,049 | 124,256 |
Prestige Consumer Healthcare, Inc. (a) | 24,065 | 962,600 |
Provention Bio, Inc. (a) | 18,365 | 252,886 |
Reata Pharmaceuticals, Inc. Class A (a) | 11,531 | 1,194,496 |
Relmada Therapeutics, Inc. (a) | 5,767 | 188,466 |
Revance Therapeutics, Inc. (a) | 28,082 | 714,406 |
Royalty Pharma PLC Class A | 53,866 | 2,532,241 |
SIGA Technologies, Inc. (a) | 25,272 | 163,257 |
Supernus Pharmaceuticals, Inc. (a) | 25,164 | 739,570 |
TherapeuticsMD, Inc. (a) | 114,498 | 188,922 |
Theravance Biopharma, Inc. (a) | 20,867 | 388,961 |
Tilray, Inc. Class 2 (a) | 20,943 | 379,068 |
Tricida, Inc. (a) | 14,206 | 93,475 |
Viatris, Inc. (a) | 581,223 | 9,874,979 |
WaVe Life Sciences Ltd. (a) | 13,933 | 141,699 |
Zoetis, Inc. | 224,300 | 34,598,275 |
Zogenix, Inc. (a) | 24,846 | 471,080 |
TOTAL PHARMACEUTICALS | 633,495,659 | |
TOTAL COMMON STOCKS (Cost $1,980,920,084) | 2,550,646,793 | |
Money Market Fund – 0.1% | ||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (c) (Cost $3,174,000) | 3,174,000 | 3,174,000 |
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $1,984,094,084) | 2,553,820,793 | |
NET OTHER ASSETS (LIABILITIES) – 0.1% | 3,649,592 | |
NET ASSETS – 100.0% | $ 2,557,470,385 |
Legend | ||
(a) | Non-income producing. | |
(b) | Level 3 security. | |
(c) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Semi-Annual Report | 39 |
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) | 6 | March 2021 | $ 620,460 | $ 8,530 | $ 8,530 |
CME E-mini S&P Health Care Select Sector Index Contracts (United States) | 51 | March 2021 | 5,918,550 | 59,689 | 59,689 |
Total Equity Index Contracts | $ 68,219 |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $ 2,550,646,793 | $ 2,550,626,952 | $ — | $ 19,841 | |||||
Money Market Funds | 3,174,000 | 3,174,000 | — | — | |||||
Total Investments in Securities: | $ 2,553,820,793 | $ 2,553,800,952 | $ — | $ 19,841 | |||||
Derivative Instruments: | |||||||||
Assets | |||||||||
Futures Contracts | $ 68,219 | $ 68,219 | $ — | $ — | |||||
Total Assets | $ 68,219 | $ 68,219 | $ — | $ — | |||||
Total Derivative Instruments: | $ 68,219 | $ 68,219 | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $68,219 | $0 | |
Total Equity Risk | 68,219 | 0 | |
Total Value of Derivatives | $68,219 | $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 total accumulated earnings (loss). |
40 | Semi-Annual Report |
Common Stocks – 99.8% | ||
Shares | Value | |
AEROSPACE & DEFENSE – 16.3% | ||
Aerospace & Defense – 16.3% | ||
AAR Corp. | 5,805 | $ 194,758 |
Aerojet Rocketdyne Holdings, Inc. (a) | 11,514 | 599,189 |
AeroVironment, Inc. (a) | 3,996 | 458,621 |
Axon Enterprise, Inc. (a) | 11,004 | 1,806,417 |
BWX Technologies, Inc. | 16,518 | 890,651 |
Cubic Corp. | 5,379 | 329,087 |
Curtiss-Wright Corp. | 7,198 | 747,080 |
Ducommun, Inc. (a) | 1,864 | 91,970 |
General Dynamics Corp. | 42,215 | 6,192,096 |
HEICO Corp. | 7,530 | 886,582 |
HEICO Corp. Class A | 12,594 | 1,338,868 |
Hexcel Corp. | 14,410 | 629,141 |
Howmet Aerospace, Inc. | 68,035 | 1,672,300 |
Huntington Ingalls Industries, Inc. | 7,008 | 1,102,569 |
Kaman Corp. | 4,078 | 205,368 |
Kratos Defense & Security Solutions, Inc. (a) | 21,248 | 563,922 |
L3Harris Technologies, Inc. | 37,419 | 6,417,733 |
Lockheed Martin Corp. | 43,544 | 14,013,330 |
Maxar Technologies, Inc. | 10,551 | 441,770 |
Mercury Systems, Inc. (a) | 9,656 | 686,155 |
Moog, Inc. Class A | 5,175 | 382,277 |
National Presto Industries, Inc. | 815 | 72,869 |
Northrop Grumman Corp. | 27,417 | 7,857,986 |
PAE, Inc. (a) | 11,136 | 92,429 |
Parsons Corp. (a) | 4,324 | 154,194 |
Raytheon Technologies Corp. | 264,440 | 17,646,081 |
Spirit AeroSystems Holdings, Inc. Class A | 18,341 | 621,210 |
Teledyne Technologies, Inc. (a) | 6,379 | 2,277,367 |
Textron, Inc. | 39,467 | 1,786,276 |
The Boeing Co. | 92,816 | 18,023,939 |
TransDigm Group, Inc. (a) | 8,913 | 4,931,385 |
Triumph Group, Inc. | 9,168 | 99,289 |
Vectrus, Inc. (a) | 2,006 | 103,108 |
Virgin Galactic Holdings, Inc. (a) | 22,389 | 991,609 |
TOTAL AEROSPACE & DEFENSE | 94,307,626 | |
AIR FREIGHT & LOGISTICS – 6.3% | ||
Air Freight & Logistics – 6.3% | ||
Air Transport Services Group, Inc. (a) | 2,540 | 64,542 |
Atlas Air Worldwide Holdings, Inc. (a) | 1,194 | 61,873 |
CH Robinson Worldwide, Inc. | 23,361 | 1,998,767 |
Echo Global Logistics, Inc. (a) | 4,619 | 121,618 |
Expeditors International of Washington, Inc. | 29,018 | 2,597,691 |
FedEx Corp. | 43,091 | 10,141,036 |
Forward Air Corp. | 4,858 | 348,270 |
Hub Group, Inc. Class A (a) | 5,822 | 306,412 |
| ||
Shares | Value | |
United Parcel Service, Inc. Class B | 122,400 | $ 18,972,000 |
XPO Logistics, Inc. (a) | 15,822 | 1,746,907 |
TOTAL AIR FREIGHT & LOGISTICS | 36,359,116 | |
AIRLINES – 0.6% | ||
Airlines – 0.6% | ||
Alaska Air Group, Inc. | 5,389 | 263,145 |
Allegiant Travel Co. | 710 | 128,858 |
American Airlines Group, Inc. | 21,951 | 376,899 |
Delta Air Lines, Inc. | 27,641 | 1,049,252 |
Hawaiian Holdings, Inc. | 1,998 | 39,101 |
JetBlue Airways Corp. (a) | 13,314 | 190,923 |
SkyWest, Inc. | 2,222 | 86,636 |
Southwest Airlines Co. | 25,580 | 1,123,985 |
Spirit Airlines, Inc. (a) | 3,766 | 97,690 |
TOTAL AIRLINES | 3,356,489 | |
BUILDING PRODUCTS – 6.6% | ||
Building Products – 6.6% | ||
AAON, Inc. | 7,206 | 533,244 |
Advanced Drainage Systems, Inc. | 9,065 | 747,681 |
Allegion PLC | 15,943 | 1,706,060 |
American Woodmark Corp. (a) | 2,781 | 240,584 |
AO Smith Corp. | 23,386 | 1,269,860 |
Apogee Enterprises, Inc. | 4,324 | 151,772 |
Armstrong World Industries, Inc. | 8,312 | 650,082 |
Builders FirstSource, Inc. (a) | 34,429 | 1,316,909 |
Carrier Global Corp. | 142,442 | 5,484,017 |
Cornerstone Building Brands, Inc. (a) | 8,150 | 92,747 |
CSW Industrials, Inc. | 2,538 | 295,728 |
Fortune Brands Home & Security, Inc. | 23,932 | 2,064,135 |
Gibraltar Industries, Inc. (a) | 5,614 | 503,183 |
Griffon Corp. | 7,149 | 160,567 |
Insteel Industries, Inc. | 3,267 | 82,459 |
JELD-WEN Holding, Inc. (a) | 12,175 | 316,428 |
Johnson Controls International PLC | 128,796 | 6,416,617 |
Lennox International, Inc. | 5,957 | 1,641,094 |
Masco Corp. | 45,287 | 2,459,537 |
Masonite International Corp. (a) | 4,037 | 401,682 |
Owens Corning | 18,714 | 1,452,206 |
PGT Innovations, Inc. (a) | 10,209 | 211,428 |
Quanex Building Products Corp. | 5,675 | 124,793 |
Resideo Technologies, Inc. (a) | 21,730 | 501,963 |
Simpson Manufacturing Co., Inc. | 6,803 | 625,876 |
The AZEK Co., Inc. (a) | 16,054 | 640,394 |
Trane Technologies PLC | 41,431 | 5,939,134 |
Trex Co., Inc. (a) | 20,065 | 1,841,365 |
UFP Industries, Inc. | 10,603 | 571,926 |
TOTAL BUILDING PRODUCTS | 38,443,471 |
Semi-Annual Report | 41 |
Common Stocks – continued | ||
Shares | Value | |
COMMERCIAL SERVICES & SUPPLIES – 6.7% | ||
Commercial Printing – 0.2% | ||
Brady Corp. Class A | 8,395 | $ 385,414 |
Cimpress PLC (a) | 3,130 | 286,051 |
Deluxe Corp. | 7,166 | 242,856 |
Ennis, Inc. | 4,561 | 83,010 |
997,331 | ||
Diversified Support Services – 2.1% | ||
Cintas Corp. | 15,229 | 4,844,649 |
Copart, Inc. (a) | 36,577 | 4,014,326 |
Healthcare Services Group, Inc. | 12,978 | 420,747 |
IAA, Inc. (a) | 23,225 | 1,327,076 |
KAR Auction Services, Inc. | 22,522 | 415,756 |
Matthews International Corp. Class A | 5,117 | 156,222 |
McGrath RentCorp | 4,150 | 289,629 |
UniFirst Corp. | 2,635 | 560,728 |
Viad Corp. | 3,555 | 122,648 |
12,151,781 | ||
Environmental & Facilities Services – 3.8% | ||
ABM Industries, Inc. | 11,462 | 421,114 |
BrightView Holdings, Inc. (a) | 5,503 | 78,033 |
Casella Waste Systems, Inc. Class A (a) | 8,189 | 468,738 |
Clean Harbors, Inc. (a) | 9,151 | 708,836 |
Covanta Holding Corp. | 20,645 | 292,127 |
Harsco Corp. (a) | 13,780 | 229,161 |
Heritage-Crystal Clean, Inc. (a) | 2,627 | 57,006 |
Montrose Environmental Group, Inc. (a) | 3,242 | 119,889 |
Republic Services, Inc. | 38,593 | 3,493,438 |
Rollins, Inc. | 38,363 | 1,381,835 |
SP Plus Corp. (a) | 3,753 | 108,837 |
Stericycle, Inc. (a) | 15,831 | 1,036,614 |
Tetra Tech, Inc. | 9,321 | 1,133,154 |
US Ecology, Inc. | 4,864 | 160,512 |
Waste Connections, Inc. | 45,505 | 4,482,698 |
Waste Management, Inc. | 73,131 | 8,140,943 |
22,312,935 | ||
Office Services & Supplies – 0.4% | ||
ACCO Brands Corp. | 16,318 | 132,013 |
Herman Miller, Inc. | 10,148 | 347,569 |
HNI Corp. | 7,328 | 236,401 |
Interface, Inc. | 9,898 | 99,376 |
Kimball International, Inc. Class B | 6,433 | 77,775 |
Knoll, Inc. | 8,641 | 129,269 |
MSA Safety, Inc. | 6,397 | 998,700 |
Pitney Bowes, Inc. | 24,640 | 230,137 |
Steelcase, Inc. Class A | 14,689 | 189,929 |
2,441,169 | ||
Security & Alarm Services – 0.2% | ||
ADT, Inc. | 26,590 | 240,108 |
| ||
Shares | Value | |
CoreCivic, Inc. | 20,184 | $143,508 |
The Brink's Co. | 8,728 | 594,639 |
978,255 | ||
TOTAL COMMERCIAL SERVICES & SUPPLIES | 38,881,471 | |
CONSTRUCTION & ENGINEERING – 2.1% | ||
Construction & Engineering – 2.1% | ||
AECOM (a) | 27,749 | 1,390,225 |
Aegion Corp. (a) | 5,299 | 97,343 |
Ameresco, Inc. Class A (a) | 3,582 | 200,914 |
API Group Corp. (a)(b) | 19,016 | 340,577 |
Arcosa, Inc. | 8,345 | 465,567 |
Argan, Inc. | 2,556 | 110,496 |
Comfort Systems USA, Inc. | 6,348 | 351,870 |
Construction Partners, Inc. Class A (a) | 4,470 | 127,037 |
Dycom Industries, Inc. (a) | 5,505 | 446,676 |
EMCOR Group, Inc. | 9,486 | 837,614 |
Fluor Corp. | 22,933 | 396,512 |
Granite Construction, Inc. | 8,081 | 239,278 |
Great Lakes Dredge & Dock Corp. (a) | 11,159 | 152,097 |
IES Holdings, Inc. (a) | 1,483 | 67,447 |
Jacobs Engineering Group, Inc. | 22,561 | 2,277,758 |
MasTec, Inc. (a) | 10,217 | 788,241 |
MYR Group, Inc. (a) | 2,941 | 163,549 |
NV5 Global, Inc. (a) | 1,800 | 157,194 |
Primoris Services Corp. | 7,945 | 231,239 |
Quanta Services, Inc. | 23,891 | 1,683,599 |
Sterling Construction Co., Inc. (a) | 4,822 | 98,706 |
Tutor Perini Corp. (a) | 7,129 | 106,222 |
Valmont Industries, Inc. | 3,705 | 714,769 |
WillScot Mobile Mini Holdings Corp. (a) | 27,818 | 659,565 |
TOTAL CONSTRUCTION & ENGINEERING | 12,104,495 | |
ELECTRICAL EQUIPMENT – 7.7% | ||
Electrical Components & Equipment – 7.5% | ||
Acuity Brands, Inc. | 6,872 | 826,289 |
AMETEK, Inc. | 39,742 | 4,501,179 |
Atkore International Group, Inc. (a) | 8,192 | 363,397 |
Eaton Corp. PLC | 69,263 | 8,152,255 |
Emerson Electric Co. | 103,441 | 8,208,043 |
Encore Wire Corp. | 3,591 | 207,380 |
EnerSys | 7,349 | 604,308 |
FuelCell Energy, Inc. (a) | 50,901 | 1,056,705 |
Generac Holdings, Inc. (a) | 10,881 | 2,681,296 |
GrafTech International Ltd. | 13,933 | 135,150 |
Hubbell, Inc. | 9,372 | 1,458,283 |
nVent Electric PLC | 28,014 | 626,953 |
Plug Power, Inc. (a) | 78,538 | 4,961,246 |
Regal-Beloit Corp. | 7,045 | 884,007 |
42 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
ELECTRICAL EQUIPMENT – continued | ||
Electrical Components & Equipment – continued | ||
Rockwell Automation, Inc. | 20,074 | $ 4,988,991 |
Sensata Technologies Holding PLC (a) | 27,163 | 1,480,384 |
Sunrun, Inc. (a) | 20,329 | 1,408,190 |
Thermon Group Holdings, Inc. (a) | 5,793 | 84,520 |
Vertiv Holdings Co. | 39,706 | 798,885 |
Vicor Corp. (a) | 3,520 | 304,621 |
43,732,082 | ||
Heavy Electrical Equipment – 0.2% | ||
AZZ, Inc. | 4,561 | 217,058 |
Bloom Energy Corp. Class A (a) | 16,942 | 591,445 |
TPI Composites, Inc. (a) | 5,243 | 314,108 |
1,122,611 | ||
TOTAL ELECTRICAL EQUIPMENT | 44,854,693 | |
INDUSTRIAL CONGLOMERATES – 11.4% | ||
Industrial Conglomerates – 11.4% | ||
3M Co. | 99,717 | 17,516,288 |
Carlisle Cos., Inc. | 9,462 | 1,371,328 |
General Electric Co. | 1,515,213 | 16,182,475 |
Honeywell International, Inc. | 121,477 | 23,732,962 |
Raven Industries, Inc. | 6,278 | 202,591 |
Roper Technologies, Inc. | 18,120 | 7,119,529 |
TOTAL INDUSTRIAL CONGLOMERATES | 66,125,173 | |
MACHINERY – 21.2% | ||
Agricultural & Farm Machinery – 3.1% | ||
AGCO Corp. | 10,990 | 1,218,791 |
Deere & Co. | 51,535 | 14,883,308 |
Lindsay Corp. | 1,852 | 258,965 |
The Toro Co. | 18,576 | 1,750,788 |
18,111,852 | ||
Construction Machinery & Heavy Trucks – 6.3% | ||
Alamo Group, Inc. | 1,735 | 242,189 |
Allison Transmission Holdings, Inc. | 19,614 | 798,290 |
Astec Industries, Inc. | 3,520 | 209,334 |
Blue Bird Corp. (a) | 2,281 | 46,760 |
Caterpillar, Inc. | 93,736 | 17,138,690 |
Cummins, Inc. | 25,568 | 5,993,651 |
Douglas Dynamics, Inc. | 4,011 | 163,649 |
Federal Signal Corp. | 10,402 | 340,041 |
Meritor, Inc. (a) | 11,880 | 306,623 |
Navistar International Corp. (a) | 7,820 | 344,080 |
Nikola Corp. (a) | 22,910 | 528,992 |
Oshkosh Corp. | 11,757 | 1,076,824 |
PACCAR, Inc. | 59,921 | 5,465,994 |
REV Group, Inc. | 4,858 | 50,183 |
Terex Corp. | 12,083 | 432,088 |
The Greenbrier Cos., Inc. | 5,582 | 201,957 |
| ||
Shares | Value | |
The Manitowoc Co., Inc. (a) | 5,827 | $ 76,567 |
The Shyft Group, Inc. | 5,214 | 157,463 |
Trinity Industries, Inc. | 16,499 | 458,837 |
Wabash National Corp. | 9,122 | 145,496 |
Westinghouse Air Brake Technologies Corp. | 31,312 | 2,323,663 |
36,501,371 | ||
Industrial Machinery – 11.8% | ||
Albany International Corp. Class A | 5,303 | 368,665 |
Altra Industrial Motion Corp. | 11,151 | 573,273 |
Barnes Group, Inc. | 8,358 | 401,769 |
Chart Industries, Inc. (a) | 6,259 | 751,768 |
CIRCOR International, Inc. (a) | 3,102 | 99,171 |
Colfax Corp. (a) | 16,469 | 611,329 |
Columbus McKinnon Corp. | 4,081 | 176,258 |
Crane Co. | 8,066 | 610,435 |
Donaldson Co., Inc. | 21,797 | 1,295,614 |
Dover Corp. | 24,921 | 2,903,047 |
Energy Recovery, Inc. (a) | 6,638 | 91,870 |
Enerpac Tool Group Corp. | 10,381 | 210,423 |
EnPro Industries, Inc. | 3,385 | 244,363 |
ESCO Technologies, Inc. | 4,490 | 426,909 |
Evoqua Water Technologies Corp. (a) | 18,203 | 496,032 |
Flowserve Corp. | 22,584 | 803,087 |
Fortive Corp. | 52,517 | 3,470,323 |
Franklin Electric Co., Inc. | 6,822 | 473,583 |
Gates Industrial Corp. PLC (a) | 10,107 | 142,711 |
Graco, Inc. | 28,882 | 1,991,125 |
Helios Technologies, Inc. | 5,279 | 287,969 |
Hillenbrand, Inc. | 12,929 | 531,382 |
Hyster-Yale Materials Handling, Inc. | 1,087 | 97,515 |
IDEX Corp. | 13,064 | 2,432,386 |
Illinois Tool Works, Inc. | 54,722 | 10,627,560 |
Ingersoll Rand, Inc. (a) | 61,379 | 2,568,097 |
ITT, Inc. | 14,976 | 1,118,857 |
John Bean Technologies Corp. | 5,504 | 637,804 |
Kadant, Inc. | 1,976 | 282,469 |
Kennametal, Inc. | 14,274 | 540,699 |
Lincoln Electric Holdings, Inc. | 9,733 | 1,114,428 |
Luxfer Holdings PLC | 4,750 | 78,233 |
Mueller Industries, Inc. | 8,867 | 302,808 |
Mueller Water Products, Inc. Class A | 25,916 | 310,733 |
Nordson Corp. | 9,480 | 1,696,825 |
Omega Flex, Inc. | 533 | 98,605 |
Otis Worldwide Corp. | 71,213 | 4,603,920 |
Parker Hannifin Corp. | 22,260 | 5,890,219 |
Pentair PLC | 28,743 | 1,565,344 |
Proto Labs, Inc. (a) | 4,402 | 932,344 |
RBC Bearings, Inc. (a) | 4,326 | 723,870 |
Rexnord Corp. | 20,925 | 792,220 |
Snap-on, Inc. | 8,962 | 1,613,070 |
Semi-Annual Report | 43 |
Common Stocks – continued | ||
Shares | Value | |
MACHINERY – continued | ||
Industrial Machinery – continued | ||
SPX Corp. (a) | 7,790 | $ 402,821 |
SPX FLOW, Inc. (a) | 7,334 | 388,482 |
Standex International Corp. | 2,104 | 172,339 |
Stanley Black & Decker, Inc. | 27,644 | 4,795,958 |
Tennant Co. | 3,041 | 206,028 |
The Gorman-Rupp Co. | 2,964 | 93,366 |
The Middleby Corp. (a) | 9,614 | 1,304,812 |
The Timken Co. | 11,725 | 887,113 |
Trimas Corp. (a) | 7,863 | 248,864 |
Watts Water Technologies, Inc. Class A | 4,495 | 539,715 |
Welbilt, Inc. (a) | 23,373 | 301,745 |
Woodward, Inc. | 10,239 | 1,146,256 |
Xylem, Inc. | 31,157 | 3,009,455 |
68,486,066 | ||
TOTAL MACHINERY | 123,099,289 | |
MARINE – 0.1% | ||
Marine – 0.1% | ||
Genco Shipping & Trading Ltd. | 3,522 | 27,859 |
Kirby Corp. (a) | 2,549 | 129,387 |
Matson, Inc. | 1,882 | 112,544 |
SEACOR Holdings, Inc. (a) | 3,334 | 139,161 |
TOTAL MARINE | 408,951 | |
PROFESSIONAL SERVICES – 5.8% | ||
Human Resource & Employment Services – 1.0% | ||
ASGN, Inc. (a) | 9,059 | 751,082 |
Barrett Business Services, Inc. | 1,294 | 81,587 |
Heidrick & Struggles International, Inc. | 3,308 | 96,461 |
Insperity, Inc. | 6,366 | 499,667 |
Kelly Services, Inc. Class A | 5,848 | 114,153 |
Kforce, Inc. | 3,393 | 144,711 |
Korn Ferry | 9,712 | 442,867 |
ManpowerGroup, Inc. | 10,089 | 892,271 |
Robert Half International, Inc. | 19,806 | 1,336,905 |
TriNet Group, Inc. (a) | 7,595 | 562,866 |
TrueBlue, Inc. (a) | 6,286 | 116,857 |
Upwork, Inc. (a) | 13,502 | 559,658 |
5,599,085 | ||
Research & Consulting Services – 4.8% | ||
CBIZ, Inc. (a) | 8,952 | 231,946 |
CoreLogic, Inc. | 13,763 | 1,036,216 |
CoStar Group, Inc. (a) | 6,817 | 6,133,323 |
Equifax, Inc. | 21,028 | 3,724,269 |
Exponent, Inc. | 8,919 | 736,531 |
Forrester Research, Inc. (a) | 2,018 | 80,034 |
FTI Consulting, Inc. (a) | 6,326 | 695,670 |
| ||
Shares | Value | |
Huron Consulting Group, Inc. (a) | 3,988 | $ 211,205 |
ICF International, Inc. | 3,248 | 250,518 |
IHS Markit Ltd. | 65,256 | 5,682,493 |
Nielsen Holdings PLC | 58,568 | 1,307,823 |
Resources Connection, Inc. | 5,250 | 60,585 |
TransUnion | 32,914 | 2,864,835 |
Verisk Analytics, Inc. | 26,702 | 4,899,817 |
Willdan Group, Inc. (a) | 2,003 | 89,514 |
28,004,779 | ||
TOTAL PROFESSIONAL SERVICES | 33,603,864 | |
ROAD & RAIL – 11.6% | ||
Railroads – 8.3% | ||
CSX Corp. | 132,427 | 11,356,277 |
Kansas City Southern | 16,328 | 3,309,196 |
Norfolk Southern Corp. | 44,162 | 10,449,612 |
Union Pacific Corp. | 117,514 | 23,205,490 |
48,320,575 | ||
Trucking – 3.3% | ||
AMERCO | 1,704 | 787,998 |
ArcBest Corp. | 4,401 | 203,986 |
Avis Budget Group, Inc. (a) | 9,652 | 399,014 |
Heartland Express, Inc. | 7,701 | 144,548 |
JB Hunt Transport Services, Inc. | 14,626 | 1,969,537 |
Knight-Swift Transportation Holdings, Inc. | 22,113 | 884,520 |
Landstar System, Inc. | 6,643 | 926,034 |
Marten Transport Ltd. | 10,623 | 168,374 |
Old Dominion Freight Line, Inc. | 16,249 | 3,152,306 |
Ryder System, Inc. | 9,340 | 584,591 |
Saia, Inc. (a) | 4,544 | 803,152 |
Schneider National, Inc. Class B | 8,971 | 188,391 |
Uber Technologies, Inc. (a) | 166,862 | 8,498,282 |
Werner Enterprises, Inc. | 10,720 | 420,653 |
19,131,386 | ||
TOTAL ROAD & RAIL | 67,451,961 | |
TRADING COMPANIES & DISTRIBUTORS – 3.3% | ||
Trading Companies & Distributors – 3.3% | ||
Air Lease Corp. | 18,744 | 742,825 |
Applied Industrial Technologies, Inc. | 6,699 | 471,543 |
Beacon Roofing Supply, Inc. (a) | 9,479 | 376,980 |
Boise Cascade Co. | 6,616 | 315,120 |
CAI International, Inc. | 2,725 | 88,481 |
DXP Enterprises, Inc. (a) | 2,877 | 66,718 |
Fastenal Co. | 99,297 | 4,526,950 |
GATX Corp. | 5,489 | 509,379 |
GMS, Inc. (a) | 7,467 | 216,468 |
H&E Equipment Services, Inc. | 5,538 | 152,184 |
Herc Holdings, Inc. (a) | 3,506 | 224,314 |
44 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
TRADING COMPANIES & DISTRIBUTORS – continued | ||
Trading Companies & Distributors – continued | ||
MRC Global, Inc. (a) | 14,554 | $ 100,568 |
MSC Industrial Direct Co., Inc. Class A | 7,878 | 611,096 |
NOW, Inc. (a) | 18,871 | 156,440 |
Rush Enterprises, Inc. Class A | 7,314 | 307,115 |
Rush Enterprises, Inc. Class B | 957 | 37,065 |
SiteOne Landscape Supply, Inc. (a) | 7,628 | 1,202,783 |
Systemax, Inc. | 2,337 | 89,811 |
Triton International Ltd. | 11,175 | 517,849 |
United Rentals, Inc. (a) | 12,476 | 3,031,793 |
Univar Solutions, Inc. (a) | 29,117 | 541,285 |
Watsco, Inc. | 5,679 | 1,354,385 |
WESCO International, Inc. (a) | 8,638 | 657,438 |
WW Grainger, Inc. | 7,882 | 2,872,122 |
TOTAL TRADING COMPANIES & DISTRIBUTORS | 19,170,712 | |
TRANSPORTATION INFRASTRUCTURE – 0.1% | ||
Airport Services – 0.1% | ||
Macquarie Infrastructure Corp. | 12,780 | 355,156 |
TOTAL COMMON STOCKS (Cost $537,523,555) | 578,522,467 |
Money Market Fund – 0.1% | ||
Shares | Value | |
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (c) (Cost $740,000) | 740,000 | $ 740,000 |
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $538,263,555) | 579,262,467 | |
NET OTHER ASSETS (LIABILITIES) – 0.1% | 333,737 | |
NET ASSETS – 100.0% | $ 579,596,204 |
Legend | ||
(a) | Non-income producing. | |
(b) | Security is 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 $340,577 or of net assets. | |
(c) | The rate quoted is the annualized seven-day yield of the fund at period end. |
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) | 1 | March 2021 | $ 103,410 | $ (882) | $ (882) |
CME E-mini S&P Industrial Select Sector Index Contracts (United States) | 10 | March 2021 | 851,500 | (39,491) | (39,491) |
Total Equity Index Contracts | $(40,373) |
Semi-Annual Report | 45 |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $ 578,522,467 | $ 578,522,467 | $ — | $ — | |||||
Money Market Funds | 740,000 | 740,000 | — | — | |||||
Total Investments in Securities: | $ 579,262,467 | $ 579,262,467 | $ — | $ — | |||||
Derivative Instruments: | |||||||||
Liabilities | |||||||||
Futures Contracts | $ (40,373) | $ (40,373) | $ — | $ — | |||||
Total Liabilities | $ (40,373) | $ (40,373) | $ — | $ — | |||||
Total Derivative Instruments: | $ (40,373) | $ (40,373) | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $0 | $(40,373) | |
Total Equity Risk | 0 | (40,373) | |
Total Value of Derivatives | $0 | $(40,373) |
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
46 | Semi-Annual Report |
Common Stocks – 99.8% | ||
Shares | Value | |
COMMUNICATIONS EQUIPMENT – 2.9% | ||
Communications Equipment – 2.9% | ||
Acacia Communications, Inc. (a) | 19,100 | $ 2,185,040 |
ADTRAN, Inc. | 23,706 | 407,743 |
Arista Networks, Inc. (a) | 28,983 | 8,914,012 |
Calix, Inc. (a) | 28,147 | 850,039 |
Casa Systems, Inc. (a) | 14,887 | 114,779 |
Ciena Corp. (a) | 78,320 | 4,181,505 |
Cisco Systems, Inc. | 2,146,747 | 95,701,981 |
CommScope Holding Co., Inc. (a) | 100,160 | 1,471,350 |
Comtech Telecommunications Corp. | 10,723 | 228,829 |
Digi International, Inc. (a) | 14,046 | 259,430 |
EchoStar Corp. Class A (a) | 24,273 | 508,277 |
Extreme Networks, Inc. (a) | 64,713 | 523,528 |
F5 Networks, Inc. (a) | 31,023 | 6,078,957 |
Harmonic, Inc. (a) | 47,474 | 368,398 |
Infinera Corp. (a) | 84,940 | 836,659 |
Inseego Corp. (a) | 30,998 | 569,123 |
Juniper Networks, Inc. | 168,624 | 4,117,798 |
Lumentum Holdings, Inc. (a) | 38,114 | 3,575,093 |
Motorola Solutions, Inc. | 86,326 | 14,463,921 |
NETGEAR, Inc. (a) | 15,715 | 650,444 |
Netscout Systems, Inc. (a) | 37,285 | 1,090,027 |
Plantronics, Inc. | 19,168 | 608,009 |
Ribbon Communications, Inc. (a) | 37,567 | 274,615 |
ViaSat, Inc. (a) | 25,763 | 1,121,721 |
Viavi Solutions, Inc. (a) | 118,136 | 1,825,201 |
TOTAL COMMUNICATIONS EQUIPMENT | 150,926,479 | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 3.1% | ||
Electronic Components – 0.9% | ||
Amphenol Corp. Class A | 151,877 | 18,966,400 |
Belden, Inc. | 23,382 | 1,104,566 |
Corning, Inc. | 386,492 | 13,863,468 |
Dolby Laboratories, Inc. Class A | 32,737 | 2,881,838 |
II-VI, Inc. (a) | 52,773 | 4,436,626 |
Knowles Corp. (a) | 46,424 | 895,519 |
Littelfuse, Inc. | 12,409 | 3,019,978 |
Rogers Corp. (a) | 9,496 | 1,482,041 |
Vishay Intertechnology, Inc. | 66,224 | 1,427,127 |
48,077,563 | ||
Electronic Equipment & Instruments – 1.1% | ||
Badger Meter, Inc. | 14,903 | 1,366,754 |
Cognex Corp. | 87,961 | 7,224,237 |
Coherent, Inc. (a) | 12,314 | 2,473,144 |
FARO Technologies, Inc. (a) | 8,838 | 623,698 |
FLIR Systems, Inc. | 66,626 | 3,467,883 |
Itron, Inc. (a) | 19,368 | 1,666,035 |
Keysight Technologies, Inc. (a) | 95,207 | 13,480,359 |
MTS Systems Corp. | 9,866 | 577,556 |
Napco Security Technologies, Inc. (a) | 6,160 | 159,667 |
| ||
Shares | Value | |
National Instruments Corp. | 63,369 | $ 2,623,477 |
nLight, Inc. (a) | 17,346 | 549,521 |
Novanta, Inc. (a) | 17,947 | 2,241,939 |
OSI Systems, Inc. (a) | 8,764 | 788,935 |
PAR Technology Corp. (a) | 10,440 | 649,995 |
Trimble, Inc. (a) | 127,115 | 8,378,150 |
Vishay Precision Group, Inc. (a) | 5,270 | 168,587 |
Vontier Corp. (a) | 85,607 | 2,776,235 |
Zebra Technologies Corp. Class A (a) | 27,107 | 10,512,908 |
59,729,080 | ||
Electronic Manufacturing Services – 0.7% | ||
Benchmark Electronics, Inc. | 18,419 | 466,553 |
CTS Corp. | 15,574 | 475,007 |
Fabrinet (a) | 19,060 | 1,504,596 |
Flex Ltd. (a) | 253,688 | 4,475,056 |
IPG Photonics Corp. (a) | 18,910 | 4,225,061 |
Jabil, Inc. | 68,553 | 2,836,038 |
Kimball Electronics, Inc. (a) | 13,251 | 254,022 |
Methode Electronics, Inc. | 19,381 | 731,633 |
Plexus Corp. (a) | 14,812 | 1,139,339 |
Sanmina Corp. (a) | 34,226 | 1,064,429 |
TE Connectivity Ltd. | 167,799 | 20,203,000 |
TTM Technologies, Inc. (a) | 49,386 | 662,266 |
38,037,000 | ||
Technology Distributors – 0.4% | ||
Arrow Electronics, Inc. (a) | 39,518 | 3,858,142 |
Avnet, Inc. | 50,469 | 1,782,061 |
CDW Corp. | 72,449 | 9,538,635 |
ePlus, Inc. (a) | 7,159 | 601,642 |
Insight Enterprises, Inc. (a) | 17,752 | 1,350,927 |
PC Connection, Inc. | 5,866 | 287,962 |
ScanSource, Inc. (a) | 13,647 | 330,121 |
SYNNEX Corp. | 22,392 | 1,827,635 |
19,577,125 | ||
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS | 165,420,768 | |
IT SERVICES – 18.6% | ||
Data Processing & Outsourced Services – 13.1% | ||
Alliance Data Systems Corp. | 22,799 | 1,542,352 |
Automatic Data Processing, Inc. | 218,605 | 36,096,058 |
Black Knight, Inc. (a) | 79,943 | 6,530,544 |
Broadridge Financial Solutions, Inc. | 58,570 | 8,276,527 |
Cardtronics PLC Class A (a) | 17,826 | 692,540 |
Cass Information Systems, Inc. | 6,296 | 255,618 |
Concentrix Corp. (a) | 22,392 | 2,394,153 |
Conduent, Inc. (a) | 91,473 | 440,900 |
CSG Systems International, Inc. | 16,608 | 715,639 |
Euronet Worldwide, Inc. (a) | 26,625 | 3,327,060 |
EVERTEC, Inc. | 31,768 | 1,102,350 |
Evo Payments, Inc. Class A (a) | 21,153 | 485,673 |
Semi-Annual Report | 47 |
Common Stocks – continued | ||
Shares | Value | |
IT SERVICES – continued | ||
Data Processing & Outsourced Services – continued | ||
ExlService Holdings, Inc. (a) | 17,528 | $ 1,344,047 |
Fidelity National Information Services, Inc. | 315,025 | 38,892,986 |
Fiserv, Inc. (a) | 289,403 | 29,718,794 |
FleetCor Technologies, Inc. (a) | 42,775 | 10,383,631 |
Global Payments, Inc. | 152,148 | 26,857,165 |
International Money Express, Inc. (a) | 14,759 | 210,758 |
Jack Henry & Associates, Inc. | 39,142 | 5,667,370 |
Mastercard, Inc. Class A | 454,172 | 143,650,062 |
MAXIMUS, Inc. | 31,310 | 2,350,129 |
NIC, Inc. | 33,259 | 895,332 |
Paychex, Inc. | 163,985 | 14,319,170 |
PayPal Holdings, Inc. (a) | 567,128 | 132,883,762 |
Repay Holding Corp. (a) | 34,697 | 768,538 |
Sabre Corp. | 158,666 | 1,710,419 |
Shift4 Payments, Inc. (a) | 16,603 | 1,079,361 |
Square, Inc. Class A (a) | 188,779 | 40,768,713 |
Sykes Enterprises, Inc. (a) | 19,740 | 761,767 |
The Western Union Co. | 208,481 | 4,642,872 |
TTEC Holdings, Inc. | 9,480 | 716,498 |
Verra Mobility Corp. (a) | 64,972 | 831,642 |
Visa, Inc. Class A | 857,223 | 165,658,345 |
WEX, Inc. (a) | 22,444 | 4,232,938 |
690,203,713 | ||
Internet Services & Infrastructure – 1.6% | ||
Akamai Technologies, Inc. (a) | 82,646 | 9,176,185 |
BigCommerce Holdings, Inc. (a) | 6,364 | 508,738 |
Endurance International Group Holdings, Inc. (a) | 41,258 | 391,126 |
Fastly, Inc. Class A (a) | 41,421 | 4,529,386 |
GoDaddy, Inc. Class A (a) | 85,030 | 6,681,657 |
GTT Communications, Inc. (a) | 14,993 | 69,718 |
Limelight Networks, Inc. (a) | 62,807 | 286,086 |
MongoDB, Inc. (a) | 24,493 | 9,052,858 |
Okta, Inc. (a) | 61,063 | 15,815,928 |
Rackspace Technology, Inc. (a) | 20,275 | 468,555 |
Snowflake, Inc. Class A (a) | 16,452 | 4,482,347 |
Switch, Inc. Class A | 34,176 | 588,511 |
Tucows, Inc. Class A (a) | 4,790 | 382,721 |
Twilio, Inc. Class A (a) | 66,438 | 23,879,810 |
VeriSign, Inc. (a) | 52,624 | 10,212,740 |
86,526,366 | ||
IT Consulting & Other Services – 3.9% | ||
Accenture PLC Class A | 323,457 | 78,250,717 |
Booz Allen Hamilton Holding Corp. | 70,414 | 5,997,160 |
CACI International, Inc. Class A (a) | 12,763 | 3,078,691 |
Cognizant Technology Solutions Corp. Class A | 275,989 | 21,513,343 |
DXC Technology Co. | 129,717 | 3,658,019 |
| ||
Shares | Value | |
EPAM Systems, Inc. (a) | 28,387 | $ 9,777,334 |
Gartner, Inc. (a) | 45,452 | 6,904,613 |
International Business Machines Corp. | 452,803 | 53,933,365 |
KBR, Inc. | 72,853 | 2,116,380 |
Leidos Holdings, Inc. | 68,552 | 7,270,625 |
LiveRamp Holdings, Inc. (a) | 33,356 | 2,525,383 |
ManTech International Corp. Class A | 14,017 | 1,257,185 |
Perficient, Inc. (a) | 17,309 | 945,245 |
Perspecta, Inc. | 73,870 | 2,138,537 |
Science Applications International Corp. | 26,818 | 2,575,333 |
The Hackett Group, Inc. | 12,815 | 174,540 |
Unisys Corp. (a) | 29,950 | 715,506 |
Virtusa Corp. (a) | 14,589 | 744,768 |
203,576,744 | ||
TOTAL IT SERVICES | 980,306,823 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 18.8% | ||
Semiconductor Equipment – 3.0% | ||
ACM Research, Inc. Class A (a) | 5,814 | 523,260 |
Advanced Energy Industries, Inc. (a) | 19,315 | 1,981,333 |
Amkor Technology, Inc. | 56,922 | 883,429 |
Applied Materials, Inc. | 464,319 | 44,890,361 |
Axcelis Technologies, Inc. (a) | 16,032 | 548,936 |
Brooks Automation, Inc. | 37,206 | 2,818,727 |
CMC Materials, Inc. | 14,992 | 2,208,472 |
Cohu, Inc. | 21,880 | 890,078 |
Enphase Energy, Inc. (a) | 60,937 | 11,111,862 |
Entegris, Inc. | 68,875 | 6,776,611 |
FormFactor, Inc. (a) | 38,873 | 1,588,740 |
Ichor Holdings Ltd. (a) | 11,235 | 405,583 |
KLA Corp. | 79,145 | 22,166,140 |
Kulicke & Soffa Industries, Inc. | 32,188 | 1,148,146 |
Lam Research Corp. | 74,027 | 35,825,367 |
MKS Instruments, Inc. | 28,177 | 4,453,938 |
Onto Innovation, Inc. (a) | 24,580 | 1,328,549 |
PDF Solutions, Inc. (a) | 16,723 | 323,088 |
Photronics, Inc. (a) | 33,681 | 373,859 |
SolarEdge Technologies, Inc. (a) | 25,510 | 7,355,298 |
Teradyne, Inc. | 84,621 | 9,602,791 |
Ultra Clean Holdings, Inc. (a) | 20,805 | 803,073 |
Veeco Instruments, Inc. (a) | 24,122 | 445,292 |
158,452,933 | ||
Semiconductors – 15.8% | ||
Advanced Micro Devices, Inc. (a) | 596,934 | 51,121,428 |
Ambarella, Inc. (a) | 17,105 | 1,614,028 |
Analog Devices, Inc. | 187,695 | 27,653,104 |
Broadcom, Inc. | 204,480 | 92,118,240 |
CEVA, Inc. (a) | 10,808 | 635,402 |
Cirrus Logic, Inc. (a) | 29,733 | 2,785,685 |
Cree, Inc. (a) | 55,834 | 5,643,701 |
48 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – continued | ||
Semiconductors – continued | ||
Diodes, Inc. (a) | 22,072 | $ 1,562,256 |
DSP Group, Inc. (a) | 11,369 | 183,382 |
First Solar, Inc. (a) | 40,641 | 4,029,555 |
Impinj, Inc. (a) | 8,457 | 447,967 |
Inphi Corp. (a) | 26,434 | 4,457,037 |
Intel Corp. | 2,162,353 | 120,032,215 |
Lattice Semiconductor Corp. (a) | 68,524 | 2,748,498 |
MACOM Technology Solutions Holdings, Inc. (a) | 23,161 | 1,316,935 |
MagnaChip Semiconductor Corp. (a) | 15,998 | 271,806 |
Marvell Technology Group Ltd. | 341,168 | 17,556,505 |
Maxim Integrated Products, Inc. | 135,495 | 11,884,266 |
MaxLinear, Inc. Class A (a) | 35,365 | 1,110,107 |
Microchip Technology, Inc. | 128,499 | 17,489,999 |
Micron Technology, Inc. (a) | 564,841 | 44,210,105 |
Monolithic Power Systems, Inc. | 21,612 | 7,678,528 |
NeoPhotonics Corp. (a) | 23,615 | 263,071 |
NVIDIA Corp. | 313,706 | 162,998,501 |
NXP Semiconductors N.V. | 142,140 | 22,809,206 |
ON Semiconductor Corp. (a) | 209,725 | 7,233,415 |
Power Integrations, Inc. | 30,764 | 2,478,040 |
Qorvo, Inc. (a) | 58,147 | 9,936,159 |
QUALCOMM, Inc. | 573,651 | 89,650,178 |
Rambus, Inc. (a) | 56,136 | 1,066,303 |
Semtech Corp. (a) | 33,400 | 2,369,730 |
Silicon Laboratories, Inc. (a) | 22,088 | 2,897,283 |
SiTime Corp. (a) | 4,250 | 518,713 |
Skyworks Solutions, Inc. | 84,814 | 14,354,770 |
SMART Global Holdings, Inc. (a) | 6,751 | 250,800 |
SunPower Corp. (a) | 46,423 | 2,507,306 |
Synaptics, Inc. (a) | 17,404 | 1,726,825 |
Texas Instruments, Inc. | 465,689 | 77,160,010 |
Universal Display Corp. | 21,577 | 4,980,403 |
Xilinx, Inc. | 124,142 | 16,209,221 |
835,960,683 | ||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 994,413,616 | |
SOFTWARE – 33.3% | ||
Application Software – 13.2% | ||
2U, Inc. (a) | 36,243 | 1,482,339 |
8x8, Inc. (a) | 51,229 | 1,805,822 |
ACI Worldwide, Inc. (a) | 58,616 | 2,250,268 |
Adobe, Inc. (a) | 243,876 | 111,882,993 |
Agilysys, Inc. (a) | 9,874 | 363,264 |
Alarm.com Holdings, Inc. (a) | 22,393 | 2,080,758 |
Altair Engineering, Inc. Class A (a) | 20,550 | 1,149,361 |
Alteryx, Inc. Class A (a) | 27,037 | 3,408,014 |
American Software, Inc. Class A | 15,033 | 288,784 |
| ||
Shares | Value | |
Anaplan, Inc. (a) | 55,909 | $ 3,729,130 |
ANSYS, Inc. (a) | 43,638 | 15,463,998 |
Appfolio, Inc. Class A (a) | 7,571 | 1,156,925 |
Aspen Technology, Inc. (a) | 34,648 | 4,639,367 |
Autodesk, Inc. (a) | 111,409 | 30,908,199 |
Avalara, Inc. (a) | 40,380 | 6,057,000 |
Avaya Holdings Corp. (a) | 42,324 | 941,286 |
Benefitfocus, Inc. (a) | 12,794 | 157,366 |
Bill.com Holdings, Inc. (a) | 25,523 | 3,110,743 |
Blackbaud, Inc. | 25,014 | 1,663,181 |
Blackline, Inc. (a) | 24,614 | 3,190,467 |
Bottomline Technologies DE, Inc. (a) | 22,478 | 1,073,999 |
Box, Inc. Class A (a) | 78,717 | 1,364,953 |
Cadence Design Systems, Inc. (a) | 141,755 | 18,483,434 |
CDK Global, Inc. | 61,989 | 3,093,251 |
Cerence, Inc. (a) | 18,492 | 2,069,440 |
Ceridian HCM Holding, Inc. (a) | 67,596 | 6,280,344 |
ChannelAdvisor Corp. (a) | 14,700 | 301,350 |
Citrix Systems, Inc. | 59,853 | 7,979,003 |
Cloudera, Inc. (a) | 106,402 | 1,624,759 |
Cornerstone OnDemand, Inc. (a) | 27,954 | 1,143,319 |
Coupa Software, Inc. (a) | 34,058 | 10,553,552 |
Datadog, Inc. Class A (a) | 77,291 | 7,941,650 |
Digital Turbine, Inc. (a) | 40,032 | 2,290,231 |
DocuSign, Inc. (a) | 88,771 | 20,673,878 |
Domo, Inc. Class B (a) | 10,682 | 677,132 |
Dropbox, Inc. Class A (a) | 160,606 | 3,634,514 |
Dynatrace, Inc. (a) | 92,931 | 3,857,566 |
Ebix, Inc. | 12,552 | 653,583 |
eGain Corp. (a) | 11,017 | 121,187 |
Elastic N.V. (a) | 30,646 | 4,656,966 |
Envestnet, Inc. (a) | 27,113 | 2,080,380 |
Everbridge, Inc. (a) | 17,460 | 2,320,958 |
Fair Isaac Corp. (a) | 14,752 | 6,640,023 |
Five9, Inc. (a) | 33,265 | 5,530,306 |
Guidewire Software, Inc. (a) | 42,117 | 4,832,505 |
HubSpot, Inc. (a) | 22,041 | 8,203,660 |
InterDigital, Inc. | 15,659 | 1,005,464 |
Intuit, Inc. | 132,577 | 47,890,790 |
j2 Global, Inc. (a) | 22,966 | 2,357,230 |
LivePerson, Inc. (a) | 32,326 | 2,048,175 |
Manhattan Associates, Inc. (a) | 32,537 | 3,684,165 |
Medallia, Inc. (a) | 38,820 | 1,611,030 |
MicroStrategy, Inc. Class A (a) | 3,720 | 2,296,393 |
Mimecast Ltd. (a) | 30,299 | 1,304,675 |
Mitek Systems, Inc. (a) | 21,025 | 339,554 |
Model N, Inc. (a) | 12,733 | 432,667 |
New Relic, Inc. (a) | 25,708 | 1,932,727 |
Nuance Communications, Inc. (a) | 143,140 | 6,518,596 |
Nutanix, Inc. Class A (a) | 95,122 | 2,903,123 |
PagerDuty, Inc. (a) | 11,824 | 576,184 |
Semi-Annual Report | 49 |
Common Stocks – continued | ||
Shares | Value | |
SOFTWARE – continued | ||
Application Software – continued | ||
Paycom Software, Inc. (a) | 25,258 | $ 9,591,473 |
Paylocity Holding Corp. (a) | 19,178 | 3,595,108 |
Pegasystems, Inc. | 20,448 | 2,606,098 |
Pluralsight, Inc. Class A (a) | 52,969 | 1,101,755 |
PROS Holdings, Inc. (a) | 20,847 | 878,493 |
PTC, Inc. (a) | 55,981 | 7,440,435 |
Q2 Holdings, Inc. (a) | 24,410 | 3,124,236 |
QAD, Inc. Class A | 5,915 | 383,233 |
RealPage, Inc. (a) | 46,868 | 4,057,363 |
RingCentral, Inc. Class A (a) | 37,787 | 14,091,528 |
Salesforce.com, Inc. (a) | 462,666 | 104,358,943 |
ShotSpotter, Inc. (a) | 4,069 | 187,133 |
Slack Technologies, Inc. Class A (a) | 198,191 | 8,357,714 |
Smartsheet, Inc. Class A (a) | 54,879 | 3,827,261 |
Splunk, Inc. (a) | 80,730 | 13,322,872 |
Sprout Social, Inc. Class A (a) | 9,767 | 644,622 |
SPS Commerce, Inc. (a) | 17,660 | 1,746,397 |
SS&C Technologies Holdings, Inc. | 118,168 | 7,430,404 |
SVMK, Inc. (a) | 56,951 | 1,435,735 |
Synopsys, Inc. (a) | 77,253 | 19,734,279 |
The Trade Desk, Inc. Class A (a) | 21,246 | 16,274,224 |
Tyler Technologies, Inc. (a) | 20,481 | 8,659,162 |
Upland Software, Inc. (a) | 12,436 | 593,073 |
Verint Systems, Inc. (a) | 32,706 | 2,414,684 |
Vertex, Inc. (a) | 12,757 | 419,067 |
VirnetX Holding Corp. | 32,586 | 197,145 |
Workday, Inc. Class A (a) | 90,108 | 20,502,273 |
Workiva, Inc. (a) | 17,579 | 1,713,425 |
Yext, Inc. (a) | 41,015 | 691,923 |
Zendesk, Inc. (a) | 58,761 | 8,475,687 |
Zoom Video Communications, Inc. Class A (a) | 87,945 | 32,721,696 |
699,289,422 | ||
Systems Software – 20.1% | ||
A10 Networks, Inc. (a) | 27,027 | 268,378 |
Appian Corp. (a) | 15,324 | 3,347,681 |
Cloudflare, Inc. Class A (a) | 78,482 | 6,016,430 |
CommVault Systems, Inc. (a) | 22,052 | 1,384,425 |
Crowdstrike Holdings, Inc. Class A (a) | 73,127 | 15,780,807 |
FireEye, Inc. (a) | 113,104 | 2,375,184 |
Fortinet, Inc. (a) | 70,181 | 10,158,700 |
Microsoft Corp. | 3,655,253 | 847,872,486 |
NortonLifelock, Inc. | 285,695 | 6,019,594 |
OneSpan, Inc. (a) | 15,923 | 371,324 |
Oracle Corp. | 1,014,136 | 61,284,238 |
Palo Alto Networks, Inc. (a) | 49,042 | 17,201,481 |
Ping Identity Holding Corp. (a) | 18,288 | 546,994 |
Progress Software Corp. | 22,741 | 913,733 |
Proofpoint, Inc. (a) | 29,184 | 3,767,071 |
| ||
Shares | Value | |
Qualys, Inc. (a) | 16,863 | $ 2,335,020 |
Rapid7, Inc. (a) | 24,325 | 2,111,896 |
SailPoint Technologies Holding, Inc. (a) | 45,796 | 2,532,977 |
ServiceNow, Inc. (a) | 97,518 | 52,967,877 |
SolarWinds Corp. (a) | 31,819 | 534,877 |
Tenable Holdings, Inc. (a) | 27,685 | 1,370,131 |
Teradata Corp. (a) | 56,834 | 1,528,835 |
Varonis Systems, Inc. (a) | 16,054 | 2,837,866 |
VMware, Inc. Class A (a) | 42,827 | 5,903,702 |
Xperi Holding Corp. | 55,975 | 1,078,078 |
Zscaler, Inc. (a) | 35,780 | 7,145,266 |
Zuora, Inc. Class A (a) | 49,326 | 727,558 |
1,058,382,609 | ||
TOTAL SOFTWARE | 1,757,672,031 | |
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 23.1% | ||
Technology Hardware, Storage & Peripherals – 23.1% | ||
3D Systems Corp. (a) | 61,294 | 2,178,389 |
Apple, Inc. | 8,695,467 | 1,147,453,825 |
DELL Technologies, Inc. Class C (a) | 122,677 | 8,941,926 |
Diebold Nixdorf, Inc. (a) | 36,610 | 500,092 |
Eastman Kodak Co. (a) | 21,193 | 203,241 |
Hewlett Packard Enterprise Co. | 654,468 | 8,076,135 |
HP, Inc. | 726,364 | 17,679,700 |
NCR Corp. (a) | 66,074 | 2,204,229 |
NetApp, Inc. | 112,843 | 7,497,289 |
Pure Storage, Inc. Class A (a) | 122,015 | 2,822,207 |
Seagate Technology PLC | 117,908 | 7,796,077 |
Super Micro Computer, Inc. (a) | 21,445 | 664,795 |
Western Digital Corp. | 154,009 | 8,690,728 |
Xerox Holdings Corp. | 92,495 | 1,945,170 |
TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS | 1,216,653,803 | |
TOTAL COMMON STOCKS (Cost $3,097,396,978) | 5,265,393,520 | |
Money Market Fund – 0.2% | ||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b) (Cost $8,804,000) | 8,804,000 | 8,804,000 |
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $3,106,200,978) | 5,274,197,520 | |
NET OTHER ASSETS (LIABILITIES) – 0.0% | 1,210,274 | |
NET ASSETS – 100.0% | $ 5,275,407,794 |
50 | Semi-Annual Report |
Legend | ||
(a) | Non-income producing. | |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
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) | 6 | March 2021 | $ 620,460 | $ 36,021 | $ 36,021 |
CME E-mini S&P Technology Select Sector Index Contracts (United States) | 67 | March 2021 | 8,693,250 | 236,495 | 236,495 |
Total Equity Index Contracts | $ 272,516 |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $ 5,265,393,520 | $ 5,265,393,520 | $ — | $ — | |||||
Money Market Funds | 8,804,000 | 8,804,000 | — | — | |||||
Total Investments in Securities: | $ 5,274,197,520 | $ 5,274,197,520 | $ — | $ — | |||||
Derivative Instruments: | |||||||||
Assets | |||||||||
Futures Contracts | $ 272,516 | $ 272,516 | $ — | $ — | |||||
Total Assets | $ 272,516 | $ 272,516 | $ — | $ — | |||||
Total Derivative Instruments: | $ 272,516 | $ 272,516 | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $272,516 | $0 | |
Total Equity Risk | 272,516 | 0 | |
Total Value of Derivatives | $272,516 | $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 total accumulated earnings (loss). |
Semi-Annual Report | 51 |
Common Stocks – 99.8% | ||
Shares | Value | |
CHEMICALS – 64.4% | ||
Commodity Chemicals – 7.8% | ||
AdvanSix, Inc. (a) | 6,865 | $ 146,362 |
Cabot Corp. | 13,821 | 606,880 |
Dow, Inc. | 181,115 | 9,399,868 |
Hawkins, Inc. | 2,333 | 128,152 |
Koppers Holdings, Inc. (a) | 5,145 | 171,225 |
Kronos Worldwide, Inc. | 5,573 | 78,914 |
LyondellBasell Industries N.V. Class A | 65,267 | 5,597,298 |
Olin Corp. | 38,580 | 922,448 |
Orion Engineered Carbons S.A. | 14,814 | 225,617 |
Tredegar Corp. | 6,544 | 95,477 |
Trinseo S.A. | 7,500 | 381,225 |
Tronox Holdings PLC Class A (a) | 22,828 | 350,410 |
Valvoline, Inc. | 45,220 | 1,073,523 |
Westlake Chemical Corp. | 9,375 | 716,812 |
19,894,211 | ||
Diversified Chemicals – 2.2% | ||
Eastman Chemical Co. | 33,074 | 3,252,828 |
Huntsman Corp. | 48,523 | 1,281,978 |
The Chemours Co. | 40,139 | 1,057,261 |
5,592,067 | ||
Fertilizers & Agricultural Chemicals – 6.9% | ||
American Vanguard Corp. | 6,646 | 109,991 |
CF Industries Holdings, Inc. | 52,268 | 2,162,850 |
Corteva, Inc. | 182,935 | 7,291,789 |
FMC Corp. | 31,666 | 3,429,111 |
The Mosaic Co. | 88,010 | 2,284,740 |
The Scotts Miracle-Gro Co. | 10,224 | 2,263,696 |
17,542,177 | ||
Industrial Gases – 18.1% | ||
Air Products & Chemicals, Inc. | 53,981 | 14,399,972 |
Linde PLC (a) | 128,391 | 31,507,151 |
45,907,123 | ||
Specialty Chemicals – 29.4% | ||
Albemarle Corp. | 25,992 | 4,227,859 |
Amyris, Inc. (a) | 27,517 | 258,660 |
Ashland Global Holdings, Inc. | 13,298 | 1,063,707 |
Avient Corp. | 22,340 | 858,526 |
Axalta Coating Systems Ltd. (a) | 51,765 | 1,397,137 |
Balchem Corp. | 7,906 | 846,179 |
Celanese Corp. | 28,906 | 3,530,868 |
Chase Corp. | 1,836 | 184,041 |
DuPont de Nemours, Inc. | 179,331 | 14,247,848 |
Ecolab, Inc. | 62,769 | 12,836,888 |
Element Solutions, Inc. | 54,748 | 932,358 |
Ferro Corp. (a) | 18,090 | 249,461 |
FutureFuel Corp. | 6,464 | 85,971 |
GCP Applied Technologies, Inc. (a) | 11,589 | 287,291 |
HB Fuller Co. | 12,602 | 641,316 |
Ingevity Corp. (a) | 10,089 | 662,746 |
| ||
Shares | Value | |
Innospec, Inc. | 5,998 | $ 526,564 |
International Flavors & Fragrances, Inc. | 20,907 | 2,349,529 |
Kraton Corp. (a) | 7,807 | 219,221 |
Livent Corp. (a) | 35,742 | 651,219 |
Minerals Technologies, Inc. | 8,333 | 513,563 |
NewMarket Corp. | 2,136 | 837,718 |
PPG Industries, Inc. | 57,671 | 7,768,860 |
PQ Group Holdings, Inc. | 10,050 | 138,489 |
Quaker Chemical Corp. | 3,262 | 855,068 |
RPM International, Inc. | 31,761 | 2,619,330 |
Sensient Technologies Corp. | 10,354 | 730,268 |
Stepan Co. | 4,933 | 555,850 |
The Sherwin-Williams Co. | 20,025 | 13,853,295 |
WR Grace & Co. | 13,729 | 796,557 |
74,726,387 | ||
TOTAL CHEMICALS | 163,661,965 | |
CONSTRUCTION MATERIALS – 4.4% | ||
Construction Materials – 4.4% | ||
Eagle Materials, Inc. | 9,697 | 1,066,961 |
Forterra, Inc. (a) | 6,843 | 125,227 |
Martin Marietta Materials, Inc. | 15,217 | 4,373,518 |
Summit Materials, Inc. Class A (a) | 27,863 | 572,027 |
United States Lime & Minerals, Inc. | 559 | 67,639 |
US Concrete, Inc. (a) | 3,856 | 170,782 |
Vulcan Materials Co. | 32,368 | 4,827,364 |
TOTAL CONSTRUCTION MATERIALS | 11,203,518 | |
CONTAINERS & PACKAGING – 14.6% | ||
Metal & Glass Containers – 6.0% | ||
AptarGroup, Inc. | 15,755 | 2,094,942 |
Ball Corp. | 79,807 | 7,024,612 |
Berry Global Group, Inc. (a) | 32,403 | 1,599,736 |
Crown Holdings, Inc. (a) | 32,932 | 2,968,820 |
Greif, Inc. Class A | 6,149 | 277,689 |
Greif, Inc. Class B | 1,059 | 48,396 |
Myers Industries, Inc. | 7,459 | 149,553 |
O-I Glass, Inc. | 36,389 | 459,957 |
Silgan Holdings, Inc. | 18,936 | 689,839 |
15,313,544 | ||
Paper Packaging – 8.6% | ||
Amcor PLC | 383,310 | 4,193,411 |
Avery Dennison Corp. | 20,397 | 3,077,295 |
Graphic Packaging Holding Co. | 68,142 | 1,067,104 |
International Paper Co. | 91,261 | 4,591,341 |
Packaging Corp. of America | 23,174 | 3,115,976 |
Ranpak Holdings Corp. (a) | 7,025 | 121,814 |
Sealed Air Corp. | 38,047 | 1,608,247 |
Sonoco Products Co. | 24,532 | 1,420,648 |
52 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
CONTAINERS & PACKAGING – continued | ||
Paper Packaging – continued | ||
Westrock Co. | 63,450 | $ 2,628,733 |
21,824,569 | ||
TOTAL CONTAINERS & PACKAGING | 37,138,113 | |
METALS & MINING – 15.4% | ||
Aluminum – 0.7% | ||
Alcoa Corp. (a) | 45,439 | 817,902 |
Arconic Corp. (a) | 23,992 | 604,598 |
Century Aluminum Co. (a) | 13,121 | 127,930 |
Kaiser Aluminum Corp. | 3,865 | 335,096 |
1,885,526 | ||
Copper – 3.8% | ||
Freeport-McMoRan, Inc. | 354,895 | 9,550,225 |
Diversified Metals & Mining – 0.3% | ||
Compass Minerals International, Inc. | 8,287 | 482,800 |
Materion Corp. | 4,951 | 337,609 |
820,409 | ||
Gold – 5.5% | ||
Coeur Mining, Inc. (a) | 59,638 | 539,724 |
McEwen Mining, Inc. (a) | 83,184 | 100,652 |
Newmont Corp. | 196,258 | 11,696,977 |
Royal Gold, Inc. | 16,027 | 1,712,966 |
14,050,319 | ||
Silver – 0.3% | ||
Hecla Mining Co. | 129,223 | 735,279 |
Steel – 4.8% | ||
Allegheny Technologies, Inc. (a) | 30,947 | 526,408 |
Carpenter Technology Corp. | 11,686 | 365,071 |
Cleveland-Cliffs, Inc. | 97,554 | 1,496,478 |
Commercial Metals Co. | 29,151 | 573,983 |
Nucor Corp. | 73,780 | 3,595,299 |
Reliance Steel & Aluminum Co. | 15,582 | 1,808,759 |
Schnitzer Steel Industries, Inc. Class A | 6,531 | 192,795 |
Steel Dynamics, Inc. | 51,406 | 1,761,684 |
SunCoke Energy, Inc. | 20,321 | 100,183 |
United States Steel Corp. | 53,854 | 956,447 |
| ||
Shares | Value | |
Warrior Met Coal, Inc. | 12,500 | $287,750 |
Worthington Industries, Inc. | 9,342 | 488,960 |
12,153,817 | ||
TOTAL METALS & MINING | 39,195,575 | |
PAPER & FOREST PRODUCTS – 1.0% | ||
Forest Products – 0.4% | ||
Louisiana-Pacific Corp. | 27,445 | 1,043,185 |
Paper Products – 0.6% | ||
Clearwater Paper Corp. (a) | 4,046 | 154,072 |
Domtar Corp. | 13,496 | 404,475 |
Glatfelter Corp. | 10,342 | 161,852 |
Mercer International, Inc. | 10,529 | 118,978 |
Neenah, Inc. | 4,081 | 207,804 |
Schweitzer-Mauduit International, Inc. | 7,634 | 283,527 |
1,330,708 | ||
TOTAL PAPER & FOREST PRODUCTS | 2,373,893 | |
TOTAL COMMON STOCKS (Cost $243,397,269) | 253,573,064 | |
Money Market Fund – 0.1% | ||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b) (Cost $409,000) | 409,000 | 409,000 |
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $243,806,269) | 253,982,064 | |
NET OTHER ASSETS (LIABILITIES) – 0.1% | 133,027 | |
NET ASSETS – 100.0% | $ 254,115,091 |
Legend | ||
(a) | Non-income producing. | |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Micro Russell 2000 Index Contracts (United States) | 9 | March 2021 | $ 93,069 | $ 7,487 | $ 7,487 |
CME E-mini S&P Materials Select Sector Index Contracts (United States) | 6 | March 2021 | 447,660 | (10,423) | (10,423) |
Total Equity Index Contracts | $ (2,936) |
Semi-Annual Report | 53 |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $ 253,573,064 | $ 253,573,064 | $ — | $ — | |||||
Money Market Funds | 409,000 | 409,000 | — | — | |||||
Total Investments in Securities: | $ 253,982,064 | $ 253,982,064 | $ — | $ — | |||||
Derivative Instruments: | |||||||||
Assets | |||||||||
Futures Contracts | $ 7,487 | $ 7,487 | $ — | $ — | |||||
Total Assets | $ 7,487 | $ 7,487 | $ — | $ — | |||||
Liabilities | |||||||||
Futures Contracts | $ (10,423) | $ (10,423) | $ — | $ — | |||||
Total Liabilities | $ (10,423) | $ (10,423) | $ — | $ — | |||||
Total Derivative Instruments: | $ (2,936) | $ (2,936) | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $7,487 | $(10,423) | |
Total Equity Risk | 7,487 | (10,423) | |
Total Value of Derivatives | $7,487 | $(10,423) |
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
54 | Semi-Annual Report |
Common Stocks – 99.7% | ||
Shares | Value | |
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) – 95.0% | ||
Diversified REITs – 3.8% | ||
Alexander & Baldwin, Inc. | 81,701 | $ 1,235,319 |
American Assets Trust, Inc. | 53,233 | 1,470,828 |
Armada Hoffler Properties, Inc. | 69,653 | 748,770 |
Colony Capital, Inc. | 541,553 | 2,686,103 |
Empire State Realty Trust, Inc. Class A | 170,191 | 1,678,083 |
Essential Properties Realty Trust, Inc. | 109,610 | 2,282,080 |
Gladstone Commercial Corp. | 43,779 | 775,326 |
Global Net Lease, Inc. | 102,593 | 1,652,773 |
iStar, Inc. | 97,233 | 1,475,997 |
One Liberty Properties, Inc. | 24,640 | 493,786 |
PS Business Parks, Inc. | 20,372 | 2,773,037 |
STORE Capital Corp. | 241,820 | 7,501,256 |
VEREIT, Inc. | 218,431 | 7,695,324 |
Washington Real Estate Investment Trust | 83,532 | 1,832,692 |
WP Carey, Inc. | 173,271 | 11,505,195 |
45,806,569 | ||
Health Care REITs – 8.9% | ||
CareTrust REIT, Inc. | 101,879 | 2,288,202 |
Community Healthcare Trust, Inc. | 29,820 | 1,333,550 |
Diversified Healthcare Trust | 274,319 | 1,102,762 |
Global Medical REIT, Inc. | 70,174 | 879,982 |
Healthcare Realty Trust, Inc. | 131,045 | 3,932,661 |
Healthcare Trust of America, Inc. Class A | 222,093 | 6,274,127 |
Healthpeak Properties, Inc. | 502,133 | 14,888,244 |
LTC Properties, Inc. | 39,502 | 1,526,357 |
Medical Properties Trust, Inc. | 580,722 | 12,259,042 |
National Health Investors, Inc. | 47,931 | 3,107,846 |
Omega Healthcare Investors, Inc. | 230,821 | 8,360,337 |
Physicians Realty Trust | 205,270 | 3,618,910 |
Sabra Health Care REIT, Inc. | 215,923 | 3,625,347 |
Universal Health Realty Income Trust | 13,725 | 819,108 |
Ventas, Inc. | 372,377 | 17,155,408 |
Welltower, Inc. | 410,555 | 24,879,633 |
106,051,516 | ||
Hotel & Resort REITs – 3.3% | ||
Apple Hospitality REIT, Inc. | 227,294 | 2,836,629 |
Chatham Lodging Trust | 66,295 | 710,019 |
DiamondRock Hospitality Co. | 219,469 | 1,799,646 |
Host Hotels & Resorts, Inc. | 707,660 | 9,588,793 |
MGM Growth Properties LLC Class A | 137,571 | 4,285,337 |
Park Hotels & Resorts, Inc. | 247,986 | 4,136,406 |
Pebblebrook Hotel Trust | 141,359 | 2,598,178 |
RLJ Lodging Trust | 183,341 | 2,366,932 |
Ryman Hospitality Properties, Inc. | 55,756 | 3,615,777 |
Service Properties Trust | 178,807 | 1,897,142 |
Summit Hotel Properties, Inc. | 127,463 | 1,032,450 |
Sunstone Hotel Investors, Inc. | 232,665 | 2,489,516 |
| ||
Shares | Value | |
Xenia Hotels & Resorts, Inc. | 128,048 | $ 1,852,855 |
39,209,680 | ||
Industrial REITs – 10.6% | ||
Americold Realty Trust | 204,778 | 7,148,800 |
Duke Realty Corp. | 371,682 | 14,703,740 |
EastGroup Properties, Inc. | 40,966 | 5,536,145 |
First Industrial Realty Trust, Inc. | 130,778 | 5,314,818 |
Industrial Logistics Properties Trust | 78,007 | 1,654,529 |
Lexington Realty Trust | 272,147 | 2,789,507 |
Monmouth Real Estate Investment Corp. Class A | 113,968 | 1,975,065 |
Prologis, Inc. | 708,238 | 73,090,162 |
Rexford Industrial Realty, Inc. | 124,013 | 6,069,196 |
STAG Industrial, Inc. | 156,144 | 4,653,091 |
Terreno Realty Corp. | 70,948 | 4,014,238 |
126,949,291 | ||
Office REITs – 7.7% | ||
Alexandria Real Estate Equities, Inc. | 123,692 | 20,670,170 |
Boston Properties, Inc. | 145,909 | 13,317,114 |
Brandywine Realty Trust | 179,907 | 1,978,977 |
City Office REIT, Inc. | 68,433 | 644,639 |
Columbia Property Trust, Inc. | 122,001 | 1,659,214 |
Corporate Office Properties Trust | 115,600 | 3,036,812 |
Cousins Properties, Inc. | 151,463 | 4,777,143 |
Douglas Emmett, Inc. | 169,794 | 4,704,992 |
Easterly Government Properties, Inc. | 81,307 | 1,784,689 |
Equity Commonwealth | 124,277 | 3,543,137 |
Franklin Street Properties Corp. | 106,563 | 437,974 |
Highwoods Properties, Inc. | 105,074 | 3,939,224 |
Hudson Pacific Properties, Inc. | 157,410 | 3,689,690 |
JBG SMITH Properties | 125,096 | 3,735,366 |
Kilroy Realty Corp. | 104,170 | 5,899,147 |
Mack-Cali Realty Corp. | 84,130 | 1,070,975 |
Office Properties Income Trust | 51,377 | 1,188,864 |
Paramount Group, Inc. | 194,858 | 1,732,288 |
Piedmont Office Realty Trust, Inc. Class A | 128,391 | 1,974,654 |
SL Green Realty Corp. | 73,528 | 4,961,669 |
Vornado Realty Trust | 166,064 | 6,602,705 |
91,349,443 | ||
Residential REITs – 13.7% | ||
American Campus Communities, Inc. | 141,443 | 5,821,794 |
American Homes 4 Rent Class A | 286,951 | 8,674,529 |
Apartment Income REIT Corp. (a) | 153,412 | 5,947,783 |
Apartment Investment and Management Co. Class A | 162,510 | 745,921 |
AvalonBay Communities, Inc. | 139,534 | 22,837,530 |
Camden Property Trust | 97,249 | 9,933,985 |
Centerspace | 13,833 | 967,480 |
Equity Lifestyle Properties, Inc. | 173,434 | 10,551,725 |
Equity Residential | 369,320 | 22,764,885 |
Semi-Annual Report | 55 |
Common Stocks – continued | ||
Shares | Value | |
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) – continued | ||
Residential REITs – continued | ||
Essex Property Trust, Inc. | 64,402 | $ 15,431,363 |
Independence Realty Trust, Inc. | 117,601 | 1,561,741 |
Invitation Homes, Inc. | 551,961 | 16,271,810 |
Mid-America Apartment Communities, Inc. | 115,110 | 15,280,852 |
NexPoint Residential Trust, Inc. | 25,014 | 987,303 |
Sun Communities, Inc. | 94,821 | 13,571,730 |
UDR, Inc. | 295,573 | 11,364,782 |
UMH Properties, Inc. | 52,974 | 778,718 |
163,493,931 | ||
Retail REITs – 9.5% | ||
Acadia Realty Trust | 90,455 | 1,311,597 |
Agree Realty Corp. | 51,662 | 3,265,038 |
Alexander's, Inc. | 2,676 | 715,027 |
American Finance Trust, Inc. | 119,574 | 870,499 |
Brixmor Property Group, Inc. | 305,761 | 5,176,534 |
Federal Realty Investment Trust | 71,915 | 6,296,877 |
Getty Realty Corp. | 42,963 | 1,141,527 |
Kimco Realty Corp. | 440,473 | 7,272,209 |
Kite Realty Group Trust | 99,538 | 1,586,636 |
National Retail Properties, Inc. | 174,965 | 6,823,635 |
Realty Income Corp. | 334,863 | 19,777,009 |
Regency Centers Corp. | 169,060 | 7,976,251 |
Retail Opportunity Investments Corp. | 130,395 | 1,837,266 |
Retail Properties of America, Inc. Class A | 236,712 | 2,180,118 |
RPT Realty | 100,891 | 933,242 |
Saul Centers, Inc. | 14,453 | 432,578 |
Seritage Growth Properties, Class A (a) | 50,529 | 899,921 |
Simon Property Group, Inc. | 321,768 | 29,901,900 |
SITE Centers Corp. | 175,306 | 1,944,144 |
Spirit Realty Capital, Inc. | 108,052 | 4,166,485 |
Tanger Factory Outlet Centers, Inc. | 113,168 | 1,746,182 |
The Macerich Co. | 127,051 | 1,994,701 |
Urban Edge Properties | 132,249 | 1,823,714 |
Urstadt Biddle Properties, Inc. Class A | 40,263 | 556,837 |
Weingarten Realty Investors | 125,598 | 2,827,211 |
113,457,138 | ||
Specialized REITs – 37.5% | ||
American Tower Corp. | 428,439 | 97,409,891 |
CatchMark Timber Trust, Inc. Class A | 71,026 | 647,757 |
CoreSite Realty Corp. | 38,768 | 5,211,970 |
Crown Castle International Corp. | 397,766 | 63,348,213 |
CubeSmart | 199,710 | 6,957,896 |
CyrusOne, Inc. | 117,236 | 8,552,366 |
Digital Realty Trust, Inc. | 262,837 | 37,835,386 |
EPR Properties | 80,188 | 3,178,652 |
Equinix, Inc. | 72,258 | 53,468,030 |
| ||
Shares | Value | |
Extra Space Storage, Inc. | 129,101 | $ 14,690,403 |
Four Corners Property Trust, Inc. | 75,918 | 2,001,198 |
Gaming and Leisure Properties, Inc. | 215,889 | 8,879,515 |
Iron Mountain, Inc. | 289,728 | 9,755,142 |
Lamar Advertising Co. Class A | 88,868 | 7,178,757 |
Life Storage, Inc. | 73,033 | 5,958,032 |
National Storage Affiliates Trust | 69,386 | 2,535,364 |
Outfront Media, Inc. | 155,017 | 2,825,960 |
PotlatchDeltic Corp. | 76,431 | 3,650,345 |
Public Storage | 155,681 | 35,436,109 |
QTS Realty Trust, Inc. Class A | 61,128 | 3,979,433 |
Rayonier, Inc. | 135,863 | 4,177,787 |
Safehold, Inc. | 16,657 | 1,225,622 |
SBA Communications Corp. | 111,056 | 29,837,416 |
The Geo Group, Inc. | 118,958 | 1,063,485 |
Uniti Group, Inc. | 205,237 | 2,526,467 |
VICI Properties, Inc. | 486,079 | 12,288,077 |
Weyerhaeuser Co. | 745,804 | 23,261,627 |
447,880,900 | ||
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 1,134,198,468 | |
REAL ESTATE MANAGEMENT & DEVELOPMENT – 4.7% | ||
Diversified Real Estate Activities – 0.3% | ||
Five Point Holdings LLC Class A (a) | 79,634 | 501,694 |
Tejon Ranch Co. (a) | 30,780 | 490,325 |
The RMR Group, Inc. Class A | 20,154 | 743,280 |
The St. Joe Co. | 43,617 | 1,940,957 |
3,676,256 | ||
Real Estate Development – 0.4% | ||
Forestar Group, Inc. (a) | 30,953 | 665,180 |
The Howard Hughes Corp. (a) | 43,402 | 3,739,950 |
4,405,130 | ||
Real Estate Operating Companies – 0.2% | ||
FRP Holdings, Inc. (a) | 9,704 | 419,115 |
Kennedy-Wilson Holdings, Inc. | 130,736 | 2,247,352 |
2,666,467 | ||
Real Estate Services – 3.8% | ||
CBRE Group, Inc. Class A (a) | 334,885 | 20,421,287 |
Cushman & Wakefield PLC (a) | 122,361 | 1,753,433 |
eXp World Holdings, Inc. (a) | 34,534 | 3,680,979 |
Jones Lang LaSalle, Inc. (a) | 52,807 | 7,720,912 |
Marcus & Millichap, Inc. (a) | 31,014 | 1,108,130 |
Newmark Group, Inc. Class A | 184,904 | 1,249,951 |
RE/MAX Holdings, Inc. Class A | 23,426 | 848,490 |
Realogy Holdings Corp. (a) | 138,270 | 1,963,434 |
56 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
REAL ESTATE MANAGEMENT & DEVELOPMENT – continued | ||
Real Estate Services – continued | ||
Redfin Corp. (a) | 94,627 | $ 6,738,389 |
45,485,005 | ||
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | 56,232,858 | |
TOTAL COMMON STOCKS (Cost $1,180,213,189) | 1,190,431,326 | |
Money Market Fund – 0.2% | ||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b) (Cost $2,751,000) | 2,751,000 | 2,751,000 |
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $1,182,964,189) | 1,193,182,326 | |
NET OTHER ASSETS (LIABILITIES) – 0.1% | 1,289,590 | |
NET ASSETS – 100.0% | $ 1,194,471,916 |
Legend | ||
(a) | Non-income producing. | |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |
Purchased | |||||
Equity Index Contract | |||||
CME Dow Jones U.S. Real Estate Index Contracts (United States) | 117 | March 2021 | $3,898,440 | $27,274 | $27,274 |
Semi-Annual Report | 57 |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $ 1,190,431,326 | $ 1,190,431,326 | $ — | $ — | |||||
Money Market Funds | 2,751,000 | 2,751,000 | — | — | |||||
Total Investments in Securities: | $ 1,193,182,326 | $ 1,193,182,326 | $ — | $ — | |||||
Derivative Instruments: | |||||||||
Assets | |||||||||
Futures Contracts | $ 27,274 | $ 27,274 | $ — | $ — | |||||
Total Assets | $ 27,274 | $ 27,274 | $ — | $ — | |||||
Total Derivative Instruments: | $ 27,274 | $ 27,274 | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $27,274 | $0 | |
Total Equity Risk | 27,274 | 0 | |
Total Value of Derivatives | $27,274 | $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 total accumulated earnings (loss). |
58 | Semi-Annual Report |
Common Stocks – 99.8% | ||
Shares | Value | |
ELECTRIC UTILITIES – 59.9% | ||
Electric Utilities – 59.9% | ||
ALLETE, Inc. | 55,394 | $ 3,480,959 |
Alliant Energy Corp. | 266,281 | 12,954,571 |
American Electric Power Co., Inc. | 529,216 | 42,818,867 |
Duke Energy Corp. | 784,440 | 73,737,360 |
Edison International | 403,424 | 23,463,140 |
Entergy Corp. | 213,551 | 20,357,817 |
Evergy, Inc. | 241,942 | 12,999,544 |
Eversource Energy | 365,500 | 31,981,250 |
Exelon Corp. | 1,039,440 | 43,199,126 |
FirstEnergy Corp. | 578,233 | 17,786,447 |
Hawaiian Electric Industries, Inc. | 116,556 | 3,853,341 |
IDACORP, Inc. | 53,837 | 4,753,807 |
MGE Energy, Inc. | 38,472 | 2,449,897 |
NextEra Energy, Inc. | 2,089,103 | 168,945,760 |
NRG Energy, Inc. | 260,405 | 10,783,371 |
OGE Energy Corp. | 213,510 | 6,516,325 |
Otter Tail Corp. | 39,146 | 1,553,705 |
PG&E Corp. (a) | 1,553,136 | 17,752,344 |
Pinnacle West Capital Corp. | 120,058 | 9,034,364 |
PNM Resources, Inc. | 80,788 | 3,919,834 |
Portland General Electric Co. | 95,544 | 4,040,556 |
PPL Corp. | 820,013 | 22,689,760 |
The Southern Co. | 1,126,508 | 66,373,851 |
Xcel Energy, Inc. | 560,350 | 35,856,796 |
TOTAL ELECTRIC UTILITIES | 641,302,792 | |
GAS UTILITIES – 4.1% | ||
Gas Utilities – 4.1% | ||
Atmos Energy Corp. | 131,574 | 11,710,086 |
Chesapeake Utilities Corp. | 17,553 | 1,780,401 |
National Fuel Gas Co. | 87,395 | 3,518,523 |
New Jersey Resources Corp. | 102,113 | 3,574,976 |
Northwest Natural Holding Co. | 32,627 | 1,524,007 |
ONE Gas, Inc. | 56,483 | 4,130,602 |
South Jersey Industries, Inc. | 107,444 | 2,481,956 |
Southwest Gas Holdings, Inc. | 59,516 | 3,568,579 |
Spire, Inc. | 54,802 | 3,353,334 |
Star Group LP | 44,383 | 424,302 |
UGI Corp. | 222,202 | 7,997,050 |
TOTAL GAS UTILITIES | 44,063,816 | |
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 4.0% | ||
Independent Power Producers & Energy Traders – 2.8% | ||
Clearway Energy, Inc. Class A | 35,237 | 1,015,883 |
Clearway Energy, Inc. Class C | 81,743 | 2,532,398 |
The AES Corp. | 709,452 | 17,303,534 |
Vistra Corp. | 469,216 | 9,370,244 |
30,222,059 |
| ||
Shares | Value | |
Renewable Electricity – 1.2% | ||
NextEra Energy Partners LP | 66,399 | $ 5,411,519 |
Ormat Technologies, Inc. | 43,584 | 4,975,549 |
Sunnova Energy International, Inc. (a) | 51,826 | 2,272,570 |
12,659,638 | ||
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | 42,881,697 | |
MULTI-UTILITIES – 26.9% | ||
Multi-Utilities – 26.9% | ||
Ameren Corp. | 263,546 | 19,165,065 |
Avista Corp. | 72,247 | 2,707,818 |
Black Hills Corp. | 66,960 | 3,958,675 |
CenterPoint Energy, Inc. | 581,124 | 12,255,905 |
CMS Energy Corp. | 305,357 | 17,368,706 |
Consolidated Edison, Inc. | 356,787 | 25,253,384 |
Dominion Energy, Inc. | 896,120 | 65,318,187 |
DTE Energy Co. | 205,490 | 24,395,773 |
MDU Resources Group, Inc. | 213,885 | 5,623,037 |
NiSource, Inc. | 408,548 | 9,049,338 |
NorthWestern Corp. | 53,842 | 2,932,774 |
Public Service Enterprise Group, Inc. | 539,457 | 30,441,558 |
Sempra Energy | 308,534 | 38,184,168 |
Unitil Corp. | 16,010 | 652,728 |
WEC Energy Group, Inc. | 336,455 | 29,910,849 |
TOTAL MULTI-UTILITIES | 287,217,965 | |
WATER UTILITIES – 4.9% | ||
Water Utilities – 4.9% | ||
American States Water Co. | 39,381 | 3,042,576 |
American Water Works Co., Inc. | 193,277 | 30,734,909 |
Cadiz, Inc. (a) | 36,903 | 411,837 |
California Water Service Group | 52,743 | 2,881,878 |
Essential Utilities, Inc. | 248,416 | 11,501,661 |
Middlesex Water Co. | 18,580 | 1,478,968 |
SJW Group | 27,331 | 1,808,492 |
The York Water Co. | 13,969 | 606,813 |
TOTAL WATER UTILITIES | 52,467,134 | |
TOTAL COMMON STOCKS (Cost $1,048,691,116) | 1,067,933,404 |
Semi-Annual Report | 59 |
Money Market Fund – 0.1% | ||
Shares | Value | |
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b) (Cost $1,264,000) | 1,264,000 | $ 1,264,000 |
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $1,049,955,116) | 1,069,197,404 | |
NET OTHER ASSETS (LIABILITIES) – 0.1% | 768,839 | |
NET ASSETS – 100.0% | $ 1,069,966,243 |
Legend | ||
(a) | Non-income producing. | |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |
Purchased | |||||
Equity Index Contract | |||||
CME E-mini S&P Utilities Select Sector Index Contracts (United States) | 28 | March 2021 | $1,752,520 | $970 | $970 |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $ 1,067,933,404 | $ 1,067,933,404 | $ — | $ — | |||||
Money Market Funds | 1,264,000 | 1,264,000 | — | — | |||||
Total Investments in Securities: | $ 1,069,197,404 | $ 1,069,197,404 | $ — | $ — | |||||
Derivative Instruments: | |||||||||
Assets | |||||||||
Futures Contracts | $ 970 | $ 970 | $ — | $ — | |||||
Total Assets | $ 970 | $ 970 | $ — | $ — | |||||
Total Derivative Instruments: | $ 970 | $ 970 | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $970 | $0 | |
Total Equity Risk | 970 | 0 | |
Total Value of Derivatives | $970 | $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 total accumulated earnings (loss). |
60 | Semi-Annual Report |
Fidelity MSCI Communication Services Index ETF | Fidelity MSCI Consumer Discretionary Index ETF | Fidelity MSCI Consumer Staples Index ETF | Fidelity MSCI Energy Index ETF | ||||
Assets | |||||||
Investments in securities, at value – See accompanying schedule | $ 636,519,179 | $ 1,349,827,216 | $ 849,329,440 | $ 631,652,004 | |||
Segregated cash with brokers for derivative instruments | 35,000 | 95,500 | 132,500 | 176,000 | |||
Cash | 149,601 | 382,694 | 98,463 | 20,356 | |||
Receivable for investments sold | — | — | — | 25,768 | |||
Receivable for fund shares sold | — | — | — | — | |||
Dividends receivable | 779,979 | 178,837 | 1,277,189 | 771,148 | |||
Interest receivable | 13 | 18 | 11 | 9 | |||
Total assets | 637,483,772 | 1,350,484,265 | 850,837,603 | 632,645,285 | |||
Liabilities | |||||||
Payable to custodian bank | — | — | — | — | |||
Payable for investments purchased | 1,810,598 | 463,650 | — | — | |||
Payable for fund shares redeemed | 22,056 | — | — | — | |||
Accrued management fees | 45,492 | 93,556 | 61,838 | 46,542 | |||
Payable for daily variation margin on futures contracts | 11,031 | 34,375 | 48,707 | 122,969 | |||
Total liabilities | 1,889,177 | 591,581 | 110,545 | 169,511 | |||
Net Assets | $635,594,595 | $1,349,892,684 | $850,727,058 | $ 632,475,774 | |||
Net Assets consist of: | |||||||
Paid in capital | 492,922,375 | 950,201,697 | 809,369,583 | 949,032,004 | |||
Total accumulated earnings (loss) | 142,672,220 | 399,690,987 | 41,357,475 | (316,556,230) | |||
Net Assets | $635,594,595 | $1,349,892,684 | $850,727,058 | $ 632,475,774 | |||
Shares outstanding | 14,000,000 | 18,450,000 | 21,800,000 | 59,450,000 | |||
Net Asset Value per share | $ 45.40 | $ 73.16 | $ 39.02 | $ 10.64 | |||
Investments at cost | $491,557,370 | $ 958,962,084 | $787,189,139 | $ 779,629,717 |
Semi-Annual Report | 61 |
Fidelity MSCI Financials Index ETF | Fidelity MSCI Health Care Index ETF | Fidelity MSCI Industrials Index ETF | Fidelity MSCI Information Technology Index ETF | ||||
Assets | |||||||
Investments in securities, at value – See accompanying schedule | $ 907,510,643 | $ 2,553,820,793 | $ 579,262,467 | $ 5,274,197,520 | |||
Segregated cash with brokers for derivative instruments | 141,500 | 401,100 | 73,500 | 675,500 | |||
Cash | 212,116 | — | 20,113 | 52,590 | |||
Receivable for investments sold | 1,955 | 135,483 | 72,226 | — | |||
Receivable for fund shares sold | — | 25,096 | — | — | |||
Dividends receivable | 1,388,093 | 3,386,726 | 242,208 | 1,067,053 | |||
Interest receivable | 18 | 34 | 6 | 66 | |||
Total assets | 909,254,325 | 2,557,769,232 | 579,670,520 | 5,275,992,729 | |||
Liabilities | |||||||
Payable to custodian bank | — | 60,625 | — | — | |||
Payable for investments purchased | 2,027,682 | — | — | — | |||
Payable for fund shares redeemed | — | — | 13,470 | — | |||
Accrued management fees | 65,144 | 179,046 | 41,531 | 373,244 | |||
Payable for daily variation margin on futures contracts | 59,609 | 59,176 | 19,315 | 211,691 | |||
Total liabilities | 2,152,435 | 298,847 | 74,316 | 584,935 | |||
Net Assets | $907,101,890 | $2,557,470,385 | $579,596,204 | $5,275,407,794 | |||
Net Assets consist of: | |||||||
Paid in capital | 913,755,950 | 2,015,618,636 | 549,870,162 | 3,055,304,097 | |||
Total accumulated earnings (loss) | (6,654,060) | 541,851,749 | 29,726,042 | 2,220,103,697 | |||
Net Assets | $907,101,890 | $2,557,470,385 | $579,596,204 | $5,275,407,794 | |||
Shares outstanding | 21,800,000 | 43,300,000 | 12,700,000 | 50,800,000 | |||
Net Asset Value per share | $ 41.61 | $ 59.06 | $ 45.64 | $ 103.85 | |||
Investments at cost | $883,285,346 | $1,984,094,084 | $538,263,555 | $3,106,200,978 |
62 | Semi-Annual Report |
Fidelity MSCI Materials Index ETF | Fidelity MSCI Real Estate Index ETF | Fidelity MSCI Utilities Index ETF | |||
Assets | |||||
Investments in securities, at value – See accompanying schedule | $ 253,982,064 | $ 1,193,182,326 | $ 1,069,197,404 | ||
Segregated cash with brokers for derivative instruments | 37,050 | 269,100 | 134,400 | ||
Cash | 12,490 | 31,343 | 20,886 | ||
Receivable for investments sold | — | — | — | ||
Receivable for fund shares sold | — | — | — | ||
Dividends receivable | 111,988 | 1,134,654 | 699,043 | ||
Interest receivable | 3 | 21 | 21 | ||
Total assets | 254,143,595 | 1,194,617,444 | 1,070,051,754 | ||
Liabilities | |||||
Payable to custodian bank | — | — | — | ||
Payable for investments purchased | — | — | — | ||
Payable for fund shares redeemed | — | — | — | ||
Accrued management fees | 18,878 | 82,631 | 76,750 | ||
Payable for daily variation margin on futures contracts | 9,626 | 62,897 | 8,761 | ||
Total liabilities | 28,504 | 145,528 | 85,511 | ||
Net Assets | $254,115,091 | $1,194,471,916 | $1,069,966,243 | ||
Net Assets consist of: | |||||
Paid in capital | 250,839,329 | 1,220,708,813 | 1,061,510,517 | ||
Total accumulated earnings (loss) | 3,275,762 | (26,236,897) | 8,455,726 | ||
Net Assets | $254,115,091 | $1,194,471,916 | $1,069,966,243 | ||
Shares outstanding | 6,500,000 | 47,100,000 | 26,600,000 | ||
Net Asset Value per share | $ 39.09 | $ 25.36 | $ 40.22 | ||
Investments at cost | $243,806,269 | $1,182,964,189 | $1,049,955,116 |
Semi-Annual Report | 63 |
Fidelity MSCI Communication Services Index ETF | Fidelity MSCI Consumer Discretionary Index ETF | Fidelity MSCI Consumer Staples Index ETF | Fidelity MSCI Energy Index ETF | ||||
Investment Income | |||||||
Dividends | $ 2,511,644 | $ 3,819,884 | $ 11,713,220 | $ 13,426,114 | |||
Non-Cash dividends | — | — | — | — | |||
Interest | 41 | 66 | 51 | — | |||
Total income | 2,511,685 | 3,819,950 | 11,713,271 | 13,426,114 | |||
Expenses | |||||||
Management fees | 250,074 | 467,911 | 345,717 | 209,955 | |||
Independent trustees' fees and expenses | 1,409 | 2,447 | 1,889 | 1,132 | |||
Legal | — | 43 | — | — | |||
Total expenses | 251,483 | 470,401 | 347,606 | 211,087 | |||
Net investment income (loss) | 2,260,202 | 3,349,549 | 11,365,665 | 13,215,027 | |||
Realized and Unrealized Gain (Loss) | |||||||
Net realized gain (loss) on investment securities | 1,036,988 | (8,950,133) | (4,100,204) | (23,360,047) | |||
Net realized gain (loss) on In-kind redemptions | 32,313,294 | 54,469,710 | 13,216,871 | 4,906,219 | |||
Net realized gain (loss) on futures contracts | 247,066 | 549,610 | 165,882 | 559,248 | |||
Net realized gain (loss) on foreign currency transactions | — | — | — | — | |||
Total net realized gain (loss) | 33,597,348 | 46,069,187 | 9,282,549 | (17,894,580) | |||
Change in net unrealized appreciation (depreciation) on investment securities | 72,585,294 | 213,334,023 | 21,232,909 | 87,087,823 | |||
Change in net unrealized appreciation (depreciation) on futures contracts | (62,925) | (71,015) | (123,892) | (6,526) | |||
Total change in net unrealized appreciation (depreciation) | 72,522,369 | 213,263,008 | 21,109,017 | 87,081,297 | |||
Net gain (loss) | 106,119,717 | 259,332,195 | 30,391,566 | 69,186,717 | |||
Net increase (decrease) in net assets resulting from operations | $108,379,919 | $262,681,744 | $ 41,757,231 | $ 82,401,744 |
64 | Semi-Annual Report |
Fidelity MSCI Financials Index ETF | Fidelity MSCI Health Care Index ETF | Fidelity MSCI Industrials Index ETF | Fidelity MSCI Information Technology Index ETF | ||||
Investment Income | |||||||
Dividends | $ 10,456,784 | $ 15,500,751 | $ 3,549,331 | $ 21,503,919 | |||
Non-Cash dividends | — | — | — | — | |||
Interest | 49 | 153 | 26 | 300 | |||
Total income | 10,456,833 | 15,500,904 | 3,549,357 | 21,504,219 | |||
Expenses | |||||||
Management fees | 331,548 | 928,104 | 196,141 | 2,008,517 | |||
Independent trustees' fees and expenses | 1,853 | 5,144 | 1,007 | 11,089 | |||
Legal | — | — | — | — | |||
Total expenses | 333,401 | 933,248 | 197,148 | 2,019,606 | |||
Net investment income (loss) | 10,123,432 | 14,567,656 | 3,352,209 | 19,484,613 | |||
Realized and Unrealized Gain (Loss) | |||||||
Net realized gain (loss) on investment securities | (4,035,267) | 624,449 | (643,041) | (3,174,507) | |||
Net realized gain (loss) on In-kind redemptions | 1,627,491 | 16,034,512 | 1,590,409 | 95,688,186 | |||
Net realized gain (loss) on futures contracts | 644,133 | 524,396 | 213,914 | 2,927,924 | |||
Net realized gain (loss) on foreign currency transactions | — | — | (3) | — | |||
Total net realized gain (loss) | (1,763,643) | 17,183,357 | 1,161,279 | 95,441,603 | |||
Change in net unrealized appreciation (depreciation) on investment securities | 153,234,911 | 258,016,639 | 76,687,865 | 720,835,425 | |||
Change in net unrealized appreciation (depreciation) on futures contracts | (157,400) | (332,692) | (60,585) | (968,686) | |||
Total change in net unrealized appreciation (depreciation) | 153,077,511 | 257,683,947 | 76,627,280 | 719,866,739 | |||
Net gain (loss) | 151,313,868 | 274,867,304 | 77,788,559 | 815,308,342 | |||
Net increase (decrease) in net assets resulting from operations | $161,437,300 | $289,434,960 | $81,140,768 | $834,792,955 |
Semi-Annual Report | 65 |
Fidelity MSCI Materials Index ETF | Fidelity MSCI Real Estate Index ETF | Fidelity MSCI Utilities Index ETF | |||
Investment Income | |||||
Dividends | $ 1,952,046 | $ 18,292,510 | $ 16,204,287 | ||
Non-Cash dividends | — | 7,194,081 | — | ||
Interest | 15 | 66 | 58 | ||
Total income | 1,952,061 | 25,486,657 | 16,204,345 | ||
Expenses | |||||
Management fees | 88,371 | 468,432 | 423,936 | ||
Independent trustees' fees and expenses | 457 | 2,639 | 2,326 | ||
Legal | — | — | — | ||
Total expenses | 88,828 | 471,071 | 426,262 | ||
Net investment income (loss) | 1,863,233 | 25,015,586 | 15,778,083 | ||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on investment securities | (379,713) | (18,632,289) | (4,813,017) | ||
Net realized gain (loss) on In-kind redemptions | 3,439,428 | 17,729,150 | 18,151,604 | ||
Net realized gain (loss) on futures contracts | 97,775 | 158,284 | (64,251) | ||
Net realized gain (loss) on foreign currency transactions | — | — | — | ||
Total net realized gain (loss) | 3,157,490 | (744,855) | 13,274,336 | ||
Change in net unrealized appreciation (depreciation) on investment securities | 28,976,719 | 51,104,830 | 9,714,960 | ||
Change in net unrealized appreciation (depreciation) on futures contracts | (20,570) | (47,115) | (67,113) | ||
Total change in net unrealized appreciation (depreciation) | 28,956,149 | 51,057,715 | 9,647,847 | ||
Net gain (loss) | 32,113,639 | 50,312,860 | 22,922,183 | ||
Net increase (decrease) in net assets resulting from operations | $33,976,872 | $ 75,328,446 | $ 38,700,266 |
66 | Semi-Annual Report |
Fidelity MSCI Communication Services Index ETF | Fidelity MSCI Consumer Discretionary Index ETF | ||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations | |||||||
Net investment income (loss) | $ 2,260,202 | $ 4,480,821 | $ 3,349,549 | $ 7,624,071 | |||
Net realized gain (loss) | 33,597,348 | 16,240,366 | 46,069,187 | 1,792,983 | |||
Change in net unrealized appreciation (depreciation) | 72,522,369 | 36,605,255 | 213,263,008 | 145,904,660 | |||
Net increase (decrease) in net assets resulting from operations | 108,379,919 | 57,326,442 | 262,681,744 | 155,321,714 | |||
Distributions to shareholders | (2,050,550) | (4,434,950) | (3,324,150) | (7,815,800) | |||
Return of capital | — | — | — | — | |||
Total distributions | (2,050,550) | (4,434,950) | (3,324,150) | (7,815,800) | |||
Share transactions | |||||||
Proceeds from sales of shares | 54,238,237 | 291,574,303 | 347,887,349 | 197,065,429 | |||
Cost of shares redeemed | (102,681,921) | (141,145,649) | (138,941,228) | (191,439,423) | |||
Net increase (decrease) in net assets resulting from share transactions | (48,443,684) | 150,428,654 | 208,946,121 | 5,626,006 | |||
Total increase (decrease) in net assets | 57,885,685 | 203,320,146 | 468,303,715 | 153,131,920 | |||
Net Assets | |||||||
Beginning of period | 577,708,910 | 374,388,764 | 881,588,969 | 728,457,049 | |||
End of period | $ 635,594,595 | $ 577,708,910 | $1,349,892,684 | $ 881,588,969 | |||
Other Information | |||||||
Shares | |||||||
Sold | 1,250,000 | 8,500,000 | 5,300,000 | 3,950,000 | |||
Redeemed | (2,500,000) | (4,150,000) | (2,250,000) | (4,300,000) | |||
Net increase (decrease) | (1,250,000) | 4,350,000 | 3,050,000 | (350,000) |
Semi-Annual Report | 67 |
Fidelity MSCI Consumer Staples Index ETF | Fidelity MSCI Energy Index ETF | ||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations | |||||||
Net investment income (loss) | $ 11,365,665 | $ 16,165,295 | $ 13,215,027 | $ 17,353,322 | |||
Net realized gain (loss) | 9,282,549 | 17,540,475 | (17,894,580) | (78,388,632) | |||
Change in net unrealized appreciation (depreciation) | 21,109,017 | 19,047,261 | 87,081,297 | (119,730,012) | |||
Net increase (decrease) in net assets resulting from operations | 41,757,231 | 52,753,031 | 82,401,744 | (180,765,322) | |||
Distributions to shareholders | (11,206,150) | (15,887,400) | (12,387,400) | (29,582,350) | |||
Return of capital | — | — | — | — | |||
Total distributions | (11,206,150) | (15,887,400) | (12,387,400) | (29,582,350) | |||
Share transactions | |||||||
Proceeds from sales of shares | 198,487,353 | 344,013,928 | 134,825,647 | 295,198,608 | |||
Cost of shares redeemed | (56,960,116) | (250,300,763) | (21,688,881) | (103,154,387) | |||
Net increase (decrease) in net assets resulting from share transactions | 141,527,237 | 93,713,165 | 113,136,766 | 192,044,221 | |||
Total increase (decrease) in net assets | 172,078,318 | 130,578,796 | 183,151,110 | (18,303,451) | |||
Net Assets | |||||||
Beginning of period | 678,648,740 | 548,069,944 | 449,324,664 | 467,628,115 | |||
End of period | $850,727,058 | $ 678,648,740 | $632,475,774 | $ 449,324,664 | |||
Other Information | |||||||
Shares | |||||||
Sold | 5,050,000 | 9,800,000 | 14,250,000 | 29,050,000 | |||
Redeemed | (1,450,000) | (7,000,000) | (2,250,000) | (9,450,000) | |||
Net increase (decrease) | 3,600,000 | 2,800,000 | 12,000,000 | 19,600,000 |
68 | Semi-Annual Report |
Fidelity MSCI Financials Index ETF | Fidelity MSCI Health Care Index ETF | ||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations | |||||||
Net investment income (loss) | $ 10,123,432 | $ 23,623,527 | $ 14,567,656 | $ 25,342,498 | |||
Net realized gain (loss) | (1,763,643) | (2,430,801) | 17,183,357 | 68,468,128 | |||
Change in net unrealized appreciation (depreciation) | 153,077,511 | (188,174,937) | 257,683,947 | 199,574,403 | |||
Net increase (decrease) in net assets resulting from operations | 161,437,300 | (166,982,211) | 289,434,960 | 293,385,029 | |||
Distributions to shareholders | (9,109,400) | (23,513,000) | (16,794,400) | (23,973,050) | |||
Return of capital | — | — | — | — | |||
Total distributions | (9,109,400) | (23,513,000) | (16,794,400) | (23,973,050) | |||
Share transactions | |||||||
Proceeds from sales of shares | 59,523,198 | 108,377,280 | 308,055,313 | 471,503,606 | |||
Cost of shares redeemed | (29,808,242) | (336,681,503) | (38,491,758) | (282,901,778) | |||
Net increase (decrease) in net assets resulting from share transactions | 29,714,956 | (228,304,223) | 269,563,555 | 188,601,828 | |||
Total increase (decrease) in net assets | 182,042,856 | (418,799,434) | 542,204,115 | 458,013,807 | |||
Net Assets | |||||||
Beginning of period | 725,059,034 | 1,143,858,468 | 2,015,266,270 | 1,557,252,463 | |||
End of period | $907,101,890 | $ 725,059,034 | $2,557,470,385 | $2,015,266,270 | |||
Other Information | |||||||
Shares | |||||||
Sold | 1,400,000 | 2,900,000 | 5,500,000 | 9,700,000 | |||
Redeemed | (850,000) | (9,400,000) | (700,000) | (6,250,000) | |||
Net increase (decrease) | 550,000 | (6,500,000) | 4,800,000 | 3,450,000 |
Semi-Annual Report | 69 |
Fidelity MSCI Industrials Index ETF | Fidelity MSCI Information Technology Index ETF | ||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations | |||||||
Net investment income (loss) | $ 3,352,209 | $ 7,103,245 | $ 19,484,613 | $ 38,604,113 | |||
Net realized gain (loss) | 1,161,279 | 3,581,017 | 95,441,603 | 103,918,960 | |||
Change in net unrealized appreciation (depreciation) | 76,627,280 | (39,473,230) | 719,866,739 | 928,824,154 | |||
Net increase (decrease) in net assets resulting from operations | 81,140,768 | (28,788,968) | 834,792,955 | 1,071,347,227 | |||
Distributions to shareholders | (3,067,500) | (7,240,200) | (19,450,550) | (37,905,100) | |||
Return of capital | — | — | — | — | |||
Total distributions | (3,067,500) | (7,240,200) | (19,450,550) | (37,905,100) | |||
Share transactions | |||||||
Proceeds from sales of shares | 160,445,806 | 52,096,532 | 337,816,913 | 943,899,046 | |||
Cost of shares redeemed | (6,220,347) | (123,240,943) | (166,007,392) | (260,449,536) | |||
Net increase (decrease) in net assets resulting from share transactions | 154,225,459 | (71,144,411) | 171,809,521 | 683,449,510 | |||
Total increase (decrease) in net assets | 232,298,727 | (107,173,579) | 987,151,926 | 1,716,891,637 | |||
Net Assets | |||||||
Beginning of period | 347,297,477 | 454,471,056 | 4,288,255,868 | 2,571,364,231 | |||
End of period | $579,596,204 | $ 347,297,477 | $5,275,407,794 | $4,288,255,868 | |||
Other Information | |||||||
Shares | |||||||
Sold | 3,600,000 | 1,400,000 | 3,450,000 | 13,150,000 | |||
Redeemed | (150,000) | (3,500,000) | (1,800,000) | (3,850,000) | |||
Net increase (decrease) | 3,450,000 | (2,100,000) | 1,650,000 | 9,300,000 |
70 | Semi-Annual Report |
Fidelity MSCI Materials Index ETF | Fidelity MSCI Real Estate Index ETF | ||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations | |||||||
Net investment income (loss) | $ 1,863,233 | $ 3,629,585 | $ 25,015,586 | $ 24,756,912 | |||
Net realized gain (loss) | 3,157,490 | (3,308,400) | (744,855) | (25,325,790) | |||
Change in net unrealized appreciation (depreciation) | 28,956,149 | (5,513,248) | 51,057,715 | (82,812,809) | |||
Net increase (decrease) in net assets resulting from operations | 33,976,872 | (5,192,063) | 75,328,446 | (83,381,687) | |||
Distributions to shareholders | (1,925,650) | (3,689,350) | (23,029,850) | (24,756,912) | |||
Return of capital | — | — | — | (7,484,038) | |||
Total distributions | (1,925,650) | (3,689,350) | (23,029,850) | (32,240,950) | |||
Share transactions | |||||||
Proceeds from sales of shares | 69,137,563 | 76,091,208 | 150,612,029 | 623,288,190 | |||
Cost of shares redeemed | (11,559,757) | (101,766,943) | (74,592,387) | (285,514,758) | |||
Net increase (decrease) in net assets resulting from share transactions | 57,577,806 | (25,675,735) | 76,019,642 | 337,773,432 | |||
Total increase (decrease) in net assets | 89,629,028 | (34,557,148) | 128,318,238 | 222,150,795 | |||
Net Assets | |||||||
Beginning of period | 164,486,063 | 199,043,211 | 1,066,153,678 | 844,002,883 | |||
End of period | $254,115,091 | $ 164,486,063 | $1,194,471,916 | $1,066,153,678 | |||
Other Information | |||||||
Shares | |||||||
Sold | 1,800,000 | 2,350,000 | 6,150,000 | 25,200,000 | |||
Redeemed | (300,000) | (3,450,000) | (3,050,000) | (12,950,000) | |||
Net increase (decrease) | 1,500,000 | (1,100,000) | 3,100,000 | 12,250,000 |
Semi-Annual Report | 71 |
Fidelity MSCI Utilities Index ETF | |||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net investment income (loss) | $ 15,778,083 | $ 26,659,205 | |
Net realized gain (loss) | 13,274,336 | 18,744,822 | |
Change in net unrealized appreciation (depreciation) | 9,647,847 | (50,519,483) | |
Net increase (decrease) in net assets resulting from operations | 38,700,266 | (5,115,456) | |
Distributions to shareholders | (15,384,450) | (27,022,800) | |
Return of capital | — | — | |
Total distributions | (15,384,450) | (27,022,800) | |
Share transactions | |||
Proceeds from sales of shares | 312,727,632 | 372,539,343 | |
Cost of shares redeemed | (110,883,746) | (228,784,710) | |
Net increase (decrease) in net assets resulting from share transactions | 201,843,886 | 143,754,633 | |
Total increase (decrease) in net assets | 225,159,702 | 111,616,377 | |
Net Assets | |||
Beginning of period | 844,806,541 | 733,190,164 | |
End of period | $1,069,966,243 | $ 844,806,541 | |
Other Information | |||
Shares | |||
Sold | 7,800,000 | 9,100,000 | |
Redeemed | (2,800,000) | (6,200,000) | |
Net increase (decrease) | 5,000,000 | 2,900,000 |
72 | Semi-Annual Report |
Fidelity MSCI Communication Services Index ETF | |||||||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | ||||||
Selected Per-Share Data | |||||||||||
Net asset value, beginning of period | $ 37.88 | $ 34.35 | $ 28.76 | $ 32.62 | $ 32.10 | $ 26.86 | |||||
Income from Investment Operations | |||||||||||
Net investment income (loss)A | 0.16 | 0.33 | 0.49 | 0.85 | 0.80 | 0.78 | |||||
Net realized and unrealized gain (loss) | 7.50 | 3.52 | 5.59 | (2.43) | 0.62 | 5.11 | |||||
Total from investment operations | 7.66 | 3.85 | 6.08 | (1.58) | 1.42 | 5.89 | |||||
Distributions from net investment income | (0.14) | (0.32) | (0.49) | (1.00) | (0.90) | (0.65) | |||||
Distributions from net realized gain | — | — | — | (1.28) | — | — | |||||
Total distributions | (0.14) | (0.32) | (0.49) | (2.28) | (0.90) | (0.65) | |||||
Net asset value, end of period | $ 45.40 | $ 37.88 | $ 34.35 | $ 28.76 | $ 32.62 | $ 32.10 | |||||
Total ReturnB,C | 20.25% | 11.40% | 21.33% | (5.14)% | 4.58% | 22.36% | |||||
Ratios to Average Net AssetsD | |||||||||||
Expenses before reductions | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Expenses net of fee waivers, if any | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Expenses net of all reductions | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Net investment income (loss) | .76% E | .96% | 1.53% | 2.81% | 2.55% | 2.74% | |||||
Supplemental Data | |||||||||||
Net assets, end of period (000 omitted) | $635,595 | $577,709 | $374,389 | $125,104 | $115,818 | $174,940 | |||||
Portfolio turnover rateF,G | 5% H | 23% | 82% | 38% | 27% | 26% |
A | Calculated based on average shares outstanding during the period. |
B | Based on net asset value. |
C | Total returns for periods of less than one year are not annualized. |
D | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
E | Annualized. |
F | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
G | Portfolio turnover rate excludes securities received or delivered in-kind. |
H | Amount not annualized. |
Semi-Annual Report | 73 |
Fidelity MSCI Consumer Discretionary Index ETF | |||||||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | ||||||
Selected Per-Share Data | |||||||||||
Net asset value, beginning of period | $ 57.25 | $ 46.25 | $ 43.32 | $ 36.06 | $ 31.99 | $ 32.06 | |||||
Income from Investment Operations | |||||||||||
Net investment income (loss)A | 0.20 | 0.50 | 0.51 | 0.47 | 0.50 | 0.43 | |||||
Net realized and unrealized gain (loss) | 15.90 | 11.01 | 2.96 | 7.20 | 4.07 | (0.06) | |||||
Total from investment operations | 16.10 | 11.51 | 3.47 | 7.67 | 4.57 | 0.37 | |||||
Distributions from net investment income | (0.19) | (0.51) | (0.54) | (0.41) | (0.50) | (0.44) | |||||
Total distributions | (0.19) | (0.51) | (0.54) | (0.41) | (0.50) | (0.44) | |||||
Net asset value, end of period | $ 73.16 | $ 57.25 | $ 46.25 | $ 43.32 | $ 36.06 | $ 31.99 | |||||
Total ReturnB,C | 28.18% | 25.26% | 8.15% | 21.36% | 14.41% | 1.25% | |||||
Ratios to Average Net AssetsD | |||||||||||
Expenses before reductions | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Expenses net of fee waivers, if any | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Expenses net of all reductions | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Net investment income (loss) | .60% E | 1.06% | 1.18% | 1.16% | 1.49% | 1.41% | |||||
Supplemental Data | |||||||||||
Net assets, end of period (000 omitted) | $1,349,893 | $881,589 | $728,457 | $628,129 | $293,913 | $262,322 | |||||
Portfolio turnover rateF,G | 53% H | 60% | 25% | 5% | 7% | 5% |
A | Calculated based on average shares outstanding during the period. |
B | Based on net asset value. |
C | Total returns for periods of less than one year are not annualized. |
D | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
E | Annualized. |
F | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
G | Portfolio turnover rate excludes securities received or delivered in-kind. |
H | Amount not annualized. |
74 | Semi-Annual Report |
Fidelity MSCI Consumer Staples Index ETF | |||||||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | ||||||
Selected Per-Share Data | |||||||||||
Net asset value, beginning of period | $ 37.29 | $ 35.59 | $ 32.33 | $ 33.23 | $ 32.82 | $ 30.31 | |||||
Income from Investment Operations | |||||||||||
Net investment income (loss)A | 0.54 | 0.96 | 0.94 | 0.86 | 0.83 | 0.75 | |||||
Net realized and unrealized gain (loss) | 1.71 | 1.70 | 3.23 | (0.88) | 0.40 | 2.56 | |||||
Total from investment operations | 2.25 | 2.66 | 4.17 | (0.02) | 1.23 | 3.31 | |||||
Distributions from net investment income | (0.52) | (0.96) | (0.91) | (0.88) | (0.82) | (0.80) | |||||
Total distributions | (0.52) | (0.96) | (0.91) | (0.88) | (0.82) | (0.80) | |||||
Net asset value, end of period | $ 39.02 | $ 37.29 | $ 35.59 | $ 32.33 | $ 33.23 | $ 32.82 | |||||
Total ReturnB,C | 6.06% | 7.74% | 13.16% | (0.06)% | 3.82% | 11.18% | |||||
Ratios to Average Net AssetsD | |||||||||||
Expenses before reductions | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Expenses net of fee waivers, if any | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Expenses net of all reductions | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Net investment income (loss) | 2.75% E | 2.68% | 2.83% | 2.65% | 2.56% | 2.45% | |||||
Supplemental Data | |||||||||||
Net assets, end of period (000 omitted) | $850,727 | $678,649 | $548,070 | $311,970 | $312,349 | $285,504 | |||||
Portfolio turnover rateF,G | 16% H | 34% | 30% | 24% | 11% | 10% |
A | Calculated based on average shares outstanding during the period. |
B | Based on net asset value. |
C | Total returns for periods of less than one year are not annualized. |
D | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
E | Annualized. |
F | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
G | Portfolio turnover rate excludes securities received or delivered in-kind. |
H | Amount not annualized. |
Semi-Annual Report | 75 |
Fidelity MSCI Energy Index ETF | |||||||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | ||||||
Selected Per-Share Data | |||||||||||
Net asset value, beginning of period | $ 9.47 | $ 16.79 | $ 21.50 | $ 18.39 | $ 19.03 | $ 19.72 | |||||
Income from Investment Operations | |||||||||||
Net investment income (loss)A | 0.25 | 0.51 | 0.54 | 0.47 | 0.57 | 0.50 | |||||
Net realized and unrealized gain (loss) | 1.16 | (6.86) | (4.70) | 3.22 | (0.73) | (0.69) | |||||
Total from investment operations | 1.41 | (6.35) | (4.16) | 3.69 | (0.16) | (0.19) | |||||
Distributions from net investment income | (0.24) | (0.97) | (0.55) | (0.58) | (0.48) | (0.50) | |||||
Total distributions | (0.24) | (0.97) | (0.55) | (0.58) | (0.48) | (0.50) | |||||
Net asset value, end of period | $ 10.64 | $ 9.47 | $ 16.79 | $ 21.50 | $ 18.39 | $ 19.03 | |||||
Total ReturnB,C | 15.20% | (39.28)% | (19.42)% | 20.52% | (0.96)% | (0.75)% | |||||
Ratios to Average Net AssetsD | |||||||||||
Expenses before reductions | .08% E | .08% | .08% | .08% | �� | .08% | .12% | ||||
Expenses net of fee waivers, if any | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Expenses net of all reductions | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Net investment income (loss) | 5.29% E | 4.18% | 2.92% | 2.40% | 2.91% | 2.74% | |||||
Supplemental Data | |||||||||||
Net assets, end of period (000 omitted) | $632,476 | $449,325 | $467,628 | $634,157 | $431,311 | $430,039 | |||||
Portfolio turnover rateF,G | 4% H | 17% | 6% | 5% | 10% | 19% |
A | Calculated based on average shares outstanding during the period. |
B | Based on net asset value. |
C | Total returns for periods of less than one year are not annualized. |
D | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
E | Annualized. |
F | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
G | Portfolio turnover rate excludes securities received or delivered in-kind. |
H | Amount not annualized. |
76 | Semi-Annual Report |
Fidelity MSCI Financials Index ETF | |||||||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | ||||||
Selected Per-Share Data | |||||||||||
Net asset value, beginning of period | $ 34.12 | $ 41.22 | $ 41.05 | $ 36.94 | $ 28.61 | $ 29.78 | |||||
Income from Investment Operations | |||||||||||
Net investment income (loss)A | 0.48 | 1.00 | 0.89 | 0.75 | 0.61 | 0.63 | |||||
Net realized and unrealized gain (loss) | 7.45 | (7.09) | 0.18 | 4.11 | 8.28 | (1.11) | |||||
Total from investment operations | 7.93 | (6.09) | 1.07 | 4.86 | 8.89 | (0.48) | |||||
Distributions from net investment income | (0.44) | (1.01) | (0.90) | (0.75) | (0.56) | (0.69) | |||||
Total distributions | (0.44) | (1.01) | (0.90) | (0.75) | (0.56) | (0.69) | |||||
Net asset value, end of period | $ 41.61 | $ 34.12 | $ 41.22 | $ 41.05 | $ 36.94 | $ 28.61 | |||||
Total ReturnB,C | 23.39% | (14.78)% | 2.80% | 13.23% | 31.31% | (1.49)% | |||||
Ratios to Average Net AssetsD | |||||||||||
Expenses before reductions | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Expenses net of fee waivers, if any | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Expenses net of all reductions | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Net investment income (loss) | 2.56% E | 2.61% | 2.27% | 1.88% | 1.77% | 2.29% | |||||
Supplemental Data | |||||||||||
Net assets, end of period (000 omitted) | $907,102 | $725,059 | $1,143,858 | $1,574,375 | $921,679 | $237,490 | |||||
Portfolio turnover rateF,G | 2% H | 6% | 5% | 5% | 18% | 8% |
A | Calculated based on average shares outstanding during the period. |
B | Based on net asset value. |
C | Total returns for periods of less than one year are not annualized. |
D | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
E | Annualized. |
F | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
G | Portfolio turnover rate excludes securities received or delivered in-kind. |
H | Amount not annualized. |
Semi-Annual Report | 77 |
Fidelity MSCI Health Care Index ETF | |||||||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | ||||||
Selected Per-Share Data | |||||||||||
Net asset value, beginning of period | $ 52.34 | $ 44.43 | $ 43.72 | $ 38.44 | $ 35.67 | $ 37.16 | |||||
Income from Investment Operations | |||||||||||
Net investment income (loss)A | 0.36 | 0.72 | 0.63 | 0.56 | 0.51 | 0.44 | |||||
Net realized and unrealized gain (loss) | 6.77 | 7.88 | 1.01 | 5.29 | 2.76 | (1.49) | |||||
Total from investment operations | 7.13 | 8.60 | 1.64 | 5.85 | 3.27 | (1.05) | |||||
Distributions from net investment income | (0.41) | (0.69) | (0.93) | (0.57) | (0.50) | (0.44) | |||||
Total distributions | (0.41) | (0.69) | (0.93) | (0.57) | (0.50) | (0.44) | |||||
Net asset value, end of period | $ 59.06 | $ 52.34 | $ 44.43 | $ 43.72 | $ 38.44 | $ 35.67 | |||||
Total ReturnB,C | 13.68% | 19.69% | 3.84% | 15.34% | 9.30% | (2.73)% | |||||
Ratios to Average Net AssetsD | |||||||||||
Expenses before reductions | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Expenses net of fee waivers, if any | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Expenses net of all reductions | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Net investment income (loss) | 1.31% E | 1.52% | 1.43% | 1.39% | 1.45% | 1.30% | |||||
Supplemental Data | |||||||||||
Net assets, end of period (000 omitted) | $2,557,470 | $2,015,266 | $1,557,252 | $1,252,626 | $818,710 | $642,124 | |||||
Portfolio turnover rateF,G | 3% H | 7% | 5% | 8% | 4% | 9% |
A | Calculated based on average shares outstanding during the period. |
B | Based on net asset value. |
C | Total returns for periods of less than one year are not annualized. |
D | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
E | Annualized. |
F | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
G | Portfolio turnover rate excludes securities received or delivered in-kind. |
H | Amount not annualized. |
78 | Semi-Annual Report |
Fidelity MSCI Industrials Index ETF | |||||||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | ||||||
Selected Per-Share Data | |||||||||||
Net asset value, beginning of period | $ 37.55 | $ 40.04 | $ 39.51 | $ 34.93 | $ 30.10 | $ 28.05 | |||||
Income from Investment Operations | |||||||||||
Net investment income (loss)A | 0.31 | 0.69 | 0.70 | 0.61 | 0.61 | 0.54 | |||||
Net realized and unrealized gain (loss) | 8.06 | (2.48) | 0.51 | 4.62 | 4.79 | 2.04 | |||||
Total from investment operations | 8.37 | (1.79) | 1.21 | 5.23 | 5.40 | 2.58 | |||||
Distributions from net investment income | (0.28) | (0.70) | (0.68) | (0.65) | (0.57) | (0.53) | |||||
Total distributions | (0.28) | (0.70) | (0.68) | (0.65) | (0.57) | (0.53) | |||||
Net asset value, end of period | $ 45.64 | $ 37.55 | $ 40.04 | $ 39.51 | $ 34.93 | $ 30.10 | |||||
Total ReturnB,C | 22.34% | (4.34)% | 3.23% | 15.08% | 18.08% | 9.41% | |||||
Ratios to Average Net AssetsD | |||||||||||
Expenses before reductions | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Expenses net of fee waivers, if any | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Expenses net of all reductions | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Net investment income (loss) | 1.43% E | 1.80% | 1.84% | 1.61% | 1.85% | 1.94% | |||||
Supplemental Data | |||||||||||
Net assets, end of period (000 omitted) | $579,596 | $347,297 | $454,471 | $499,824 | $354,586 | $158,049 | |||||
Portfolio turnover rateF,G | 2% H | 4% | 5% | 5% | 5% | 11% |
A | Calculated based on average shares outstanding during the period. |
B | Based on net asset value. |
C | Total returns for periods of less than one year are not annualized. |
D | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
E | Annualized. |
F | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
G | Portfolio turnover rate excludes securities received or delivered in-kind. |
H | Amount not annualized. |
Semi-Annual Report | 79 |
Fidelity MSCI Information Technology Index ETF | |||||||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | ||||||
Selected Per-Share Data | |||||||||||
Net asset value, beginning of period | $ 87.25 | $ 64.53 | $ 56.36 | $ 44.50 | $ 34.93 | $ 32.69 | |||||
Income from Investment Operations | |||||||||||
Net investment income (loss)A | 0.39 | 0.87 | 0.70 | 0.53 | 0.48 | 0.46 | |||||
Net realized and unrealized gain (loss) | 16.60 | 22.70 | 8.17 | 11.85 | 9.54 | 2.24 B | |||||
Total from investment operations | 16.99 | 23.57 | 8.87 | 12.38 | 10.02 | 2.70 | |||||
Distributions from net investment income | (0.39) | (0.85) | (0.70) | (0.52) | (0.45) | (0.46) | |||||
Total distributions | (0.39) | (0.85) | (0.70) | (0.52) | (0.45) | (0.46) | |||||
Net asset value, end of period | $ 103.85 | $ 87.25 | $ 64.53 | $ 56.36 | $ 44.50 | $ 34.93 | |||||
Total ReturnC,D | 19.51% | 36.99% | 15.94% | 27.92% | 28.86% | 8.41% B | |||||
Ratios to Average Net AssetsE | |||||||||||
Expenses before reductions | .08% F | .08% | .08% | .08% | .08% | .12% | |||||
Expenses net of fee waivers, if any | .08% F | .08% | .08% | .08% | .08% | .12% | |||||
Expenses net of all reductions | .08% F | .08% | .08% | .08% | .08% | .12% | |||||
Net investment income (loss) | .81% F | 1.21% | 1.22% | 1.02% | 1.19% | 1.42% | |||||
Supplemental Data | |||||||||||
Net assets, end of period (000 omitted) | $5,275,408 | $4,288,256 | $2,571,364 | $2,223,254 | $1,010,043 | $431,391 | |||||
Portfolio turnover rateG,H | 1% I | 5% | 18% | 4% | 6% | 5% |
A | Calculated based on average shares outstanding during the period. |
B | Amount includes a reimbursement from the investment advisor for an operational error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 8.38%. |
C | Based on net asset value. |
D | Total returns for periods of less than one year are not annualized. |
E | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
F | Annualized. |
G | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
H | Portfolio turnover rate excludes securities received or delivered in-kind. |
I | Amount not annualized. |
80 | Semi-Annual Report |
Fidelity MSCI Materials Index ETF | |||||||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | ||||||
Selected Per-Share Data | |||||||||||
Net asset value, beginning of period | $ 32.90 | $ 32.63 | $ 34.70 | $ 31.63 | $ 27.71 | $ 25.91 | |||||
Income from Investment Operations | |||||||||||
Net investment income (loss)A | 0.33 | 0.65 | 0.65 | 0.55 | 0.57 | 0.50 | |||||
Net realized and unrealized gain (loss) | 6.20 | 0.30 B | (2.08) | 3.09 | 3.87 | 1.83 | |||||
Total from investment operations | 6.53 | 0.95 | (1.43) | 3.64 | 4.44 | 2.33 | |||||
Distributions from net investment income | (0.34) | (0.68) | (0.64) | (0.57) | (0.52) | (0.53) | |||||
Total distributions | (0.34) | (0.68) | (0.64) | (0.57) | (0.52) | (0.53) | |||||
Net asset value, end of period | $ 39.09 | $ 32.90 | $ 32.63 | $ 34.70 | $ 31.63 | $ 27.71 | |||||
Total ReturnC,D | 19.93% | 3.28% | (4.02)% | 11.54% | 16.17% | 9.28% | |||||
Ratios to Average Net AssetsE | |||||||||||
Expenses before reductions | .08% F | .08% | .08% | .08% | .08% | .11% | |||||
Expenses net of fee waivers, if any | .08% F | .08% | .08% | .08% | .08% | .11% | |||||
Expenses net of all reductions | .08% F | .08% | .08% | .08% | .08% | .11% | |||||
Net investment income (loss) | 1.77% F | 2.08% | 2.05% | 1.60% | 1.93% | 2.00% | |||||
Supplemental Data | |||||||||||
Net assets, end of period (000 omitted) | $254,115 | $164,486 | $199,043 | $265,428 | $211,931 | $123,325 | |||||
Portfolio turnover rateG,H | 1% I | 3% | 12% | 10% | 7% | 9% |
A | Calculated based on average shares outstanding during the period. |
B | 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 share transactions in relation to fluctuating market values of the investments of a Fund. |
C | Based on net asset value. |
D | Total returns for periods of less than one year are not annualized. |
E | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
F | Annualized. |
G | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
H | Portfolio turnover rate excludes securities received or delivered in-kind. |
I | Amount not annualized. |
Semi-Annual Report | 81 |
Fidelity MSCI Real Estate Index ETF | |||||||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | ||||||
Selected Per-Share Data | |||||||||||
Net asset value, beginning of period | $ 24.23 | $ 26.58 | $ 24.69 | $ 24.53 | $ 25.83 | $ 22.55 | |||||
Income from Investment Operations | |||||||||||
Net investment income (loss)A | 0.55 | 0.67 | 1.05 | 0.76 | 0.68 | 0.83 | |||||
Net realized and unrealized gain (loss) | 1.08 | (2.13) | 2.08 | 0.32 | (1.12) | 3.37 | |||||
Total from investment operations | 1.63 | (1.46) | 3.13 | 1.08 | (0.44) | 4.20 | |||||
Distributions from net investment income | (0.50) | (0.68) | (1.24) | (0.92) | (0.86) | (0.92) | |||||
Return of capital | — | (0.21) | — | — | — | — | |||||
Total distributions | (0.50) | (0.89) | (1.24) | (0.92) | (0.86) | (0.92) | |||||
Net asset value, end of period | $ 25.36 | $ 24.23 | $ 26.58 | $ 24.69 | $ 24.53 | $ 25.83 | |||||
Total ReturnB,C | 6.80% | (5.27)% | 13.19% | 4.53% | (1.53)% | 19.29% | |||||
Ratios to Average Net AssetsD | |||||||||||
Expenses before reductions | .08% E | .08% | .08% | .08% | .08% | .11% | |||||
Expenses net of fee waivers, if any | .08% E | .08% | .08% | .08% | .08% | .11% | |||||
Expenses net of all reductions | .08% E | .08% | .08% | .08% | .08% | .11% | |||||
Net investment income (loss) | 4.46% E | 2.62% | 4.20% | 3.15% | 2.85% | 3.55% | |||||
Supplemental Data | |||||||||||
Net assets, end of period (000 omitted) | $1,194,472 | $1,066,154 | $844,003 | $502,347 | $392,538 | $183,394 | |||||
Portfolio turnover rateF,G | 7% H | 9% | 10% | 8% | 17% | 10% |
A | Calculated based on average shares outstanding during the period. |
B | Based on net asset value. |
C | Total returns for periods of less than one year are not annualized. |
D | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
E | Annualized. |
F | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
G | Portfolio turnover rate excludes securities received or delivered in-kind. |
H | Amount not annualized. |
82 | Semi-Annual Report |
Fidelity MSCI Utilities Index ETF | |||||||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017 | Year ended July 31, 2016 | ||||||
Selected Per-Share Data | |||||||||||
Net asset value, beginning of period | $ 39.11 | $ 39.21 | $ 34.85 | $ 34.64 | $ 33.57 | $ 28.10 | |||||
Income from Investment Operations | |||||||||||
Net investment income (loss)A | 0.62 | 1.23 | 1.16 | 1.10 | 1.06 | 0.98 | |||||
Net realized and unrealized gain (loss) | 1.10 | (0.09) | 4.32 | 0.20 | 1.09 | 5.48 | |||||
Total from investment operations | 1.72 | 1.14 | 5.48 | 1.30 | 2.15 | 6.46 | |||||
Distributions from net investment income | (0.61) | (1.24) | (1.12) | (1.09) | (1.08) | (0.99) | |||||
Total distributions | (0.61) | (1.24) | (1.12) | (1.09) | (1.08) | (0.99) | |||||
Net asset value, end of period | $ 40.22 | $ 39.11 | $ 39.21 | $ 34.85 | $ 34.64 | $ 33.57 | |||||
Total ReturnB,C | 4.48% | 3.13% | 15.93% | 3.83% | 6.61% | 23.56% | |||||
Ratios to Average Net AssetsD | |||||||||||
Expenses before reductions | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Expenses net of fee waivers, if any | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Expenses net of all reductions | .08% E | .08% | .08% | .08% | .08% | .12% | |||||
Net investment income (loss) | 3.11% E | 3.06% | 3.11% | 3.21% | 3.22% | 3.25% | |||||
Supplemental Data | |||||||||||
Net assets, end of period (000 omitted) | $1,069,966 | $844,807 | $733,190 | $336,273 | $277,149 | $283,669 | |||||
Portfolio turnover rateF,G | 3% H | 5% | 7% | 6% | 6% | 9% |
A | Calculated based on average shares outstanding during the period. |
B | Based on net asset value. |
C | Total returns for periods of less than one year are not annualized. |
D | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
E | Annualized. |
F | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
G | Portfolio turnover rate excludes securities received or delivered in-kind. |
H | Amount not annualized. |
Semi-Annual Report | 83 |
For the period ended January 31, 2021 (Unaudited)
84 | Semi-Annual Report |
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.
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities and other investments | |
Fidelity MSCI Communication Services Index ETF | $ 495,835,660 | $ 157,992,654 | $ (17,311,476) | $ 140,681,178 |
Fidelity MSCI Consumer Discretionary Index ETF | 991,639,248 | 395,739,283 | (37,565,926) | 358,173,357 |
Fidelity MSCI Consumer Staples Index ETF | 811,049,386 | 77,449,928 | (39,251,463) | 38,198,465 |
Fidelity MSCI Energy Index ETF | 853,954,493 | 10,357,975 | (232,756,900) | (222,398,925) |
Fidelity MSCI Financials Index ETF | 888,009,251 | 105,681,908 | (86,284,949) | 19,396,959 |
Fidelity MSCI Health Care Index ETF | 1,995,401,550 | 613,029,541 | (54,542,079) | 558,487,462 |
Fidelity MSCI Industrials Index ETF | 540,379,020 | 89,569,399 | (50,726,325) | 38,843,074 |
Fidelity MSCI Information Technology Index ETF | 3,116,014,807 | 2,205,859,370 | (47,404,141) | 2,158,455,229 |
Fidelity MSCI Materials Index ETF | 244,941,366 | 24,548,590 | (15,510,828) | 9,037,762 |
Semi-Annual Report | 85 |
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities and other investments | |
Fidelity MSCI Real Estate Index ETF | $ 1,199,133,415 | $ 95,282,182 | $ (101,205,997) | $ (5,923,815) |
Fidelity MSCI Utilities Index ETF | 1,055,371,097 | 79,396,563 | (65,569,286) | 13,827,277 |
No-expiration Short-term | No-expiration Long-term | Total capital loss carryforward | |
Fidelity MSCI Communication Services Index ETF | $ (14,001,695) | $ (17,148,281) | $ (31,149,976) |
Fidelity MSCI Consumer Discretionary Index ETF | — | (14,621,376) | (14,621,376) |
Fidelity MSCI Consumer Staples Index ETF | (178,999) | (8,293,828) | (8,472,827) |
Fidelity MSCI Energy Index ETF | (8,497,463) | (71,862,692) | (80,360,155) |
Fidelity MSCI Financials Index ETF | (9,368,382) | (17,452,077) | (26,820,459) |
Fidelity MSCI Health Care Index ETF | (8,190,251) | (20,595,562) | (28,785,813) |
Fidelity MSCI Industrials Index ETF | (2,606,950) | (8,406,767) | (11,013,717) |
Fidelity MSCI Information Technology Index ETF | (32,782,328) | (1,752,699) | (34,535,027) |
Fidelity MSCI Materials Index ETF | (3,426,357) | (5,709,256) | (9,135,613) |
Fidelity MSCI Real Estate Index ETF | (11,697,726) | (12,670,571) | (24,368,297) |
Fidelity MSCI Utilities Index ETF | (8,050,781) | (11,711,028) | (19,761,809) |
86 | Semi-Annual Report |
unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statements 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 Statements of Operations.
Purchases | Sales | |
Fidelity MSCI Communication Services Index ETF | $ 28,829,640 | $ 27,920,448 |
Fidelity MSCI Consumer Discretionary Index ETF | 594,923,875 | 590,193,625 |
Fidelity MSCI Consumer Staples Index ETF | 130,374,818 | 130,454,060 |
Fidelity MSCI Energy Index ETF | 22,402,885 | 19,794,263 |
Fidelity MSCI Financials Index ETF | 19,792,249 | 16,479,045 |
Fidelity MSCI Health Care Index ETF | 67,052,022 | 66,732,021 |
Fidelity MSCI Industrials Index ETF | 8,838,665 | 7,655,477 |
Fidelity MSCI Information Technology Index ETF | 72,635,009 | 63,366,480 |
Fidelity MSCI Materials Index ETF | 2,812,964 | 2,539,262 |
Fidelity MSCI Real Estate Index ETF | 86,090,377 | 81,446,030 |
Fidelity MSCI Utilities Index ETF | 28,633,540 | 25,497,342 |
In-kind Subscriptions | In-kind Redemptions | |
Fidelity MSCI Communication Services Index ETF | $ 54,074,510 | $ 102,187,651 |
Fidelity MSCI Consumer Discretionary Index ETF | 345,905,374 | 138,181,550 |
Fidelity MSCI Consumer Staples Index ETF | 197,635,066 | 56,688,511 |
Fidelity MSCI Energy Index ETF | 133,027,167 | 21,347,930 |
Fidelity MSCI Financials Index ETF | 57,728,870 | 29,118,535 |
Fidelity MSCI Health Care Index ETF | 306,421,699 | 38,321,636 |
Fidelity MSCI Industrials Index ETF | 159,369,122 | 6,185,413 |
Fidelity MSCI Information Technology Index ETF | 335,894,911 | 165,106,846 |
Fidelity MSCI Materials Index ETF | 68,654,551 | 11,508,362 |
Fidelity MSCI Real Estate Index ETF | 143,363,765 | 71,440,538 |
Fidelity MSCI Utilities Index ETF | 311,174,010 | 110,461,633 |
Semi-Annual Report | 87 |
88 | Semi-Annual Report |
Annualized Expense RatioA | Beginning Account Value August 1, 2020 | Ending Account Value January 31, 2021 | Expenses Paid During PeriodB August 1, 2020 to January 31, 2021 | |
Fidelity MSCI Communication Services Index ETF | 0.08% | |||
Actual | $ 1,000.00 | $ 1,202.50 | $ 0.44 | |
Hypothetical C | $ 1,000.00 | $ 1,024.80 | $ 0.41 | |
Fidelity MSCI Consumer Discretionary Index ETF | 0.08% | |||
Actual | $ 1,000.00 | $ 1,281.80 | $ 0.46 | |
Hypothetical C | $ 1,000.00 | $ 1,024.80 | $ 0.41 | |
Fidelity MSCI Consumer Staples Index ETF | 0.08% | |||
Actual | $ 1,000.00 | $ 1,060.60 | $ 0.42 | |
Hypothetical C | $ 1,000.00 | $ 1,024.80 | $ 0.41 | |
Fidelity MSCI Energy Index ETF | 0.08% | |||
Actual | $ 1,000.00 | $ 1,152.00 | $ 0.43 | |
Hypothetical C | $ 1,000.00 | $ 1,024.80 | $ 0.41 | |
Fidelity MSCI Financials Index ETF | 0.08% | |||
Actual | $ 1,000.00 | $ 1,233.90 | $ 0.45 | |
Hypothetical C | $ 1,000.00 | $ 1,024.80 | $ 0.41 | |
Fidelity MSCI Health Care Index ETF | 0.08% | |||
Actual | $ 1,000.00 | $ 1,136.80 | $ 0.43 | |
Hypothetical C | $ 1,000.00 | $ 1,024.80 | $ 0.41 | |
Fidelity MSCI Industrials Index ETF | 0.08% | |||
Actual | $ 1,000.00 | $ 1,223.40 | $ 0.45 | |
Hypothetical C | $ 1,000.00 | $ 1,024.80 | $ 0.41 |
Semi-Annual Report | 89 |
Annualized Expense RatioA | Beginning Account Value August 1, 2020 | Ending Account Value January 31, 2021 | Expenses Paid During PeriodB August 1, 2020 to January 31, 2021 | |
Fidelity MSCI Information Technology Index ETF | 0.08% | |||
Actual | $ 1,000.00 | $ 1,195.10 | $ 0.44 | |
Hypothetical C | $ 1,000.00 | $ 1,024.80 | $ 0.41 | |
Fidelity MSCI Materials Index ETF | 0.08% | |||
Actual | $ 1,000.00 | $ 1,199.30 | $ 0.44 | |
Hypothetical C | $ 1,000.00 | $ 1,024.80 | $ 0.41 | |
Fidelity MSCI Real Estate Index ETF | 0.08% | |||
Actual | $ 1,000.00 | $ 1,068.00 | $ 0.42 | |
Hypothetical C | $ 1,000.00 | $ 1,024.80 | $ 0.41 | |
Fidelity MSCI Utilities Index ETF | 0.08% | |||
Actual | $ 1,000.00 | $ 1,044.80 | $ 0.41 | |
Hypothetical C | $ 1,000.00 | $ 1,024.80 | $ 0.41 |
A | Annualized expense ratio reflects expenses net of applicable fee waivers. |
B | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio. |
C | 5% return per year before expenses. |
90 | Semi-Annual Report |
Semi-Annual Report | 91 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855imgd7fe8d591.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img6376de8c2.jpg)
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img6376de8c2.jpg)
Semi-Annual Report | 3 |
4 | Semi-Annual Report |
% of fund's net assets | |
Apple, Inc. | 8.6 |
Microsoft Corp. | 6.9 |
Johnson & Johnson | 2.7 |
UnitedHealth Group, Inc. | 2.4 |
QUALCOMM, Inc. | 2.0 |
JPMorgan Chase & Co. | 2.0 |
AbbVie, Inc. | 1.9 |
Pfizer, Inc. | 1.8 |
Broadcom, Inc. | 1.8 |
Amgen, Inc. | 1.8 |
31.9 |
% of fund's net assets | ||
Information Technology | 30.8 | |
Health Care | 14.8 | |
Financials | 12.0 | |
Industrials | 9.2 | |
Communication Services | 8.8 | |
Consumer Staples | 6.2 | |
Consumer Discretionary | 5.9 | |
Real Estate | 3.1 | |
Utilities | 3.0 | |
Materials | 3.0 | |
Energy | 2.8 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855imgfa11eecb3.jpg)
Semi-Annual Report | 5 |
% of fund's net assets | |
Apple, Inc. | 6.3 |
Microsoft Corp. | 5.1 |
The Procter & Gamble Co. | 2.8 |
JPMorgan Chase & Co. | 2.6 |
PepsiCo, Inc. | 2.3 |
Philip Morris International, Inc. | 2.1 |
Chevron Corp. | 2.0 |
Exxon Mobil Corp. | 2.0 |
The Williams Cos., Inc. | 2.0 |
DuPont de Nemours, Inc. | 2.0 |
29.2 |
% of fund's net assets | ||
Information Technology | 22.7 | |
Financials | 18.3 | |
Consumer Staples | 13.9 | |
Materials | 11.5 | |
Real Estate | 9.5 | |
Energy | 8.4 | |
Health Care | 7.7 | |
Communication Services | 2.9 | |
Industrials | 2.7 | |
Consumer Discretionary | 2.0 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img4744acfa4.jpg)
6 | Semi-Annual Report |
% of fund's net assets | |
Microsoft Corp. | 6.2 |
Alphabet, Inc. Class A | 4.2 |
Johnson & Johnson | 2.0 |
Visa, Inc. Class A | 1.8 |
Intel Corp. | 1.7 |
Mastercard, Inc. Class A | 1.7 |
UnitedHealth Group, Inc. | 1.6 |
The Home Depot, Inc. | 1.6 |
Adobe, Inc. | 1.6 |
NIKE, Inc. Class B | 1.4 |
23.8 |
% of fund's net assets | ||
Information Technology | 27.3 | |
Health Care | 15.0 | |
Consumer Discretionary | 12.6 | |
Communication Services | 10.4 | |
Financials | 9.8 | |
Industrials | 8.0 | |
Consumer Staples | 5.9 | |
Real Estate | 3.1 | |
Utilities | 2.8 | |
Materials | 2.6 | |
Energy | 2.2 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img76704c485.jpg)
Semi-Annual Report | 7 |
% of fund's net assets | |
Apple, Inc. | 6.7 |
Microsoft Corp. | 5.6 |
Amazon.com, Inc. | 4.2 |
Alphabet, Inc. Class A | 3.5 |
Tesla, Inc. | 2.4 |
Facebook, Inc. Class A | 2.1 |
Moderna, Inc. | 1.9 |
Berkshire Hathaway, Inc. Class B | 1.8 |
Plug Power, Inc. | 1.8 |
UnitedHealth Group, Inc. | 1.6 |
31.6 |
% of fund's net assets | ||
Information Technology | 28.8 | |
Health Care | 14.1 | |
Consumer Discretionary | 12.8 | |
Communication Services | 10.1 | |
Industrials | 9.3 | |
Financials | 9.2 | |
Consumer Staples | 5.5 | |
Real Estate | 2.8 | |
Utilities | 2.6 | |
Materials | 2.6 | |
Energy | 1.9 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img13e9cb406.jpg)
8 | Semi-Annual Report |
% of fund's net assets | |
Apple, Inc. | 6.9 |
Microsoft Corp. | 5.7 |
Alphabet, Inc. Class A | 3.7 |
Facebook, Inc. Class A | 2.2 |
Johnson & Johnson | 1.9 |
UnitedHealth Group, Inc. | 1.6 |
The Home Depot, Inc. | 1.6 |
NVIDIA Corp. | 1.5 |
Visa, Inc. Class A | 1.4 |
Eli Lilly & Co. | 1.4 |
27.9 |
% of fund's net assets | ||
Information Technology | 28.4 | |
Health Care | 14.4 | |
Consumer Discretionary | 11.7 | |
Financials | 10.4 | |
Communication Services | 10.1 | |
Industrials | 8.2 | |
Consumer Staples | 5.7 | |
Real Estate | 3.2 | |
Utilities | 2.9 | |
Materials | 2.5 | |
Energy | 2.2 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img037439e07.jpg)
Semi-Annual Report | 9 |
% of fund's net assets | |
Moderna, Inc. | 1.2 |
Match Group, Inc. | 0.7 |
Etsy, Inc. | 0.6 |
Zillow Group, Inc. Class C | 0.5 |
Teladoc Health, Inc. | 0.5 |
Albemarle Corp. | 0.5 |
Catalent, Inc. | 0.4 |
Zendesk, Inc. | 0.4 |
Generac Holdings, Inc. | 0.4 |
HubSpot, Inc. | 0.4 |
5.6 |
% of fund's net assets | ||
Information Technology | 17.5 | |
Health Care | 16.8 | |
Industrials | 15.1 | |
Consumer Discretionary | 14.0 | |
Financials | 12.6 | |
Real Estate | 7.1 | |
Materials | 5.1 | |
Communication Services | 3.9 | |
Consumer Staples | 3.4 | |
Energy | 2.3 | |
Utilities | 2.1 | |
Unknown I1 | 0.1 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img7d9dadb28.jpg)
10 | Semi-Annual Report |
% of fund's net assets | |
Apple, Inc. | 5.6 |
Microsoft Corp. | 4.7 |
ConocoPhillips | 3.7 |
Cabot Oil & Gas Corp. | 3.2 |
Steel Dynamics, Inc. | 2.9 |
Reliance Steel & Aluminum Co. | 2.7 |
Newmont Corp. | 2.1 |
Philip Morris International, Inc. | 2.0 |
Eli Lilly & Co. | 2.0 |
NextEra Energy, Inc. | 1.9 |
30.8 |
% of fund's net assets | ||
Information Technology | 23.8 | |
Health Care | 19.8 | |
Consumer Staples | 10.5 | |
Materials | 7.6 | |
Energy | 6.8 | |
Consumer Discretionary | 6.6 | |
Communication Services | 6.2 | |
Utilities | 4.9 | |
Real Estate | 4.5 | |
Industrials | 4.5 | |
Financials | 4.4 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855imgbe2d76589.jpg)
Semi-Annual Report | 11 |
% of fund's net assets | |
Apple, Inc. | 6.9 |
Microsoft Corp. | 5.7 |
Alphabet, Inc. Class A | 3.7 |
Facebook, Inc. Class A | 2.3 |
Johnson & Johnson | 2.0 |
The Home Depot, Inc. | 1.6 |
Eli Lilly & Co. | 1.5 |
Visa, Inc. Class A | 1.3 |
American Financial Group, Inc. | 1.3 |
NextEra Energy, Inc. | 1.3 |
27.6 |
% of fund's net assets | ||
Information Technology | 28.2 | |
Health Care | 14.7 | |
Consumer Discretionary | 11.7 | |
Financials | 10.2 | |
Communication Services | 10.0 | |
Industrials | 8.1 | |
Consumer Staples | 5.8 | |
Real Estate | 3.3 | |
Utilities | 3.0 | |
Materials | 2.7 | |
Energy | 2.3 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img0e8d5a9310.jpg)
12 | Semi-Annual Report |
% of fund's net assets | |
Apple, Inc. | 6.7 |
Microsoft Corp. | 5.5 |
Amazon.com, Inc. | 4.1 |
Alphabet, Inc. Class A | 3.6 |
Facebook, Inc. Class A | 2.2 |
Johnson & Johnson | 1.9 |
Berkshire Hathaway, Inc. Class B | 1.8 |
UnitedHealth Group, Inc. | 1.6 |
Visa, Inc. Class A | 1.5 |
Mastercard, Inc. Class A | 1.3 |
30.2 |
% of fund's net assets | ||
Information Technology | 27.8 | |
Health Care | 13.8 | |
Financials | 11.2 | |
Consumer Discretionary | 11.1 | |
Communication Services | 10.8 | |
Industrials | 8.4 | |
Consumer Staples | 5.8 | |
Real Estate | 3.4 | |
Materials | 2.7 | |
Utilities | 2.7 | |
Energy | 2.1 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img1e32ac5611.jpg)
Semi-Annual Report | 13 |
Common Stocks – 99.6% | ||
Shares | Value | |
COMMUNICATION SERVICES – 8.8% | ||
Diversified Telecommunication Services – 2.5% | ||
AT&T, Inc. | 108,790 | $ 3,114,658 |
Lumen Technologies, Inc. | 97,233 | 1,203,744 |
Verizon Communications, Inc. | 64,025 | 3,505,369 |
7,823,771 | ||
Entertainment – 0.8% | ||
Activision Blizzard, Inc. | 29,272 | 2,663,752 |
Media – 5.5% | ||
Cable One, Inc. | 786 | 1,572,000 |
Comcast Corp. Class A | 75,700 | 3,752,449 |
News Corp. Class A | 94,392 | 1,831,205 |
Nexstar Media Group, Inc. Class A | 10,514 | 1,195,126 |
Omnicom Group, Inc. | 18,388 | 1,147,043 |
Sirius XM Holdings, Inc. (a) | 189,192 | 1,184,342 |
TEGNA, Inc. | 72,899 | 1,168,571 |
The Interpublic Group of Cos., Inc. | 57,362 | 1,380,703 |
The New York Times Co. Class A | 38,179 | 1,893,297 |
ViacomCBS, Inc. Class B | 42,137 | 2,043,645 |
17,168,381 | ||
TOTAL COMMUNICATION SERVICES | 27,655,904 | |
CONSUMER DISCRETIONARY – 5.9% | ||
Hotels, Restaurants & Leisure – 2.0% | ||
McDonald's Corp. | 15,347 | 3,189,721 |
Starbucks Corp. | 31,008 | 3,001,884 |
6,191,605 | ||
Specialty Retail – 2.7% | ||
Lowe's Cos., Inc. | 21,345 | 3,561,413 |
The Home Depot, Inc. | 18,206 | 4,930,549 |
8,491,962 | ||
Textiles, Apparel & Luxury Goods – 1.2% | ||
NIKE, Inc. Class B | 29,136 | 3,892,278 |
TOTAL CONSUMER DISCRETIONARY | 18,575,845 | |
CONSUMER STAPLES – 6.2% | ||
Beverages – 1.1% | ||
The Coca-Cola Co. | 72,546 | 3,493,090 |
Food & Staples Retailing – 0.6% | ||
Wm Morrison Supermarkets PLC | 803,924 | 1,981,036 |
Household Products – 1.7% | ||
The Procter & Gamble Co. | 40,852 | 5,237,635 |
Tobacco – 2.8% | ||
Altria Group, Inc. | 60,122 | 2,469,812 |
British American Tobacco PLC | 42,166 | 1,538,755 |
Japan Tobacco, Inc. | 90,300 | 1,791,855 |
Philip Morris International, Inc. | 38,564 | 3,071,622 |
8,872,044 | ||
TOTAL CONSUMER STAPLES | 19,583,805 |
| ||
Shares | Value | |
ENERGY – 2.8% | ||
Energy Equipment & Services – 0.4% | ||
Schlumberger N.V. | 46,405 | $ 1,030,655 |
Oil, Gas & Consumable Fuels – 2.4% | ||
Chevron Corp. | 29,768 | 2,536,234 |
Exxon Mobil Corp. | 62,584 | 2,806,266 |
Targa Resources Corp. | 31,743 | 868,806 |
The Williams Cos., Inc. | 64,497 | 1,369,271 |
7,580,577 | ||
TOTAL ENERGY | 8,611,232 | |
FINANCIALS – 12.0% | ||
Banks – 6.5% | ||
Bank of America Corp. | 146,061 | 4,330,709 |
Citigroup, Inc. | 49,513 | 2,871,259 |
JPMorgan Chase & Co. | 48,243 | 6,207,427 |
PacWest Bancorp | 59,426 | 1,794,071 |
The PNC Financial Services Group, Inc. | 18,342 | 2,632,444 |
Wells Fargo & Co. | 83,770 | 2,503,047 |
20,338,957 | ||
Capital Markets – 3.8% | ||
Invesco Ltd. | 119,270 | 2,455,769 |
Morgan Stanley | 51,335 | 3,442,012 |
The Blackstone Group, Inc. Class A | 40,128 | 2,696,200 |
The Goldman Sachs Group, Inc. | 11,978 | 3,248,074 |
11,842,055 | ||
Insurance – 1.2% | ||
Old Republic International Corp. | 93,469 | 1,691,789 |
Prudential Financial, Inc. | 26,317 | 2,060,095 |
3,751,884 | ||
Mortgage Real Estate Investment Trusts (REITs) – 0.5% | ||
Starwood Property Trust, Inc. | 84,120 | 1,578,091 |
TOTAL FINANCIALS | 37,510,987 | |
HEALTH CARE – 14.8% | ||
Biotechnology – 5.2% | ||
AbbVie, Inc. | 59,493 | 6,096,843 |
Amgen, Inc. | 22,700 | 5,480,461 |
Gilead Sciences, Inc. | 71,326 | 4,678,985 |
16,256,289 | ||
Health Care Providers & Services – 4.0% | ||
CVS Health Corp. | 67,987 | 4,871,269 |
UnitedHealth Group, Inc. | 22,778 | 7,598,285 |
12,469,554 | ||
Pharmaceuticals – 5.6% | ||
GlaxoSmithKline PLC | 170,324 | 3,173,873 |
Johnson & Johnson | 52,295 | 8,530,883 |
Pfizer, Inc. | 157,821 | 5,665,774 |
14 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
HEALTH CARE – continued | ||
Pharmaceuticals – continued | ||
Viatris, Inc. (b) | 19,582 | $ 332,698 |
17,703,228 | ||
TOTAL HEALTH CARE | 46,429,071 | |
INDUSTRIALS – 9.2% | ||
Aerospace & Defense – 1.1% | ||
General Dynamics Corp. | 7,505 | 1,100,833 |
Lockheed Martin Corp. | 4,715 | 1,517,381 |
Raytheon Technologies Corp. | 14,405 | 961,246 |
3,579,460 | ||
Air Freight & Logistics – 0.8% | ||
United Parcel Service, Inc. Class B | 16,066 | 2,490,230 |
Electrical Equipment – 1.0% | ||
Eaton Corp. PLC | 13,414 | 1,578,828 |
Emerson Electric Co. | 18,598 | 1,475,751 |
3,054,579 | ||
Industrial Conglomerates – 2.0% | ||
3M Co. | 11,698 | 2,054,871 |
Honeywell International, Inc. | 12,813 | 2,503,276 |
Jardine Matheson Holdings Ltd. | 16,428 | 949,538 |
Jardine Strategic Holdings Ltd. | 30,020 | 780,220 |
6,287,905 | ||
Machinery – 3.0% | ||
Caterpillar, Inc. | 12,522 | 2,289,523 |
Cummins, Inc. | 7,202 | 1,688,293 |
Deere & Co. | 8,803 | 2,542,306 |
Illinois Tool Works, Inc. | 8,059 | 1,565,138 |
PACCAR, Inc. | 15,563 | 1,419,657 |
9,504,917 | ||
Road & Rail – 1.3% | ||
Norfolk Southern Corp. | 7,073 | 1,673,613 |
Union Pacific Corp. | 12,225 | 2,414,071 |
4,087,684 | ||
TOTAL INDUSTRIALS | 29,004,775 | |
INFORMATION TECHNOLOGY – 30.8% | ||
Communications Equipment – 1.4% | ||
Cisco Systems, Inc. | 96,591 | 4,306,027 |
Electronic Equipment, Instruments & Components – 1.1% | ||
Corning, Inc. | 98,875 | 3,546,646 |
IT Services – 1.0% | ||
International Business Machines Corp. | 25,482 | 3,035,161 |
Semiconductors & Semiconductor Equipment – 6.7% | ||
Broadcom, Inc. | 12,211 | 5,501,055 |
Intel Corp. | 82,931 | 4,603,500 |
QUALCOMM, Inc. | 40,009 | 6,252,607 |
| ||
Shares | Value | |
Texas Instruments, Inc. | 29,071 | $ 4,816,774 |
21,173,936 | ||
Software – 8.2% | ||
Microsoft Corp. | 93,384 | 21,661,352 |
Oracle Corp. | 69,055 | 4,172,994 |
25,834,346 | ||
Technology Hardware, Storage & Peripherals – 12.4% | ||
Apple, Inc. | 205,186 | 27,076,345 |
Canon, Inc. | 97,700 | 2,141,197 |
HP, Inc. | 132,544 | 3,226,121 |
NetApp, Inc. | 46,531 | 3,091,520 |
Seagate Technology PLC | 49,037 | 3,242,326 |
38,777,509 | ||
TOTAL INFORMATION TECHNOLOGY | 96,673,625 | |
MATERIALS – 3.0% | ||
Chemicals – 1.9% | ||
Dow, Inc. | 22,101 | 1,147,042 |
DuPont de Nemours, Inc. | 20,907 | 1,661,061 |
Linde PLC (b) | 8,862 | 2,174,735 |
LyondellBasell Industries N.V. Class A | 11,174 | 958,282 |
5,941,120 | ||
Containers & Packaging – 0.6% | ||
International Paper Co. | 20,312 | 1,021,897 |
Westrock Co. | 19,819 | 821,101 |
1,842,998 | ||
Metals & Mining – 0.5% | ||
Alumina Ltd. | 498,173 | 647,868 |
Nucor Corp. | 17,594 | 857,356 |
1,505,224 | ||
TOTAL MATERIALS | 9,289,342 | |
REAL ESTATE – 3.1% | ||
Equity Real Estate Investment Trusts (REITs) – 2.9% | ||
American Tower Corp. | 7,021 | 1,596,295 |
Crown Castle International Corp. | 8,137 | 1,295,899 |
Gaming and Leisure Properties, Inc. | 14,561 | 598,894 |
Iron Mountain, Inc. | 20,989 | 706,700 |
Kimco Realty Corp. | 33,559 | 554,059 |
Prologis, Inc. | 13,850 | 1,429,320 |
Public Storage | 4,149 | 944,395 |
Service Properties Trust | 27,153 | 288,093 |
Simon Property Group, Inc. | 7,279 | 676,437 |
Ventas, Inc. | 13,695 | 630,929 |
Weingarten Realty Investors | 20,320 | 457,403 |
9,178,424 | ||
Real Estate Management & Development – 0.2% | ||
Hongkong Land Holdings Ltd. | 105,930 | 490,456 |
TOTAL REAL ESTATE | 9,668,880 |
Semi-Annual Report | 15 |
Common Stocks – continued | ||
Shares | Value | |
UTILITIES – 3.0% | ||
Electric Utilities – 1.9% | ||
American Electric Power Co., Inc. | 13,651 | $ 1,104,502 |
Duke Energy Corp. | 16,520 | 1,552,880 |
Exelon Corp. | 28,100 | 1,167,836 |
PPL Corp. | 31,426 | 869,558 |
The Southern Co. | 23,483 | 1,383,618 |
6,078,394 | ||
Multi-Utilities – 1.1% | ||
CenterPoint Energy, Inc. | 37,789 | 796,970 |
Dominion Energy, Inc. | 18,788 | 1,369,458 |
Public Service Enterprise Group, Inc. | 19,942 | 1,125,327 |
3,291,755 | ||
TOTAL UTILITIES | 9,370,149 | |
TOTAL COMMON STOCKS (Cost $267,000,093) | 312,373,615 | |
Money Market Funds – 0.5% | ||
Fidelity Cash Central Fund, 0.09% (c) | 429,143 | 429,229 |
Fidelity Securities Lending Cash Central Fund, 0.09% (c)(d) | 1,243,901 | 1,244,025 |
TOTAL MONEY MARKET FUNDS (Cost $1,673,254) | 1,673,254 | |
TOTAL INVESTMENT IN SECURITIES – 100.1% (Cost $268,673,347) | 314,046,869 | |
NET OTHER ASSETS (LIABILITIES) – (0.1%) | (282,922) | |
NET ASSETS – 100.0% | $ 313,763,947 |
Legend | ||
(a) | Security or a portion of the security is on loan at period end. | |
(b) | Non-income producing. | |
(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. |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |
Purchased | |||||
Equity Index Contract | |||||
CME E-mini S&P 500 Index Contracts (United States) | 7 | March 2021 | $1,296,820 | $(4,279) | $(4,279) |
Fund | Income earned |
Fidelity Cash Central Fund | $ 320 |
Fidelity Securities Lending Cash Central Fund | 1,007 |
Total | $1,327 |
16 | Semi-Annual Report |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||||||
Equities: | ||||||||
Communication Services | $ 27,655,904 | $ 27,655,904 | $ — | $ — | ||||
Consumer Discretionary | 18,575,845 | 18,575,845 | — | — | ||||
Consumer Staples | 19,583,805 | 19,583,805 | — | — | ||||
Energy | 8,611,232 | 8,611,232 | — | — | ||||
Financials | 37,510,987 | 37,510,987 | — | — | ||||
Health Care | 46,429,071 | 46,429,071 | — | — | ||||
Industrials | 29,004,775 | 29,004,775 | — | — | ||||
Information Technology | 96,673,625 | 96,673,625 | — | — | ||||
Materials | 9,289,342 | 9,289,342 | — | — | ||||
Real Estate | 9,668,880 | 9,668,880 | — | — | ||||
Utilities | 9,370,149 | 9,370,149 | — | — | ||||
Money Market Funds | 1,673,254 | 1,673,254 | — | — | ||||
Total Investments in Securities: | $ 314,046,869 | $ 314,046,869 | $ — | $ — |
Derivative Instruments: | ||||||||
Assets | ||||||||
Futures Contracts | $ (4,279) | $ (4,279) | $ — | $ — | ||||
Total Assets | $ (4,279) | $ (4,279) | — | $ — | ||||
Total Derivative Instruments: | $ (4,279) | $ (4,279) | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $0 | $(4,279) | |
Total Equity Risk | 0 | (4,279) | |
Total Value of Derivatives | $0 | $(4,279) |
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
Semi-Annual Report | 17 |
Common Stocks – 99.6% | ||
Shares | Value | |
COMMUNICATION SERVICES – 2.9% | ||
Diversified Telecommunication Services – 0.8% | ||
AT&T, Inc. | 74,986 | $ 2,146,849 |
Lumen Technologies, Inc. | 67,327 | 833,509 |
Verizon Communications, Inc. | 44,140 | 2,416,665 |
5,397,023 | ||
Entertainment – 0.3% | ||
Activision Blizzard, Inc. | 20,267 | 1,844,297 |
Media – 1.8% | ||
Cable One, Inc. | 542 | 1,084,000 |
Comcast Corp. Class A | 51,740 | 2,564,752 |
News Corp. Class A | 65,385 | 1,268,469 |
Nexstar Media Group, Inc. Class A | 7,256 | 824,789 |
Omnicom Group, Inc. | 12,704 | 792,476 |
Sirius XM Holdings, Inc. (a) | 131,031 | 820,254 |
TEGNA, Inc. | 50,470 | 809,034 |
The Interpublic Group of Cos., Inc. | 39,714 | 955,916 |
The New York Times Co. Class A | 26,435 | 1,310,912 |
ViacomCBS, Inc. Class B | 29,183 | 1,415,375 |
11,845,977 | ||
TOTAL COMMUNICATION SERVICES | 19,087,297 | |
CONSUMER DISCRETIONARY – 2.0% | ||
Hotels, Restaurants & Leisure – 0.7% | ||
McDonald's Corp. | 10,996 | 2,285,409 |
Starbucks Corp. | 22,025 | 2,132,240 |
4,417,649 | ||
Specialty Retail – 0.9% | ||
Lowe's Cos., Inc. | 15,215 | 2,538,623 |
The Home Depot, Inc. | 12,976 | 3,514,160 |
6,052,783 | ||
Textiles, Apparel & Luxury Goods – 0.4% | ||
NIKE, Inc. Class B | 20,810 | 2,780,008 |
TOTAL CONSUMER DISCRETIONARY | 13,250,440 | |
CONSUMER STAPLES – 13.9% | ||
Beverages – 2.3% | ||
PepsiCo, Inc. | 110,825 | 15,135,370 |
Food & Staples Retailing – 1.8% | ||
Wm Morrison Supermarkets PLC | 4,898,135 | 12,070,021 |
Household Products – 2.8% | ||
The Procter & Gamble Co. | 146,165 | 18,739,815 |
Tobacco – 7.0% | ||
Altria Group, Inc. | 290,234 | 11,922,813 |
British American Tobacco PLC | 257,049 | 9,380,436 |
Japan Tobacco, Inc. | 547,400 | 10,862,252 |
Philip Morris International, Inc. | 171,709 | 13,676,622 |
45,842,123 | ||
TOTAL CONSUMER STAPLES | 91,787,329 |
| ||
Shares | Value | |
ENERGY – 8.4% | ||
Oil, Gas & Consumable Fuels – 8.4% | ||
Chevron Corp. | 158,065 | $ 13,467,138 |
Exxon Mobil Corp. | 298,156 | 13,369,315 |
Occidental Petroleum Corp. | 321,518 | 6,449,651 |
Targa Resources Corp. | 336,405 | 9,207,405 |
The Williams Cos., Inc. | 615,368 | 13,064,263 |
TOTAL ENERGY | 55,557,772 | |
FINANCIALS – 18.3% | ||
Banks – 8.5% | ||
Bank of America Corp. | 430,597 | 12,767,201 |
Citigroup, Inc. | 158,015 | 9,163,290 |
JPMorgan Chase & Co. | 132,582 | 17,059,326 |
The PNC Financial Services Group, Inc. | 66,186 | 9,499,015 |
Wells Fargo & Co. | 264,198 | 7,894,236 |
56,383,068 | ||
Capital Markets – 4.8% | ||
Invesco Ltd. | 477,344 | 9,828,513 |
The Blackstone Group, Inc. Class A | 149,903 | 10,071,982 |
The Goldman Sachs Group, Inc. | 42,459 | 11,513,607 |
31,414,102 | ||
Insurance – 2.2% | ||
Old Republic International Corp. | 372,954 | 6,750,467 |
Prudential Financial, Inc. | 99,246 | 7,768,977 |
14,519,444 | ||
Mortgage Real Estate Investment Trusts (REITs) – 1.6% | ||
MFA Financial, Inc. | 1,108,393 | 4,034,550 |
Starwood Property Trust, Inc. | 336,364 | 6,310,189 |
10,344,739 | ||
Thrifts & Mortgage Finance – 1.2% | ||
New York Community Bancorp, Inc. | 766,545 | 8,018,061 |
TOTAL FINANCIALS | 120,679,414 | |
HEALTH CARE – 7.7% | ||
Biotechnology – 2.6% | ||
AbbVie, Inc. | 63,898 | 6,548,267 |
Amgen, Inc. | 24,344 | 5,877,372 |
Gilead Sciences, Inc. | 75,930 | 4,981,008 |
17,406,647 | ||
Health Care Providers & Services – 1.3% | ||
UnitedHealth Group, Inc. | 24,676 | 8,231,420 |
Pharmaceuticals – 3.8% | ||
GlaxoSmithKline PLC | 179,273 | 3,340,631 |
Johnson & Johnson | 56,547 | 9,224,512 |
Merck & Co., Inc. | 76,314 | 5,881,520 |
Pfizer, Inc. | 169,905 | 6,099,590 |
18 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
HEALTH CARE – continued | ||
Pharmaceuticals – continued | ||
Viatris, Inc. (b) | 21,021 | $ 357,147 |
24,903,400 | ||
TOTAL HEALTH CARE | 50,541,467 | |
INDUSTRIALS – 2.7% | ||
Aerospace & Defense – 0.3% | ||
General Dynamics Corp. | 4,686 | 687,342 |
Lockheed Martin Corp. | 2,941 | 946,473 |
Raytheon Technologies Corp. | 8,963 | 598,101 |
2,231,916 | ||
Air Freight & Logistics – 0.2% | ||
United Parcel Service, Inc. Class B | 10,032 | 1,554,960 |
Building Products – 0.2% | ||
Johnson Controls International PLC | 19,688 | 980,856 |
Electrical Equipment – 0.3% | ||
Eaton Corp. PLC | 8,385 | 986,914 |
Emerson Electric Co. | 11,636 | 923,317 |
1,910,231 | ||
Industrial Conglomerates – 0.6% | ||
3M Co. | 7,290 | 1,280,562 |
Honeywell International, Inc. | 7,907 | 1,544,791 |
Jardine Matheson Holdings Ltd. | 9,953 | 575,283 |
Jardine Strategic Holdings Ltd. | 18,487 | 480,477 |
3,881,113 | ||
Machinery – 0.7% | ||
Caterpillar, Inc. | 7,823 | 1,430,357 |
Cummins, Inc. | 4,482 | 1,050,671 |
Illinois Tool Works, Inc. | 5,035 | 977,847 |
PACCAR, Inc. | 9,733 | 887,844 |
4,346,719 | ||
Road & Rail – 0.4% | ||
Norfolk Southern Corp. | 4,399 | 1,040,891 |
Union Pacific Corp. | 7,619 | 1,504,524 |
2,545,415 | ||
TOTAL INDUSTRIALS | 17,451,210 | |
INFORMATION TECHNOLOGY – 22.7% | ||
Communications Equipment – 1.0% | ||
Cisco Systems, Inc. | 143,396 | 6,392,593 |
Electronic Equipment, Instruments & Components – 0.8% | ||
Corning, Inc. | 140,598 | 5,043,250 |
IT Services – 2.0% | ||
International Business Machines Corp. | 37,493 | 4,465,791 |
Visa, Inc. Class A | 45,734 | 8,838,096 |
13,303,887 | ||
Semiconductors & Semiconductor Equipment – 4.7% | ||
Broadcom, Inc. | 17,895 | 8,061,698 |
| ||
Shares | Value | |
Intel Corp. | 124,576 | $ 6,915,214 |
QUALCOMM, Inc. | 58,555 | 9,150,975 |
Texas Instruments, Inc. | 42,580 | 7,055,080 |
31,182,967 | ||
Software – 6.0% | ||
Microsoft Corp. | 144,174 | 33,442,601 |
Oracle Corp. | 101,495 | 6,133,343 |
39,575,944 | ||
Technology Hardware, Storage & Peripherals – 8.2% | ||
Apple, Inc. | 316,372 | 41,748,449 |
Canon, Inc. | 138,900 | 3,044,138 |
HP, Inc. | 190,447 | 4,635,480 |
Seagate Technology PLC | 70,215 | 4,642,616 |
54,070,683 | ||
TOTAL INFORMATION TECHNOLOGY | 149,569,324 | |
MATERIALS – 11.5% | ||
Chemicals – 6.5% | ||
Dow, Inc. | 177,289 | 9,201,299 |
DuPont de Nemours, Inc. (a) | 163,560 | 12,994,842 |
Linde PLC (b) | 48,808 | 11,977,483 |
LyondellBasell Industries N.V. Class A | 100,138 | 8,587,835 |
42,761,459 | ||
Containers & Packaging – 2.7% | ||
International Paper Co. | 189,745 | 9,546,071 |
Westrock Co. | 196,025 | 8,121,316 |
17,667,387 | ||
Metals & Mining – 2.3% | ||
Alumina Ltd. | 5,529,853 | 7,191,512 |
Nucor Corp. | 167,042 | 8,139,957 |
15,331,469 | ||
TOTAL MATERIALS | 75,760,315 | |
REAL ESTATE – 9.5% | ||
Equity Real Estate Investment Trusts (REITs) – 8.9% | ||
American Tower Corp. | 30,602 | 6,957,671 |
Crown Castle International Corp. | 41,715 | 6,643,531 |
Gaming and Leisure Properties, Inc. | 107,025 | 4,401,938 |
Iron Mountain, Inc. | 158,842 | 5,348,210 |
Kimco Realty Corp. | 255,283 | 4,214,722 |
Prologis, Inc. | 68,988 | 7,119,561 |
Public Storage | 25,168 | 5,728,740 |
Service Properties Trust | 218,006 | 2,313,044 |
Simon Property Group, Inc. | 41,334 | 3,841,169 |
Ventas, Inc. | 91,124 | 4,198,083 |
Weingarten Realty Investors | 163,274 | 3,675,298 |
Welltower, Inc. | 66,742 | 4,044,565 |
58,486,532 |
Semi-Annual Report | 19 |
Common Stocks – continued | ||
Shares | Value | |
REAL ESTATE – continued | ||
Real Estate Management & Development – 0.6% | ||
Hongkong Land Holdings Ltd. | 890,711 | $ 4,123,992 |
TOTAL REAL ESTATE | 62,610,524 | |
TOTAL COMMON STOCKS (Cost $625,545,401) | 656,295,092 | |
Money Market Funds – 2.2% | ||
Fidelity Cash Central Fund, 0.09% (c) | 1,161,074 | 1,161,307 |
Fidelity Securities Lending Cash Central Fund, 0.09% (c)(d) | 13,271,123 | 13,272,450 |
TOTAL MONEY MARKET FUNDS (Cost $14,433,757) | 14,433,757 | |
TOTAL INVESTMENT IN SECURITIES – 101.8% (Cost $639,979,158) | 670,728,849 | |
NET OTHER ASSETS (LIABILITIES) – (1.8%) | (11,607,447) | |
NET ASSETS – 100.0% | $ 659,121,402 |
Legend | ||
(a) | Security or a portion of the security is on loan at period end. | |
(b) | Non-income producing. | |
(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. |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |
Purchased | |||||
Equity Index Contract | |||||
CME E-mini S&P 500 Index Contracts (United States) | 14 | March 2021 | $2,593,640 | $(2,829) | $(2,829) |
Fund | Income earned |
Fidelity Cash Central Fund | $ 556 |
Fidelity Securities Lending Cash Central Fund | 634 |
Total | $1,190 |
20 | Semi-Annual Report |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||||||
Equities: | ||||||||
Communication Services | $ 19,087,297 | $ 19,087,297 | $ — | $ — | ||||
Consumer Discretionary | 13,250,440 | 13,250,440 | — | — | ||||
Consumer Staples | 91,787,329 | 91,787,329 | — | — | ||||
Energy | 55,557,772 | 55,557,772 | — | — | ||||
Financials | 120,679,414 | 120,679,414 | — | — | ||||
Health Care | 50,541,467 | 50,541,467 | — | — | ||||
Industrials | 17,451,210 | 17,451,210 | — | — | ||||
Information Technology | 149,569,324 | 149,569,324 | — | — | ||||
Materials | 75,760,315 | 75,760,315 | — | — | ||||
Real Estate | 62,610,524 | 62,610,524 | — | — | ||||
Money Market Funds | 14,433,757 | 14,433,757 | — | — | ||||
Total Investments in Securities: | $ 670,728,849 | $ 670,728,849 | $ — | $ — |
Derivative Instruments: | ||||||||
Assets | ||||||||
Futures Contracts | $ (2,829) | $ (2,829) | $ — | $ — | ||||
Total Assets | $ (2,829) | $ (2,829) | — | $ — | ||||
Total Derivative Instruments: | $ (2,829) | $ (2,829) | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $0 | $(2,829) | |
Total Equity Risk | 0 | (2,829) | |
Total Value of Derivatives | $0 | $(2,829) |
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
United States of America | 88.4 |
United Kingdom | 3.8 |
Ireland | 2.8 |
Bermuda | 2.3 |
Japan | 2.1 |
Netherlands | 1.3 |
Australia | 1.1 |
101.8% |
Semi-Annual Report | 21 |
Common Stocks – 99.7% | ||
Shares | Value | |
COMMUNICATION SERVICES – 10.4% | ||
Diversified Telecommunication Services – 3.3% | ||
AT&T, Inc. | 181,690 | $ 5,201,785 |
Cogent Communications Holdings, Inc. (a) | 38,107 | 2,170,193 |
Verizon Communications, Inc. | 99,065 | 5,423,809 |
12,795,787 | ||
Interactive Media & Services – 4.2% | ||
Alphabet, Inc. Class A (b) | 8,788 | 16,058,840 |
Media – 1.8% | ||
Cable One, Inc. | 1,680 | 3,360,000 |
Omnicom Group, Inc. | 57,870 | 3,609,931 |
6,969,931 | ||
Wireless Telecommunication Services – 1.1% | ||
T-Mobile US, Inc. (b) | 34,217 | 4,314,079 |
TOTAL COMMUNICATION SERVICES | 40,138,637 | |
CONSUMER DISCRETIONARY – 12.6% | ||
Distributors – 0.8% | ||
Pool Corp. | 8,573 | 3,036,385 |
Diversified Consumer Services – 0.9% | ||
Bright Horizons Family Solutions, Inc. (b) | 22,243 | 3,380,269 |
Hotels, Restaurants & Leisure – 3.1% | ||
Domino's Pizza, Inc. | 7,240 | 2,684,302 |
McDonald's Corp. | 21,678 | 4,505,555 |
Starbucks Corp. | 48,675 | 4,712,227 |
11,902,084 | ||
Multiline Retail – 2.1% | ||
Dollar General Corp. | 16,742 | 3,258,161 |
Target Corp. | 26,418 | 4,786,149 |
8,044,310 | ||
Specialty Retail – 4.3% | ||
AutoZone, Inc. (b) | 2,533 | 2,832,831 |
Ross Stores, Inc. | 34,740 | 3,866,215 |
The Home Depot, Inc. | 22,277 | 6,033,057 |
The TJX Cos., Inc. | 63,694 | 4,078,964 |
16,811,067 | ||
Textiles, Apparel & Luxury Goods – 1.4% | ||
NIKE, Inc. Class B | 40,811 | 5,451,941 |
TOTAL CONSUMER DISCRETIONARY | 48,626,056 | |
CONSUMER STAPLES – 5.9% | ||
Beverages – 1.8% | ||
PepsiCo, Inc. | 25,291 | 3,453,992 |
The Coca-Cola Co. | 71,156 | 3,426,161 |
6,880,153 | ||
Food & Staples Retailing – 1.0% | ||
Walmart, Inc. | 26,085 | 3,664,682 |
| ||
Shares | Value | |
Food Products – 1.1% | ||
Hormel Foods Corp. (a) | 27,955 | $ 1,309,971 |
McCormick & Co., Inc. (non-vtg.) | 15,557 | 1,392,974 |
The Hershey Co. | 10,508 | 1,528,283 |
4,231,228 | ||
Household Products – 2.0% | ||
Kimberly-Clark Corp. | 12,011 | 1,586,653 |
The Clorox Co. | 6,799 | 1,424,119 |
The Procter & Gamble Co. | 38,039 | 4,876,980 |
7,887,752 | ||
TOTAL CONSUMER STAPLES | 22,663,815 | |
ENERGY – 2.2% | ||
Oil, Gas & Consumable Fuels – 2.2% | ||
Cabot Oil & Gas Corp. | 34,029 | 623,751 |
Chevron Corp. | 28,162 | 2,399,402 |
Exxon Mobil Corp. | 62,044 | 2,782,053 |
Kinder Morgan, Inc. | 63,184 | 889,631 |
Phillips 66 | 14,597 | 989,677 |
Valero Energy Corp. | 16,027 | 904,404 |
TOTAL ENERGY | 8,588,918 | |
FINANCIALS – 9.8% | ||
Capital Markets – 3.0% | ||
CME Group, Inc. | 18,386 | 3,341,472 |
FactSet Research Systems, Inc. | 7,051 | 2,131,799 |
Intercontinental Exchange, Inc. | 30,287 | 3,342,170 |
Nasdaq, Inc. | 19,210 | 2,598,537 |
11,413,978 | ||
Insurance – 6.8% | ||
Aflac, Inc. | 74,277 | 3,355,835 |
Aon PLC Class A | 14,614 | 2,968,103 |
Arthur J Gallagher & Co. | 24,329 | 2,807,810 |
Brown & Brown, Inc. | 53,950 | 2,324,706 |
Chubb Ltd. | 23,669 | 3,447,863 |
Marsh & McLennan Cos., Inc. | 25,556 | 2,808,860 |
The Progressive Corp. | 32,826 | 2,862,099 |
The Travelers Cos., Inc. | 23,466 | 3,198,416 |
WR Berkley Corp. | 39,216 | 2,436,882 |
26,210,574 | ||
TOTAL FINANCIALS | 37,624,552 | |
HEALTH CARE – 15.0% | ||
Biotechnology – 0.7% | ||
Biogen, Inc. (b) | 10,291 | 2,908,339 |
Health Care Equipment & Supplies – 3.1% | ||
Danaher Corp. | 18,599 | 4,423,586 |
Medtronic PLC | 39,585 | 4,406,998 |
ResMed, Inc. | 14,974 | 3,018,309 |
11,848,893 |
22 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
HEALTH CARE – continued | ||
Health Care Providers & Services – 2.6% | ||
Cigna Corp. | 17,744 | $3,851,335 |
UnitedHealth Group, Inc. | 18,355 | 6,122,861 |
9,974,196 | ||
Health Care Technology – 0.8% | ||
Cerner Corp. | 36,891 | 2,955,338 |
Life Sciences Tools & Services – 1.3% | ||
Thermo Fisher Scientific, Inc. | 10,167 | 5,182,120 |
Pharmaceuticals – 6.5% | ||
Eli Lilly & Co. | 24,974 | 5,193,843 |
Johnson & Johnson | 46,159 | 7,529,918 |
Merck & Co., Inc. | 57,874 | 4,460,349 |
Pfizer, Inc. | 124,973 | 4,486,531 |
Viatris, Inc. (b) | 15,503 | 263,396 |
Zoetis, Inc. | 19,945 | 3,076,516 |
25,010,553 | ||
TOTAL HEALTH CARE | 57,879,439 | |
INDUSTRIALS – 8.0% | ||
Aerospace & Defense – 1.2% | ||
Lockheed Martin Corp. | 7,620 | 2,452,268 |
Northrop Grumman Corp. | 7,347 | 2,105,724 |
4,557,992 | ||
Air Freight & Logistics – 1.0% | ||
CH Robinson Worldwide, Inc. | 20,618 | 1,764,076 |
Expeditors International of Washington, Inc. | 23,382 | 2,093,157 |
3,857,233 | ||
Commercial Services & Supplies – 1.6% | ||
Republic Services, Inc. | 23,063 | 2,087,663 |
Rollins, Inc. | 53,185 | 1,915,724 |
Waste Management, Inc. | 20,910 | 2,327,701 |
6,331,088 | ||
Industrial Conglomerates – 1.9% | ||
3M Co. | 18,255 | 3,206,673 |
Honeywell International, Inc. | 19,974 | 3,902,321 |
7,108,994 | ||
Machinery – 1.3% | ||
Graco, Inc. | 35,426 | 2,442,268 |
The Toro Co. | 26,616 | 2,508,558 |
4,950,826 | ||
Professional Services – 1.0% | ||
Exponent, Inc. | 22,558 | 1,862,839 |
Verisk Analytics, Inc. | 11,442 | 2,099,607 |
3,962,446 | ||
TOTAL INDUSTRIALS | 30,768,579 |
| ||
Shares | Value | |
INFORMATION TECHNOLOGY – 27.3% | ||
IT Services – 13.2% | ||
Accenture PLC Class A | 22,378 | $ 5,413,686 |
Akamai Technologies, Inc. (b) | 33,677 | 3,739,157 |
Amdocs Ltd. | 57,661 | 4,072,020 |
Automatic Data Processing, Inc. | 30,387 | 5,017,501 |
Fidelity National Information Services, Inc. | 30,738 | 3,794,913 |
Fiserv, Inc. (b) | 40,396 | 4,148,265 |
Jack Henry & Associates, Inc. | 19,921 | 2,884,362 |
Mastercard, Inc. Class A | 20,696 | 6,545,938 |
Paychex, Inc. | 51,519 | 4,498,639 |
VeriSign, Inc. (b) | 17,570 | 3,409,810 |
Visa, Inc. Class A | 36,895 | 7,129,959 |
50,654,250 | ||
Semiconductors & Semiconductor Equipment – 1.7% | ||
Intel Corp. | 120,248 | 6,674,966 |
Software – 12.4% | ||
Adobe, Inc. (b) | 13,031 | 5,978,232 |
Check Point Software Technologies Ltd. (b) | 29,362 | 3,750,702 |
Citrix Systems, Inc. | 26,004 | 3,466,593 |
Intuit, Inc. | 14,126 | 5,102,735 |
Microsoft Corp. | 103,356 | 23,974,458 |
Oracle Corp. | 86,784 | 5,244,357 |
47,517,077 | ||
TOTAL INFORMATION TECHNOLOGY | 104,846,293 | |
MATERIALS – 2.6% | ||
Chemicals – 1.4% | ||
Air Products & Chemicals, Inc. | 4,869 | 1,298,855 |
Balchem Corp. | 6,830 | 731,015 |
Ecolab, Inc. | 6,240 | 1,276,142 |
Linde PLC (b) | 8,715 | 2,138,661 |
5,444,673 | ||
Construction Materials – 0.3% | ||
Vulcan Materials Co. | 6,732 | 1,004,011 |
Containers & Packaging – 0.9% | ||
AptarGroup, Inc. | 6,333 | 842,099 |
Ball Corp. | 12,593 | 1,108,436 |
Silgan Holdings, Inc. | 18,198 | 662,953 |
Sonoco Products Co. | 13,651 | 790,529 |
3,404,017 | ||
TOTAL MATERIALS | 9,852,701 | |
REAL ESTATE – 3.1% | ||
Equity Real Estate Investment Trusts (REITs) – 3.1% | ||
Agree Realty Corp. | 7,620 | 481,584 |
American Tower Corp. | 6,971 | 1,584,927 |
CoreSite Realty Corp. | 4,237 | 569,622 |
Semi-Annual Report | 23 |
Common Stocks – continued | ||
Shares | Value | |
REAL ESTATE – continued | ||
Equity Real Estate Investment Trusts (REITs) – continued | ||
Crown Castle International Corp. | 7,710 | $ 1,227,895 |
CubeSmart | 18,618 | 648,651 |
Digital Realty Trust, Inc. | 6,129 | 882,270 |
Equinix, Inc. | 1,624 | 1,201,695 |
Equity Commonwealth | 16,785 | 478,540 |
Equity Lifestyle Properties, Inc. | 9,219 | 560,884 |
Essex Property Trust, Inc. | 2,923 | 700,380 |
Extra Space Storage, Inc. | 6,208 | 706,408 |
Life Storage, Inc. | 7,985 | 651,376 |
Mid-America Apartment Communities, Inc. | 5,415 | 718,841 |
Public Storage | 4,165 | 948,037 |
UDR, Inc. | 16,842 | 647,575 |
TOTAL REAL ESTATE | 12,008,685 | |
UTILITIES – 2.8% | ||
Electric Utilities – 1.6% | ||
Duke Energy Corp. | 16,587 | 1,559,178 |
Eversource Energy | 11,637 | 1,018,237 |
NextEra Energy, Inc. | 32,223 | 2,605,874 |
Xcel Energy, Inc. | 15,801 | 1,011,106 |
6,194,395 | ||
Multi-Utilities – 0.9% | ||
Ameren Corp. | 11,283 | 820,500 |
CMS Energy Corp. | 14,373 | 817,536 |
Consolidated Edison, Inc. | 13,099 | 927,147 |
WEC Energy Group, Inc. | 10,987 | 976,745 |
3,541,928 |
| ||
Shares | Value | |
Water Utilities – 0.3% | ||
American Water Works Co., Inc. | 6,738 | $ 1,071,477 |
TOTAL UTILITIES | 10,807,800 | |
TOTAL COMMON STOCKS (Cost $356,017,711) | 383,805,475 | |
Money Market Funds – 0.3% | ||
Fidelity Cash Central Fund, 0.09% (c) | 799,334 | 799,494 |
Fidelity Securities Lending Cash Central Fund, 0.09% (c)(d) | 253,356 | 253,382 |
TOTAL MONEY MARKET FUNDS (Cost $1,052,876) | 1,052,876 | |
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $357,070,587) | 384,858,351 | |
NET OTHER ASSETS (LIABILITIES) – 0.0% | 82,720 | |
NET ASSETS – 100.0% | $ 384,941,071 |
Legend | ||
(a) | Security or a portion of the security is on loan at period end. | |
(b) | Non-income producing. | |
(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. |
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) | 3 | March 2021 | $ 555,780 | $ (2,722) | $ (2,722) |
CME Micro E-mini S&P 500 Index Contracts (United States) | 25 | March 2021 | 463,150 | (3,938) | (3,938) |
Total Equity Index Contracts | $ (6,660) |
Fund | Income earned |
Fidelity Cash Central Fund | $ 413 |
Fidelity Securities Lending Cash Central Fund | 753 |
Total | $1,166 |
24 | Semi-Annual Report |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Equities: | |||||||||
Communication Services | $ 40,138,637 | $ 40,138,637 | $ — | $ — | |||||
Consumer Discretionary | 48,626,056 | 48,626,056 | — | — | |||||
Consumer Staples | 22,663,815 | 22,663,815 | — | — | |||||
Energy | 8,588,918 | 8,588,918 | — | — | |||||
Financials | 37,624,552 | 37,624,552 | — | — | |||||
Health Care | 57,879,439 | 57,879,439 | — | — | |||||
Industrials | 30,768,579 | 30,768,579 | — | — | |||||
Information Technology | 104,846,293 | 104,846,293 | — | — | |||||
Materials | 9,852,701 | 9,852,701 | — | — | |||||
Real Estate | 12,008,685 | 12,008,685 | — | — | |||||
Utilities | 10,807,800 | 10,807,800 | — | — | |||||
Money Market Funds | 1,052,876 | 1,052,876 | — | — | |||||
Total Investments in Securities: | $ 384,858,351 | $ 384,858,351 | $ — | $ — | |||||
Derivative Instruments: | |||||||||
Liabilities | |||||||||
Futures Contracts | $ (6,660) | $ (6,660) | $ — | $ — | |||||
Total Liabilities | $ (6,660) | $ (6,660) | $ — | $ — | |||||
Total Derivative Instruments: | $ (6,660) | $ (6,660) | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $0 | $(6,660) | |
Total Equity Risk | 0 | (6,660) | |
Total Value of Derivatives | $0 | $(6,660) |
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
Semi-Annual Report | 25 |
Common Stocks – 99.7% | ||
Shares | Value | |
COMMUNICATION SERVICES – 10.1% | ||
Diversified Telecommunication Services – 0.5% | ||
Bandwidth, Inc. Class A (a)(b) | 3,653 | $ 650,745 |
Entertainment – 1.9% | ||
Activision Blizzard, Inc. | 10,056 | 915,096 |
Netflix, Inc. (a) | 2,678 | 1,425,740 |
2,340,836 | ||
Interactive Media & Services – 7.0% | ||
Alphabet, Inc. Class A (a) | 2,385 | 4,358,254 |
Facebook, Inc. Class A (a) | 10,318 | 2,665,449 |
Pinterest, Inc. Class A (a) | 11,003 | 753,816 |
Zillow Group, Inc. Class C (a) | 6,364 | 830,247 |
8,607,766 | ||
Wireless Telecommunication Services – 0.7% | ||
T-Mobile US, Inc. (a) | 7,058 | 889,873 |
TOTAL COMMUNICATION SERVICES | 12,489,220 | |
CONSUMER DISCRETIONARY – 12.8% | ||
Automobiles – 2.4% | ||
Tesla, Inc. (a) | 3,743 | 2,970,183 |
Hotels, Restaurants & Leisure – 1.0% | ||
Domino's Pizza, Inc. | 1,435 | 532,040 |
DraftKings, Inc. Class A (a) | 12,943 | 700,346 |
1,232,386 | ||
Internet & Direct Marketing Retail – 5.6% | ||
Amazon.com, Inc. (a) | 1,625 | 5,210,075 |
Etsy, Inc. (a) | 3,981 | 792,577 |
Stamps.com, Inc. (a) | 2,074 | 473,515 |
Wayfair, Inc. Class A (a) | 1,956 | 532,658 |
7,008,825 | ||
Leisure Products – 0.6% | ||
Peloton Interactive, Inc. Class A (a) | 4,757 | 695,140 |
Multiline Retail – 1.2% | ||
Dollar General Corp. | 3,193 | 621,390 |
Target Corp. | 4,922 | 891,719 |
1,513,109 | ||
Specialty Retail – 2.0% | ||
Lowe's Cos., Inc. | 5,653 | 943,203 |
The Home Depot, Inc. | 5,513 | 1,493,031 |
2,436,234 | ||
TOTAL CONSUMER DISCRETIONARY | 15,855,877 | |
CONSUMER STAPLES – 5.5% | ||
Beverages – 0.8% | ||
Monster Beverage Corp. (a) | 6,167 | 535,481 |
The Boston Beer Co., Inc. Class A (a) | 435 | 398,847 |
934,328 | ||
Food & Staples Retailing – 1.6% | ||
Costco Wholesale Corp. | 2,572 | 906,450 |
| ||
Shares | Value | |
Walmart, Inc. | 7,593 | $ 1,066,740 |
1,973,190 | ||
Food Products – 0.7% | ||
Conagra Brands, Inc. | 12,980 | 449,108 |
Freshpet, Inc. (a) | 3,164 | 440,777 |
889,885 | ||
Household Products – 2.4% | ||
Church & Dwight Co., Inc. | 5,417 | 457,358 |
Colgate-Palmolive Co. | 7,877 | 614,406 |
The Clorox Co. | 2,355 | 493,278 |
The Procter & Gamble Co. | 11,410 | 1,462,876 |
3,027,918 | ||
TOTAL CONSUMER STAPLES | 6,825,321 | |
ENERGY – 1.9% | ||
Oil, Gas & Consumable Fuels – 1.9% | ||
Cabot Oil & Gas Corp. | 17,932 | 328,693 |
Cheniere Energy, Inc. (a) | 6,312 | 399,739 |
Chevron Corp. | 10,413 | 887,188 |
EQT Corp. | 19,997 | 326,151 |
The Williams Cos., Inc. | 18,455 | 391,800 |
TOTAL ENERGY | 2,333,571 | |
FINANCIALS – 9.2% | ||
Capital Markets – 5.7% | ||
BlackRock, Inc. | 1,397 | 979,660 |
FactSet Research Systems, Inc. | 1,955 | 591,075 |
Intercontinental Exchange, Inc. | 7,952 | 877,503 |
MarketAxess Holdings, Inc. | 1,183 | 639,719 |
Moody's Corp. | 2,649 | 705,323 |
Morgan Stanley | 16,598 | 1,112,896 |
MSCI, Inc. | 1,749 | 691,380 |
Nasdaq, Inc. | 4,980 | 673,644 |
S&P Global, Inc. | 2,536 | 803,912 |
7,075,112 | ||
Diversified Financial Services – 1.8% | ||
Berkshire Hathaway, Inc. Class B (a) | 9,760 | 2,224,011 |
Insurance – 1.7% | ||
Kinsale Capital Group, Inc. | 3,060 | 573,934 |
Marsh & McLennan Cos., Inc. | 7,355 | 808,388 |
The Progressive Corp. | 8,274 | 721,410 |
2,103,732 | ||
TOTAL FINANCIALS | 11,402,855 | |
HEALTH CARE – 14.1% | ||
Biotechnology – 3.4% | ||
Moderna, Inc. (a) | 13,585 | 2,352,379 |
Regeneron Pharmaceuticals, Inc. (a) | 1,881 | 947,723 |
Seagen, Inc. (a) | 5,354 | 879,501 |
4,179,603 |
26 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
HEALTH CARE – continued | ||
Health Care Equipment & Supplies – 5.4% | ||
Abbott Laboratories | 13,985 | $ 1,728,406 |
Danaher Corp. | 5,908 | 1,405,159 |
DexCom, Inc. (a) | 2,860 | 1,072,071 |
iRhythm Technologies, Inc. (a) | 3,908 | 658,185 |
Quidel Corp. (a) | 3,319 | 832,969 |
West Pharmaceutical Services, Inc. | 3,301 | 988,617 |
6,685,407 | ||
Health Care Providers & Services – 1.5% | ||
UnitedHealth Group, Inc. | 5,808 | 1,937,433 |
Health Care Technology – 1.8% | ||
Teladoc Health, Inc. (a)(b) | 4,711 | 1,242,903 |
Veeva Systems, Inc. Class A (a) | 3,490 | 964,776 |
2,207,679 | ||
Life Sciences Tools & Services – 1.3% | ||
Thermo Fisher Scientific, Inc. | 3,103 | 1,581,599 |
Pharmaceuticals – 0.7% | ||
Horizon Therapeutics PLC (a) | 12,133 | 879,400 |
TOTAL HEALTH CARE | 17,471,121 | |
INDUSTRIALS – 9.3% | ||
Air Freight & Logistics – 1.4% | ||
FedEx Corp. | 3,085 | 726,024 |
United Parcel Service, Inc. Class B | 6,261 | 970,455 |
1,696,479 | ||
Building Products – 1.2% | ||
Carrier Global Corp. | 19,318 | 743,743 |
Trex Co., Inc. (a) | 8,538 | 783,532 |
1,527,275 | ||
Commercial Services & Supplies – 0.4% | ||
Rollins, Inc. | 15,639 | 563,317 |
Electrical Equipment – 2.4% | ||
Generac Holdings, Inc. (a) | 2,939 | 724,228 |
Plug Power, Inc. (a) | 34,711 | 2,192,694 |
2,916,922 | ||
Machinery – 0.8% | ||
Deere & Co. | 3,616 | 1,044,301 |
Professional Services – 1.1% | ||
Clarivate PLC (a) | 21,181 | 612,978 |
CoStar Group, Inc. (a) | 830 | 746,759 |
1,359,737 | ||
Road & Rail – 1.4% | ||
Old Dominion Freight Line, Inc. | 3,384 | 656,496 |
Union Pacific Corp. | 5,597 | 1,105,240 |
1,761,736 | ||
Trading Companies & Distributors – 0.6% | ||
Fastenal Co. | 15,501 | 706,691 |
TOTAL INDUSTRIALS | 11,576,458 |
| ||
Shares | Value | |
INFORMATION TECHNOLOGY – 28.8% | ||
IT Services – 4.4% | ||
Okta, Inc. (a) | 4,067 | $ 1,053,394 |
PayPal Holdings, Inc. (a) | 8,234 | 1,929,309 |
Square, Inc. Class A (a) | 6,189 | 1,336,576 |
Twilio, Inc. Class A (a) | 3,257 | 1,170,663 |
5,489,942 | ||
Semiconductors & Semiconductor Equipment – 4.5% | ||
Advanced Micro Devices, Inc. (a) | 14,362 | 1,229,962 |
Enphase Energy, Inc. (a) | 7,544 | 1,375,648 |
NVIDIA Corp. | 3,644 | 1,893,386 |
SolarEdge Technologies, Inc. (a) | 3,832 | 1,104,881 |
5,603,877 | ||
Software – 13.2% | ||
Adobe, Inc. (a) | 3,374 | 1,547,890 |
Crowdstrike Holdings, Inc. Class A (a) | 6,691 | 1,443,918 |
Datadog, Inc. Class A (a) | 9,023 | 927,113 |
DocuSign, Inc. (a) | 4,255 | 990,947 |
Microsoft Corp. | 29,957 | 6,948,826 |
ServiceNow, Inc. (a) | 2,281 | 1,238,948 |
The Trade Desk, Inc. Class A (a) | 1,471 | 1,126,771 |
Zoom Video Communications, Inc. Class A (a) | 2,353 | 875,480 |
Zscaler, Inc. (a) | 5,954 | 1,189,014 |
16,288,907 | ||
Technology Hardware, Storage & Peripherals – 6.7% | ||
Apple, Inc. | 62,741 | 8,279,302 |
TOTAL INFORMATION TECHNOLOGY | 35,662,028 | |
MATERIALS – 2.6% | ||
Chemicals – 1.8% | ||
Air Products & Chemicals, Inc. | 1,321 | 352,390 |
Albemarle Corp. | 2,009 | 326,784 |
Ecolab, Inc. | 1,723 | 352,371 |
Linde PLC (a) | 2,499 | 613,255 |
The Scotts Miracle-Gro Co. | 1,159 | 256,614 |
The Sherwin-Williams Co. | 514 | 355,585 |
2,256,999 | ||
Containers & Packaging – 0.2% | ||
Ball Corp. | 2,905 | 255,698 |
Metals & Mining – 0.6% | ||
Freeport-McMoRan, Inc. | 14,256 | 383,629 |
Newmont Corp. | 5,304 | 316,118 |
699,747 | ||
TOTAL MATERIALS | 3,212,444 | |
REAL ESTATE – 2.8% | ||
Equity Real Estate Investment Trusts (REITs) – 2.6% | ||
Alexandria Real Estate Equities, Inc. | 1,304 | 217,911 |
American Homes 4 Rent Class A | 5,364 | 162,154 |
Semi-Annual Report | 27 |
Common Stocks – continued | ||
Shares | Value | |
REAL ESTATE – continued | ||
Equity Real Estate Investment Trusts (REITs) – continued | ||
American Tower Corp. | 2,076 | $ 471,999 |
Crown Castle International Corp. | 2,240 | 356,742 |
Digital Realty Trust, Inc. | 1,769 | 254,648 |
Duke Realty Corp. | 4,514 | 178,574 |
Equinix, Inc. | 478 | 353,701 |
Extra Space Storage, Inc. | 1,573 | 178,992 |
Prologis, Inc. | 3,791 | 391,231 |
Public Storage | 1,097 | 249,699 |
SBA Communications Corp. | 809 | 217,354 |
Weyerhaeuser Co. | 6,955 | 216,927 |
3,249,932 | ||
Real Estate Management & Development – 0.2% | ||
Redfin Corp. (a) | 2,916 | 207,648 |
TOTAL REAL ESTATE | 3,457,580 | |
UTILITIES – 2.6% | ||
Electric Utilities – 1.5% | ||
Duke Energy Corp. | 5,039 | 473,666 |
Eversource Energy | 3,729 | 326,288 |
NextEra Energy, Inc. | 9,866 | 797,863 |
Xcel Energy, Inc. | 4,973 | 318,222 |
1,916,039 | ||
Multi-Utilities – 0.8% | ||
Ameren Corp. | 3,740 | 271,973 |
Dominion Energy, Inc. | 5,710 | 416,202 |
WEC Energy Group, Inc. | 3,417 | 303,771 |
991,946 |
| ||
Shares | Value | |
Water Utilities – 0.3% | ||
American Water Works Co., Inc. | 2,104 | $ 334,578 |
TOTAL UTILITIES | 3,242,563 | |
TOTAL COMMON STOCKS (Cost $100,629,543) | 123,529,038 | |
Money Market Funds – 1.3% | ||
Fidelity Cash Central Fund, 0.09% (c) | 285,409 | 285,466 |
Fidelity Securities Lending Cash Central Fund, 0.09% (c)(d) | 1,267,148 | 1,267,275 |
TOTAL MONEY MARKET FUNDS (Cost $1,552,741) | 1,552,741 | |
TOTAL INVESTMENT IN SECURITIES – 101.0% (Cost $102,182,284) | 125,081,779 | |
NET OTHER ASSETS (LIABILITIES) – (1.0%) | (1,232,868) | |
NET ASSETS – 100.0% | $ 123,848,911 |
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. |
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) | 1 | March 2021 | $ 185,260 | $ 897 | $ 897 |
CME Micro E-mini S&P 500 Index Contracts (United States) | 6 | March 2021 | 111,156 | (1,051) | (1,051) |
Total Equity Index Contracts | $ (154) |
Fund | Income earned |
Fidelity Cash Central Fund | $ 103 |
Fidelity Securities Lending Cash Central Fund | 1,245 |
Total | $1,348 |
28 | Semi-Annual Report |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||||||
Equities: | ||||||||
Communication Services | $ 12,489,220 | $ 12,489,220 | $ — | $ — | ||||
Consumer Discretionary | 15,855,877 | 15,855,877 | — | — | ||||
Consumer Staples | 6,825,321 | 6,825,321 | — | — | ||||
Energy | 2,333,571 | 2,333,571 | — | — | ||||
Financials | 11,402,855 | 11,402,855 | — | — | ||||
Health Care | 17,471,121 | 17,471,121 | — | — | ||||
Industrials | 11,576,458 | 11,576,458 | — | — | ||||
Information Technology | 35,662,028 | 35,662,028 | — | — | ||||
Materials | 3,212,444 | 3,212,444 | — | — | ||||
Real Estate | 3,457,580 | 3,457,580 | — | — | ||||
Utilities | 3,242,563 | 3,242,563 | — | — | ||||
Money Market Funds | 1,552,741 | 1,552,741 | — | — | ||||
Total Investments in Securities: | $ 125,081,779 | $ 125,081,779 | $ — | $ — |
Derivative Instruments: | ||||||||
Assets | ||||||||
Futures Contracts | $ (154) | $ (154) | $ — | $ — | ||||
Total Assets | $ (154) | $ (154) | — | $ — | ||||
Total Derivative Instruments: | $ (154) | $ (154) | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $897 | $(1,051) | |
Total Equity Risk | 897 | (1,051) | |
Total Value of Derivatives | $897 | $(1,051) |
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
Semi-Annual Report | 29 |
Common Stocks – 99.7% | ||
Shares | Value | |
COMMUNICATION SERVICES – 10.1% | ||
Diversified Telecommunication Services – 2.1% | ||
AT&T, Inc. | 58,008 | $1,660,769 |
Verizon Communications, Inc. | 32,185 | 1,762,129 |
3,422,898 | ||
Entertainment – 0.5% | ||
Electronic Arts, Inc. | 6,170 | 883,544 |
Interactive Media & Services – 5.9% | ||
Alphabet, Inc. Class A (a) | 3,332 | 6,088,764 |
Facebook, Inc. Class A (a) | 14,298 | 3,693,602 |
9,782,366 | ||
Media – 1.6% | ||
Comcast Corp. Class A | 38,432 | 1,905,074 |
Sirius XM Holdings, Inc. (b) | 124,941 | 782,131 |
2,687,205 | ||
TOTAL COMMUNICATION SERVICES | 16,776,013 | |
CONSUMER DISCRETIONARY – 11.7% | ||
Auto Components – 0.9% | ||
Gentex Corp. | 46,264 | 1,529,025 |
Hotels, Restaurants & Leisure – 4.6% | ||
Domino's Pizza, Inc. | 3,296 | 1,222,025 |
McDonald's Corp. | 9,606 | 1,996,511 |
Planet Fitness, Inc. Class A (a) | 24,184 | 1,741,248 |
Wingstop, Inc. | 7,367 | 1,105,418 |
Yum! Brands, Inc. | 14,855 | 1,507,634 |
7,572,836 | ||
Internet & Direct Marketing Retail – 3.1% | ||
Booking Holdings, Inc. (a) | 893 | 1,736,287 |
eBay, Inc. | 25,336 | 1,431,737 |
Etsy, Inc. (a) | 9,906 | 1,972,186 |
5,140,210 | ||
Specialty Retail – 3.1% | ||
AutoZone, Inc. (a) | 1,146 | 1,281,652 |
O'Reilly Automotive, Inc. (a) | 2,976 | 1,266,199 |
The Home Depot, Inc. | 9,739 | 2,637,516 |
5,185,367 | ||
TOTAL CONSUMER DISCRETIONARY | 19,427,438 | |
CONSUMER STAPLES – 5.7% | ||
Beverages – 1.4% | ||
Monster Beverage Corp. (a) | 8,931 | 775,479 |
The Coca-Cola Co. | 31,254 | 1,504,880 |
2,280,359 | ||
Household Products – 3.0% | ||
Church & Dwight Co., Inc. | 7,444 | 628,497 |
Colgate-Palmolive Co. | 11,991 | 935,298 |
Kimberly-Clark Corp. | 5,449 | 719,813 |
The Clorox Co. | 3,125 | 654,562 |
| ||
Shares | Value | |
The Procter & Gamble Co. | 16,484 | $ 2,113,414 |
5,051,584 | ||
Tobacco – 1.3% | ||
Altria Group, Inc. | 23,309 | 957,534 |
Philip Morris International, Inc. | 15,264 | 1,215,777 |
2,173,311 | ||
TOTAL CONSUMER STAPLES | 9,505,254 | |
ENERGY – 2.2% | ||
Energy Equipment & Services – 0.2% | ||
Schlumberger N.V. | 17,898 | 397,514 |
Oil, Gas & Consumable Fuels – 2.0% | ||
Chevron Corp. | 11,509 | 980,567 |
ConocoPhillips | 10,868 | 435,046 |
Exxon Mobil Corp. | 25,454 | 1,141,357 |
Kinder Morgan, Inc. | 24,450 | 344,256 |
The Williams Cos., Inc. | 16,202 | 343,969 |
3,245,195 | ||
TOTAL ENERGY | 3,642,709 | |
FINANCIALS – 10.4% | ||
Banks – 2.4% | ||
SVB Financial Group (a) | 4,706 | 2,060,193 |
Western Alliance Bancorp | 29,021 | 1,978,652 |
4,038,845 | ||
Capital Markets – 5.9% | ||
Ameriprise Financial, Inc. | 7,153 | 1,415,364 |
CME Group, Inc. | 7,974 | 1,449,195 |
FactSet Research Systems, Inc. | 3,077 | 930,300 |
MarketAxess Holdings, Inc. | 2,214 | 1,197,243 |
Moody's Corp. | 4,442 | 1,182,727 |
MSCI, Inc. | 3,155 | 1,247,171 |
S&P Global, Inc. | 4,067 | 1,289,239 |
SEI Investments Co. | 20,118 | 1,063,236 |
9,774,475 | ||
Insurance – 1.4% | ||
Aon PLC Class A | 6,347 | 1,289,076 |
Kinsale Capital Group, Inc. | 5,053 | 947,740 |
2,236,816 | ||
Thrifts & Mortgage Finance – 0.7% | ||
Essent Group Ltd. | 28,873 | 1,207,758 |
TOTAL FINANCIALS | 17,257,894 | |
HEALTH CARE – 14.4% | ||
Biotechnology – 3.7% | ||
AbbVie, Inc. | 19,939 | 2,043,349 |
Amgen, Inc. | 7,220 | 1,743,125 |
Biogen, Inc. (a) | 4,589 | 1,296,897 |
30 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
HEALTH CARE – continued | ||
Biotechnology – continued | ||
Regeneron Pharmaceuticals, Inc. (a) | 2,186 | $ 1,101,394 |
6,184,765 | ||
Health Care Equipment & Supplies – 1.7% | ||
Edwards Lifesciences Corp. (a) | 16,631 | 1,373,388 |
IDEXX Laboratories, Inc. (a) | 3,120 | 1,493,482 |
2,866,870 | ||
Health Care Providers & Services – 1.6% | ||
UnitedHealth Group, Inc. | 7,956 | 2,653,962 |
Life Sciences Tools & Services – 1.7% | ||
Mettler-Toledo International, Inc. (a) | 1,238 | 1,446,108 |
Waters Corp. (a) | 5,308 | 1,404,868 |
2,850,976 | ||
Pharmaceuticals – 5.7% | ||
Bristol-Myers Squibb Co. | 28,174 | 1,730,729 |
Eli Lilly & Co. | 10,979 | 2,283,303 |
Johnson & Johnson | 19,921 | 3,249,713 |
Pfizer, Inc. | 54,496 | 1,956,406 |
Viatris, Inc. (a) | 6,756 | 114,784 |
9,334,935 | ||
TOTAL HEALTH CARE | 23,891,508 | |
INDUSTRIALS – 8.2% | ||
Aerospace & Defense – 0.6% | ||
Lockheed Martin Corp. | 3,025 | 973,505 |
Building Products – 0.4% | ||
Masco Corp. | 13,369 | 726,070 |
Electrical Equipment – 1.2% | ||
Emerson Electric Co. | 13,557 | 1,075,748 |
Rockwell Automation, Inc. | 3,692 | 917,573 |
1,993,321 | ||
Industrial Conglomerates – 1.7% | ||
3M Co. | 7,240 | 1,271,778 |
Honeywell International, Inc. | 7,951 | 1,553,387 |
2,825,165 | ||
Machinery – 1.2% | ||
Graco, Inc. | 13,629 | 939,583 |
Illinois Tool Works, Inc. | 5,092 | 988,918 |
1,928,501 | ||
Professional Services – 1.1% | ||
Robert Half International, Inc. | 13,706 | 925,155 |
Verisk Analytics, Inc. | 4,452 | 816,942 |
1,742,097 | ||
Road & Rail – 1.5% | ||
CSX Corp. | 13,316 | 1,141,914 |
Union Pacific Corp. | 7,156 | 1,413,095 |
2,555,009 |
| ||
Shares | Value | |
Trading Companies & Distributors – 0.5% | ||
Fastenal Co. | 17,261 | $ 786,929 |
TOTAL INDUSTRIALS | 13,530,597 | |
INFORMATION TECHNOLOGY – 28.4% | ||
Communications Equipment – 1.0% | ||
Cisco Systems, Inc. | 37,980 | 1,693,148 |
IT Services – 6.3% | ||
Accenture PLC Class A | 6,692 | 1,618,929 |
Automatic Data Processing, Inc. | 8,177 | 1,350,186 |
FleetCor Technologies, Inc. (a) | 3,568 | 866,132 |
Mastercard, Inc. Class A | 6,805 | 2,152,354 |
Paychex, Inc. | 13,006 | 1,135,684 |
VeriSign, Inc. (a) | 4,419 | 857,595 |
Visa, Inc. Class A | 12,365 | 2,389,536 |
10,370,416 | ||
Semiconductors & Semiconductor Equipment – 5.8% | ||
Broadcom, Inc. | 4,465 | 2,011,483 |
Intel Corp. | 37,666 | 2,090,840 |
Maxim Integrated Products, Inc. | 13,344 | 1,170,402 |
NVIDIA Corp. | 4,816 | 2,502,345 |
Texas Instruments, Inc. | 10,669 | 1,767,747 |
9,542,817 | ||
Software – 8.4% | ||
Adobe, Inc. (a) | 4,127 | 1,893,344 |
Aspen Technology, Inc. (a) | 8,483 | 1,135,873 |
Microsoft Corp. | 40,607 | 9,419,200 |
Oracle Corp. | 25,140 | 1,519,210 |
13,967,627 | ||
Technology Hardware, Storage & Peripherals – 6.9% | ||
Apple, Inc. | 86,308 | 11,389,204 |
TOTAL INFORMATION TECHNOLOGY | 46,963,212 | |
MATERIALS – 2.5% | ||
Chemicals – 1.4% | ||
Celanese Corp. | 3,207 | 391,735 |
Ecolab, Inc. | 2,539 | 519,251 |
Linde PLC (a) | 3,600 | 883,440 |
The Sherwin-Williams Co. | 789 | 545,830 |
2,340,256 | ||
Construction Materials – 0.2% | ||
Eagle Materials, Inc. | 3,356 | 369,261 |
Containers & Packaging – 0.5% | ||
International Paper Co. | 9,294 | 467,581 |
Sealed Air Corp. | 7,298 | 308,486 |
776,067 | ||
Metals & Mining – 0.4% | ||
Newmont Corp. | 7,607 | 453,377 |
Semi-Annual Report | 31 |
Common Stocks – continued | ||
Shares | Value | |
MATERIALS – continued | ||
Metals & Mining – continued | ||
Royal Gold, Inc. | 2,137 | $ 228,403 |
681,780 | ||
TOTAL MATERIALS | 4,167,364 | |
REAL ESTATE – 3.2% | ||
Equity Real Estate Investment Trusts (REITs) – 3.2% | ||
American Tower Corp. | 2,937 | 667,756 |
AvalonBay Communities, Inc. | 2,014 | 329,631 |
Digital Realty Trust, Inc. | 2,589 | 372,687 |
Equity Residential | 5,449 | 335,876 |
Essex Property Trust, Inc. | 1,231 | 294,960 |
Gaming and Leisure Properties, Inc. | 6,420 | 264,055 |
National Retail Properties, Inc. | 6,454 | 251,706 |
Omega Healthcare Investors, Inc. | 7,242 | 262,305 |
Prologis, Inc. | 5,506 | 568,219 |
Public Storage | 1,755 | 399,473 |
Realty Income Corp. | 4,904 | 289,630 |
Simon Property Group, Inc. | 4,788 | 444,949 |
STORE Capital Corp. | 9,206 | 285,570 |
VICI Properties, Inc. | 11,148 | 281,822 |
WP Carey, Inc. | 3,681 | 244,419 |
TOTAL REAL ESTATE | 5,293,058 | |
UTILITIES – 2.9% | ||
Electric Utilities – 1.4% | ||
IDACORP, Inc. | 4,045 | 357,173 |
NextEra Energy, Inc. | 14,379 | 1,162,830 |
NRG Energy, Inc. | 11,375 | 471,039 |
OGE Energy Corp. | 11,486 | 350,553 |
2,341,595 | ||
Gas Utilities – 0.2% | ||
National Fuel Gas Co. | 8,557 | 344,505 |
Independent Power and Renewable Electricity Producers – 0.6% | ||
The AES Corp. | 24,143 | 588,847 |
| ||
Shares | Value | |
Vistra Corp. | 20,573 | $ 410,843 |
999,690 | ||
Multi-Utilities – 0.7% | ||
Dominion Energy, Inc. | 8,412 | 613,150 |
WEC Energy Group, Inc. | 5,253 | 466,992 |
1,080,142 | ||
TOTAL UTILITIES | 4,765,932 | |
TOTAL COMMON STOCKS (Cost $143,079,836) | 165,220,979 | |
Money Market Funds – 0.7% | ||
Fidelity Cash Central Fund, 0.09% (c) | 330,422 | 330,488 |
Fidelity Securities Lending Cash Central Fund, 0.09% (c)(d) | 815,318 | 815,400 |
TOTAL MONEY MARKET FUNDS (Cost $1,145,888) | 1,145,888 | |
TOTAL INVESTMENT IN SECURITIES – 100.4% (Cost $144,225,724) | 166,366,867 | |
NET OTHER ASSETS (LIABILITIES) – (0.4%) | (643,014) | |
NET ASSETS – 100.0% | $ 165,723,853 |
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. |
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) | 1 | March 2021 | $ 185,260 | $ 897 | $ 897 |
CME Micro E-mini S&P 500 Index Contracts (United States) | 11 | March 2021 | 203,786 | (2,339) | (2,339) |
Total Equity Index Contracts | $(1,442) |
32 | Semi-Annual Report |
Fund | Income earned |
Fidelity Cash Central Fund | $207 |
Fidelity Securities Lending Cash Central Fund | 448 |
Total | $655 |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||||||
Equities: | ||||||||
Communication Services | $ 16,776,013 | $ 16,776,013 | $ — | $ — | ||||
Consumer Discretionary | 19,427,438 | 19,427,438 | — | — | ||||
Consumer Staples | 9,505,254 | 9,505,254 | — | — | ||||
Energy | 3,642,709 | 3,642,709 | — | — | ||||
Financials | 17,257,894 | 17,257,894 | — | — | ||||
Health Care | 23,891,508 | 23,891,508 | — | — | ||||
Industrials | 13,530,597 | 13,530,597 | — | — | ||||
Information Technology | 46,963,212 | 46,963,212 | — | — | ||||
Materials | 4,167,364 | 4,167,364 | — | — | ||||
Real Estate | 5,293,058 | 5,293,058 | — | — | ||||
Utilities | 4,765,932 | 4,765,932 | — | — | ||||
Money Market Funds | 1,145,888 | 1,145,888 | — | — | ||||
Total Investments in Securities: | $ 166,366,867 | $ 166,366,867 | $ — | $ — |
Derivative Instruments: | ||||||||
Assets | ||||||||
Futures Contracts | $ (1,442) | $ (1,442) | $ — | $ — | ||||
Total Assets | $ (1,442) | $ (1,442) | — | $ — | ||||
Total Derivative Instruments: | $ (1,442) | $ (1,442) | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $897 | $(2,339) | |
Total Equity Risk | 897 | (2,339) | |
Total Value of Derivatives | $897 | $(2,339) |
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
Semi-Annual Report | 33 |
Common Stocks – 100.0% | ||
Shares | Value | |
COMMUNICATION SERVICES – 3.9% | ||
Diversified Telecommunication Services – 0.1% | ||
Cogent Communications Holdings, Inc. | 574 | $32,690 |
Consolidated Communications Holdings, Inc. (a) | 2,917 | 17,808 |
50,498 | ||
Entertainment – 0.3% | ||
Sciplay Corp. Class A (a) | 1,347 | 21,512 |
Zynga, Inc. Class A (a) | 9,787 | 96,989 |
118,501 | ||
Interactive Media & Services – 1.2% | ||
Match Group, Inc. (a) | 1,955 | 273,426 |
Zillow Group, Inc. Class C (a) | 1,711 | 223,217 |
496,643 | ||
Media – 2.1% | ||
AMC Networks, Inc. Class A (a) | 1,103 | 54,510 |
Cable One, Inc. | 54 | 108,000 |
John Wiley & Sons, Inc. Class A | 891 | 40,639 |
MSG Networks, Inc. Class A (a) | 2,130 | 36,785 |
National CineMedia, Inc. | 6,684 | 27,839 |
News Corp. Class A | 5,592 | 108,485 |
Nexstar Media Group, Inc. Class A | 582 | 66,156 |
Scholastic Corp. | 985 | 25,383 |
Sirius XM Holdings, Inc. | 14,378 | 90,006 |
TechTarget, Inc. (a) | 625 | 46,687 |
TEGNA, Inc. | 3,346 | 53,636 |
The Interpublic Group of Cos., Inc. | 4,223 | 101,648 |
The New York Times Co. Class A | 1,598 | 79,245 |
839,019 | ||
Wireless Telecommunication Services – 0.2% | ||
Shenandoah Telecommunications Co. | 725 | 28,181 |
Telephone & Data Systems, Inc. | 1,730 | 32,437 |
United States Cellular Corp. (a) | 720 | 22,450 |
83,068 | ||
TOTAL COMMUNICATION SERVICES | 1,587,729 | |
CONSUMER DISCRETIONARY – 14.0% | ||
Auto Components – 1.5% | ||
Autoliv, Inc. | 1,079 | 95,718 |
BorgWarner, Inc. | 2,480 | 104,135 |
Dorman Products, Inc. (a) | 591 | 53,681 |
Gentex Corp. | 3,109 | 102,753 |
Gentherm, Inc. (a) | 967 | 59,238 |
LCI Industries | 443 | 57,315 |
Lear Corp. | 717 | 108,095 |
Standard Motor Products, Inc. | 793 | 31,109 |
612,044 | ||
Automobiles – 0.6% | ||
Harley-Davidson, Inc. | 2,403 | 96,336 |
Thor Industries, Inc. | 721 | 87,248 |
| ||
Shares | Value | |
Winnebago Industries, Inc. | 795 | $ 54,903 |
238,487 | ||
Distributors – 0.4% | ||
Pool Corp. | 423 | 149,818 |
Diversified Consumer Services – 1.9% | ||
Adtalem Global Education, Inc. (a) | 1,233 | 47,582 |
American Public Education, Inc. (a) | 1,083 | 31,169 |
Bright Horizons Family Solutions, Inc. (a) | 723 | 109,874 |
Chegg, Inc. (a) | 1,324 | 126,124 |
Collectors Universe, Inc. | 778 | 71,039 |
Frontdoor, Inc. (a) | 1,361 | 74,909 |
Graham Holdings Co. Class B | 106 | 60,220 |
Grand Canyon Education, Inc. (a) | 682 | 57,929 |
Perdoceo Education Corp. (a) | 2,590 | 30,640 |
Service Corp. International | 2,107 | 106,256 |
Strategic Education, Inc. | 426 | 37,646 |
Stride, Inc. (a) | 899 | 23,149 |
776,537 | ||
Hotels, Restaurants & Leisure – 1.9% | ||
Choice Hotels International, Inc. | 595 | 59,881 |
Churchill Downs, Inc. | 473 | 88,664 |
Cracker Barrel Old Country Store, Inc. | 452 | 61,160 |
Extended Stay America, Inc. | 3,726 | 54,698 |
Hilton Grand Vacations, Inc. (a) | 2,036 | 60,510 |
Hyatt Hotels Corp. Class A | 874 | 57,387 |
Jack in the Box, Inc. | 538 | 50,647 |
Papa John's International, Inc. | 480 | 49,094 |
Planet Fitness, Inc. Class A (a) | 1,233 | 88,776 |
Texas Roadhouse, Inc. | 1,024 | 78,039 |
The Wendy's Co. | 2,793 | 56,977 |
Wingstop, Inc. | 418 | 62,721 |
768,554 | ||
Household Durables – 2.0% | ||
Cavco Industries, Inc. (a) | 212 | 39,996 |
Helen of Troy Ltd. (a) | 355 | 86,709 |
Installed Building Products, Inc. (a) | 518 | 54,354 |
KB Home | 1,544 | 64,292 |
La-Z-Boy, Inc. | 1,337 | 51,769 |
Leggett & Platt, Inc. | 1,850 | 75,850 |
Meritage Homes Corp. (a) | 583 | 46,791 |
Mohawk Industries, Inc. (a) | 833 | 119,619 |
Taylor Morrison Home Corp. (a) | 2,332 | 60,585 |
Toll Brothers, Inc. | 1,708 | 87,279 |
TopBuild Corp. (a) | 485 | 96,976 |
Tri Pointe Homes, Inc. (a) | 2,767 | 55,893 |
840,113 | ||
Internet & Direct Marketing Retail – 1.3% | ||
Chewy, Inc. Class A (a) | 959 | 97,645 |
Etsy, Inc. (a) | 1,216 | 242,094 |
PetMed Express, Inc. | 1,081 | 41,294 |
34 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
CONSUMER DISCRETIONARY – continued | ||
Internet & Direct Marketing Retail – continued | ||
Qurate Retail, Inc. Class A | 8,612 | $108,511 |
Stamps.com, Inc. (a) | 245 | 55,936 |
545,480 | ||
Leisure Products – 0.6% | ||
Acushnet Holdings Corp. | 1,108 | 45,228 |
American Outdoor Brands, Inc. (a) | 385 | 7,307 |
Johnson Outdoors, Inc. Class A | 378 | 41,213 |
Malibu Boats, Inc. Class A (a) | 669 | 46,904 |
Smith & Wesson Brands, Inc. | 1,582 | 26,198 |
Sturm Ruger & Co., Inc. | 477 | 30,223 |
Vista Outdoor, Inc. (a) | 1,899 | 55,394 |
252,467 | ||
Multiline Retail – 0.3% | ||
Big Lots, Inc. | 968 | 57,770 |
Ollie's Bargain Outlet Holdings, Inc. (a) | 750 | 71,048 |
128,818 | ||
Specialty Retail – 2.4% | ||
Advance Auto Parts, Inc. | 781 | 116,478 |
Asbury Automotive Group, Inc. (a) | 437 | 62,321 |
AutoNation, Inc. (a) | 1,029 | 73,347 |
Haverty Furniture Companies, Inc. | 2,119 | 69,270 |
Lithia Motors, Inc. Class A | 305 | 97,197 |
MarineMax, Inc. (a) | 1,138 | 47,603 |
Murphy USA, Inc. | 436 | 54,312 |
Rent-A-Center, Inc. | 1,312 | 56,810 |
Sally Beauty Holdings, Inc. (a) | 3,212 | 48,501 |
Sportsman's Warehouse Holdings, Inc. (a) | 2,030 | 35,566 |
The Buckle, Inc. | 1,990 | 78,247 |
The ODP Corp. | 1,992 | 85,038 |
Williams-Sonoma, Inc. | 976 | 125,826 |
Winmark Corp. | 193 | 32,932 |
983,448 | ||
Textiles, Apparel & Luxury Goods – 1.1% | ||
Carter's, Inc. | 736 | 64,797 |
Columbia Sportswear Co. | 621 | 54,313 |
Deckers Outdoor Corp. (a) | 376 | 109,785 |
Kontoor Brands, Inc. | 1,830 | 66,100 |
Skechers U.S.A., Inc. Class A (a) | 2,142 | 73,856 |
Steven Madden Ltd. | 1,989 | 66,830 |
435,681 | ||
TOTAL CONSUMER DISCRETIONARY | 5,731,447 | |
CONSUMER STAPLES – 3.4% | ||
Beverages – 0.8% | ||
Keurig Dr Pepper, Inc. | 3,853 | 122,525 |
National Beverage Corp. | 575 | 87,136 |
| ||
Shares | Value | |
The Boston Beer Co., Inc. Class A (a) | 117 | $ 107,276 |
316,937 | ||
Food & Staples Retailing – 0.5% | ||
BJ's Wholesale Club Holdings, Inc. (a) | 1,752 | 73,707 |
Ingles Markets, Inc. Class A | 856 | 40,711 |
SpartanNash Co. | 1,703 | 31,540 |
Sprouts Farmers Market, Inc. (a) | 2,213 | 50,124 |
Weis Markets, Inc. | 749 | 36,911 |
232,993 | ||
Food Products – 1.3% | ||
Campbell Soup Co. | 2,050 | 98,626 |
Darling Ingredients, Inc. (a) | 2,405 | 149,134 |
Flowers Foods, Inc. | 2,889 | 66,331 |
Ingredion, Inc. | 946 | 71,395 |
John B Sanfilippo & Son, Inc. | 420 | 33,781 |
Lancaster Colony Corp. | 356 | 62,150 |
Tootsie Roll Industries, Inc. | 1,112 | 44,013 |
525,430 | ||
Household Products – 0.3% | ||
Central Garden and Pet Co. Class A (a) | 1,177 | 45,903 |
WD-40 Co. | 268 | 81,582 |
127,485 | ||
Personal Products – 0.4% | ||
Edgewell Personal Care Co. | 1,514 | 50,568 |
Herbalife Nutrition Ltd. (a) | 1,360 | 69,305 |
USANA Health Sciences, Inc. (a) | 471 | 38,980 |
158,853 | ||
Tobacco – 0.1% | ||
Vector Group Ltd. | 4,372 | 51,327 |
TOTAL CONSUMER STAPLES | 1,413,025 | |
ENERGY – 2.3% | ||
Energy Equipment & Services – 0.4% | ||
Cactus, Inc. Class A | 2,077 | 54,418 |
NOV, Inc. | 6,624 | 82,005 |
Solaris Oilfield Infrastructure, Inc. Class A | 5,544 | 50,450 |
186,873 | ||
Oil, Gas & Consumable Fuels – 1.9% | ||
Ardmore Shipping Corp. | 10,620 | 33,984 |
Cabot Oil & Gas Corp. | 5,396 | 98,909 |
CNX Resources Corp. (a) | 5,447 | 69,013 |
Diamond S Shipping, Inc. (a) | 5,143 | 32,864 |
EQT Corp. | 4,636 | 75,613 |
Falcon Minerals Corp. | 14,479 | 44,306 |
HollyFrontier Corp. | 2,909 | 82,790 |
International Seaways, Inc. | 2,545 | 40,745 |
Renewable Energy Group, Inc. (a) | 1,574 | 141,030 |
REX American Resources Corp. (a) | 662 | 50,643 |
Teekay Tankers Ltd. Class A (a) | 2,856 | 29,274 |
Semi-Annual Report | 35 |
Common Stocks – continued | ||
Shares | Value | |
ENERGY – continued | ||
Oil, Gas & Consumable Fuels – continued | ||
World Fuel Services Corp. | 2,213 | $ 67,696 |
766,867 | ||
TOTAL ENERGY | 953,740 | |
FINANCIALS – 12.7% | ||
Banks – 3.9% | ||
Associated Banc-Corp. | 3,826 | 68,639 |
Camden National Corp. | 1,182 | 44,384 |
Cathay General Bancorp | 2,002 | 67,708 |
City Holding Co. | 659 | 45,504 |
Commerce Bancshares, Inc. | 1,486 | 99,339 |
Community Trust Bancorp, Inc. | 1,209 | 44,080 |
Dime Community Bancshares, Inc. | 1,865 | 45,562 |
Eagle Bancorp, Inc. | 1,387 | 58,934 |
First Citizens BancShares, Inc. Class A | 149 | 88,803 |
First Foundation, Inc. | 2,526 | 51,177 |
Fulton Financial Corp. | 4,778 | 64,025 |
Hilltop Holdings, Inc. | 2,270 | 68,191 |
International Bancshares Corp. | 1,514 | 57,244 |
Lakeland Bancorp, Inc. | 3,679 | 48,232 |
Lakeland Financial Corp. | 932 | 54,708 |
People's United Financial, Inc. | 6,643 | 90,743 |
Popular, Inc. | 1,675 | 95,056 |
Preferred Bank | 1,022 | 49,352 |
QCR Holdings, Inc. | 1,221 | 47,350 |
ServisFirst Bancshares, Inc. | 1,293 | 53,117 |
Signature Bank | 775 | 128,022 |
Simmons First National Corp. Class A | 2,859 | 70,617 |
WesBanco, Inc. | 2,162 | 62,698 |
Western Alliance Bancorp | 1,722 | 117,406 |
1,620,891 | ||
Capital Markets – 3.7% | ||
Affiliated Managers Group, Inc. | 880 | 96,967 |
Artisan Partners Asset Management, Inc. Class A | 1,348 | 65,243 |
Brightsphere Investment Group, Inc. | 2,961 | 54,275 |
Cohen & Steers, Inc. | 742 | 48,601 |
Diamond Hill Investment Group, Inc. | 311 | 46,100 |
Eaton Vance Corp. | 1,859 | 124,813 |
Federated Hermes, Inc. | 2,107 | 56,889 |
Franklin Resources, Inc. | 3,855 | 101,348 |
Hamilton Lane, Inc. Class A | 705 | 53,136 |
Houlihan Lokey, Inc. | 995 | 64,526 |
Interactive Brokers Group, Inc. Class A | 1,309 | 80,098 |
Janus Henderson Group PLC | 2,877 | 88,497 |
LPL Financial Holdings, Inc. | 1,065 | 115,382 |
Morningstar, Inc. | 379 | 87,128 |
PJT Partners, Inc. Class A | 773 | 53,329 |
SEI Investments Co. | 1,695 | 89,581 |
| ||
Shares | Value | |
StoneX Group, Inc. (a) | 723 | $ 38,695 |
Tradeweb Markets, Inc. Class A | 1,269 | 77,143 |
Victory Capital Holdings, Inc. Class A | 1,984 | 42,100 |
Virtu Financial, Inc. Class A | 1,991 | 55,290 |
Waddell & Reed Financial, Inc. Class A | 2,808 | 71,014 |
1,510,155 | ||
Consumer Finance – 0.4% | ||
Credit Acceptance Corp. (a) | 175 | 67,510 |
Encore Capital Group, Inc. (a) | 957 | 28,423 |
Green Dot Corp. Class A (a) | 1,022 | 51,335 |
147,268 | ||
Diversified Financial Services – 0.4% | ||
Cannae Holdings, Inc. (a) | 1,606 | 61,012 |
Voya Financial, Inc. | 1,755 | 97,332 |
158,344 | ||
Insurance – 3.6% | ||
American Equity Investment Life Holding Co. | 2,185 | 63,780 |
American Financial Group, Inc. | 1,156 | 108,826 |
AMERISAFE, Inc. | 675 | 37,463 |
Assurant, Inc. | 785 | 106,344 |
CNO Financial Group, Inc. | 3,320 | 70,417 |
Employers Holdings, Inc. | 1,253 | 38,216 |
Erie Indemnity Co. Class A | 312 | 75,847 |
First American Financial Corp. | 1,560 | 81,572 |
HCI Group, Inc. | 770 | 42,835 |
Horace Mann Educators Corp. | 1,205 | 47,200 |
James River Group Holdings Ltd. | 995 | 44,258 |
Kemper Corp. | 913 | 64,230 |
Kinsale Capital Group, Inc. | 337 | 63,208 |
Old Republic International Corp. | 4,470 | 80,907 |
Palomar Holdings, Inc. (a) | 490 | 48,799 |
Primerica, Inc. | 597 | 83,168 |
Reinsurance Group of America, Inc. | 948 | 99,587 |
RenaissanceRe Holdings Ltd. | 602 | 90,565 |
RLI Corp. | 711 | 68,811 |
The Hanover Insurance Group, Inc. | 672 | 75,580 |
Unum Group | 3,689 | 85,695 |
1,477,308 | ||
Mortgage Real Estate Investment Trusts (REITs) – 0.2% | ||
Blackstone Mortgage Trust, Inc. Class A | 2,624 | 69,956 |
KKR Real Estate Finance Trust, Inc. | 2,106 | 36,054 |
106,010 | ||
Thrifts & Mortgage Finance – 0.5% | ||
Essent Group Ltd. | 1,856 | 77,636 |
PennyMac Financial Services, Inc. | 1,018 | 59,044 |
Provident Financial Services, Inc. | 3,103 | 57,468 |
194,148 | ||
TOTAL FINANCIALS | 5,214,124 |
36 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
HEALTH CARE – 16.8% | ||
Biotechnology – 3.8% | ||
ACADIA Pharmaceuticals, Inc. (a) | 1,506 | $ 72,363 |
Acceleron Pharma, Inc. (a) | 658 | 76,019 |
Akebia Therapeutics, Inc. (a) | 3,323 | 10,766 |
Alkermes PLC (a) | 2,642 | 55,456 |
Amicus Therapeutics, Inc. (a) | 3,791 | 71,688 |
Anika Therapeutics, Inc. (a) | 841 | 31,125 |
Emergent BioSolutions, Inc. (a) | 567 | 60,584 |
Enanta Pharmaceuticals, Inc. (a) | 659 | 31,671 |
Exelixis, Inc. (a) | 3,628 | 80,578 |
Halozyme Therapeutics, Inc. (a) | 1,794 | 85,376 |
Ironwood Pharmaceuticals, Inc. (a) | 3,731 | 38,131 |
Ligand Pharmaceuticals, Inc. (a) | 348 | 64,502 |
Moderna, Inc. (a) | 2,811 | 486,753 |
Natera, Inc. (a) | 997 | 106,320 |
Neurocrine Biosciences, Inc. (a) | 992 | 108,872 |
Twist Bioscience Corp. (a) | 618 | 101,686 |
United Therapeutics Corp. (a) | 584 | 95,671 |
1,577,561 | ||
Health Care Equipment & Supplies – 3.8% | ||
ABIOMED, Inc. (a) | 455 | 158,454 |
AtriCure, Inc. (a) | 946 | 55,086 |
Atrion Corp. | 49 | 31,922 |
Globus Medical, Inc. Class A (a) | 1,061 | 65,453 |
Hill-Rom Holdings, Inc. | 817 | 78,465 |
ICU Medical, Inc. (a) | 299 | 61,139 |
Inogen, Inc. (a) | 859 | 42,031 |
Integer Holdings Corp. (a) | 660 | 48,708 |
Integra LifeSciences Holdings Corp. (a) | 1,106 | 73,040 |
iRadimed Corp. (a) | 1,142 | 28,253 |
iRhythm Technologies, Inc. (a) | 359 | 60,463 |
LeMaitre Vascular, Inc. | 969 | 46,570 |
Masimo Corp. (a) | 529 | 135,382 |
Meridian Bioscience, Inc. (a) | 1,362 | 30,100 |
Merit Medical Systems, Inc. (a) | 1,036 | 56,099 |
Mesa Laboratories, Inc. | 134 | 37,137 |
Neogen Corp. (a) | 755 | 61,057 |
Nevro Corp. (a) | 456 | 73,776 |
NuVasive, Inc. (a) | 889 | 47,775 |
OraSure Technologies, Inc. (a) | 2,440 | 37,161 |
Penumbra, Inc. (a) | 383 | 99,997 |
Quidel Corp. (a) | 407 | 102,145 |
Surmodics, Inc. (a) | 630 | 28,665 |
Tandem Diabetes Care, Inc. (a) | 712 | 65,967 |
Zynex, Inc. (a) | 1,574 | 28,442 |
1,553,287 | ||
Health Care Providers & Services – 3.5% | ||
Addus HomeCare Corp. (a) | 366 | 41,193 |
Amedisys, Inc. (a) | 375 | 107,741 |
AMN Healthcare Services, Inc. (a) | 840 | 60,581 |
| ||
Shares | Value | |
BioTelemetry, Inc. (a) | 868 | $ 62,027 |
Castle Biosciences, Inc. (a) | 628 | 41,969 |
Chemed Corp. | 182 | 94,258 |
CorVel Corp. (a) | 392 | 38,737 |
DaVita, Inc. (a) | 1,019 | 119,600 |
Encompass Health Corp. | 1,192 | 95,837 |
HealthEquity, Inc. (a) | 1,109 | 92,657 |
LHC Group, Inc. (a) | 364 | 72,516 |
Magellan Health, Inc. (a) | 511 | 48,024 |
ModivCare, Inc. (a) | 380 | 60,257 |
Molina Healthcare, Inc. (a) | 623 | 133,079 |
National HealthCare Corp. | 480 | 30,744 |
National Research Corp. | 533 | 24,145 |
Owens & Minor, Inc. | 2,372 | 68,978 |
Premier, Inc. Class A | 1,263 | 42,778 |
Select Medical Holdings Corp. (a) | 2,102 | 54,021 |
The Ensign Group, Inc. | 858 | 67,164 |
Triple-S Management Corp. Class B (a) | 1,488 | 34,864 |
US Physical Therapy, Inc. | 379 | 45,609 |
1,436,779 | ||
Health Care Technology – 1.3% | ||
Computer Programs & Systems, Inc. | 941 | 28,964 |
HealthStream, Inc. (a) | 1,304 | 30,357 |
HMS Holdings Corp. (a) | 1,486 | 54,715 |
Inovalon Holdings, Inc. Class A (a) | 1,591 | 38,820 |
NextGen Healthcare, Inc. (a) | 2,060 | 40,747 |
Omnicell, Inc. (a) | 722 | 85,052 |
Simulations Plus, Inc. | 478 | 37,829 |
Teladoc Health, Inc. (a) | 740 | 195,234 |
Vocera Communications, Inc. (a) | 1,014 | 44,565 |
556,283 | ||
Life Sciences Tools & Services – 2.3% | ||
Adaptive Biotechnologies Corp. (a) | 806 | 44,709 |
Bio-Rad Laboratories, Inc. Class A (a) | 227 | 130,246 |
Bio-Techne Corp. | 413 | 134,188 |
Bruker Corp. | 1,416 | 81,972 |
Charles River Laboratories International, Inc. (a) | 530 | 137,296 |
Frontage Holdings Corp. (a)(b) | 52,000 | 37,424 |
Luminex Corp. | 1,087 | 30,534 |
Medpace Holdings, Inc. (a) | 423 | 56,170 |
NeoGenomics, Inc. (a) | 1,532 | 81,227 |
PRA Health Sciences, Inc. (a) | 765 | 94,279 |
Repligen Corp. (a) | 552 | 110,400 |
938,445 | ||
Pharmaceuticals – 2.1% | ||
Amneal Pharmaceuticals, Inc. (a) | 6,110 | 29,389 |
Catalent, Inc. (a) | 1,643 | 189,027 |
Corcept Therapeutics, Inc. (a) | 2,611 | 73,787 |
Endo International PLC (a) | 8,600 | 62,608 |
Horizon Therapeutics PLC (a) | 1,941 | 140,684 |
Semi-Annual Report | 37 |
Common Stocks – continued | ||
Shares | Value | |
HEALTH CARE – continued | ||
Pharmaceuticals – continued | ||
Innoviva, Inc. (a) | 2,369 | $ 28,452 |
Jazz Pharmaceuticals PLC (a) | 658 | 102,319 |
Pacira BioSciences, Inc. (a) | 770 | 50,881 |
Perrigo Co. PLC | 1,636 | 69,857 |
Phibro Animal Health Corp. Class A | 1,351 | 28,020 |
Prestige Consumer Healthcare, Inc. (a) | 1,012 | 40,480 |
Supernus Pharmaceuticals, Inc. (a) | 1,484 | 43,615 |
859,119 | ||
TOTAL HEALTH CARE | 6,921,474 | |
INDUSTRIALS – 15.3% | ||
Aerospace & Defense – 0.9% | ||
Axon Enterprise, Inc. (a) | 810 | 132,970 |
BWX Technologies, Inc. | 1,265 | 68,209 |
Curtiss-Wright Corp. | 603 | 62,585 |
Mercury Systems, Inc. (a) | 789 | 56,066 |
National Presto Industries, Inc. | 328 | 29,327 |
349,157 | ||
Air Freight & Logistics – 0.5% | ||
CH Robinson Worldwide, Inc. | 1,404 | 120,126 |
Forward Air Corp. | 704 | 50,470 |
Hub Group, Inc. Class A (a) | 758 | 39,894 |
210,490 | ||
Building Products – 2.0% | ||
AAON, Inc. | 791 | 58,534 |
AO Smith Corp. | 1,657 | 89,975 |
Armstrong World Industries, Inc. | 758 | 59,283 |
CSW Industrials, Inc. | 477 | 55,580 |
Gibraltar Industries, Inc. (a) | 686 | 61,486 |
Lennox International, Inc. | 387 | 106,615 |
Masonite International Corp. (a) | 498 | 49,551 |
Owens Corning | 1,305 | 101,268 |
Simpson Manufacturing Co., Inc. | 592 | 54,464 |
Trex Co., Inc. (a) | 1,350 | 123,889 |
UFP Industries, Inc. | 938 | 50,596 |
811,241 | ||
Commercial Services & Supplies – 1.5% | ||
Brady Corp. Class A | 964 | 44,257 |
CoreCivic, Inc. | 4,234 | 30,104 |
Deluxe Corp. | 1,250 | 42,363 |
Ennis, Inc. | 1,709 | 31,104 |
Healthcare Services Group, Inc. | 1,608 | 52,131 |
HNI Corp. | 1,180 | 38,067 |
Kimball International, Inc. Class B | 2,604 | 31,482 |
McGrath RentCorp | 638 | 44,526 |
MSA Safety, Inc. | 513 | 80,090 |
Rollins, Inc. | 2,507 | 90,302 |
Tetra Tech, Inc. | 735 | 89,354 |
| ||
Shares | Value | |
UniFirst Corp. | 260 | $ 55,328 |
629,108 | ||
Construction & Engineering – 1.3% | ||
Arcosa, Inc. | 980 | 54,674 |
Comfort Systems USA, Inc. | 815 | 45,176 |
Construction Partners, Inc. Class A (a) | 1,670 | 47,462 |
EMCOR Group, Inc. | 815 | 71,965 |
MYR Group, Inc. (a) | 828 | 46,045 |
Primoris Services Corp. | 1,764 | 51,341 |
Quanta Services, Inc. | 1,722 | 121,349 |
Valmont Industries, Inc. | 385 | 74,274 |
512,286 | ||
Electrical Equipment – 1.5% | ||
Acuity Brands, Inc. | 582 | 69,980 |
Atkore International Group, Inc. (a) | 1,291 | 57,269 |
EnerSys | 715 | 58,794 |
Generac Holdings, Inc. (a) | 676 | 166,580 |
GrafTech International Ltd. | 4,208 | 40,818 |
Hubbell, Inc. | 636 | 98,961 |
nVent Electric PLC | 2,696 | 60,336 |
Regal-Beloit Corp. | 608 | 76,292 |
629,030 | ||
Industrial Conglomerates – 0.2% | ||
Carlisle Cos., Inc. | 669 | 96,958 |
Machinery – 4.1% | ||
Allison Transmission Holdings, Inc. | 1,650 | 67,155 |
Astec Industries, Inc. | 701 | 41,688 |
Barnes Group, Inc. | 1,055 | 50,714 |
Donaldson Co., Inc. | 1,568 | 93,202 |
ESCO Technologies, Inc. | 506 | 48,110 |
Federal Signal Corp. | 1,310 | 42,824 |
Franklin Electric Co., Inc. | 761 | 52,829 |
Graco, Inc. | 1,866 | 128,642 |
ITT, Inc. | 1,166 | 87,112 |
Kadant, Inc. | 323 | 46,173 |
Lincoln Electric Holdings, Inc. | 771 | 88,279 |
Lindsay Corp. | 357 | 49,919 |
Miller Industries, Inc. | 984 | 39,242 |
Mueller Industries, Inc. | 1,349 | 46,068 |
Nordson Corp. | 563 | 100,771 |
Omega Flex, Inc. | 238 | 44,030 |
Oshkosh Corp. | 896 | 82,065 |
Pentair PLC | 2,007 | 109,301 |
RBC Bearings, Inc. (a) | 411 | 68,773 |
Rexnord Corp. | 1,869 | 70,760 |
Snap-on, Inc. | 630 | 113,394 |
The Gorman-Rupp Co. | 943 | 29,705 |
The Timken Co. | 1,072 | 81,108 |
The Toro Co. | 1,257 | 118,472 |
1,700,336 |
38 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
INDUSTRIALS – continued | ||
Professional Services – 1.2% | ||
CBIZ, Inc. (a) | 1,492 | $ 38,658 |
CoreLogic, Inc. | 1,053 | 79,280 |
Exponent, Inc. | 744 | 61,440 |
FTI Consulting, Inc. (a) | 533 | 58,614 |
Kforce, Inc. | 1,045 | 44,569 |
ManpowerGroup, Inc. | 842 | 74,466 |
Robert Half International, Inc. | 1,450 | 97,875 |
TriNet Group, Inc. (a) | 736 | 54,545 |
509,447 | ||
Road & Rail – 1.0% | ||
JB Hunt Transport Services, Inc. | 903 | 121,598 |
Knight-Swift Transportation Holdings, Inc. | 1,644 | 65,760 |
Landstar System, Inc. | 524 | 73,046 |
Saia, Inc. (a) | 426 | 75,295 |
Schneider National, Inc. Class B | 1,322 | 27,762 |
Werner Enterprises, Inc. | 1,109 | 43,517 |
406,978 | ||
Trading Companies & Distributors – 1.1% | ||
Applied Industrial Technologies, Inc. | 717 | 50,470 |
Boise Cascade Co. | 922 | 43,915 |
MSC Industrial Direct Co., Inc. Class A | 758 | 58,798 |
Rush Enterprises, Inc. Class A | 1,140 | 47,869 |
SiteOne Landscape Supply, Inc. (a) | 577 | 90,981 |
Triton International Ltd. | 1,234 | 57,183 |
Watsco, Inc. | 384 | 91,580 |
440,796 | ||
TOTAL INDUSTRIALS | 6,295,827 | |
INFORMATION TECHNOLOGY – 17.5% | ||
Communications Equipment – 1.2% | ||
Ciena Corp. (a) | 1,684 | 89,909 |
F5 Networks, Inc. (a) | 683 | 133,834 |
Juniper Networks, Inc. | 3,741 | 91,355 |
Lumentum Holdings, Inc. (a) | 886 | 83,107 |
Netscout Systems, Inc. (a) | 1,515 | 44,291 |
Ubiquiti, Inc. | 226 | 69,605 |
512,101 | ||
Electronic Equipment, Instruments & Components – 3.0% | ||
Arrow Electronics, Inc. (a) | 988 | 96,458 |
Badger Meter, Inc. | 620 | 56,860 |
Cognex Corp. | 1,814 | 148,984 |
Dolby Laboratories, Inc. Class A | 884 | 77,819 |
ePlus, Inc. (a) | 442 | 37,146 |
Fabrinet (a) | 632 | 49,890 |
FLIR Systems, Inc. | 1,740 | 90,567 |
IPG Photonics Corp. (a) | 445 | 99,426 |
Jabil, Inc. | 1,831 | 75,748 |
| ||
Shares | Value | |
Littelfuse, Inc. | 332 | $ 80,799 |
Methode Electronics, Inc. | 1,123 | 42,393 |
National Instruments Corp. | 1,644 | 68,062 |
Novanta, Inc. (a) | 504 | 62,960 |
PC Connection, Inc. | 608 | 29,847 |
Plexus Corp. (a) | 550 | 42,306 |
Sanmina Corp. (a) | 1,394 | 43,353 |
ScanSource, Inc. (a) | 1,195 | 28,907 |
SYNNEX Corp. | 533 | 43,503 |
Vishay Intertechnology, Inc. | 2,527 | 54,457 |
1,229,485 | ||
IT Services – 2.5% | ||
CACI International, Inc. Class A (a) | 326 | 78,638 |
Cass Information Systems, Inc. | 743 | 30,166 |
Concentrix Corp. (a) | 533 | 56,988 |
CSG Systems International, Inc. | 847 | 36,497 |
Euronet Worldwide, Inc. (a) | 678 | 84,723 |
EVERTEC, Inc. | 1,269 | 44,034 |
ExlService Holdings, Inc. (a) | 646 | 49,535 |
Genpact Ltd. | 1,863 | 71,316 |
GreenSky, Inc. Class A (a) | 4,360 | 21,495 |
International Money Express, Inc. (a) | 1,652 | 23,591 |
KBR, Inc. | 2,263 | 65,740 |
ManTech International Corp. Class A | 563 | 50,496 |
MAXIMUS, Inc. | 829 | 62,225 |
NIC, Inc. | 1,652 | 44,472 |
Perficient, Inc. (a) | 863 | 47,128 |
Perspecta, Inc. | 2,264 | 65,543 |
Repay Holding Corp. (a) | 1,280 | 28,352 |
Science Applications International Corp. | 718 | 68,950 |
Sykes Enterprises, Inc. (a) | 1,065 | 41,098 |
The Hackett Group, Inc. | 2,010 | 27,376 |
TTEC Holdings, Inc. | 561 | 42,400 |
1,040,763 | ||
Semiconductors & Semiconductor Equipment – 4.1% | ||
Advanced Energy Industries, Inc. (a) | 634 | 65,036 |
Amkor Technology, Inc. | 2,677 | 41,547 |
Axcelis Technologies, Inc. (a) | 1,231 | 42,149 |
Cirrus Logic, Inc. (a) | 866 | 81,135 |
CMC Materials, Inc. | 397 | 58,482 |
Diodes, Inc. (a) | 822 | 58,181 |
Entegris, Inc. | 1,468 | 144,436 |
FormFactor, Inc. (a) | 1,492 | 60,978 |
Inphi Corp. (a) | 593 | 99,986 |
Kulicke & Soffa Industries, Inc. | 1,506 | 53,719 |
Lattice Semiconductor Corp. (a) | 1,907 | 76,490 |
MKS Instruments, Inc. | 651 | 102,904 |
Monolithic Power Systems, Inc. | 435 | 154,551 |
NeoPhotonics Corp. (a) | 3,213 | 35,793 |
NVE Corp. | 462 | 29,517 |
Onto Innovation, Inc. (a) | 1,057 | 57,131 |
Semi-Annual Report | 39 |
Common Stocks – continued | ||
Shares | Value | |
INFORMATION TECHNOLOGY – continued | ||
Semiconductors & Semiconductor Equipment – continued | ||
Photronics, Inc. (a) | 2,598 | $ 28,838 |
Power Integrations, Inc. | 912 | 73,462 |
Rambus, Inc. (a) | 2,566 | 48,741 |
Semtech Corp. (a) | 962 | 68,254 |
Silicon Laboratories, Inc. (a) | 602 | 78,964 |
SolarEdge Technologies, Inc. (a) | 534 | 153,968 |
Synaptics, Inc. (a) | 557 | 55,266 |
1,669,528 | ||
Software – 6.2% | ||
ACI Worldwide, Inc. (a) | 1,759 | 67,528 |
Alarm.com Holdings, Inc. (a) | 757 | 70,340 |
Appfolio, Inc. Class A (a) | 266 | 40,647 |
Aspen Technology, Inc. (a) | 806 | 107,923 |
Avalara, Inc. (a) | 761 | 114,150 |
Blackline, Inc. (a) | 632 | 81,920 |
CDK Global, Inc. | 1,526 | 76,147 |
CommVault Systems, Inc. (a) | 914 | 57,381 |
Dropbox, Inc. Class A (a) | 2,901 | 65,650 |
Everbridge, Inc. (a) | 454 | 60,350 |
Five9, Inc. (a) | 712 | 118,370 |
HubSpot, Inc. (a) | 437 | 162,651 |
InterDigital, Inc. | 632 | 40,581 |
j2 Global, Inc. (a) | 787 | 80,778 |
Manhattan Associates, Inc. (a) | 794 | 89,905 |
MicroStrategy, Inc. Class A (a) | 261 | 161,118 |
Nuance Communications, Inc. (a) | 3,182 | 144,908 |
Paylocity Holding Corp. (a) | 480 | 89,981 |
Progress Software Corp. | 1,027 | 41,265 |
Proofpoint, Inc. (a) | 702 | 90,614 |
Qualys, Inc. (a) | 478 | 66,189 |
RealPage, Inc. (a) | 1,113 | 96,352 |
SPS Commerce, Inc. (a) | 604 | 59,730 |
Verint Systems, Inc. (a) | 1,089 | 80,401 |
Xperi Holding Corp. | 2,380 | 45,839 |
Zendesk, Inc. (a) | 1,223 | 176,406 |
Zoom Video Communications, Inc. Class A (a) | 329 | 122,411 |
Zscaler, Inc. (a) | 737 | 147,179 |
2,556,714 | ||
Technology Hardware, Storage & Peripherals – 0.5% | ||
DELL Technologies, Inc. Class C (a) | 1,695 | 123,548 |
Xerox Holdings Corp. | 3,026 | 63,637 |
187,185 | ||
TOTAL INFORMATION TECHNOLOGY | 7,195,776 | |
MATERIALS – 5.0% | ||
Chemicals – 2.0% | ||
Advanced Emissions Solutions, Inc. | 6,336 | 32,123 |
| ||
Shares | Value | |
Albemarle Corp. | 1,198 | $ 194,867 |
Balchem Corp. | 520 | 55,656 |
Chase Corp. | 310 | 31,074 |
HB Fuller Co. | 953 | 48,498 |
Innospec, Inc. | 534 | 46,880 |
Minerals Technologies, Inc. | 788 | 48,564 |
NewMarket Corp. | 130 | 50,985 |
RPM International, Inc. | 1,396 | 115,128 |
Sensient Technologies Corp. | 828 | 58,399 |
Stepan Co. | 392 | 44,171 |
The Scotts Miracle-Gro Co. | 493 | 109,155 |
835,500 | ||
Construction Materials – 0.2% | ||
Eagle Materials, Inc. | 655 | 72,070 |
Containers & Packaging – 1.6% | ||
AptarGroup, Inc. | 752 | 99,993 |
Berry Global Group, Inc. (a) | 1,606 | 79,288 |
Graphic Packaging Holding Co. | 4,165 | 65,224 |
Greif, Inc. Class A | 897 | 40,509 |
Packaging Corp. of America | 1,064 | 143,065 |
Sealed Air Corp. | 1,939 | 81,962 |
Silgan Holdings, Inc. | 1,331 | 48,488 |
Sonoco Products Co. | 1,317 | 76,268 |
UFP Technologies, Inc. (a) | 631 | 29,032 |
663,829 | ||
Metals & Mining – 1.0% | ||
Commercial Metals Co. | 2,191 | 43,141 |
Kaiser Aluminum Corp. | 520 | 45,084 |
Reliance Steel & Aluminum Co. | 779 | 90,426 |
Royal Gold, Inc. | 730 | 78,022 |
Steel Dynamics, Inc. | 2,665 | 91,330 |
Warrior Met Coal, Inc. | 2,139 | 49,240 |
397,243 | ||
Paper & Forest Products – 0.2% | ||
Neenah, Inc. | 705 | 35,899 |
Schweitzer-Mauduit International, Inc. | 1,023 | 37,994 |
73,893 | ||
TOTAL MATERIALS | 2,042,535 | |
REAL ESTATE – 7.0% | ||
Equity Real Estate Investment Trusts (REITs) – 6.7% | ||
Agree Realty Corp. | 896 | 56,627 |
Apartment Income REIT Corp. (a) | 2,349 | 91,071 |
Apartment Investment and Management Co. Class A | 2,021 | 9,276 |
Apple Hospitality REIT, Inc. | 4,880 | 60,902 |
Brixmor Property Group, Inc. | 4,903 | 83,008 |
CoreSite Realty Corp. | 561 | 75,421 |
Corporate Office Properties Trust | 2,017 | 52,987 |
Cousins Properties, Inc. | 2,148 | 67,748 |
40 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
REAL ESTATE – continued | ||
Equity Real Estate Investment Trusts (REITs) – continued | ||
CubeSmart | 2,594 | $ 90,375 |
Easterly Government Properties, Inc. | 1,754 | 38,500 |
EastGroup Properties, Inc. | 538 | 72,705 |
Equity Commonwealth | 1,936 | 55,195 |
Federal Realty Investment Trust | 968 | 84,758 |
First Industrial Realty Trust, Inc. | 1,728 | 70,226 |
Four Corners Property Trust, Inc. | 1,745 | 45,998 |
Gaming and Leisure Properties, Inc. | 2,499 | 102,784 |
Getty Realty Corp. | 1,256 | 33,372 |
Gladstone Land Corp. | 1,934 | 30,441 |
Healthcare Realty Trust, Inc. | 2,107 | 63,231 |
Healthcare Trust of America, Inc. Class A | 2,874 | 81,191 |
Highwoods Properties, Inc. | 1,596 | 59,834 |
Industrial Logistics Properties Trust | 1,848 | 39,196 |
Kilroy Realty Corp. | 1,395 | 78,999 |
Kimco Realty Corp. | 6,152 | 101,570 |
Lamar Advertising Co. Class A | 1,158 | 93,543 |
Lexington Realty Trust | 4,718 | 48,360 |
Life Storage, Inc. | 1,017 | 82,967 |
LTC Properties, Inc. | 1,080 | 41,731 |
National Health Investors, Inc. | 817 | 52,974 |
National Retail Properties, Inc. | 2,234 | 87,126 |
Omega Healthcare Investors, Inc. | 2,797 | 101,307 |
Physicians Realty Trust | 3,250 | 57,298 |
Piedmont Office Realty Trust, Inc. Class A | 2,792 | 42,941 |
PS Business Parks, Inc. | 381 | 51,862 |
QTS Realty Trust, Inc. Class A | 903 | 58,785 |
Rexford Industrial Realty, Inc. | 1,633 | 79,919 |
RPT Realty | 5,222 | 48,304 |
Safehold, Inc. | 672 | 49,446 |
STORE Capital Corp. | 3,011 | 93,401 |
Terreno Realty Corp. | 1,031 | 58,334 |
Urban Edge Properties | 3,688 | 50,858 |
Washington Real Estate Investment Trust | 1,911 | 41,927 |
Weingarten Realty Investors | 2,638 | 59,381 |
2,745,879 | ||
Real Estate Management & Development – 0.3% | ||
Marcus & Millichap, Inc. (a) | 1,247 | 44,555 |
RE/MAX Holdings, Inc. Class A | 1,003 | 36,329 |
The RMR Group, Inc. Class A | 1,141 | 42,080 |
122,964 | ||
TOTAL REAL ESTATE | 2,868,843 |
| ||
Shares | Value | |
UTILITIES – 2.1% | ||
Electric Utilities – 1.0% | ||
Hawaiian Electric Industries, Inc. | 1,697 | $ 56,103 |
IDACORP, Inc. | 728 | 64,282 |
MGE Energy, Inc. | 739 | 47,060 |
NRG Energy, Inc. | 2,853 | 118,143 |
OGE Energy Corp. | 2,515 | 76,758 |
Portland General Electric Co. | 1,401 | 59,248 |
421,594 | ||
Gas Utilities – 0.3% | ||
National Fuel Gas Co. | 1,419 | 57,129 |
ONE Gas, Inc. | 812 | 59,381 |
116,510 | ||
Independent Power and Renewable Electricity Producers – 0.2% | ||
Clearway Energy, Inc. Class C | 2,010 | 62,270 |
Multi-Utilities – 0.4% | ||
Avista Corp. | 1,303 | 48,837 |
MDU Resources Group, Inc. | 2,877 | 75,636 |
NorthWestern Corp. | 920 | 50,112 |
174,585 | ||
Water Utilities – 0.2% | ||
American States Water Co. | 677 | 52,305 |
The York Water Co. | 706 | 30,669 |
82,974 | ||
TOTAL UTILITIES | 857,933 | |
TOTAL COMMON STOCKS (Cost $34,764,163) | 41,082,453 | |
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $34,764,163) | 41,082,453 | |
NET OTHER ASSETS (LIABILITIES) – 0.0% | 18,414 | |
NET ASSETS – 100.0% | $ 41,100,867 |
Legend | ||
(a) | Non-income producing. | |
(b) | Security is 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 $37,424 or of net assets. |
Semi-Annual Report | 41 |
Fund | Income earned |
Fidelity Cash Central Fund | $7 |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||||||
Equities: | ||||||||
Communication Services | $ 1,587,729 | $ 1,587,729 | $ — | $ — | ||||
Consumer Discretionary | 5,731,447 | 5,731,447 | — | — | ||||
Consumer Staples | 1,413,025 | 1,413,025 | — | — | ||||
Energy | 953,740 | 953,740 | — | — | ||||
Financials | 5,214,124 | 5,214,124 | — | — | ||||
Health Care | 6,921,474 | 6,921,474 | — | — | ||||
Industrials | 6,295,827 | 6,295,827 | — | — | ||||
Information Technology | 7,195,776 | 7,195,776 | — | — | ||||
Materials | 2,042,535 | 2,042,535 | — | — | ||||
Real Estate | 2,868,843 | 2,868,843 | — | — | ||||
Utilities | 857,933 | 857,933 | — | — | ||||
Total Investments in Securities: | $ 41,082,453 | $ 41,082,453 | $ — | $ — |
42 | Semi-Annual Report |
Common Stocks – 99.6% | ||
Shares | Value | |
COMMUNICATION SERVICES – 6.2% | ||
Diversified Telecommunication Services – 1.2% | ||
Lumen Technologies, Inc. | 7,446 | $ 92,181 |
Entertainment – 0.8% | ||
Activision Blizzard, Inc. | 288 | 26,208 |
Electronic Arts, Inc. | 151 | 21,623 |
Zynga, Inc. Class A (a) | 1,860 | 18,433 |
66,264 | ||
Interactive Media & Services – 3.0% | ||
Alphabet, Inc. Class A (a) | 78 | 142,534 |
Facebook, Inc. Class A (a) | 338 | 87,316 |
229,850 | ||
Media – 1.2% | ||
Cable One, Inc. | 8 | 16,000 |
Discovery, Inc. Class A (a) | 859 | 35,580 |
DISH Network Corp. Class A (a) | 535 | 15,526 |
Fox Corp. Class A | 757 | 23,603 |
90,709 | ||
TOTAL COMMUNICATION SERVICES | 479,004 | |
CONSUMER DISCRETIONARY – 6.6% | ||
Hotels, Restaurants & Leisure – 1.7% | ||
Domino's Pizza, Inc. | 91 | 33,739 |
McDonald's Corp. | 270 | 56,117 |
Yum China Holdings, Inc. | 678 | 38,449 |
128,305 | ||
Household Durables – 1.0% | ||
Lennar Corp. Class A | 504 | 41,908 |
PulteGroup, Inc. | 794 | 34,539 |
76,447 | ||
Internet & Direct Marketing Retail – 1.6% | ||
eBay, Inc. | 704 | 39,783 |
Etsy, Inc. (a) | 277 | 55,148 |
Stamps.com, Inc. (a) | 132 | 30,137 |
125,068 | ||
Multiline Retail – 0.5% | ||
Dollar General Corp. | 211 | 41,063 |
Specialty Retail – 1.8% | ||
AutoZone, Inc. (a) | 31 | 34,670 |
Murphy USA, Inc. | 248 | 30,893 |
The Home Depot, Inc. | 270 | 73,121 |
138,684 | ||
TOTAL CONSUMER DISCRETIONARY | 509,567 | |
CONSUMER STAPLES – 10.5% | ||
Food & Staples Retailing – 1.7% | ||
The Kroger Co. | 3,757 | 129,616 |
Household Products – 3.3% | ||
Colgate-Palmolive Co. | 1,855 | 144,690 |
| ||
Shares | Value | |
Kimberly-Clark Corp. | 878 | $ 115,984 |
260,674 | ||
Personal Products – 1.6% | ||
Herbalife Nutrition Ltd. (a) | 2,407 | 122,661 |
Tobacco – 3.9% | ||
Altria Group, Inc. | 3,452 | 141,808 |
Philip Morris International, Inc. | 1,988 | 158,344 |
300,152 | ||
TOTAL CONSUMER STAPLES | 813,103 | |
ENERGY – 6.8% | ||
Oil, Gas & Consumable Fuels – 6.8% | ||
Cabot Oil & Gas Corp. | 13,315 | 244,064 |
ConocoPhillips | 7,141 | 285,854 |
TOTAL ENERGY | 529,918 | |
FINANCIALS – 4.4% | ||
Capital Markets – 3.6% | ||
Ameriprise Financial, Inc. | 217 | 42,938 |
MarketAxess Holdings, Inc. | 67 | 36,231 |
Moody's Corp. | 132 | 35,146 |
Morgan Stanley | 780 | 52,299 |
MSCI, Inc. | 96 | 37,949 |
S&P Global, Inc. | 116 | 36,772 |
State Street Corp. | 517 | 36,190 |
277,525 | ||
Insurance – 0.3% | ||
Kinsale Capital Group, Inc. | 156 | 29,259 |
Thrifts & Mortgage Finance – 0.5% | ||
Essent Group Ltd. | 894 | 37,396 |
TOTAL FINANCIALS | 344,180 | |
HEALTH CARE – 19.8% | ||
Biotechnology – 11.2% | ||
AbbVie, Inc. | 1,320 | 135,273 |
Alexion Pharmaceuticals, Inc. (a) | 860 | 131,864 |
Amgen, Inc. | 486 | 117,335 |
Biogen, Inc. (a) | 342 | 96,653 |
Gilead Sciences, Inc. | 1,514 | 99,318 |
Regeneron Pharmaceuticals, Inc. (a) | 158 | 79,607 |
United Therapeutics Corp. (a) | 762 | 124,831 |
Vertex Pharmaceuticals, Inc. (a) | 367 | 84,072 |
868,953 | ||
Health Care Providers & Services – 3.9% | ||
Anthem, Inc. | 372 | 110,477 |
Humana, Inc. | 236 | 90,414 |
Molina Healthcare, Inc. (a) | 446 | 95,270 |
296,161 | ||
Life Sciences Tools & Services – 1.2% | ||
Bio-Rad Laboratories, Inc. Class A (a) | 164 | 94,098 |
Semi-Annual Report | 43 |
Common Stocks – continued | ||
Shares | Value | |
HEALTH CARE – continued | ||
Pharmaceuticals – 3.5% | ||
Bristol-Myers Squibb Co. | 1,897 | $116,533 |
Eli Lilly & Co. | 746 | 155,146 |
271,679 | ||
TOTAL HEALTH CARE | 1,530,891 | |
INDUSTRIALS – 4.5% | ||
Aerospace & Defense – 0.1% | ||
Lockheed Martin Corp. | 30 | 9,654 |
Professional Services – 0.3% | ||
ManpowerGroup, Inc. | 116 | 10,259 |
Robert Half International, Inc. | 164 | 11,070 |
21,329 | ||
Road & Rail – 3.8% | ||
CSX Corp. | 1,620 | 138,923 |
Old Dominion Freight Line, Inc. | 48 | 9,312 |
Union Pacific Corp. | 738 | 145,733 |
293,968 | ||
Trading Companies & Distributors – 0.3% | ||
Fastenal Co. | 192 | 8,753 |
United Rentals, Inc. (a) | 50 | 12,151 |
20,904 | ||
TOTAL INDUSTRIALS | 345,855 | |
INFORMATION TECHNOLOGY – 23.8% | ||
IT Services – 3.4% | ||
Akamai Technologies, Inc. (a) | 242 | 26,869 |
Amdocs Ltd. | 402 | 28,389 |
Jack Henry & Associates, Inc. | 140 | 20,271 |
Mastercard, Inc. Class A | 240 | 75,909 |
VeriSign, Inc. (a) | 128 | 24,841 |
Visa, Inc. Class A | 439 | 84,837 |
261,116 | ||
Semiconductors & Semiconductor Equipment – 6.1% | ||
Applied Materials, Inc. | 541 | 52,304 |
Intel Corp. | 1,286 | 71,386 |
KLA Corp. | 144 | 40,330 |
Lam Research Corp. | 90 | 43,555 |
Micron Technology, Inc. (a) | 691 | 54,085 |
NVIDIA Corp. | 169 | 87,811 |
Power Integrations, Inc. | 398 | 32,059 |
Qorvo, Inc. (a) | 193 | 32,980 |
Skyworks Solutions, Inc. | 188 | 31,819 |
Synaptics, Inc. (a) | 265 | 26,293 |
472,622 | ||
Software – 8.7% | ||
Adobe, Inc. (a) | 140 | 64,228 |
Cadence Design Systems, Inc. (a) | 264 | 34,423 |
| ||
Shares | Value | |
Check Point Software Technologies Ltd. (a) | 210 | $ 26,825 |
Citrix Systems, Inc. | 187 | 24,929 |
Fortinet, Inc. (a) | 193 | 27,937 |
Microsoft Corp. | 1,555 | 360,698 |
Oracle Corp. | 818 | 49,432 |
Qualys, Inc. (a) | 194 | 26,863 |
VMware, Inc. Class A (a) | 176 | 24,262 |
Zoom Video Communications, Inc. Class A (a) | 92 | 34,230 |
673,827 | ||
Technology Hardware, Storage & Peripherals – 5.6% | ||
Apple, Inc. | 3,314 | 437,315 |
TOTAL INFORMATION TECHNOLOGY | 1,844,880 | |
MATERIALS – 7.6% | ||
Metals & Mining – 7.6% | ||
Newmont Corp. | 2,742 | 163,423 |
Reliance Steel & Aluminum Co. | 1,770 | 205,462 |
Steel Dynamics, Inc. | 6,457 | 221,281 |
TOTAL MATERIALS | 590,166 | |
REAL ESTATE – 4.5% | ||
Equity Real Estate Investment Trusts (REITs) – 4.5% | ||
Equity Commonwealth | 3,854 | 109,878 |
Lexington Realty Trust | 10,038 | 102,889 |
VICI Properties, Inc. | 5,360 | 135,501 |
TOTAL REAL ESTATE | 348,268 | |
UTILITIES – 4.9% | ||
Electric Utilities – 3.5% | ||
NextEra Energy, Inc. | 1,862 | 150,580 |
NRG Energy, Inc. | 2,996 | 124,065 |
274,645 | ||
Independent Power and Renewable Electricity Producers – 1.4% | ||
Vistra Corp. | 5,394 | 107,718 |
TOTAL UTILITIES | 382,363 | |
TOTAL COMMON STOCKS (Cost $7,345,146) | 7,718,195 | |
Money Market Fund – 0.0% | ||
Fidelity Cash Central Fund, 0.09% (b) (Cost $760) | 760 | 760 |
TOTAL INVESTMENT IN SECURITIES – 99.6% (Cost $7,345,906) | 7,718,955 | |
NET OTHER ASSETS (LIABILITIES) – 0.4% | 27,647 | |
NET ASSETS – 100.0% | $ 7,746,602 |
44 | Semi-Annual Report |
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. |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||||||
Equities: | ||||||||
Communication Services | $ 479,004 | $ 479,004 | $ — | $ — | ||||
Consumer Discretionary | 509,567 | 509,567 | — | — | ||||
Consumer Staples | 813,103 | 813,103 | — | — | ||||
Energy | 529,918 | 529,918 | — | — | ||||
Financials | 344,180 | 344,180 | — | — | ||||
Health Care | 1,530,891 | 1,530,891 | — | — | ||||
Industrials | 345,855 | 345,855 | — | — | ||||
Information Technology | 1,844,880 | 1,844,880 | — | — | ||||
Materials | 590,166 | 590,166 | — | — | ||||
Real Estate | 348,268 | 348,268 | — | — | ||||
Utilities | 382,363 | 382,363 | — | — | ||||
Money Market Fund | 760 | 760 | — | — | ||||
Total Investments in Securities: | $ 7,718,955 | $ 7,718,955 | $ — | $ — |
Semi-Annual Report | 45 |
Common Stocks – 100.0% | ||
Shares | Value | |
COMMUNICATION SERVICES – 10.7% | ||
Diversified Telecommunication Services – 1.4% | ||
Cogent Communications Holdings, Inc. | 324 | $18,452 |
Verizon Communications, Inc. | 1,230 | 67,343 |
85,795 | ||
Entertainment – 1.5% | ||
Activision Blizzard, Inc. | 434 | 39,494 |
Electronic Arts, Inc. | 224 | 32,077 |
Zynga, Inc. Class A (a) | 2,685 | 26,608 |
98,179 | ||
Interactive Media & Services – 6.6% | ||
Alphabet, Inc. Class A (a) | 130 | 237,557 |
Facebook, Inc. Class A (a) | 556 | 143,631 |
Match Group, Inc. (a) | 259 | 36,224 |
417,412 | ||
Media – 1.2% | ||
Cable One, Inc. | 15 | 30,000 |
Discovery, Inc. Class C (a) | 1,374 | 48,131 |
78,131 | ||
TOTAL COMMUNICATION SERVICES | 679,517 | |
CONSUMER DISCRETIONARY – 11.0% | ||
Auto Components – 0.9% | ||
Gentex Corp. | 1,832 | 60,548 |
Hotels, Restaurants & Leisure – 2.9% | ||
Domino's Pizza, Inc. | 131 | 48,570 |
McDonald's Corp. | 381 | 79,187 |
Yum! Brands, Inc. | 588 | 59,676 |
187,433 | ||
Household Durables – 0.8% | ||
PulteGroup, Inc. | 1,128 | 49,068 |
Internet & Direct Marketing Retail – 1.6% | ||
eBay, Inc. | 1,003 | 56,679 |
Stamps.com, Inc. (a) | 187 | 42,694 |
99,373 | ||
Multiline Retail – 0.9% | ||
Dollar General Corp. | 300 | 58,383 |
Specialty Retail – 3.9% | ||
AutoZone, Inc. (a) | 45 | 50,327 |
Murphy USA, Inc. | 354 | 44,098 |
O'Reilly Automotive, Inc. (a) | 118 | 50,205 |
The Home Depot, Inc. | 387 | 104,807 |
249,437 | ||
TOTAL CONSUMER DISCRETIONARY | 704,242 | |
CONSUMER STAPLES – 5.8% | ||
Food & Staples Retailing – 0.9% | ||
The Kroger Co. | 1,635 | 56,407 |
| ||
Shares | Value | |
Household Products – 2.7% | ||
Colgate-Palmolive Co. | 855 | $ 66,690 |
Kimberly-Clark Corp. | 401 | 52,972 |
The Clorox Co. | 245 | 51,318 |
170,980 | ||
Tobacco – 2.2% | ||
Altria Group, Inc. | 1,609 | 66,098 |
Philip Morris International, Inc. | 973 | 77,499 |
143,597 | ||
TOTAL CONSUMER STAPLES | 370,984 | |
ENERGY – 2.3% | ||
Oil, Gas & Consumable Fuels – 2.3% | ||
Chevron Corp. | 546 | 46,519 |
Exxon Mobil Corp. | 1,188 | 53,270 |
Phillips 66 | 355 | 24,069 |
Valero Energy Corp. | 402 | 22,685 |
TOTAL ENERGY | 146,543 | |
FINANCIALS – 10.2% | ||
Capital Markets – 5.0% | ||
Ameriprise Financial, Inc. | 372 | 73,608 |
FactSet Research Systems, Inc. | 162 | 48,979 |
MSCI, Inc. | 162 | 64,038 |
S&P Global, Inc. | 200 | 63,400 |
T Rowe Price Group, Inc. | 438 | 68,538 |
318,563 | ||
Insurance – 4.2% | ||
Aflac, Inc. | 1,671 | 75,496 |
American Financial Group, Inc. | 878 | 82,655 |
RenaissanceRe Holdings Ltd. | 306 | 46,035 |
The Hartford Financial Services Group, Inc. | 1,375 | 66,027 |
270,213 | ||
Thrifts & Mortgage Finance – 1.0% | ||
Essent Group Ltd. | 1,536 | 64,251 |
TOTAL FINANCIALS | 653,027 | |
HEALTH CARE – 14.7% | ||
Biotechnology – 4.5% | ||
Amgen, Inc. | 292 | 70,498 |
Biogen, Inc. (a) | 186 | 52,565 |
Gilead Sciences, Inc. | 865 | 56,744 |
Regeneron Pharmaceuticals, Inc. (a) | 89 | 44,842 |
United Therapeutics Corp. (a) | 392 | 64,217 |
288,866 | ||
Health Care Equipment & Supplies – 0.9% | ||
ResMed, Inc. | 274 | 55,230 |
Health Care Providers & Services – 2.6% | ||
HCA Healthcare, Inc. | 378 | 61,417 |
46 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
HEALTH CARE – continued | ||
Health Care Providers & Services – continued | ||
McKesson Corp. | 314 | $54,784 |
Universal Health Services, Inc. Class B | 414 | 51,618 |
167,819 | ||
Pharmaceuticals – 6.7% | ||
Bristol-Myers Squibb Co. | 1,135 | 69,723 |
Eli Lilly & Co. | 444 | 92,338 |
Johnson & Johnson | 798 | 130,178 |
Merck & Co., Inc. | 1,014 | 78,149 |
Zoetis, Inc. | 360 | 55,530 |
425,918 | ||
TOTAL HEALTH CARE | 937,833 | |
INDUSTRIALS – 8.1% | ||
Aerospace & Defense – 1.0% | ||
Lockheed Martin Corp. | 195 | 62,755 |
Commercial Services & Supplies – 1.0% | ||
Waste Management, Inc. | 583 | 64,900 |
Machinery – 2.2% | ||
Allison Transmission Holdings, Inc. | 1,542 | 62,759 |
Cummins, Inc. | 316 | 74,077 |
136,836 | ||
Professional Services – 2.9% | ||
FTI Consulting, Inc. (a) | 486 | 53,445 |
Robert Half International, Inc. | 1,087 | 73,372 |
Verisk Analytics, Inc. | 329 | 60,372 |
187,189 | ||
Road & Rail – 1.0% | ||
Old Dominion Freight Line, Inc. | 318 | 61,692 |
TOTAL INDUSTRIALS | 513,372 | |
INFORMATION TECHNOLOGY – 28.2% | ||
IT Services – 7.5% | ||
Accenture PLC Class A | 224 | 54,190 |
Akamai Technologies, Inc. (a) | 247 | 27,424 |
Amdocs Ltd. | 405 | 28,601 |
Automatic Data Processing, Inc. | 257 | 42,436 |
Cognizant Technology Solutions Corp. Class A | 451 | 35,156 |
Jack Henry & Associates, Inc. | 144 | 20,850 |
Mastercard, Inc. Class A | 241 | 76,226 |
MAXIMUS, Inc. | 319 | 23,944 |
Paychex, Inc. | 385 | 33,618 |
The Western Union Co. | 1,113 | 24,787 |
VeriSign, Inc. (a) | 131 | 25,423 |
Visa, Inc. Class A | 441 | 85,223 |
477,878 | ||
Semiconductors & Semiconductor Equipment – 3.6% | ||
Cirrus Logic, Inc. (a) | 373 | 34,946 |
| ||
Shares | Value | |
Intel Corp. | 1,296 | $ 71,941 |
Power Integrations, Inc. | 403 | 32,462 |
Skyworks Solutions, Inc. | 192 | 32,496 |
Texas Instruments, Inc. | 354 | 58,654 |
230,499 | ||
Software – 10.2% | ||
Adobe, Inc. (a) | 143 | 65,604 |
Cadence Design Systems, Inc. (a) | 266 | 34,684 |
Citrix Systems, Inc. | 192 | 25,595 |
Fortinet, Inc. (a) | 197 | 28,516 |
Microsoft Corp. | 1,563 | 362,553 |
Oracle Corp. | 824 | 49,794 |
Qualys, Inc. (a) | 198 | 27,417 |
Tyler Technologies, Inc. (a) | 73 | 30,864 |
VMware, Inc. Class A (a) | 181 | 24,951 |
649,978 | ||
Technology Hardware, Storage & Peripherals – 6.9% | ||
Apple, Inc. | 3,331 | 439,559 |
TOTAL INFORMATION TECHNOLOGY | 1,797,914 | |
MATERIALS – 2.7% | ||
Chemicals – 1.0% | ||
LyondellBasell Industries N.V. Class A | 770 | 66,035 |
Metals & Mining – 1.7% | ||
Newmont Corp. | 822 | 48,991 |
Steel Dynamics, Inc. | 1,716 | 58,808 |
107,799 | ||
TOTAL MATERIALS | 173,834 | |
REAL ESTATE – 3.3% | ||
Equity Real Estate Investment Trusts (REITs) – 3.3% | ||
Equity Commonwealth | 2,067 | 58,930 |
Medical Properties Trust, Inc. | 3,296 | 69,579 |
Public Storage | 350 | 79,667 |
TOTAL REAL ESTATE | 208,176 | |
UTILITIES – 3.0% | ||
Electric Utilities – 2.2% | ||
Exelon Corp. | 1,389 | 57,727 |
NextEra Energy, Inc. | 1,020 | 82,487 |
140,214 | ||
Multi-Utilities – 0.8% | ||
WEC Energy Group, Inc. | 555 | 49,340 |
TOTAL UTILITIES | 189,554 | |
TOTAL COMMON STOCKS (Cost $6,156,272) | 6,374,996 |
Semi-Annual Report | 47 |
Money Market Fund – 0.0% | ||
Shares | Value | |
Fidelity Cash Central Fund, 0.09% (b) (Cost $2,235) | 2,234 | $ 2,235 |
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $6,158,507) | 6,377,231 | |
NET OTHER ASSETS (LIABILITIES) – 0.0% | 1,551 | |
NET ASSETS – 100.0% | $ 6,378,782 |
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. |
Fund | Income earned |
Fidelity Cash Central Fund | $1 |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||||||
Equities: | ||||||||
Communication Services | $ 679,517 | $ 679,517 | $ — | $ — | ||||
Consumer Discretionary | 704,242 | 704,242 | — | — | ||||
Consumer Staples | 370,984 | 370,984 | — | — | ||||
Energy | 146,543 | 146,543 | — | — | ||||
Financials | 653,027 | 653,027 | — | — | ||||
Health Care | 937,833 | 937,833 | — | — | ||||
Industrials | 513,372 | 513,372 | — | — | ||||
Information Technology | 1,797,914 | 1,797,914 | — | — | ||||
Materials | 173,834 | 173,834 | — | — | ||||
Real Estate | 208,176 | 208,176 | — | — | ||||
Utilities | 189,554 | 189,554 | — | — | ||||
Money Market Fund | 2,235 | 2,235 | — | — | ||||
Total Investments in Securities: | $ 6,377,231 | $ 6,377,231 | $ — | $ — |
48 | Semi-Annual Report |
Common Stocks – 99.8% | ||
Shares | Value | |
COMMUNICATION SERVICES – 10.8% | ||
Diversified Telecommunication Services – 1.1% | ||
AT&T, Inc. | 98,979 | $ 2,833,769 |
Interactive Media & Services – 5.8% | ||
Alphabet, Inc. Class A (a) | 5,343 | 9,763,584 |
Facebook, Inc. Class A (a) | 23,167 | 5,984,731 |
15,748,315 | ||
Media – 3.9% | ||
Comcast Corp. Class A | 65,851 | 3,264,234 |
Discovery, Inc. Class A (a)(b) | 66,106 | 2,738,111 |
Fox Corp. Class A | 58,060 | 1,810,311 |
ViacomCBS, Inc. Class B | 54,507 | 2,643,589 |
10,456,245 | ||
TOTAL COMMUNICATION SERVICES | 29,038,329 | |
CONSUMER DISCRETIONARY – 11.1% | ||
Automobiles – 1.6% | ||
Ford Motor Co. | 175,440 | 1,847,383 |
General Motors Co. | 47,509 | 2,407,756 |
4,255,139 | ||
Diversified Consumer Services – 0.3% | ||
Grand Canyon Education, Inc. (a) | 10,255 | 871,060 |
Hotels, Restaurants & Leisure – 1.3% | ||
McDonald's Corp. | 10,568 | 2,196,453 |
Yum China Holdings, Inc. | 21,487 | 1,218,528 |
3,414,981 | ||
Household Durables – 0.5% | ||
Lennar Corp. Class A | 15,963 | 1,327,323 |
Internet & Direct Marketing Retail – 4.1% | ||
Amazon.com, Inc. (a) | 3,459 | 11,090,246 |
Multiline Retail – 0.8% | ||
Target Corp. | 11,606 | 2,102,659 |
Specialty Retail – 2.5% | ||
AutoNation, Inc. (a) | 19,468 | 1,387,679 |
Lowe's Cos., Inc. | 12,367 | 2,063,434 |
The Aaron's Co., Inc. (a) | 9,561 | 161,963 |
The Home Depot, Inc. | 11,834 | 3,204,884 |
6,817,960 | ||
TOTAL CONSUMER DISCRETIONARY | 29,879,368 | |
CONSUMER STAPLES – 5.8% | ||
Beverages – 0.6% | ||
Molson Coors Beverage Co. Class B | 32,168 | 1,613,547 |
Food & Staples Retailing – 1.1% | ||
The Kroger Co. | 38,010 | 1,311,345 |
Walgreens Boots Alliance, Inc. | 33,041 | 1,660,310 |
2,971,655 | ||
Food Products – 0.9% | ||
Ingredion, Inc. | 14,936 | 1,127,220 |
| ||
Shares | Value | |
Tyson Foods, Inc. Class A | 20,217 | $ 1,300,155 |
2,427,375 | ||
Household Products – 1.8% | ||
Kimberly-Clark Corp. | 9,744 | 1,287,182 |
The Procter & Gamble Co. | 27,065 | 3,470,004 |
4,757,186 | ||
Tobacco – 1.4% | ||
Altria Group, Inc. | 41,024 | 1,685,266 |
Philip Morris International, Inc. | 26,273 | 2,092,645 |
3,777,911 | ||
TOTAL CONSUMER STAPLES | 15,547,674 | |
ENERGY – 2.1% | ||
Oil, Gas & Consumable Fuels – 2.1% | ||
Chevron Corp. | 18,240 | 1,554,048 |
ConocoPhillips | 17,768 | 711,253 |
Exxon Mobil Corp. | 40,209 | 1,802,972 |
HollyFrontier Corp. | 16,119 | 458,747 |
Phillips 66 | 9,344 | 633,523 |
Valero Energy Corp. | 10,243 | 578,012 |
TOTAL ENERGY | 5,738,555 | |
FINANCIALS – 11.2% | ||
Banks – 0.9% | ||
Citigroup, Inc. | 41,455 | 2,403,975 |
Capital Markets – 2.5% | ||
Ameriprise Financial, Inc. | 9,351 | 1,850,282 |
Morgan Stanley | 35,555 | 2,383,963 |
The Goldman Sachs Group, Inc. | 8,756 | 2,374,365 |
6,608,610 | ||
Consumer Finance – 2.0% | ||
Capital One Financial Corp. | 24,098 | 2,512,457 |
PROG Holdings, Inc. | 19,154 | 903,686 |
Synchrony Financial | 60,926 | 2,050,160 |
5,466,303 | ||
Diversified Financial Services – 1.8% | ||
Berkshire Hathaway, Inc. Class B (a) | 21,002 | 4,785,726 |
Insurance – 3.4% | ||
Aflac, Inc. | 42,489 | 1,919,653 |
American International Group, Inc. | 51,272 | 1,919,624 |
MetLife, Inc. | 41,315 | 1,989,317 |
The Allstate Corp. | 16,270 | 1,743,819 |
The Hartford Financial Services Group, Inc. | 34,300 | 1,647,086 |
9,219,499 | ||
Thrifts & Mortgage Finance – 0.6% | ||
Radian Group, Inc. | 87,907 | 1,687,814 |
TOTAL FINANCIALS | 30,171,927 |
Semi-Annual Report | 49 |
Common Stocks – continued | ||
Shares | Value | |
HEALTH CARE – 13.8% | ||
Biotechnology – 4.8% | ||
AbbVie, Inc. | 31,523 | $ 3,230,477 |
Alexion Pharmaceuticals, Inc. (a) | 17,955 | 2,753,040 |
Biogen, Inc. (a) | 7,322 | 2,069,271 |
Gilead Sciences, Inc. | 34,027 | 2,232,171 |
United Therapeutics Corp. (a) | 15,421 | 2,526,268 |
12,811,227 | ||
Health Care Providers & Services – 5.0% | ||
Anthem, Inc. | 8,131 | 2,414,744 |
CVS Health Corp. | 36,226 | 2,595,593 |
HCA Healthcare, Inc. | 14,774 | 2,400,480 |
Humana, Inc. | 5,146 | 1,971,484 |
UnitedHealth Group, Inc. | 12,511 | 4,173,419 |
13,555,720 | ||
Pharmaceuticals – 4.0% | ||
Bristol-Myers Squibb Co. | 44,588 | 2,739,041 |
Johnson & Johnson | 31,253 | 5,098,302 |
Merck & Co., Inc. | 39,844 | 3,070,777 |
10,908,120 | ||
TOTAL HEALTH CARE | 37,275,067 | |
INDUSTRIALS – 8.4% | ||
Aerospace & Defense – 0.5% | ||
Lockheed Martin Corp. | 4,519 | 1,454,305 |
Air Freight & Logistics – 1.4% | ||
FedEx Corp. | 7,685 | 1,808,588 |
United Parcel Service, Inc. Class B | 12,246 | 1,898,130 |
3,706,718 | ||
Construction & Engineering – 0.5% | ||
EMCOR Group, Inc. | 14,324 | 1,264,809 |
Industrial Conglomerates – 1.6% | ||
3M Co. | 10,808 | 1,898,533 |
Honeywell International, Inc. | 11,909 | 2,326,662 |
4,225,195 | ||
Machinery – 1.3% | ||
Caterpillar, Inc. | 11,597 | 2,120,396 |
Cummins, Inc. | 6,270 | 1,469,813 |
3,590,209 | ||
Professional Services – 0.5% | ||
ManpowerGroup, Inc. | 14,492 | 1,281,672 |
Road & Rail – 2.0% | ||
CSX Corp. | 19,766 | 1,695,033 |
Norfolk Southern Corp. | 7,098 | 1,679,529 |
Union Pacific Corp. | 10,733 | 2,119,446 |
5,494,008 | ||
Trading Companies & Distributors – 0.6% | ||
United Rentals, Inc. (a) | 6,548 | 1,591,229 |
TOTAL INDUSTRIALS | 22,608,145 |
| ||
Shares | Value | |
INFORMATION TECHNOLOGY – 27.8% | ||
Electronic Equipment, Instruments & Components – 0.8% | ||
Arrow Electronics, Inc. (a) | 22,014 | $ 2,149,227 |
IT Services – 8.1% | ||
Accenture PLC Class A | 11,707 | 2,832,157 |
Amdocs Ltd. | 26,837 | 1,895,229 |
Automatic Data Processing, Inc. | 14,941 | 2,467,058 |
Cognizant Technology Solutions Corp. Class A | 27,725 | 2,161,164 |
DXC Technology Co. | 87,447 | 2,466,005 |
International Business Machines Corp. | 19,348 | 2,304,540 |
Mastercard, Inc. Class A | 11,478 | 3,630,377 |
Visa, Inc. Class A | 20,709 | 4,002,014 |
21,758,544 | ||
Semiconductors & Semiconductor Equipment – 3.7% | ||
Applied Materials, Inc. | 32,019 | 3,095,597 |
Intel Corp. | 64,713 | 3,592,219 |
Micron Technology, Inc. (a) | 41,187 | 3,223,706 |
9,911,522 | ||
Software – 7.8% | ||
Check Point Software Technologies Ltd. (a) | 13,769 | 1,758,852 |
Microsoft Corp. | 64,323 | 14,920,363 |
Oracle Corp. | 44,557 | 2,692,580 |
VMware, Inc. Class A (a)(b) | 11,678 | 1,609,812 |
20,981,607 | ||
Technology Hardware, Storage & Peripherals – 7.4% | ||
Apple, Inc. | 136,393 | 17,998,420 |
Xerox Holdings Corp. | 99,158 | 2,085,293 |
20,083,713 | ||
TOTAL INFORMATION TECHNOLOGY | 74,884,613 | |
MATERIALS – 2.7% | ||
Chemicals – 1.0% | ||
Dow, Inc. | 18,534 | 961,915 |
Eastman Chemical Co. | 8,604 | 846,203 |
LyondellBasell Industries N.V. Class A | 10,267 | 880,498 |
2,688,616 | ||
Containers & Packaging – 0.6% | ||
International Paper Co. | 18,405 | 925,956 |
Westrock Co. | 20,435 | 846,622 |
1,772,578 | ||
Metals & Mining – 1.1% | ||
Newmont Corp. | 13,808 | 822,957 |
Nucor Corp. | 14,858 | 724,030 |
Reliance Steel & Aluminum Co. | 5,809 | 674,309 |
Steel Dynamics, Inc. | 21,065 | 721,897 |
2,943,193 | ||
TOTAL MATERIALS | 7,404,387 |
50 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
REAL ESTATE – 3.4% | ||
Equity Real Estate Investment Trusts (REITs) – 2.9% | ||
AvalonBay Communities, Inc. | 3,680 | $ 602,306 |
Boston Properties, Inc. | 5,568 | 508,191 |
Brixmor Property Group, Inc. | 35,481 | 600,693 |
Cousins Properties, Inc. | 13,621 | 429,606 |
Equity Residential | 10,019 | 617,571 |
Kimco Realty Corp. | 37,905 | 625,812 |
Prologis, Inc. | 9,325 | 962,340 |
Regency Centers Corp. | 10,942 | 516,244 |
Sabra Health Care REIT, Inc. | 27,726 | 465,519 |
Simon Property Group, Inc. | 8,763 | 814,346 |
Ventas, Inc. | 12,834 | 591,262 |
VICI Properties, Inc. | 20,989 | 530,602 |
Welltower, Inc. | 10,160 | 615,696 |
7,880,188 | ||
Real Estate Management & Development – 0.5% | ||
CBRE Group, Inc. Class A (a) | 11,893 | 725,235 |
Jones Lang LaSalle, Inc. (a) | 4,788 | 700,054 |
1,425,289 | ||
TOTAL REAL ESTATE | 9,305,477 | |
UTILITIES – 2.7% | ||
Electric Utilities – 1.6% | ||
Duke Energy Corp. | 12,272 | 1,153,568 |
Edison International | 13,388 | 778,646 |
Exelon Corp. | 22,329 | 927,993 |
NRG Energy, Inc. | 18,580 | 769,398 |
PPL Corp. | 27,236 | 753,620 |
4,383,225 | ||
Independent Power and Renewable Electricity Producers – 0.3% | ||
Vistra Corp. | 33,600 | 670,992 |
| ||
Shares | Value | |
Multi-Utilities – 0.8% | ||
Consolidated Edison, Inc. | 10,207 | $ 722,451 |
Public Service Enterprise Group, Inc. | 14,213 | 802,040 |
WEC Energy Group, Inc. | 8,484 | 754,228 |
2,278,719 | ||
TOTAL UTILITIES | 7,332,936 | |
TOTAL COMMON STOCKS (Cost $229,350,310) | 269,186,478 | |
Money Market Funds – 1.5% | ||
Fidelity Cash Central Fund, 0.09% (c) | 382,315 | 382,391 |
Fidelity Securities Lending Cash Central Fund, 0.09% (c)(d) | 3,691,164 | 3,691,533 |
TOTAL MONEY MARKET FUNDS (Cost $4,073,924) | 4,073,924 | |
TOTAL INVESTMENT IN SECURITIES – 101.3% (Cost $233,424,234) | 273,260,402 | |
NET OTHER ASSETS (LIABILITIES) – (1.3%) | (3,490,749) | |
NET ASSETS – 100.0% | $ 269,769,653 |
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. |
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) | 1 | March 2021 | $ 185,260 | $ 897 | $ 897 |
CME Micro E-mini S&P 500 Index Contracts (United States) | 19 | March 2021 | 351,994 | (2,668) | (2,668) |
Total Equity Index Contracts | $(1,771) |
Semi-Annual Report | 51 |
Fund | Income earned |
Fidelity Cash Central Fund | $ 266 |
Fidelity Securities Lending Cash Central Fund | 3,646 |
Total | $3,912 |
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||||||
Equities: | ||||||||
Communication Services | $ 29,038,329 | $ 29,038,329 | $ — | $ — | ||||
Consumer Discretionary | 29,879,368 | 29,879,368 | — | — | ||||
Consumer Staples | 15,547,674 | 15,547,674 | — | — | ||||
Energy | 5,738,555 | 5,738,555 | — | — | ||||
Financials | 30,171,927 | 30,171,927 | — | — | ||||
Health Care | 37,275,067 | 37,275,067 | — | — | ||||
Industrials | 22,608,145 | 22,608,145 | — | — | ||||
Information Technology | 74,884,613 | 74,884,613 | — | — | ||||
Materials | 7,404,387 | 7,404,387 | — | — | ||||
Real Estate | 9,305,477 | 9,305,477 | — | — | ||||
Utilities | 7,332,936 | 7,332,936 | — | — | ||||
Money Market Funds | 4,073,924 | 4,073,924 | — | — | ||||
Total Investments in Securities: | $ 273,260,402 | $ 273,260,402 | $ — | $ — |
Derivative Instruments: | ||||||||
Assets | ||||||||
Futures Contracts | $ (1,771) | $ (1,771) | $ — | $ — | ||||
Total Assets | $ (1,771) | $ (1,771) | — | $ — | ||||
Total Derivative Instruments: | $ (1,771) | $ (1,771) | $ — | $ — |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $897 | $(2,668) | |
Total Equity Risk | 897 | (2,668) | |
Total Value of Derivatives | $897 | $(2,668) |
(a) | Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in total accumulated earnings (loss). |
52 | Semi-Annual Report |
Fidelity Dividend ETF For Rising Rates | Fidelity High Dividend ETF | Fidelity Low Volatility Factor ETF | Fidelity Momentum Factor ETF | ||||
Assets | |||||||
Investments in securities, at value (including securities loaned of $1,153,718, $12,715,024, $243,501 and $1,242,705, respectively) – See accompanying schedule: | |||||||
Unaffiliated issuers | $312,373,615 | $656,295,092 | $383,805,475 | $123,529,038 | |||
Fidelity Central Funds | 1,673,254 | 14,433,757 | 1,052,876 | 1,552,741 | |||
Total Investments in Securities | $314,046,869 | $670,728,849 | $384,858,351 | $125,081,779 | |||
Segregated cash with brokers for derivative instruments | 77,000 | 154,000 | 60,500 | 17,600 | |||
Cash | 10,530 | 22,995 | 2,185 | 3,775 | |||
Foreign currency held at value (cost $341,037, $307,097, $— and $—, respectively) | 350,759 | 308,535 | — | — | |||
Receivable for fund shares sold | — | — | — | — | |||
Dividends receivable | 634,000 | 1,400,719 | 387,189 | 47,669 | |||
Receivable from investment adviser for expense reductions | — | — | — | — | |||
Distributions receivable from Fidelity Central Funds | 191 | 163 | 29 | 200 | |||
Total assets | 315,119,349 | 672,615,261 | 385,308,254 | 125,151,023 | |||
Liabilities | |||||||
Payable for investments purchased | — | — | — | — | |||
Accrued management fees | 75,768 | 159,865 | 93,447 | 28,909 | |||
Payable for daily variation margin on futures contracts | 35,609 | 61,544 | 20,378 | 5,928 | |||
Other payables and accrued expenses | — | — | — | — | |||
Collateral on securities loaned, at value | 1,244,025 | 13,272,450 | 253,358 | 1,267,275 | |||
Total liabilities | 1,355,402 | 13,493,859 | 367,183 | 1,302,112 | |||
Net Assets | $313,763,947 | $659,121,402 | $384,941,071 | $123,848,911 | |||
Net Assets consist of: | |||||||
Paid in capital | 302,696,558 | 666,348,517 | 354,884,564 | 110,259,935 | |||
Total accumulated earnings (loss) | 11,067,389 | (7,227,115) | 30,056,507 | 13,588,976 | |||
Net Assets | $313,763,947 | $659,121,402 | $384,941,071 | $123,848,911 | |||
Shares outstanding | 8,500,000 | 20,550,000 | 9,250,000 | 2,750,000 | |||
Net Asset Value per share | $ 36.91 | $ 32.07 | $ 41.62 | $ 45.04 | |||
Investments at cost – Unaffiliated issuers | $267,000,093 | $625,545,401 | $356,017,711 | $100,629,543 | |||
Investments at cost – Fidelity Central Funds | 1,673,254 | 14,433,757 | 1,052,876 | 1,552,741 | |||
Investments at cost | $268,673,347 | $639,979,158 | $357,070,587 | $102,182,284 |
Semi-Annual Report | 53 |
Fidelity Quality Factor ETF | Fidelity Small-Mid Multifactor ETF | Fidelity Stocks For Inflation ETF | Fidelity U.S. Multifactor ETF | ||||
Assets | |||||||
Investments in securities, at value (including securities loaned of $756,208, $—, $— and $—, respectively) – See accompanying schedule: | |||||||
Unaffiliated issuers | $165,220,979 | $41,082,453 | $ 7,718,195 | $6,374,996 | |||
Fidelity Central Funds | 1,145,888 | — | 760 | 2,235 | |||
Total Investments in Securities | $166,366,867 | $41,082,453 | $ 7,718,955 | $6,377,231 | |||
Segregated cash with brokers for derivative instruments | 23,100 | — | — | — | |||
Cash | 8,249 | 10,713 | 894 | 449 | |||
Foreign currency held at value (cost $—, $3,446, $— and $—, respectively) | — | 3,451 | — | — | |||
Receivable for fund shares sold | — | — | 3,873,293 | — | |||
Dividends receivable | 188,789 | 13,848 | 3,136 | 2,423 | |||
Receivable from investment adviser for expense reductions | — | 221 | 68 | — | |||
Distributions receivable from Fidelity Central Funds | 125 | — | — | — | |||
Total assets | 166,587,130 | 41,110,686 | 11,596,346 | 6,380,103 | |||
Liabilities | |||||||
Payable for investments purchased | — | — | 3,848,738 | — | |||
Accrued management fees | 40,097 | 9,598 | 938 | 1,321 | |||
Payable for daily variation margin on futures contracts | 7,780 | — | — | — | |||
Other payables and accrued expenses | — | 221 | 68 | — | |||
Collateral on securities loaned, at value | 815,400 | — | — | — | |||
Total liabilities | 863,277 | 9,819 | 3,849,744 | 1,321 | |||
Net Assets | $165,723,853 | $41,100,867 | $ 7,746,602 | $6,378,782 | |||
Net Assets consist of: | |||||||
Paid in capital | 148,758,930 | 35,073,941 | 7,563,970 | 6,158,494 | |||
Total accumulated earnings (loss) | 16,964,923 | 6,026,926 | 182,632 | 220,288 | |||
Net Assets | $165,723,853 | $41,100,867 | $ 7,746,602 | $6,378,782 | |||
Shares outstanding | 3,900,000 | 1,400,000 | 300,000 | 300,000 | |||
Net Asset Value per share | $ 42.49 | $ 29.36 | $ 25.82 | $ 21.26 | |||
Investments at cost – Unaffiliated issuers | $143,079,836 | $34,764,163 | $ 7,345,146 | $6,156,272 | |||
Investments at cost – Fidelity Central Funds | 1,145,888 | — | 760 | 2,235 | |||
Investments at cost | $144,225,724 | $34,764,163 | $ 7,345,906 | $6,158,507 |
54 | Semi-Annual Report |
Fidelity Value Factor ETF | |
Assets | |
Investments in securities, at value (including securities loaned of $3,602,494) – See accompanying schedule: | |
Unaffiliated issuers | $269,186,478 |
Fidelity Central Funds | 4,073,924 |
Total Investments in Securities | $273,260,402 |
Segregated cash with brokers for derivative instruments | 31,900 |
Cash | — |
Foreign currency held at value (cost $—) | — |
Receivable for fund shares sold | — |
Dividends receivable | 244,220 |
Receivable from investment adviser for expense reductions | — |
Distributions receivable from Fidelity Central Funds | 896 |
Total assets | 273,537,418 |
Liabilities | |
Payable for investments purchased | — |
Accrued management fees | 65,221 |
Payable for daily variation margin on futures contracts | 10,744 |
Other payables and accrued expenses | — |
Collateral on securities loaned, at value | 3,691,800 |
Total liabilities | 3,767,765 |
Net Assets | $269,769,653 |
Net Assets consist of: | |
Paid in capital | 251,153,402 |
Total accumulated earnings (loss) | 18,616,251 |
Net Assets | $269,769,653 |
Shares outstanding | 6,650,000 |
Net Asset Value per share | $ 40.57 |
Investments at cost – Unaffiliated issuers | $229,350,310 |
Investments at cost – Fidelity Central Funds | 4,073,924 |
Investments at cost | $233,424,234 |
Semi-Annual Report | 55 |
Fidelity Dividend ETF For Rising Rates | Fidelity High Dividend ETF | Fidelity Low Volatility Factor ETF | Fidelity Momentum Factor ETF | ||||
Investment Income | |||||||
Dividends | $ 4,472,355 | $ 11,111,909 | $ 3,489,893 | $ 532,888 | |||
Non-Cash dividends | — | — | — | — | |||
Interest | 55 | 114 | 42 | 8 | |||
Income from Fidelity Central Funds (including $1,007, $634, $753 and $1,245, from security lending, respectively) | 1,327 | 1,190 | 1,166 | 1,348 | |||
Total income | 4,473,737 | 11,113,213 | 3,491,101 | 534,244 | |||
Expenses | |||||||
Management fees | 429,874 | 844,060 | 551,524 | 146,553 | |||
Independent trustees' fees and expenses | 713 | 1,350 | 905 | 231 | |||
Proxy | 82 | — | — | — | |||
Total expenses | 430,669 | 845,410 | 552,429 | 146,784 | |||
Expense reductions | — | — | (2) | (3) | |||
Total expenses | 430,669 | 845,410 | 552,427 | 146,781 | |||
Net investment income (loss) | 4,043,068 | 10,267,803 | 2,938,674 | 387,463 | |||
Realized and Unrealized Gain (Loss) | |||||||
Net realized gain (loss) on investment securities | (4,849,926) | (7,205,393) | (14,555,119) | (401,903) | |||
Net realized gain (loss) on Fidelity Central Funds | (19) | (18) | (15) | (3) | |||
Net realized gain (loss) on In-kind redemptions | 2,793,790 | 561,813 | 23,250,403 | 3,989,883 | |||
Net realized gain (loss) on futures contracts | 219,470 | 565,122 | 234,835 | 30,729 | |||
Net realized gain (loss) on foreign currency transactions | 15,467 | 131,443 | — | — | |||
Total net realized gain (loss) | (1,821,218) | (5,947,033) | 8,930,104 | 3,618,706 | |||
Change in net unrealized appreciation (depreciation) on investment securities | 46,241,228 | 92,328,441 | 22,299,189 | 9,563,920 | |||
Change in net unrealized appreciation (depreciation) on Fidelity Central Funds | (38) | 69 | (68) | (11) | |||
Change in net unrealized appreciation (depreciation) on futures contracts | (80,553) | (173,946) | (56,429) | (7,419) | |||
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies | (9,485) | (127,962) | — | — | |||
Total change in net unrealized appreciation (depreciation) | 46,151,152 | 92,026,602 | 22,242,692 | 9,556,490 | |||
Net gain (loss) | 44,329,934 | 86,079,569 | 31,172,796 | 13,175,196 | |||
Net increase (decrease) in net assets resulting from operations | $48,373,002 | $ 96,347,372 | $ 34,111,470 | $13,562,659 |
56 | Semi-Annual Report |
Fidelity Quality Factor ETF | Fidelity Small-Mid Multifactor ETF | Fidelity Stocks For Inflation ETF | Fidelity U.S. Multifactor ETFA | ||||
Investment Income | |||||||
Dividends | $ 1,442,172 | $ 254,883 | $ 44,530 | $ 28,533 | |||
Non-Cash dividends | — | 74,140 | — | — | |||
Interest | 20 | — | — | — | |||
Income from Fidelity Central Funds (including $448, $—, $— and $—, from security lending, respectively) | 655 | 7 | — | 1 | |||
Total income | 1,442,847 | 329,030 | 44,530 | 28,534 | |||
Expenses | |||||||
Management fees | 225,986 | 41,017 | 5,442 | 4,885 | |||
Independent trustees' fees and expenses | 371 | 57 | 8 | 10 | |||
Proxy | — | — | — | — | |||
Total expenses | 226,357 | 41,074 | 5,450 | 4,895 | |||
Expense reductions | (5) | (2) | (1) | — | |||
Total expenses | 226,352 | 41,072 | 5,449 | 4,895 | |||
Net investment income (loss) | 1,216,495 | 287,958 | 39,081 | 23,639 | |||
Realized and Unrealized Gain (Loss) | |||||||
Net realized gain (loss) on investment securities | (3,878,968) | (1,245,785) | (188,051) | 1,740 | |||
Net realized gain (loss) on Fidelity Central Funds | (10) | — | — | — | |||
Net realized gain (loss) on In-kind redemptions | 6,715,168 | 1,449,822 | — | 38,985 | |||
Net realized gain (loss) on futures contracts | 103,513 | — | — | — | |||
Net realized gain (loss) on foreign currency transactions | — | 4 | — | — | |||
Total net realized gain (loss) | 2,939,703 | 204,041 | (188,051) | 40,725 | |||
Change in net unrealized appreciation (depreciation) on investment securities | 13,194,682 | 5,411,089 | 511,546 | 218,724 | |||
Change in net unrealized appreciation (depreciation) on Fidelity Central Funds | (29) | — | — | — | |||
Change in net unrealized appreciation (depreciation) on futures contracts | (24,598) | — | — | — | |||
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies | — | 3 | — | — | |||
Total change in net unrealized appreciation (depreciation) | 13,170,055 | 5,411,092 | 511,546 | 218,724 | |||
Net gain (loss) | 16,109,758 | 5,615,133 | 323,495 | 259,449 | |||
Net increase (decrease) in net assets resulting from operations | $17,326,253 | $ 5,903,091 | $ 362,576 | $283,088 |
A | For the period September 15, 2020 (commencement of operations) to January 31, 2021. |
Semi-Annual Report | 57 |
Fidelity Value Factor ETF | |
Investment Income | |
Dividends | $ 2,216,822 |
Non-Cash dividends | — |
Interest | 27 |
Income from Fidelity Central Funds (including $3,646) | 3,912 |
Total income | 2,220,761 |
Expenses | |
Management fees | 335,800 |
Independent trustees' fees and expenses | 519 |
Proxy | — |
Total expenses | 336,319 |
Expense reductions | (7) |
Total expenses | 336,312 |
Net investment income (loss) | 1,884,449 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on investment securities | (13,265,831) |
Net realized gain (loss) on Fidelity Central Funds | (7) |
Net realized gain (loss) on In-kind redemptions | 1,446,827 |
Net realized gain (loss) on futures contracts | 126,081 |
Net realized gain (loss) on foreign currency transactions | — |
Total net realized gain (loss) | (11,692,930) |
Change in net unrealized appreciation (depreciation) on investment securities | 45,903,333 |
Change in net unrealized appreciation (depreciation) on Fidelity Central Funds | (11) |
Change in net unrealized appreciation (depreciation) on futures contracts | (31,493) |
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies | — |
Total change in net unrealized appreciation (depreciation) | 45,871,829 |
Net gain (loss) | 34,178,899 |
Net increase (decrease) in net assets resulting from operations | $ 36,063,348 |
58 | Semi-Annual Report |
Fidelity Dividend ETF For Rising Rates | Fidelity High Dividend ETF | ||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations | |||||||
Net investment income (loss) | $ 4,043,068 | $ 10,262,152 | $ 10,267,803 | $ 18,113,205 | |||
Net realized gain (loss) | (1,821,218) | (756,403) | (5,947,033) | 18,283,055 | |||
Change in net unrealized appreciation (depreciation) | 46,151,152 | (14,389,980) | 92,026,602 | (70,531,825) | |||
Net increase (decrease) in net assets resulting from operations | 48,373,002 | (4,884,231) | 96,347,372 | (34,135,565) | |||
Distributions to shareholders | (3,459,850) | (10,362,600) | (9,167,900) | (18,747,950) | |||
Share transactions | |||||||
Proceeds from sales of shares | 1,892,503 | 99,471,497 | 53,949,918 | 421,727,800 | |||
Cost of shares redeemed | (15,358,454) | (162,137,367) | (2,802,769) | (211,001,439) | |||
Net increase (decrease) in net assets resulting from share transactions | (13,465,951) | (62,665,870) | 51,147,149 | 210,726,361 | |||
Total increase (decrease) in net assets | 31,447,201 | (77,912,701) | 138,326,621 | 157,842,846 | |||
Net Assets | |||||||
Beginning of period | 282,316,746 | 360,229,447 | 520,794,781 | 362,951,935 | |||
End of period | $313,763,947 | $ 282,316,746 | $659,121,402 | $ 520,794,781 | |||
Other Information | |||||||
Shares | |||||||
Sold | 50,000 | 2,750,000 | 1,750,000 | 13,350,000 | |||
Redeemed | (450,000) | (5,000,000) | (100,000) | (6,500,000) | |||
Net increase (decrease) | (400,000) | (2,250,000) | 1,650,000 | 6,850,000 |
Semi-Annual Report | 59 |
Fidelity Low Volatility Factor ETF | Fidelity Momentum Factor ETF | ||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations | |||||||
Net investment income (loss) | $ 2,938,674 | $ 5,724,297 | $ 387,463 | $ 1,173,518 | |||
Net realized gain (loss) | 8,930,104 | 19,120,308 | 3,618,706 | 4,952,318 | |||
Change in net unrealized appreciation (depreciation) | 22,242,692 | (17,243,464) | 9,556,490 | 1,394,495 | |||
Net increase (decrease) in net assets resulting from operations | 34,111,470 | 7,601,141 | 13,562,659 | 7,520,331 | |||
Distributions to shareholders | (2,584,800) | (5,772,450) | (342,400) | (1,254,700) | |||
Share transactions | |||||||
Proceeds from sales of shares | 101,007,923 | 341,438,518 | 42,866,547 | 73,725,829 | |||
Cost of shares redeemed | (98,301,583) | (238,061,468) | (20,566,722) | (113,398,944) | |||
Net increase (decrease) in net assets resulting from share transactions | 2,706,340 | 103,377,050 | 22,299,825 | (39,673,115) | |||
Total increase (decrease) in net assets | 34,233,010 | 105,205,741 | 35,520,084 | (33,407,484) | |||
Net Assets | |||||||
Beginning of period | 350,708,061 | 245,502,320 | 88,328,827 | 121,736,311 | |||
End of period | $384,941,071 | $ 350,708,061 | $123,848,911 | $ 88,328,827 | |||
Other Information | |||||||
Shares | |||||||
Sold | 2,550,000 | 9,000,000 | 1,000,000 | 2,100,000 | |||
Redeemed | (2,450,000) | (6,600,000) | (500,000) | (3,250,000) | |||
Net increase (decrease) | 100,000 | 2,400,000 | 500,000 | (1,150,000) |
60 | Semi-Annual Report |
Fidelity Quality Factor ETF | Fidelity Small-Mid Multifactor ETF | ||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations | |||||||
Net investment income (loss) | $ 1,216,495 | $ 2,561,306 | $ 287,958 | $ 141,380 | |||
Net realized gain (loss) | 2,939,703 | 8,042,764 | 204,041 | (16,832) | |||
Change in net unrealized appreciation (depreciation) | 13,170,055 | (113,455) | 5,411,092 | 720,508 | |||
Net increase (decrease) in net assets resulting from operations | 17,326,253 | 10,490,615 | 5,903,091 | 845,056 | |||
Distributions to shareholders | (1,174,350) | (2,493,600) | (261,900) | (146,500) | |||
Share transactions | |||||||
Proceeds from sales of shares | 34,298,755 | 95,825,376 | 21,240,429 | 13,481,340 | |||
Cost of shares redeemed | (31,748,799) | (119,081,927) | (4,897,437) | (2,713,442) | |||
Net increase (decrease) in net assets resulting from share transactions | 2,549,956 | (23,256,551) | 16,342,992 | 10,767,898 | |||
Total increase (decrease) in net assets | 18,701,859 | (15,259,536) | 21,984,183 | 11,466,454 | |||
Net Assets | |||||||
Beginning of period | 147,021,994 | 162,281,530 | 19,116,684 | 7,650,230 | |||
End of period | $165,723,853 | $ 147,021,994 | $41,100,867 | $19,116,684 | |||
Other Information | |||||||
Shares | |||||||
Sold | 850,000 | 2,650,000 | 800,000 | 600,000 | |||
Redeemed | (800,000) | (3,400,000) | (200,000) | (100,000) | |||
Net increase (decrease) | 50,000 | (750,000) | 600,000 | 500,000 |
Semi-Annual Report | 61 |
Fidelity Stocks For Inflation ETF | Fidelity U.S. Multifactor ETF | ||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020A | Six months ended January 31, 2021B (Unaudited) | |||
Increase (Decrease) in Net Assets | |||||
Operations | |||||
Net investment income (loss) | $ 39,081 | $ 38,387 | $ 23,639 | ||
Net realized gain (loss) | (188,051) | 54,866 | 40,725 | ||
Change in net unrealized appreciation (depreciation) | 511,546 | (138,497) | 218,724 | ||
Net increase (decrease) in net assets resulting from operations | 362,576 | (45,244) | 283,088 | ||
Distributions to shareholders | (99,300) | (35,400) | (62,800) | ||
Share transactions | |||||
Proceeds from sales of shares | 3,873,293 | 3,690,677 | 7,192,028 | ||
Cost of shares redeemed | — | — | (1,033,534) | ||
Net increase (decrease) in net assets resulting from share transactions | 3,873,293 | 3,690,677 | 6,158,494 | ||
Total increase (decrease) in net assets | 4,136,569 | 3,610,033 | 6,378,782 | ||
Net Assets | |||||
Beginning of period | 3,610,033 | — | — | ||
End of period | $7,746,602 | $3,610,033 | $ 6,378,782 | ||
Other Information | |||||
Shares | |||||
Sold | 150,000 | 150,000 | 350,000 | ||
Redeemed | — | — | (50,000) | ||
Net increase (decrease) | 150,000 | 150,000 | 300,000 |
A | For the period November 5, 2019 (commencement of operations) to July 31, 2020. |
B | For the period September 15, 2020 (commencement of operations) to January 31, 2021. |
62 | Semi-Annual Report |
Fidelity Value Factor ETF | |||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net investment income (loss) | $ 1,884,449 | $ 3,639,553 | |
Net realized gain (loss) | (11,692,930) | 12,182,653 | |
Change in net unrealized appreciation (depreciation) | 45,871,829 | (12,315,269) | |
Net increase (decrease) in net assets resulting from operations | 36,063,348 | 3,506,937 | |
Distributions to shareholders | (1,838,500) | (3,611,200) | |
Share transactions | |||
Proceeds from sales of shares | 54,978,798 | 200,834,254 | |
Cost of shares redeemed | (9,349,864) | (147,217,336) | |
Net increase (decrease) in net assets resulting from share transactions | 45,628,934 | 53,616,918 | |
Total increase (decrease) in net assets | 79,853,782 | 53,512,655 | |
Net Assets | |||
Beginning of period | 189,915,871 | 136,403,216 | |
End of period | $269,769,653 | $ 189,915,871 | |
Other Information | |||
Shares | |||
Sold | 1,450,000 | 5,800,000 | |
Redeemed | (250,000) | (4,300,000) | |
Net increase (decrease) | 1,200,000 | 1,500,000 |
Semi-Annual Report | 63 |
Fidelity Dividend ETF For Rising Rates | |||||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017A | |||||
Selected Per-Share Data | |||||||||
Net asset value, beginning of period | $ 31.72 | $ 32.31 | $ 31.54 | $ 28.50 | $ 25.34 | ||||
Income from Investment Operations | |||||||||
Net investment income (loss)B | 0.47 | 1.01 | 1.07 | 0.93 | 0.76 | ||||
Net realized and unrealized gain (loss) | 5.12 | (0.56) | 0.79 | 3.03 | 2.98 | ||||
Total from investment operations | 5.59 | 0.45 | 1.86 | 3.96 | 3.74 | ||||
Distributions from net investment income | (0.40) | (1.04) | (1.09) | (0.92) | (0.58) | ||||
Total distributions | (0.40) | (1.04) | (1.09) | (0.92) | (0.58) | ||||
Net asset value, end of period | $ 36.91 | $ 31.72 | $ 32.31 | $ 31.54 | $ 28.50 | ||||
Total ReturnC,D,E | 17.75% | 1.86% | 6.09% | 14.04% | 14.85% | ||||
Ratios to Average Net AssetsF,G | |||||||||
Expenses before reductions | .29% H | .29% | .29% | .30% | .29% H | ||||
Expenses net of fee waivers, if any | .29% H | .29% | .29% | .30% | .29% H | ||||
Expenses net of all reductions | .29% H | .29% | .29% | .30% | .29% H | ||||
Net investment income (loss) | 2.73% H | 3.15% | 3.42% | 3.08% | 3.09% H | ||||
Supplemental Data | |||||||||
Net assets, end of period (000 omitted) | $313,764 | $282,317 | $360,229 | $346,896 | $152,492 | ||||
Portfolio turnover rateI,J | 3% K | 35% | 35% | 38% | 52% K |
A | For the period September 12, 2016 (commencement of operations) to July 31, 2017. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
D | Total returns for periods of less than one year are not annualized. |
E | Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. |
F | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
G | Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. |
H | Annualized. |
I | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
J | Portfolio turnover rate excludes securities received or delivered in-kind. |
K | Amount not annualized. |
64 | Semi-Annual Report |
Fidelity High Dividend ETF | |||||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017A | |||||
Selected Per-Share Data | |||||||||
Net asset value, beginning of period | $ 27.56 | $ 30.12 | $ 30.15 | $ 26.98 | $ 25.32 | ||||
Income from Investment Operations | |||||||||
Net investment income (loss)B | 0.53 | 1.10 | 1.23 | 1.09 | 0.85 | ||||
Net realized and unrealized gain (loss) | 4.45 | (2.52) | (0.03) | 3.21 | 1.57 | ||||
Total from investment operations | 4.98 | (1.42) | 1.20 | 4.30 | 2.42 | ||||
Distributions from net investment income | (0.47) | (1.14) | (1.23) | (1.12) | (0.76) | ||||
Distributions from net realized gain | — | — | — | (0.01) | — | ||||
Total distributions | (0.47) | (1.14) | (1.23) | (1.13) | (0.76) | ||||
Net asset value, end of period | $ 32.07 | $ 27.56 | $ 30.12 | $ 30.15 | $ 26.98 | ||||
Total ReturnC,D,E | 18.24% | (4.54)% | 4.16% | 16.23% | 9.61% | ||||
Ratios to Average Net AssetsF,G | |||||||||
Expenses before reductions | .29% H | .29% | .29% | .30% | .29% H | ||||
Expenses net of fee waivers, if any | .29% H | .29% | .29% | .30% | .29% H | ||||
Expenses net of all reductions | .29% H | .29% | .29% | .30% | .29% H | ||||
Net investment income (loss) | 3.53% H | 3.85% | 4.15% | 3.80% | 3.61% H | ||||
Supplemental Data | |||||||||
Net assets, end of period (000 omitted) | $659,121 | $520,795 | $362,952 | $171,835 | $59,350 | ||||
Portfolio turnover rateI,J | 2% K | 49% | 50% | 53% | 57% K |
A | For the period September 12, 2016 (commencement of operations) to July 31, 2017. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
D | Total returns for periods of less than one year are not annualized. |
E | Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. |
F | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
G | Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. |
H | Annualized. |
I | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
J | Portfolio turnover rate excludes securities received or delivered in-kind. |
K | Amount not annualized. |
Semi-Annual Report | 65 |
Fidelity Low Volatility Factor ETF | |||||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017A | |||||
Selected Per-Share Data | |||||||||
Net asset value, beginning of period | $ 38.33 | $ 36.37 | $ 32.40 | $ 28.19 | $ 25.31 | ||||
Income from Investment Operations | |||||||||
Net investment income (loss)B | 0.31 | 0.62 | 0.62 | 0.53 | 0.45 | ||||
Net realized and unrealized gain (loss) | 3.26 | 1.95 | 3.92 | 4.20 | 2.81 | ||||
Total from investment operations | 3.57 | 2.57 | 4.54 | 4.73 | 3.26 | ||||
Distributions from net investment income | (0.28) | (0.61) | (0.57) | (0.52) | (0.38) | ||||
Total distributions | (0.28) | (0.61) | (0.57) | (0.52) | (0.38) | ||||
Net asset value, end of period | $ 41.62 | $ 38.33 | $ 36.37 | $ 32.40 | $ 28.19 | ||||
Total ReturnC,D,E | 9.32% | 7.29% | 14.20% | 16.89% | 12.94% | ||||
Ratios to Average Net AssetsF,G | |||||||||
Expenses before reductions | .29% H | .29% | .29% | .30% | .29% H | ||||
Expenses net of fee waivers, if any | .29% H | .29% | .29% | .30% | .29% H | ||||
Expenses net of all reductions | .29% H | .29% | .29% | .30% | .29% H | ||||
Net investment income (loss) | 1.54% H | 1.69% | 1.83% | 1.73% | 1.87% H | ||||
Supplemental Data | |||||||||
Net assets, end of period (000 omitted) | $384,941 | $350,708 | $245,502 | $66,420 | $33,833 | ||||
Portfolio turnover rateI,J | 23% K | 31% | 36% | 31% | 33% K |
A | For the period September 12, 2016 (commencement of operations) to July 31, 2017. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
D | Total returns for periods of less than one year are not annualized. |
E | Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. |
F | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
G | Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. |
H | Annualized. |
I | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
J | Portfolio turnover rate excludes securities received or delivered in-kind. |
K | Amount not annualized. |
66 | Semi-Annual Report |
Fidelity Momentum Factor ETF | |||||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017A | |||||
Selected Per-Share Data | |||||||||
Net asset value, beginning of period | $ 39.26 | $ 35.80 | $ 33.58 | $ 28.60 | $ 25.34 | ||||
Income from Investment Operations | |||||||||
Net investment income (loss)B | 0.16 | 0.42 | 0.40 | 0.36 | 0.36 | ||||
Net realized and unrealized gain (loss) | 5.76 | 3.47 | 2.22 | 4.97 | 3.19 | ||||
Total from investment operations | 5.92 | 3.89 | 2.62 | 5.33 | 3.55 | ||||
Distributions from net investment income | (0.14) | (0.43) | (0.40) | (0.35) | (0.29) | ||||
Total distributions | (0.14) | (0.43) | (0.40) | (0.35) | (0.29) | ||||
Net asset value, end of period | $ 45.04 | $ 39.26 | $ 35.80 | $ 33.58 | $ 28.60 | ||||
Total ReturnC,D,E | 15.13% | 11.06% | 7.91% | 18.72% | 14.11% | ||||
Ratios to Average Net AssetsF,G | |||||||||
Expenses before reductions | .29% H | .29% | .29% | .30% | .29% H | ||||
Expenses net of fee waivers, if any | .29% H | .29% | .29% | .30% | .29% H | ||||
Expenses net of all reductions | .29% H | .29% | .29% | .30% | .29% H | ||||
Net investment income (loss) | .77% H | 1.18% | 1.18% | 1.14% | 1.50% H | ||||
Supplemental Data | |||||||||
Net assets, end of period (000 omitted) | $123,849 | $88,329 | $121,736 | $95,702 | $35,745 | ||||
Portfolio turnover rateI,J | 55% K | 138% | 133% | 125% | 106% K |
A | For the period September 12, 2016 (commencement of operations) to July 31, 2017. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
D | Total returns for periods of less than one year are not annualized. |
E | Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. |
F | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
G | Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. |
H | Annualized. |
I | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
J | Portfolio turnover rate excludes securities received or delivered in-kind. |
K | Amount not annualized. |
Semi-Annual Report | 67 |
Fidelity Quality Factor ETF | |||||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017A | |||||
Selected Per-Share Data | |||||||||
Net asset value, beginning of period | $ 38.19 | $ 35.28 | $ 33.47 | $ 29.11 | $ 25.37 | ||||
Income from Investment Operations | |||||||||
Net investment income (loss)B | 0.32 | 0.62 | 0.58 | 0.53 | 0.45 | ||||
Net realized and unrealized gain (loss) | 4.29 | 2.90 | 1.77 | 4.38 | 3.62 | ||||
Total from investment operations | 4.61 | 3.52 | 2.35 | 4.91 | 4.07 | ||||
Distributions from net investment income | (0.31) | (0.61) | (0.54) | (0.55) | (0.33) | ||||
Total distributions | (0.31) | (0.61) | (0.54) | (0.55) | (0.33) | ||||
Net asset value, end of period | $ 42.49 | $ 38.19 | $ 35.28 | $ 33.47 | $ 29.11 | ||||
Total ReturnC,D,E | 12.12% | 10.26% | 7.14% | 16.95% | 16.10% | ||||
Ratios to Average Net AssetsF,G | |||||||||
Expenses before reductions | .29% H | .29% | .29% | .30% | .29% H | ||||
Expenses net of fee waivers, if any | .29% H | .29% | .29% | .30% | .29% H | ||||
Expenses net of all reductions | .29% H | .29% | .29% | .30% | .29% H | ||||
Net investment income (loss) | 1.56% H | 1.74% | 1.72% | 1.66% | 1.84% H | ||||
Supplemental Data | |||||||||
Net assets, end of period (000 omitted) | $165,724 | $147,022 | $162,282 | $65,259 | $30,569 | ||||
Portfolio turnover rateI,J | 18% K | 41% | 29% | 30% | 35% K |
A | For the period September 12, 2016 (commencement of operations) to July 31, 2017. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
D | Total returns for periods of less than one year are not annualized. |
E | Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. |
F | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
G | Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. |
H | Annualized. |
I | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
J | Portfolio turnover rate excludes securities received or delivered in-kind. |
K | Amount not annualized. |
68 | Semi-Annual Report |
Fidelity Small-Mid Multifactor ETF | |||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Year ended July 31, 2019A | |||
Selected Per-Share Data | |||||
Net asset value, beginning of period | $ 23.90 | $ 25.50 | $24.85 | ||
Income from Investment Operations | |||||
Net investment income (loss)B | 0.27 | 0.31 | 0.18 | ||
Net realized and unrealized gain (loss) | 5.43 | (1.58) C | 0.64 | ||
Total from investment operations | 5.70 | (1.27) | 0.82 | ||
Distributions from net investment income | (0.24) | (0.33) | (0.17) | ||
Total distributions | (0.24) | (0.33) | (0.17) | ||
Net asset value, end of period | $ 29.36 | $ 23.90 | $25.50 | ||
Total ReturnD,E,F | 23.95% | (4.90)% | 3.35% | ||
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | .29% I | .29% | .29% I | ||
Expenses net of fee waivers, if any | .29% I | .29% | .29% I | ||
Expenses net of all reductions | .29% I | .29% | .29% I | ||
Net investment income (loss) | 2.05% I | 1.32% | 1.70% I | ||
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $41,101 | $19,117 | $7,650 | ||
Portfolio turnover rateJ,K | 26% L | 52% | 2% L |
A | For the period February 26, 2019 (commencement of operations) to July 31, 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 share transactions in relation to fluctuating market values of the investments of a Fund. |
D | Based on net asset value. |
E | Total returns for periods of less than one year are not annualized. |
F | Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. |
G | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
H | Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. |
I | Annualized. |
J | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
K | Portfolio turnover rate excludes securities received or delivered in-kind. |
L | Amount not annualized. |
Semi-Annual Report | 69 |
Fidelity Stocks For Inflation ETF | |||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020A | ||
Selected Per-Share Data | |||
Net asset value, beginning of period | $24.07 | $24.94 | |
Income from Investment Operations | |||
Net investment income (loss)B | 0.26 | 0.38 | |
Net realized and unrealized gain (loss) | 2.15 | (0.90) | |
Total from investment operations | 2.41 | (0.52) | |
Distributions from net investment income | (0.66) | (0.35) | |
Total distributions | (0.66) | (0.35) | |
Net asset value, end of period | $25.82 | $24.07 | |
Total ReturnC,D,E | 10.13% | (1.88)% | |
Ratios to Average Net AssetsF,G | |||
Expenses before reductions | .29% | .29% H | |
Expenses net of fee waivers, if any | .29% | .29% H | |
Expenses net of all reductions | .29% | .29% H | |
Net investment income (loss) | 2.08% | 2.16% H | |
Supplemental Data | |||
Net assets, end of period (000 omitted) | $7,747 | $3,610 | |
Portfolio turnover rateI,J,K | 50% | 65% |
A | For the period November 5, 2019 (commencement of operations) to July 31, 2020. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
D | Total returns for periods of less than one year are not annualized. |
E | Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. |
F | Annualized. |
G | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
H | Proxy expenses are not annualized. |
I | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
J | Amount not annualized. |
K | Portfolio turnover rate excludes securities received or delivered in-kind. |
70 | Semi-Annual Report |
Fidelity U.S. Multifactor ETF | |
Six months ended January 31, 2021A (Unaudited) | |
Selected Per-Share Data | |
Net asset value, beginning of period | $20.09 |
Income from Investment Operations | |
Net investment income (loss)B | 0.11 |
Net realized and unrealized gain (loss) | 1.37 |
Total from investment operations | 1.48 |
Distributions from net investment income | (0.31) |
Total distributions | (0.31) |
Net asset value, end of period | $21.26 |
Total ReturnC,D | 7.42% |
Ratios to Average Net AssetsE,F,G | |
Expenses before reductions | .29% |
Expenses net of fee waivers, if any | .29% |
Expenses net of all reductions | .29% |
Net investment income (loss) | 1.42% |
Supplemental Data | |
Net assets, end of period (000 omitted) | $6,379 |
Portfolio turnover rateH,I,J | 1% |
A | For the period September 15, 2020 (commencement of operations) to January 31, 2021. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
D | Total returns for periods of less than one year are not annualized. |
E | Annualized. |
F | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
G | Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. |
H | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
I | Amount not annualized. |
J | Portfolio turnover rate excludes securities received or delivered in-kind. |
Semi-Annual Report | 71 |
Fidelity Value Factor ETF | |||||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020 | Year ended July 31, 2019 | Year ended July 31, 2018 | Year ended July 31, 2017A | |||||
Selected Per-Share Data | |||||||||
Net asset value, beginning of period | $ 34.85 | $ 34.53 | $ 33.90 | $ 29.72 | $ 25.37 | ||||
Income from Investment Operations | |||||||||
Net investment income (loss)B | 0.31 | 0.73 | 0.70 | 0.58 | 0.49 | ||||
Net realized and unrealized gain (loss) | 5.71 | 0.28 C | 0.59 | 4.18 | 4.23 | ||||
Total from investment operations | 6.02 | 1.01 | 1.29 | 4.76 | 4.72 | ||||
Distributions from net investment income | (0.30) | (0.69) | (0.66) | (0.58) | (0.37) | ||||
Total distributions | (0.30) | (0.69) | (0.66) | (0.58) | (0.37) | ||||
Net asset value, end of period | $ 40.57 | $ 34.85 | $ 34.53 | $ 33.90 | $ 29.72 | ||||
Total ReturnD,E,F | 17.35% | 3.12% | 3.95% | 16.11% | 18.65% | ||||
Ratios to Average Net AssetsG,H | |||||||||
Expenses before reductions | .29% I | .29% | .29% | .30% | .29% I | ||||
Expenses net of fee waivers, if any | .29% I | .29% | .29% | .30% | .29% I | ||||
Expenses net of all reductions | .29% I | .29% | .29% | .30% | .29% I | ||||
Net investment income (loss) | 1.63% I | 2.13% | 2.09% | 1.79% | 1.92% I | ||||
Supplemental Data | |||||||||
Net assets, end of period (000 omitted) | $269,770 | $189,916 | $136,403 | $86,450 | $38,639 | ||||
Portfolio turnover rateJ,K | 28% L | 45% | 31% | 38% | 42% L |
A | For the period September 12, 2016 (commencement of operations) to July 31, 2017. |
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 share transactions in relation to fluctuating market values of the investments of a Fund. |
D | Based on net asset value. |
E | Total returns for periods of less than one year are not annualized. |
F | Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. |
G | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
H | Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. |
I | Annualized. |
J | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
K | Portfolio turnover rate excludes securities received or delivered in-kind. |
L | Amount not annualized. |
72 | Semi-Annual Report |
For the period ended January 31, 2021 (Unaudited)
Semi-Annual Report | 73 |
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 January 31, 2021, is included at the end of each Fund’s Schedule of Investments.
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities and other investments | |
Fidelity Dividend ETF for Rising Rates | $ 269,251,145 | $ 64,279,762 | $ (19,488,317) | $ 44,791,445 |
Fidelity High Dividend ETF | 642,842,653 | 82,748,667 | (54,865,300) | 27,883,367 |
Fidelity Low Volatility Factor ETF | 357,512,213 | 38,694,948 | (11,355,470) | 27,339,478 |
74 | Semi-Annual Report |
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities and other investments | |
Fidelity Momentum Factor ETF | $ 102,193,197 | $ 24,446,040 | $ (1,557,612) | $ 22,888,428 |
Fidelity Quality Factor ETF | 144,323,281 | 26,897,186 | (4,855,042) | 22,042,144 |
Fidelity Small-Mid Multifactor ETF | 34,811,938 | 6,775,682 | (505,167) | 6,270,515 |
Fidelity Stocks for Inflation ETF | 7,352,425 | 477,517 | (110,987) | 366,530 |
Fidelity U.S. Multifactor ETF | 6,160,219 | 353,324 | (136,312) | 217,012 |
Fidelity Value Factor ETF | 233,697,478 | 45,523,834 | (5,962,681) | 39,561,153 |
No-expiration Short-term | No-expiration Long-term | Total capital loss carryforward | |
Fidelity Dividend ETF for Rising Rates | $ (16,366,117) | $ (16,048,081) | $ (32,414,198) |
Fidelity High Dividend ETF | (18,388,530) | (11,988,219) | (30,376,749) |
Fidelity Low Volatility Factor ETF | (5,672,086) | (964,227) | (6,636,313) |
Fidelity Momentum Factor ETF | (12,959,275) | — | (12,959,275) |
Fidelity Quality Factor ETF | (5,793,113) | (2,387,780) | (8,180,893) |
Fidelity Small-Mid Multifactor ETF | (481,247) | — | (481,247) |
Fidelity Value Factor ETF | (5,977,716) | (3,367,805) | (9,345,521) |
Semi-Annual Report | 75 |
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 Statements 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 Statements of Operations.
Purchases | Sales | |
Fidelity Dividend ETF for Rising Rates | $ 8,354,197 | $ 7,928,887 |
Fidelity High Dividend ETF | 12,570,670 | 9,112,959 |
Fidelity Low Volatility Factor ETF | 89,818,632 | 87,209,236 |
Fidelity Momentum Factor ETF | 54,991,531 | 54,953,061 |
Fidelity Quality Factor ETF | 27,366,672 | 27,078,693 |
Fidelity Small-Mid Multifactor ETF | 7,338,297 | 7,149,463 |
Fidelity Stocks for Inflation ETF | 2,107,969 | 2,166,630 |
Fidelity U.S. Multifactor ETF | 45,922 | 64,925 |
Fidelity Value Factor ETF | 64,281,996 | 63,711,712 |
In-kind Subscriptions | In-kind Redemptions | |
Fidelity Dividend ETF for Rising Rates | $ 1,829,781 | $ 14,860,015 |
Fidelity High Dividend ETF | 52,239,873 | 2,707,324 |
Fidelity Low Volatility Factor ETF | 96,241,392 | 95,631,226 |
Fidelity Momentum Factor ETF | 42,475,383 | 20,283,163 |
Fidelity Quality Factor ETF | 33,975,463 | 31,527,806 |
Fidelity Small-Mid Multifactor ETF | 21,023,181 | 4,877,765 |
Fidelity Stocks for Inflation ETF | 3,848,738 | — |
Fidelity U.S. Multifactor ETF | 7,164,426 | 1,029,877 |
Fidelity Value Factor ETF | 52,468,813 | 7,220,519 |
76 | Semi-Annual Report |
Total Security Lending Income Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | ||
Fidelity Dividend ETF for Rising Rates | $ 126 | $ — | $ — | |
Fidelity High Dividend ETF | 902 | — | — | |
Fidelity Low Volatility Factor ETF | 78 | — | — | |
Fidelity Momentum Factor ETF | 128 | — | — | |
Fidelity Quality Factor ETF | 47 | — | — | |
Fidelity Value Factor ETF | 382 | — | — |
Amount | |
Fidelity Low Volatility Factor ETF | $ 2 |
Fidelity Momentum Factor ETF | 3 |
Fidelity Quality Factor ETF | 5 |
Fidelity Small-Mid Multifactor ETF | 2 |
Fidelity Stocks for Inflation ETF | 1 |
Fidelity Value Factor ETF | 7 |
Semi-Annual Report | 77 |
78 | Semi-Annual Report |
Annualized Expense RatioA | Beginning Account Value | Ending Account Value January 31, 2021 | Expenses Paid During Period | |
Fidelity Dividend ETF For Rising Rates | 0.29% | |||
Actual | $ 1,000.00 | $ 1,177.50 | $ 1.59B | |
Hypothetical C | $ 1,000.00 | $ 1,023.74 | $ 1.48D | |
Fidelity High Dividend ETF | 0.29% | |||
Actual | $ 1,000.00 | $ 1,182.40 | $ 1.60B | |
Hypothetical C | $ 1,000.00 | $ 1,023.74 | $ 1.48D | |
Fidelity Low Volatility Factor ETF | 0.29% | |||
Actual | $ 1,000.00 | $ 1,093.20 | $ 1.53B | |
Hypothetical C | $ 1,000.00 | $ 1,023.74 | $ 1.48D | |
Fidelity Momentum Factor ETF | 0.29% | |||
Actual | $ 1,000.00 | $ 1,151.30 | $ 1.57B | |
Hypothetical C | $ 1,000.00 | $ 1,023.74 | $ 1.48D | |
Fidelity Quality Factor ETF | 0.29% | |||
Actual | $ 1,000.00 | $ 1,121.20 | $ 1.55B | |
Hypothetical C | $ 1,000.00 | $ 1,023.74 | $ 1.48D | |
Fidelity Small-Mid Multifactor ETF | 0.29% | |||
Actual | $ 1,000.00 | $ 1,239.50 | $ 1.64B | |
Hypothetical C | $ 1,000.00 | $ 1,023.74 | $ 1.48D |
Semi-Annual Report | 79 |
Annualized Expense RatioA | Beginning Account Value | Ending Account Value January 31, 2021 | Expenses Paid During Period | |
Fidelity Stocks For Inflation ETF | 0.29% | |||
Actual | $ 1,000.00 | $ 1,101.30 | $ 1.54B | |
Hypothetical C | $ 1,000.00 | $ 1,023.74 | $ 1.48D | |
Fidelity U.S. Multifactor ETF | 0.29% | |||
Actual | $ 1,000.00 | $ 1,074.20 | $ 1.15B | |
Hypothetical C | $ 1,000.00 | $ 1,017.94 | $ 1.11D | |
Fidelity Value Factor ETF | 0.29% | |||
Actual | $ 1,000.00 | $ 1,173.50 | $ 1.59B | |
Hypothetical C | $ 1,000.00 | $ 1,023.74 | $ 1.48D |
A | Annualized expense ratio reflects expenses net of applicable fee waivers. |
B | Actual expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period) for Fidelity Dividend ETF for Rising Rates, Fidelity High Dividend ETF, Fidelity Low Volatility Factor ETF, Fidelity Momentum Factor ETF, Fidelity Quality Factor ETF, Fidelity Small-Mid Multifactor ETF, Fidelity Stocks for Inflation ETF and Fidelity Value Factor ETF and multiplied by 139/365 (to reflect the period September 15, 2020 to January 31, 2021) for Fidelity U.S. Multifactor ETF. |
C | 5% return per year before expenses. |
D | Hypothetical expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
80 | Semi-Annual Report |
Semi-Annual Report | 81 |
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![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img0c73be832.jpg)
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img0c73be832.jpg)
Note to Shareholders | 4 | |
Investment Summary | 5 | |
Schedule of Investments | 8 | |
Financial Statements | 21 | |
Notes to Financial Statements | 28 | |
Shareholder Expense Example | 33 |
Semi-Annual Report | 3 |
4 | Semi-Annual Report |
% of fund's net assets | |
Apple, Inc. | 9.4 |
Amazon.com, Inc. | 8.0 |
Microsoft Corp. | 6.2 |
Alphabet, Inc. Class A | 5.1 |
Tesla, Inc. | 4.8 |
Facebook, Inc. Class A | 3.7 |
NVIDIA Corp. | 3.2 |
Marvell Technology Group Ltd. | 2.5 |
Salesforce.com, Inc. | 2.0 |
Uber Technologies, Inc. | 1.9 |
46.8 |
% of fund's net assets | ||
Information Technology | 36.1 | |
Consumer Discretionary | 31.6 | |
Communication Services | 14.1 | |
Health Care | 7.2 | |
Industrials | 5.1 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img26ca9a403.jpg)
Semi-Annual Report | 5 |
% of fund's net assets | |
Berkshire Hathaway, Inc. Class B | 4.4 |
Comcast Corp. Class A | 3.5 |
Cigna Corp. | 2.5 |
Bank of America Corp. | 2.4 |
Cisco Systems, Inc. | 2.3 |
The Procter & Gamble Co. | 2.3 |
UnitedHealth Group, Inc. | 2.2 |
Bristol-Myers Squibb Co. | 2.2 |
CBRE Group, Inc. Class A | 2.0 |
JPMorgan Chase & Co. | 2.0 |
25.8 |
% of fund's net assets | ||
Financials | 20.3 | |
Health Care | 16.2 | |
Communication Services | 11.9 | |
Utilities | 10.9 | |
Industrials | 9.8 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855imgb4bb21e14.jpg)
6 | Semi-Annual Report |
% of fund's net assets | |
General Electric Co. | 6.8 |
Wells Fargo & Co. | 3.6 |
Comcast Corp. Class A | 2.8 |
Exxon Mobil Corp. | 2.5 |
Bank of America Corp. | 2.1 |
The PNC Financial Services Group, Inc. | 2.0 |
Hess Corp. | 1.9 |
American International Group, Inc. | 1.9 |
Eli Lilly & Co. | 1.8 |
Verizon Communications, Inc. | 1.6 |
27.0 |
% of fund's net assets | ||
Financials | 18.5 | |
Industrials | 16.2 | |
Health Care | 16.1 | |
Information Technology | 10.8 | |
Consumer Discretionary | 10.5 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-091103/g52855img2d1df8385.jpg)
Semi-Annual Report | 7 |
Common Stocks – 98.5% | ||
Shares | Value | |
COMMUNICATION SERVICES – 14.1% | ||
Entertainment – 3.9% | ||
Activision Blizzard, Inc. | 16,007 | $ 1,456,637 |
Bilibili, Inc. ADR (a) | 1,443 | 164,343 |
Madison Square Garden Entertainment Corp. (a) | 2,331 | 206,876 |
Motorsport Games, Inc. Class A (a) | 756 | 22,816 |
Netflix, Inc. (a) | 5,509 | 2,932,937 |
Roku, Inc. (a) | 3,359 | 1,306,752 |
Sea Ltd. ADR (a) | 14,132 | 3,062,546 |
The Walt Disney Co. (a) | 1,136 | 191,041 |
9,343,948 | ||
Interactive Media & Services – 9.9% | ||
Alphabet, Inc. Class A (a) | 6,754 | 12,341,989 |
Facebook, Inc. Class A (a) | 34,438 | 8,896,369 |
Match Group, Inc. (a) | 5,328 | 745,174 |
Pinterest, Inc. Class A (a) | 2,365 | 162,026 |
Snap, Inc. Class A (a) | 20,381 | 1,078,970 |
Yandex N.V. Class A (a) | 3,000 | 187,920 |
Zillow Group, Inc. Class C (a) | 760 | 99,150 |
ZoomInfo Technologies, Inc. Class A (a) | 7,602 | 364,972 |
23,876,570 | ||
Wireless Telecommunication Services – 0.3% | ||
T-Mobile US, Inc. (a) | 5,175 | 652,464 |
TOTAL COMMUNICATION SERVICES | 33,872,982 | |
CONSUMER DISCRETIONARY – 31.6% | ||
Automobiles – 5.6% | ||
Fisker, Inc. (a) | 1,641 | 24,664 |
General Motors Co. | 1,016 | 51,491 |
Harley-Davidson, Inc. | 12,655 | 507,339 |
Li Auto, Inc. ADR (a) | 1,273 | 41,054 |
Lordstown Motors Corp. Class A (a) | 18,109 | 455,985 |
NIO, Inc. ADR (a) | 1,123 | 64,011 |
Niu Technologies ADR (a) | 4,424 | 193,462 |
Tesla, Inc. (a) | 14,644 | 11,620,453 |
XPeng, Inc. ADR (a) | 9,544 | 459,830 |
13,418,289 | ||
Diversified Consumer Services – 0.1% | ||
Bright Horizons Family Solutions, Inc. (a) | 2,455 | 373,086 |
Hotels, Restaurants & Leisure – 3.5% | ||
Airbnb, Inc. Class A (a) | 4,777 | 877,201 |
Boyd Gaming Corp. | 11,836 | 534,514 |
Caesars Entertainment, Inc. (a) | 16,724 | 1,177,202 |
Chipotle Mexican Grill, Inc. (a) | 908 | 1,343,840 |
Churchill Downs, Inc. | 2,631 | 493,181 |
DraftKings, Inc. Class A (a) | 384 | 20,778 |
Hilton Worldwide Holdings, Inc. | 2,717 | 275,477 |
Las Vegas Sands Corp. | 6,022 | 289,598 |
Marriott International, Inc. Class A | 3,983 | 463,263 |
| ||
Shares | Value | |
MGM Resorts International | 9,967 | $ 284,658 |
Norwegian Cruise Line Holdings Ltd. (a) | 4,802 | 108,765 |
Penn National Gaming, Inc. (a) | 13,978 | 1,449,798 |
Planet Fitness, Inc. Class A (a) | 1,873 | 134,856 |
SeaWorld Entertainment, Inc. (a) | 1,518 | 43,369 |
Texas Roadhouse, Inc. | 3,634 | 276,947 |
Vail Resorts, Inc. | 1,323 | 351,865 |
Wynn Resorts Ltd. | 3,696 | 367,863 |
8,493,175 | ||
Household Durables – 0.9% | ||
D.R. Horton, Inc. | 1,441 | 110,669 |
KB Home | 3,310 | 137,828 |
Lennar Corp. Class A | 2,568 | 213,529 |
Purple Innovation, Inc. (a) | 4,942 | 168,226 |
Sonos, Inc. (a) | 1,784 | 46,652 |
Sony Corp. ADR | 1,645 | 157,443 |
Taylor Morrison Home Corp. (a) | 9,131 | 237,223 |
Tempur Sealy International, Inc. (a) | 9,155 | 241,692 |
Toll Brothers, Inc. | 4,636 | 236,900 |
Tri Pointe Homes, Inc. (a) | 14,161 | 286,052 |
Tupperware Brands Corp. (a) | 12,986 | 390,619 |
2,226,833 | ||
Internet & Direct Marketing Retail – 12.4% | ||
Alibaba Group Holding Ltd. ADR (a) | 9,117 | 2,314,168 |
Amazon.com, Inc. (a) | 6,009 | 19,266,056 |
Booking Holdings, Inc. (a) | 27 | 52,497 |
ContextLogic, Inc. Class A (a) | 1,981 | 59,569 |
DoorDash, Inc. Class A (a) | 1,391 | 268,838 |
eBay, Inc. | 5,960 | 336,800 |
Etsy, Inc. (a) | 2,184 | 434,812 |
Expedia Group, Inc. | 5,219 | 647,678 |
Farfetch Ltd. Class A (a) | 8,246 | 504,985 |
Fiverr International Ltd. (a) | 621 | 128,243 |
JD.com, Inc. ADR (a) | 7,826 | 694,088 |
Jumia Technologies AG ADR (a) | 9,290 | 534,639 |
Magnite, Inc. (a) | 702 | 24,317 |
MercadoLibre, Inc. (a) | 670 | 1,192,272 |
Ozon Holdings PLC ADR (a) | 852 | 41,186 |
Pinduoduo, Inc. ADR (a) | 12,723 | 2,108,328 |
The RealReal, Inc. (a) | 21,680 | 513,382 |
Wayfair, Inc. Class A (a) | 2,049 | 557,984 |
29,679,842 | ||
Leisure Products – 0.5% | ||
Peloton Interactive, Inc. Class A (a) | 5,682 | 830,310 |
Vista Outdoor, Inc. (a) | 9,810 | 286,158 |
1,116,468 | ||
Multiline Retail – 0.7% | ||
Dollar Tree, Inc. (a) | 3,710 | 377,159 |
Nordstrom, Inc. | 15,317 | 542,988 |
Ollie's Bargain Outlet Holdings, Inc. (a) | 3,751 | 355,332 |
8 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
CONSUMER DISCRETIONARY – continued | ||
Multiline Retail – continued | ||
Target Corp. | 2,327 | $ 421,582 |
1,697,061 | ||
Specialty Retail – 4.9% | ||
American Eagle Outfitters, Inc. | 35,949 | 815,683 |
Aritzia, Inc. (a) | 4,861 | 101,116 |
Burlington Stores, Inc. (a) | 2,218 | 552,060 |
Carvana Co. (a) | 7,859 | 2,052,692 |
Dick's Sporting Goods, Inc. | 3,053 | 204,582 |
Five Below, Inc. (a) | 4,375 | 768,819 |
Floor & Decor Holdings, Inc. Class A (a) | 13,027 | 1,199,396 |
Lowe's Cos., Inc. | 18,610 | 3,105,079 |
MYT Netherlands Parent BV ADR (a) | 701 | 23,077 |
RH (a) | 3,526 | 1,676,119 |
Shift Technologies, Inc. (a) | 11,499 | 94,292 |
The Gap, Inc. (a) | 963 | 19,501 |
The Home Depot, Inc. | 3,020 | 817,876 |
Ulta Beauty, Inc. (a) | 361 | 100,993 |
Vroom, Inc. (a) | 3,531 | 130,047 |
11,661,332 | ||
Textiles, Apparel & Luxury Goods – 3.0% | ||
Capri Holdings Ltd. (a) | 22,662 | 944,099 |
Crocs, Inc. (a) | 14,852 | 1,039,937 |
Deckers Outdoor Corp. (a) | 2,142 | 625,421 |
Lululemon Athletica, Inc. (a) | 1,107 | 363,849 |
NIKE, Inc. Class B | 25,854 | 3,453,836 |
PVH Corp. | 7,232 | 616,600 |
Tapestry, Inc. | 5,303 | 167,681 |
Under Armour, Inc. Class A (a) | 5,559 | 97,282 |
7,308,705 | ||
TOTAL CONSUMER DISCRETIONARY | 75,974,791 | |
CONSUMER STAPLES – 1.3% | ||
Beverages – 0.7% | ||
Celsius Holdings, Inc. (a) | 2,847 | 152,030 |
Constellation Brands, Inc. Class A | 1,707 | 360,058 |
Monster Beverage Corp. (a) | 6,200 | 538,346 |
The Boston Beer Co., Inc. Class A (a) | 642 | 588,643 |
1,639,077 | ||
Food & Staples Retailing – 0.2% | ||
Performance Food Group Co. (a) | 3,610 | 169,237 |
Walgreens Boots Alliance, Inc. | 2,965 | 148,991 |
318,228 | ||
Food Products – 0.2% | ||
Bunge Ltd. | 2,130 | 139,387 |
Darling Ingredients, Inc. (a) | 2,466 | 152,917 |
Freshpet, Inc. (a) | 256 | 35,663 |
Village Farms International, Inc. (a) | 14,656 | 173,234 |
501,201 |
| ||
Shares | Value | |
Personal Products – 0.2% | ||
Herbalife Nutrition Ltd. (a) | 8,530 | $434,689 |
Yatsen Holding Ltd. ADR (a) | 423 | 8,117 |
442,806 | ||
Tobacco – 0.0% | ||
RLX Technology, Inc. ADR (a) | 3,129 | 70,403 |
TOTAL CONSUMER STAPLES | 2,971,715 | |
ENERGY – 0.4% | ||
Energy Equipment & Services – 0.1% | ||
Schlumberger N.V. | 6,282 | 139,523 |
Oil, Gas & Consumable Fuels – 0.3% | ||
ConocoPhillips | 3,797 | 151,994 |
EOG Resources, Inc. | 2,829 | 144,166 |
Hess Corp. | 364 | 19,649 |
HollyFrontier Corp. | 759 | 21,601 |
Occidental Petroleum Corp. | 5,444 | 109,207 |
Pioneer Natural Resources Co. | 997 | 120,537 |
Renewable Energy Group, Inc. (a) | 1,000 | 89,600 |
Suncor Energy, Inc. | 7,466 | 124,886 |
781,640 | ||
TOTAL ENERGY | 921,163 | |
FINANCIALS – 1.2% | ||
Banks – 0.4% | ||
Citigroup, Inc. | 8,366 | 485,144 |
JPMorgan Chase & Co. | 372 | 47,865 |
Wells Fargo & Co. | 18,842 | 562,999 |
1,096,008 | ||
Capital Markets – 0.4% | ||
ArcLight Clean Transition Corp. Class A (a) | 1,859 | 44,560 |
Experience Investment Corp. Class A (a) | 18,995 | 280,176 |
InterPrivate Acquisition Corp. (a) | 2,135 | 31,513 |
Jaws Acquisition Corp. Class A (a) | 3,968 | 51,624 |
Morgan Stanley | 2,389 | 160,182 |
Open Lending Corp. Class A (a) | 4,210 | 152,781 |
Star Peak Energy Transition Corp. Class A (a) | 655 | 17,751 |
The Goldman Sachs Group, Inc. | 536 | 145,347 |
883,934 | ||
Consumer Finance – 0.3% | ||
Ally Financial, Inc. | 9,414 | 356,226 |
American Express Co. | 378 | 43,946 |
Capital One Financial Corp. | 2,613 | 272,431 |
672,603 | ||
Insurance – 0.1% | ||
eHealth, Inc. (a) | 4,525 | 216,521 |
GoHealth, Inc. Class A (a) | 1,318 | 17,543 |
Goosehead Insurance, Inc. Class A | 349 | 46,626 |
Semi-Annual Report | 9 |
Common Stocks – continued | ||
Shares | Value | |
FINANCIALS – continued | ||
Insurance – continued | ||
Selectquote, Inc. (a) | 821 | $ 17,340 |
298,030 | ||
TOTAL FINANCIALS | 2,950,575 | |
HEALTH CARE – 7.2% | ||
Biotechnology – 2.4% | ||
4D Molecular Therapeutics, Inc. (a) | 1,053 | 44,605 |
ACADIA Pharmaceuticals, Inc. (a) | 2,261 | 108,641 |
Acceleron Pharma, Inc. (a) | 2,080 | 240,302 |
ADC Therapeutics S.A. (a) | 536 | 15,313 |
Agios Pharmaceuticals, Inc. (a) | 2,259 | 106,105 |
Akouos, Inc. (a) | 1,957 | 31,155 |
Allakos, Inc. (a) | 345 | 45,999 |
Alnylam Pharmaceuticals, Inc. (a) | 3,478 | 523,369 |
Annexon, Inc. (a) | 1,898 | 41,756 |
Ascendis Pharma A/S ADR (a) | 1,529 | 229,579 |
Avidity Biosciences, Inc. (a) | 584 | 13,362 |
BeiGene Ltd. ADR (a) | 950 | 304,000 |
BioAtla, Inc. (a) | 1,541 | 67,758 |
Biohaven Pharmaceutical Holding Co. Ltd. (a) | 156 | 13,294 |
Bioxcel Therapeutics, Inc. (a) | 384 | 17,787 |
Bridgebio Pharma, Inc. (a) | 930 | 52,787 |
CareDx, Inc. (a) | 785 | 59,998 |
Cullinan Management, Inc. (a) | 778 | 29,572 |
FibroGen, Inc. (a) | 2,459 | 118,475 |
Forma Therapeutics Holdings, Inc. (a) | 1,383 | 53,425 |
Generation Bio Co. (a) | 805 | 21,196 |
Gracell Biotechnologies, Inc. ADR (a) | 896 | 18,565 |
Invitae Corp. (a) | 1,001 | 49,569 |
Kinnate Biopharma, Inc. (a) | 639 | 20,959 |
Kronos Bio, Inc. (a) | 1,446 | 39,751 |
Kura Oncology, Inc. (a) | 1,003 | 30,040 |
Mirati Therapeutics, Inc. (a) | 305 | 62,626 |
Moderna, Inc. (a) | 188 | 32,554 |
Natera, Inc. (a) | 631 | 67,290 |
Neurocrine Biosciences, Inc. (a) | 2,398 | 263,180 |
Novavax, Inc. (a) | 833 | 184,043 |
Prelude Therapeutics, Inc. (a) | 649 | 42,153 |
Protagonist Therapeutics, Inc. (a) | 614 | 12,716 |
Regeneron Pharmaceuticals, Inc. (a) | 2,794 | 1,407,729 |
Relay Therapeutics, Inc. (a) | 804 | 39,862 |
REVOLUTION Medicines, Inc. (a) | 134 | 5,647 |
Sage Therapeutics, Inc. (a) | 2,724 | 219,691 |
Seagen, Inc. (a) | 373 | 61,273 |
Shattuck Labs, Inc. (a) | 511 | 25,351 |
Silverback Therapeutics, Inc. (a) | 1,357 | 59,599 |
Taysha Gene Therapies, Inc. (a) | 455 | 11,830 |
TG Therapeutics, Inc. (a) | 937 | 45,229 |
| ||
Shares | Value | |
Turning Point Therapeutics, Inc. (a) | 2,836 | $ 355,890 |
Twist Bioscience Corp. (a) | 164 | 26,985 |
Vaxcyte, Inc. (a) | 1,143 | 28,038 |
Zai Lab Ltd. ADR (a) | 2,630 | 420,984 |
5,670,032 | ||
Health Care Equipment & Supplies – 2.1% | ||
Align Technology, Inc. (a) | 212 | 111,381 |
AtriCure, Inc. (a) | 298 | 17,352 |
Axonics Modulation Technologies, Inc. (a) | 3,341 | 172,730 |
CryoPort, Inc. (a) | 648 | 44,194 |
Danaher Corp. | 1,960 | 466,166 |
DexCom, Inc. (a) | 2,487 | 932,252 |
Hologic, Inc. (a) | 4,286 | 341,723 |
Inmode Ltd. (a) | 1,566 | 92,175 |
Intuitive Surgical, Inc. (a) | 2,075 | 1,551,353 |
Novocure Ltd. (a) | 1,587 | 255,443 |
Outset Medical, Inc. (a) | 398 | 20,628 |
Pulmonx Corp. (a) | 133 | 7,544 |
Shockwave Medical, Inc. (a) | 4,546 | 527,518 |
Tandem Diabetes Care, Inc. (a) | 5,682 | 526,437 |
5,066,896 | ||
Health Care Providers & Services – 0.6% | ||
1Life Healthcare, Inc. (a) | 3,631 | 183,729 |
Castle Biosciences, Inc. (a) | 629 | 42,036 |
Cigna Corp. | 798 | 173,206 |
Guardant Health, Inc. (a) | 1,796 | 279,278 |
Humana, Inc. | 1,511 | 578,879 |
Oak Street Health, Inc. (a) | 2,309 | 119,768 |
Owens & Minor, Inc. | 1,705 | 49,581 |
1,426,477 | ||
Health Care Technology – 0.2% | ||
American Well Corp. Class A (a) | 1,657 | 58,674 |
Certara, Inc. (a) | 1,891 | 65,088 |
GoodRx Holdings, Inc. Class A (a) | 5,241 | 244,336 |
368,098 | ||
Life Sciences Tools & Services – 0.8% | ||
10X Genomics, Inc. Class A (a) | 600 | 102,690 |
Avantor, Inc. (a) | 5,297 | 156,208 |
Berkeley Lights, Inc. (a) | 764 | 55,008 |
Bio-Rad Laboratories, Inc. Class A (a) | 197 | 113,033 |
Maravai LifeSciences Holdings, Inc. Class A (a) | 1,490 | 51,912 |
NanoString Technologies, Inc. (a) | 112 | 7,843 |
Seer, Inc. (a) | 650 | 40,560 |
Sotera Health Co. (a) | 1,545 | 40,309 |
Thermo Fisher Scientific, Inc. | 2,803 | 1,428,689 |
1,996,252 | ||
Pharmaceuticals – 1.1% | ||
Aphria, Inc. (a) | 12,982 | 158,121 |
Arvinas, Inc. (a) | 608 | 45,868 |
10 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
HEALTH CARE – continued | ||
Pharmaceuticals – continued | ||
Atea Pharmaceuticals, Inc. (a) | 1,387 | $ 101,251 |
Eli Lilly & Co. | 120 | 24,956 |
Graybug Vision, Inc. (a) | 3,965 | 121,527 |
Harmony Biosciences Holdings, Inc. (a) | 619 | 22,197 |
Horizon Therapeutics PLC (a) | 8,362 | 606,078 |
Intra-Cellular Therapies, Inc. (a) | 1,219 | 39,191 |
Nektar Therapeutics (a) | 4,796 | 94,481 |
Zoetis, Inc. | 9,515 | 1,467,689 |
2,681,359 | ||
TOTAL HEALTH CARE | 17,209,114 | |
INDUSTRIALS – 5.1% | ||
Aerospace & Defense – 0.3% | ||
Axon Enterprise, Inc. (a) | 2,213 | 363,286 |
The Boeing Co. | 1,651 | 320,608 |
683,894 | ||
Air Freight & Logistics – 0.3% | ||
FedEx Corp. | 3,168 | 745,557 |
Airlines – 0.3% | ||
American Airlines Group, Inc. | 4,232 | 72,663 |
Delta Air Lines, Inc. | 5,558 | 210,982 |
JetBlue Airways Corp. (a) | 17,081 | 244,942 |
Spirit Airlines, Inc. (a) | 3,982 | 103,293 |
United Airlines Holdings, Inc. (a) | 2,254 | 90,137 |
722,017 | ||
Building Products – 0.3% | ||
Builders FirstSource, Inc. (a) | 5,428 | 207,621 |
Carrier Global Corp. | 6,203 | 238,816 |
The AZEK Co., Inc. (a) | 7,010 | 279,629 |
Trane Technologies PLC | 95 | 13,618 |
739,684 | ||
Commercial Services & Supplies – 0.0% | ||
Driven Brands Holdings, Inc. (a) | 1,751 | 49,203 |
Construction & Engineering – 0.1% | ||
Dycom Industries, Inc. (a) | 3,321 | 269,466 |
Quanta Services, Inc. | 587 | 41,366 |
310,832 | ||
Electrical Equipment – 0.4% | ||
Array Technologies, Inc. (a) | 10,229 | 416,934 |
Bloom Energy Corp. Class A (a) | 6,640 | 231,802 |
Sunrun, Inc. (a) | 5,615 | 388,951 |
1,037,687 | ||
Industrial Conglomerates – 0.2% | ||
General Electric Co. | 31,241 | 333,654 |
Machinery – 0.1% | ||
Caterpillar, Inc. | 223 | 40,773 |
Deere & Co. | 475 | 137,180 |
| ||
Shares | Value | |
Desktop Metal, Inc. Class A (a) | 1,078 | $ 24,762 |
202,715 | ||
Professional Services – 0.1% | ||
Upwork, Inc. (a) | 7,930 | 328,698 |
Road & Rail – 3.0% | ||
LYFT, Inc. Class A (a) | 58,562 | 2,603,667 |
Uber Technologies, Inc. (a) | 88,796 | 4,522,380 |
7,126,047 | ||
TOTAL INDUSTRIALS | 12,279,988 | |
INFORMATION TECHNOLOGY – 36.1% | ||
Communications Equipment – 0.0% | ||
F5 Networks, Inc. (a) | 117 | 22,926 |
Electronic Equipment, Instruments & Components – 0.4% | ||
908 Devices, Inc. (a) | 368 | 20,281 |
II-VI, Inc. (a) | 12,643 | 1,062,897 |
1,083,178 | ||
IT Services – 4.0% | ||
Endava PLC ADR (a) | 522 | 41,269 |
MongoDB, Inc. (a) | 885 | 327,105 |
PayPal Holdings, Inc. (a) | 13,030 | 3,053,059 |
Repay Holding Corp. (a) | 3,569 | 79,053 |
Shopify, Inc. Class A (a) | 1,287 | 1,403,285 |
Snowflake, Inc. Class A (a) | 735 | 200,251 |
Square, Inc. Class A (a) | 6,335 | 1,368,107 |
Twilio, Inc. Class A (a) | 4,034 | 1,449,941 |
Visa, Inc. Class A | 8,717 | 1,684,560 |
9,606,630 | ||
Semiconductors & Semiconductor Equipment – 9.5% | ||
Advanced Micro Devices, Inc. (a) | 18,338 | 1,570,466 |
Allegro MicroSystems, Inc. (a) | 1,982 | 55,337 |
Ambarella, Inc. (a) | 707 | 66,713 |
Analog Devices, Inc. | 140 | 20,626 |
Cirrus Logic, Inc. (a) | 763 | 71,485 |
Enphase Energy, Inc. (a) | 4,437 | 809,087 |
First Solar, Inc. (a) | 1,692 | 167,762 |
Lam Research Corp. | 374 | 180,997 |
Lattice Semiconductor Corp. (a) | 1,027 | 41,193 |
Marvell Technology Group Ltd. | 115,698 | 5,953,819 |
Microchip Technology, Inc. | 146 | 19,872 |
Micron Technology, Inc. (a) | 21,140 | 1,654,628 |
NVIDIA Corp. | 14,900 | 7,741,891 |
NXP Semiconductors N.V. | 20,159 | 3,234,915 |
ON Semiconductor Corp. (a) | 9,108 | 314,135 |
SolarEdge Technologies, Inc. (a) | 1,267 | 365,314 |
Synaptics, Inc. (a) | 773 | 76,697 |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 1,800 | 218,736 |
Universal Display Corp. | 1,252 | 288,987 |
22,852,660 |
Semi-Annual Report | 11 |
Common Stocks – continued | ||
Shares | Value | |
INFORMATION TECHNOLOGY – continued | ||
Software – 12.8% | ||
Adobe, Inc. (a) | 6,040 | $ 2,770,971 |
Anaplan, Inc. (a) | 645 | 43,022 |
Atlassian Corp. PLC Class A (a) | 321 | 74,193 |
Autodesk, Inc. (a) | 807 | 223,886 |
Avalara, Inc. (a) | 1,037 | 155,550 |
Bill.com Holdings, Inc. (a) | 1,352 | 164,782 |
Cerence, Inc. (a) | 573 | 64,124 |
Cloudflare, Inc. Class A (a) | 4,161 | 318,982 |
Coupa Software, Inc. (a) | 650 | 201,415 |
Crowdstrike Holdings, Inc. Class A (a) | 2,528 | 545,542 |
Digital Turbine, Inc. (a) | 2,451 | 140,222 |
Docebo, Inc. (a) | 730 | 36,033 |
DocuSign, Inc. (a) | 2,364 | 550,552 |
Elastic N.V. (a) | 488 | 74,156 |
FireEye, Inc. (a) | 2,318 | 48,678 |
Five9, Inc. (a) | 888 | 147,630 |
HubSpot, Inc. (a) | 1,585 | 589,937 |
Intuit, Inc. | 137 | 49,489 |
Lightspeed POS, Inc. (a) | 6,581 | 427,823 |
Microsoft Corp. | 63,949 | 14,833,610 |
Nuance Communications, Inc. (a) | 7,133 | 324,837 |
Palo Alto Networks, Inc. (a) | 123 | 43,142 |
Paycom Software, Inc. (a) | 100 | 37,974 |
RingCentral, Inc. Class A (a) | 1,489 | 555,278 |
Salesforce.com, Inc. (a) | 21,376 | 4,821,571 |
ServiceNow, Inc. (a) | 1,603 | 870,685 |
Telos Corp. (a) | 791 | 27,922 |
The Trade Desk, Inc. Class A (a) | 942 | 721,563 |
Workday, Inc. Class A (a) | 3,033 | 690,098 |
Zoom Video Communications, Inc. Class A (a) | 3,054 | 1,136,302 |
30,689,969 | ||
Technology Hardware, Storage & Peripherals – 9.4% | ||
Apple, Inc. | 170,323 | 22,475,823 |
TOTAL INFORMATION TECHNOLOGY | 86,731,186 | |
MATERIALS – 0.8% | ||
Chemicals – 0.6% | ||
Corteva, Inc. | 4,685 | 186,744 |
Linde PLC (a) | 380 | 93,252 |
Nutrien Ltd. | 9,008 | 443,655 |
Olin Corp. | 6,617 | 158,213 |
PPG Industries, Inc. | 1,157 | 155,860 |
The Chemours Co. | 12,742 | 335,624 |
The Mosaic Co. | 5,816 | 150,983 |
1,524,331 | ||
Containers & Packaging – 0.1% | ||
Westrock Co. | 2,915 | 120,768 |
| ||
Shares | Value | |
Metals & Mining – 0.1% | ||
ArcelorMittal S.A. (a) | 5,033 | $ 108,662 |
Freeport-McMoRan, Inc. | 6,768 | 182,127 |
Gatos Silver, Inc. (a) | 2,504 | 33,078 |
323,867 | ||
TOTAL MATERIALS | 1,968,966 | |
REAL ESTATE – 0.6% | ||
Equity Real Estate Investment Trusts (REITs) – 0.1% | ||
Park Hotels & Resorts, Inc. | 2,670 | 44,535 |
Simon Property Group, Inc. | 3,102 | 288,269 |
332,804 | ||
Real Estate Management & Development – 0.5% | ||
KE Holdings, Inc. ADR (a) | 3,861 | 228,185 |
Opendoor Technologies, Inc. (a) | 2,997 | 78,282 |
Realogy Holdings Corp. (a) | 1,361 | 19,326 |
Redfin Corp. (a) | 10,710 | 762,659 |
1,088,452 | ||
TOTAL REAL ESTATE | 1,421,256 | |
UTILITIES – 0.1% | ||
Electric Utilities – 0.0% | ||
PG&E Corp. (a) | 3,151 | 36,016 |
Independent Power and Renewable Electricity Producers – 0.1% | ||
Brookfield Renewable Corp. Class A | 779 | 43,673 |
The AES Corp. | 4,801 | 117,096 |
160,769 | ||
TOTAL UTILITIES | 196,785 | |
TOTAL COMMON STOCKS (Cost $210,130,163) | 236,498,521 | |
Exchange Traded Fund – 0.6% | ||
SPDR S&P Biotech ETF (Cost $1,253,392) | 10,186 | 1,557,236 |
Money Market Fund – 0.7% | ||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b) (Cost $1,608,259) | 1,608,259 | 1,608,259 |
TOTAL INVESTMENT IN SECURITIES – 99.8% (Cost $212,991,814) | 239,664,016 | |
NET OTHER ASSETS (LIABILITIES) – 0.2% | 496,796 | |
NET ASSETS – 100.0% | $ 240,160,812 |
Security Type Abbreviations | ||
ETF – | Exchange-Traded Fund |
12 | Semi-Annual Report |
Legend | ||
(a) | Non-income producing. | |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Description | Total | Level 1 | Level 2 | Level 3 | ||||
Investments in Securities: | ||||||||
Equities: | ||||||||
Communication Services | $ 33,872,982 | $ 33,872,982 | $ — | $ — | ||||
Consumer Discretionary | 75,974,791 | 75,974,791 | — | — | ||||
Consumer Staples | 2,971,715 | 2,971,715 | — | — | ||||
Energy | 921,163 | 921,163 | — | — | ||||
Financials | 2,950,575 | 2,950,575 | — | — | ||||
Health Care | 17,209,114 | 17,209,114 | — | — | ||||
Industrials | 12,279,988 | 12,279,988 | — | — | ||||
Information Technology | 86,731,186 | 86,731,186 | — | — | ||||
Materials | 1,968,966 | 1,968,966 | — | — | ||||
Real Estate | 1,421,256 | 1,421,256 | — | — | ||||
Utilities | 196,785 | 196,785 | — | — | ||||
Money Market Fund | 1,608,259 | 1,608,259 | — | — | ||||
Exchange Traded Fund | 1,557,236 | 1,557,236 | — | — | ||||
Total Investments in Securities: | $ 239,664,016 | $ 239,664,016 | $ — | $ — |
United States of America | 88.7 |
Bermuda | 2.5 |
Cayman Islands | 2.3 |
Netherlands | 1.4 |
Singapore | 1.3 |
Canada | 1.2 |
Others (Individually Less Than 1%) | 2.4 |
99.8% |
Semi-Annual Report | 13 |
Common Stocks – 97.0% | ||
Shares | Value | |
COMMUNICATION SERVICES – 11.9% | ||
Diversified Telecommunication Services – 1.9% | ||
Verizon Communications, Inc. | 16,820 | $ 920,895 |
Entertainment – 0.7% | ||
Electronic Arts, Inc. | 1,066 | 152,651 |
Lions Gate Entertainment Corp. Class B (a) | 14,774 | 182,607 |
335,258 | ||
Interactive Media & Services – 2.3% | ||
Alphabet, Inc. Class A (a) | 457 | 835,104 |
Facebook, Inc. Class A (a) | 1,252 | 323,429 |
1,158,533 | ||
Media – 5.9% | ||
Comcast Corp. Class A | 34,850 | 1,727,514 |
Fox Corp. Class A | 5,587 | 174,203 |
The Interpublic Group of Cos., Inc. | 29,902 | 719,741 |
WPP PLC ADR | 5,480 | 284,631 |
2,906,089 | ||
Wireless Telecommunication Services – 1.1% | ||
T-Mobile US, Inc. (a) | 4,431 | 558,660 |
TOTAL COMMUNICATION SERVICES | 5,879,435 | |
CONSUMER DISCRETIONARY – 8.0% | ||
Auto Components – 0.9% | ||
Lear Corp. | 3,009 | 453,637 |
Household Durables – 0.9% | ||
Newell Brands, Inc. | 7,456 | 179,093 |
Whirlpool Corp. | 1,409 | 260,792 |
439,885 | ||
Multiline Retail – 0.9% | ||
Dollar General Corp. | 2,279 | 443,516 |
Specialty Retail – 3.1% | ||
Best Buy Co., Inc. | 5,325 | 579,466 |
Dick's Sporting Goods, Inc. | 3,620 | 242,576 |
Lowe's Cos., Inc. | 3,015 | 503,053 |
Williams-Sonoma, Inc. | 1,265 | 163,084 |
1,488,179 | ||
Textiles, Apparel & Luxury Goods – 2.2% | ||
PVH Corp. | 7,589 | 647,038 |
Tapestry, Inc. | 14,122 | 446,538 |
1,093,576 | ||
TOTAL CONSUMER DISCRETIONARY | 3,918,793 | |
CONSUMER STAPLES – 6.5% | ||
Food & Staples Retailing – 1.9% | ||
The Kroger Co. | 16,579 | 571,976 |
US Foods Holding Corp. (a) | 12,651 | 392,054 |
964,030 |
| ||
Shares | Value | |
Food Products – 2.0% | ||
Mondelez International, Inc. Class A | 15,089 | $836,534 |
Tyson Foods, Inc. Class A | 2,118 | 136,209 |
972,743 | ||
Household Products – 2.6% | ||
Spectrum Brands Holdings, Inc. | 2,134 | 161,266 |
The Procter & Gamble Co. | 8,756 | 1,122,607 |
1,283,873 | ||
TOTAL CONSUMER STAPLES | 3,220,646 | |
ENERGY – 0.6% | ||
Oil, Gas & Consumable Fuels – 0.6% | ||
Cabot Oil & Gas Corp. | 14,577 | 267,196 |
FINANCIALS – 20.3% | ||
Banks – 7.3% | ||
Bank of America Corp. | 40,792 | 1,209,483 |
Cullen/Frost Bankers, Inc. | 1,648 | 152,011 |
JPMorgan Chase & Co. | 7,590 | 976,605 |
M&T Bank Corp. | 4,380 | 580,219 |
The PNC Financial Services Group, Inc. | 4,778 | 685,739 |
3,604,057 | ||
Capital Markets – 1.8% | ||
Affiliated Managers Group, Inc. | 3,141 | 346,107 |
BlackRock, Inc. | 283 | 198,456 |
Invesco Ltd. | 9,136 | 188,110 |
State Street Corp. | 2,066 | 144,620 |
877,293 | ||
Consumer Finance – 3.2% | ||
Capital One Financial Corp. | 6,533 | 681,131 |
Discover Financial Services | 10,988 | 917,937 |
1,599,068 | ||
Diversified Financial Services – 4.4% | ||
Berkshire Hathaway, Inc. Class B (a) | 9,492 | 2,162,942 |
Insurance – 3.6% | ||
American International Group, Inc. | 7,081 | 265,113 |
Chubb Ltd. | 4,328 | 630,460 |
The Allstate Corp. | 1,572 | 168,487 |
The Travelers Cos., Inc. | 5,121 | 697,992 |
1,762,052 | ||
TOTAL FINANCIALS | 10,005,412 | |
HEALTH CARE – 16.2% | ||
Biotechnology – 3.8% | ||
Alexion Pharmaceuticals, Inc. (a) | 4,112 | 630,493 |
Amgen, Inc. | 3,416 | 824,725 |
Regeneron Pharmaceuticals, Inc. (a) | 857 | 431,791 |
1,887,009 | ||
Health Care Providers & Services – 9.3% | ||
Anthem, Inc. | 1,887 | 560,401 |
14 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
HEALTH CARE – continued | ||
Health Care Providers & Services – continued | ||
Centene Corp. (a) | 15,877 | $ 957,383 |
Cigna Corp. | 5,649 | 1,226,115 |
CVS Health Corp. | 8,510 | 609,742 |
Humana, Inc. | 453 | 173,549 |
UnitedHealth Group, Inc. | 3,192 | 1,064,787 |
4,591,977 | ||
Pharmaceuticals – 3.1% | ||
Bristol-Myers Squibb Co. | 17,288 | 1,062,002 |
Sanofi ADR | 9,581 | 452,319 |
1,514,321 | ||
TOTAL HEALTH CARE | 7,993,307 | |
INDUSTRIALS – 9.8% | ||
Air Freight & Logistics – 0.3% | ||
XPO Logistics, Inc. (a) | 1,539 | 169,921 |
Building Products – 2.3% | ||
Carrier Global Corp. | 4,420 | 170,170 |
Owens Corning | 6,712 | 520,851 |
Trane Technologies PLC | 3,041 | 435,927 |
1,126,948 | ||
Electrical Equipment – 1.0% | ||
Regal-Beloit Corp. | 3,873 | 485,984 |
Industrial Conglomerates – 1.5% | ||
3M Co. | 4,377 | 768,864 |
Machinery – 4.3% | ||
ITT, Inc. | 5,596 | 418,077 |
Oshkosh Corp. | 7,459 | 683,170 |
Otis Worldwide Corp. | 4,202 | 271,659 |
Pentair PLC | 7,499 | 408,396 |
Stanley Black & Decker, Inc. | 1,863 | 323,212 |
2,104,514 | ||
Trading Companies & Distributors – 0.4% | ||
United Rentals, Inc. (a) | 778 | 189,062 |
TOTAL INDUSTRIALS | 4,845,293 | |
INFORMATION TECHNOLOGY – 6.8% | ||
Communications Equipment – 2.3% | ||
Cisco Systems, Inc. | 25,851 | 1,152,438 |
Electronic Equipment, Instruments & Components – 1.5% | ||
TE Connectivity Ltd. | 6,334 | 762,614 |
IT Services – 1.7% | ||
Amdocs Ltd. | 4,227 | 298,511 |
Cognizant Technology Solutions Corp. Class A | 6,608 | 515,093 |
813,604 | ||
Semiconductors & Semiconductor Equipment – 0.7% | ||
NXP Semiconductors N.V. | 1,858 | 298,153 |
| ||
Shares | Value | |
ON Semiconductor Corp. (a) | 1,682 | $ 58,012 |
356,165 | ||
Software – 0.6% | ||
NortonLifelock, Inc. | 13,259 | 279,367 |
TOTAL INFORMATION TECHNOLOGY | 3,364,188 | |
MATERIALS – 3.1% | ||
Chemicals – 1.7% | ||
Albemarle Corp. | 340 | 55,304 |
DuPont de Nemours, Inc. | 9,775 | 776,624 |
831,928 | ||
Metals & Mining – 1.4% | ||
BHP Group Ltd. ADR | 920 | 61,438 |
Newmont Corp. | 10,708 | 638,197 |
699,635 | ||
TOTAL MATERIALS | 1,531,563 | |
REAL ESTATE – 2.9% | ||
Equity Real Estate Investment Trusts (REITs) – 0.9% | ||
American Tower Corp. | 498 | 113,225 |
Simon Property Group, Inc. | 3,367 | 312,896 |
426,121 | ||
Real Estate Management & Development – 2.0% | ||
CBRE Group, Inc. Class A (a) | 16,139 | 984,156 |
TOTAL REAL ESTATE | 1,410,277 | |
UTILITIES – 10.9% | ||
Electric Utilities – 8.0% | ||
Duke Energy Corp. | 6,769 | 636,286 |
Evergy, Inc. | 8,706 | 467,773 |
Exelon Corp. | 16,179 | 672,399 |
FirstEnergy Corp. | 1,442 | 44,356 |
PG&E Corp. (a) | 50,761 | 580,198 |
Portland General Electric Co. | 6,889 | 291,336 |
PPL Corp. | 10,644 | 294,520 |
The Southern Co. | 16,008 | 943,191 |
3,930,059 | ||
Gas Utilities – 0.4% | ||
Atmos Energy Corp. | 2,379 | 211,731 |
Independent Power and Renewable Electricity Producers – 1.0% | ||
The AES Corp. | 5,744 | 140,096 |
Vistra Corp. | 16,670 | 332,900 |
472,996 | ||
Multi-Utilities – 1.5% | ||
Dominion Energy, Inc. | 6,866 | 500,463 |
Semi-Annual Report | 15 |
Common Stocks – continued | ||
Shares | Value | |
UTILITIES – continued | ||
Multi-Utilities – continued | ||
NiSource, Inc. | 11,265 | $ 249,520 |
749,983 | ||
TOTAL UTILITIES | 5,364,769 | |
TOTAL COMMON STOCKS (Cost $45,435,621) | 47,800,879 | |
Money Market Fund – 3.0% | ||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b) (Cost $1,467,343) | 1,467,343 | 1,467,343 |
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $46,902,964) | 49,268,222 | |
NET OTHER ASSETS (LIABILITIES) – (0.0%) | (18,243) | |
NET ASSETS – 100.0% | $ 49,249,979 |
Legend | ||
(a) | Non-income producing. | |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Description | Total | Level 1 | Level 2 | Level 3 | ||||
Investments in Securities: | ||||||||
Equities: | ||||||||
Communication Services | $ 5,879,435 | $ 5,879,435 | $ — | $ — | ||||
Consumer Discretionary | 3,918,793 | 3,918,793 | — | — | ||||
Consumer Staples | 3,220,646 | 3,220,646 | — | — | ||||
Energy | 267,196 | 267,196 | — | — | ||||
Financials | 10,005,412 | 10,005,412 | — | — | ||||
Health Care | 7,993,307 | 7,993,307 | — | — | ||||
Industrials | 4,845,293 | 4,845,293 | — | — | ||||
Information Technology | 3,364,188 | 3,364,188 | — | — | ||||
Materials | 1,531,563 | 1,531,563 | — | — | ||||
Real Estate | 1,410,277 | 1,410,277 | — | — | ||||
Utilities | 5,364,769 | 5,364,769 | — | — | ||||
Money Market Fund | 1,467,343 | 1,467,343 | — | — | ||||
Total Investments in Securities: | $ 49,268,222 | $ 49,268,222 | $ — | $ — |
16 | Semi-Annual Report |
Common Stocks – 99.4% | ||
Shares | Value | |
COMMUNICATION SERVICES – 6.1% | ||
Diversified Telecommunication Services – 2.0% | ||
Cogent Communications Holdings, Inc. | 1,872 | $106,610 |
Verizon Communications, Inc. | 8,726 | 477,749 |
584,359 | ||
Media – 4.1% | ||
Comcast Corp. Class A | 16,162 | 801,150 |
Omnicom Group, Inc. | 2,280 | 142,226 |
Sinclair Broadcast Group, Inc. Class A | 3,043 | 95,885 |
The Interpublic Group of Cos., Inc. | 6,065 | 145,985 |
1,185,246 | ||
TOTAL COMMUNICATION SERVICES | 1,769,605 | |
CONSUMER DISCRETIONARY – 10.5% | ||
Auto Components – 0.3% | ||
Magna International, Inc. | 1,475 | 103,619 |
Automobiles – 1.8% | ||
General Motors Co. | 6,006 | 304,384 |
Stellantis N.V. | 15,373 | 234,131 |
538,515 | ||
Hotels, Restaurants & Leisure – 0.6% | ||
Churchill Downs, Inc. | 870 | 163,081 |
Household Durables – 2.2% | ||
D.R. Horton, Inc. | 3,585 | 275,328 |
Mohawk Industries, Inc. (a) | 1,158 | 166,289 |
NVR, Inc. (a) | 43 | 191,198 |
632,815 | ||
Internet & Direct Marketing Retail – 0.8% | ||
Booking Holdings, Inc. (a) | 117 | 227,487 |
Leisure Products – 0.8% | ||
Peloton Interactive, Inc. Class A (a) | 993 | 145,107 |
Smith & Wesson Brands, Inc. | 4,544 | 75,249 |
220,356 | ||
Specialty Retail – 2.2% | ||
AutoZone, Inc. (a) | 145 | 162,163 |
Best Buy Co., Inc. | 1,662 | 180,859 |
National Vision Holdings, Inc. (a) | 1,818 | 84,301 |
The TJX Cos., Inc. | 3,469 | 222,155 |
649,478 | ||
Textiles, Apparel & Luxury Goods – 1.8% | ||
PVH Corp. | 1,727 | 147,244 |
Ralph Lauren Corp. | 918 | 92,764 |
Tapestry, Inc. | 5,324 | 168,345 |
Under Armour, Inc. Class A (a) | 5,786 | 101,255 |
509,608 | ||
TOTAL CONSUMER DISCRETIONARY | 3,044,959 |
| ||
Shares | Value | |
CONSUMER STAPLES – 3.6% | ||
Beverages – 1.0% | ||
Diageo PLC ADR | 1,057 | $169,405 |
Molson Coors Beverage Co. Class B | 2,190 | 109,851 |
279,256 | ||
Food & Staples Retailing – 0.9% | ||
BJ's Wholesale Club Holdings, Inc. (a) | 942 | 39,630 |
The Kroger Co. | 6,454 | 222,663 |
262,293 | ||
Household Products – 0.3% | ||
Energizer Holdings, Inc. | 2,175 | 95,352 |
Personal Products – 0.5% | ||
Edgewell Personal Care Co. | 4,267 | 142,518 |
Tobacco – 0.9% | ||
Altria Group, Inc. | 6,244 | 256,503 |
TOTAL CONSUMER STAPLES | 1,035,922 | |
ENERGY – 9.5% | ||
Energy Equipment & Services – 0.9% | ||
Oceaneering International, Inc. (a) | 8,084 | 68,310 |
Schlumberger N.V. | 6,521 | 144,831 |
TechnipFMC PLC | 4,494 | 48,041 |
261,182 | ||
Oil, Gas & Consumable Fuels – 8.6% | ||
Cabot Oil & Gas Corp. | 7,281 | 133,461 |
Cenovus Energy, Inc. | 32,654 | 192,985 |
Cheniere Energy, Inc. (a) | 5,342 | 338,309 |
Exxon Mobil Corp. | 16,160 | 724,614 |
Golar LNG Ltd. (a) | 11,499 | 124,534 |
Hess Corp. | 10,127 | 546,656 |
The Williams Cos., Inc. | 13,705 | 290,957 |
Valero Energy Corp. | 2,494 | 140,736 |
2,492,252 | ||
TOTAL ENERGY | 2,753,434 | |
FINANCIALS – 18.5% | ||
Banks – 9.1% | ||
Bank of America Corp. | 20,711 | 614,081 |
Comerica, Inc. | 2,521 | 144,201 |
HDFC Bank Ltd. ADR (a) | 3,341 | 240,886 |
The PNC Financial Services Group, Inc. | 4,098 | 588,145 |
Wells Fargo & Co. | 35,062 | 1,047,653 |
2,634,966 | ||
Capital Markets – 2.8% | ||
Morgan Stanley | 4,603 | 308,631 |
The Goldman Sachs Group, Inc. | 1,224 | 331,912 |
Virtu Financial, Inc. Class A | 6,059 | 168,259 |
808,802 | ||
Insurance – 5.5% | ||
American International Group, Inc. | 14,361 | 537,676 |
Semi-Annual Report | 17 |
Common Stocks – continued | ||
Shares | Value | |
FINANCIALS – continued | ||
Insurance – continued | ||
Arch Capital Group Ltd. (a) | 7,545 | $ 236,988 |
Chubb Ltd. | 2,860 | 416,616 |
First American Financial Corp. | 1,795 | 93,861 |
MetLife, Inc. | 5,193 | 250,043 |
RenaissanceRe Holdings Ltd. | 480 | 72,211 |
1,607,395 | ||
Thrifts & Mortgage Finance – 1.1% | ||
Radian Group, Inc. | 16,078 | 308,697 |
TOTAL FINANCIALS | 5,359,860 | |
HEALTH CARE – 16.1% | ||
Biotechnology – 1.8% | ||
Amgen, Inc. | 1,347 | 325,206 |
Regeneron Pharmaceuticals, Inc. (a) | 240 | 120,922 |
Viela Bio, Inc. (a) | 1,680 | 58,262 |
504,390 | ||
Health Care Equipment & Supplies – 4.3% | ||
Becton Dickinson and Co. | 1,313 | 343,730 |
Boston Scientific Corp. (a) | 8,762 | 310,526 |
Danaher Corp. | 1,619 | 385,063 |
Hologic, Inc. (a) | 2,466 | 196,614 |
1,235,933 | ||
Health Care Providers & Services – 4.5% | ||
Centene Corp. (a) | 4,263 | 257,059 |
Cigna Corp. | 1,540 | 334,257 |
Oak Street Health, Inc. (a) | 2,386 | 123,762 |
UnitedHealth Group, Inc. | 1,392 | 464,343 |
Universal Health Services, Inc. Class B | 1,011 | 126,052 |
1,305,473 | ||
Life Sciences Tools & Services – 1.0% | ||
Bruker Corp. | 5,185 | 300,160 |
Pharmaceuticals – 4.5% | ||
Bristol-Myers Squibb Co. | 5,660 | 347,694 |
Eli Lilly & Co. | 2,500 | 519,925 |
Sanofi ADR | 3,868 | 182,608 |
Viatris, Inc. (a) | 15,469 | 262,818 |
1,313,045 | ||
TOTAL HEALTH CARE | 4,659,001 | |
INDUSTRIALS – 16.2% | ||
Aerospace & Defense – 3.4% | ||
General Dynamics Corp. | 1,838 | 269,598 |
Huntington Ingalls Industries, Inc. | 1,724 | 271,237 |
Kratos Defense & Security Solutions, Inc. (a) | 5,893 | 156,400 |
Northrop Grumman Corp. | 1,017 | 291,482 |
988,717 |
| ||
Shares | Value | |
Air Freight & Logistics – 0.6% | ||
XPO Logistics, Inc. (a) | 1,496 | $ 165,173 |
Airlines – 0.4% | ||
JetBlue Airways Corp. (a) | 7,213 | 103,435 |
Building Products – 0.6% | ||
Fortune Brands Home & Security, Inc. | 1,975 | 170,344 |
Commercial Services & Supplies – 0.9% | ||
IAA, Inc. (a) | 734 | 41,941 |
Stericycle, Inc. (a) | 2,175 | 142,419 |
US Ecology, Inc. | 1,994 | 65,802 |
250,162 | ||
Construction & Engineering – 1.0% | ||
AECOM (a) | 3,724 | 186,572 |
Argan, Inc. | 2,463 | 106,476 |
293,048 | ||
Electrical Equipment – 0.6% | ||
Sensata Technologies Holding PLC (a) | 3,437 | 187,317 |
Industrial Conglomerates – 6.8% | ||
General Electric Co. | 183,815 | 1,963,144 |
Machinery – 1.2% | ||
Donaldson Co., Inc. | 1,770 | 105,209 |
Ingersoll Rand, Inc. (a) | 3,366 | 140,833 |
Pentair PLC | 2,100 | 114,366 |
360,408 | ||
Road & Rail – 0.7% | ||
Knight-Swift Transportation Holdings, Inc. | 5,003 | 200,120 |
TOTAL INDUSTRIALS | 4,681,868 | |
INFORMATION TECHNOLOGY – 10.8% | ||
Communications Equipment – 2.4% | ||
Cisco Systems, Inc. | 10,474 | 466,931 |
Telefonaktiebolaget LM Ericsson ADR | 17,708 | 220,819 |
687,750 | ||
Electronic Equipment, Instruments & Components – 1.5% | ||
Amphenol Corp. Class A | 1,624 | 202,805 |
Keysight Technologies, Inc. (a) | 1,718 | 243,252 |
446,057 | ||
IT Services – 4.0% | ||
Affirm Holdings, Inc. (a) | 90 | 8,963 |
Akamai Technologies, Inc. (a) | 1,882 | 208,958 |
Euronet Worldwide, Inc. (a) | 897 | 112,089 |
Fidelity National Information Services, Inc. | 1,801 | 222,352 |
Leidos Holdings, Inc. | 1,389 | 147,317 |
Science Applications International Corp. | 396 | 38,028 |
Visa, Inc. Class A | 2,172 | 419,739 |
1,157,446 | ||
Semiconductors & Semiconductor Equipment – 2.9% | ||
Analog Devices, Inc. | 1,363 | 200,811 |
18 | Semi-Annual Report |
Common Stocks – continued | ||
Shares | Value | |
INFORMATION TECHNOLOGY – continued | ||
Semiconductors & Semiconductor Equipment – continued | ||
Intel Corp. | 7,710 | $427,982 |
Lam Research Corp. | 440 | 212,938 |
841,731 | ||
TOTAL INFORMATION TECHNOLOGY | 3,132,984 | |
MATERIALS – 3.1% | ||
Chemicals – 0.8% | ||
Nutrien Ltd. | 2,513 | 123,564 |
Olin Corp. | 4,899 | 117,135 |
240,699 | ||
Containers & Packaging – 1.3% | ||
Avery Dennison Corp. | 876 | 132,162 |
O-I Glass, Inc. | 18,935 | 239,338 |
371,500 | ||
Metals & Mining – 1.0% | ||
Commercial Metals Co. | 3,510 | 69,112 |
Royal Gold, Inc. | 1,384 | 147,922 |
Steel Dynamics, Inc. | 2,288 | 78,410 |
295,444 | ||
TOTAL MATERIALS | 907,643 | |
REAL ESTATE – 3.0% | ||
Equity Real Estate Investment Trusts (REITs) – 3.0% | ||
Cousins Properties, Inc. | 2,737 | 86,325 |
Gaming and Leisure Properties, Inc. | 4,176 | 171,759 |
Healthcare Trust of America, Inc. Class A | 3,428 | 96,841 |
Simon Property Group, Inc. | 1,161 | 107,892 |
| ||
Shares | Value | |
Spirit Realty Capital, Inc. | 4,041 | $ 155,821 |
VEREIT, Inc. | 2,144 | 75,533 |
VICI Properties, Inc. | 7,114 | 179,842 |
TOTAL REAL ESTATE | 874,013 | |
UTILITIES – 2.0% | ||
Electric Utilities – 2.0% | ||
Duke Energy Corp. | 3,596 | 338,024 |
The Southern Co. | 4,132 | 243,457 |
TOTAL UTILITIES | 581,481 | |
TOTAL COMMON STOCKS (Cost $27,135,417) | 28,800,770 | |
Money Market Fund – 0.5% | ||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b) (Cost $152,115) | 152,115 | 152,115 |
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $27,287,532) | 28,952,885 | |
NET OTHER ASSETS (LIABILITIES) – 0.1% | 19,678 | |
NET ASSETS – 100.0% | $ 28,972,563 |
Legend | ||
(a) | Non-income producing. | |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Description | Total | Level 1 | Level 2 | Level 3 | ||||
Investments in Securities: | ||||||||
Equities: | ||||||||
Communication Services | $ 1,769,605 | $ 1,769,605 | $ — | $ — | ||||
Consumer Discretionary | 3,044,959 | 3,044,959 | — | — | ||||
Consumer Staples | 1,035,922 | 1,035,922 | — | — | ||||
Energy | 2,753,434 | 2,753,434 | — | — | ||||
Financials | 5,359,860 | 5,359,860 | — | — | ||||
Health Care | 4,659,001 | 4,659,001 | — | — | ||||
Industrials | 4,681,868 | 4,681,868 | — | — | ||||
Information Technology | 3,132,984 | 3,132,984 | — | — | ||||
Materials | 907,643 | 907,643 | — | — | ||||
Real Estate | 874,013 | 874,013 | — | — | ||||
Utilities | 581,481 | 581,481 | — | — | ||||
Money Market Fund | 152,115 | 152,115 | — | — | ||||
Total Investments in Securities: | $ 28,952,885 | $ 28,952,885 | $ — | $ — |
Semi-Annual Report | 19 |
Fidelity Blue Chip Growth ETF | Fidelity Blue Chip Value ETF | Fidelity New Millennium ETF | |||
Assets | |||||
Investments in securities, at value – See accompanying schedule: | $ 239,664,016 | $ 49,268,222 | $ 28,952,885 | ||
Foreign currency held at value (cost $57, $— and $—, respectively) | 57 | — | — | ||
Receivable for investments sold | 2,697,701 | 639,122 | 17,342 | ||
Dividends receivable | 21,904 | 44,669 | 15,636 | ||
Total assets | 242,383,678 | 49,952,013 | 28,985,863 | ||
Liabilities | |||||
Payable to custodian bank | 1,340 | — | — | ||
Payable for investments purchased | 2,115,019 | 678,338 | — | ||
Accrued management fees | 106,507 | 23,696 | 13,300 | ||
Total liabilities | 2,222,866 | 702,034 | 13,300 | ||
Net Assets | $240,160,812 | $49,249,979 | $28,972,563 | ||
Net Assets consist of: | |||||
Paid in capital | 213,833,148 | 46,744,886 | 27,287,239 | ||
Total accumulated earnings (loss) | 26,327,664 | 2,505,093 | 1,685,324 | ||
Net Assets | $240,160,812 | $49,249,979 | $28,972,563 | ||
Shares outstanding | 8,325,000 | 2,050,000 | 1,200,000 | ||
Net Asset Value per share | $ 28.85 | $ 24.02 | $ 24.14 | ||
Investments at cost | $212,991,814 | $46,902,964 | $27,287,532 |
Semi-Annual Report | 21 |
Fidelity Blue Chip Growth ETF | Fidelity Blue Chip Value ETF | Fidelity New Millennium ETF | |||
Investment Income | |||||
Dividends | $ 190,280 | $ 203,088 | $ 150,653 | ||
Interest | 3 | — | — | ||
Special dividends | — | — | 32,121 | ||
Total income | 190,283 | 203,088 | 150,653 | ||
Expenses | |||||
Management fees | 373,622 | 69,833 | 41,742 | ||
Independent trustees' fees and expenses | 204 | 35 | 23 | ||
Total expenses before reductions | 373,826 | 69,868 | 41,765 | ||
Expense reductions | (771) | (326) | (160) | ||
Total expenses | 373,055 | 69,542 | 41,605 | ||
Net investment income (loss) | (182,772) | 133,546 | 109,048 | ||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on investment securities | (1,041,281) | (11,216) | 64,754 | ||
Net realized gain (loss) on In-kind redemptions | 985,608 | 192,510 | — | ||
Net realized gain (loss) on futures contracts | 1,930 | 5,672 | 546 | ||
Net realized gain (loss) on foreign currency transactions | (68) | — | — | ||
Total net realized gain (loss) | (53,811) | 186,966 | 65,300 | ||
Change in net unrealized appreciation (depreciation) on investment securities | 24,140,459 | 2,284,554 | 1,579,731 | ||
Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies | 39 | — | — | ||
Total change in net unrealized appreciation (depreciation) | 24,140,498 | 2,284,554 | 1,579,731 | ||
Net gain (loss) | 24,086,687 | 2,471,520 | 1,645,031 | ||
Net increase (decrease) in net assets resulting from operations | $23,903,915 | $2,605,066 | $1,754,079 |
22 | Semi-Annual Report |
Fidelity Blue Chip Growth ETF | Fidelity Blue Chip Value ETF | ||||||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020A | Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020A | ||||
Increase (Decrease) in Net Assets | |||||||
Operations | |||||||
Net investment income (loss) | $ (182,772) | $ (11,109) | $ 133,546 | $ 8,392 | |||
Net realized gain (loss) | (53,811) | (84,333) | 186,966 | (83,069) | |||
Change in net unrealized appreciation (depreciation) | 24,140,498 | 2,531,741 | 2,284,554 | 80,704 | |||
Net increase (decrease) in net assets resulting from operations | 23,903,915 | 2,436,299 | 2,605,066 | 6,027 | |||
Distributions to shareholders | (12,550) | — | (102,500) | (3,500) | |||
Share transactions | |||||||
Proceeds from sales of shares | 180,340,764 | 39,057,852 | 41,755,386 | 8,090,408 | |||
Cost of shares redeemed | (5,565,468) | — | (3,100,908) | — | |||
Net increase (decrease) in net assets resulting from share transactions | 174,775,296 | 39,057,852 | 38,654,478 | 8,090,408 | |||
Total increase (decrease) in net assets | 198,666,661 | 41,494,151 | 41,157,044 | 8,092,935 | |||
Net Assets | |||||||
Beginning of period | 41,494,151 | — | 8,092,935 | — | |||
End of period | $240,160,812 | $41,494,151 | $49,249,979 | $8,092,935 | |||
Other Information | |||||||
Shares | |||||||
Sold | 6,725,000 | 1,825,000 | 1,800,000 | 400,000 | |||
Redeemed | (225,000) | — | (150,000) | — | |||
Net increase (decrease) | 6,500,000 | 1,825,000 | 1,650,000 | 400,000 |
A | For the period June 2, 2020 (commencement of operations) to July 31, 2020. |
Semi-Annual Report | 23 |
Fidelity New Millennium ETF | |||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020A | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net investment income (loss) | $ 109,048 | $ 6,701 | |
Net realized gain (loss) | 65,300 | (13,928) | |
Change in net unrealized appreciation (depreciation) | 1,579,731 | 85,622 | |
Net increase (decrease) in net assets resulting from operations | 1,754,079 | 78,395 | |
Distributions to shareholders | (144,150) | (3,000) | |
Share transactions | |||
Proceeds from sales of shares | 21,876,486 | 6,036,688 | |
Cost of shares redeemed | (625,935) | — | |
Net increase (decrease) in net assets resulting from share transactions | 21,250,551 | 6,036,688 | |
Total increase (decrease) in net assets | 22,860,480 | 6,112,083 | |
Net Assets | |||
Beginning of period | 6,112,083 | — | |
End of period | $28,972,563 | $6,112,083 | |
Other Information | |||
Shares | |||
Sold | 925,000 | 300,000 | |
Redeemed | (25,000) | — | |
Net increase (decrease) | 900,000 | 300,000 |
A | For the period June 2, 2020 (commencement of operations) to July 31, 2020. |
24 | Semi-Annual Report |
Fidelity Blue Chip Growth ETF | |||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020A | ||
Selected Per-Share Data | |||
Net asset value, beginning of period | $ 22.74 | $ 20.00 | |
Income from Investment Operations | |||
Net investment income (loss)B | (0.04) | (0.01) | |
Net realized and unrealized gain (loss) | 6.15 | 2.75 | |
Total from investment operations | 6.11 | 2.74 | |
Distributions from net investment income | (0.00) C | — | |
Total distributions | (0.00) C | — | |
Net asset value, end of period | $ 28.85 | $ 22.74 | |
Total ReturnD,E,F | 26.89% | 13.68% | |
Ratios to Average Net AssetsG,H | |||
Expenses before reductions | .60% I | .59% | |
Expenses net of fee waivers, if any | .60% I | .59% | |
Expenses net of all reductions | .60% I | .59% | |
Net investment income (loss) | (.29)% | (.34)% | |
Supplemental Data | |||
Net assets, end of period (000 omitted) | $240,161 | $41,494 | |
Portfolio turnover rateJ,K,L | 36% | 11% |
A | For the period June 2, 2020 (commencement of operations) to July 31, 2020. |
B | Calculated based on average shares outstanding during the period. |
C | Amount represents less than $0.005 per share. |
D | Based on net asset value. |
E | Total returns for periods of less than one year are not annualized. |
F | Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. |
G | Annualized. |
H | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
I | The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates. |
J | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
K | Amount not annualized. |
L | Portfolio turnover rate excludes securities received or delivered in-kind. |
Semi-Annual Report | 25 |
Fidelity Blue Chip Value ETF | |||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020A | ||
Selected Per-Share Data | |||
Net asset value, beginning of period | $ 20.23 | $20.00 | |
Income from Investment Operations | |||
Net investment income (loss)B | 0.13 | 0.03 | |
Net realized and unrealized gain (loss) | 3.75 | 0.21 C | |
Total from investment operations | 3.88 | 0.24 | |
Distributions from net investment income | (0.09) | (0.01) | |
Total distributions | (0.09) | (0.01) | |
Net asset value, end of period | $ 24.02 | $20.23 | |
Total ReturnD,E,F | 19.24% | 1.23% | |
Ratios to Average Net AssetsG,H | |||
Expenses before reductions | .60% I | .59% | |
Expenses net of fee waivers, if any | .60% I | .59% | |
Expenses net of all reductions | .60% I | .59% | |
Net investment income (loss) | 1.14% | 1.02% | |
Supplemental Data | |||
Net assets, end of period (000 omitted) | $49,250 | $8,093 | |
Portfolio turnover rateJ,K,L | 71% | 20% |
A | For the period June 2, 2020 (commencement of operations) to July 31, 2020. |
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 share transactions in relation to fluctuating market values of the investments of a Fund. |
D | Based on net asset value. |
E | Total returns for periods of less than one year are not annualized. |
F | Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. |
G | Annualized. |
H | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
I | The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates. |
J | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
K | Amount not annualized. |
L | Portfolio turnover rate excludes securities received or delivered in-kind. |
26 | Semi-Annual Report |
Fidelity New Millennium ETF | |||
Six months ended January 31, 2021 (Unaudited) | Year ended July 31, 2020A | ||
Selected Per-Share Data | |||
Net asset value, beginning of period | $ 20.37 | $20.00 | |
Income from Investment Operations | |||
Net investment income (loss)B | 0.18 C | 0.03 | |
Net realized and unrealized gain (loss) | 3.61 | 0.36 | |
Total from investment operations | 3.79 | 0.39 | |
Distributions from net investment income | (0.02) | (0.02) | |
Total distributions | (0.02) | (0.02) | |
Net asset value, end of period | $ 24.14 | $20.37 | |
Total ReturnD,E,F | 19.54% | 1.95% | |
Ratios to Average Net AssetsG,H | |||
Expenses before reductions | .60% I | .59% | |
Expenses net of fee waivers, if any | .60% I | .59% | |
Expenses net of all reductions | .60% I | .59% | |
Net investment income (loss) | 1.56% | 1.00% | |
Supplemental Data | |||
Net assets, end of period (000 omitted) | $28,973 | $6,112 | |
Portfolio turnover rateJ,K,L | 43% | 10% |
A | For the period June 2, 2020 (commencement of operations) to July 31, 2020. |
B | Calculated based on average shares outstanding during the period. |
C | Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $0.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.10%. |
D | Based on net asset value. |
E | Total returns for periods of less than one year are not annualized. |
F | Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. |
G | Annualized. |
H | Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. |
I | The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates. |
J | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
K | Amount not annualized. |
L | Portfolio turnover rate excludes securities received or delivered in-kind. |
Semi-Annual Report | 27 |
For the period ended January 31, 2021 (Unaudited)
28 | Semi-Annual Report |
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.
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities and other investments | |
Fidelity Blue Chip Growth ETF | $ 214,533,334 | $ 28,381,079 | $ (3,250,397) | $ 25,130,682 |
Fidelity Blue Chip Value ETF | 47,293,618 | 2,809,502 | (834,898) | 1,974,604 |
Fidelity New Millennium ETF | 27,452,882 | 1,944,273 | (444,270) | 1,500,003 |
Semi-Annual Report | 29 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal year end and is subject to adjustment.
No-expiration Short-term | No-expiration Long-term | Total capital loss carryforward | |
Fidelity Blue Chip Growth ETF | $ — | $ — | $ — |
Fidelity Blue Chip Value ETF | (1,182) | — | (1,182) |
Fidelity New Millennium ETF | — | — | — |
30 | Semi-Annual Report |
Purchases | Sales | |
Fidelity Blue Chip Growth ETF | $ 143,444,066 | $ 45,555,798 |
Fidelity Blue Chip Value ETF | 35,012,301 | 16,315,630 |
Fidelity New Millennium ETF | 17,705,198 | 6,059,227 |
In-kind Subscriptions | In-kind Redemptions | |
Fidelity Blue Chip Growth ETF | $ 79,274,217 | $ 4,243,623 |
Fidelity Blue Chip Value ETF | 21,268,589 | 2,669,923 |
Fidelity New Millennium ETF | 9,489,305 | — |
Amount | |
Fidelity Blue Chip Growth ETF | $783 |
Fidelity Blue Chip Value ETF | 368 |
Fidelity New Millennium ETF | 232 |
Purchases | Sales | |
Fidelity Blue Chip Growth ETF | $ 4,927,887 | $ 246,759 |
Fidelity Blue Chip Value ETF | 385,515 | 129,609 |
Fidelity New Millennium ETF | 150,022 | 44,849 |
Brokerage service rebates | Custodian credits | |
Fidelity Blue Chip Growth ETF | $ 770 | $ 1 |
Fidelity Blue Chip Value ETF | 326 | — |
Fidelity New Millennium ETF | 160 | — |
Semi-Annual Report | 31 |
32 | Semi-Annual Report |
Annualized Expense RatioA | Beginning Account Value August 1, 2020 | Ending Account Value January 31, 2021 | Expenses Paid During PeriodB August 1, 2020 to January 31, 2021 | |
Fidelity Blue Chip Growth ETF | 0.60% | |||
Actual | $ 1,000.00 | $ 1,268.90 | $ 3.43 | |
Hypothetical C | $ 1,000.00 | $ 1,022.18 | $ 3.06 | |
Fidelity Blue Chip Value ETF | 0.60% | |||
Actual | $ 1,000.00 | $ 1,192.40 | $ 3.32 | |
Hypothetical C | $ 1,000.00 | $ 1,022.18 | $ 3.06 | |
Fidelity New Millennium ETF | 0.60% | |||
Actual | $ 1,000.00 | $ 1,195.40 | $ 3.32 | |
Hypothetical C | $ 1,000.00 | $ 1,022.18 | $ 3.06 |
A | Annualized expense ratio reflects expenses net of applicable fee waivers. |
B | Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio. |
C | 5% return per year before expenses. |
Semi-Annual Report | 33 |
Item 2. | Code of Ethics |
Not applicable.
Item 3. | Audit Committee Financial Expert |
Not applicable.
Item 4. | Principal Accountant Fees and Services |
Not applicable.
Item 5. | Audit Committee of Listed Registrants |
Not applicable.
Item 6. | Investments |
(a) | Not applicable. |
(b) | Not applicable |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not applicable.
Item 9. | Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Covington Trust’s Board of Trustees.
Item 11. | Controls and Procedures |
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Covington Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable
assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not applicable.
Item 13. | Exhibits |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Covington Trust
By: | /s/ Stacie M. Smith | |
Stacie M. Smith | ||
President and Treasurer | ||
Date: | March 23, 2021 |
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: | March 23, 2021 | |
By: | /s/ John J. Burke III | |
John J. Burke III | ||
Chief Financial Officer | ||
Date: | March 23, 2021 |