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, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, 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: July 31, 2024
Item 1. | Reports to Stockholders |
Annual Shareholder Report | as of July 31, 2024
Fidelity® MSCI Communication Services Index ETF
Fidelity® MSCI Communication Services Index ETF: FCOM
Principal Listing Exchange: NYSEArca
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Fidelity® MSCI Communication Services Index ETF | $9 | 0.08% |
This Annual shareholder report contains important information about Fidelity® MSCI Communication Services Index ETF for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
What affected the Fund's performance this period?
• U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve’s likely pivot to cutting interest rates later this year.
• Against this backdrop, interactive media AND services – representing roughly half of the MSCI sector index – gained approximately 35% and contributed most to the fund's performance for the fiscal year. Integrated telecommunication services (+34%) and wireless telecommunication services (37%) stocks also helped. Other contributors included the publishing (32%), interactive home entertainment (+13%), application software (+11%) and movies & entertainment (+8%) subindustries.
• Conversely, cable AND satellite returned approximately -10% and detracted most. Broadcasting (-4%) also hurt.
• Turning to individual stocks, the top contributor was Meta Platforms (+49%), from the interactive media & services subindustry. From the same subindustry, Alphabet gained 30%. Another notable contributor was Netflix (+43%), a stock in the movies & entertainment subindustry. Lastly, AT&T (+41%) and Verizon Communications (+27%), within the integrated telecommunication services subindustry, also boosted the fund.
• In contrast, the biggest detractor was Warner Bros Discovery (-34%), from the movies & entertainment subindustry. Within the same subindustry, Roku (-39%) and AMC Entertainment (-90%) also hurt, as did ZoomInfo Technologies (-56%), within interactive media & services. Lastly, Iridium Communications, within the alternative carriers subindustry, returned approximately -45%.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
July 31, 2014 through July 31, 2024.
Initial investment of $10,000.
$23,751 Fidelity® MSCI Communication Services Index ETF | $24,032 MSCI USA IMI Communication Services 25/50 IndexFootnote ReferenceSM | $34,403 S&P 500® Index | |
---|---|---|---|
2014 | $10,000 | $10,000 | $10,000 |
2015 | $10,257 | $10,274 | $11,121 |
2016 | $12,550 | $12,590 | $11,745 |
2017 | $13,126 | $13,198 | $13,629 |
2018 | $12,451 | $12,519 | $15,843 |
2019 | $15,107 | $15,211 | $17,108 |
2020 | $16,829 | $16,965 | $19,153 |
2021 | $24,539 | $24,760 | $26,134 |
2022 | $16,672 | $16,835 | $24,921 |
2023 | $19,413 | $19,623 | $28,165 |
2024 | $23,751 | $24,032 | $34,403 |
AVERAGE ANNUAL TOTAL RETURNS:
1 Year | 5 Years | 10 Years | |
---|---|---|---|
Fidelity® MSCI Communication Services Index ETF - NAV | 22.34% | 9.47% | 9.04% |
Fidelity® MSCI Communication Services Index ETF - Market Price | 22.30% | 9.45% | 9.04% |
MSCI USA IMI Communication Services 25/50 IndexFootnote ReferenceSM | 22.47% | 9.58% | 9.16% |
S&P 500® Index | 22.15% | 15.00% | 13.15% |
Visit www.fidelity.com for more recent performance information.
The Fund's past performance is not a good predictor of the Funds's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of July 31, 2024)
FUND STATISTICS | |
---|---|
Total Net Assets | $1,169,770,065 |
Number of Holdings | 106 |
Portfolio Turnover | 21% |
Total Advisory Fee | $783,666 |
What did the Fund invest in?
(as of July 31, 2024)
GEOGRAPHIC DIVERSIFICATION
(% of Fund's net assets)
Value | Value |
---|---|
United States Of America - | 99.2 |
Belgium - | 0.6 |
Bermuda - | 0.1 |
Canada - | 0.1 |
Israel - | 0.1 |
TOP HOLDINGS
(% of Fund's net assets)
Meta Platforms, Inc., Class A | 22.5 |
Alphabet, Inc., Class A | 12.0 |
Alphabet, Inc., Class C | 9.2 |
Verizon Communications, Inc. | 4.5 |
Comcast Corp., Class A | 4.5 |
Netflix, Inc. | 4.2 |
Walt Disney Co. | 4.0 |
AT&T, Inc. | 3.9 |
T-Mobile U.S., Inc. | 3.1 |
Charter Communications, Inc., Class A | 1.9 |
69.8 |
What did the Fund invest in?
(as of July 31, 2024)
TOP INDUSTRIES
(% of Fund's net assets)
Interactive Media & Services | 48.8 |
Entertainment | 19.8 |
Media | 16.9 |
Diversified Telecommunication Services | 11.0 |
Wireless Telecommunication Services | 3.4 |
All Others | 0.2 |
ASSET ALLOCATION
(% of Fund's net assets)
Value | Value |
---|---|
Common Stocks - | 99.9 |
Short-Term Investments and Net Other Assets (Liabilities) - | 0.1 |
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.
1.9913526.100 2574-TSRA-0924
Annual Shareholder Report | as of July 31, 2024
Fidelity® MSCI Consumer Discretionary Index ETF
Fidelity® MSCI Consumer Discretionary Index ETF: FDIS
Principal Listing Exchange: NYSEArca
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Fidelity® MSCI Consumer Discretionary Index ETF | $8 | 0.08% |
This Annual shareholder report contains important information about Fidelity® MSCI Consumer Discretionary Index ETF for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
What affected the Fund's performance this period?
• U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve’s likely pivot to cutting interest rates later this year.
• Against this backdrop, broadline retail gained 38% and contributed most to the fund's performance for the fiscal year. Homebuilding, which gained about 46%, also helped, as did apparel retail, which advanced approximately 35%. The hotels, resorts & cruise lines subindustry rose about 14%, while home improvement retail gained roughly 11%, and automotive retail advanced 24%.
• Other contributors included the consumer electronics (+43%), education services (+23%), specialized consumer services (+21%), homefurnishing retail (+16%), home furnishings (+13%) and computer & electronics retail (+9%) subindustries.
• In contrast, automobile manufacturers (-12%) notably detracted, as did footwear (-15%). The automotive parts & equipment subindustry returned -18%. Other detractors included leisure products (-12%) and other specialty retail (-4%).
• Turning to individual stocks, the biggest contributor was Amazon.com (+40%), from the broadline retail subindustry, followed by Home Depot (+13%) from the home improvement retail group. In apparel retail, TJX (+33%) contributed. In hotels, resorts & cruise lines, The Booking Holdings (+26%) boosted the fund.
• Conversely, the biggest detractor was Tesla (-13%), from the automobile manufacturers subindustry. Another notable detractor was Nike (-31%), a stock in the footwear subindustry. Starbucks (-21%) and Mcdonalds (-7%), from the restaurants subindustry, also hurt.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
July 31, 2014 through July 31, 2024.
Initial investment of $10,000.
$34,954 Fidelity® MSCI Consumer Discretionary Index ETF | $35,071 Fidelity MSCI Consumer Discretionary Index ETF Capped Linked IndexFootnote ReferenceSM | $34,403 S&P 500® Index | |
---|---|---|---|
2014 | $10,000 | $10,000 | $10,000 |
2015 | $12,196 | $12,218 | $11,121 |
2016 | $12,347 | $12,382 | $11,745 |
2017 | $14,128 | $14,183 | $13,629 |
2018 | $17,145 | $17,230 | $15,843 |
2019 | $18,543 | $18,643 | $17,108 |
2020 | $23,227 | $23,342 | $19,153 |
2021 | $33,203 | $33,217 | $26,134 |
2022 | $28,591 | $28,634 | $24,921 |
2023 | $31,463 | $31,539 | $28,165 |
2024 | $34,954 | $35,071 | $34,403 |
AVERAGE ANNUAL TOTAL RETURNS:
1 Year | 5 Years | 10 Years | |
---|---|---|---|
Fidelity® MSCI Consumer Discretionary Index ETF - NAV | 11.10% | 13.52% | 13.33% |
Fidelity® MSCI Consumer Discretionary Index ETF - Market Price | 10.98% | 13.49% | 13.31% |
Fidelity MSCI Consumer Discretionary Index ETF Capped Linked IndexFootnote ReferenceSM | 11.20% | 13.47% | 13.37% |
S&P 500® Index | 22.15% | 15.00% | 13.15% |
Visit www.fidelity.com for more recent performance information.
The Fund's past performance is not a good predictor of the Funds's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of July 31, 2024)
FUND STATISTICS | |
---|---|
Total Net Assets | $1,666,449,545 |
Number of Holdings | 271 |
Portfolio Turnover | 8% |
Total Advisory Fee | $1,115,813 |
What did the Fund invest in?
(as of July 31, 2024)
GEOGRAPHIC DIVERSIFICATION
(% of Fund's net assets)
Value | Value |
---|---|
United States Of America - | 96.9 |
Brazil - | 1.4 |
United Kingdom - | 0.5 |
Switzerland - | 0.5 |
Bermuda - | 0.3 |
Sweden - | 0.2 |
Bahamas - | 0.1 |
Ireland - | 0.1 |
TOP HOLDINGS
(% of Fund's net assets)
Amazon.com, Inc. | 22.0 |
Tesla, Inc. | 12.0 |
Home Depot, Inc. | 6.7 |
McDonald's Corp. | 3.5 |
Lowe's Cos., Inc. | 2.6 |
Booking Holdings, Inc. | 2.4 |
TJX Cos., Inc. | 2.4 |
NIKE, Inc., Class B | 1.7 |
Starbucks Corp. | 1.6 |
MercadoLibre, Inc. | 1.4 |
56.3 |
What did the Fund invest in?
(as of July 31, 2024)
TOP INDUSTRIES
(% of Fund's net assets)
Broadline Retail | 24.7 |
Specialty Retail | 21.8 |
Hotels, Restaurants & Leisure | 21.3 |
Automobiles | 14.6 |
Household Durables | 6.7 |
Textiles, Apparel & Luxury Goods | 4.6 |
Automobile Components | 2.3 |
Diversified Consumer Services | 1.8 |
Leisure Products | 1.1 |
Distributors | 0.9 |
All Others | 0.2 |
ASSET ALLOCATION
(% of Fund's net assets)
Value | Value |
---|---|
Common Stocks - | 99.8 |
Short-Term Investments and Net Other Assets (Liabilities) - | 0.2 |
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.
1.9913518.100 2566-TSRA-0924
Annual Shareholder Report | as of July 31, 2024
Fidelity® MSCI Consumer Staples Index ETF
Fidelity® MSCI Consumer Staples Index ETF: FSTA
Principal Listing Exchange: NYSEArca
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Fidelity® MSCI Consumer Staples Index ETF | $8 | 0.08% |
This Annual shareholder report contains important information about Fidelity® MSCI Consumer Staples Index ETF for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
What affected the Fund's performance this period?
• U.S. equities gained for the year, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve’s likely pivot to cutting interest rates later this year.
• Against this backdrop, consumer staples merchandise retail gained 30% and contributed most to the fund's performance for the fiscal year. Tobacco stocks also helped, gaining approximately 20%. The household products subindustry rose about 9%.
• Conversely, personal care products returned -23% and detracted most. Packaged foods & meats (-4%) and agricultural products & services (-18%) also hurt. Other detractors included the distillers & vintners (-19%), drug retail (-58%) and brewers (-23%) subindustries.
• Turning to individual stocks, the top contributor was Costco Wholesale (+51%), from the consumer staples merchandise retail subindustry. Within the same subindustry, Walmart (+31%) helped. In tobacco, Philip Morris Intl gained 22% and lifted the fund.
• In contrast, the biggest detractor was Estee Lauder (-44%), from the personal care products subindustry. Walgreens Boots Alliance (-58%), from the drug retail subindustry, hindered the fund. In soft drinks & non-alcoholic beverages, PepsiCo returned -5% and hurt the fund's performance.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
July 31, 2014 through July 31, 2024.
Initial investment of $10,000.
$23,977 Fidelity® MSCI Consumer Staples Index ETF | $24,283 Fidelity MSCI Consumer Staples Index ETF Capped Linked IndexFootnote ReferenceSM | $34,403 S&P 500® Index | |
---|---|---|---|
2014 | $10,000 | $10,000 | $10,000 |
2015 | $11,901 | $11,919 | $11,121 |
2016 | $13,230 | $13,278 | $11,745 |
2017 | $13,736 | $13,800 | $13,629 |
2018 | $13,728 | $13,813 | $15,843 |
2019 | $15,534 | $15,642 | $17,108 |
2020 | $16,737 | $16,885 | $19,153 |
2021 | $19,931 | $20,129 | $26,134 |
2022 | $21,086 | $21,314 | $24,921 |
2023 | $22,392 | $22,657 | $28,165 |
2024 | $23,977 | $24,283 | $34,403 |
AVERAGE ANNUAL TOTAL RETURNS:
1 Year | 5 Years | 10 Years | |
---|---|---|---|
Fidelity® MSCI Consumer Staples Index ETF - NAV | 7.08% | 9.07% | 9.14% |
Fidelity® MSCI Consumer Staples Index ETF - Market Price | 7.09% | 9.05% | 9.13% |
Fidelity MSCI Consumer Staples Index ETF Capped Linked IndexFootnote ReferenceSM | 7.18% | 9.20% | 9.28% |
S&P 500® Index | 22.15% | 15.00% | 13.15% |
Visit www.fidelity.com for more recent performance information.
The Fund's past performance is not a good predictor of the Funds's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of July 31, 2024)
FUND STATISTICS | |
---|---|
Total Net Assets | $1,100,890,566 |
Number of Holdings | 104 |
Portfolio Turnover | 8% |
Total Advisory Fee | $907,485 |
What did the Fund invest in?
(as of July 31, 2024)
GEOGRAPHIC DIVERSIFICATION
(% of Fund's net assets)
Value | Value |
---|---|
United States Of America - | 99.9 |
Cayman Islands - | 0.1 |
TOP HOLDINGS
(% of Fund's net assets)
Procter & Gamble Co. | 11.4 |
Costco Wholesale Corp. | 10.9 |
Walmart, Inc. | 8.7 |
Coca-Cola Co. | 7.7 |
PepsiCo, Inc. | 6.6 |
Philip Morris International, Inc. | 4.9 |
Mondelez International, Inc., Class A | 3.3 |
Altria Group, Inc. | 3.1 |
Colgate-Palmolive Co. | 2.8 |
Target Corp. | 2.5 |
61.9 |
What did the Fund invest in?
(as of July 31, 2024)
TOP INDUSTRIES
(% of Fund's net assets)
Consumer Staples Distribution & Retail | 31.2 |
Beverages | 20.6 |
Household Products | 18.4 |
Food Products | 17.0 |
Tobacco | 8.4 |
Personal Care Products | 3.8 |
All Others | 0.2 |
ASSET ALLOCATION
(% of Fund's net assets)
Value | Value |
---|---|
Common Stocks - | 99.4 |
Short-Term Investments and Net Other Assets (Liabilities) - | 0.6 |
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.
1.9913519.100 2567-TSRA-0924
Annual Shareholder Report | as of July 31, 2024
Fidelity® MSCI Energy Index ETF
Fidelity® MSCI Energy Index ETF: FENY
Principal Listing Exchange: NYSEArca
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Fidelity® MSCI Energy Index ETF | $8 | 0.08% |
This Annual shareholder report contains important information about Fidelity® MSCI Energy Index ETF for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
What affected the Fund's performance this period?
• U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve’s likely pivot to cutting interest rates later this year.
• Against this backdrop, integrated oil & gas gained approximately 9% and contributed most to the fund's performance for the fiscal year. Oil & gas storage & transportation stocks also helped, gaining approximately 29%. The oil & gas refining & marketing subindustry rose 28%.
• Other contributors included the oil & gas exploration & production (+4%) and the coal & consumable fuels (+15%) subindustries.
• Conversely, oil & gas drilling returned approximately -15% and detracted most from a subindustry perspective.
• Turning to individual stocks, the biggest contributor was Exxon Mobil (+14%), from the integrated oil & gas subindustry. Marathon Petroleum (+36%), Phillips 66 (+35%) and Valero Energy (+29%), within the oil & gas refining & marketing subindustry, also notably helped. Lastly, in oil & gas storage & transportation, Williams Companies gained 31% and also boosted the fund.
• In contrast, the biggest individual detractor was Schlumberger (-16%), from the oil & gas equipment & services subindustry. From the same subindustry, Halliburton returned approximately -10% and hurt the fund. Lastly, ConocoPhillips (-3%), EQT (-17%) and Devon Energy (-9%), within the oil & gas exploration & production subindustry, also detracted.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
July 31, 2014 through July 31, 2024.
Initial investment of $10,000.
$13,181 Fidelity® MSCI Energy Index ETF | $13,292 Fidelity MSCI Energy Index ETF Capped Linked IndexFootnote ReferenceSM | $34,403 S&P 500® Index | |
---|---|---|---|
2014 | $10,000 | $10,000 | $10,000 |
2015 | $7,207 | $7,205 | $11,121 |
2016 | $7,149 | $7,161 | $11,745 |
2017 | $7,084 | $7,104 | $13,629 |
2018 | $8,537 | $8,572 | $15,843 |
2019 | $6,880 | $6,910 | $17,108 |
2020 | $4,177 | $4,194 | $19,153 |
2021 | $6,215 | $6,248 | $26,134 |
2022 | $10,298 | $10,366 | $24,921 |
2023 | $11,956 | $12,046 | $28,165 |
2024 | $13,181 | $13,292 | $34,403 |
AVERAGE ANNUAL TOTAL RETURNS:
1 Year | 5 Years | 10 Years | |
---|---|---|---|
Fidelity® MSCI Energy Index ETF - NAV | 10.25% | 13.89% | 2.80% |
Fidelity® MSCI Energy Index ETF - Market Price | 10.21% | 13.86% | 2.79% |
Fidelity MSCI Energy Index ETF Capped Linked IndexFootnote ReferenceSM | 10.34% | 13.98% | 2.89% |
S&P 500® Index | 22.15% | 15.00% | 13.15% |
Visit www.fidelity.com for more recent performance information.
The Fund's past performance is not a good predictor of the Funds's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of July 31, 2024)
FUND STATISTICS | |
---|---|
Total Net Assets | $1,879,943,146 |
Number of Holdings | 111 |
Portfolio Turnover | 11% |
Total Advisory Fee | $1,403,141 |
What did the Fund invest in?
(as of July 31, 2024)
GEOGRAPHIC DIVERSIFICATION
(% of Fund's net assets)
Value | Value |
---|---|
United States Of America - | 98.6 |
United Kingdom - | 0.7 |
Ireland - | 0.4 |
Switzerland - | 0.2 |
TOP HOLDINGS
(% of Fund's net assets)
Exxon Mobil Corp. | 22.5 |
Chevron Corp. | 13.9 |
ConocoPhillips | 6.4 |
EOG Resources, Inc. | 3.6 |
Schlumberger NV | 3.4 |
Marathon Petroleum Corp. | 3.3 |
Phillips 66 | 3.1 |
Valero Energy Corp. | 2.7 |
Williams Cos., Inc. | 2.6 |
ONEOK, Inc. | 2.4 |
63.9 |
What did the Fund invest in?
(as of July 31, 2024)
TOP INDUSTRIES
(% of Fund's net assets)
Oil, Gas & Consumable Fuels | 87.8 |
Energy Equipment & Services | 12.0 |
All Others | 0.2 |
ASSET ALLOCATION
(% of Fund's net assets)
Value | Value |
---|---|
Common Stocks - | 99.7 |
Short-Term Investments and Net Other Assets (Liabilities) - | 0.3 |
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.
1.9913520.100 2568-TSRA-0924
Annual Shareholder Report | as of July 31, 2024
Fidelity® MSCI Financials Index ETF
Fidelity® MSCI Financials Index ETF: FNCL
Principal Listing Exchange: NYSEArca
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Fidelity® MSCI Financials Index ETF | $9 | 0.08% |
This Annual shareholder report contains important information about Fidelity® MSCI Financials Index ETF for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
What affected the Fund's performance this period?
• U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve’s likely pivot to cutting interest rates later this year.
• Against this backdrop, diversified banks (+35%) contributed most to the fund's performance for the fiscal year. Property & casualty insurance providers (+39%) also helped, as did asset management & custody banks (+35%). Additional performance standouts for the fund included the transaction & payment processing services industry (+12%), as well as multi-sector holdings (+24%) and regional banks (+26%).
• Conversely, the diversified capital markets category returned -52% and detracted most. Holdings among the distributors industry (-17%) also hurt.
• Turning to individual stocks, the biggest contributor was diversified bank JPMorgan Chase (+38%). Within the same industry, Bank of America (+30%) boosted the fund’s result as well. In terms of multi-sector holdings, Berkshire Hathaway (+25%) was another plus, as was transaction & payment processing services company MasterCard (+18%).
• In contrast, the biggest individual detractor was transaction & payment processing services firm PayPal Holdings (-13%). In that same industry, Block returned -23% and further weighed on the fund's performance. Among regional banks, New York Community Bancorp (-74%) hindered the fund’s return as well. Lastly, in the consumer finance industry, the fund’s exposure to Sofi Technologies (-34%) and Upstart Holdings (-59%) also were detrimental to performance.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
July 31, 2014 through July 31, 2024.
Initial investment of $10,000.
$28,950 Fidelity® MSCI Financials Index ETF | $29,244 Fidelity MSCI Financials Index ETF Capped Linked IndexFootnote ReferenceSM | $34,403 S&P 500® Index | |
---|---|---|---|
2014 | $10,000 | $10,000 | $10,000 |
2015 | $11,410 | $11,426 | $11,121 |
2016 | $11,240 | $11,265 | $11,745 |
2017 | $14,757 | $14,816 | $13,629 |
2018 | $16,709 | $16,790 | $15,843 |
2019 | $17,177 | $17,272 | $17,108 |
2020 | $14,639 | $14,740 | $19,153 |
2021 | $22,858 | $23,031 | $26,134 |
2022 | $21,461 | $21,641 | $24,921 |
2023 | $22,844 | $23,054 | $28,165 |
2024 | $28,950 | $29,244 | $34,403 |
AVERAGE ANNUAL TOTAL RETURNS:
1 Year | 5 Years | 10 Years | |
---|---|---|---|
Fidelity® MSCI Financials Index ETF - NAV | 26.73% | 11.00% | 11.22% |
Fidelity® MSCI Financials Index ETF - Market Price | 26.60% | 11.00% | 11.19% |
Fidelity MSCI Financials Index ETF Capped Linked IndexFootnote ReferenceSM | 26.85% | 11.11% | 11.33% |
S&P 500® Index | 22.15% | 15.00% | 13.15% |
Visit www.fidelity.com for more recent performance information.
The Fund's past performance is not a good predictor of the Funds's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of July 31, 2024)
FUND STATISTICS | |
---|---|
Total Net Assets | $1,709,627,047 |
Number of Holdings | 399 |
Portfolio Turnover | 3% |
Total Advisory Fee | $1,251,442 |
What did the Fund invest in?
(as of July 31, 2024)
GEOGRAPHIC DIVERSIFICATION
(% of Fund's net assets)
Value | Value |
---|---|
United States Of America - | 98.7 |
Bermuda - | 0.6 |
Ireland - | 0.4 |
Puerto Rico - | 0.2 |
United Kingdom - | 0.1 |
Kazakhstan - | 0.0 |
TOP HOLDINGS
(% of Fund's net assets)
JPMorgan Chase & Co. | 8.6 |
Berkshire Hathaway, Inc., Class B | 8.1 |
Visa, Inc., Class A | 5.9 |
Mastercard, Inc., Class A | 5.5 |
Bank of America Corp. | 4.0 |
Wells Fargo & Co. | 3.0 |
Goldman Sachs Group, Inc. | 2.3 |
S&P Global, Inc. | 2.2 |
American Express Co. | 2.1 |
BlackRock, Inc. | 1.8 |
43.5 |
What did the Fund invest in?
(as of July 31, 2024)
TOP INDUSTRIES
(% of Fund's net assets)
Banks | 27.7 |
Financial Services | 26.2 |
Capital Markets | 23.4 |
Insurance | 17.2 |
Consumer Finance | 4.5 |
Mortgage Real Estate Investment Trusts (reits) | 0.7 |
All Others | 0.3 |
ASSET ALLOCATION
(% of Fund's net assets)
Value | Value |
---|---|
Common Stocks - | 99.7 |
Short-Term Investments and Net Other Assets (Liabilities) - | 0.3 |
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.
1.9913521.100 2569-TSRA-0924
Annual Shareholder Report | as of July 31, 2024
Fidelity® MSCI Health Care Index ETF
Fidelity® MSCI Health Care Index ETF: FHLC
Principal Listing Exchange: NYSEArca
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Fidelity® MSCI Health Care Index ETF | $9 | 0.08% |
This Annual shareholder report contains important information about Fidelity® MSCI Health Care Index ETF for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
What affected the Fund's performance this period?
• U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve’s likely pivot to cutting interest rates later this year.
• Against this backdrop, the biotechnology industry gained 26% and contributed most to the fund's performance for the fiscal year. Pharmaceuticals stocks (+16%) also helped. Managed health care rose 12%, life sciences tools & services gained about 11%, and health care distributors advanced approximately 32%. Another contributor was the health care facilities (+36%) subindustry.
• Conversely, health care supplies (-19%) detracted most. Health care technology (-20%) and environmental & facilities services (0%) also hurt.
• Turning to individual stocks, the biggest contributor was Eli Lilly (+78%), from the pharmaceuticals subindustry. AbbVie (+29%) and Amgen (+46%), from the biotechnology subindustry, also boosted the fund. UnitedHealth Group (+16%), from the managed health care subindustry, contributed. Lastly, in health care equipment, Intuitive Surgical (+37%) also boosted the fund.
• In contrast, notable detractors were pharmaceuticals firms Bristol-Myers Squibb (-20%) and Pfizer (-10%). In health care equipment, Dexcom (-46%) hindered the fund. CVS Health (-16%), a stock in the health care services subindustry, also detracted, as did managed health care firm Humana (-20%).
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
July 31, 2014 through July 31, 2024.
Initial investment of $10,000.
$28,396 Fidelity® MSCI Health Care Index ETF | $28,669 Fidelity MSCI Health Care Index ETF Capped Linked IndexFootnote ReferenceSM | $34,403 S&P 500® Index | |
---|---|---|---|
2014 | $10,000 | $10,000 | $10,000 |
2015 | $13,038 | $13,062 | $11,121 |
2016 | $12,685 | $12,716 | $11,745 |
2017 | $13,862 | $13,909 | $13,629 |
2018 | $15,988 | $16,062 | $15,843 |
2019 | $16,602 | $16,693 | $17,108 |
2020 | $19,871 | $19,998 | $19,153 |
2021 | $25,417 | $25,603 | $26,134 |
2022 | $24,574 | $24,771 | $24,921 |
2023 | $25,226 | $25,447 | $28,165 |
2024 | $28,396 | $28,669 | $34,403 |
AVERAGE ANNUAL TOTAL RETURNS:
1 Year | 5 Years | 10 Years | |
---|---|---|---|
Fidelity® MSCI Health Care Index ETF - NAV | 12.57% | 11.33% | 11.00% |
Fidelity® MSCI Health Care Index ETF - Market Price | 12.53% | 11.31% | 10.98% |
Fidelity MSCI Health Care Index ETF Capped Linked IndexFootnote ReferenceSM | 12.66% | 11.42% | 11.11% |
S&P 500® Index | 22.15% | 15.00% | 13.15% |
Visit www.fidelity.com for more recent performance information.
The Fund's past performance is not a good predictor of the Funds's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of July 31, 2024)
FUND STATISTICS | |
---|---|
Total Net Assets | $3,054,716,194 |
Number of Holdings | 366 |
Portfolio Turnover | 5% |
Total Advisory Fee | $2,532,346 |
What did the Fund invest in?
(as of July 31, 2024)
GEOGRAPHIC DIVERSIFICATION
(% of Fund's net assets)
Value | Value |
---|---|
United States Of America - | 99.0 |
Ireland - | 0.7 |
Canada - | 0.1 |
Switzerland - | 0.1 |
United Kingdom - | 0.1 |
Netherlands - | 0.0 |
Costa Rica - | 0.0 |
Cayman Islands - | 0.0 |
Jersey - | 0.0 |
TOP HOLDINGS
(% of Fund's net assets)
Eli Lilly & Co. | 10.3 |
UnitedHealth Group, Inc. | 8.4 |
Johnson & Johnson | 6.0 |
AbbVie, Inc. | 5.2 |
Merck & Co., Inc. | 4.5 |
Thermo Fisher Scientific, Inc. | 3.7 |
Danaher Corp. | 3.1 |
Abbott Laboratories | 2.9 |
Amgen, Inc. | 2.8 |
Pfizer, Inc. | 2.7 |
49.6 |
What did the Fund invest in?
(as of July 31, 2024)
TOP INDUSTRIES
(% of Fund's net assets)
Pharmaceuticals | 28.0 |
Health Care Providers & Services | 21.1 |
Biotechnology | 19.9 |
Health Care Equipment & Supplies | 18.7 |
Life Sciences Tools & Services | 11.3 |
Health Care Technology | 0.7 |
All Others | 0.3 |
ASSET ALLOCATION
(% of Fund's net assets)
Value | Value |
---|---|
Common Stocks - | 99.7 |
Short-Term Investments and Net Other Assets (Liabilities) - | 0.3 |
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.
1.9913522.100 2570-TSRA-0924
Annual Shareholder Report | as of July 31, 2024
Fidelity® MSCI Industrials Index ETF
Fidelity® MSCI Industrials Index ETF: FIDU
Principal Listing Exchange: NYSEArca
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Fidelity® MSCI Industrials Index ETF | $9 | 0.08% |
This Annual shareholder report contains important information about Fidelity® MSCI Industrials Index ETF for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
What affected the Fund's performance this period?
• U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve’s likely pivot to cutting interest rates later this year.
• Against this backdrop, aerospace & defense gained 32% and contributed most to the fund's performance versus the benchmark for the fiscal year. Building products, which gained 31%, also helped, as did trading companies & distributors, which advanced 36%.
• Conversely, air freight & logistics returned about -13% and detracted most. Agricultural & farm machinery (-12%) and human resource & employment services (-2%) also hurt.
• Turning to individual stocks, the top contributor was General Electric (+88%), from the aerospace & defense subindustry. Within the same subindustry, Raytheon Technologies (+37%) helped. Caterpillar (+33%), a stock in the construction machinery & heavy transportation equipment subindustry, helped.
• In contrast, the biggest detractor was United Parcel Service (-27%), from the air freight & logistics subindustry. In aerospace & defense, Boeing returned -20% and hurt the fund. Another notable detractor was Deere & (-12%), a stock in the agricultural & farm machinery subindustry.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
July 31, 2014 through July 31, 2024.
Initial investment of $10,000.
$30,289 Fidelity® MSCI Industrials Index ETF | $30,587 Fidelity MSCI Industrials Index ETF Capped Linked IndexFootnote ReferenceSM | $34,403 S&P 500® Index | |
---|---|---|---|
2014 | $10,000 | $10,000 | $10,000 |
2015 | $10,615 | $10,625 | $11,121 |
2016 | $11,617 | $11,644 | $11,745 |
2017 | $13,718 | $13,762 | $13,629 |
2018 | $15,786 | $15,855 | $15,843 |
2019 | $16,296 | $16,378 | $17,108 |
2020 | $15,589 | $15,683 | $19,153 |
2021 | $22,943 | $23,104 | $26,134 |
2022 | $21,313 | $21,479 | $24,921 |
2023 | $25,398 | $25,619 | $28,165 |
2024 | $30,289 | $30,587 | $34,403 |
AVERAGE ANNUAL TOTAL RETURNS:
1 Year | 5 Years | 10 Years | |
---|---|---|---|
Fidelity® MSCI Industrials Index ETF - NAV | 19.26% | 13.20% | 11.72% |
Fidelity® MSCI Industrials Index ETF - Market Price | 19.21% | 13.19% | 11.72% |
Fidelity MSCI Industrials Index ETF Capped Linked IndexFootnote ReferenceSM | 19.40% | 13.31% | 11.83% |
S&P 500® Index | 22.15% | 15.00% | 13.15% |
Visit www.fidelity.com for more recent performance information.
The Fund's past performance is not a good predictor of the Funds's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of July 31, 2024)
FUND STATISTICS | |
---|---|
Total Net Assets | $1,242,225,814 |
Number of Holdings | 367 |
Portfolio Turnover | 4% |
Total Advisory Fee | $796,916 |
What did the Fund invest in?
(as of July 31, 2024)
GEOGRAPHIC DIVERSIFICATION
(% of Fund's net assets)
Value | Value |
---|---|
United States Of America - | 97.7 |
United Kingdom - | 1.1 |
Canada - | 0.9 |
Ireland - | 0.3 |
TOP HOLDINGS
(% of Fund's net assets)
General Electric Co. | 3.6 |
Caterpillar, Inc. | 3.4 |
RTX Corp. | 3.0 |
Union Pacific Corp. | 2.9 |
Honeywell International, Inc. | 2.6 |
Eaton Corp. PLC | 2.4 |
Uber Technologies, Inc. | 2.4 |
Lockheed Martin Corp. | 2.3 |
Boeing Co. | 2.2 |
Automatic Data Processing, Inc. | 2.1 |
26.9 |
What did the Fund invest in?
(as of July 31, 2024)
TOP INDUSTRIES
(% of Fund's net assets)
Machinery | 19.6 |
Aerospace & Defense | 19.5 |
Ground Transportation | 10.2 |
Professional Services | 9.2 |
Electrical Equipment | 8.6 |
Building Products | 7.7 |
Commercial Services & Supplies | 8.0 |
Trading Companies & Distributors | 5.7 |
Air Freight & Logistics | 4.0 |
Industrial Conglomerates | 4.0 |
Construction & Engineering | 2.9 |
All Others | 0.2 |
Passenger Airlines | 0.3 |
Marine Transportation | 0.1 |
ASSET ALLOCATION
(% of Fund's net assets)
Value | Value |
---|---|
Common Stocks - | 99.8 |
Short-Term Investments and Net Other Assets (Liabilities) - | 0.2 |
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.
1.9913523.100 2571-TSRA-0924
Annual Shareholder Report | as of July 31, 2024
Fidelity® MSCI Information Technology Index ETF
Fidelity® MSCI Information Technology Index ETF: FTEC
Principal Listing Exchange: NYSEArca
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Fidelity® MSCI Information Technology Index ETF | $9 | 0.08% |
This Annual shareholder report contains important information about Fidelity® MSCI Information Technology Index ETF for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
What affected the Fund's performance this period?
• U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve’s likely pivot to cutting interest rates later this year.
• Against this backdrop, semiconductors gained approximately 64% and contributed most to the fund's performance for the fiscal year. Systems software, which gained roughly 24%, also helped, as did the application software subindustry (+12%).
• The semiconductor materials & equipment segment gained about 24% the past year, and IT consulting & other services advanced 19%.
• Conversely, internet services & infrastructure returned -7% and detracted most. Transaction & payment processing services (0%) and electrical components & equipment (0%) also hurt.
• Turning to individual stocks, the top contributor was Nvidia (+149%), from the semiconductors subindustry. From the same subindustry, Broadcom (+83%) and Qualcomm (+40%) boosted the fund’s performance. Microsoft (+25%), a stock in the systems software subindustry, helped. Lastly, Apple (+14%), from the technology hardware, storage & peripherals subindustry, added value.
• In contrast, the biggest detractor was Intel (-13%), from the semiconductors subindustry. Another notable detractor was SolarEdge Technologies (-88%), a stock in the semiconductor materials & equipment subindustry. In internet services & infrastructure, Snowflake (-26%) and MongoDB (-40%) hurt the fund's performance. Lastly, in systems software, Fortinet returned -25% and also hurt.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
July 31, 2014 through July 31, 2024.
Initial investment of $10,000.
$64,014 Fidelity® MSCI Information Technology Index ETF | $64,542 Fidelity MSCI Information Technology Index ETF Capped Linked IndexFootnote ReferenceSM | $34,403 S&P 500® Index | |
---|---|---|---|
2014 | $10,000 | $10,000 | $10,000 |
2015 | $11,298 | $11,308 | $11,121 |
2016 | $12,247 | $12,266 | $11,745 |
2017 | $15,779 | $15,823 | $13,629 |
2018 | $20,186 | $20,267 | $15,843 |
2019 | $23,403 | $23,517 | $17,108 |
2020 | $32,059 | $32,249 | $19,153 |
2021 | $45,067 | $45,374 | $26,134 |
2022 | $40,826 | $41,133 | $24,921 |
2023 | $50,567 | $50,995 | $28,165 |
2024 | $64,014 | $64,542 | $34,403 |
AVERAGE ANNUAL TOTAL RETURNS:
1 Year | 5 Years | 10 Years | |
---|---|---|---|
Fidelity® MSCI Information Technology Index ETF - NAV | 26.59% | 22.29% | 20.40% |
Fidelity® MSCI Information Technology Index ETF - Market Price | 26.71% | 22.31% | 20.40% |
Fidelity MSCI Information Technology Index ETF Capped Linked IndexFootnote ReferenceSM | 26.56% | 22.37% | 20.50% |
S&P 500® Index | 22.15% | 15.00% | 13.15% |
Visit www.fidelity.com for more recent performance information.
The Fund's past performance is not a good predictor of the Funds's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of July 31, 2024)
FUND STATISTICS | |
---|---|
Total Net Assets | $11,471,168,304 |
Number of Holdings | 293 |
Portfolio Turnover | 10% |
Total Advisory Fee | $7,253,609 |
What did the Fund invest in?
(as of July 31, 2024)
GEOGRAPHIC DIVERSIFICATION
(% of Fund's net assets)
Value | Value |
---|---|
United States Of America - | 98.9 |
China - | 0.5 |
Singapore - | 0.2 |
United Kingdom - | 0.2 |
Israel - | 0.1 |
Thailand - | 0.1 |
Canada - | 0.0 |
TOP HOLDINGS
(% of Fund's net assets)
Apple, Inc. | 17.2 |
Microsoft Corp. | 15.8 |
NVIDIA Corp. | 14.3 |
Broadcom, Inc. | 4.8 |
Salesforce, Inc. | 1.7 |
Adobe, Inc. | 1.7 |
Advanced Micro Devices, Inc. | 1.6 |
Oracle Corp. | 1.5 |
Accenture PLC, Class A | 1.4 |
QUALCOMM, Inc. | 1.4 |
61.4 |
What did the Fund invest in?
(as of July 31, 2024)
TOP INDUSTRIES
(% of Fund's net assets)
Software | 34.7 |
Semiconductors & Semiconductor Equipment | 33.4 |
Technology Hardware, Storage & Peripherals | 19.0 |
It Services | 5.1 |
Electronic Equipment, Instruments & Components | 4.5 |
Communications Equipment | 3.2 |
All Others | 0.1 |
ASSET ALLOCATION
(% of Fund's net assets)
Value | Value |
---|---|
Common Stocks - | 99.9 |
Short-Term Investments and Net Other Assets (Liabilities) - | 0.1 |
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.
1.9913524.100 2572-TSRA-0924
Annual Shareholder Report | as of July 31, 2024
Fidelity® MSCI Materials Index ETF
Fidelity® MSCI Materials Index ETF: FMAT
Principal Listing Exchange: NYSEArca
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Fidelity® MSCI Materials Index ETF | $8 | 0.08% |
This Annual shareholder report contains important information about Fidelity® MSCI Materials Index ETF for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
What affected the Fund's performance this period?
• U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve’s likely pivot to cutting interest rates later this year.
• Against this backdrop, specialty chemicals – the MSCI index’s largest subindustry weighting, at about 26% of assets – gained 9% and contributed most to the fund's performance for the fiscal year. Industrial gases, which gained 10%, also helped, as did construction materials, which advanced 31%. The paper & plastic packaging products & materials subindustry rose roughly 22%, while steel gained about 14%, and gold advanced about 20%. Other contributors included the commodity chemicals (+4%), copper (+3%), and metal, glass & plastic containers (+4%) subindustries.
• Conversely, fertilizers & agricultural chemicals returned approximately -9% and detracted most. Diversified metals & mining (-37%) and diversified chemicals (-24%) also hurt.
• Turning to individual stocks, the top contributor was Linde (+18%), from the industrial gases subindustry. Sherwin Williams (+28%) and Ecolab (+27%), within specialty chemicals, also boosted the fund. In gold, Newmont gained 18%. Lastly, Martin Marietta Materials (+34%), from the construction materials subindustry, also contributed.
• In contrast, the biggest detractor was Albemarle (-55%), from the specialty chemicals subindustry. Within the same subindustry, Arcadium Lithium (-53%) and PPG Industries (-10%) detracted. In industrial gases, Air Products & Chemicals returned -11%. Lastly, FMC (-37%), from the fertilizers & agricultural chemicals subindustry, also hurt the fund's performance.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
July 31, 2014 through July 31, 2024.
Initial investment of $10,000.
$22,827 Fidelity® MSCI Materials Index ETF | $22,952 Fidelity MSCI Materials Index ETF Capped Linked IndexFootnote ReferenceSM | $34,403 S&P 500® Index | |
---|---|---|---|
2014 | $10,000 | $10,000 | $10,000 |
2015 | $9,533 | $9,533 | $11,121 |
2016 | $10,421 | $10,433 | $11,745 |
2017 | $12,105 | $12,130 | $13,629 |
2018 | $13,502 | $13,524 | $15,843 |
2019 | $12,959 | $12,998 | $17,108 |
2020 | $13,384 | $13,438 | $19,153 |
2021 | $19,407 | $19,461 | $26,134 |
2022 | $18,499 | $18,566 | $24,921 |
2023 | $20,795 | $20,890 | $28,165 |
2024 | $22,827 | $22,952 | $34,403 |
AVERAGE ANNUAL TOTAL RETURNS:
1 Year | 5 Years | 10 Years | |
---|---|---|---|
Fidelity® MSCI Materials Index ETF - NAV | 9.77% | 11.99% | 8.60% |
Fidelity® MSCI Materials Index ETF - Market Price | 9.90% | 11.99% | 8.60% |
Fidelity MSCI Materials Index ETF Capped Linked IndexFootnote ReferenceSM | 9.87% | 12.04% | 8.66% |
S&P 500® Index | 22.15% | 15.00% | 13.15% |
Visit www.fidelity.com for more recent performance information.
The Fund's past performance is not a good predictor of the Funds's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of July 31, 2024)
FUND STATISTICS | |
---|---|
Total Net Assets | $538,234,027 |
Number of Holdings | 114 |
Portfolio Turnover | 9% |
Total Advisory Fee | $403,865 |
What did the Fund invest in?
(as of July 31, 2024)
GEOGRAPHIC DIVERSIFICATION
(% of Fund's net assets)
Value | Value |
---|---|
United States Of America - | 98.3 |
Jersey - | 1.1 |
Jersey, Channel Islands - | 0.2 |
Luxembourg - | 0.2 |
United Kingdom - | 0.1 |
Canada - | 0.0 |
TOP HOLDINGS
(% of Fund's net assets)
Linde PLC | 15.4 |
Sherwin-Williams Co. | 6.0 |
Freeport-McMoRan, Inc. | 4.6 |
Ecolab, Inc. | 4.2 |
CRH PLC | 4.2 |
Air Products & Chemicals, Inc. | 4.1 |
Newmont Corp. | 4.0 |
Nucor Corp. | 2.8 |
Corteva, Inc. | 2.8 |
Dow, Inc. | 2.7 |
50.8 |
What did the Fund invest in?
(as of July 31, 2024)
TOP INDUSTRIES
(% of Fund's net assets)
Chemicals | 56.4 |
Metals & Mining | 20.1 |
Containers & Packaging | 11.9 |
Construction Materials | 10.7 |
Paper & Forest Products | 0.7 |
All Others | 0.1 |
ASSET ALLOCATION
(% of Fund's net assets)
Value | Value |
---|---|
Common Stocks - | 99.8 |
Short-Term Investments and Net Other Assets (Liabilities) - | 0.2 |
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.
1.9913525.100 2573-TSRA-0924
Annual Shareholder Report | as of July 31, 2024
Fidelity® MSCI Real Estate Index ETF
Fidelity® MSCI Real Estate Index ETF: FREL
Principal Listing Exchange: NYSEArca
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Fidelity® MSCI Real Estate Index ETF | $8 | 0.08% |
This Annual shareholder report contains important information about Fidelity® MSCI Real Estate Index ETF for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
What affected the Fund's performance this period?
• U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve’s likely pivot to cutting interest rates later this year.
• Against this backdrop, the retail real estate industry gained roughly 15% and contributed most to the fund's performance for the fiscal year. Stakes in health care real estate investment trusts, which rose 17%, also helped, as did telecom tower REITs (+14%). Additional standouts included the other specialized category (+23%), in addition to self-storage and multi-family residential firms, which increased 14% and 9%, respectively. Other key contributors included data center (+8%), real estate services (+9%), industrial (+5%), office (+19%), diversified (+4%) and hotel & resort (+3%) REITs.
• Conversely, the timber category returned approximately -5% and notably detracted. Exposure to real estate operating companies (-20%) and real estate development (-8%) firms also hurt.
• Turning to individual stocks, the biggest contributor was American Tower (+20%), within the telecom tower industry. Health care REIT Welltower (+39%) was another plus. Among other specialized real estate stocks, Iron Mountain gained 73% and further aided performance. In retail, Simon Property Group (+30%) boosted performance as well. Lastly, CBRE Group (+35%), a stock in the real estate services industry, also helped.
• In contrast, the biggest detractor was Medical Properties Trust (-46%), from the health care industry. Stakes in real estate services REITs CoStar Group (-7%) and Opendoor Technologies (-55%) hindered the fund as well. A position in W.P. Carey (-7%), a stock in the diversified category, also hurt. Lastly, timber firm Weyerhaeuser (-4%) further pressured the fund's performance.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
February 2, 2015 through July 31, 2024.
Initial investment of $10,000.
$16,102 Fidelity® MSCI Real Estate Index ETF | $16,251 Fidelity MSCI Real Estate Index ETF Capped Linked IndexFootnote ReferenceSM | $32,540 S&P 500® Index | |
---|---|---|---|
2/2/2015 | $10,000 | $10,000 | $10,000 |
2015 | $9,451 | $9,432 | $10,518 |
2016 | $11,272 | $11,275 | $11,109 |
2017 | $11,101 | $11,109 | $12,891 |
2018 | $11,604 | $11,621 | $14,985 |
2019 | $13,134 | $13,157 | $16,181 |
2020 | $12,442 | $12,498 | $18,116 |
2021 | $16,869 | $16,984 | $24,719 |
2022 | $16,151 | $16,254 | $23,572 |
2023 | $14,560 | $14,668 | $26,640 |
2024 | $16,102 | $16,251 | $32,540 |
AVERAGE ANNUAL TOTAL RETURNS:
1 Year | 5 Years | Since Inception 2/2/15 | |
---|---|---|---|
Fidelity® MSCI Real Estate Index ETF - NAV | 10.59% | 4.16% | 5.14% |
Fidelity® MSCI Real Estate Index ETF - Market Price | 10.74% | 4.16% | 4.98% |
Fidelity MSCI Real Estate Index ETF Capped Linked IndexFootnote ReferenceSM | 10.79% | 4.32% | 5.25% |
S&P 500® Index | 22.15% | 15.00% | 13.23% |
Visit www.fidelity.com for more recent performance information.
The Fund's past performance is not a good predictor of the Funds's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of July 31, 2024)
FUND STATISTICS | |
---|---|
Total Net Assets | $992,512,356 |
Number of Holdings | 148 |
Portfolio Turnover | 6% |
Total Advisory Fee | $788,040 |
What did the Fund invest in?
(as of July 31, 2024)
GEOGRAPHIC DIVERSIFICATION
(% of Fund's net assets)
Value | Value |
---|---|
United States Of America - | 100.0 |
TOP HOLDINGS
(% of Fund's net assets)
Prologis, Inc. | 8.1 |
American Tower Corp. | 7.1 |
Equinix, Inc. | 5.2 |
Welltower, Inc. | 4.4 |
Simon Property Group, Inc. | 3.5 |
Realty Income Corp. | 3.4 |
Crown Castle, Inc. | 3.3 |
Digital Realty Trust, Inc. | 3.3 |
Public Storage | 3.3 |
CBRE Group, Inc., Class A | 2.4 |
44.0 |
What did the Fund invest in?
(as of July 31, 2024)
TOP INDUSTRIES
(% of Fund's net assets)
Specialized Reits | 36.1 |
Retail Reits | 13.2 |
Residential Reits | 12.8 |
Industrial Reits | 11.9 |
Health Care Reits | 10.7 |
Real Estate Management & Development | 7.4 |
Office Reits | 3.2 |
Hotel & Resort Reits | 2.5 |
Diversified Reits | 2.0 |
All Others | 0.2 |
ASSET ALLOCATION
(% of Fund's net assets)
Value | Value |
---|---|
Common Stocks - | 99.8 |
Short-Term Investments and Net Other Assets (Liabilities) - | 0.2 |
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.
1.9913529.100 2735-TSRA-0924
Annual Shareholder Report | as of July 31, 2024
Fidelity® MSCI Utilities Index ETF
Fidelity® MSCI Utilities Index ETF: FUTY
Principal Listing Exchange: NYSEArca
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
---|---|---|
Fidelity® MSCI Utilities Index ETF | $9 | 0.08% |
This Annual shareholder report contains important information about Fidelity® MSCI Utilities Index ETF for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.
What affected the Fund's performance this period?
• U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve’s likely pivot to cutting interest rates later this year.
• Against this backdrop, electric utilities – representing roughly 62% of the MSCI index – gained 15% and contributed most to the fund's performance for the fiscal year. Multi-utilities stocks also helped, gaining approximately 8%. The independent power producers AND energy traders subindustry, representing only about 3% of the index, rose roughly 65%. Gas utilities (+6%) also contributed.
• Conversely, renewable electricity returned approximately -24% and detracted most. Water utilities (-2%) also hurt.
• Turning to individual stocks, the top contributor was Constellation Energy (+98%), from the electric utilities subindustry. From the same subindustry, Southern (+20%), Duke Energy (+22%) and NextEra Energy (+7%) also helped. Lastly, in independent power producers & energy traders, Vistra gained roughly 187% and further lifted the fund.
• In contrast, the biggest detractor was Exelon (-8%), from the electric utilities subindustry. Within the same subindustry, Hawaiian Electric Industries (-55%) and Eversource Energy (-6%) also hurt. AES, within the independent power producers & energy traders subindustry, returned roughly -15%. Lastly, NextEra Energy Partners, the yield company subsidiary of NextEra Energy within the renewable electricity subindustry, returned -48%.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
July 31, 2014 through July 31, 2024.
Initial investment of $10,000.
$24,271 Fidelity® MSCI Utilities Index ETF | $24,555 Fidelity MSCI Utilities Index ETF Capped Linked IndexFootnote ReferenceSM | $34,403 S&P 500® Index | |
---|---|---|---|
2014 | $10,000 | $10,000 | $10,000 |
2015 | $10,913 | $10,928 | $11,121 |
2016 | $13,485 | $13,526 | $11,745 |
2017 | $14,378 | $14,441 | $13,629 |
2018 | $14,928 | $15,016 | $15,843 |
2019 | $17,306 | $17,428 | $17,108 |
2020 | $17,848 | $17,998 | $19,153 |
2021 | $20,072 | $20,260 | $26,134 |
2022 | $23,102 | $23,332 | $24,921 |
2023 | $21,571 | $21,803 | $28,165 |
2024 | $24,271 | $24,555 | $34,403 |
AVERAGE ANNUAL TOTAL RETURNS:
1 Year | 5 Years | 10 Years | |
---|---|---|---|
Fidelity® MSCI Utilities Index ETF - NAV | 12.51% | 7.00% | 9.27% |
Fidelity® MSCI Utilities Index ETF - Market Price | 12.41% | 6.97% | 9.26% |
Fidelity MSCI Utilities Index ETF Capped Linked IndexFootnote ReferenceSM | 12.62% | 7.10% | 9.40% |
S&P 500® Index | 22.15% | 15.00% | 13.15% |
Visit www.fidelity.com for more recent performance information.
The Fund's past performance is not a good predictor of the Funds's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key Fund Statistics
(as of July 31, 2024)
FUND STATISTICS | |
---|---|
Total Net Assets | $1,245,081,474 |
Number of Holdings | 66 |
Portfolio Turnover | 3% |
Total Advisory Fee | $1,118,301 |
What did the Fund invest in?
(as of July 31, 2024)
GEOGRAPHIC DIVERSIFICATION
(% of Fund's net assets)
Value | Value |
---|---|
United States Of America - | 100.0 |
TOP HOLDINGS
(% of Fund's net assets)
NextEra Energy, Inc. | 12.9 |
Southern Co. | 7.5 |
Duke Energy Corp. | 6.9 |
Constellation Energy Corp. | 4.9 |
American Electric Power Co., Inc. | 4.2 |
Sempra | 4.2 |
Dominion Energy, Inc. | 3.7 |
Public Service Enterprise Group, Inc. | 3.3 |
Exelon Corp. | 3.1 |
PG&E Corp. | 3.0 |
53.7 |
What did the Fund invest in?
(as of July 31, 2024)
TOP INDUSTRIES
(% of Fund's net assets)
Electric Utilities | 62.5 |
Multi-utilities | 25.0 |
Independent Power And Renewable Electricity Producers | 4.2 |
Water Utilities | 4.1 |
Gas Utilities | 4.0 |
All Others | 0.2 |
ASSET ALLOCATION
(% of Fund's net assets)
Value | Value |
---|---|
Common Stocks - | 99.8 |
Short-Term Investments and Net Other Assets (Liabilities) - | 0.2 |
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec.
1.9913527.100 2575-TSRA-0924
Item 2. | Code of Ethics |
As of the end of the period, July 31, 2024, Fidelity Covington Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3. | Audit Committee Financial Expert |
The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.
Item 4. | Principal Accountant Fees and Services |
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity MSCI Communication Services Index ETF, Fidelity MSCI Consumer Discretionary Index ETF, Fidelity MSCI Consumer Staples Index ETF, Fidelity MSCI Energy Index ETF, Fidelity MSCI Financials Index ETF, Fidelity MSCI Health Care Index ETF, Fidelity MSCI Industrials Index ETF, Fidelity MSCI Information Technology Index ETF, Fidelity MSCI Materials Index ETF, Fidelity MSCI Real Estate Index ETF, and Fidelity MSCI Utilities Index ETF (the “Funds”):
Services Billed by Deloitte Entities
July 31, 2024 FeesA
Audit Fees | Audit- Related Fees | Tax Fees | All Other Fees | |||||||||||||
Fidelity MSCI Communication Services Index ETF | $ | 12,900 | $ | — | $ | 5,100 | $ | 400 | ||||||||
Fidelity MSCI Consumer Discretionary Index ETF | $ | 12,900 | $ | — | $ | 5,100 | $ | 400 | ||||||||
Fidelity MSCI Consumer Staples Index ETF | $ | 12,900 | $ | — | $ | 5,100 | $ | 400 | ||||||||
Fidelity MSCI Energy Index ETF | $ | 13,000 | $ | — | $ | 5,100 | $ | 400 | ||||||||
Fidelity MSCI Financials Index ETF | $ | 13,000 | $ | — | $ | 5,100 | $ | 400 | ||||||||
Fidelity MSCI Health Care Index ETF | $ | 13,000 | $ | — | $ | 5,100 | $ | 400 | ||||||||
Fidelity MSCI Industrials Index ETF | $ | 12,900 | $ | — | $ | 5,100 | $ | 400 | ||||||||
Fidelity MSCI Information Technology Index ETF | $ | 13,200 | $ | — | $ | 5,100 | $ | 400 | ||||||||
Fidelity MSCI Materials Index ETF | $ | 12,900 | $ | — | $ | 5,100 | $ | 400 | ||||||||
Fidelity MSCI Real Estate Index ETF | $ | 12,900 | $ | — | $ | 5,100 | $ | 400 | ||||||||
Fidelity MSCI Utilities Index ETF | $ | 13,000 | $ | — | $ | 5,100 | $ | 400 |
July 31, 2023 FeesA
Audit Fees | Audit- Related Fees | Tax Fees | All Other Fees | |||||||||||||
Fidelity MSCI Communication Services Index ETF | $ | 14,000 | $ | — | $ | 3,800 | $ | 400 | ||||||||
Fidelity MSCI Consumer Discretionary Index ETF | $ | 14,000 | $ | — | $ | 3,800 | $ | 400 | ||||||||
Fidelity MSCI Consumer Staples Index ETF | $ | 14,000 | $ | — | $ | 3,800 | $ | 400 | ||||||||
Fidelity MSCI Energy Index ETF | $ | 14,000 | $ | — | $ | 3,800 | $ | 400 | ||||||||
Fidelity MSCI Financials Index ETF | $ | 14,000 | $ | — | $ | 3,800 | $ | 400 | ||||||||
Fidelity MSCI Health Care Index ETF | $ | 14,100 | $ | — | $ | 3,800 | $ | 400 | ||||||||
Fidelity MSCI Industrials Index ETF | $ | 14,000 | $ | — | $ | 3,800 | $ | 400 | ||||||||
Fidelity MSCI Information Technology Index ETF | $ | 14,100 | $ | — | $ | 3,800 | $ | 400 | ||||||||
Fidelity MSCI Materials Index ETF | $ | 14,000 | $ | — | $ | 3,800 | $ | 400 | ||||||||
Fidelity MSCI Real Estate Index ETF | $ | 14,000 | $ | — | $ | 3,800 | $ | 400 | ||||||||
Fidelity MSCI Utilities Index ETF | $ | 14,100 | $ | — | $ | 3,800 | $ | 400 |
A | Amounts may reflect rounding. |
The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC (“FMR”) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by Deloitte Entities
July 31, 2024A | July 31, 2023A | |||||||
Audit-Related Fees | $ | 200,000 | $ | 80,000 | ||||
Tax Fees | $ | — | $ | — | ||||
All Other Fees | $ | 1,929,500 | $ | — |
A | Amounts may reflect rounding. |
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund’s financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | July 31, 2024A | July 31, 2023A | ||||||
Deloitte Entities | $ | 5,035,700 | $ | 3,370,400 |
A | Amounts may reflect rounding. |
The trust’s Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
Item 5. | Audit Committee of Listed Registrants |
The Audit Committee is a separately-designated standing audit committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. As of July 31, 2024, the members of the Audit Committee were Donald Donahue, Thomas Bostick, Thomas Kennedy and Susan Tomasky.
Item 6. | Investments |
(a) | Not applicable. |
(b) | Not applicable. |
Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies |
2 |
3 | Annual Report |
Common Stocks – 99.9% | |||
Shares | Value | ||
DIVERSIFIED TELECOMMUNICATION SERVICES – 11.0% | |||
Alternative Carriers – 1.7% | |||
Anterix, Inc. (a) | 11,502 | $463,070 | |
Cogent Communications Holdings, Inc. | 45,706 | 3,226,387 | |
Globalstar, Inc. (a) | 787,442 | 952,805 | |
Iridium Communications, Inc. | 113,188 | 3,248,496 | |
Liberty Global Ltd. Class C (a) | 178,123 | 3,582,053 | |
Liberty Global Ltd. Class A (a) | 169,372 | 3,301,060 | |
Liberty Latin America Ltd. Class A (a) | 36,033 | 377,626 | |
Liberty Latin America Ltd. Class C (a) | 134,270 | 1,423,262 | |
Lumen Technologies, Inc. (a) | 1,046,238 | 3,295,650 | |
19,870,409 | |||
Cable & Satellite – 0.2% | |||
EchoStar Corp. Class A (a) | 130,646 | 2,623,372 | |
Integrated Telecommunication Services – 9.1% | |||
AT&T, Inc. | 2,385,289 | 45,916,813 | |
ATN International, Inc. | 11,179 | 331,681 | |
Consolidated Communications Holdings, Inc. (a) | 77,925 | 358,455 | |
Frontier Communications Parent, Inc. (a) | 193,046 | 5,656,248 | |
IDT Corp. Class B | 17,268 | 660,156 | |
Shenandoah Telecommunications Co. | 48,038 | 1,022,729 | |
Verizon Communications, Inc. | 1,298,228 | 52,604,198 | |
106,550,280 | |||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | 129,044,061 | ||
ENTERTAINMENT – 19.8% | |||
Interactive Home Entertainment – 4.5% | |||
Electronic Arts, Inc. | 137,251 | 20,716,666 | |
ROBLOX Corp. Class A (a) | 405,459 | 16,834,657 | |
Take-Two Interactive Software, Inc. (a) | 102,834 | 15,479,602 | |
53,030,925 | |||
Movies & Entertainment – 15.3% | |||
AMC Entertainment Holdings, Inc. Class A (a) | 273,127 | 1,450,304 | |
Atlanta Braves Holdings, Inc. Class C (a) | 47,161 | 2,048,202 | |
Atlanta Braves Holdings, Inc. Class A (a) | 6,940 | 318,685 | |
Cinemark Holdings, Inc. (a) | 113,328 | 2,672,274 | |
Endeavor Group Holdings, Inc. Class A | 186,635 | 5,117,532 | |
Eventbrite, Inc. Class A (a) | 84,650 | 413,939 | |
IMAX Corp. (a) | 46,636 | 984,020 |
| |||
Shares | Value | ||
Liberty Media Corp.-Liberty Formula One Class C (a) | 178,545 | $14,438,934 | |
Liberty Media Corp.-Liberty Live Class C (a) | 49,412 | 1,928,056 | |
Liberty Media Corp.-Liberty Live Class A (a) | 21,191 | 800,384 | |
Lions Gate Entertainment Corp. Class A (a) | 56,273 | 516,024 | |
Lions Gate Entertainment Corp. Class B (a) | 133,551 | 1,100,460 | |
Live Nation Entertainment, Inc. (a) | 131,910 | 12,688,423 | |
Madison Square Garden Entertainment Corp. (a) | 40,468 | 1,598,081 | |
Madison Square Garden Sports Corp. (a) | 16,086 | 3,223,795 | |
Marcus Corp. | 24,327 | 306,277 | |
Netflix, Inc. (a) | 79,058 | 49,676,094 | |
Roku, Inc. (a) | 130,655 | 7,605,428 | |
Sphere Entertainment Co. (a) | 26,359 | 1,172,448 | |
TKO Group Holdings, Inc. | 76,728 | 8,390,207 | |
Vivid Seats, Inc. Class A (a) | 69,390 | 338,623 | |
Walt Disney Co. | 499,328 | 46,782,040 | |
Warner Bros Discovery, Inc. (a) | 1,767,613 | 15,289,853 | |
178,860,083 | |||
TOTAL ENTERTAINMENT | 231,891,008 | ||
INTERACTIVE MEDIA & SERVICES – 48.8% | |||
Interactive Media & Services – 48.8% | |||
Alphabet, Inc. Class C | 621,247 | 107,568,918 | |
Alphabet, Inc. Class A | 818,894 | 140,473,077 | |
Angi, Inc. (a) | 70,481 | 163,516 | |
Bumble, Inc. Class A (a) | 98,630 | 921,204 | |
Cargurus, Inc. (a) | 87,701 | 2,176,739 | |
Cars.com, Inc. (a) | 64,688 | 1,333,866 | |
EverQuote, Inc. Class A (a) | 25,219 | 657,964 | |
fuboTV, Inc. (a) | 308,878 | 450,962 | |
IAC, Inc. (a) | 80,247 | 4,237,844 | |
Match Group, Inc. (a) | 277,556 | 10,585,986 | |
MediaAlpha, Inc. Class A (a) | 33,713 | 494,570 | |
Meta Platforms, Inc. Class A | 553,513 | 262,824,578 | |
Nextdoor Holdings, Inc. (a) | 166,753 | 473,578 | |
Pinterest, Inc. Class A (a) | 376,024 | 12,013,967 | |
QuinStreet, Inc. (a) | 54,022 | 1,010,211 | |
Rumble, Inc. (a) | 60,397 | 381,709 | |
Shutterstock, Inc. | 25,782 | 1,140,080 | |
Snap, Inc. Class A (a) | 878,648 | 11,703,591 | |
Taboola.com Ltd. (a) | 168,382 | 584,285 | |
TripAdvisor, Inc. (a) | 110,170 | 1,942,297 | |
Vimeo, Inc. (a) | 156,079 | 627,438 | |
Yelp, Inc. (a) | 67,209 | 2,448,424 | |
Ziff Davis, Inc. (a) | 47,577 | 2,277,987 |
Annual Report | 4 |
Common Stocks – continued | |||
Shares | Value | ||
INTERACTIVE MEDIA & SERVICES – continued | |||
Interactive Media & Services – continued | |||
ZipRecruiter, Inc. Class A (a) | 75,468 | $691,287 | |
ZoomInfo Technologies, Inc. (a) | 273,899 | 3,111,493 | |
TOTAL INTERACTIVE MEDIA & SERVICES | 570,295,571 | ||
MEDIA – 16.9% | |||
Advertising – 4.6% | |||
Advantage Solutions, Inc. (a) | 116,284 | 466,299 | |
Boston Omaha Corp. Class A (a) | 25,104 | 369,029 | |
Clear Channel Outdoor Holdings, Inc. (a) | 250,591 | 415,981 | |
Integral Ad Science Holding Corp. (a) | 74,372 | 757,107 | |
Interpublic Group of Cos., Inc. | 390,683 | 12,568,272 | |
Magnite, Inc. (a) | 130,435 | 1,896,525 | |
Omnicom Group, Inc. | 147,701 | 14,480,606 | |
PubMatic, Inc. Class A (a) | 42,894 | 941,952 | |
Stagwell, Inc. (a) | 90,858 | 606,932 | |
TechTarget, Inc. (a) | 26,626 | 852,032 | |
Thryv Holdings, Inc. (a) | 34,993 | 681,664 | |
Trade Desk, Inc. Class A (a) | 211,472 | 19,007,103 | |
53,043,502 | |||
Broadcasting – 2.7% | |||
AMC Networks, Inc. Class A (a) | 28,841 | 321,000 | |
Fox Corp. Class A | 247,817 | 9,426,959 | |
Fox Corp. Class B | 146,389 | 5,186,562 | |
Gray Television, Inc. | 86,904 | 558,793 | |
Nexstar Media Group, Inc. | 34,619 | 6,397,245 | |
Paramount Global Class B | 550,914 | 6,291,438 | |
Sinclair, Inc. | 33,015 | 507,771 | |
TEGNA, Inc. | 182,378 | 2,905,281 | |
31,595,049 | |||
Cable & Satellite – 7.7% | |||
Altice USA, Inc. Class A (a) | 211,186 | 441,379 | |
Cable One, Inc. | 4,650 | 1,922,217 | |
Charter Communications, Inc. Class A (a) | 57,783 | 21,941,361 | |
Comcast Corp. Class A | 1,261,098 | 52,045,514 | |
Liberty Broadband Corp. Class A (a) | 17,017 | 1,126,865 | |
Liberty Broadband Corp. Class C (a) | 120,684 | 8,132,895 | |
Liberty Media Corp.-Liberty SiriusXM Class C (a) | 135,416 | 3,048,214 |
| |||
Shares | Value | ||
Liberty Media Corp.-Liberty SiriusXM Class A (a) | 66,098 | $1,495,137 | |
90,153,582 | |||
Publishing – 1.9% | |||
John Wiley & Sons, Inc. Class A | 44,978 | 2,147,699 | |
New York Times Co. Class A | 161,023 | 8,629,223 | |
News Corp. Class A | 389,448 | 10,740,976 | |
Scholastic Corp. | 25,898 | 811,384 | |
22,329,282 | |||
TOTAL MEDIA | 197,121,415 | ||
WIRELESS TELECOMMUNICATION SERVICES – 3.4% | |||
Wireless Telecommunication Services – 3.4% | |||
GCI Liberty, Inc. Class A (a)(b) | 40,953 | 1 | |
Gogo, Inc. (a) | 66,335 | 602,322 | |
Telephone & Data Systems, Inc. | 104,286 | 2,210,863 | |
T-Mobile U.S., Inc. | 197,261 | 35,956,735 | |
U.S. Cellular Corp. (a) | 16,255 | 873,706 | |
TOTAL WIRELESS TELECOMMUNICATION SERVICES | 39,643,627 | ||
TOTAL COMMON STOCKS (Cost $1,004,944,340) | 1,167,995,682 | ||
Money Market Fund – 0.2% | |||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.21% (c) (Cost $2,580,000) | 2,580,000 | 2,580,000 | |
TOTAL INVESTMENT IN SECURITIES – 100.1% (Cost $1,007,524,340) | 1,170,575,682 | ||
NET OTHER ASSETS (LIABILITIES) – (0.1%) | (805,617) | ||
NET ASSETS – 100.0% | $1,169,770,065 |
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. |
5 | Annual Report |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |
Purchased | |||||
Equity Index Contract | |||||
CME E-mini S&P Communication Service Select Sector Index Contracts (United States) | 15 | September 2024 | $1,694,438 | $(43,494) | $(43,494) |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $1,167,995,682 | $1,167,995,681 | $— | $1 | |||||
Money Market Funds | 2,580,000 | 2,580,000 | — | — | |||||
Total Investments in Securities: | $1,170,575,682 | $1,170,575,681 | $— | $1 | |||||
Derivative Instruments: | |||||||||
Liabilities | |||||||||
Futures Contracts | $(43,494) | $(43,494) | $— | $— | |||||
Total Liabilities | $(43,494) | $(43,494) | $— | $— | |||||
Total Derivative Instruments: | $(43,494) | $(43,494) | $— | $— |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $0 | $(43,494) | |
Total Equity Risk | 0 | (43,494) | |
Total Value of Derivatives | $0 | $(43,494) |
(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). |
Annual Report | 6 |
Common Stocks – 99.8% | |||
Shares | Value | ||
AUTOMOBILE COMPONENTS – 2.3% | |||
Automotive Parts & Equipment – 2.2% | |||
Adient PLC (a) | 46,448 | $1,196,500 | |
American Axle & Manufacturing Holdings, Inc. (a) | 105,652 | 784,994 | |
Aptiv PLC (a) | 90,262 | 6,263,280 | |
Autoliv, Inc. | 27,683 | 2,799,859 | |
BorgWarner, Inc. | 83,864 | 2,961,238 | |
Dana, Inc. | 77,665 | 987,122 | |
Dorman Products, Inc. (a) | 13,746 | 1,393,432 | |
Fox Factory Holding Corp. (a) | 24,209 | 1,292,519 | |
Garrett Motion, Inc. (a) | 84,101 | 736,725 | |
Gentex Corp. | 84,721 | 2,631,434 | |
Gentherm, Inc. (a) | 20,349 | 1,122,858 | |
Holley, Inc. (a) | 62,495 | 246,230 | |
LCI Industries | 12,476 | 1,455,824 | |
Lear Corp. | 21,288 | 2,597,988 | |
Luminar Technologies, Inc. (a) | 331,774 | 550,745 | |
Modine Manufacturing Co. (a) | 20,534 | 2,416,030 | |
Patrick Industries, Inc. | 11,189 | 1,432,863 | |
Phinia, Inc. | 26,550 | 1,186,785 | |
QuantumScape Corp. (a) | 200,505 | 1,295,262 | |
Standard Motor Products, Inc. | 23,697 | 775,603 | |
Stoneridge, Inc. (a) | 33,117 | 556,697 | |
Visteon Corp. (a) | 13,009 | 1,503,060 | |
XPEL, Inc. (a) | 22,219 | 908,091 | |
37,095,139 | |||
Tires & Rubber – 0.1% | |||
Goodyear Tire & Rubber Co. (a) | 128,675 | 1,505,498 | |
TOTAL AUTOMOBILE COMPONENTS | 38,600,637 | ||
AUTOMOBILES – 14.6% | |||
Automobile Manufacturers – 14.5% | |||
Ford Motor Co. | 1,217,211 | 13,170,223 | |
General Motors Co. | 399,240 | 17,694,317 | |
Lucid Group, Inc. (a) | 466,528 | 1,642,179 | |
Rivian Automotive, Inc. Class A (a) | 271,967 | 4,462,978 | |
Tesla, Inc. (a) | 863,712 | 200,441,644 | |
Thor Industries, Inc. | 20,639 | 2,190,623 | |
Winnebago Industries, Inc. | 17,576 | 1,098,852 | |
240,700,816 | |||
Motorcycle Manufacturers – 0.1% | |||
Harley-Davidson, Inc. | 53,891 | 2,020,912 | |
TOTAL AUTOMOBILES | 242,721,728 | ||
BROADLINE RETAIL – 24.7% | |||
Broadline Retail – 24.7% | |||
Amazon.com, Inc. (a) | 1,964,437 | 367,310,430 | |
Dillard's, Inc. Class A | 2,276 | 907,191 | |
eBay, Inc. | 166,823 | 9,277,027 | |
Etsy, Inc. (a) | 44,022 | 2,867,593 |
| |||
Shares | Value | ||
Groupon, Inc. (a) | 28,199 | $375,611 | |
Kohl's Corp. | 53,994 | 1,169,510 | |
Macy's, Inc. | 109,155 | 1,886,198 | |
MercadoLibre, Inc. (a) | 13,975 | 23,322,877 | |
Nordstrom, Inc. | 54,779 | 1,250,605 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 25,780 | 2,517,159 | |
TOTAL BROADLINE RETAIL | 410,884,201 | ||
DISTRIBUTORS – 0.9% | |||
Distributors – 0.9% | |||
A-Mark Precious Metals, Inc. | 1,620 | 62,273 | |
Genuine Parts Co. | 45,293 | 6,663,053 | |
LKQ Corp. | 91,839 | 3,811,318 | |
Pool Corp. | 12,913 | 4,829,979 | |
TOTAL DISTRIBUTORS | 15,366,623 | ||
DIVERSIFIED CONSUMER SERVICES – 1.8% | |||
Education Services – 1.1% | |||
Adtalem Global Education, Inc. (a) | 20,425 | 1,601,524 | |
Bright Horizons Family Solutions, Inc. (a) | 21,001 | 2,525,370 | |
Chegg, Inc. (a) | 123,723 | 421,895 | |
Coursera, Inc. (a) | 105,420 | 980,406 | |
Duolingo, Inc. (a) | 12,299 | 2,114,690 | |
Graham Holdings Co. Class B | 1,700 | 1,317,245 | |
Grand Canyon Education, Inc. (a) | 12,660 | 1,974,327 | |
Laureate Education, Inc. | 73,334 | 1,136,677 | |
Perdoceo Education Corp. | 31,045 | 769,606 | |
Strategic Education, Inc. | 11,251 | 1,185,855 | |
Stride, Inc. (a) | 20,078 | 1,525,527 | |
Udemy, Inc. (a) | 80,199 | 741,039 | |
Universal Technical Institute, Inc. (a) | 50,372 | 954,046 | |
17,248,207 | |||
Specialized Consumer Services – 0.7% | |||
ADT, Inc. | 163,227 | 1,269,906 | |
European Wax Center, Inc. Class A (a) | 37,924 | 356,106 | |
Frontdoor, Inc. (a) | 38,610 | 1,523,551 | |
H&R Block, Inc. | 51,812 | 3,001,987 | |
Mister Car Wash, Inc. (a) | 105,650 | 802,940 | |
OneSpaWorld Holdings Ltd. (a) | 62,424 | 1,004,402 | |
Service Corp. International | 51,539 | 4,118,482 | |
12,077,374 | |||
TOTAL DIVERSIFIED CONSUMER SERVICES | 29,325,581 | ||
HOTELS, RESTAURANTS & LEISURE – 21.3% | |||
Casinos & Gaming – 2.2% | |||
Accel Entertainment, Inc. (a) | 65,444 | 798,417 | |
Bally's Corp. (a) | 29,149 | 502,237 | |
Boyd Gaming Corp. | 31,002 | 1,887,092 |
7 | Annual Report |
Common Stocks – continued | |||
Shares | Value | ||
HOTELS, RESTAURANTS & LEISURE – continued | |||
Casinos & Gaming – continued | |||
Caesars Entertainment, Inc. (a) | 79,639 | $3,181,578 | |
Churchill Downs, Inc. | 23,750 | 3,409,550 | |
DraftKings, Inc. Class A (a) | 140,631 | 5,196,315 | |
Everi Holdings, Inc. (a) | 97,518 | 1,255,057 | |
Golden Entertainment, Inc. | 24,474 | 818,166 | |
Las Vegas Sands Corp. | 123,166 | 4,885,995 | |
Light & Wonder, Inc. (a) | 32,370 | 3,470,064 | |
MGM Resorts International (a) | 92,746 | 3,985,296 | |
Monarch Casino & Resort, Inc. | 12,233 | 957,599 | |
Penn Entertainment, Inc. (a) | 73,963 | 1,477,041 | |
Red Rock Resorts, Inc. Class A | 25,621 | 1,460,397 | |
Wynn Resorts Ltd. | 35,672 | 2,954,355 | |
36,239,159 | |||
Hotels, Resorts & Cruise Lines – 8.1% | |||
Airbnb, Inc. Class A (a) | 136,162 | 19,002,769 | |
Booking Holdings, Inc. | 10,860 | 40,345,009 | |
Carnival Corp. (a) | 335,666 | 5,592,196 | |
Choice Hotels International, Inc. | 14,113 | 1,798,702 | |
Expedia Group, Inc. (a) | 45,787 | 5,845,626 | |
Hilton Grand Vacations, Inc. (a) | 34,818 | 1,504,486 | |
Hilton Worldwide Holdings, Inc. | 81,093 | 17,408,234 | |
Hyatt Hotels Corp. Class A | 17,009 | 2,505,936 | |
Lindblad Expeditions Holdings, Inc. (a) | 44,920 | 386,761 | |
Marriott International, Inc. Class A | 79,947 | 18,171,953 | |
Marriott Vacations Worldwide Corp. | 15,691 | 1,327,145 | |
Norwegian Cruise Line Holdings Ltd. (a) | 159,645 | 2,942,257 | |
Playa Hotels & Resorts NV (a) | 91,416 | 774,751 | |
Royal Caribbean Cruises Ltd. (a) | 76,759 | 12,029,670 | |
Sabre Corp. (a) | 286,328 | 982,105 | |
Soho House & Co., Inc. (a) | 40,340 | 202,103 | |
Target Hospitality Corp. (a) | 40,882 | 382,656 | |
Travel & Leisure Co. | 33,257 | 1,532,815 | |
Wyndham Hotels & Resorts, Inc. | 31,925 | 2,417,361 | |
135,152,535 | |||
Leisure Facilities – 0.7% | |||
Bowlero Corp. Class A | 32,356 | 419,010 | |
Dave & Buster's Entertainment, Inc. (a) | 20,851 | 784,206 | |
Life Time Group Holdings, Inc. (a) | 51,287 | 1,065,231 | |
Planet Fitness, Inc. Class A (a) | 34,377 | 2,533,585 | |
Six Flags Entertainment Corp. | 55,203 | 2,629,319 | |
United Parks & Resorts, Inc. (a) | 21,743 | 1,144,769 | |
Vail Resorts, Inc. | 14,074 | 2,561,609 | |
Xponential Fitness, Inc. Class A (a) | 27,943 | 479,781 | |
11,617,510 |
| |||
Shares | Value | ||
Restaurants – 10.3% | |||
Aramark | 90,778 | $3,110,962 | |
BJ's Restaurants, Inc. (a) | 21,396 | 675,686 | |
Bloomin' Brands, Inc. | 47,364 | 987,539 | |
Brinker International, Inc. (a) | 22,165 | 1,480,844 | |
Cava Group, Inc. (a) | 20,550 | 1,730,721 | |
Cheesecake Factory, Inc. | 28,875 | 1,122,949 | |
Chipotle Mexican Grill, Inc. (a) | 422,192 | 22,933,470 | |
Chuy's Holdings, Inc. (a) | 20,824 | 772,362 | |
Cracker Barrel Old Country Store, Inc. | 17,435 | 799,046 | |
Darden Restaurants, Inc. | 39,322 | 5,752,415 | |
Denny's Corp. (a) | 60,145 | 442,667 | |
Dine Brands Global, Inc. | 17,482 | 626,555 | |
Domino's Pizza, Inc. | 11,444 | 4,906,043 | |
DoorDash, Inc. Class A (a) | 89,427 | 9,901,358 | |
Dutch Bros, Inc. Class A (a) | 63,509 | 2,429,219 | |
First Watch Restaurant Group, Inc. (a) | 38,011 | 618,439 | |
Jack in the Box, Inc. | 16,103 | 957,162 | |
Krispy Kreme, Inc. | 71,303 | 757,951 | |
Kura Sushi USA, Inc. Class A (a) | 6,680 | 384,033 | |
McDonald's Corp. | 221,066 | 58,670,917 | |
Papa John's International, Inc. | 20,794 | 919,719 | |
Portillo's, Inc. Class A (a) | 69,494 | 719,958 | |
RCI Hospitality Holdings, Inc. | 10,107 | 500,094 | |
Shake Shack, Inc. Class A (a) | 16,644 | 1,458,347 | |
Starbucks Corp. | 348,214 | 27,143,281 | |
Sweetgreen, Inc. Class A (a) | 59,205 | 1,626,953 | |
Texas Roadhouse, Inc. | 23,194 | 4,049,904 | |
Wendy's Co. | 82,610 | 1,398,587 | |
Wingstop, Inc. | 10,167 | 3,801,238 | |
Yum! Brands, Inc. | 88,114 | 11,704,183 | |
172,382,602 | |||
TOTAL HOTELS, RESTAURANTS & LEISURE | 355,391,806 | ||
HOUSEHOLD DURABLES – 6.7% | |||
Consumer Electronics – 0.6% | |||
Garmin Ltd. | 49,411 | 8,461,634 | |
Sonos, Inc. (a) | 70,011 | 945,149 | |
Vizio Holding Corp. Class A (a) | 74,430 | 817,241 | |
10,224,024 | |||
Home Furnishings – 0.6% | |||
Ethan Allen Interiors, Inc. | 25,333 | 782,030 | |
La-Z-Boy, Inc. | 27,800 | 1,227,092 | |
Leggett & Platt, Inc. | 86,387 | 1,137,717 | |
Mohawk Industries, Inc. (a) | 20,763 | 3,344,296 | |
Tempur Sealy International, Inc. | 62,033 | 3,247,427 | |
9,738,562 | |||
Homebuilding – 5.1% | |||
Beazer Homes USA, Inc. (a) | 27,715 | 933,164 |
Annual Report | 8 |
Common Stocks – continued | |||
Shares | Value | ||
HOUSEHOLD DURABLES – continued | |||
Homebuilding – continued | |||
Cavco Industries, Inc. (a) | 3,724 | $1,544,045 | |
Century Communities, Inc. | 14,777 | 1,547,300 | |
DR Horton, Inc. | 95,952 | 17,264,643 | |
Dream Finders Homes, Inc. Class A (a) | 26,513 | 836,485 | |
Green Brick Partners, Inc. (a) | 18,954 | 1,386,485 | |
Hovnanian Enterprises, Inc. Class A (a) | 4,608 | 967,173 | |
Installed Building Products, Inc. | 9,767 | 2,640,509 | |
KB Home | 30,400 | 2,616,832 | |
Legacy Housing Corp. (a) | 13,217 | 376,420 | |
Lennar Corp. Class A | 78,002 | 13,800,894 | |
LGI Homes, Inc. (a) | 11,725 | 1,349,196 | |
M/I Homes, Inc. (a) | 12,413 | 2,070,861 | |
Meritage Homes Corp. | 13,762 | 2,791,897 | |
NVR, Inc. (a) | 1,028 | 8,848,489 | |
PulteGroup, Inc. | 69,577 | 9,184,164 | |
Skyline Champion Corp. (a) | 23,183 | 1,889,646 | |
Taylor Morrison Home Corp. (a) | 41,042 | 2,753,097 | |
Toll Brothers, Inc. | 35,265 | 5,032,668 | |
TopBuild Corp. (a) | 10,831 | 5,183,067 | |
Tri Pointe Homes, Inc. (a) | 42,171 | 1,908,238 | |
84,925,273 | |||
Household Appliances – 0.3% | |||
Cricut, Inc. Class A | 52,365 | 325,187 | |
Helen of Troy Ltd. (a) | 12,163 | 718,955 | |
Whirlpool Corp. | 22,367 | 2,280,763 | |
Worthington Enterprises, Inc. | 18,943 | 945,445 | |
4,270,350 | |||
Housewares & Specialties – 0.1% | |||
Newell Brands, Inc. | 190,124 | 1,633,165 | |
TOTAL HOUSEHOLD DURABLES | 110,791,374 | ||
LEISURE PRODUCTS – 1.1% | |||
Leisure Products – 1.1% | |||
Acushnet Holdings Corp. | 18,038 | 1,309,198 | |
Brunswick Corp. | 27,015 | 2,200,372 | |
Hasbro, Inc. | 48,052 | 3,097,432 | |
Johnson Outdoors, Inc. Class A | 7,079 | 300,149 | |
Malibu Boats, Inc. Class A (a) | 21,692 | 825,164 | |
Mattel, Inc. (a) | 135,527 | 2,614,316 | |
Peloton Interactive, Inc. Class A (a) | 263,974 | 939,747 | |
Polaris, Inc. | 22,443 | 1,869,053 | |
Smith & Wesson Brands, Inc. | 47,184 | 780,895 | |
Sturm Ruger & Co., Inc. | 17,806 | 803,229 | |
Topgolf Callaway Brands Corp. (a) | 80,200 | 1,323,300 | |
Vista Outdoor, Inc. (a) | 32,057 | 1,302,476 | |
YETI Holdings, Inc. (a) | 39,531 | 1,634,607 | |
TOTAL LEISURE PRODUCTS | 18,999,938 |
| |||
Shares | Value | ||
SPECIALTY RETAIL – 21.8% | |||
Apparel Retail – 4.6% | |||
Abercrombie & Fitch Co. Class A (a) | 20,073 | $2,960,366 | |
American Eagle Outfitters, Inc. | 79,140 | 1,745,037 | |
Boot Barn Holdings, Inc. (a) | 13,703 | 1,829,076 | |
Buckle, Inc. | 23,359 | 1,008,875 | |
Burlington Stores, Inc. (a) | 22,125 | 5,759,580 | |
Caleres, Inc. | 25,292 | 975,260 | |
Designer Brands, Inc. Class A | 50,350 | 410,856 | |
Foot Locker, Inc. | 48,983 | 1,423,446 | |
Gap, Inc. | 92,334 | 2,168,002 | |
Guess?, Inc. | 29,177 | 701,707 | |
Revolve Group, Inc. (a) | 37,049 | 716,898 | |
Ross Stores, Inc. | 104,538 | 14,972,978 | |
Shoe Carnival, Inc. | 20,905 | 887,835 | |
TJX Cos., Inc. | 349,603 | 39,512,131 | |
Urban Outfitters, Inc. (a) | 31,220 | 1,437,681 | |
Victoria's Secret & Co. (a) | 47,113 | 836,256 | |
77,345,984 | |||
Automotive Retail – 4.2% | |||
Advance Auto Parts, Inc. | 25,471 | 1,613,078 | |
America's Car-Mart, Inc. (a) | 7,309 | 506,148 | |
Arko Corp. | 79,285 | 519,317 | |
Asbury Automotive Group, Inc. (a) | 7,677 | 2,066,802 | |
AutoNation, Inc. (a) | 11,301 | 2,155,327 | |
AutoZone, Inc. (a) | 5,600 | 17,548,664 | |
Camping World Holdings, Inc. Class A | 39,781 | 910,189 | |
CarMax, Inc. (a) | 54,503 | 4,602,233 | |
Carvana Co. (a) | 38,342 | 5,108,305 | |
Group 1 Automotive, Inc. | 5,761 | 2,106,913 | |
Lithia Motors, Inc. | 10,209 | 2,821,053 | |
Monro, Inc. | 29,305 | 903,180 | |
Murphy USA, Inc. | 7,088 | 3,578,873 | |
O'Reilly Automotive, Inc. (a) | 18,676 | 21,035,526 | |
Penske Automotive Group, Inc. | 9,472 | 1,649,170 | |
Sonic Automotive, Inc. Class A | 14,013 | 834,334 | |
Valvoline, Inc. (a) | 50,031 | 2,326,442 | |
70,285,554 | |||
Computer & Electronics Retail – 0.6% | |||
Best Buy Co., Inc. | 65,469 | 5,664,378 | |
GameStop Corp. Class A (a) | 111,066 | 2,517,866 | |
Upbound Group, Inc. | 30,588 | 1,154,085 | |
9,336,329 | |||
Home Improvement Retail – 9.6% | |||
Floor & Decor Holdings, Inc. Class A (a) | 34,977 | 3,427,746 | |
Home Depot, Inc. | 303,727 | 111,820,132 | |
Lowe's Cos., Inc. | 179,642 | 44,103,908 | |
159,351,786 |
9 | Annual Report |
Common Stocks – continued | |||
Shares | Value | ||
SPECIALTY RETAIL – continued | |||
Homefurnishing Retail – 0.7% | |||
Arhaus, Inc. | 45,645 | $693,347 | |
Beyond, Inc. (a) | 45,734 | 516,794 | |
Haverty Furniture Cos., Inc. | 16,065 | 470,223 | |
RH (a) | 6,322 | 1,833,886 | |
Wayfair, Inc. Class A (a) | 35,133 | 1,912,289 | |
Williams-Sonoma, Inc. | 41,688 | 6,448,300 | |
11,874,839 | |||
Other Specialty Retail – 2.1% | |||
1-800-Flowers.com, Inc. Class A (a) | 36,374 | 376,835 | |
Academy Sports & Outdoors, Inc. | 32,098 | 1,735,539 | |
Bath & Body Works, Inc. | 74,520 | 2,738,610 | |
Chewy, Inc. Class A (a) | 73,068 | 1,766,784 | |
Dick's Sporting Goods, Inc. | 20,631 | 4,463,517 | |
Five Below, Inc. (a) | 20,633 | 1,500,844 | |
Leslie's, Inc. (a) | 160,608 | 473,794 | |
MarineMax, Inc. (a) | 24,100 | 840,367 | |
National Vision Holdings, Inc. (a) | 57,548 | 832,144 | |
ODP Corp. (a) | 24,397 | 1,030,773 | |
Petco Health & Wellness Co., Inc. (a) | 111,260 | 384,960 | |
Sally Beauty Holdings, Inc. (a) | 81,473 | 932,866 | |
Signet Jewelers Ltd. | 18,754 | 1,577,774 | |
Tractor Supply Co. | 34,219 | 9,010,547 | |
Ulta Beauty, Inc. (a) | 15,832 | 5,776,938 | |
Warby Parker, Inc. Class A (a) | 56,907 | 937,258 | |
Winmark Corp. | 2,326 | 920,259 | |
35,299,809 | |||
TOTAL SPECIALTY RETAIL | 363,494,301 | ||
TEXTILES, APPAREL & LUXURY GOODS – 4.6% | |||
Apparel, Accessories & Luxury Goods – 2.0% | |||
Capri Holdings Ltd. (a) | 49,776 | 1,669,487 | |
Carter's, Inc. | 18,887 | 1,143,608 | |
Columbia Sportswear Co. | 17,012 | 1,389,880 | |
Figs, Inc. Class A (a) | 134,516 | 874,354 | |
G-III Apparel Group Ltd. (a) | 31,798 | 876,671 | |
Hanesbrands, Inc. (a) | 213,343 | 1,267,257 | |
Kontoor Brands, Inc. | 22,417 | 1,572,552 |
| |||
Shares | Value | ||
Levi Strauss & Co. Class A | 52,422 | $960,895 | |
Lululemon Athletica, Inc. (a) | 36,071 | 9,330,125 | |
Movado Group, Inc. | 18,293 | 473,789 | |
Oxford Industries, Inc. | 9,681 | 1,019,700 | |
PVH Corp. | 22,033 | 2,247,146 | |
Ralph Lauren Corp. | 14,913 | 2,618,574 | |
Tapestry, Inc. | 81,196 | 3,255,148 | |
Under Armour, Inc. Class A (a) | 135,180 | 942,204 | |
Under Armour, Inc. Class C (a) | 125,800 | 854,182 | |
VF Corp. | 142,451 | 2,415,969 | |
32,911,541 | |||
Footwear – 2.6% | |||
Crocs, Inc. (a) | 21,771 | 2,925,369 | |
Deckers Outdoor Corp. (a) | 8,251 | 7,612,620 | |
NIKE, Inc. Class B | 373,674 | 27,973,236 | |
Skechers USA, Inc. Class A (a) | 48,466 | 3,156,591 | |
Steven Madden Ltd. | 33,848 | 1,534,668 | |
Wolverine World Wide, Inc. | 66,869 | 994,342 | |
44,196,826 | |||
TOTAL TEXTILES, APPAREL & LUXURY GOODS | 77,108,367 | ||
TOTAL COMMON STOCKS (Cost $1,447,403,660) | 1,662,684,556 | ||
Money Market Fund – 0.2% | |||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.21% (b) (Cost $3,360,000) | 3,360,000 | 3,360,000 | |
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $1,450,763,660) | 1,666,044,556 | ||
NET OTHER ASSETS (LIABILITIES) – 0.0% | 404,989 | ||
NET ASSETS – 100.0% | $1,666,449,545 |
Legend | ||
(a) | Non-income producing. | |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Annual Report | 10 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Consumer Discretionary Select Sector Index Contracts (United States) | 16 | September 2024 | 3,051,360 | $ 67,882 | $ 67,882 |
CME E-mini Russell 2000 Index Contracts (United States) | 5 | September 2024 | 568,250 | 21,097 | 21,097 |
Total Equity Index Contracts | $88,979 |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $1,662,684,556 | $1,662,684,556 | $— | $— | |||||
Money Market Funds | 3,360,000 | 3,360,000 | — | — | |||||
Total Investments in Securities: | $1,666,044,556 | $1,666,044,556 | $— | $— | |||||
Derivative Instruments: | |||||||||
Assets | |||||||||
Futures Contracts | $88,979 | $88,979 | $— | $— | |||||
Total Assets | $88,979 | $88,979 | $— | $— | |||||
Total Derivative Instruments: | $88,979 | $88,979 | $— | $— |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $88,979 | $0 | |
Total Equity Risk | 88,979 | 0 | |
Total Value of Derivatives | $88,979 | $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). |
11 | Annual Report |
Common Stocks – 99.4% | |||
Shares | Value | ||
BEVERAGES – 20.6% | |||
Brewers – 0.6% | |||
Boston Beer Co., Inc. Class A (a) | 6,774 | $1,898,142 | |
Molson Coors Beverage Co. Class B | 86,055 | 4,548,007 | |
6,446,149 | |||
Distillers & Vintners – 2.2% | |||
Brown-Forman Corp. Class B | 131,267 | 5,928,018 | |
Constellation Brands, Inc. Class A | 67,021 | 16,430,868 | |
Duckhorn Portfolio, Inc. (a) | 78,345 | 568,785 | |
MGP Ingredients, Inc. | 16,398 | 1,337,257 | |
24,264,928 | |||
Soft Drinks & Non-alcoholic Beverages – 17.8% | |||
Celsius Holdings, Inc. (a) | 66,557 | 3,116,864 | |
Coca-Cola Co. | 1,266,124 | 84,501,116 | |
Coca-Cola Consolidated, Inc. | 3,115 | 3,569,447 | |
Keurig Dr. Pepper, Inc. | 433,286 | 14,853,044 | |
Monster Beverage Corp. (a) | 297,102 | 15,285,898 | |
National Beverage Corp. | 27,869 | 1,359,728 | |
PepsiCo, Inc. | 421,628 | 72,802,507 | |
Vita Coco Co., Inc. (a) | 48,065 | 1,242,000 | |
196,730,604 | |||
TOTAL BEVERAGES | 227,441,681 | ||
CONSUMER STAPLES DISTRIBUTION & RETAIL – 31.2% | |||
Consumer Staples Merchandise Retail – 24.5% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 62,677 | 5,513,069 | |
Costco Wholesale Corp. | 145,309 | 119,443,998 | |
Dollar General Corp. | 88,872 | 10,699,300 | |
Dollar Tree, Inc. (a) | 85,634 | 8,935,052 | |
PriceSmart, Inc. | 20,923 | 1,910,898 | |
Target Corp. | 179,467 | 26,993,631 | |
Walmart, Inc. | 1,402,219 | 96,248,312 | |
269,744,260 | |||
Drug Retail – 0.3% | |||
Walgreens Boots Alliance, Inc. | 328,811 | 3,902,987 | |
Food Distributors – 2.9% | |||
Andersons, Inc. | 31,911 | 1,740,107 | |
Chefs' Warehouse, Inc. (a) | 37,164 | 1,545,651 | |
Performance Food Group Co. (a) | 73,696 | 5,085,024 | |
SpartanNash Co. | 52,222 | 1,102,929 | |
Sysco Corp. | 205,419 | 15,745,366 | |
U.S. Foods Holding Corp. (a) | 103,565 | 5,632,900 | |
United Natural Foods, Inc. (a) | 89,689 | 1,390,179 | |
32,242,156 | |||
Food Retail – 3.5% | |||
Albertsons Cos., Inc. Class A | 173,076 | 3,432,097 | |
Casey's General Stores, Inc. | 17,746 | 6,882,609 | |
Grocery Outlet Holding Corp. (a) | 75,698 | 1,480,653 | |
Ingles Markets, Inc. Class A | 17,141 | 1,389,278 |
| |||
Shares | Value | ||
Kroger Co. | 277,242 | $15,109,689 | |
Maplebear, Inc. (a) | 62,164 | 2,144,036 | |
Sprouts Farmers Market, Inc. (a) | 61,226 | 6,115,865 | |
Weis Markets, Inc. | 19,818 | 1,495,268 | |
38,049,495 | |||
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 343,938,898 | ||
FOOD PRODUCTS – 17.0% | |||
Agricultural Products & Services – 2.7% | |||
Archer-Daniels-Midland Co. | 220,294 | 13,660,431 | |
Bunge Global SA | 66,233 | 6,969,699 | |
Darling Ingredients, Inc. (a) | 80,729 | 3,207,363 | |
Fresh Del Monte Produce, Inc. | 51,639 | 1,293,557 | |
Ingredion, Inc. | 32,330 | 4,020,882 | |
29,151,932 | |||
Packaged Foods & Meats – 14.3% | |||
B&G Foods, Inc. | 118,595 | 1,022,289 | |
Beyond Meat, Inc. (a) | 91,599 | 575,242 | |
Calavo Growers, Inc. | 25,384 | 603,885 | |
Cal-Maine Foods, Inc. | 31,378 | 2,245,723 | |
Campbell Soup Co. | 92,025 | 4,312,291 | |
Conagra Brands, Inc. | 208,686 | 6,327,360 | |
Flowers Foods, Inc. | 111,941 | 2,520,911 | |
Freshpet, Inc. (a) | 30,630 | 3,727,671 | |
General Mills, Inc. | 234,200 | 15,724,188 | |
Hain Celestial Group, Inc. (a) | 135,513 | 1,048,871 | |
Hershey Co. | 60,465 | 11,940,628 | |
Hormel Foods Corp. | 137,494 | 4,414,932 | |
J&J Snack Foods Corp. | 11,238 | 1,895,851 | |
J.M. Smucker Co. | 48,500 | 5,720,575 | |
John B Sanfilippo & Son, Inc. | 11,944 | 1,252,567 | |
Kellanova | 117,098 | 6,809,249 | |
Kraft Heinz Co. | 367,024 | 12,922,915 | |
Lamb Weston Holdings, Inc. | 64,380 | 3,864,088 | |
Lancaster Colony Corp. | 11,821 | 2,282,162 | |
McCormick & Co., Inc. | 106,665 | 8,214,272 | |
Mission Produce, Inc. (a) | 63,742 | 716,460 | |
Mondelez International, Inc. Class A | 532,848 | 36,420,161 | |
Pilgrim's Pride Corp. (a) | 47,953 | 1,977,102 | |
Post Holdings, Inc. (a) | 29,529 | 3,229,291 | |
Seaboard Corp. | 372 | 1,208,223 | |
Seneca Foods Corp. Class A (a) | 7,436 | 448,688 | |
Simply Good Foods Co. (a) | 59,138 | 2,005,961 | |
Tootsie Roll Industries, Inc. | 21,760 | 671,078 | |
TreeHouse Foods, Inc. (a) | 43,299 | 1,744,084 | |
Tyson Foods, Inc. Class A | 125,349 | 7,633,754 | |
Utz Brands, Inc. | 74,059 | 1,099,036 | |
Vital Farms, Inc. (a) | 40,732 | 1,486,311 | |
Westrock Coffee Co. (a) | 46,506 | 460,409 |
Annual Report | 12 |
Common Stocks – continued | |||
Shares | Value | ||
FOOD PRODUCTS – continued | |||
Packaged Foods & Meats – continued | |||
WK Kellogg Co. | 68,977 | $1,213,995 | |
157,740,223 | |||
TOTAL FOOD PRODUCTS | 186,892,155 | ||
HOUSEHOLD PRODUCTS – 18.4% | |||
Household Products – 18.4% | |||
Central Garden & Pet Co. Class A (a) | 50,563 | 1,737,345 | |
Central Garden & Pet Co. (a) | 15,040 | 599,194 | |
Church & Dwight Co., Inc. | 101,891 | 9,986,337 | |
Clorox Co. | 53,274 | 7,028,439 | |
Colgate-Palmolive Co. | 312,959 | 31,042,403 | |
Energizer Holdings, Inc. | 54,718 | 1,684,767 | |
Kimberly-Clark Corp. | 134,824 | 18,207,981 | |
Procter & Gamble Co. | 782,810 | 125,844,536 | |
Reynolds Consumer Products, Inc. | 53,931 | 1,500,360 | |
Spectrum Brands Holdings, Inc. | 26,546 | 2,246,057 | |
WD-40 Co. | 9,326 | 2,439,775 | |
TOTAL HOUSEHOLD PRODUCTS | 202,317,194 | ||
PERSONAL CARE PRODUCTS – 3.8% | |||
Personal Care Products – 3.8% | |||
BellRing Brands, Inc. (a) | 73,506 | 3,769,388 | |
Coty, Inc. Class A (a) | 234,803 | 2,336,290 | |
Edgewell Personal Care Co. | 39,837 | 1,559,619 | |
elf Beauty, Inc. (a) | 28,192 | 4,865,375 | |
Estee Lauder Cos., Inc. Class A | 94,323 | 9,395,514 | |
Herbalife Ltd. (a) | 116,090 | 1,425,585 | |
Inter Parfums, Inc. | 14,523 | 2,043,096 | |
Kenvue, Inc. | 764,859 | 14,142,243 | |
Nu Skin Enterprises, Inc. Class A | 74,552 | 836,474 |
| |||
Shares | Value | ||
Olaplex Holdings, Inc. (a) | 197,630 | $411,070 | |
USANA Health Sciences, Inc. (a) | 17,414 | 776,664 | |
TOTAL PERSONAL CARE PRODUCTS | 41,561,318 | ||
TOBACCO – 8.4% | |||
Tobacco – 8.4% | |||
Altria Group, Inc. | 702,208 | 34,415,214 | |
Philip Morris International, Inc. | 469,466 | 54,063,704 | |
Turning Point Brands, Inc. | 26,568 | 1,002,145 | |
Universal Corp. | 25,888 | 1,382,937 | |
Vector Group Ltd. | 132,688 | 1,695,753 | |
TOTAL TOBACCO | 92,559,753 | ||
TOTAL COMMON STOCKS (Cost $969,548,372) | 1,094,710,999 | ||
Money Market Fund – 0.2% | |||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.21% (b) (Cost $1,940,000) | 1,940,000 | 1,940,000 | |
TOTAL INVESTMENT IN SECURITIES – 99.6% (Cost $971,488,372) | 1,096,650,999 | ||
NET OTHER ASSETS (LIABILITIES) – 0.4% | 4,239,567 | ||
NET ASSETS – 100.0% | $1,100,890,566 |
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 Consumer Staples Select Sector Index Contracts (United States) | 72 | September 2024 | 5,693,040 | $ 9,923 | $ 9,923 |
CME E-mini Russell 2000 Index Contracts (United States) | 3 | September 2024 | 340,950 | 10,403 | 10,403 |
Total Equity Index Contracts | $20,326 |
13 | Annual Report |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $1,094,710,999 | $1,094,710,999 | $— | $— | |||||
Money Market Funds | 1,940,000 | 1,940,000 | — | — | |||||
Total Investments in Securities: | $1,096,650,999 | $1,096,650,999 | $— | $— | |||||
Derivative Instruments: | |||||||||
Assets | |||||||||
Futures Contracts | $20,326 | $20,326 | $— | $— | |||||
Total Assets | $20,326 | $20,326 | $— | $— | |||||
Total Derivative Instruments: | $20,326 | $20,326 | $— | $— |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $20,326 | $0 | |
Total Equity Risk | 20,326 | 0 | |
Total Value of Derivatives | $20,326 | $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). |
Annual Report | 14 |
Common Stocks – 99.8% | |||
Shares | Value | ||
ENERGY EQUIPMENT & SERVICES – 12.0% | |||
Oil & Gas Drilling – 1.5% | |||
Diamond Offshore Drilling, Inc. (a) | 126,025 | $2,069,330 | |
Helmerich & Payne, Inc. | 103,041 | 4,164,917 | |
Nabors Industries Ltd. (a) | 14,537 | 1,494,840 | |
Noble Corp. PLC | 115,171 | 5,438,375 | |
Patterson-UTI Energy, Inc. | 378,846 | 4,163,517 | |
Transocean Ltd. (a) | 757,877 | 4,388,108 | |
Valaris Ltd. (a) | 65,940 | 5,182,225 | |
26,901,312 | |||
Oil & Gas Equipment & Services – 10.5% | |||
Archrock, Inc. | 159,219 | 3,300,610 | |
Atlas Energy Solutions, Inc. | 55,409 | 1,176,887 | |
Baker Hughes Co. | 930,483 | 36,028,302 | |
Bristow Group, Inc. (a) | 19,607 | 744,086 | |
Cactus, Inc. Class A | 69,518 | 4,387,976 | |
ChampionX Corp. | 188,955 | 6,473,598 | |
Core Laboratories, Inc. | 69,064 | 1,691,377 | |
Dril-Quip, Inc. (a) | 55,899 | 968,171 | |
Expro Group Holdings NV (a) | 107,068 | 2,486,119 | |
Halliburton Co. | 827,316 | 28,691,319 | |
Helix Energy Solutions Group, Inc. (a) | 174,363 | 2,057,483 | |
Kodiak Gas Services, Inc. | 42,030 | 1,212,566 | |
Liberty Energy, Inc. | 164,750 | 3,978,712 | |
Newpark Resources, Inc. (a) | 136,333 | 1,126,111 | |
NOV, Inc. | 385,926 | 8,034,979 | |
Oceaneering International, Inc. (a) | 112,506 | 3,377,430 | |
ProPetro Holding Corp. (a) | 133,960 | 1,284,676 | |
RPC, Inc. | 147,477 | 1,101,653 | |
Schlumberger NV | 1,311,906 | 63,351,941 | |
Select Water Solutions, Inc. | 130,198 | 1,538,940 | |
TechnipFMC PLC | 418,052 | 12,332,534 | |
TETRA Technologies, Inc. (a) | 236,185 | 880,970 | |
Tidewater, Inc. (a) | 16,136 | 1,596,819 | |
U.S. Silica Holdings, Inc. (a) | 103,330 | 1,600,582 | |
Weatherford International PLC (a) | 70,086 | 8,260,336 | |
197,684,177 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 224,585,489 | ||
OIL, GAS & CONSUMABLE FUELS – 87.8% | |||
Coal & Consumable Fuels – 0.5% | |||
Centrus Energy Corp. Class A (a) | 23,001 | 1,004,914 | |
CONSOL Energy, Inc. (a) | 32,107 | 3,204,599 | |
Peabody Energy Corp. | 132,438 | 2,941,448 | |
Uranium Energy Corp. (a) | 436,088 | 2,586,002 | |
9,736,963 | |||
Integrated Oil & Gas – 38.4% | |||
Chevron Corp. | 1,626,481 | 261,001,406 | |
Exxon Mobil Corp. | 3,574,585 | 423,910,036 |
| |||
Shares | Value | ||
Occidental Petroleum Corp. | 615,939 | $37,461,410 | |
722,372,852 | |||
Oil & Gas Exploration & Production – 26.3% | |||
Antero Resources Corp. (a) | 278,469 | 8,081,170 | |
APA Corp. | 355,233 | 11,079,717 | |
Berry Corp. | 138,603 | 950,817 | |
California Resources Corp. | 60,596 | 3,117,058 | |
Chesapeake Energy Corp. | 107,262 | 8,187,308 | |
Chord Energy Corp. | 60,980 | 10,467,827 | |
Civitas Resources, Inc. | 66,988 | 4,673,083 | |
CNX Resources Corp. (a) | 160,000 | 4,235,200 | |
Comstock Resources, Inc. | 140,430 | 1,329,872 | |
ConocoPhillips | 1,080,190 | 120,117,128 | |
Coterra Energy, Inc. | 704,981 | 18,188,510 | |
Crescent Energy Co. Class A | 211,619 | 2,588,096 | |
Devon Energy Corp. | 590,772 | 27,784,007 | |
Diamondback Energy, Inc. | 157,488 | 31,861,397 | |
EOG Resources, Inc. | 534,354 | 67,756,087 | |
EQT Corp. | 538,934 | 18,598,612 | |
Granite Ridge Resources, Inc. | 126,277 | 864,997 | |
Gulfport Energy Corp. (a) | 14,788 | 2,176,941 | |
Hess Corp. | 256,053 | 39,283,651 | |
HighPeak Energy, Inc. | 57,611 | 968,441 | |
Kimbell Royalty Partners LP | 88,372 | 1,456,371 | |
Kosmos Energy Ltd. (a) | 510,807 | 2,824,763 | |
Magnolia Oil & Gas Corp. Class A | 178,458 | 4,861,196 | |
Marathon Oil Corp. | 546,887 | 15,340,180 | |
Matador Resources Co. | 116,237 | 7,146,251 | |
Murphy Oil Corp. | 144,402 | 5,975,355 | |
Northern Oil & Gas, Inc. | 95,042 | 4,104,864 | |
Ovintiv, Inc. | 256,165 | 11,896,303 | |
Permian Resources Corp. | 460,129 | 7,058,379 | |
Range Resources Corp. | 234,417 | 7,320,843 | |
Riley Exploration Permian, Inc. | 27,225 | 797,420 | |
Sable Offshore Corp. (a) | 61,070 | 1,027,197 | |
SandRidge Energy, Inc. | 68,137 | 925,982 | |
Sitio Royalties Corp. Class A | 96,299 | 2,344,881 | |
SM Energy Co. | 116,120 | 5,364,744 | |
Southwestern Energy Co. (a) | 1,072,912 | 6,920,282 | |
Talos Energy, Inc. (a) | 175,721 | 2,080,537 | |
Tellurian, Inc. (a) | 1,547,911 | 1,428,103 | |
Texas Pacific Land Corp. | 18,694 | 15,794,561 | |
VAALCO Energy, Inc. | 173,313 | 1,240,921 | |
Viper Energy, Inc. | 86,710 | 3,699,916 | |
Vital Energy, Inc. (a) | 32,067 | 1,398,442 | |
Vitesse Energy, Inc. | 43,747 | 1,135,672 | |
494,453,082 | |||
Oil & Gas Refining & Marketing – 10.3% | |||
Clean Energy Fuels Corp. (a) | 359,598 | 1,024,854 | |
CVR Energy, Inc. | 48,831 | 1,396,567 | |
Delek U.S. Holdings, Inc. | 76,094 | 1,809,515 |
15 | Annual Report |
Common Stocks – continued | |||
Shares | Value | ||
OIL, GAS & CONSUMABLE FUELS – continued | |||
Oil & Gas Refining & Marketing – continued | |||
Green Plains, Inc. (a) | 81,656 | $1,447,761 | |
HF Sinclair Corp. | 158,285 | 8,146,929 | |
Marathon Petroleum Corp. | 345,408 | 61,144,124 | |
Par Pacific Holdings, Inc. (a) | 69,070 | 1,833,809 | |
PBF Energy, Inc. Class A | 108,625 | 4,426,469 | |
Phillips 66 | 400,223 | 58,224,442 | |
REX American Resources Corp. (a) | 23,277 | 1,182,704 | |
Valero Energy Corp. | 309,709 | 50,086,139 | |
World Kinect Corp. | 74,463 | 2,079,752 | |
192,803,065 | |||
Oil & Gas Storage & Transportation – 12.3% | |||
Antero Midstream Corp. | 363,333 | 5,217,462 | |
Cheniere Energy, Inc. | 216,739 | 39,585,211 | |
Dorian LPG Ltd. | 42,575 | 1,739,614 | |
DT Midstream, Inc. | 96,291 | 7,256,490 | |
EnLink Midstream LLC (a) | 243,933 | 3,334,564 | |
Excelerate Energy, Inc. Class A | 44,807 | 901,965 | |
Hess Midstream LP Class A | 97,720 | 3,662,546 | |
International Seaways, Inc. | 43,394 | 2,430,064 | |
Kinder Morgan, Inc. | 1,852,091 | 39,134,683 | |
Kinetik Holdings, Inc. | 47,410 | 1,966,567 | |
New Fortress Energy, Inc. | 75,304 | 1,486,501 | |
NextDecade Corp. (a) | 135,686 | 1,100,413 | |
ONEOK, Inc. | 539,366 | 44,945,369 |
| |||
Shares | Value | ||
Plains GP Holdings LP Class A (a) | 206,634 | $3,946,709 | |
Targa Resources Corp. | 197,561 | 26,726,052 | |
Williams Cos., Inc. | 1,126,314 | 48,363,923 | |
231,798,133 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 1,651,164,095 | ||
TOTAL COMMON STOCKS (Cost $1,380,745,031) | 1,875,749,584 | ||
Money Market Fund – 0.1% | |||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.21% (b) (Cost $3,030,000) | 3,030,000 | 3,030,000 | |
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $1,383,775,031) | 1,878,779,584 | ||
NET OTHER ASSETS (LIABILITIES) – 0.1% | 1,163,562 | ||
NET ASSETS – 100.0% | $1,879,943,146 |
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 Energy Select Sector Index Contracts (United States) | 57 | September 2024 | $5,599,680 | $139,305 | $139,305 |
Annual Report | 16 |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $1,875,749,584 | $1,875,749,584 | $— | $— | |||||
Money Market Funds | 3,030,000 | 3,030,000 | — | — | |||||
Total Investments in Securities: | $1,878,779,584 | $1,878,779,584 | $— | $— | |||||
Derivative Instruments: | |||||||||
Assets | |||||||||
Futures Contracts | $139,305 | $139,305 | $— | $— | |||||
Total Assets | $139,305 | $139,305 | $— | $— | |||||
Total Derivative Instruments: | $139,305 | $139,305 | $— | $— |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $139,305 | $0 | |
Total Equity Risk | 139,305 | 0 | |
Total Value of Derivatives | $139,305 | $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). |
17 | Annual Report |
Common Stocks – 99.7% | |||
Shares | Value | ||
BANKS – 27.7% | |||
Diversified Banks – 20.4% | |||
Bank of America Corp. | 1,711,567 | $68,993,266 | |
Citigroup, Inc. | 462,317 | 29,995,127 | |
Comerica, Inc. | 32,556 | 1,784,394 | |
Fifth Third Bancorp | 166,164 | 7,035,384 | |
First Citizens BancShares, Inc. Class A | 2,448 | 5,110,665 | |
JPMorgan Chase & Co. | 691,977 | 147,252,706 | |
KeyCorp | 226,372 | 3,651,380 | |
PNC Financial Services Group, Inc. | 95,886 | 17,364,955 | |
U.S. Bancorp | 375,615 | 16,857,601 | |
Wells Fargo & Co. | 853,024 | 50,618,444 | |
348,663,922 | |||
Regional Banks – 7.3% | |||
1st Source Corp. | 4,502 | 286,102 | |
Amalgamated Financial Corp. | 5,339 | 169,834 | |
Amerant Bancorp, Inc. | 4,812 | 108,222 | |
Ameris Bancorp | 15,820 | 963,280 | |
Arrow Financial Corp. | 1 | 19 | |
Associated Banc-Corp. | 38,305 | 880,249 | |
Atlantic Union Bankshares Corp. | 19,750 | 815,477 | |
Axos Financial, Inc. (a) | 13,108 | 957,015 | |
Banc of California, Inc. | 31,773 | 444,187 | |
Bancfirst Corp. | 4,898 | 526,192 | |
Bancorp, Inc. (a) | 11,853 | 614,460 | |
Bank First Corp. | 2,016 | 186,883 | |
Bank of Hawaii Corp. | 9,579 | 657,024 | |
Bank OZK | 26,289 | 1,232,691 | |
BankUnited, Inc. | 17,947 | 691,318 | |
Banner Corp. | 8,339 | 493,836 | |
Bar Harbor Bankshares | 3,967 | 126,785 | |
Berkshire Hills Bancorp, Inc. | 10,580 | 292,008 | |
BOK Financial Corp. | 6,861 | 705,585 | |
Brookline Bancorp, Inc. | 21,251 | 222,923 | |
Business First Bancshares, Inc. | 6,622 | 168,331 | |
Byline Bancorp, Inc. | 7,264 | 203,755 | |
Cadence Bank | 43,307 | 1,423,501 | |
Camden National Corp. | 3,861 | 160,926 | |
Capital City Bank Group, Inc. | 3,151 | 111,861 | |
Capitol Federal Financial, Inc. | 27,635 | 174,653 | |
Cathay General Bancorp | 16,993 | 753,130 | |
Central Pacific Financial Corp. | 5,914 | 154,296 | |
Citizens Financial Group, Inc. | 112,024 | 4,780,064 | |
City Holding Co. | 3,264 | 397,882 | |
Coastal Financial Corp. (a) | 2,707 | 142,659 | |
Columbia Banking System, Inc. | 50,335 | 1,316,764 | |
Columbia Financial, Inc. (a) | 5,732 | 103,233 | |
Commerce Bancshares, Inc. | 29,254 | 1,893,026 | |
Community Financial System, Inc. | 11,986 | 739,296 | |
Community Trust Bancorp, Inc. | 4,179 | 211,959 |
| |||
Shares | Value | ||
ConnectOne Bancorp, Inc. | 9,430 | $228,395 | |
CrossFirst Bankshares, Inc. (a) | 11,598 | 215,027 | |
Cullen/Frost Bankers, Inc. | 14,399 | 1,685,547 | |
Customers Bancorp, Inc. (a) | 7,221 | 465,610 | |
CVB Financial Corp. | 33,364 | 635,918 | |
Dime Community Bancshares, Inc. | 8,745 | 221,074 | |
Eagle Bancorp, Inc. | 7,075 | 152,254 | |
East West Bancorp, Inc. | 34,197 | 3,005,574 | |
Eastern Bankshares, Inc. | 44,945 | 747,885 | |
Enterprise Financial Services Corp. | 8,333 | 440,566 | |
Equity Bancshares, Inc. Class A | 3,579 | 144,950 | |
Farmers National Banc Corp. | 9,498 | 148,264 | |
FB Financial Corp. | 8,679 | 405,223 | |
First BanCorp | 39,661 | 850,728 | |
First Bancorp/Southern Pines NC | 9,324 | 389,743 | |
First Bancshares, Inc. | 6,339 | 211,215 | |
First Busey Corp. | 15,343 | 421,012 | |
First Commonwealth Financial Corp. | 25,003 | 452,054 | |
First Community Bankshares, Inc. | 4,045 | 181,135 | |
First Financial Bancorp | 23,355 | 638,993 | |
First Financial Bankshares, Inc. | 28,522 | 1,096,956 | |
First Financial Corp. | 3,124 | 140,455 | |
First Hawaiian, Inc. | 30,979 | 775,714 | |
First Horizon Corp. | 135,003 | 2,258,600 | |
First Interstate BancSystem, Inc. Class A | 22,716 | 717,144 | |
First Merchants Corp. | 15,019 | 606,017 | |
First Mid Bancshares, Inc. | 5,190 | 199,244 | |
Five Star Bancorp | 4,610 | 135,534 | |
FNB Corp. | 92,016 | 1,411,525 | |
Fulton Financial Corp. | 42,337 | 820,068 | |
German American Bancorp, Inc. | 6,689 | 263,145 | |
Glacier Bancorp, Inc. | 27,015 | 1,207,841 | |
Great Southern Bancorp, Inc. | 2,018 | 126,347 | |
Greene County Bancorp, Inc. | 1,943 | 70,434 | |
Hancock Whitney Corp. | 21,247 | 1,162,848 | |
Hanmi Financial Corp. | 5,332 | 108,773 | |
Harborone Bancorp, Inc. | 8,364 | 111,659 | |
HBT Financial, Inc. | 3,556 | 81,788 | |
Heartland Financial USA, Inc. | 9,828 | 535,823 | |
Heritage Commerce Corp. | 19,210 | 198,824 | |
Heritage Financial Corp. | 8,887 | 205,912 | |
Hilltop Holdings, Inc. | 11,740 | 387,303 | |
Home BancShares, Inc. | 45,092 | 1,277,456 | |
Hope Bancorp, Inc. | 29,902 | 393,510 | |
Horizon Bancorp, Inc. | 12,940 | 206,652 | |
Huntington Bancshares, Inc. | 352,749 | 5,273,598 | |
Independent Bank Corp. | 9,995 | 641,179 | |
Independent Bank Corp. | 7,312 | 253,653 | |
Independent Bank Group, Inc. | 8,673 | 512,227 |
Annual Report | 18 |
Common Stocks – continued | |||
Shares | Value | ||
BANKS – continued | |||
Regional Banks – continued | |||
International Bancshares Corp. | 13,765 | $928,312 | |
Kearny Financial Corp. | 11,375 | 81,900 | |
Lakeland Financial Corp. | 6,094 | 417,622 | |
Live Oak Bancshares, Inc. | 7,758 | 350,196 | |
M&T Bank Corp. | 40,147 | 6,912,109 | |
Mercantile Bank Corp. | 4,957 | 239,721 | |
Metrocity Bankshares, Inc. | 6,051 | 191,272 | |
Metropolitan Bank Holding Corp. (a) | 2,291 | 120,804 | |
Midland States Bancorp, Inc. | 7,481 | 177,599 | |
National Bank Holdings Corp. Class A | 7,042 | 294,919 | |
NBT Bancorp, Inc. | 11,247 | 551,328 | |
New York Community Bancorp, Inc. | 57,174 | 601,470 | |
Nicolet Bankshares, Inc. | 2,992 | 300,876 | |
Northfield Bancorp, Inc. | 9,981 | 124,862 | |
Northwest Bancshares, Inc. | 31,074 | 436,279 | |
OceanFirst Financial Corp. | 15,374 | 279,346 | |
OFG Bancorp | 11,405 | 518,015 | |
Old National Bancorp | 78,880 | 1,579,178 | |
Old Second Bancorp, Inc. | 11,849 | 200,485 | |
Origin Bancorp, Inc. | 6,769 | 232,583 | |
Pacific Premier Bancorp, Inc. | 22,634 | 612,476 | |
Park National Corp. | 3,959 | 700,585 | |
Pathward Financial, Inc. | 6,297 | 425,299 | |
Peapack-Gladstone Financial Corp. | 2,571 | 72,656 | |
Peoples Bancorp, Inc. | 8,742 | 290,846 | |
Pinnacle Financial Partners, Inc. | 18,682 | 1,799,450 | |
Popular, Inc. | 17,903 | 1,837,385 | |
Preferred Bank | 2,071 | 178,230 | |
Premier Financial Corp. | 10,732 | 271,949 | |
Prosperity Bancshares, Inc. | 22,188 | 1,609,074 | |
Provident Financial Services, Inc. | 29,627 | 549,285 | |
QCR Holdings, Inc. | 4,681 | 357,816 | |
Regions Financial Corp. | 222,399 | 4,975,066 | |
Renasant Corp. | 13,653 | 469,527 | |
Republic Bancorp, Inc. Class A | 2,428 | 159,325 | |
S&T Bancorp, Inc. | 9,434 | 418,681 | |
Sandy Spring Bancorp, Inc. | 10,951 | 335,429 | |
Seacoast Banking Corp. of Florida | 19,311 | 537,618 | |
ServisFirst Bancshares, Inc. | 12,381 | 993,451 | |
Simmons First National Corp. Class A | 29,433 | 633,692 | |
South Plains Financial, Inc. | 3,718 | 120,612 | |
Southern Missouri Bancorp, Inc. | 2,111 | 120,749 | |
Southside Bancshares, Inc. | 6,615 | 231,459 | |
SouthState Corp. | 18,026 | 1,784,033 | |
Stellar Bancorp, Inc. | 9,950 | 272,630 | |
Stock Yards Bancorp, Inc. | 6,169 | 383,835 |
| |||
Shares | Value | ||
Synovus Financial Corp. | 36,485 | $1,705,674 | |
Texas Capital Bancshares, Inc. (a) | 10,967 | 724,919 | |
TFS Financial Corp. | 11,958 | 162,150 | |
Tompkins Financial Corp. | 2,483 | 156,280 | |
Towne Bank | 18,238 | 606,231 | |
Trico Bancshares | 7,621 | 354,605 | |
Triumph Financial, Inc. (a) | 5,079 | 460,818 | |
Truist Financial Corp. | 321,329 | 14,360,193 | |
TrustCo Bank Corp. | 4,098 | 145,930 | |
Trustmark Corp. | 13,852 | 481,080 | |
UMB Financial Corp. | 11,321 | 1,154,968 | |
United Bankshares, Inc. | 32,227 | 1,254,597 | |
United Community Banks, Inc. | 27,512 | 851,496 | |
Univest Financial Corp. | 8,593 | 237,596 | |
Valley National Bancorp | 104,224 | 875,482 | |
Veritex Holdings, Inc. | 12,848 | 322,099 | |
WaFd, Inc. | 16,791 | 597,592 | |
Washington Trust Bancorp, Inc. | 3,752 | 120,102 | |
Webster Financial Corp. | 41,408 | 2,054,665 | |
WesBanco, Inc. | 15,150 | 482,982 | |
Westamerica BanCorp | 6,264 | 338,005 | |
Western Alliance Bancorp | 25,434 | 2,046,420 | |
Wintrust Financial Corp. | 15,313 | 1,656,867 | |
WSFS Financial Corp. | 14,439 | 815,659 | |
Zions Bancorp NA | 35,996 | 1,859,913 | |
124,437,179 | |||
TOTAL BANKS | 473,101,101 | ||
CAPITAL MARKETS – 23.4% | |||
Asset Management & Custody Banks – 8.1% | |||
Affiliated Managers Group, Inc. | 7,806 | 1,448,950 | |
Ameriprise Financial, Inc. | 24,085 | 10,358,236 | |
ARES Management Corp. Class A | 43,579 | 6,676,303 | |
Artisan Partners Asset Management, Inc. Class A | 16,591 | 732,659 | |
Assetmark Financial Holdings, Inc. (a) | 5,776 | 199,272 | |
Bank of New York Mellon Corp. | 182,432 | 11,870,850 | |
BlackRock, Inc. | 35,850 | 31,422,525 | |
Blackstone, Inc. | 171,945 | 24,441,982 | |
Blue Owl Capital, Inc. | 101,133 | 1,928,606 | |
Brightsphere Investment Group, Inc. | 6,827 | 178,799 | |
Carlyle Group, Inc. | 56,483 | 2,809,464 | |
Cohen & Steers, Inc. | 6,262 | 537,405 | |
Diamond Hill Investment Group, Inc. | 426 | 67,828 | |
Federated Hermes, Inc. | 18,588 | 638,126 | |
Franklin Resources, Inc. | 69,221 | 1,583,084 | |
Hamilton Lane, Inc. Class A | 9,158 | 1,322,140 | |
Invesco Ltd. | 81,490 | 1,406,517 | |
Janus Henderson Group PLC | 32,655 | 1,215,746 |
19 | Annual Report |
Common Stocks – continued | |||
Shares | Value | ||
CAPITAL MARKETS – continued | |||
Asset Management & Custody Banks – continued | |||
KKR & Co., Inc. | 149,478 | $18,453,059 | |
Northern Trust Corp. | 48,996 | 4,343,495 | |
P10, Inc. Class A | 10,482 | 104,506 | |
SEI Investments Co. | 26,422 | 1,792,468 | |
State Street Corp. | 72,566 | 6,165,933 | |
StepStone Group, Inc. Class A | 13,252 | 666,046 | |
T Rowe Price Group, Inc. | 53,614 | 6,123,255 | |
TPG, Inc. | 17,172 | 875,600 | |
Victory Capital Holdings, Inc. Class A | 9,751 | 510,855 | |
Virtus Investment Partners, Inc. | 1,793 | 405,218 | |
WisdomTree, Inc. | 30,033 | 358,594 | |
138,637,521 | |||
Financial Exchanges & Data – 8.0% | |||
Cboe Global Markets, Inc. | 25,209 | 4,626,104 | |
CME Group, Inc. | 86,744 | 16,803,180 | |
Coinbase Global, Inc. Class A (a) | 44,806 | 10,052,674 | |
Donnelley Financial Solutions, Inc. (a) | 6,516 | 439,700 | |
FactSet Research Systems, Inc. | 9,114 | 3,764,902 | |
Intercontinental Exchange, Inc. | 137,756 | 20,878,299 | |
MarketAxess Holdings, Inc. | 8,991 | 2,009,758 | |
Moody's Corp. | 39,526 | 18,042,829 | |
Morningstar, Inc. | 6,705 | 2,129,843 | |
MSCI, Inc. | 19,041 | 10,296,611 | |
Nasdaq, Inc. | 104,025 | 7,040,412 | |
Open Lending Corp. Class A (a) | 24,114 | 151,918 | |
S&P Global, Inc. | 77,164 | 37,403,706 | |
Tradeweb Markets, Inc. Class A | 27,786 | 3,103,141 | |
136,743,077 | |||
Investment Banking & Brokerage – 7.3% | |||
B Riley Financial, Inc. | 3,930 | 75,456 | |
BGC Group, Inc. Class A | 87,922 | 809,762 | |
Charles Schwab Corp. | 362,946 | 23,660,450 | |
Evercore, Inc. Class A | 8,880 | 2,223,463 | |
Freedom Holding Corp. (a) | 4,242 | 356,964 | |
Goldman Sachs Group, Inc. | 78,339 | 39,876,901 | |
Houlihan Lokey, Inc. | 12,306 | 1,848,977 | |
Interactive Brokers Group, Inc. Class A | 24,642 | 2,939,051 | |
Jefferies Financial Group, Inc. | 42,540 | 2,487,314 | |
Lazard, Inc. | 20,964 | 1,030,800 | |
LPL Financial Holdings, Inc. | 17,873 | 3,959,227 | |
Moelis & Co. Class A | 15,775 | 1,072,700 | |
Morgan Stanley | 295,757 | 30,525,080 | |
Perella Weinberg Partners | 11,703 | 221,187 | |
Piper Sandler Cos. | 4,412 | 1,205,711 | |
PJT Partners, Inc. Class A | 5,632 | 748,718 | |
Raymond James Financial, Inc. | 47,898 | 5,556,168 |
| |||
Shares | Value | ||
Robinhood Markets, Inc. Class A (a) | 127,458 | $2,621,811 | |
Stifel Financial Corp. | 25,234 | 2,237,499 | |
StoneX Group, Inc. (a) | 7,065 | 588,797 | |
Virtu Financial, Inc. Class A | 21,316 | 582,353 | |
124,628,389 | |||
TOTAL CAPITAL MARKETS | 400,008,987 | ||
CONSUMER FINANCE – 4.5% | |||
Consumer Finance – 4.5% | |||
Ally Financial, Inc. | 66,093 | 2,974,846 | |
American Express Co. | 138,733 | 35,104,998 | |
Bread Financial Holdings, Inc. | 3,086 | 168,434 | |
Capital One Financial Corp. | 92,148 | 13,951,207 | |
Credit Acceptance Corp. (a) | 1,609 | 925,014 | |
Discover Financial Services | 60,437 | 8,702,324 | |
Encore Capital Group, Inc. (a) | 4,977 | 251,587 | |
Enova International, Inc. (a) | 6,708 | 580,041 | |
EZCORP, Inc. Class A (a) | 13,877 | 144,598 | |
FirstCash Holdings, Inc. | 9,145 | 1,020,582 | |
Green Dot Corp. Class A (a) | 11,604 | 110,934 | |
LendingClub Corp. (a) | 26,721 | 334,280 | |
Moneylion, Inc. (a) | 1,419 | 97,798 | |
Navient Corp. | 22,588 | 370,669 | |
Nelnet, Inc. Class A | 3,355 | 378,142 | |
NerdWallet, Inc. Class A (a) | 9,482 | 138,722 | |
OneMain Holdings, Inc. | 28,788 | 1,504,461 | |
PRA Group, Inc. (a) | 8,202 | 218,583 | |
PROG Holdings, Inc. | 10,752 | 484,485 | |
SLM Corp. | 48,669 | 1,104,300 | |
SoFi Technologies, Inc. (a) | 240,776 | 1,815,451 | |
Synchrony Financial | 99,015 | 5,028,972 | |
Upstart Holdings, Inc. (a) | 17,501 | 488,803 | |
World Acceptance Corp. (a) | 824 | 100,627 | |
TOTAL CONSUMER FINANCE | 75,999,858 | ||
FINANCIAL SERVICES – 26.2% | |||
Commercial & Residential Mortgage Finance – 0.6% | |||
Enact Holdings, Inc. | 9,671 | 329,104 | |
Essent Group Ltd. | 26,044 | 1,636,605 | |
Federal Agricultural Mortgage Corp. Class C | 2,428 | 500,702 | |
Merchants Bancorp | 4,772 | 214,740 | |
MGIC Investment Corp. | 66,386 | 1,649,028 | |
Mr. Cooper Group, Inc. (a) | 16,297 | 1,464,774 | |
NMI Holdings, Inc. Class A (a) | 19,411 | 763,823 | |
PennyMac Financial Services, Inc. | 10,493 | 1,029,573 | |
Radian Group, Inc. | 36,936 | 1,370,326 | |
Rocket Cos., Inc. Class A (a) | 30,868 | 499,753 | |
UWM Holdings Corp. | 23,387 | 196,451 |
Annual Report | 20 |
Common Stocks – continued | |||
Shares | Value | ||
FINANCIAL SERVICES – continued | |||
Commercial & Residential Mortgage Finance – continued | |||
Walker & Dunlop, Inc. | 8,218 | $878,504 | |
10,533,383 | |||
Diversified Financial Services – 1.1% | |||
Apollo Global Management, Inc. | 95,907 | 12,018,106 | |
Equitable Holdings, Inc. | 80,839 | 3,525,389 | |
Jackson Financial, Inc. Class A | 17,006 | 1,497,548 | |
Voya Financial, Inc. | 24,479 | 1,780,358 | |
18,821,401 | |||
Mortgage REITs – 0.1% | |||
HA Sustainable Infrastructure Capital, Inc. | 27,711 | 908,090 | |
Multi-Sector Holdings – 8.1% | |||
Berkshire Hathaway, Inc. Class B (a) | 315,840 | 138,495,840 | |
Cannae Holdings, Inc. | 11,568 | 232,632 | |
Compass Diversified Holdings | 16,328 | 392,852 | |
139,121,324 | |||
Transaction & Payment Processing Services – 16.3% | |||
Affirm Holdings, Inc. (a) | 56,553 | 1,599,884 | |
AvidXchange Holdings, Inc. (a) | 41,245 | 368,730 | |
Block, Inc. (a) | 133,586 | 8,266,302 | |
Cantaloupe, Inc. (a) | 14,937 | 116,359 | |
Cass Information Systems, Inc. | 4,043 | 173,607 | |
Corpay, Inc. (a) | 16,526 | 4,822,617 | |
Euronet Worldwide, Inc. (a) | 10,598 | 1,080,890 | |
EVERTEC, Inc. | 15,207 | 524,185 | |
Fidelity National Information Services, Inc. | 139,405 | 10,710,486 | |
Fiserv, Inc. (a) | 142,916 | 23,376,770 | |
Flywire Corp. (a) | 26,100 | 477,891 | |
Global Payments, Inc. | 62,314 | 6,333,595 | |
I3 Verticals, Inc. Class A (a) | 6,475 | 158,702 | |
International Money Express, Inc. (a) | 8,299 | 184,321 | |
Jack Henry & Associates, Inc. | 17,663 | 3,028,851 | |
Marqeta, Inc. Class A (a) | 101,082 | 544,832 | |
Mastercard, Inc. Class A | 200,682 | 93,058,250 | |
NCR Atleos Corp. (a) | 16,891 | 543,046 | |
Paymentus Holdings, Inc. Class A (a) | 4,883 | 103,276 | |
Payoneer Global, Inc. (a) | 67,190 | 371,561 | |
PayPal Holdings, Inc. (a) | 240,810 | 15,840,482 | |
Remitly Global, Inc. (a) | 33,692 | 445,071 | |
Repay Holdings Corp. (a) | 21,437 | 206,224 | |
Shift4 Payments, Inc. Class A (a) | 13,376 | 920,135 | |
Toast, Inc. Class A (a) | 84,735 | 2,216,668 | |
Visa, Inc. Class A | 381,158 | 101,262,246 | |
Western Union Co. | 59,846 | 711,569 |
| |||
Shares | Value | ||
WEX, Inc. (a) | 10,123 | $1,857,064 | |
279,303,614 | |||
TOTAL FINANCIAL SERVICES | 448,687,812 | ||
INSURANCE – 17.2% | |||
Insurance Brokers – 4.2% | |||
Aon PLC Class A | 47,746 | 15,685,038 | |
Arthur J Gallagher & Co. | 52,153 | 14,784,854 | |
Baldwin Insurance Group, Inc. Class A (a) | 15,841 | 692,885 | |
Brown & Brown, Inc. | 58,511 | 5,817,749 | |
Crawford & Co. Class A | 7,350 | 71,957 | |
Goosehead Insurance, Inc. Class A (a) | 5,654 | 510,500 | |
Hagerty, Inc. Class A (a) | 7,120 | 78,747 | |
Marsh & McLennan Cos., Inc. | 118,357 | 26,342,717 | |
Ryan Specialty Holdings, Inc. | 24,439 | 1,505,198 | |
Willis Towers Watson PLC | 24,617 | 6,948,887 | |
72,438,532 | |||
Life & Health Insurance – 3.0% | |||
Aflac, Inc. | 133,018 | 12,687,257 | |
Brighthouse Financial, Inc. (a) | 17,504 | 872,924 | |
CNO Financial Group, Inc. | 30,417 | 1,060,337 | |
F&G Annuities & Life, Inc. | 4,203 | 181,275 | |
Genworth Financial, Inc. Class A (a) | 108,982 | 737,808 | |
Globe Life, Inc. | 23,252 | 2,156,390 | |
Lincoln National Corp. | 40,682 | 1,354,711 | |
MetLife, Inc. | 149,727 | 11,506,520 | |
Oscar Health, Inc. Class A (a) | 33,795 | 597,496 | |
Primerica, Inc. | 8,905 | 2,242,012 | |
Principal Financial Group, Inc. | 56,299 | 4,588,931 | |
Prudential Financial, Inc. | 87,481 | 10,963,119 | |
Unum Group | 39,654 | 2,281,295 | |
51,230,075 | |||
Multi-line Insurance – 0.8% | |||
American International Group, Inc. | 163,956 | 12,990,234 | |
Horace Mann Educators Corp. | 10,194 | 352,406 | |
13,342,640 | |||
Property & Casualty Insurance – 8.5% | |||
Allstate Corp. | 63,657 | 10,892,986 | |
Ambac Financial Group, Inc. (a) | 11,831 | 156,051 | |
American Financial Group, Inc. | 17,629 | 2,308,694 | |
AMERISAFE, Inc. | 4,090 | 194,193 | |
Arch Capital Group Ltd. (a) | 90,598 | 8,677,477 | |
Assurant, Inc. | 13,249 | 2,316,853 | |
Assured Guaranty Ltd. | 13,637 | 1,123,280 | |
Axis Capital Holdings Ltd. | 21,035 | 1,593,401 | |
Chubb Ltd. | 97,973 | 27,007,237 | |
Cincinnati Financial Corp. | 38,028 | 4,967,217 | |
Donegal Group, Inc. Class A | 4,383 | 64,562 |
21 | Annual Report |
Common Stocks – continued | |||
Shares | Value | ||
INSURANCE – continued | |||
Property & Casualty Insurance – continued | |||
Employers Holdings, Inc. | 6,039 | $289,932 | |
Erie Indemnity Co. Class A | 6,117 | 2,698,515 | |
Fidelity National Financial, Inc. | 62,080 | 3,439,853 | |
First American Financial Corp. | 25,054 | 1,517,771 | |
Hamilton Insurance Group Ltd. Class B (a) | 5,796 | 101,024 | |
Hanover Insurance Group, Inc. | 8,564 | 1,177,464 | |
Hartford Financial Services Group, Inc. | 72,671 | 8,060,667 | |
HCI Group, Inc. | 2,039 | 192,196 | |
Kemper Corp. | 15,353 | 983,513 | |
Kinsale Capital Group, Inc. | 5,289 | 2,417,443 | |
Lemonade, Inc. (a) | 12,475 | 224,924 | |
Loews Corp. | 46,876 | 3,747,736 | |
Markel Group, Inc. (a) | 3,154 | 5,168,933 | |
Mercury General Corp. | 7,184 | 430,106 | |
Old Republic International Corp. | 65,039 | 2,251,650 | |
Palomar Holdings, Inc. (a) | 6,064 | 557,949 | |
ProAssurance Corp. (a) | 11,588 | 151,803 | |
Progressive Corp. | 140,978 | 30,186,209 | |
RLI Corp. | 9,709 | 1,462,078 | |
Root, Inc. Class A (a) | 1,867 | 112,450 | |
Safety Insurance Group, Inc. | 3,420 | 292,581 | |
Selective Insurance Group, Inc. | 14,241 | 1,286,247 | |
Skyward Specialty Insurance Group, Inc. (a) | 8,713 | 344,774 | |
Stewart Information Services Corp. | 6,632 | 468,883 | |
Tiptree, Inc. | 6,620 | 130,745 | |
Travelers Cos., Inc. | 55,230 | 11,953,981 | |
Trupanion, Inc. (a) | 8,617 | 319,346 | |
United Fire Group, Inc. | 5,239 | 117,406 | |
Universal Insurance Holdings, Inc. | 6,985 | 138,373 | |
W.R. Berkley Corp. | 74,548 | 4,109,831 | |
White Mountains Insurance Group Ltd. | 614 | 1,096,604 | |
144,732,938 | |||
Reinsurance – 0.7% | |||
Enstar Group Ltd. (a) | 3,065 | 994,286 | |
Everest Group Ltd. | 10,519 | 4,132,600 | |
Reinsurance Group of America, Inc. | 16,368 | 3,689,838 | |
RenaissanceRe Holdings Ltd. | 12,730 | 2,952,214 | |
SiriusPoint Ltd. (a) | 25,313 | 363,748 | |
12,132,686 | |||
TOTAL INSURANCE | 293,876,871 | ||
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.7% | |||
Mortgage REITs – 0.7% | |||
AGNC Investment Corp. | 165,071 | 1,652,361 |
| |||
Shares | Value | ||
Annaly Capital Management, Inc. | 120,581 | $2,400,768 | |
Apollo Commercial Real Estate Finance, Inc. | 34,309 | 373,968 | |
Arbor Realty Trust, Inc. | 42,371 | 572,009 | |
ARMOUR Residential REIT, Inc. | 10,593 | 213,979 | |
Blackstone Mortgage Trust, Inc. Class A | 39,492 | 704,932 | |
BrightSpire Capital, Inc. | 32,176 | 184,368 | |
Chimera Investment Corp. | 18,294 | 267,275 | |
Claros Mortgage Trust, Inc. | 24,944 | 237,217 | |
Dynex Capital, Inc. | 18,038 | 219,522 | |
Ellington Financial, Inc. | 19,846 | 251,846 | |
Franklin BSP Realty Trust, Inc. | 20,833 | 288,329 | |
Invesco Mortgage Capital, Inc. | 11,431 | 103,793 | |
KKR Real Estate Finance Trust, Inc. | 12,683 | 145,601 | |
Ladder Capital Corp. | 31,256 | 375,072 | |
MFA Financial, Inc. | 25,480 | 285,121 | |
New York Mortgage Trust, Inc. | 17,388 | 112,674 | |
PennyMac Mortgage Investment Trust | 22,403 | 308,489 | |
Ready Capital Corp. | 40,956 | 380,072 | |
Redwood Trust, Inc. | 31,970 | 232,422 | |
Rithm Capital Corp. | 126,150 | 1,464,602 | |
Starwood Property Trust, Inc. | 73,017 | 1,456,689 | |
TPG RE Finance Trust, Inc. | 14,412 | 125,961 | |
Two Harbors Investment Corp. | 24,367 | 328,224 | |
TOTAL MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) | 12,685,294 | ||
TOTAL COMMON STOCKS (Cost $1,272,119,333) | 1,704,359,923 | ||
Money Market Fund – 0.3% | |||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.21% (b) (Cost $4,539,000) | 4,539,000 | 4,539,000 | |
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $1,276,658,333) | 1,708,898,923 | ||
NET OTHER ASSETS (LIABILITIES) – 0.0% | 728,124 | ||
NET ASSETS – 100.0% | $1,709,627,047 |
Legend | ||
(a) | Non-income producing. | |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Annual Report | 22 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Financial Select Sector Index Contracts (United States) | 32 | September 2024 | 4,342,800 | $ 244,433 | $ 244,433 |
CME E-mini Russell 2000 Index Contracts (United States) | 6 | September 2024 | 681,900 | 56,145 | 56,145 |
Total Equity Index Contracts | $300,578 |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $1,704,359,923 | $1,704,359,923 | $— | $— | |||||
Money Market Funds | 4,539,000 | 4,539,000 | — | — | |||||
Total Investments in Securities: | $1,708,898,923 | $1,708,898,923 | $— | $— | |||||
Derivative Instruments: | |||||||||
Assets | |||||||||
Futures Contracts | $300,578 | $300,578 | $— | $— | |||||
Total Assets | $300,578 | $300,578 | $— | $— | |||||
Total Derivative Instruments: | $300,578 | $300,578 | $— | $— |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $300,578 | $0 | |
Total Equity Risk | 300,578 | 0 | |
Total Value of Derivatives | $300,578 | $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). |
23 | Annual Report |
Common Stocks – 99.7% | |||
Shares | Value | ||
BIOTECHNOLOGY – 19.9% | |||
Biotechnology – 19.9% | |||
4D Molecular Therapeutics, Inc. (a) | 14,067 | $249,408 | |
89bio, Inc. (a) | 33,613 | 307,895 | |
AbbVie, Inc. | 856,351 | 158,698,967 | |
ACADIA Pharmaceuticals, Inc. (a) | 51,333 | 976,354 | |
ADMA Biologics, Inc. (a) | 107,662 | 1,322,089 | |
Agios Pharmaceuticals, Inc. (a) | 24,416 | 1,132,902 | |
Akero Therapeutics, Inc. (a) | 25,576 | 683,647 | |
Akouos, Inc. (a)(b) | 11,863 | 2,135 | |
Alector, Inc. (a) | 34,087 | 204,522 | |
Alkermes PLC (a) | 77,570 | 2,119,212 | |
Allogene Therapeutics, Inc. (a) | 70,532 | 207,364 | |
Alnylam Pharmaceuticals, Inc. (a) | 61,160 | 14,523,054 | |
Altimmune, Inc. (a) | 34,209 | 217,569 | |
ALX Oncology Holdings, Inc. (a) | 10,798 | 51,830 | |
Amgen, Inc. | 259,190 | 86,172,899 | |
Amicus Therapeutics, Inc. (a) | 106,579 | 1,098,830 | |
AnaptysBio, Inc. (a) | 5,139 | 179,043 | |
Apellis Pharmaceuticals, Inc. (a) | 37,953 | 1,502,939 | |
Apogee Therapeutics, Inc. (a) | 10,076 | 490,701 | |
Arcellx, Inc. (a) | 15,429 | 953,667 | |
Arcturus Therapeutics Holdings, Inc. (a) | 11,511 | 270,048 | |
Arcus Biosciences, Inc. (a) | 24,807 | 407,083 | |
Arcutis Biotherapeutics, Inc. (a) | 49,938 | 502,876 | |
Ardelyx, Inc. (a) | 112,145 | 622,405 | |
Arrowhead Pharmaceuticals, Inc. (a) | 60,337 | 1,723,225 | |
ARS Pharmaceuticals, Inc. (a) | 17,739 | 192,823 | |
Aurinia Pharmaceuticals, Inc. (a) | 64,398 | 378,660 | |
Avid Bioservices, Inc. (a) | 29,653 | 309,577 | |
Avidity Biosciences, Inc. (a) | 38,282 | 1,744,894 | |
Beam Therapeutics, Inc. (a) | 33,453 | 1,058,453 | |
BioCryst Pharmaceuticals, Inc. (a) | 89,778 | 653,584 | |
Biogen, Inc. (a) | 70,348 | 14,998,194 | |
Biohaven Ltd. (a) | 35,779 | 1,407,188 | |
BioMarin Pharmaceutical, Inc. (a) | 91,631 | 7,727,242 | |
Biomea Fusion, Inc. (a) | 13,455 | 74,944 | |
Blueprint Medicines Corp. (a) | 28,066 | 3,039,548 | |
Bridgebio Pharma, Inc. (a) | 53,190 | 1,380,281 | |
Cabaletta Bio, Inc. (a) | 17,329 | 123,036 | |
Cargo Therapeutics, Inc. (a) | 6,973 | 118,750 | |
Catalyst Pharmaceuticals, Inc. (a) | 51,134 | 881,550 | |
Celldex Therapeutics, Inc. (a) | 28,041 | 1,068,643 | |
Cerevel Therapeutics Holdings, Inc. (a) | 35,019 | 1,574,454 | |
CG oncology, Inc. (a) | 9,652 | 321,894 | |
Chinook Therapeutics, Inc. (a)(b) | 24,218 | 0 | |
Cogent Biosciences, Inc. (a) | 30,073 | 283,588 | |
Crinetics Pharmaceuticals, Inc. (a) | 31,971 | 1,698,300 | |
CRISPR Therapeutics AG (a) | 38,931 | 2,230,357 |
| |||
Shares | Value | ||
Cullinan Therapeutics, Inc. (a) | 18,426 | $356,543 | |
Cytokinetics, Inc. (a) | 47,940 | 2,828,939 | |
Day One Biopharmaceuticals, Inc. (a) | 22,911 | 327,856 | |
Denali Therapeutics, Inc. (a) | 57,093 | 1,391,356 | |
Dianthus Therapeutics, Inc. (a) | 4,248 | 126,505 | |
Disc Medicine, Inc. (a) | 7,981 | 344,460 | |
Dynavax Technologies Corp. (a) | 59,341 | 664,026 | |
Dyne Therapeutics, Inc. (a) | 25,985 | 1,115,016 | |
Editas Medicine, Inc. (a) | 40,129 | 217,098 | |
Entrada Therapeutics, Inc. (a) | 8,830 | 145,430 | |
Exact Sciences Corp. (a) | 88,072 | 4,023,129 | |
Exelixis, Inc. (a) | 128,062 | 3,003,054 | |
Fate Therapeutics, Inc. (a) | 43,937 | 234,184 | |
Geron Corp. (a) | 196,217 | 930,069 | |
Gilead Sciences, Inc. | 603,081 | 45,870,341 | |
GRAIL, Inc. (a) | 12,783 | 196,603 | |
Halozyme Therapeutics, Inc. (a) | 61,322 | 3,388,654 | |
HilleVax, Inc. (a) | 9,270 | 16,964 | |
Ideaya Biosciences, Inc. (a) | 30,597 | 1,317,201 | |
ImmunityBio, Inc. (a) | 65,744 | 338,582 | |
Immunome, Inc. (a) | 19,441 | 299,586 | |
Immunovant, Inc. (a) | 24,246 | 704,831 | |
Incyte Corp. (a) | 76,151 | 4,955,146 | |
Insmed, Inc. (a) | 68,115 | 4,955,366 | |
Intellia Therapeutics, Inc. (a) | 44,223 | 1,159,085 | |
Ionis Pharmaceuticals, Inc. (a) | 63,318 | 3,131,708 | |
Iovance Biotherapeutics, Inc. (a) | 96,240 | 840,175 | |
Ironwood Pharmaceuticals, Inc. (a) | 68,620 | 468,675 | |
iTeos Therapeutics, Inc. (a) | 10,898 | 191,696 | |
Janux Therapeutics, Inc. (a) | 9,964 | 404,538 | |
Keros Therapeutics, Inc. (a) | 13,929 | 698,679 | |
Kiniksa Pharmaceuticals International PLC (a) | 19,304 | 513,486 | |
Krystal Biotech, Inc. (a) | 8,953 | 1,866,342 | |
Kura Oncology, Inc. (a) | 24,552 | 510,927 | |
Kymera Therapeutics, Inc. (a) | 22,113 | 1,021,621 | |
Kyverna Therapeutics, Inc. (a) | 7,292 | 63,149 | |
Lyell Immunopharma, Inc. (a) | 58,774 | 94,626 | |
MacroGenics, Inc. (a) | 22,478 | 84,517 | |
Madrigal Pharmaceuticals, Inc. (a) | 6,080 | 1,730,733 | |
MannKind Corp. (a) | 131,348 | 756,565 | |
Merus NV (a) | 19,186 | 1,017,625 | |
MiMedx Group, Inc. (a) | 58,941 | 439,110 | |
Mirum Pharmaceuticals, Inc. (a) | 15,888 | 644,258 | |
Moderna, Inc. (a) | 157,422 | 18,767,851 | |
MoonLake Immunotherapeutics (a) | 7,582 | 315,790 | |
Morphic Holding, Inc. (a) | 14,622 | 828,483 | |
Myriad Genetics, Inc. (a) | 43,924 | 1,228,554 | |
Natera, Inc. (a) | 55,408 | 5,673,225 | |
Neurocrine Biosciences, Inc. (a) | 48,220 | 6,826,505 |
Annual Report | 24 |
Common Stocks – continued | |||
Shares | Value | ||
BIOTECHNOLOGY – continued | |||
Biotechnology – continued | |||
Newamsterdam Pharma Co. NV (a) | 8,616 | $147,506 | |
Novavax, Inc. (a) | 60,822 | 779,130 | |
Nurix Therapeutics, Inc. (a) | 24,339 | 532,537 | |
Nuvalent, Inc. Class A (a) | 14,173 | 1,132,990 | |
Olema Pharmaceuticals, Inc. (a) | 15,419 | 249,171 | |
ORIC Pharmaceuticals, Inc. (a) | 16,256 | 182,067 | |
Perspective Therapeutics, Inc. (a) | 16,989 | 231,050 | |
Praxis Precision Medicines, Inc. (a) | 7,837 | 452,273 | |
Protagonist Therapeutics, Inc. (a) | 21,104 | 790,134 | |
Prothena Corp. PLC (a) | 16,843 | 392,105 | |
PTC Therapeutics, Inc. (a) | 33,319 | 1,127,848 | |
Radius Health, Inc. (a)(b) | 20,244 | 0 | |
Recursion Pharmaceuticals, Inc. Class A (a) | 94,688 | 776,442 | |
Regeneron Pharmaceuticals, Inc. (a) | 52,206 | 56,340,193 | |
REGENXBIO, Inc. (a) | 19,947 | 284,245 | |
Relay Therapeutics, Inc. (a) | 43,388 | 356,649 | |
Replimune Group, Inc. (a) | 22,144 | 221,440 | |
REVOLUTION Medicines, Inc. (a) | 55,650 | 2,539,866 | |
Rhythm Pharmaceuticals, Inc. (a) | 21,774 | 1,049,725 | |
Rocket Pharmaceuticals, Inc. (a) | 30,513 | 738,415 | |
Roivant Sciences Ltd. (a) | 175,265 | 1,901,625 | |
Sage Therapeutics, Inc. (a) | 21,762 | 238,294 | |
Sana Biotechnology, Inc. (a) | 63,837 | 388,767 | |
Sarepta Therapeutics, Inc. (a) | 40,925 | 5,821,172 | |
Savara, Inc. (a) | 47,643 | 219,158 | |
Scholar Rock Holding Corp. (a) | 19,185 | 174,200 | |
Soleno Therapeutics, Inc. (a) | 7,335 | 353,767 | |
SpringWorks Therapeutics, Inc. (a) | 26,708 | 959,084 | |
Spyre Therapeutics, Inc. (a) | 8,432 | 231,880 | |
Stoke Therapeutics, Inc. (a) | 16,266 | 243,502 | |
Syndax Pharmaceuticals, Inc. (a) | 36,856 | 836,631 | |
Tango Therapeutics, Inc. (a) | 22,103 | 217,715 | |
TG Therapeutics, Inc. (a) | 71,271 | 1,408,315 | |
Tourmaline Bio, Inc. | 5,948 | 100,402 | |
Travere Therapeutics, Inc. (a) | 31,820 | 303,563 | |
Twist Bioscience Corp. (a) | 28,001 | 1,562,736 | |
Ultragenyx Pharmaceutical, Inc. (a) | 35,730 | 1,608,565 | |
United Therapeutics Corp. (a) | 21,586 | 6,762,678 | |
Vaxcyte, Inc. (a) | 44,464 | 3,507,765 | |
Vera Therapeutics, Inc. (a) | 17,078 | 624,884 | |
Veracyte, Inc. (a) | 36,619 | 878,856 | |
Vericel Corp. (a) | 22,006 | 1,111,743 | |
Vertex Pharmaceuticals, Inc. (a) | 124,927 | 61,928,812 | |
Verve Therapeutics, Inc. (a) | 29,920 | 209,440 | |
Viking Therapeutics, Inc. (a) | 47,502 | 2,707,614 | |
Vir Biotechnology, Inc. (a) | 45,092 | 458,135 | |
Viridian Therapeutics, Inc. (a) | 22,727 | 382,950 | |
Xencor, Inc. (a) | 26,750 | 546,235 |
| |||
Shares | Value | ||
Xenon Pharmaceuticals, Inc. (a) | 30,943 | $1,334,572 | |
Y-mAbs Therapeutics, Inc. (a) | 14,793 | 181,658 | |
Zentalis Pharmaceuticals, Inc. (a) | 25,861 | 100,599 | |
Zymeworks, Inc. (a) | 20,889 | 218,499 | |
TOTAL BIOTECHNOLOGY | 608,763,088 | ||
HEALTH CARE EQUIPMENT & SUPPLIES – 18.7% | |||
Health Care Equipment – 17.4% | |||
Abbott Laboratories | 839,200 | 88,904,848 | |
Alphatec Holdings, Inc. (a) | 45,392 | 458,459 | |
Artivion, Inc. (a) | 18,317 | 497,307 | |
AtriCure, Inc. (a) | 22,902 | 493,996 | |
Axonics, Inc. (a) | 24,486 | 1,676,801 | |
Baxter International, Inc. | 246,081 | 8,814,621 | |
Becton Dickinson & Co. | 139,724 | 33,681,868 | |
Boston Scientific Corp. (a) | 710,897 | 52,521,070 | |
CONMED Corp. | 14,778 | 1,020,273 | |
DexCom, Inc. (a) | 186,601 | 12,655,280 | |
Edwards Lifesciences Corp. (a) | 290,864 | 18,338,975 | |
Enovis Corp. (a) | 26,461 | 1,260,602 | |
Envista Holdings Corp. (a) | 82,803 | 1,413,447 | |
GE HealthCare Technologies, Inc. | 209,272 | 17,710,689 | |
Glaukos Corp. (a) | 24,224 | 2,838,326 | |
Globus Medical, Inc. Class A (a) | 54,514 | 3,922,828 | |
Hologic, Inc. (a) | 113,649 | 9,274,895 | |
IDEXX Laboratories, Inc. (a) | 40,194 | 19,137,167 | |
Inari Medical, Inc. (a) | 25,351 | 1,180,343 | |
Inspire Medical Systems, Inc. (a) | 14,621 | 2,062,292 | |
Insulet Corp. (a) | 33,797 | 6,568,447 | |
Integer Holdings Corp. (a) | 16,106 | 1,912,749 | |
Integra LifeSciences Holdings Corp. (a) | 32,117 | 796,823 | |
Intuitive Surgical, Inc. (a) | 171,425 | 76,217,269 | |
iRadimed Corp. | 3,555 | 166,054 | |
iRhythm Technologies, Inc. (a) | 15,103 | 1,302,634 | |
LeMaitre Vascular, Inc. | 9,898 | 860,037 | |
LivaNova PLC (a) | 26,190 | 1,293,786 | |
Masimo Corp. (a) | 21,632 | 2,314,191 | |
Medtronic PLC | 642,185 | 51,580,299 | |
Nevro Corp. (a) | 13,486 | 133,916 | |
Novocure Ltd. (a) | 49,778 | 1,133,445 | |
Omnicell, Inc. (a) | 21,881 | 639,144 | |
Orthofix Medical, Inc. (a) | 18,052 | 290,276 | |
Paragon 28, Inc. (a) | 21,911 | 170,687 | |
Penumbra, Inc. (a) | 17,867 | 2,985,397 | |
PROCEPT BioRobotics Corp. (a) | 22,010 | 1,393,673 | |
QuidelOrtho Corp. (a) | 25,832 | 1,014,939 | |
ResMed, Inc. | 71,184 | 15,179,988 | |
SI-BONE, Inc. (a) | 18,333 | 278,662 | |
Silk Road Medical, Inc. (a) | 17,958 | 485,046 | |
Steris PLC | 47,849 | 11,424,427 |
25 | Annual Report |
Common Stocks – continued | |||
Shares | Value | ||
HEALTH CARE EQUIPMENT & SUPPLIES – continued | |||
Health Care Equipment – continued | |||
Stryker Corp. | 165,519 | $54,199,197 | |
Tandem Diabetes Care, Inc. (a) | 31,038 | 1,147,785 | |
Teleflex, Inc. | 22,759 | 5,027,918 | |
TransMedics Group, Inc. (a) | 15,853 | 2,255,248 | |
Treace Medical Concepts, Inc. (a) | 21,838 | 157,889 | |
Varex Imaging Corp. (a) | 19,417 | 287,177 | |
Zimmer Biomet Holdings, Inc. | 99,306 | 11,057,723 | |
530,138,913 | |||
Health Care Supplies – 1.3% | |||
Align Technology, Inc. (a) | 34,634 | 8,030,932 | |
Atrion Corp. | 703 | 322,185 | |
Avanos Medical, Inc. (a) | 22,291 | 533,201 | |
Cooper Cos., Inc. (a) | 95,950 | 8,955,014 | |
DENTSPLY SIRONA, Inc. | 100,081 | 2,716,198 | |
Embecta Corp. | 27,185 | 425,989 | |
Establishment Labs Holdings, Inc. (a) | 9,159 | 407,026 | |
Haemonetics Corp. (a) | 24,455 | 2,202,173 | |
ICU Medical, Inc. (a) | 10,490 | 1,332,020 | |
Lantheus Holdings, Inc. (a) | 33,276 | 3,488,323 | |
Merit Medical Systems, Inc. (a) | 28,104 | 2,396,990 | |
Neogen Corp. (a) | 99,340 | 1,691,760 | |
OraSure Technologies, Inc. (a) | 37,107 | 166,239 | |
OrthoPediatrics Corp. (a) | 8,198 | 252,334 | |
RxSight, Inc. (a) | 13,463 | 616,202 | |
Solventum Corp. (a) | 71,219 | 4,193,375 | |
STAAR Surgical Co. (a) | 18,575 | 766,219 | |
UFP Technologies, Inc. (a) | 3,543 | 1,139,393 | |
39,635,573 | |||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | 569,774,486 | ||
HEALTH CARE PROVIDERS & SERVICES – 21.1% | |||
Health Care Distributors – 2.5% | |||
AdaptHealth Corp. (a) | 35,310 | 401,122 | |
Cardinal Health, Inc. | 117,766 | 11,874,346 | |
Cencora, Inc. | 86,841 | 20,657,737 | |
Henry Schein, Inc. (a) | 62,035 | 4,462,798 | |
McKesson Corp. | 63,554 | 39,214,089 | |
Owens & Minor, Inc. (a) | 35,114 | 576,572 | |
Patterson Cos., Inc. | 38,918 | 982,679 | |
PetIQ, Inc. (a) | 13,329 | 291,638 | |
78,460,981 | |||
Health Care Facilities – 2.1% | |||
Acadia Healthcare Co., Inc. (a) | 44,898 | 2,911,635 | |
Brookdale Senior Living, Inc. (a) | 85,794 | 663,188 | |
Community Health Systems, Inc. (a) | 66,111 | 347,744 | |
Encompass Health Corp. | 48,569 | 4,514,003 | |
Ensign Group, Inc. | 27,342 | 3,848,386 | |
HCA Healthcare, Inc. | 95,937 | 34,829,928 | |
National HealthCare Corp. | 6,765 | 921,122 |
| |||
Shares | Value | ||
Select Medical Holdings Corp. | 53,012 | $2,107,757 | |
Surgery Partners, Inc. (a) | 33,514 | 1,017,485 | |
Tenet Healthcare Corp. (a) | 43,078 | 6,448,777 | |
U.S. Physical Therapy, Inc. | 7,273 | 709,118 | |
Universal Health Services, Inc. Class B | 28,938 | 6,185,787 | |
64,504,930 | |||
Health Care Services – 4.3% | |||
Accolade, Inc. (a) | 34,206 | 140,245 | |
Addus HomeCare Corp. (a) | 7,949 | 964,691 | |
agilon health, Inc. (a) | 146,553 | 1,009,750 | |
Amedisys, Inc. (a) | 15,785 | 1,547,719 | |
AMN Healthcare Services, Inc. (a) | 18,229 | 1,232,645 | |
Astrana Health, Inc. (a) | 21,395 | 1,122,382 | |
BrightSpring Health Services, Inc. (a) | 24,781 | 307,037 | |
Castle Biosciences, Inc. (a) | 13,095 | 315,982 | |
Chemed Corp. | 6,973 | 3,975,726 | |
Cigna Group | 137,219 | 47,844,149 | |
CorVel Corp. (a) | 4,544 | 1,394,099 | |
Cross Country Healthcare, Inc. (a) | 16,883 | 307,946 | |
CVS Health Corp. | 608,633 | 36,718,829 | |
DaVita, Inc. (a) | 25,891 | 3,537,228 | |
Enhabit, Inc. (a) | 20,400 | 208,896 | |
Fulgent Genetics, Inc. (a) | 10,309 | 246,694 | |
Guardant Health, Inc. (a) | 58,745 | 2,063,712 | |
Hims & Hers Health, Inc. (a) | 69,545 | 1,477,136 | |
Labcorp Holdings, Inc. | 40,743 | 8,777,672 | |
LifeStance Health Group, Inc. (a) | 55,118 | 303,700 | |
National Research Corp. | 7,335 | 186,969 | |
NeoGenomics, Inc. (a) | 61,703 | 1,093,994 | |
Opko Health, Inc. (a) | 168,195 | 238,837 | |
Option Care Health, Inc. (a) | 83,737 | 2,486,152 | |
Pediatrix Medical Group, Inc. (a) | 39,112 | 326,194 | |
Pennant Group, Inc. (a) | 14,239 | 424,465 | |
Premier, Inc. Class A | 57,389 | 1,204,021 | |
Privia Health Group, Inc. (a) | 46,762 | 969,844 | |
Quest Diagnostics, Inc. | 53,638 | 7,632,687 | |
R1 RCM, Inc. (a) | 80,513 | 1,037,007 | |
RadNet, Inc. (a) | 30,239 | 1,806,780 | |
130,903,188 | |||
Managed Health Care – 12.2% | |||
Alignment Healthcare, Inc. (a) | 44,619 | 389,970 | |
Centene Corp. (a) | 258,693 | 19,898,666 | |
Elevance Health, Inc. | 112,527 | 59,867,740 | |
HealthEquity, Inc. (a) | 41,781 | 3,278,973 | |
Humana, Inc. | 58,302 | 21,082,586 | |
Molina Healthcare, Inc. (a) | 28,268 | 9,647,020 | |
Progyny, Inc. (a) | 41,885 | 1,181,157 |
Annual Report | 26 |
Common Stocks – continued | |||
Shares | Value | ||
HEALTH CARE PROVIDERS & SERVICES – continued | |||
Managed Health Care – continued | |||
UnitedHealth Group, Inc. | 445,922 | $256,922,419 | |
372,268,531 | |||
TOTAL HEALTH CARE PROVIDERS & SERVICES | 646,137,630 | ||
HEALTH CARE TECHNOLOGY – 0.7% | |||
Health Care Technology – 0.7% | |||
Certara, Inc. (a) | 53,656 | 837,570 | |
Definitive Healthcare Corp. (a) | 24,480 | 95,472 | |
Doximity, Inc. Class A (a) | 52,847 | 1,479,716 | |
Evolent Health, Inc. Class A (a) | 49,979 | 1,165,510 | |
GoodRx Holdings, Inc. Class A (a) | 38,404 | 347,556 | |
HealthStream, Inc. | 11,767 | 349,598 | |
Multiplan Corp. (a) | 125,567 | 56,518 | |
Phreesia, Inc. (a) | 25,482 | 635,776 | |
Schrodinger, Inc. (a) | 30,432 | 678,025 | |
Simulations Plus, Inc. | 8,085 | 330,191 | |
Teladoc Health, Inc. (a) | 82,390 | 776,938 | |
Veeva Systems, Inc. Class A (a) | 74,159 | 14,233,337 | |
TOTAL HEALTH CARE TECHNOLOGY | 20,986,207 | ||
LIFE SCIENCES TOOLS & SERVICES – 11.3% | |||
Life Sciences Tools & Services – 11.3% | |||
10X Genomics, Inc. Class A (a) | 45,892 | 948,588 | |
Agilent Technologies, Inc. | 141,738 | 20,041,753 | |
Avantor, Inc. (a) | 328,810 | 8,795,668 | |
Azenta, Inc. (a) | 24,232 | 1,509,411 | |
BioLife Solutions, Inc. (a) | 18,237 | 438,053 | |
Bio-Rad Laboratories, Inc. Class A (a) | 9,612 | 3,252,316 | |
Bio-Techne Corp. | 75,846 | 6,188,275 | |
Bruker Corp. | 45,590 | 3,123,371 | |
Charles River Laboratories International, Inc. (a) | 24,791 | 6,051,483 | |
CryoPort, Inc. (a) | 23,457 | 216,508 | |
Cytek Biosciences, Inc. (a) | 55,878 | 374,941 | |
Danaher Corp. | 340,247 | 94,275,639 | |
Fortrea Holdings, Inc. (a) | 41,976 | 1,158,118 | |
Illumina, Inc. (a) | 76,722 | 9,406,117 | |
IQVIA Holdings, Inc. (a) | 88,029 | 21,675,381 | |
Maravai LifeSciences Holdings, Inc. Class A (a) | 54,639 | 531,637 | |
MaxCyte, Inc. (a) | 47,653 | 228,734 | |
Medpace Holdings, Inc. (a) | 12,706 | 4,860,299 | |
Mesa Laboratories, Inc. | 2,490 | 285,155 | |
Mettler-Toledo International, Inc. (a) | 10,349 | 15,741,139 | |
OmniAb, Inc. (a) | 43,447 | 208,111 | |
OmniAb, Inc. (a)(b) | 3,335 | 9,538 | |
OmniAb, Inc. (a)(b) | 3,335 | 8,738 |
| |||
Shares | Value | ||
Pacific Biosciences of California, Inc. (a) | 114,998 | $236,896 | |
Quanterix Corp. (a) | 17,316 | 255,584 | |
Repligen Corp. (a) | 25,670 | 4,295,875 | |
Revvity, Inc. | 59,654 | 7,493,139 | |
Sotera Health Co. (a) | 68,255 | 946,697 | |
Standard BioTools, Inc. (a) | 119,984 | 268,764 | |
Thermo Fisher Scientific, Inc. | 184,611 | 113,229,311 | |
Waters Corp. (a) | 28,653 | 9,635,431 | |
West Pharmaceutical Services, Inc. | 35,351 | 10,823,416 | |
TOTAL LIFE SCIENCES TOOLS & SERVICES | 346,514,086 | ||
PHARMACEUTICALS – 28.0% | |||
Pharmaceuticals – 28.0% | |||
Amneal Pharmaceuticals, Inc. (a) | 59,212 | 434,024 | |
Amphastar Pharmaceuticals, Inc. (a) | 18,704 | 813,998 | |
ANI Pharmaceuticals, Inc. (a) | 8,357 | 549,222 | |
Arvinas, Inc. (a) | 23,072 | 634,711 | |
Axsome Therapeutics, Inc. (a) | 15,082 | 1,316,809 | |
Bristol-Myers Squibb Co. | 980,217 | 46,619,121 | |
Cassava Sciences, Inc. (a) | 20,138 | 447,466 | |
Catalent, Inc. (a) | 87,279 | 5,179,136 | |
Collegium Pharmaceutical, Inc. (a) | 15,619 | 602,425 | |
Corcept Therapeutics, Inc. (a) | 44,967 | 1,738,874 | |
Edgewise Therapeutics, Inc. (a) | 18,040 | 307,221 | |
Elanco Animal Health, Inc. (a) | 238,619 | 3,111,592 | |
Eli Lilly & Co. | 390,852 | 314,350,538 | |
Enliven Therapeutics, Inc. (a) | 9,046 | 238,633 | |
Evolus, Inc. (a) | 25,182 | 312,760 | |
EyePoint Pharmaceuticals, Inc. (a) | 23,818 | 235,322 | |
Harmony Biosciences Holdings, Inc. (a) | 14,834 | 502,279 | |
Innoviva, Inc. (a) | 26,968 | 508,077 | |
Intra-Cellular Therapies, Inc. (a) | 42,163 | 3,319,071 | |
Jazz Pharmaceuticals PLC (a) | 28,505 | 3,142,676 | |
Johnson & Johnson | 1,165,461 | 183,968,019 | |
Ligand Pharmaceuticals, Inc. (a) | 8,232 | 897,206 | |
Liquidia Corp. (a) | 24,306 | 289,971 | |
Longboard Pharmaceuticals, Inc. (a) | 13,782 | 458,114 | |
Merck & Co., Inc. | 1,224,882 | 138,570,901 | |
Mind Medicine MindMed, Inc. (a) | 27,212 | 251,983 | |
Nuvation Bio, Inc. (a) | 65,210 | 249,754 | |
Ocular Therapeutix, Inc. (a) | 48,538 | 410,631 | |
Organon & Co. | 123,923 | 2,708,957 | |
Pacira BioSciences, Inc. (a) | 22,079 | 455,931 | |
Perrigo Co. PLC | 65,567 | 1,853,579 | |
Pfizer, Inc. | 2,730,994 | 83,404,557 | |
Phathom Pharmaceuticals, Inc. (a) | 12,970 | 153,305 | |
Phibro Animal Health Corp. Class A | 9,872 | 186,383 | |
Pliant Therapeutics, Inc. (a) | 21,519 | 307,937 |
27 | Annual Report |
Common Stocks – continued | |||
Shares | Value | ||
PHARMACEUTICALS – continued | |||
Pharmaceuticals – continued | |||
Prestige Consumer Healthcare, Inc. (a) | 24,033 | $1,701,777 | |
Revance Therapeutics, Inc. (a) | 49,046 | 185,394 | |
Royalty Pharma PLC Class A | 183,364 | 5,165,364 | |
Scilex Holding Co. (a)(c) | 34,921 | 44,420 | |
SIGA Technologies, Inc. | 21,695 | 216,516 | |
Supernus Pharmaceuticals, Inc. (a) | 26,784 | 798,699 | |
Tarsus Pharmaceuticals, Inc. (a) | 11,625 | 282,371 | |
Theravance Biopharma, Inc. (a) | 16,869 | 170,546 | |
Tilray Brands, Inc. (a) | 382,666 | 776,812 | |
Viatris, Inc. | 575,551 | 6,941,145 | |
WaVe Life Sciences Ltd. (a) | 39,972 | 264,215 | |
Zoetis, Inc. | 221,442 | 39,868,418 | |
TOTAL PHARMACEUTICALS | 854,946,860 | ||
TOTAL COMMON STOCKS (Cost $2,308,970,309) | 3,047,122,357 | ||
Money Market Fund – 0.3% | |||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.21% (d) (Cost $7,884,000) | 7,884,000 | 7,884,000 | |
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $2,316,854,309) | 3,055,006,357 | ||
NET OTHER ASSETS (LIABILITIES) – (0.0%) | (290,163) | ||
NET ASSETS – 100.0% | $3,054,716,194 |
Legend | ||
(a) | Non-income producing. | |
(b) | Level 3 security. | |
(c) | Security is subject to lock-up or market standoff agreement and valued at a discount to the market price of the equivalent equity security. As of period end, the total fair value of equity securities discounted due to contractual sale restrictions is $44,420 and all restrictions are set to expire on or before September 30, 2024. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse. | |
(d) | 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 Health Care Select Sector Index Contracts (United States) | 43 | September 2024 | 6,542,450 | $ 100,006 | $ 100,006 |
CME E-mini Russell 2000 Index Contracts (United States) | 6 | September 2024 | 681,900 | 40,541 | 40,541 |
Total Equity Index Contracts | $140,547 |
Annual Report | 28 |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $3,047,122,357 | $3,047,057,526 | $44,420 | $20,411 | |||||
Money Market Funds | 7,884,000 | 7,884,000 | — | — | |||||
Total Investments in Securities: | $3,055,006,357 | $3,054,941,526 | $44,420 | $20,411 | |||||
Derivative Instruments: | |||||||||
Assets | |||||||||
Futures Contracts | $140,547 | $140,547 | $— | $— | |||||
Total Assets | $140,547 | $140,547 | $— | $— | |||||
Total Derivative Instruments: | $140,547 | $140,547 | $— | $— |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $140,547 | $0 | |
Total Equity Risk | 140,547 | 0 | |
Total Value of Derivatives | $140,547 | $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). |
29 | Annual Report |
Common Stocks – 99.8% | |||
Shares | Value | ||
AEROSPACE & DEFENSE – 19.5% | |||
Aerospace & Defense – 19.5% | |||
AAR Corp. (a) | 8,701 | $562,085 | |
AeroVironment, Inc. (a) | 6,821 | 1,217,821 | |
Archer Aviation, Inc. Class A (a) | 51,462 | 214,597 | |
Astronics Corp. (a) | 6,991 | 161,003 | |
Axon Enterprise, Inc. (a) | 17,332 | 5,199,773 | |
Boeing Co. (a) | 140,063 | 26,696,008 | |
BWX Technologies, Inc. | 22,094 | 2,198,132 | |
Cadre Holdings, Inc. | 6,253 | 229,485 | |
Curtiss-Wright Corp. | 9,260 | 2,728,922 | |
Ducommun, Inc. (a) | 3,184 | 204,317 | |
General Dynamics Corp. | 56,276 | 16,810,204 | |
General Electric Co. | 264,181 | 44,963,606 | |
HEICO Corp. | 10,594 | 2,556,756 | |
HEICO Corp. Class A | 18,188 | 3,457,721 | |
Hexcel Corp. | 20,089 | 1,330,093 | |
Howmet Aerospace, Inc. | 93,757 | 8,972,545 | |
Huntington Ingalls Industries, Inc. | 9,582 | 2,682,768 | |
Kratos Defense & Security Solutions, Inc. (a) | 36,250 | 817,075 | |
L3Harris Technologies, Inc. | 45,932 | 10,421,511 | |
Leonardo DRS, Inc. (a) | 9,901 | 279,208 | |
Lockheed Martin Corp. | 52,304 | 28,344,584 | |
Mercury Systems, Inc. (a) | 12,199 | 433,674 | |
Moog, Inc. Class A | 6,952 | 1,363,287 | |
National Presto Industries, Inc. | 1,391 | 106,370 | |
Northrop Grumman Corp. | 34,008 | 16,470,755 | |
Rocket Lab USA, Inc. (a) | 76,865 | 402,773 | |
RTX Corp. | 321,299 | 37,749,419 | |
Spirit AeroSystems Holdings, Inc. Class A (a) | 28,104 | 1,018,770 | |
Textron, Inc. | 46,512 | 4,320,965 | |
TransDigm Group, Inc. | 13,438 | 17,391,728 | |
Triumph Group, Inc. (a) | 19,252 | 315,540 | |
V2X, Inc. (a) | 3,204 | 167,025 | |
Woodward, Inc. | 14,578 | 2,274,022 | |
TOTAL AEROSPACE & DEFENSE | 242,062,542 | ||
AIR FREIGHT & LOGISTICS – 4.0% | |||
Air Freight & Logistics – 4.0% | |||
Air Transport Services Group, Inc. (a) | 4,245 | 68,514 | |
CH Robinson Worldwide, Inc. | 27,974 | 2,491,085 | |
Expeditors International of Washington, Inc. | 34,788 | 4,342,238 | |
FedEx Corp. | 56,539 | 17,088,913 | |
Forward Air Corp. | 6,718 | 170,368 | |
GXO Logistics, Inc. (a) | 28,963 | 1,621,349 | |
Hub Group, Inc. Class A | 15,078 | 705,198 |
| |||
Shares | Value | ||
United Parcel Service, Inc. Class B | 175,877 | $22,929,085 | |
TOTAL AIR FREIGHT & LOGISTICS | 49,416,750 | ||
BUILDING PRODUCTS – 7.7% | |||
Building Products – 7.7% | |||
A.O. Smith Corp. | 29,328 | 2,494,053 | |
AAON, Inc. | 16,871 | 1,493,590 | |
Advanced Drainage Systems, Inc. | 16,910 | 2,993,746 | |
Allegion PLC | 21,087 | 2,884,912 | |
American Woodmark Corp. (a) | 3,850 | 393,278 | |
Apogee Enterprises, Inc. | 5,310 | 364,478 | |
Armstrong World Industries, Inc. | 10,562 | 1,387,847 | |
AZEK Co., Inc. (a) | 31,730 | 1,424,360 | |
AZZ, Inc. | 6,773 | 541,569 | |
Builders FirstSource, Inc. (a) | 29,487 | 4,935,239 | |
Carlisle Cos., Inc. | 11,557 | 4,837,529 | |
Carrier Global Corp. | 195,753 | 13,332,737 | |
CSW Industrials, Inc. | 3,762 | 1,220,468 | |
Fortune Brands Innovations, Inc. | 30,493 | 2,464,139 | |
Gibraltar Industries, Inc. (a) | 7,305 | 542,542 | |
Griffon Corp. | 9,563 | 689,110 | |
Hayward Holdings, Inc. (a) | 36,726 | 543,178 | |
Insteel Industries, Inc. | 4,595 | 157,379 | |
Janus International Group, Inc. (a) | 33,439 | 482,190 | |
JELD-WEN Holding, Inc. (a) | 20,805 | 347,235 | |
Johnson Controls International PLC | 164,676 | 11,780,921 | |
Lennox International, Inc. | 7,747 | 4,520,375 | |
Masco Corp. | 53,130 | 4,136,171 | |
MasterBrand, Inc. (a) | 30,580 | 551,969 | |
Owens Corning | 21,031 | 3,919,758 | |
Quanex Building Products Corp. | 11,295 | 377,253 | |
Resideo Technologies, Inc. (a) | 35,151 | 798,631 | |
Simpson Manufacturing Co., Inc. | 10,220 | 1,963,160 | |
Trane Technologies PLC | 54,872 | 18,342,612 | |
Trex Co., Inc. (a) | 26,261 | 2,196,207 | |
UFP Industries, Inc. | 14,910 | 1,967,076 | |
Zurn Elkay Water Solutions Corp. | 35,210 | 1,142,917 | |
TOTAL BUILDING PRODUCTS | 95,226,629 | ||
COMMERCIAL SERVICES & SUPPLIES – 8.0% | |||
Commercial Printing – 0.1% | |||
Brady Corp. Class A | 10,941 | 783,485 | |
Cimpress PLC (a) | 4,203 | 383,608 | |
Deluxe Corp. | 10,868 | 264,962 | |
Ennis, Inc. | 6,495 | 154,840 | |
1,586,895 | |||
Diversified Support Services – 2.5% | |||
ACV Auctions, Inc. Class A (a) | 35,669 | 609,226 | |
Cintas Corp. | 22,067 | 16,857,864 | |
Copart, Inc. (a) | 209,189 | 10,946,860 | |
Driven Brands Holdings, Inc. (a) | 16,520 | 222,029 |
Annual Report | 30 |
Common Stocks – continued | |||
Shares | Value | ||
COMMERCIAL SERVICES & SUPPLIES – continued | |||
Diversified Support Services – continued | |||
Healthcare Services Group, Inc. (a) | 17,674 | $202,014 | |
Liquidity Services, Inc. (a) | 5,665 | 127,293 | |
Matthews International Corp. Class A | 7,069 | 204,648 | |
OPENLANE, Inc. (a) | 26,557 | 474,839 | |
UniFirst Corp. | 3,652 | 710,460 | |
Vestis Corp. | 30,932 | 401,188 | |
Viad Corp. (a) | 5,320 | 176,890 | |
VSE Corp. | 3,888 | 345,993 | |
31,279,304 | |||
Environmental & Facilities Services – 4.9% | |||
ABM Industries, Inc. | 15,329 | 851,679 | |
BrightView Holdings, Inc. (a) | 14,835 | 213,476 | |
Casella Waste Systems, Inc. Class A (a) | 13,793 | 1,428,403 | |
CECO Environmental Corp. (a) | 7,121 | 207,933 | |
Clean Harbors, Inc. (a) | 12,397 | 2,959,536 | |
Enviri Corp. (a) | 19,945 | 235,750 | |
Montrose Environmental Group, Inc. (a) | 7,054 | 224,952 | |
Republic Services, Inc. | 53,278 | 10,352,981 | |
Rollins, Inc. | 70,289 | 3,367,546 | |
Stericycle, Inc. (a) | 22,472 | 1,315,736 | |
Tetra Tech, Inc. | 12,926 | 2,756,340 | |
Veralto Corp. | 59,607 | 6,351,722 | |
Waste Connections, Inc. | 62,267 | 11,069,204 | |
Waste Management, Inc. | 97,042 | 19,666,532 | |
61,001,790 | |||
Office Services & Supplies – 0.3% | |||
ACCO Brands Corp. | 24,789 | 126,672 | |
HNI Corp. | 11,636 | 639,398 | |
Interface, Inc. | 14,354 | 248,037 | |
MillerKnoll, Inc. | 17,627 | 546,790 | |
MSA Safety, Inc. | 9,007 | 1,699,171 | |
Pitney Bowes, Inc. | 18,240 | 120,384 | |
Steelcase, Inc. Class A | 20,968 | 303,826 | |
3,684,278 | |||
Security & Alarm Services – 0.2% | |||
Brink's Co. | 10,791 | 1,186,902 | |
CoreCivic, Inc. (a) | 27,289 | 380,409 | |
GEO Group, Inc. (a) | 30,810 | 446,745 | |
2,014,056 | |||
TOTAL COMMERCIAL SERVICES & SUPPLIES | 99,566,323 | ||
CONSTRUCTION & ENGINEERING – 2.9% | |||
Construction & Engineering – 2.9% | |||
AECOM | 32,909 | 2,981,884 | |
Ameresco, Inc. Class A (a) | 7,877 | 248,677 | |
API Group Corp. (a) | 47,440 | 1,797,502 |
| |||
Shares | Value | ||
Arcosa, Inc. | 11,790 | $1,095,409 | |
Argan, Inc. | 2,983 | 235,448 | |
Comfort Systems USA, Inc. | 8,630 | 2,868,784 | |
Construction Partners, Inc. Class A (a) | 10,675 | 690,139 | |
Dycom Industries, Inc. (a) | 7,019 | 1,288,057 | |
EMCOR Group, Inc. | 11,347 | 4,260,118 | |
Fluor Corp. (a) | 41,094 | 1,976,621 | |
Granite Construction, Inc. | 10,668 | 730,331 | |
Great Lakes Dredge & Dock Corp. (a) | 16,487 | 155,472 | |
IES Holdings, Inc. (a) | 2,200 | 338,734 | |
MasTec, Inc. (a) | 15,333 | 1,687,090 | |
MDU Resources Group, Inc. | 46,938 | 1,264,510 | |
MYR Group, Inc. (a) | 4,017 | 564,308 | |
Primoris Services Corp. | 12,963 | 732,021 | |
Quanta Services, Inc. | 35,373 | 9,387,287 | |
Sterling Infrastructure, Inc. (a) | 7,463 | 868,395 | |
Tutor Perini Corp. (a) | 10,691 | 266,099 | |
Valmont Industries, Inc. | 4,887 | 1,458,085 | |
WillScot Holdings Corp. (a) | 45,954 | 1,884,114 | |
TOTAL CONSTRUCTION & ENGINEERING | 36,779,085 | ||
ELECTRICAL EQUIPMENT – 8.6% | |||
Electrical Components & Equipment – 7.6% | |||
Acuity Brands, Inc. | 7,416 | 1,864,012 | |
Allient, Inc. | 3,711 | 107,396 | |
AMETEK, Inc. | 55,871 | 9,692,501 | |
Array Technologies, Inc. (a) | 36,367 | 382,581 | |
Atkore, Inc. | 8,920 | 1,204,200 | |
ChargePoint Holdings, Inc. (a) | 90,140 | 195,604 | |
Eaton Corp. PLC | 96,633 | 29,452,772 | |
Emerson Electric Co. | 138,147 | 16,178,395 | |
EnerSys | 9,787 | 1,075,885 | |
Enovix Corp. (a) | 35,002 | 504,379 | |
Fluence Energy, Inc. (a) | 15,568 | 255,004 | |
FuelCell Energy, Inc. (a) | 108,059 | 54,721 | |
Generac Holdings, Inc. (a) | 14,571 | 2,268,413 | |
GrafTech International Ltd. (a) | 48,858 | 37,528 | |
Hubbell, Inc. | 12,934 | 5,117,337 | |
LSI Industries, Inc. | 6,687 | 114,080 | |
NEXTracker, Inc. Class A (a) | 29,650 | 1,457,001 | |
nVent Electric PLC | 39,782 | 2,889,367 | |
Plug Power, Inc. (a) | 188,524 | 465,654 | |
Powell Industries, Inc. | 2,337 | 429,143 | |
Preformed Line Products Co. | 595 | 82,033 | |
Regal Rexnord Corp. | 16,077 | 2,583,252 | |
Rockwell Automation, Inc. | 27,698 | 7,718,048 | |
Sensata Technologies Holding PLC | 36,338 | 1,416,819 | |
Shoals Technologies Group, Inc. Class A (a) | 40,735 | 264,777 |
31 | Annual Report |
Common Stocks – continued | |||
Shares | Value | ||
ELECTRICAL EQUIPMENT – continued | |||
Electrical Components & Equipment – continued | |||
SunPower Corp. (a) | 24,607 | $21,002 | |
Sunrun, Inc. (a) | 53,386 | 935,857 | |
Thermon Group Holdings, Inc. (a) | 8,320 | 272,979 | |
Vertiv Holdings Co. Class A | 87,684 | 6,900,731 | |
Vicor Corp. (a) | 5,483 | 230,889 | |
94,172,360 | |||
Heavy Electrical Equipment – 1.0% | |||
Bloom Energy Corp. Class A (a) | 49,126 | 665,166 | |
GE Vernova, Inc. (a) | 66,231 | 11,805,013 | |
12,470,179 | |||
TOTAL ELECTRICAL EQUIPMENT | 106,642,539 | ||
GROUND TRANSPORTATION – 10.2% | |||
Cargo Ground Transportation – 2.3% | |||
ArcBest Corp. | 5,686 | 716,720 | |
Covenant Logistics Group, Inc. | 1,892 | 105,857 | |
Heartland Express, Inc. | 11,239 | 145,770 | |
JB Hunt Transport Services, Inc. | 19,977 | 3,459,018 | |
Knight-Swift Transportation Holdings, Inc. | 38,815 | 2,112,700 | |
Landstar System, Inc. | 8,592 | 1,634,628 | |
Marten Transport Ltd. | 15,092 | 283,881 | |
Old Dominion Freight Line, Inc. | 47,330 | 9,947,819 | |
RXO, Inc. (a) | 28,612 | 907,286 | |
Ryder System, Inc. | 10,748 | 1,506,440 | |
Saia, Inc. (a) | 6,428 | 2,685,940 | |
Schneider National, Inc. Class B | 13,414 | 360,971 | |
U-Haul Holding Co. | 23,523 | 1,499,121 | |
Universal Logistics Holdings, Inc. | 1,923 | 82,747 | |
Werner Enterprises, Inc. | 14,728 | 577,190 | |
XPO, Inc. (a) | 28,071 | 3,225,077 | |
29,251,165 | |||
Passenger Ground Transportation – 2.5% | |||
Avis Budget Group, Inc. | 4,337 | 438,080 | |
Hertz Global Holdings, Inc. (a) | 29,511 | 120,405 | |
Lyft, Inc. Class A (a) | 89,856 | 1,082,765 | |
Uber Technologies, Inc. (a) | 452,694 | 29,185,182 | |
30,826,432 | |||
Rail Transportation – 5.4% | |||
CSX Corp. | 473,412 | 16,616,761 | |
FTAI Infrastructure, Inc. | 24,586 | 253,482 | |
Norfolk Southern Corp. | 54,584 | 13,621,983 | |
Union Pacific Corp. | 147,350 | 36,355,666 | |
66,847,892 | |||
TOTAL GROUND TRANSPORTATION | 126,925,489 | ||
INDUSTRIAL CONGLOMERATES – 4.0% | |||
Industrial Conglomerates – 4.0% | |||
3M Co. | 133,556 | 17,035,068 |
| |||
Shares | Value | ||
Honeywell International, Inc. | 157,595 | $32,267,576 | |
TOTAL INDUSTRIAL CONGLOMERATES | 49,302,644 | ||
MACHINERY – 19.6% | |||
Agricultural & Farm Machinery – 2.5% | |||
AGCO Corp. | 15,363 | 1,450,574 | |
Alamo Group, Inc. | 2,597 | 500,494 | |
CNH Industrial NV | 210,754 | 2,244,530 | |
Deere & Co. | 63,899 | 23,769,150 | |
Lindsay Corp. | 2,725 | 343,323 | |
Titan International, Inc. (a) | 12,530 | 106,756 | |
Toro Co. | 25,248 | 2,416,991 | |
30,831,818 | |||
Construction Machinery & Heavy Transportation Equipment – 6.4% | |||
Allison Transmission Holdings, Inc. | 21,084 | 1,867,832 | |
Astec Industries, Inc. | 5,087 | 178,503 | |
Atmus Filtration Technologies, Inc. (a) | 20,152 | 621,488 | |
Blue Bird Corp. (a) | 7,395 | 385,427 | |
Caterpillar, Inc. | 120,672 | 41,776,646 | |
Cummins, Inc. | 33,047 | 9,643,115 | |
Douglas Dynamics, Inc. | 5,417 | 156,605 | |
Federal Signal Corp. | 14,783 | 1,477,857 | |
Greenbrier Cos., Inc. | 7,557 | 385,483 | |
Manitowoc Co., Inc. (a) | 8,907 | 112,585 | |
Nikola Corp. (a) | 8,845 | 79,428 | |
Oshkosh Corp. | 15,854 | 1,722,537 | |
PACCAR, Inc. | 126,623 | 12,492,625 | |
REV Group, Inc. | 11,884 | 346,775 | |
Terex Corp. | 16,130 | 1,020,384 | |
Trinity Industries, Inc. | 19,790 | 654,257 | |
Wabash National Corp. | 10,927 | 234,821 | |
Westinghouse Air Brake Technologies Corp. | 42,789 | 6,895,447 | |
80,051,815 | |||
Industrial Machinery & Supplies & Components – 10.7% | |||
3D Systems Corp. (a) | 31,084 | 113,457 | |
Albany International Corp. Class A | 7,555 | 706,997 | |
Barnes Group, Inc. | 11,030 | 444,950 | |
Chart Industries, Inc. (a) | 10,201 | 1,643,177 | |
Columbus McKinnon Corp. | 7,101 | 270,974 | |
Crane Co. | 11,729 | 1,881,566 | |
Donaldson Co., Inc. | 29,100 | 2,177,262 | |
Dover Corp. | 33,213 | 6,119,827 | |
Energy Recovery, Inc. (a) | 13,607 | 198,390 | |
Enerpac Tool Group Corp. | 13,210 | 531,042 | |
Enpro, Inc. | 4,844 | 828,033 | |
Esab Corp. | 13,848 | 1,406,957 | |
ESCO Technologies, Inc. | 6,229 | 765,918 | |
Flowserve Corp. | 31,693 | 1,602,081 | |
Fortive Corp. | 84,943 | 6,103,155 |
Annual Report | 32 |
Common Stocks – continued | |||
Shares | Value | ||
MACHINERY – continued | |||
Industrial Machinery & Supplies & Components – continued | |||
Franklin Electric Co., Inc. | 9,542 | $1,017,368 | |
Gates Industrial Corp. PLC (a) | 47,918 | 890,796 | |
Gorman-Rupp Co. | 4,992 | 206,219 | |
Graco, Inc. | 40,694 | 3,461,025 | |
Helios Technologies, Inc. | 8,151 | 374,538 | |
Hillenbrand, Inc. | 16,922 | 748,460 | |
Hillman Solutions Corp. (a) | 47,278 | 479,872 | |
Hyster-Yale, Inc. | 2,067 | 168,957 | |
IDEX Corp. | 18,289 | 3,812,891 | |
Illinois Tool Works, Inc. | 72,202 | 17,854,111 | |
Ingersoll Rand, Inc. | 97,487 | 9,787,695 | |
ITT, Inc. | 19,889 | 2,813,498 | |
John Bean Technologies Corp. | 7,760 | 763,429 | |
Kadant, Inc. | 2,837 | 997,177 | |
Kennametal, Inc. | 18,132 | 473,970 | |
Lincoln Electric Holdings, Inc. | 13,711 | 2,816,376 | |
Middleby Corp. (a) | 12,918 | 1,751,422 | |
Mueller Industries, Inc. | 25,970 | 1,842,312 | |
Mueller Water Products, Inc. Class A | 37,766 | 781,001 | |
Nordson Corp. | 13,137 | 3,288,585 | |
Omega Flex, Inc. | 843 | 44,325 | |
Otis Worldwide Corp. | 97,976 | 9,258,732 | |
Parker-Hannifin Corp. | 31,030 | 17,412,795 | |
Pentair PLC | 39,971 | 3,512,252 | |
Proto Labs, Inc. (a) | 6,201 | 215,919 | |
RBC Bearings, Inc. (a) | 6,709 | 1,951,246 | |
Snap-on, Inc. | 12,717 | 3,650,160 | |
SPX Technologies, Inc. (a) | 10,997 | 1,622,497 | |
Standex International Corp. | 2,850 | 532,380 | |
Stanley Black & Decker, Inc. | 37,184 | 3,927,374 | |
Symbotic, Inc. (a) | 8,517 | 228,341 | |
Tennant Co. | 4,431 | 477,174 | |
Timken Co. | 16,107 | 1,400,504 | |
Watts Water Technologies, Inc. Class A | 6,608 | 1,371,292 | |
Xylem, Inc. | 58,423 | 7,799,470 | |
132,527,949 | |||
TOTAL MACHINERY | 243,411,582 | ||
MARINE TRANSPORTATION – 0.1% | |||
Marine Transportation – 0.1% | |||
Genco Shipping & Trading Ltd. | 10,049 | 195,051 | |
Kirby Corp. (a) | 3,576 | 439,419 | |
Matson, Inc. | 2,140 | 283,999 | |
TOTAL MARINE TRANSPORTATION | 918,469 |
| |||
Shares | Value | ||
PASSENGER AIRLINES – 0.3% | |||
Passenger Airlines – 0.3% | |||
Alaska Air Group, Inc. (a) | 7,539 | $282,939 | |
Allegiant Travel Co. | 1,115 | 62,518 | |
American Airlines Group, Inc. (a) | 39,340 | 418,578 | |
Delta Air Lines, Inc. | 39,006 | 1,678,038 | |
Frontier Group Holdings, Inc. (a) | 13,534 | 53,324 | |
JetBlue Airways Corp. (a) | 20,984 | 134,507 | |
Joby Aviation, Inc. (a) | 41,749 | 249,659 | |
SkyWest, Inc. (a) | 2,458 | 196,493 | |
Southwest Airlines Co. | 36,159 | 974,123 | |
Sun Country Airlines Holdings, Inc. (a) | 3,599 | 47,147 | |
TOTAL PASSENGER AIRLINES | 4,097,326 | ||
PROFESSIONAL SERVICES – 9.2% | |||
Data Processing & Outsourced Services – 1.2% | |||
Broadridge Financial Solutions, Inc. | 28,413 | 6,080,382 | |
Concentrix Corp. | 10,394 | 732,777 | |
Conduent, Inc. (a) | 38,933 | 158,847 | |
CSG Systems International, Inc. | 7,127 | 333,829 | |
ExlService Holdings, Inc. (a) | 40,080 | 1,413,221 | |
Maximus, Inc. | 14,784 | 1,373,286 | |
SS&C Technologies Holdings, Inc. | 53,780 | 3,923,251 | |
TaskUS, Inc. Class A (a) | 4,305 | 71,075 | |
TTEC Holdings, Inc. | 4,447 | 35,487 | |
Verra Mobility Corp. (a) | 38,300 | 1,153,979 | |
15,276,134 | |||
Human Resource & Employment Services – 4.0% | |||
Alight, Inc. Class A (a) | 92,696 | 701,709 | |
Automatic Data Processing, Inc. | 99,264 | 26,068,712 | |
Barrett Business Services, Inc. | 6,266 | 228,333 | |
Dayforce, Inc. (a) | 35,769 | 2,120,386 | |
First Advantage Corp. | 12,322 | 212,185 | |
Heidrick & Struggles International, Inc. | 4,930 | 197,890 | |
Insperity, Inc. | 8,514 | 874,558 | |
Kelly Services, Inc. Class A | 7,700 | 181,181 | |
Kforce, Inc. | 4,422 | 307,196 | |
Korn Ferry | 12,640 | 931,821 | |
ManpowerGroup, Inc. | 11,657 | 892,693 | |
Paychex, Inc. | 78,286 | 10,022,174 | |
Paycom Software, Inc. | 12,436 | 2,074,200 | |
Paycor HCM, Inc. (a) | 17,007 | 211,057 | |
Paylocity Holding Corp. (a) | 10,895 | 1,635,013 | |
Robert Half, Inc. | 25,411 | 1,631,132 | |
Sterling Check Corp. (a) | 6,913 | 108,396 | |
TriNet Group, Inc. | 7,992 | 833,166 | |
Upwork, Inc. (a) | 31,555 | 382,446 | |
49,614,248 |
33 | Annual Report |
Common Stocks – continued | |||
Shares | Value | ||
PROFESSIONAL SERVICES – continued | |||
Research & Consulting Services – 4.0% | |||
Booz Allen Hamilton Holding Corp. | 31,363 | $4,494,632 | |
CACI International, Inc. Class A (a) | 5,388 | 2,486,454 | |
CBIZ, Inc. (a) | 10,955 | 760,277 | |
Clarivate PLC (a) | 73,405 | 494,750 | |
CRA International, Inc. | 1,713 | 299,432 | |
Dun & Bradstreet Holdings, Inc. | 68,954 | 750,220 | |
Equifax, Inc. | 30,023 | 8,387,525 | |
Exponent, Inc. | 12,180 | 1,292,054 | |
Franklin Covey Co. (a) | 2,630 | 114,957 | |
FTI Consulting, Inc. (a) | 8,616 | 1,878,029 | |
Huron Consulting Group, Inc. (a) | 4,453 | 489,875 | |
ICF International, Inc. | 4,557 | 670,335 | |
Jacobs Solutions, Inc. | 30,376 | 4,445,528 | |
KBR, Inc. | 32,504 | 2,164,441 | |
Legalzoom.com, Inc. (a) | 29,257 | 195,437 | |
Leidos Holdings, Inc. | 31,035 | 4,481,454 | |
NV5 Global, Inc. (a) | 3,462 | 357,071 | |
Parsons Corp. (a) | 11,513 | 1,051,943 | |
Planet Labs PBC (a) | 50,661 | 128,679 | |
Resources Connection, Inc. | 7,981 | 95,213 | |
Science Applications International Corp. | 12,517 | 1,557,115 | |
TransUnion | 46,950 | 4,237,707 | |
Verisk Analytics, Inc. | 34,495 | 9,029,066 | |
49,862,194 | |||
TOTAL PROFESSIONAL SERVICES | 114,752,576 | ||
TRADING COMPANIES & DISTRIBUTORS – 5.7% | |||
Trading Companies & Distributors – 5.7% | |||
Air Lease Corp. | 25,539 | 1,267,245 | |
Alta Equipment Group, Inc. | 5,167 | 54,254 | |
Applied Industrial Technologies, Inc. | 9,337 | 2,037,240 | |
Beacon Roofing Supply, Inc. (a) | 15,335 | 1,576,438 | |
BlueLinx Holdings, Inc. (a) | 1,986 | 239,492 | |
Boise Cascade Co. | 9,571 | 1,359,943 | |
Core & Main, Inc. Class A (a) | 46,493 | 2,485,981 | |
Custom Truck One Source, Inc. (a) | 14,664 | 73,467 | |
Distribution Solutions Group, Inc. (a) | 2,262 | 76,342 | |
DNOW, Inc. (a) | 26,326 | 404,367 | |
DXP Enterprises, Inc. (a) | 3,242 | 177,532 | |
Fastenal Co. | 138,354 | 9,788,545 |
| |||
Shares | Value | ||
Ferguson PLC | 49,009 | $10,911,854 | |
FTAI Aviation Ltd. | 24,184 | 2,695,307 | |
GATX Corp. | 8,153 | 1,137,343 | |
Global Industrial Co. | 4,586 | 159,960 | |
GMS, Inc. (a) | 9,181 | 883,488 | |
H&E Equipment Services, Inc. | 7,865 | 411,339 | |
Herc Holdings, Inc. | 6,514 | 1,015,142 | |
Hudson Technologies, Inc. (a) | 9,783 | 83,742 | |
McGrath RentCorp | 5,977 | 656,454 | |
MRC Global, Inc. (a) | 20,965 | 303,573 | |
MSC Industrial Direct Co., Inc. Class A | 10,949 | 973,914 | |
Rush Enterprises, Inc. Class A | 15,033 | 766,833 | |
Rush Enterprises, Inc. Class B | 1,617 | 76,452 | |
SiteOne Landscape Supply, Inc. (a) | 10,924 | 1,602,332 | |
Titan Machinery, Inc. (a) | 5,018 | 89,471 | |
Transcat, Inc. (a) | 2,208 | 254,450 | |
United Rentals, Inc. | 16,237 | 12,293,033 | |
Watsco, Inc. | 8,204 | 4,015,776 | |
WESCO International, Inc. | 11,082 | 1,938,796 | |
WW Grainger, Inc. | 10,694 | 10,446,006 | |
Xometry, Inc. Class A (a) | 9,835 | 143,886 | |
TOTAL TRADING COMPANIES & DISTRIBUTORS | 70,399,997 | ||
TOTAL COMMON STOCKS (Cost $969,446,788) | 1,239,501,951 | ||
Money Market Fund – 0.2% | |||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.21% (b) (Cost $2,260,000) | 2,260,000 | 2,260,000 | |
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $971,706,788) | 1,241,761,951 | ||
NET OTHER ASSETS (LIABILITIES) – 0.0% | 463,863 | ||
NET ASSETS – 100.0% | $1,242,225,814 |
Legend | ||
(a) | Non-income producing. | |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Annual Report | 34 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Industrial Select Sector Index Contracts (United States) | 17 | September 2024 | 2,205,750 | $ 84,714 | $ 84,714 |
CME E-mini Russell 2000 Index Contracts (United States) | 3 | September 2024 | 340,950 | 22,635 | 22,635 |
Total Equity Index Contracts | $107,349 |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $1,239,501,951 | $1,239,501,951 | $— | $— | |||||
Money Market Funds | 2,260,000 | 2,260,000 | — | — | |||||
Total Investments in Securities: | $1,241,761,951 | $1,241,761,951 | $— | $— | |||||
Derivative Instruments: | |||||||||
Assets | |||||||||
Futures Contracts | $107,349 | $107,349 | $— | $— | |||||
Total Assets | $107,349 | $107,349 | $— | $— | |||||
Total Derivative Instruments: | $107,349 | $107,349 | $— | $— |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $107,349 | $0 | |
Total Equity Risk | 107,349 | 0 | |
Total Value of Derivatives | $107,349 | $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). |
35 | Annual Report |
Common Stocks – 99.9% | |||
Shares | Value | ||
COMMUNICATIONS EQUIPMENT – 3.2% | |||
Communications Equipment – 3.2% | |||
Applied Optoelectronics, Inc. (a) | 107,886 | $1,030,311 | |
Arista Networks, Inc. (a) | 212,426 | 73,616,230 | |
Calix, Inc. (a) | 173,812 | 7,148,888 | |
Ciena Corp. (a) | 194,850 | 10,276,389 | |
Cisco Systems, Inc. | 3,167,383 | 153,459,706 | |
Clearfield, Inc. (a) | 39,902 | 1,731,747 | |
Digi International, Inc. (a) | 108,588 | 2,964,452 | |
Extreme Networks, Inc. (a) | 386,045 | 5,520,444 | |
F5, Inc. (a) | 68,565 | 13,962,577 | |
Harmonic, Inc. (a) | 317,499 | 4,654,535 | |
Infinera Corp. (a) | 626,411 | 3,720,881 | |
Juniper Networks, Inc. | 366,041 | 13,796,085 | |
Lumentum Holdings, Inc. (a) | 144,524 | 7,483,453 | |
Motorola Solutions, Inc. | 135,433 | 54,026,932 | |
NETGEAR, Inc. (a) | 85,972 | 1,365,235 | |
Netscout Systems, Inc. (a) | 211,510 | 4,304,229 | |
Ribbon Communications, Inc. (a) | 291,255 | 987,355 | |
ViaSat, Inc. (a) | 186,642 | 3,773,901 | |
Viavi Solutions, Inc. (a) | 658,618 | 5,295,289 | |
TOTAL COMMUNICATIONS EQUIPMENT | 369,118,639 | ||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 4.5% | |||
Electronic Components – 1.2% | |||
Amphenol Corp. Class A | 960,998 | 61,753,732 | |
Bel Fuse, Inc. Class B | 31,811 | 2,362,603 | |
Belden, Inc. | 77,688 | 7,200,901 | |
Coherent Corp. (a) | 187,472 | 13,063,049 | |
Corning, Inc. | 725,841 | 29,040,898 | |
Knowles Corp. (a) | 268,853 | 4,911,944 | |
Lightwave Logic, Inc. (a) | 339,182 | 1,173,570 | |
Littelfuse, Inc. | 35,483 | 9,477,864 | |
Rogers Corp. (a) | 49,252 | 6,017,609 | |
Vishay Intertechnology, Inc. | 275,673 | 6,701,611 | |
141,703,781 | |||
Electronic Equipment & Instruments – 1.5% | |||
Advanced Energy Industries, Inc. | 69,732 | 8,114,713 | |
Arlo Technologies, Inc. (a) | 269,405 | 4,084,180 | |
Badger Meter, Inc. | 46,381 | 9,561,907 | |
Cognex Corp. | 226,677 | 11,247,713 | |
Crane NXT Co. | 107,187 | 6,739,919 | |
Evolv Technologies Holdings, Inc. (a) | 335,569 | 1,164,424 | |
Itron, Inc. (a) | 77,251 | 7,990,843 | |
Keysight Technologies, Inc. (a) | 158,910 | 22,179,069 | |
Mirion Technologies, Inc. (a) | 517,556 | 5,455,040 | |
Napco Security Technologies, Inc. | 108,826 | 6,073,579 | |
nLight, Inc. (a) | 135,948 | 1,640,892 | |
Novanta, Inc. (a) | 52,816 | 9,569,203 | |
OSI Systems, Inc. (a) | 42,132 | 6,234,693 | |
PAR Technology Corp. (a) | 100,454 | 5,086,991 |
| |||
Shares | Value | ||
SmartRent, Inc. (a) | 537,924 | $989,780 | |
Teledyne Technologies, Inc. (a) | 45,777 | 19,311,485 | |
Trimble, Inc. (a) | 256,716 | 14,001,291 | |
Vishay Precision Group, Inc. (a) | 37,498 | 1,285,806 | |
Vontier Corp. | 221,933 | 8,706,432 | |
Zebra Technologies Corp. Class A (a) | 52,113 | 18,301,564 | |
167,739,524 | |||
Electronic Manufacturing Services – 1.1% | |||
Benchmark Electronics, Inc. | 107,065 | 5,125,202 | |
CTS Corp. | 86,588 | 4,232,421 | |
Fabrinet (a) | 50,134 | 11,057,555 | |
Flex Ltd. (a) | 461,048 | 14,822,693 | |
IPG Photonics Corp. (a) | 71,989 | 5,787,916 | |
Jabil, Inc. | 125,450 | 14,134,452 | |
Kimball Electronics, Inc. (a) | 77,684 | 1,841,111 | |
Methode Electronics, Inc. | 102,753 | 1,300,853 | |
Plexus Corp. (a) | 62,320 | 7,987,554 | |
Sanmina Corp. (a) | 108,424 | 8,167,580 | |
TE Connectivity Ltd. | 257,759 | 39,779,946 | |
TTM Technologies, Inc. (a) | 304,524 | 5,901,675 | |
120,138,958 | |||
Technology Distributors – 0.7% | |||
Arrow Electronics, Inc. (a) | 72,512 | 8,969,009 | |
Avnet, Inc. | 149,528 | 8,038,625 | |
CDW Corp. | 118,203 | 25,781,257 | |
ePlus, Inc. (a) | 74,722 | 6,868,446 | |
Insight Enterprises, Inc. (a) | 41,780 | 9,379,610 | |
PC Connection, Inc. | 36,100 | 2,583,677 | |
ScanSource, Inc. (a) | 76,514 | 3,982,554 | |
TD SYNNEX Corp. | 101,869 | 12,139,729 | |
77,742,907 | |||
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS | 507,325,170 | ||
IT SERVICES – 5.1% | |||
Human Resource & Employment Services – 0.0% | |||
ASGN, Inc. (a) | 78,689 | 7,449,488 | |
Internet Services & Infrastructure – 1.5% | |||
Akamai Technologies, Inc. (a) | 158,156 | 15,543,572 | |
BigCommerce Holdings, Inc. (a) | 198,434 | 1,607,315 | |
Cloudflare, Inc. Class A (a) | 279,369 | 21,651,098 | |
Couchbase, Inc. (a) | 116,638 | 2,238,283 | |
DigitalOcean Holdings, Inc. (a) | 157,556 | 5,219,830 | |
Fastly, Inc. Class A (a) | 377,292 | 3,056,065 | |
GoDaddy, Inc. Class A (a) | 141,807 | 20,625,828 | |
MongoDB, Inc. (a) | 65,694 | 16,578,538 | |
Okta, Inc. (a) | 161,449 | 15,166,519 | |
Snowflake, Inc. Class A (a) | 249,229 | 32,494,477 | |
Squarespace, Inc. Class A (a) | 149,334 | 6,599,070 | |
Twilio, Inc. Class A (a) | 200,010 | 11,826,591 |
Annual Report | 36 |
Common Stocks – continued | |||
Shares | Value | ||
IT SERVICES – continued | |||
Internet Services & Infrastructure – continued | |||
VeriSign, Inc. (a) | 92,210 | $17,244,192 | |
169,851,378 | |||
IT Consulting & Other Services – 3.6% | |||
Accenture PLC Class A | 489,285 | 161,767,407 | |
Cognizant Technology Solutions Corp. Class A | 431,673 | 32,669,013 | |
DXC Technology Co. (a) | 409,168 | 8,322,477 | |
EPAM Systems, Inc. (a) | 65,598 | 14,112,098 | |
Gartner, Inc. (a) | 67,340 | 33,750,135 | |
Grid Dynamics Holdings, Inc. (a) | 175,442 | 2,263,202 | |
Hackett Group, Inc. | 75,798 | 2,067,769 | |
International Business Machines Corp. | 708,586 | 136,147,714 | |
Kyndryl Holdings, Inc. (a) | 365,067 | 9,809,350 | |
Perficient, Inc. (a) | 103,339 | 7,792,794 | |
Thoughtworks Holding, Inc. (a) | 336,453 | 1,170,856 | |
409,872,815 | |||
TOTAL IT SERVICES | 587,173,681 | ||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 33.4% | |||
Semiconductor Materials & Equipment – 4.1% | |||
ACM Research, Inc. Class A (a) | 135,575 | 2,433,571 | |
Amkor Technology, Inc. | 213,973 | 6,988,358 | |
Applied Materials, Inc. | 661,238 | 140,314,704 | |
Axcelis Technologies, Inc. (a) | 63,270 | 7,994,164 | |
Cohu, Inc. (a) | 141,480 | 4,525,945 | |
Enphase Energy, Inc. (a) | 139,553 | 16,063,946 | |
Entegris, Inc. | 144,923 | 17,142,942 | |
FormFactor, Inc. (a) | 149,107 | 7,986,171 | |
Ichor Holdings Ltd. (a) | 99,216 | 3,373,344 | |
KLA Corp. | 110,307 | 90,790,382 | |
Kulicke & Soffa Industries, Inc. | 133,451 | 6,294,884 | |
Lam Research Corp. | 106,305 | 97,932,418 | |
MKS Instruments, Inc. | 82,681 | 10,409,538 | |
Onto Innovation, Inc. (a) | 58,476 | 11,186,459 | |
PDF Solutions, Inc. (a) | 91,879 | 3,224,034 | |
Photronics, Inc. (a) | 187,470 | 4,763,613 | |
SolarEdge Technologies, Inc. (a) | 132,117 | 3,812,897 | |
Teradyne, Inc. | 151,765 | 19,905,497 | |
Ultra Clean Holdings, Inc. (a) | 127,646 | 5,521,966 | |
Veeco Instruments, Inc. (a) | 155,433 | 6,436,480 | |
467,101,313 | |||
Semiconductors – 29.3% | |||
Advanced Micro Devices, Inc. (a) | 1,247,942 | 180,302,660 | |
Allegro MicroSystems, Inc. (a) | 297,769 | 7,158,367 | |
Alpha & Omega Semiconductor Ltd. (a) | 71,526 | 2,961,176 | |
Ambarella, Inc. (a) | 115,844 | 6,098,028 | |
Analog Devices, Inc. | 396,531 | 91,749,343 |
| |||
Shares | Value | ||
Broadcom, Inc. | 3,449,498 | $554,265,339 | |
CEVA, Inc. (a) | 70,818 | 1,419,901 | |
Cirrus Logic, Inc. (a) | 85,911 | 11,209,667 | |
Credo Technology Group Holding Ltd. (a) | 329,035 | 9,130,721 | |
Diodes, Inc. (a) | 94,046 | 7,354,397 | |
First Solar, Inc. (a) | 100,901 | 21,793,607 | |
Impinj, Inc. (a) | 48,757 | 7,766,503 | |
indie Semiconductor, Inc. Class A (a) | 462,446 | 2,765,427 | |
Intel Corp. | 3,286,274 | 101,020,063 | |
Lattice Semiconductor Corp. (a) | 161,251 | 8,546,303 | |
MACOM Technology Solutions Holdings, Inc. (a) | 85,635 | 8,642,284 | |
Marvell Technology, Inc. | 701,549 | 46,989,752 | |
MaxLinear, Inc. (a) | 230,949 | 3,265,619 | |
Microchip Technology, Inc. | 447,592 | 39,737,218 | |
Micron Technology, Inc. | 867,520 | 95,271,046 | |
Monolithic Power Systems, Inc. | 41,791 | 36,069,394 | |
Navitas Semiconductor Corp. (a) | 374,791 | 1,390,475 | |
NVIDIA Corp. | 13,989,948 | 1,637,103,715 | |
NXP Semiconductors NV | 209,561 | 55,148,073 | |
ON Semiconductor Corp. (a) | 380,720 | 29,791,340 | |
Power Integrations, Inc. | 101,972 | 7,448,035 | |
Qorvo, Inc. (a) | 115,858 | 13,879,788 | |
QUALCOMM, Inc. | 870,507 | 157,518,242 | |
Rambus, Inc. (a) | 154,451 | 7,944,960 | |
Semtech Corp. (a) | 192,817 | 6,116,155 | |
Silicon Laboratories, Inc. (a) | 57,548 | 6,913,241 | |
SiTime Corp. (a) | 50,175 | 7,122,341 | |
Skyworks Solutions, Inc. | 165,822 | 18,840,696 | |
SMART Global Holdings, Inc. (a) | 155,391 | 3,636,149 | |
Synaptics, Inc. (a) | 75,910 | 6,628,461 | |
Texas Instruments, Inc. | 704,914 | 143,668,522 | |
Universal Display Corp. | 58,408 | 13,002,789 | |
Wolfspeed, Inc. (a) | 254,176 | 4,791,218 | |
3,364,461,015 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 3,831,562,328 | ||
SOFTWARE – 34.7% | |||
Application Software – 13.6% | |||
ACI Worldwide, Inc. (a) | 203,565 | 8,800,115 | |
Adobe, Inc. (a) | 355,791 | 196,272,105 | |
Agilysys, Inc. (a) | 65,514 | 7,343,464 | |
Alarm.com Holdings, Inc. (a) | 98,618 | 6,957,500 | |
Alkami Technology, Inc. (a) | 143,112 | 4,684,056 | |
Altair Engineering, Inc. Class A (a) | 90,108 | 7,961,943 | |
Amplitude, Inc. Class A (a) | 222,403 | 1,903,770 | |
ANSYS, Inc. (a) | 77,874 | 24,423,623 | |
Appfolio, Inc. Class A (a) | 33,604 | 7,442,614 |
37 | Annual Report |
Common Stocks – continued | |||
Shares | Value | ||
SOFTWARE – continued | |||
Application Software – continued | |||
AppLovin Corp. Class A (a) | 240,979 | $18,579,481 | |
Asana, Inc. Class A (a) | 252,898 | 3,679,666 | |
Aspen Technology, Inc. (a) | 41,109 | 7,726,437 | |
Atlassian Corp. Class A (a) | 140,926 | 24,883,304 | |
Aurora Innovation, Inc. (a) | 2,098,626 | 8,394,504 | |
Autodesk, Inc. (a) | 178,026 | 44,064,995 | |
AvePoint, Inc. (a) | 330,491 | 3,602,352 | |
Bentley Systems, Inc. Class B | 236,362 | 11,520,284 | |
Bill Holdings, Inc. (a) | 150,874 | 7,537,665 | |
Blackbaud, Inc. (a) | 87,228 | 6,924,159 | |
Blackline, Inc. (a) | 121,377 | 5,767,835 | |
Box, Inc. Class A (a) | 270,650 | 7,610,678 | |
Braze, Inc. Class A (a) | 142,450 | 6,276,347 | |
C3.ai, Inc. Class A (a) | 256,567 | 6,863,167 | |
Cadence Design Systems, Inc. (a) | 217,960 | 58,339,174 | |
CCC Intelligent Solutions Holdings, Inc. (a) | 607,156 | 6,229,421 | |
Cerence, Inc. (a) | 124,116 | 394,689 | |
Cipher Mining, Inc. (a) | 526,349 | 2,752,805 | |
Cleanspark, Inc. (a) | 403,360 | 6,453,760 | |
Clear Secure, Inc. Class A | 262,305 | 5,600,212 | |
Clearwater Analytics Holdings, Inc. Class A (a) | 390,088 | 7,626,220 | |
Confluent, Inc. Class A (a) | 288,432 | 7,216,569 | |
CS Disco, Inc. (a) | 87,810 | 542,666 | |
Daily Journal Corp. (a) | 3,912 | 1,821,427 | |
Datadog, Inc. Class A (a) | 239,291 | 27,863,044 | |
Digimarc Corp. (a) | 46,800 | 1,497,132 | |
DocuSign, Inc. (a) | 224,673 | 12,464,858 | |
DoubleVerify Holdings, Inc. (a) | 339,502 | 7,170,282 | |
Dropbox, Inc. Class A (a) | 369,502 | 8,838,488 | |
Dynatrace, Inc. (a) | 287,205 | 12,614,044 | |
E2open Parent Holdings, Inc. (a) | 504,726 | 2,357,070 | |
Elastic NV (a) | 104,137 | 11,420,705 | |
Enfusion, Inc. Class A (a) | 105,925 | 1,004,169 | |
Envestnet, Inc. (a) | 55,611 | 3,446,770 | |
Fair Isaac Corp. (a) | 21,978 | 35,164,800 | |
Five9, Inc. (a) | 137,669 | 6,133,154 | |
Freshworks, Inc. Class A (a) | 446,207 | 5,577,587 | |
Guidewire Software, Inc. (a) | 94,122 | 14,124,888 | |
HashiCorp, Inc. Class A (a) | 245,055 | 8,270,606 | |
HubSpot, Inc. (a) | 42,688 | 21,217,217 | |
Hut 8 Corp. (a) | 237,662 | 3,479,372 | |
Informatica, Inc. Class A (a) | 188,991 | 4,524,444 | |
Intapp, Inc. (a) | 131,369 | 4,706,951 | |
InterDigital, Inc. | 58,985 | 7,240,999 | |
Intuit, Inc. | 218,786 | 141,631,117 | |
Jamf Holding Corp. (a) | 152,252 | 2,787,734 | |
Klaviyo, Inc. Class A (a) | 171,444 | 4,491,833 |
| |||
Shares | Value | ||
LiveRamp Holdings, Inc. (a) | 182,213 | $5,517,410 | |
Manhattan Associates, Inc. (a) | 64,888 | 16,571,097 | |
Marathon Digital Holdings, Inc. (a) | 419,621 | 8,253,945 | |
Matterport, Inc. (a) | 827,940 | 3,676,054 | |
MeridianLink, Inc. (a) | 68,943 | 1,629,123 | |
MicroStrategy, Inc. Class A (a) | 15,723 | 25,383,840 | |
Mitek Systems, Inc. (a) | 139,724 | 1,859,726 | |
nCino, Inc. (a) | 183,895 | 6,024,400 | |
NCR Voyix Corp. (a) | 407,914 | 6,016,731 | |
NextNav, Inc. (a) | 99,972 | 830,767 | |
Nutanix, Inc. Class A (a) | 257,856 | 13,024,307 | |
Olo, Inc. Class A (a) | 300,751 | 1,437,590 | |
PagerDuty, Inc. (a) | 260,746 | 5,457,414 | |
Palantir Technologies, Inc. Class A (a) | 1,611,662 | 43,337,591 | |
Pegasystems, Inc. | 101,613 | 7,084,458 | |
PowerSchool Holdings, Inc. Class A (a) | 172,081 | 3,882,147 | |
Procore Technologies, Inc. (a) | 131,731 | 9,356,853 | |
PROS Holdings, Inc. (a) | 119,053 | 2,869,177 | |
PTC, Inc. (a) | 112,340 | 19,979,669 | |
Q2 Holdings, Inc. (a) | 122,774 | 8,283,562 | |
RingCentral, Inc. Class A (a) | 186,621 | 6,541,066 | |
Riot Platforms, Inc. (a) | 612,884 | 6,245,288 | |
Roper Technologies, Inc. | 87,196 | 47,500,021 | |
Salesforce, Inc. | 766,913 | 198,477,084 | |
Samsara, Inc. Class A (a) | 256,349 | 9,813,040 | |
SEMrush Holdings, Inc. Class A (a) | 89,583 | 1,320,453 | |
Smartsheet, Inc. Class A (a) | 201,197 | 9,649,408 | |
SoundHound AI, Inc. Class A (a) | 768,036 | 3,909,303 | |
Sprinklr, Inc. Class A (a) | 361,377 | 3,552,336 | |
Sprout Social, Inc. Class A (a) | 147,236 | 5,752,510 | |
SPS Commerce, Inc. (a) | 50,653 | 10,911,669 | |
Synopsys, Inc. (a) | 121,222 | 67,680,667 | |
Terawulf, Inc. (a) | 670,918 | 2,791,019 | |
Tyler Technologies, Inc. (a) | 40,781 | 23,168,094 | |
Unity Software, Inc. (a) | 411,800 | 6,737,048 | |
Verint Systems, Inc. (a) | 183,470 | 6,630,606 | |
Vertex, Inc. Class A (a) | 166,267 | 6,592,487 | |
Weave Communications, Inc. (a) | 104,245 | 1,042,450 | |
Workday, Inc. Class A (a) | 172,891 | 39,267,004 | |
Workiva, Inc. (a) | 88,327 | 6,515,883 | |
Yext, Inc. (a) | 325,278 | 1,873,601 | |
Zeta Global Holdings Corp. Class A (a) | 466,924 | 10,001,512 | |
Zoom Video Communications, Inc. Class A (a) | 251,589 | 15,195,976 | |
1,555,868,657 | |||
Systems Software – 21.1% | |||
A10 Networks, Inc. | 210,707 | 2,758,155 | |
Adeia, Inc. | 321,492 | 3,777,531 |
Annual Report | 38 |
Common Stocks – continued | |||
Shares | Value | ||
SOFTWARE – continued | |||
Systems Software – continued | |||
Appian Corp. Class A (a) | 106,326 | $3,927,682 | |
CommVault Systems, Inc. (a) | 73,139 | 11,179,296 | |
Crowdstrike Holdings, Inc. Class A (a) | 184,484 | 42,792,909 | |
Dolby Laboratories, Inc. Class A | 97,435 | 7,673,981 | |
Fortinet, Inc. (a) | 550,816 | 31,969,361 | |
Gen Digital, Inc. | 615,906 | 16,007,397 | |
Gitlab, Inc. Class A (a) | 158,197 | 8,104,432 | |
JFrog Ltd. (a) | 202,458 | 7,806,780 | |
Microsoft Corp. | 4,330,334 | 1,811,595,229 | |
N-Able, Inc. (a) | 218,694 | 3,048,594 | |
OneSpan, Inc. (a) | 99,091 | 1,466,547 | |
Oracle Corp. | 1,266,983 | 176,680,779 | |
Palo Alto Networks, Inc. (a) | 252,974 | 82,148,247 | |
Progress Software Corp. | 116,898 | 6,826,843 | |
Qualys, Inc. (a) | 57,468 | 8,570,778 | |
Rapid7, Inc. (a) | 160,297 | 6,306,084 | |
SentinelOne, Inc. Class A (a) | 392,729 | 8,993,494 | |
ServiceNow, Inc. (a) | 159,477 | 129,876,474 | |
SolarWinds Corp. | 153,625 | 1,832,746 | |
Tenable Holdings, Inc. (a) | 187,702 | 8,619,276 | |
Teradata Corp. (a) | 204,643 | 6,634,526 | |
UiPath, Inc. Class A (a) | 542,858 | 6,606,582 | |
Varonis Systems, Inc. (a) | 180,375 | 9,944,074 | |
Xperi, Inc. (a) | 117,929 | 963,480 | |
Zscaler, Inc. (a) | 91,129 | 16,343,986 | |
Zuora, Inc. Class A (a) | 395,968 | 3,591,430 | |
2,426,046,693 | |||
TOTAL SOFTWARE | 3,981,915,350 | ||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 19.0% | |||
Technology Hardware, Storage & Peripherals – 19.0% | |||
Apple, Inc. | 8,863,585 | 1,968,424,957 |
| |||
Shares | Value | ||
Corsair Gaming, Inc. (a) | 143,257 | $1,176,140 | |
Dell Technologies, Inc. Class C | 241,783 | 27,485,891 | |
Diebold Nixdorf, Inc. (a) | 38,952 | 1,696,360 | |
Hewlett Packard Enterprise Co. | 1,206,764 | 24,026,671 | |
HP, Inc. | 857,168 | 30,935,193 | |
IonQ, Inc. (a) | 518,176 | 4,223,134 | |
NetApp, Inc. | 193,302 | 24,545,488 | |
Pure Storage, Inc. Class A (a) | 303,153 | 18,167,959 | |
Seagate Technology Holdings PLC | 193,849 | 19,805,552 | |
Super Micro Computer, Inc. (a) | 48,050 | 33,714,283 | |
Western Digital Corp. (a) | 305,514 | 20,484,714 | |
Xerox Holdings Corp. | 349,098 | 3,758,040 | |
TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS | 2,178,444,382 | ||
TOTAL COMMON STOCKS (Cost $6,666,374,240) | 11,455,539,550 | ||
Money Market Fund – 0.1% | |||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.21% (b) (Cost $13,434,000) | 13,434,000 | 13,434,000 | |
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $6,679,808,240) | 11,468,973,550 | ||
NET OTHER ASSETS (LIABILITIES) – 0.0% | 2,194,754 | ||
NET ASSETS – 100.0% | $11,471,168,304 |
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) | 14 | September 2024 | 1,591,100 | $ 146,894 | $ 146,894 |
CME E-mini Technology Select Sector Index Contracts (United States) | 57 | September 2024 | 12,660,270 | (615,948) | (615,948) |
Total Equity Index Contracts | $(469,054) |
39 | Annual Report |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | 11,455,539,550 | 11,455,539,550 | $— | $— | |||||
Money Market Funds | 13,434,000 | 13,434,000 | — | — | |||||
Total Investments in Securities: | $11,468,973,550 | $11,468,973,550 | $— | $— | |||||
Derivative Instruments: | |||||||||
Assets | |||||||||
Futures Contracts | $146,894 | $146,894 | $— | $— | |||||
Total Assets | $146,894 | $146,894 | $— | $— | |||||
Liabilities | |||||||||
Futures Contracts | $(615,948) | $(615,948) | $— | $— | |||||
Total Liabilities | $(615,948) | $(615,948) | $— | $— | |||||
Total Derivative Instruments: | $(469,054) | $(469,054) | $— | $— |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $146,894 | $(615,948) | |
Total Equity Risk | 146,894 | (615,948) | |
Total Value of Derivatives | $146,894 | $(615,948) |
(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). |
Annual Report | 40 |
Common Stocks – 99.8% | |||
Shares | Value | ||
CHEMICALS – 56.4% | |||
Commodity Chemicals – 6.4% | |||
AdvanSix, Inc. | 10,266 | $287,140 | |
Cabot Corp. | 21,112 | 2,117,322 | |
Dow, Inc. | 267,562 | 14,574,102 | |
Hawkins, Inc. | 7,559 | 785,380 | |
Koppers Holdings, Inc. | 8,000 | 325,680 | |
Kronos Worldwide, Inc. | 8,808 | 105,344 | |
LyondellBasell Industries NV Class A | 99,052 | 9,851,712 | |
Mativ Holdings, Inc. | 20,564 | 392,567 | |
Olin Corp. | 45,562 | 2,078,083 | |
Orion SA | 21,993 | 541,468 | |
PureCycle Technologies, Inc. (a) | 43,403 | 334,637 | |
Tronox Holdings PLC | 44,668 | 721,835 | |
Westlake Corp. | 14,648 | 2,165,853 | |
34,281,123 | |||
Diversified Chemicals – 0.6% | |||
Chemours Co. | 56,531 | 1,366,354 | |
Huntsman Corp. | 62,174 | 1,487,824 | |
LSB Industries, Inc. (a) | 19,247 | 175,340 | |
3,029,518 | |||
Fertilizers & Agricultural Chemicals – 5.2% | |||
CF Industries Holdings, Inc. | 71,417 | 5,455,545 | |
Corteva, Inc. | 265,893 | 14,916,597 | |
FMC Corp. | 47,533 | 2,774,026 | |
Mosaic Co. | 122,328 | 3,641,705 | |
Scotts Miracle-Gro Co. | 16,157 | 1,269,940 | |
28,057,813 | |||
Industrial Gases – 19.6% | |||
Air Products & Chemicals, Inc. | 84,576 | 22,315,378 | |
Linde PLC | 183,373 | 83,159,655 | |
105,475,033 | |||
Specialty Chemicals – 24.6% | |||
Albemarle Corp. | 44,699 | 4,186,955 | |
Arcadium Lithium PLC (a) | 409,600 | 1,302,528 | |
Ashland, Inc. | 18,132 | 1,752,458 | |
Aspen Aerogels, Inc. (a) | 23,296 | 475,471 | |
Avient Corp. | 34,755 | 1,572,316 | |
Axalta Coating Systems Ltd. (a) | 83,835 | 2,988,718 | |
Balchem Corp. | 12,288 | 2,180,628 | |
Celanese Corp. | 42,445 | 5,991,112 | |
DuPont de Nemours, Inc. | 159,058 | 13,313,155 | |
Eastman Chemical Co. | 44,732 | 4,622,158 | |
Ecolab, Inc. | 97,903 | 22,585,243 | |
Ecovyst, Inc. (a) | 44,407 | 423,643 | |
Element Solutions, Inc. | 87,549 | 2,359,445 | |
Ginkgo Bioworks Holdings, Inc. (a) | 408,261 | 155,139 | |
HB Fuller Co. | 20,763 | 1,789,771 | |
Ingevity Corp. (a) | 13,080 | 600,241 | |
Innospec, Inc. | 9,447 | 1,238,880 |
| |||
Shares | Value | ||
International Flavors & Fragrances, Inc. | 97,137 | $9,663,189 | |
Minerals Technologies, Inc. | 12,295 | 963,682 | |
NewMarket Corp. | 2,741 | 1,537,345 | |
Perimeter Solutions SA (a) | 52,568 | 509,384 | |
PPG Industries, Inc. | 89,544 | 11,370,297 | |
Quaker Chemical Corp. | 5,467 | 992,643 | |
RPM International, Inc. | 48,989 | 5,950,204 | |
Sensient Technologies Corp. | 13,675 | 1,067,334 | |
Sherwin-Williams Co. | 91,839 | 32,217,121 | |
Stepan Co. | 8,502 | 719,524 | |
132,528,584 | |||
TOTAL CHEMICALS | 303,372,071 | ||
CONSTRUCTION MATERIALS – 10.7% | |||
Construction Materials – 10.7% | |||
CRH PLC | 261,408 | 22,402,666 | |
Eagle Materials, Inc. | 13,097 | 3,566,313 | |
Knife River Corp. (a) | 20,488 | 1,629,206 | |
Martin Marietta Materials, Inc. | 23,481 | 13,932,451 | |
Summit Materials, Inc. Class A (a) | 46,793 | 1,955,011 | |
U.S. Lime & Minerals, Inc. | 4,321 | 367,501 | |
Vulcan Materials Co. | 50,306 | 13,809,500 | |
TOTAL CONSTRUCTION MATERIALS | 57,662,648 | ||
CONTAINERS & PACKAGING – 11.9% | |||
Metal, Glass & Plastic Containers – 4.1% | |||
AptarGroup, Inc. | 25,162 | 3,698,311 | |
Ball Corp. | 119,775 | 7,645,238 | |
Berry Global Group, Inc. | 44,138 | 2,900,749 | |
Crown Holdings, Inc. | 45,929 | 4,073,902 | |
Greif, Inc. Class A | 9,307 | 620,591 | |
Greif, Inc. Class B | 1,631 | 115,263 | |
Myers Industries, Inc. | 12,047 | 179,500 | |
O-I Glass, Inc. (a) | 58,399 | 780,211 | |
Silgan Holdings, Inc. | 32,481 | 1,670,498 | |
Trimas Corp. | 15,576 | 382,858 | |
22,067,121 | |||
Paper & Plastic Packaging Products & Materials – 7.8% | |||
Amcor PLC | 549,888 | 5,790,321 | |
Avery Dennison Corp. | 30,634 | 6,642,370 | |
Graphic Packaging Holding Co. | 117,025 | 3,522,452 | |
International Paper Co. | 125,183 | 5,818,506 | |
Packaging Corp. of America | 34,098 | 6,815,167 | |
Pactiv Evergreen, Inc. | 17,162 | 225,509 | |
Ranpak Holdings Corp. (a) | 16,659 | 120,278 | |
Sealed Air Corp. | 54,592 | 2,077,226 | |
Smurfit WestRock PLC | 197,099 | 8,837,919 | |
Sonoco Products Co. | 37,425 | 2,017,956 | |
41,867,704 | |||
TOTAL CONTAINERS & PACKAGING | 63,934,825 |
41 | Annual Report |
Common Stocks – continued | |||
Shares | Value | ||
METALS & MINING – 20.1% | |||
Aluminum – 0.7% | |||
Alcoa Corp. | 89,799 | $2,966,959 | |
Century Aluminum Co. (a) | 21,016 | 317,552 | |
Kaiser Aluminum Corp. | 6,084 | 478,750 | |
3,763,261 | |||
Copper – 4.6% | |||
Freeport-McMoRan, Inc. | 545,728 | 24,781,509 | |
Diversified Metals & Mining – 0.4% | |||
Compass Minerals International, Inc. | 13,501 | 179,563 | |
Ivanhoe Electric, Inc. (a) | 27,229 | 270,112 | |
Materion Corp. | 7,843 | 944,533 | |
MP Materials Corp. (a) | 54,114 | 731,621 | |
2,125,829 | |||
Gold – 4.8% | |||
Coeur Mining, Inc. (a) | 151,380 | 982,456 | |
Newmont Corp. | 438,584 | 21,521,317 | |
Royal Gold, Inc. | 24,994 | 3,452,171 | |
25,955,944 | |||
Silver – 0.3% | |||
Gatos Silver, Inc. (a) | 15,958 | 202,826 | |
Hecla Mining Co. | 225,658 | 1,304,303 | |
1,507,129 | |||
Steel – 9.3% | |||
Alpha Metallurgical Resources, Inc. | 4,199 | 1,240,427 | |
Arch Resources, Inc. | 6,615 | 969,428 | |
ATI, Inc. (a) | 47,390 | 3,208,777 | |
Carpenter Technology Corp. | 18,818 | 2,744,982 | |
Cleveland-Cliffs, Inc. (a) | 189,761 | 2,912,831 | |
Commercial Metals Co. | 44,065 | 2,648,306 | |
Haynes International, Inc. | 4,830 | 287,626 | |
Metallus, Inc. (a) | 14,940 | 334,955 | |
Nucor Corp. | 91,593 | 14,924,163 | |
Olympic Steel, Inc. | 3,853 | 195,270 | |
Radius Recycling, Inc. | 10,147 | 183,864 | |
Ramaco Resources, Inc. Class A | 10,103 | 137,401 | |
Reliance, Inc. | 21,848 | 6,654,027 |
| |||
Shares | Value | ||
Ryerson Holding Corp. | 11,771 | $280,032 | |
Steel Dynamics, Inc. | 57,162 | 7,615,122 | |
SunCoke Energy, Inc. | 31,713 | 371,042 | |
U.S. Steel Corp. | 85,478 | 3,512,291 | |
Warrior Met Coal, Inc. | 19,938 | 1,377,915 | |
Worthington Steel, Inc. | 12,438 | 495,903 | |
50,094,362 | |||
TOTAL METALS & MINING | 108,228,034 | ||
PAPER & FOREST PRODUCTS – 0.7% | |||
Forest Products – 0.4% | |||
Louisiana-Pacific Corp. | 24,764 | 2,430,834 | |
Paper Products – 0.3% | |||
Clearwater Paper Corp. (a) | 6,259 | 347,187 | |
Mercer International, Inc. | 15,345 | 116,929 | |
Sylvamo Corp. | 13,390 | 986,977 | |
1,451,093 | |||
TOTAL PAPER & FOREST PRODUCTS | 3,881,927 | ||
TOTAL COMMON STOCKS (Cost $488,058,253) | 537,079,505 | ||
Money Market Fund – 0.1% | |||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.21% (b) (Cost $789,000) | 789,000 | 789,000 | |
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $488,847,253) | 537,868,505 | ||
NET OTHER ASSETS (LIABILITIES) – 0.1% | 365,522 | ||
NET ASSETS – 100.0% | $538,234,027 |
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 Materials Select Sector Index Contracts (United States) | 10 | September 2024 | $ 983,800 | $ 41,098 | $ 41,098 |
CME E-mini Russell 2000 Index Contracts (United States) | 1 | September 2024 | 113,650 | 683 | 683 |
Total Equity Index Contracts | $41,781 |
Annual Report | 42 |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $537,079,505 | $537,079,505 | $— | $— | |||||
Money Market Funds | 789,000 | 789,000 | — | — | |||||
Total Investments in Securities: | $537,868,505 | $537,868,505 | $— | $— | |||||
Derivative Instruments: | |||||||||
Assets | |||||||||
Futures Contracts | $41,781 | $41,781 | $— | $— | |||||
Total Assets | $41,781 | $41,781 | $— | $— | |||||
Total Derivative Instruments: | $41,781 | $41,781 | $— | $— |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $41,781 | $0 | |
Total Equity Risk | 41,781 | 0 | |
Total Value of Derivatives | $41,781 | $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). |
43 | Annual Report |
Common Stocks – 99.8% | |||
Shares | Value | ||
DIVERSIFIED REITS – 2.0% | |||
Diversified REITs – 2.0% | |||
Alexander & Baldwin, Inc. | 49,195 | $969,633 | |
American Assets Trust, Inc. | 34,156 | 905,817 | |
Armada Hoffler Properties, Inc. | 46,574 | 553,299 | |
Broadstone Net Lease, Inc. | 128,319 | 2,234,034 | |
Empire State Realty Trust, Inc. Class A | 99,944 | 1,076,397 | |
Essential Properties Realty Trust, Inc. | 117,809 | 3,485,968 | |
Gladstone Commercial Corp. | 31,139 | 468,642 | |
Global Net Lease, Inc. | 143,368 | 1,247,302 | |
One Liberty Properties, Inc. | 14,625 | 385,954 | |
WP Carey, Inc. | 150,317 | 8,689,826 | |
TOTAL DIVERSIFIED REITS | 20,016,872 | ||
HEALTH CARE REITS – 10.7% | |||
Health Care REITs – 9.4% | |||
American Healthcare REIT, Inc. | 47,349 | 754,743 | |
CareTrust REIT, Inc. | 95,399 | 2,571,957 | |
Community Healthcare Trust, Inc. | 19,832 | 431,544 | |
Diversified Healthcare Trust | 117,550 | 392,617 | |
Global Medical REIT, Inc. | 46,190 | 441,115 | |
Healthcare Realty Trust, Inc. | 261,821 | 4,631,614 | |
Healthpeak Properties, Inc. | 487,934 | 10,646,720 | |
LTC Properties, Inc. | 29,923 | 1,068,551 | |
Medical Properties Trust, Inc. | 413,672 | 1,989,762 | |
National Health Investors, Inc. | 30,812 | 2,306,586 | |
Omega Healthcare Investors, Inc. | 169,343 | 6,164,085 | |
Sabra Health Care REIT, Inc. | 164,040 | 2,662,369 | |
Universal Health Realty Income Trust | 9,507 | 406,424 | |
Ventas, Inc. | 277,970 | 15,132,687 | |
Welltower, Inc. | 392,756 | 43,694,105 | |
93,294,879 | |||
Office REITs – 1.3% | |||
Alexandria Real Estate Equities, Inc. | 108,351 | 12,708,489 | |
TOTAL HEALTH CARE REITS | 106,003,368 | ||
HOTEL & RESORT REITS – 2.5% | |||
Hotel & Resort REITs – 2.5% | |||
Apple Hospitality REIT, Inc. | 161,822 | 2,393,347 | |
Chatham Lodging Trust | 35,310 | 310,375 | |
DiamondRock Hospitality Co. | 152,104 | 1,251,816 | |
Host Hotels & Resorts, Inc. | 485,991 | 8,509,703 | |
Park Hotels & Resorts, Inc. | 150,022 | 2,259,331 | |
Pebblebrook Hotel Trust | 83,501 | 1,143,129 | |
RLJ Lodging Trust | 105,996 | 1,000,602 | |
Ryman Hospitality Properties, Inc. | 39,798 | 4,000,097 | |
Service Properties Trust | 110,010 | 623,757 | |
Summit Hotel Properties, Inc. | 72,744 | 461,197 | |
Sunstone Hotel Investors, Inc. | 134,845 | 1,396,994 |
| |||
Shares | Value | ||
Xenia Hotels & Resorts, Inc. | 73,991 | $1,026,995 | |
TOTAL HOTEL & RESORT REITS | 24,377,343 | ||
INDUSTRIAL REITS – 11.9% | |||
Industrial REITs – 11.9% | |||
Americold Realty Trust, Inc. | 188,669 | 5,639,316 | |
EastGroup Properties, Inc. | 33,443 | 6,253,507 | |
First Industrial Realty Trust, Inc. | 92,710 | 5,073,091 | |
LXP Industrial Trust | 210,475 | 2,167,893 | |
Plymouth Industrial REIT, Inc. | 31,684 | 757,881 | |
Prologis, Inc. | 638,148 | 80,438,555 | |
Rexford Industrial Realty, Inc. | 151,560 | 7,594,672 | |
STAG Industrial, Inc. | 127,300 | 5,195,113 | |
Terreno Realty Corp. | 67,420 | 4,612,202 | |
TOTAL INDUSTRIAL REITS | 117,732,230 | ||
OFFICE REITS – 3.2% | |||
Office REITs – 3.2% | |||
Brandywine Realty Trust | 115,918 | 584,227 | |
BXP, Inc. | 102,455 | 7,306,066 | |
COPT Defense Properties | 76,951 | 2,229,270 | |
Cousins Properties, Inc. | 105,181 | 2,893,529 | |
Douglas Emmett, Inc. | 114,773 | 1,846,698 | |
Easterly Government Properties, Inc. | 65,274 | 909,267 | |
Equity Commonwealth (a) | 72,763 | 1,482,182 | |
Highwoods Properties, Inc. | 74,233 | 2,298,996 | |
Hudson Pacific Properties, Inc. | 87,588 | 524,652 | |
JBG SMITH Properties | 57,923 | 947,041 | |
Kilroy Realty Corp. | 76,203 | 2,817,225 | |
Paramount Group, Inc. | 115,803 | 606,808 | |
Peakstone Realty Trust | 24,954 | 338,875 | |
Piedmont Office Realty Trust, Inc. Class A | 82,817 | 716,367 | |
SL Green Realty Corp. | 44,873 | 2,990,337 | |
Vornado Realty Trust | 112,675 | 3,379,123 | |
TOTAL OFFICE REITS | 31,870,663 | ||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 7.4% | |||
Diversified Real Estate Activities – 0.2% | |||
RMR Group, Inc. Class A | 10,341 | 268,246 | |
St. Joe Co. | 25,303 | 1,560,689 | |
Tejon Ranch Co. (a) | 13,475 | 256,025 | |
2,084,960 | |||
Real Estate Development – 0.2% | |||
Forestar Group, Inc. (a) | 15,357 | 485,742 | |
Howard Hughes Holdings, Inc. (a) | 22,298 | 1,653,842 | |
2,139,584 | |||
Real Estate Operating Companies – 0.3% | |||
DigitalBridge Group, Inc. | 113,585 | 1,604,956 | |
FRP Holdings, Inc. (a) | 10,140 | 305,113 |
Annual Report | 44 |
Common Stocks – continued | |||
Shares | Value | ||
REAL ESTATE MANAGEMENT & DEVELOPMENT – continued | |||
Real Estate Operating Companies – continued | |||
Kennedy-Wilson Holdings, Inc. | 74,488 | $775,420 | |
Seritage Growth Properties Class A (a) | 26,110 | 133,161 | |
2,818,650 | |||
Real Estate Services – 6.7% | |||
Anywhere Real Estate, Inc. (a) | 70,389 | 332,236 | |
CBRE Group, Inc. Class A (a) | 210,741 | 23,752,618 | |
Compass, Inc. Class A (a) | 269,815 | 1,184,488 | |
CoStar Group, Inc. (a) | 282,092 | 22,008,818 | |
Cushman & Wakefield PLC (a) | 118,274 | 1,550,572 | |
eXp World Holdings, Inc. | 56,252 | 807,778 | |
Jones Lang LaSalle, Inc. (a) | 32,979 | 8,274,431 | |
Marcus & Millichap, Inc. | 18,995 | 752,392 | |
Newmark Group, Inc. Class A | 105,611 | 1,370,831 | |
Opendoor Technologies, Inc. (a) | 401,637 | 931,798 | |
Redfin Corp. (a) | 83,963 | 683,459 | |
Zillow Group, Inc. Class C (a) | 109,006 | 5,308,592 | |
66,958,013 | |||
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | 74,001,207 | ||
RESIDENTIAL REITS – 12.8% | |||
Multi-Family Residential REITs – 8.4% | |||
Apartment Investment & Management Co. Class A (a) | 88,054 | 780,159 | |
AvalonBay Communities, Inc. | 97,774 | 20,035,848 | |
Camden Property Trust | 73,516 | 8,141,897 | |
Centerspace | 10,675 | 745,435 | |
Elme Communities | 59,668 | 982,135 | |
Equity Residential | 234,719 | 16,343,484 | |
Essex Property Trust, Inc. | 44,186 | 12,299,615 | |
Independence Realty Trust, Inc. | 158,576 | 2,957,442 | |
Mid-America Apartment Communities, Inc. | 80,281 | 11,220,875 | |
NexPoint Residential Trust, Inc. | 16,040 | 700,788 | |
UDR, Inc. | 215,001 | 8,615,090 | |
Veris Residential, Inc. | 49,946 | 784,652 | |
83,607,420 | |||
Single-Family Residential REITs – 4.4% | |||
American Homes 4 Rent Class A | 226,090 | 8,159,588 | |
Equity Lifestyle Properties, Inc. | 121,762 | 8,362,614 | |
Invitation Homes, Inc. | 421,130 | 14,853,255 | |
Sun Communities, Inc. | 85,561 | 10,843,146 | |
UMH Properties, Inc. | 47,276 | 839,622 | |
43,058,225 | |||
TOTAL RESIDENTIAL REITS | 126,665,645 |
| |||
Shares | Value | ||
RETAIL REITS – 13.2% | |||
Retail REITs – 13.2% | |||
Acadia Realty Trust | 74,460 | $1,611,314 | |
Agree Realty Corp. | 69,099 | 4,765,758 | |
Alexander's, Inc. | 1,745 | 422,813 | |
Brixmor Property Group, Inc. | 206,810 | 5,267,451 | |
CBL & Associates Properties, Inc. | 8,155 | 210,154 | |
Federal Realty Investment Trust | 51,272 | 5,724,519 | |
Getty Realty Corp. | 34,856 | 1,032,435 | |
InvenTrust Properties Corp. | 47,807 | 1,346,723 | |
Kimco Realty Corp. | 468,099 | 10,171,791 | |
Kite Realty Group Trust | 154,166 | 3,801,734 | |
Macerich Co. | 152,765 | 2,445,768 | |
NETSTREIT Corp. | 54,446 | 896,726 | |
NNN REIT, Inc. | 125,263 | 5,623,056 | |
Phillips Edison & Co., Inc. | 83,630 | 2,935,413 | |
Realty Income Corp. | 594,803 | 34,159,536 | |
Regency Centers Corp. | 120,622 | 8,122,685 | |
Retail Opportunity Investments Corp. | 89,248 | 1,334,258 | |
Saul Centers, Inc. | 8,650 | 342,108 | |
Simon Property Group, Inc. | 225,085 | 34,537,042 | |
SITE Centers Corp. | 134,105 | 2,071,922 | |
Tanger, Inc. | 76,678 | 2,215,994 | |
Urban Edge Properties | 84,557 | 1,716,507 | |
Whitestone REIT | 35,991 | 496,676 | |
TOTAL RETAIL REITS | 131,252,383 | ||
SPECIALIZED REITS – 36.1% | |||
Data Center REITs – 8.5% | |||
Digital Realty Trust, Inc. | 215,686 | 32,242,900 | |
Equinix, Inc. | 65,401 | 51,682,486 | |
83,925,386 | |||
Other Specialized REITs – 6.8% | |||
EPR Properties | 53,714 | 2,417,130 | |
Farmland Partners, Inc. | 30,116 | 319,832 | |
Four Corners Property Trust, Inc. | 65,939 | 1,789,584 | |
Gaming & Leisure Properties, Inc. | 187,290 | 9,401,958 | |
Gladstone Land Corp. | 22,622 | 335,937 | |
Iron Mountain, Inc. | 202,753 | 20,794,348 | |
Lamar Advertising Co. Class A | 60,881 | 7,297,197 | |
Outfront Media, Inc. | 93,980 | 1,524,355 | |
Safehold, Inc. | 32,997 | 763,550 | |
Uniti Group, Inc. | 164,615 | 632,122 | |
VICI Properties, Inc. | 718,499 | 22,460,279 | |
67,736,292 | |||
Self-Storage REITs – 6.6% | |||
CubeSmart | 154,545 | 7,353,251 | |
Extra Space Storage, Inc. | 146,265 | 23,346,819 | |
National Storage Affiliates Trust | 51,720 | 2,201,721 |
45 | Annual Report |
Common Stocks – continued | |||
Shares | Value | ||
SPECIALIZED REITS – continued | |||
Self-Storage REITs – continued | |||
Public Storage | 108,905 | $32,227,168 | |
65,128,959 | |||
Telecom Tower REITs – 12.1% | |||
American Tower Corp. | 321,731 | 70,909,512 | |
Crown Castle, Inc. | 299,258 | 32,942,321 | |
SBA Communications Corp. | 74,402 | 16,334,215 | |
120,186,048 | |||
Timber REITs – 2.1% | |||
PotlatchDeltic Corp. | 54,229 | 2,405,598 | |
Rayonier, Inc. | 96,605 | 2,930,030 | |
Weyerhaeuser Co. | 502,020 | 15,944,155 | |
21,279,783 | |||
TOTAL SPECIALIZED REITS | 358,256,468 | ||
TOTAL COMMON STOCKS (Cost $1,052,510,574) | 990,176,179 |
Money Market Fund – 0.2% | |||
Shares | Value | ||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.21% (b) (Cost $1,940,000) | 1,940,000 | $1,940,000 | |
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $1,054,450,574) | 992,116,179 | ||
NET OTHER ASSETS (LIABILITIES) – 0.0% | 396,177 | ||
NET ASSETS – 100.0% | $992,512,356 |
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) | 58 | September 2024 | $2,105,400 | $122,364 | $122,364 |
Annual Report | 46 |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $990,176,179 | $990,176,179 | $— | $— | |||||
Money Market Funds | 1,940,000 | 1,940,000 | — | — | |||||
Total Investments in Securities: | $992,116,179 | $992,116,179 | $— | $— | |||||
Derivative Instruments: | |||||||||
Assets | |||||||||
Futures Contracts | $122,364 | $122,364 | $— | $— | |||||
Total Assets | $122,364 | $122,364 | $— | $— | |||||
Total Derivative Instruments: | $122,364 | $122,364 | $— | $— |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $122,364 | $0 | |
Total Equity Risk | 122,364 | 0 | |
Total Value of Derivatives | $122,364 | $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). |
47 | Annual Report |
Common Stocks – 99.8% | |||
Shares | Value | ||
ELECTRIC UTILITIES – 62.5% | |||
Electric Utilities – 62.5% | |||
ALLETE, Inc. | 58,910 | $3,799,695 | |
Alliant Energy Corp. | 262,342 | 14,601,956 | |
American Electric Power Co., Inc. | 538,425 | 52,830,261 | |
Constellation Energy Corp. | 322,449 | 61,200,820 | |
Duke Energy Corp. | 789,407 | 86,258,503 | |
Edison International | 393,630 | 31,494,336 | |
Entergy Corp. | 218,201 | 25,304,770 | |
Evergy, Inc. | 235,077 | 13,634,466 | |
Eversource Energy | 357,825 | 23,226,421 | |
Exelon Corp. | 1,022,993 | 38,055,339 | |
FirstEnergy Corp. | 558,886 | 23,422,912 | |
Genie Energy Ltd. Class B | 13,232 | 224,415 | |
Hawaiian Electric Industries, Inc. | 113,183 | 1,874,310 | |
IDACORP, Inc. | 51,845 | 5,067,849 | |
MGE Energy, Inc. | 36,946 | 3,245,337 | |
NextEra Energy, Inc. | 2,100,179 | 160,432,674 | |
NRG Energy, Inc. | 219,732 | 16,517,254 | |
OGE Energy Corp. | 204,988 | 7,947,385 | |
Otter Tail Corp. | 38,405 | 3,722,213 | |
PG&E Corp. | 2,074,097 | 37,852,270 | |
Pinnacle West Capital Corp. | 116,197 | 9,945,301 | |
PNM Resources, Inc. | 87,540 | 3,639,913 | |
Portland General Electric Co. | 103,673 | 4,912,027 | |
PPL Corp. | 754,885 | 22,435,182 | |
Southern Co. | 1,116,400 | 93,241,728 | |
Xcel Energy, Inc. | 568,396 | 33,126,119 | |
TOTAL ELECTRIC UTILITIES | 778,013,456 | ||
GAS UTILITIES – 4.1% | |||
Gas Utilities – 4.1% | |||
Atmos Energy Corp. | 154,348 | 19,738,022 | |
Chesapeake Utilities Corp. | 22,689 | 2,677,983 | |
National Fuel Gas Co. | 89,625 | 5,251,129 | |
New Jersey Resources Corp. | 100,695 | 4,707,491 | |
Northwest Natural Holding Co. | 38,633 | 1,544,547 | |
ONE Gas, Inc. | 57,765 | 4,022,177 | |
Southwest Gas Holdings, Inc. | 58,707 | 4,353,711 | |
Spire, Inc. | 56,169 | 3,740,294 | |
UGI Corp. | 214,583 | 5,317,367 | |
TOTAL GAS UTILITIES | 51,352,721 | ||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 4.2% | |||
Independent Power Producers & Energy Traders – 3.3% | |||
AES Corp. | 727,345 | 12,939,468 | |
Vistra Corp. | 355,978 | 28,200,577 | |
41,140,045 | |||
Renewable Electricity – 0.9% | |||
Altus Power, Inc. (a) | 73,774 | 309,851 | |
Clearway Energy, Inc. Class A | 35,493 | 874,192 |
| |||
Shares | Value | ||
Clearway Energy, Inc. Class C | 84,501 | $2,254,487 | |
Montauk Renewables, Inc. (a) | 52,033 | 309,076 | |
NextEra Energy Partners LP | 95,550 | 2,441,302 | |
Ormat Technologies, Inc. | 55,678 | 4,322,840 | |
Sunnova Energy International, Inc. (a) | 112,058 | 792,250 | |
11,303,998 | |||
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | 52,444,043 | ||
MULTI-UTILITIES – 25.0% | |||
Multi-Utilities – 25.0% | |||
Ameren Corp. | 272,708 | 21,617,563 | |
Avista Corp. | 80,021 | 3,135,223 | |
Black Hills Corp. | 69,759 | 4,119,269 | |
CenterPoint Energy, Inc. | 647,823 | 17,977,088 | |
CMS Energy Corp. | 305,563 | 19,800,482 | |
Consolidated Edison, Inc. | 353,550 | 34,478,196 | |
Dominion Energy, Inc. | 856,926 | 45,811,264 | |
DTE Energy Co. | 211,741 | 25,521,143 | |
NiSource, Inc. | 457,934 | 14,310,438 | |
Northwestern Energy Group, Inc. | 62,598 | 3,365,894 | |
Public Service Enterprise Group, Inc. | 510,189 | 40,697,777 | |
Sempra | 646,856 | 51,787,291 | |
Unitil Corp. | 16,631 | 1,019,148 | |
WEC Energy Group, Inc. | 322,905 | 27,789,204 | |
TOTAL MULTI-UTILITIES | 311,429,980 | ||
WATER UTILITIES – 4.0% | |||
Water Utilities – 4.0% | |||
American States Water Co. | 38,166 | 3,149,840 | |
American Water Works Co., Inc. | 199,353 | 28,379,893 | |
California Water Service Group | 58,920 | 3,149,863 | |
Essential Utilities, Inc. | 265,883 | 10,808,144 | |
Middlesex Water Co. | 18,248 | 1,213,127 | |
SJW Group | 31,231 | 1,892,911 | |
York Water Co. | 14,588 | 602,631 | |
TOTAL WATER UTILITIES | 49,196,409 | ||
TOTAL COMMON STOCKS (Cost $1,241,340,100) | 1,242,436,609 |
Annual Report | 48 |
Money Market Fund – 0.2% | |||
Shares | Value | ||
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 5.21% (b) (Cost $2,274,000) | 2,274,000 | $2,274,000 | |
TOTAL INVESTMENT IN SECURITIES – 100.0% (Cost $1,243,614,100) | 1,244,710,609 | ||
NET OTHER ASSETS (LIABILITIES) – 0.0% | 370,865 | ||
NET ASSETS – 100.0% | $1,245,081,474 |
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) | 31 | September 2024 | $2,289,350 | $100,525 | $100,525 |
Description | Total | Level 1 | Level 2 | Level 3 | |||||
Investments in Securities: | |||||||||
Common Stocks | $1,242,436,609 | $1,242,436,609 | $— | $— | |||||
Money Market Funds | 2,274,000 | 2,274,000 | — | — | |||||
Total Investments in Securities: | $1,244,710,609 | $1,244,710,609 | $— | $— | |||||
Derivative Instruments: | |||||||||
Assets | |||||||||
Futures Contracts | $100,525 | $100,525 | $— | $— | |||||
Total Assets | $100,525 | $100,525 | $— | $— | |||||
Total Derivative Instruments: | $100,525 | $100,525 | $— | $— |
Primary Risk/ Derivative Type | Value | ||
Asset | Liabilities | ||
Equity Risk | |||
Futures Contracts(a) | $100,525 | $0 | |
Total Equity Risk | 100,525 | 0 | |
Total Value of Derivatives | $100,525 | $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). |
49 | 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 | $ 1,170,575,682 | $ 1,666,044,556 | $ 1,096,650,999 | $ 1,878,779,584 | |||
Segregated cash with brokers for derivative instruments | 82,500 | 170,000 | 182,400 | 327,750 | |||
Cash | 8,367 | 6,274 | 3,202 | 8,072 | |||
Receivable for investments sold | — | — | 2,869,530 | 65,606 | |||
Receivable for fund shares sold | — | — | — | — | |||
Dividends receivable | 1,485,488 | 274,689 | 1,346,393 | 917,441 | |||
Interest receivable | 9,360 | 6,827 | 8,070 | 9,643 | |||
Receivable for daily variation margin on futures contracts | 160,692 | 51,206 | — | — | |||
Other receivable | — | — | — | — | |||
Total assets | 1,172,322,089 | 1,666,553,552 | 1,101,060,594 | 1,880,108,096 | |||
Liabilities | |||||||
Payable for investments purchased | 2,470,551 | — | — | — | |||
Accrued management fees | 81,473 | 104,007 | 76,536 | 129,023 | |||
Payable for daily variation margin on futures contracts | — | — | 93,492 | 35,927 | |||
Total liabilities | 2,552,024 | 104,007 | 170,028 | 164,950 | |||
Net Assets | $1,169,770,065 | $1,666,449,545 | $1,100,890,566 | $1,879,943,146 | |||
Net Assets consist of: | |||||||
Paid in capital | $1,076,854,915 | $1,540,218,227 | $1,016,344,876 | $1,549,654,874 | |||
Total accumulated earnings (loss) | 92,915,150 | 126,231,318 | 84,545,690 | 330,288,272 | |||
Net Assets | $1,169,770,065 | $1,666,449,545 | $1,100,890,566 | $1,879,943,146 | |||
Shares outstanding | 22,650,000 | 19,950,000 | 22,750,000 | 73,200,000 | |||
Net Asset Value per share | $51.65 | $83.53 | $48.39 | $25.68 | |||
Investments at cost | $1,007,524,340 | $1,450,763,660 | $971,488,372 | $1,383,775,031 |
Annual Report | 50 |
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 | $ 1,708,898,923 | $ 3,055,006,357 | $ 1,241,761,951 | $ 11,468,973,550 | |||
Segregated cash with brokers for derivative instruments | 200,800 | 255,800 | 102,000 | 750,700 | |||
Cash | 7,837 | 15,325 | 6,414 | 7,586 | |||
Receivable for investments sold | 8,682 | 11,863 | — | — | |||
Receivable for fund shares sold | — | — | — | — | |||
Dividends receivable | 1,117,035 | 4,076,625 | 516,294 | 1,621,878 | |||
Interest receivable | 17,242 | 31,469 | 9,493 | 55,420 | |||
Receivable for daily variation margin on futures contracts | — | 125,970 | 27,401 | 536,158 | |||
Other receivable | — | — | — | — | |||
Total assets | 1,710,250,519 | 3,059,523,409 | 1,242,423,553 | 11,471,945,292 | |||
Liabilities | |||||||
Payable for investments purchased | 504,816 | 4,594,737 | 113,188 | — | |||
Accrued management fees | 116,181 | 212,478 | 84,551 | 776,988 | |||
Payable for daily variation margin on futures contracts | 2,475 | — | — | — | |||
Total liabilities | 623,472 | 4,807,215 | 197,739 | 776,988 | |||
Net Assets | $1,709,627,047 | $3,054,716,194 | $1,242,225,814 | $11,471,168,304 | |||
Net Assets consist of: | |||||||
Paid in capital | $1,429,037,485 | $2,427,525,003 | $1,003,974,734 | $6,851,784,597 | |||
Total accumulated earnings (loss) | 280,589,562 | 627,191,191 | 238,251,080 | 4,619,383,707 | |||
Net Assets | $1,709,627,047 | $3,054,716,194 | $1,242,225,814 | $11,471,168,304 | |||
Shares outstanding | 27,550,000 | 43,150,000 | 18,000,000 | 67,950,000 | |||
Net Asset Value per share | $62.06 | $70.79 | $69.01 | $168.82 | |||
Investments at cost | $1,276,658,333 | $2,316,854,309 | $971,706,788 | $6,679,808,240 |
51 | 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 | $ 537,868,505 | $ 992,116,179 | $ 1,244,710,609 | ||
Segregated cash with brokers for derivative instruments | 47,800 | 121,800 | 105,400 | ||
Cash | 2,531 | 6,938 | 9,761 | ||
Receivable for investments sold | — | — | — | ||
Receivable for fund shares sold | — | 23,163 | — | ||
Dividends receivable | 335,380 | 229,396 | 300,032 | ||
Interest receivable | 4,110 | 6,628 | 9,681 | ||
Receivable for daily variation margin on futures contracts | 12,158 | — | 30,400 | ||
Other receivable | — | 94,462 | — | ||
Total assets | 538,270,484 | 992,598,566 | 1,245,165,883 | ||
Liabilities | |||||
Payable for investments purchased | — | — | — | ||
Accrued management fees | 36,457 | 67,019 | 84,409 | ||
Payable for daily variation margin on futures contracts | — | 19,191 | — | ||
Total liabilities | 36,457 | 86,210 | 84,409 | ||
Net Assets | $538,234,027 | $992,512,356 | $1,245,081,474 | ||
Net Assets consist of: | |||||
Paid in capital | $516,456,770 | $1,149,975,672 | $1,285,922,642 | ||
Total accumulated earnings (loss) | 21,777,257 | (157,463,316) | (40,841,168) | ||
Net Assets | $538,234,027 | $992,512,356 | $1,245,081,474 | ||
Shares outstanding | 10,300,000 | 36,350,000 | 26,450,000 | ||
Net Asset Value per share | $52.26 | $27.30 | $47.07 | ||
Investments at cost | $488,847,253 | $1,054,450,574 | $1,243,614,100 |
Annual Report | 52 |
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 | $ 10,156,892 | $ 11,950,165 | $ 27,500,975 | $ 50,716,681 | |||
Interest | 117,303 | 145,118 | 117,219 | 151,272 | |||
Special dividends | — | — | 2,306,775 | — | |||
Total income | 10,274,195 | 12,095,283 | 29,924,969 | 50,867,953 | |||
Expenses | |||||||
Management fees | 783,666 | 1,115,813 | 907,485 | 1,403,141 | |||
Independent trustees' fees and expenses | 4,245 | 6,324 | 5,436 | 7,959 | |||
Legal | — | 12 | — | — | |||
Total expenses | 787,911 | 1,122,149 | 912,921 | 1,411,100 | |||
Net investment income (loss) | 9,486,284 | 10,973,134 | 29,012,048 | 49,456,853 | |||
Realized and Unrealized Gain (Loss) | |||||||
Net realized gain (loss) on investment securities | (1,275,943) | (10,711,565) | (6,502,771) | (734,757) | |||
Net realized gain (loss) on In-kind redemptions | 26,473,102 | 45,495,287 | 50,869,195 | 96,468,573 | |||
Net realized gain (loss) on futures contracts | 494,117 | 175,222 | (34,410) | 187,529 | |||
Net realized gain (loss) on foreign currency transactions | — | — | — | — | |||
Total net realized gain (loss) | 25,691,276 | 34,958,944 | 44,332,014 | 95,921,345 | |||
Change in net unrealized appreciation (depreciation) on investment securities | 158,589,737 | 108,884,657 | (5,791,208) | 22,562,416 | |||
Change in net unrealized appreciation (depreciation) on futures contracts | (93,667) | (16,682) | (31,614) | (33,616) | |||
Total change in net unrealized appreciation (depreciation) | 158,496,070 | 108,867,975 | (5,822,822) | 22,528,800 | |||
Net gain (loss) | 184,187,346 | 143,826,919 | 38,509,192 | 118,450,145 | |||
Net increase (decrease) in net assets resulting from operations | $193,673,630 | $154,800,053 | $67,521,240 | $167,906,998 |
53 | 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 | $ 29,366,976 | $ 45,665,560 | $ 14,138,217 | $ 62,046,982 | |||
Interest | 203,051 | 351,477 | 108,571 | 662,866 | |||
Special dividends | — | — | — | — | |||
Total income | 29,570,027 | 46,017,037 | 14,246,788 | 62,709,848 | |||
Expenses | |||||||
Management fees | 1,251,442 | 2,532,346 | 796,916 | 7,253,609 | |||
Independent trustees' fees and expenses | 7,124 | 14,869 | 4,302 | 39,434 | |||
Legal | — | — | — | — | |||
Total expenses | 1,258,566 | 2,547,215 | 801,218 | 7,293,043 | |||
Net investment income (loss) | 28,311,461 | 43,469,822 | 13,445,570 | 55,416,805 | |||
Realized and Unrealized Gain (Loss) | |||||||
Net realized gain (loss) on investment securities | (3,853,222) | (18,718,616) | (5,664,206) | 3,080,769 | |||
Net realized gain (loss) on In-kind redemptions | 46,046,294 | 191,503,718 | 12,054,745 | 288,487,598 | |||
Net realized gain (loss) on futures contracts | 687,663 | 736,437 | 318,058 | 3,873,562 | |||
Net realized gain (loss) on foreign currency transactions | — | — | (177) | — | |||
Total net realized gain (loss) | 42,880,735 | 173,521,539 | 6,708,420 | 295,441,929 | |||
Change in net unrealized appreciation (depreciation) on investment securities | 290,029,567 | 142,943,827 | 157,671,066 | 1,772,681,762 | |||
Change in net unrealized appreciation (depreciation) on futures contracts | 52,185 | (65,729) | 28,239 | (1,003,381) | |||
Total change in net unrealized appreciation (depreciation) | 290,081,752 | 142,878,098 | 157,699,305 | 1,771,678,381 | |||
Net gain (loss) | 332,962,487 | 316,399,637 | 164,407,725 | 2,067,120,310 | |||
Net increase (decrease) in net assets resulting from operations | $361,273,948 | $359,869,459 | $177,853,295 | $2,122,537,115 |
Annual Report | 54 |
Fidelity MSCI Materials Index ETF | Fidelity MSCI Real Estate Index ETF | Fidelity MSCI Utilities Index ETF | |||
Investment Income | |||||
Dividends | $ 8,663,358 | $ 27,324,318 | $ 44,561,912 | ||
Interest | 57,492 | 87,093 | 159,069 | ||
Special dividends | — | — | — | ||
Total income | 8,720,850 | 27,411,411 | 44,720,981 | ||
Expenses | |||||
Management fees | 403,865 | 788,040 | 1,118,301 | ||
Independent trustees' fees and expenses | 2,320 | 4,743 | 7,314 | ||
Legal | — | — | — | ||
Total expenses | 406,185 | 792,783 | 1,125,615 | ||
Net investment income (loss) | 8,314,665 | 26,618,628 | 43,595,366 | ||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on investment securities | (10,501,936) | (15,814,994) | (9,600,242) | ||
Net realized gain (loss) on In-kind redemptions | 3,960,407 | 1,605,448 | (50,411,364) | ||
Net realized gain (loss) on futures contracts | 56,704 | (441,681) | (164,976) | ||
Net realized gain (loss) on foreign currency transactions | — | — | — | ||
Total net realized gain (loss) | (6,484,825) | (14,651,227) | (60,176,582) | ||
Change in net unrealized appreciation (depreciation) on investment securities | 44,698,087 | 78,767,082 | 86,037,289 | ||
Change in net unrealized appreciation (depreciation) on futures contracts | 22,693 | 83,358 | 57,445 | ||
Total change in net unrealized appreciation (depreciation) | 44,720,780 | 78,850,440 | 86,094,734 | ||
Net gain (loss) | 38,235,955 | 64,199,213 | 25,918,152 | ||
Net increase (decrease) in net assets resulting from operations | $46,550,620 | $90,817,841 | $69,513,518 |
55 | Annual Report |
Fidelity MSCI Communication Services Index ETF | Fidelity MSCI Consumer Discretionary Index ETF | ||||||
Year ended July 31, 2024 | Year ended July 31, 2023 | Year ended July 31, 2024 | Year ended July 31, 2023 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations | |||||||
Net investment income (loss) | $9,486,284 | $5,257,282 | $10,973,134 | $10,445,779 | |||
Net realized gain (loss) | 25,691,276 | (19,594,443) | 34,958,944 | (6,579,115) | |||
Change in net unrealized appreciation (depreciation) | 158,496,070 | 118,698,886 | 108,867,975 | 109,172,463 | |||
Net increase (decrease) in net assets resulting from operations | 193,673,630 | 104,361,725 | 154,800,053 | 113,039,127 | |||
Distributions to shareholders | (8,498,250) | (4,996,850) | (11,022,600) | (10,020,850) | |||
Share transactions | |||||||
Proceeds from sales of shares | 267,615,897 | 240,004,377 | 345,008,976 | 120,045,362 | |||
Cost of shares redeemed | (81,876,706) | (101,759,290) | (118,479,329) | (101,937,235) | |||
Net increase (decrease) in net assets resulting from share transactions | 185,739,191 | 138,245,087 | 226,529,647 | 18,108,127 | |||
Total increase (decrease) in net assets | 370,914,571 | 237,609,962 | 370,307,100 | 121,126,404 | |||
Net Assets | |||||||
Beginning of year | 798,855,494 | 561,245,532 | 1,296,142,445 | 1,175,016,041 | |||
End of year | $1,169,770,065 | $798,855,494 | $1,666,449,545 | $1,296,142,445 | |||
Other Information | |||||||
Shares | |||||||
Sold | 5,800,000 | 6,600,000 | 4,400,000 | 1,800,000 | |||
Redeemed | (1,900,000) | (3,050,000) | (1,550,000) | (1,600,000) | |||
Net increase (decrease) | 3,900,000 | 3,550,000 | 2,850,000 | 200,000 |
Annual Report | 56 |
Fidelity MSCI Consumer Staples Index ETF | Fidelity MSCI Energy Index ETF | ||||||
Year ended July 31, 2024 | Year ended July 31, 2023 | Year ended July 31, 2024 | Year ended July 31, 2023 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations | |||||||
Net investment income (loss) | $29,012,048 | $26,358,101 | $49,456,853 | $53,140,619 | |||
Net realized gain (loss) | 44,332,014 | 13,250,062 | 95,921,345 | 103,405,066 | |||
Change in net unrealized appreciation (depreciation) | (5,822,822) | 32,411,012 | 22,528,800 | 60,136,661 | |||
Net increase (decrease) in net assets resulting from operations | 67,521,240 | 72,019,175 | 167,906,998 | 216,682,346 | |||
Distributions to shareholders | (28,982,300) | (26,225,300) | (49,988,000) | (55,155,850) | |||
Share transactions | |||||||
Proceeds from sales of shares | 50,885,555 | 256,003,524 | 369,811,731 | 199,400,543 | |||
Cost of shares redeemed | (227,852,517) | (120,837,555) | (214,829,102) | (241,462,086) | |||
Net increase (decrease) in net assets resulting from share transactions | (176,966,962) | 135,165,969 | 154,982,629 | (42,061,543) | |||
Total increase (decrease) in net assets | (138,428,022) | 180,959,844 | 272,901,627 | 119,464,953 | |||
Net Assets | |||||||
Beginning of year | 1,239,318,588 | 1,058,358,744 | 1,607,041,519 | 1,487,576,566 | |||
End of year | $1,100,890,566 | $1,239,318,588 | $1,879,943,146 | $1,607,041,519 | |||
Other Information | |||||||
Shares | |||||||
Sold | 1,100,000 | 5,750,000 | 15,500,000 | 8,650,000 | |||
Redeemed | (5,050,000) | (2,700,000) | (9,250,000) | (11,000,000) | |||
Net increase (decrease) | (3,950,000) | 3,050,000 | 6,250,000 | (2,350,000) |
57 | Annual Report |
Fidelity MSCI Financials Index ETF | Fidelity MSCI Health Care Index ETF | ||||||
Year ended July 31, 2024 | Year ended July 31, 2023 | Year ended July 31, 2024 | Year ended July 31, 2023 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations | |||||||
Net investment income (loss) | $28,311,461 | $33,041,592 | $43,469,822 | $42,938,024 | |||
Net realized gain (loss) | 42,880,735 | (53,255,546) | 173,521,539 | 51,433,279 | |||
Change in net unrealized appreciation (depreciation) | 290,081,752 | 106,831,812 | 142,878,098 | (12,304,277) | |||
Net increase (decrease) in net assets resulting from operations | 361,273,948 | 86,617,858 | 359,869,459 | 82,067,026 | |||
Distributions to shareholders | (27,402,850) | (33,588,200) | (42,950,000) | (42,324,300) | |||
Share transactions | |||||||
Proceeds from sales of shares | 120,153,671 | 87,310,214 | 96,010,392 | 305,561,085 | |||
Cost of shares redeemed | (175,461,745) | (258,774,591) | (441,968,145) | (229,908,099) | |||
Net increase (decrease) in net assets resulting from share transactions | (55,308,074) | (171,464,377) | (345,957,753) | 75,652,986 | |||
Total increase (decrease) in net assets | 278,563,024 | (118,434,719) | (29,038,294) | 115,395,712 | |||
Net Assets | |||||||
Beginning of year | 1,431,064,023 | 1,549,498,742 | 3,083,754,488 | 2,968,358,776 | |||
End of year | $1,709,627,047 | $1,431,064,023 | $3,054,716,194 | $3,083,754,488 | |||
Other Information | |||||||
Shares | |||||||
Sold | 2,200,000 | 1,900,000 | 1,500,000 | 4,950,000 | |||
Redeemed | (3,350,000) | (5,500,000) | (6,700,000) | (3,700,000) | |||
Net increase (decrease) | (1,150,000) | (3,600,000) | (5,200,000) | 1,250,000 |
Annual Report | 58 |
Fidelity MSCI Industrials Index ETF | Fidelity MSCI Information Technology Index ETF | ||||||
Year ended July 31, 2024 | Year ended July 31, 2023 | Year ended July 31, 2024 | Year ended July 31, 2023 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations | |||||||
Net investment income (loss) | $13,445,570 | $10,738,877 | $55,416,805 | $48,356,584 | |||
Net realized gain (loss) | 6,708,420 | 17,136,150 | 295,441,929 | 401,456,086 | |||
Change in net unrealized appreciation (depreciation) | 157,699,305 | 97,400,128 | 1,771,678,381 | 944,956,941 | |||
Net increase (decrease) in net assets resulting from operations | 177,853,295 | 125,275,155 | 2,122,537,115 | 1,394,769,611 | |||
Distributions to shareholders | (13,367,050) | (10,658,050) | (66,013,700) | (47,990,200) | |||
Share transactions | |||||||
Proceeds from sales of shares | 307,162,235 | 100,904,162 | 2,303,107,360 | 1,618,758,979 | |||
Cost of shares redeemed | (30,528,292) | (119,710,204) | (400,477,754) | (1,192,587,293) | |||
Net increase (decrease) in net assets resulting from share transactions | 276,633,943 | (18,806,042) | 1,902,629,606 | 426,171,686 | |||
Total increase (decrease) in net assets | 441,120,188 | 95,811,063 | 3,959,153,021 | 1,772,951,097 | |||
Net Assets | |||||||
Beginning of year | 801,105,626 | 705,294,563 | 7,512,015,283 | 5,739,064,186 | |||
End of year | $1,242,225,814 | $801,105,626 | $11,471,168,304 | $7,512,015,283 | |||
Other Information | |||||||
Shares | |||||||
Sold | 4,850,000 | 1,900,000 | 14,750,000 | 13,600,000 | |||
Redeemed | (500,000) | (2,350,000) | (2,700,000) | (10,150,000) | |||
Net increase (decrease) | 4,350,000 | (450,000) | 12,050,000 | 3,450,000 |
59 | Annual Report |
Fidelity MSCI Materials Index ETF | Fidelity MSCI Real Estate Index ETF | ||||||
Year ended July 31, 2024 | Year ended July 31, 2023 | Year ended July 31, 2024 | Year ended July 31, 2023 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations | |||||||
Net investment income (loss) | $8,314,665 | $8,269,260 | $26,618,628 | $35,971,569 | |||
Net realized gain (loss) | (6,484,825) | 4,593,659 | (14,651,227) | 6,019,166 | |||
Change in net unrealized appreciation (depreciation) | 44,720,780 | 37,332,006 | 78,850,440 | (239,160,188) | |||
Net increase (decrease) in net assets resulting from operations | 46,550,620 | 50,194,925 | 90,817,841 | (197,169,453) | |||
Distributions to shareholders | (8,217,200) | (8,257,900) | (35,142,900) | (49,617,050) | |||
Share transactions | |||||||
Proceeds from sales of shares | 38,397,895 | 78,638,097 | 15,270,470 | 60,330,330 | |||
Cost of shares redeemed | (22,599,404) | (86,290,107) | (107,971,632) | (556,592,493) | |||
Net increase (decrease) in net assets resulting from share transactions | 15,798,491 | (7,652,010) | (92,701,162) | (496,262,163) | |||
Total increase (decrease) in net assets | 54,131,911 | 34,285,015 | (37,026,221) | (743,048,666) | |||
Net Assets | |||||||
Beginning of year | 484,102,116 | 449,817,101 | 1,029,538,577 | 1,772,587,243 | |||
End of year | $538,234,027 | $484,102,116 | $992,512,356 | $1,029,538,577 | |||
Other Information | |||||||
Shares | |||||||
Sold | 800,000 | 1,750,000 | 600,000 | 2,300,000 | |||
Redeemed | (500,000) | (2,000,000) | (4,450,000) | (22,150,000) | |||
Net increase (decrease) | 300,000 | (250,000) | (3,850,000) | (19,850,000) |
Annual Report | 60 |
Fidelity MSCI Utilities Index ETF | |||
Year ended July 31, 2024 | Year ended July 31, 2023 | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net investment income (loss) | $43,595,366 | $60,858,807 | |
Net realized gain (loss) | (60,176,582) | 43,485,679 | |
Change in net unrealized appreciation (depreciation) | 86,094,734 | (259,692,363) | |
Net increase (decrease) in net assets resulting from operations | 69,513,518 | (155,347,877) | |
Distributions to shareholders | (46,104,250) | (62,348,050) | |
Share transactions | |||
Proceeds from sales of shares | 65,087,442 | 400,446,151 | |
Cost of shares redeemed | (745,110,934) | (476,126,894) | |
Net increase (decrease) in net assets resulting from share transactions | (680,023,492) | (75,680,743) | |
Total increase (decrease) in net assets | (656,614,224) | (293,376,670) | |
Net Assets | |||
Beginning of year | 1,901,695,698 | 2,195,072,368 | |
End of year | $1,245,081,474 | $1,901,695,698 | |
Other Information | |||
Shares | |||
Sold | 1,500,000 | 8,900,000 | |
Redeemed | (19,000,000) | (10,950,000) | |
Net increase (decrease) | (17,500,000) | (2,050,000) |
61 | Annual Report |
Fidelity MSCI Communication Services Index ETF | |||||||||
Year ended July 31, 2024 | Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2021 | Year ended July 31, 2020 | |||||
Selected Per-Share Data | |||||||||
Net asset value, beginning of period | $42.61 | $36.92 | $54.87 | $37.88 | $34.35 | ||||
Income from Investment Operations | |||||||||
Net investment income (loss)A,B | 0.47 | 0.33 | 0.45 | 0.34 | 0.33 | ||||
Net realized and unrealized gain (loss) | 8.99 | 5.67 | (17.95) | 16.96 | 3.52 | ||||
Total from investment operations | 9.46 | 6.00 | (17.50) | 17.30 | 3.85 | ||||
Distributions from net investment income | (0.42) | (0.31) | (0.45) | (0.31) | (0.32) | ||||
Total distributions | (0.42) | (0.31) | (0.45) | (0.31) | (0.32) | ||||
Net asset value, end of period | $51.65 | $42.61 | $36.92 | $54.87 | $37.88 | ||||
Total ReturnC | 22.34% | 16.44% | (32.06)% | 45.81% | 11.40% | ||||
Ratios to Average Net AssetsA,D | |||||||||
Expenses before reductions | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of fee waivers, if any | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of all reductions | .08% | .08% | .08% | .08% | .08% | ||||
Net investment income (loss) | 1.01% | .92% | .95% | .72% | .96% | ||||
Supplemental Data | |||||||||
Net assets, end of period (000 omitted) | $1,169,770 | $798,855 | $561,246 | $916,375 | $577,709 | ||||
Portfolio turnover rateE,F | 21% | 18% | 21% | 13% | 23% |
A | Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
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 | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
F | Portfolio turnover rate excludes securities received or delivered in-kind. |
Annual Report | 62 |
Fidelity MSCI Consumer Discretionary Index ETF | |||||||||
Year ended July 31, 2024 | Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2021 | Year ended July 31, 2020 | |||||
Selected Per-Share Data | |||||||||
Net asset value, beginning of period | $75.80 | $69.53 | $81.37 | $57.25 | $46.25 | ||||
Income from Investment Operations | |||||||||
Net investment income (loss)A,B | 0.63 | 0.63 | 0.55 | 0.42 | 0.50 | ||||
Net realized and unrealized gain (loss) | 7.73 | 6.24 | (11.81) | 24.10 | 11.01 | ||||
Total from investment operations | 8.36 | 6.87 | (11.26) | 24.52 | 11.51 | ||||
Distributions from net investment income | (0.63) | (0.60) | (0.58) | (0.40) | (0.51) | ||||
Total distributions | (0.63) | (0.60) | (0.58) | (0.40) | (0.51) | ||||
Net asset value, end of period | $83.53 | $75.80 | $69.53 | $81.37 | $57.25 | ||||
Total ReturnC | 11.10% | 10.04% | (13.89)% | 42.95% | 25.26% | ||||
Ratios to Average Net AssetsA,D | |||||||||
Expenses before reductions | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of fee waivers, if any | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of all reductions | .08% | .08% | .08% | .08% | .08% | ||||
Net investment income (loss) | .82% | .96% | .71% | .58% | 1.06% | ||||
Supplemental Data | |||||||||
Net assets, end of period (000 omitted) | $1,666,450 | $1,296,142 | $1,175,016 | $1,631,531 | $881,589 | ||||
Portfolio turnover rateE,F | 8% | 12% | 8% | 48% | 60% |
A | Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
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 | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
F | Portfolio turnover rate excludes securities received or delivered in-kind. |
63 | Annual Report |
Fidelity MSCI Consumer Staples Index ETF | |||||||||
Year ended July 31, 2024 | Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2021 | Year ended July 31, 2020 | |||||
Selected Per-Share Data | |||||||||
Net asset value, beginning of period | $46.42 | $44.75 | $43.30 | $37.29 | $35.59 | ||||
Income from Investment Operations | |||||||||
Net investment income (loss)A,B | 1.21C | 1.05 | 1.01 | 1.02 | 0.96 | ||||
Net realized and unrealized gain (loss) | 1.98 | 1.66 | 1.45 | 6.01 | 1.70 | ||||
Total from investment operations | 3.19 | 2.71 | 2.46 | 7.03 | 2.66 | ||||
Distributions from net investment income | (1.22) | (1.04) | (1.01) | (1.02) | (0.96) | ||||
Total distributions | (1.22) | (1.04) | (1.01) | (1.02) | (0.96) | ||||
Net asset value, end of period | $48.39 | $46.42 | $44.75 | $43.30 | $37.29 | ||||
Total ReturnD | 7.08% | 6.20% | 5.79% | 19.09% | 7.74% | ||||
Ratios to Average Net AssetsA,E | |||||||||
Expenses before reductions | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of fee waivers, if any | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of all reductions | .08% | .08% | .08% | .08% | .08% | ||||
Net investment income (loss) | 2.67%C | 2.35% | 2.27% | 2.53% | 2.68% | ||||
Supplemental Data | |||||||||
Net assets, end of period (000 omitted) | $1,100,891 | $1,239,319 | $1,058,359 | $818,283 | $678,649 | ||||
Portfolio turnover rateF,G | 8% | 9% | 8% | 20% | 34% |
A | Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio. |
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 $0.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.12%. |
D | Based on net asset value. |
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 | 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. |
Annual Report | 64 |
Fidelity MSCI Energy Index ETF | |||||||||
Year ended July 31, 2024 | Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2021 | Year ended July 31, 2020 | |||||
Selected Per-Share Data | |||||||||
Net asset value, beginning of period | $24.00 | $21.47 | $13.47 | $9.47 | $16.79 | ||||
Income from Investment Operations | |||||||||
Net investment income (loss)A,B | 0.72 | 0.78 | 0.65 | 0.49 | 0.51 | ||||
Net realized and unrealized gain (loss) | 1.69 | 2.57 | 8.02 | 4.02 | (6.86) | ||||
Total from investment operations | 2.41 | 3.35 | 8.67 | 4.51 | (6.35) | ||||
Distributions from net investment income | (0.73) | (0.82) | (0.67) | (0.51) | (0.97) | ||||
Total distributions | (0.73) | (0.82) | (0.67) | (0.51) | (0.97) | ||||
Net asset value, end of period | $25.68 | $24.00 | $21.47 | $13.47 | $9.47 | ||||
Total ReturnC | 10.25% | 16.10% | 65.70% | 48.79% | (39.28)% | ||||
Ratios to Average Net AssetsA,D | |||||||||
Expenses before reductions | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of fee waivers, if any | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of all reductions | .08% | .08% | .08% | .08% | .08% | ||||
Net investment income (loss) | 2.94% | 3.44% | 3.59% | 4.11% | 4.18% | ||||
Supplemental Data | |||||||||
Net assets, end of period (000 omitted) | $1,879,943 | $1,607,042 | $1,487,577 | $894,058 | $449,325 | ||||
Portfolio turnover rateE,F | 11% | 8% | 8% | 11% | 17% |
A | Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
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 | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
F | Portfolio turnover rate excludes securities received or delivered in-kind. |
65 | Annual Report |
Fidelity MSCI Financials Index ETF | |||||||||
Year ended July 31, 2024 | Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2021 | Year ended July 31, 2020 | |||||
Selected Per-Share Data | |||||||||
Net asset value, beginning of period | $49.86 | $47.97 | $52.19 | $34.12 | $41.22 | ||||
Income from Investment Operations | |||||||||
Net investment income (loss)A,B | 1.01 | 1.07 | 1.05 | 0.96 | 1.00 | ||||
Net realized and unrealized gain (loss) | 12.17 | 1.91 | (4.19) | 18.00 | (7.09) | ||||
Total from investment operations | 13.18 | 2.98 | (3.14) | 18.96 | (6.09) | ||||
Distributions from net investment income | (0.98) | (1.09) | (1.08) | (0.89) | (1.01) | ||||
Total distributions | (0.98) | (1.09) | (1.08) | (0.89) | (1.01) | ||||
Net asset value, end of period | $62.06 | $49.86 | $47.97 | $52.19 | $34.12 | ||||
Total ReturnC | 26.73% | 6.44% | (6.11)% | 56.15% | (14.78)% | ||||
Ratios to Average Net AssetsA,D | |||||||||
Expenses before reductions | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of fee waivers, if any | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of all reductions | .08% | .08% | .08% | .08% | .08% | ||||
Net investment income (loss) | 1.89% | 2.25% | 1.97% | 2.10% | 2.61% | ||||
Supplemental Data | |||||||||
Net assets, end of period (000 omitted) | $1,709,627 | $1,431,064 | $1,549,499 | $1,716,935 | $725,059 | ||||
Portfolio turnover rateE,F | 3% | 28% | 6% | 4% | 6% |
A | Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
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 | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
F | Portfolio turnover rate excludes securities received or delivered in-kind. |
Annual Report | 66 |
Fidelity MSCI Health Care Index ETF | |||||||||
Year ended July 31, 2024 | Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2021 | Year ended July 31, 2020 | |||||
Selected Per-Share Data | |||||||||
Net asset value, beginning of period | $63.78 | $63.02 | $66.04 | $52.34 | $44.43 | ||||
Income from Investment Operations | |||||||||
Net investment income (loss)A,B | 0.94 | 0.88 | 0.81 | 0.75 | 0.72 | ||||
Net realized and unrealized gain (loss) | 6.99 | 0.76 | (3.00) | 13.74 | 7.88 | ||||
Total from investment operations | 7.93 | 1.64 | (2.19) | 14.49 | 8.60 | ||||
Distributions from net investment income | (0.92) | (0.88) | (0.83) | (0.79) | (0.69) | ||||
Total distributions | (0.92) | (0.88) | (0.83) | (0.79) | (0.69) | ||||
Net asset value, end of period | $70.79 | $63.78 | $63.02 | $66.04 | $52.34 | ||||
Total ReturnC | 12.57% | 2.65% | (3.32)% | 27.91% | 19.69% | ||||
Ratios to Average Net AssetsA,D | |||||||||
Expenses before reductions | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of fee waivers, if any | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of all reductions | .08% | .08% | .08% | .08% | .08% | ||||
Net investment income (loss) | 1.43% | 1.42% | 1.27% | 1.28% | 1.52% | ||||
Supplemental Data | |||||||||
Net assets, end of period (000 omitted) | $3,054,716 | $3,083,754 | $2,968,359 | $2,846,239 | $2,015,266 | ||||
Portfolio turnover rateE,F | 5% | 6% | 4% | 7% | 7% |
A | Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
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 | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
F | Portfolio turnover rate excludes securities received or delivered in-kind. |
67 | Annual Report |
Fidelity MSCI Industrials Index ETF | |||||||||
Year ended July 31, 2024 | Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2021 | Year ended July 31, 2020 | |||||
Selected Per-Share Data | |||||||||
Net asset value, beginning of period | $58.69 | $50.02 | $54.57 | $37.55 | $40.04 | ||||
Income from Investment Operations | |||||||||
Net investment income (loss)A,B | 0.87 | 0.79 | 0.68 | 0.61 | 0.69 | ||||
Net realized and unrealized gain (loss) | 10.32 | 8.67 | (4.55) | 17.00 | (2.48) | ||||
Total from investment operations | 11.19 | 9.46 | (3.87) | 17.61 | (1.79) | ||||
Distributions from net investment income | (0.87) | (0.79) | (0.68) | (0.59) | (0.70) | ||||
Total distributions | (0.87) | (0.79) | (0.68) | (0.59) | (0.70) | ||||
Net asset value, end of period | $69.01 | $58.69 | $50.02 | $54.57 | $37.55 | ||||
Total ReturnC | 19.26% | 19.17% | (7.10)% | 47.17% | (4.34)% | ||||
Ratios to Average Net AssetsA,D | |||||||||
Expenses before reductions | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of fee waivers, if any | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of all reductions | .08% | .08% | .08% | .08% | .08% | ||||
Net investment income (loss) | 1.41% | 1.53% | 1.29% | 1.24% | 1.80% | ||||
Supplemental Data | |||||||||
Net assets, end of period (000 omitted) | $1,242,226 | $801,106 | $705,295 | $862,271 | $347,297 | ||||
Portfolio turnover rateE,F | 4% | 11% | 7% | 5% | 4% |
A | Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
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 | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
F | Portfolio turnover rate excludes securities received or delivered in-kind. |
Annual Report | 68 |
Fidelity MSCI Information Technology Index ETF | |||||||||
Year ended July 31, 2024 | Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2021 | Year ended July 31, 2020 | |||||
Selected Per-Share Data | |||||||||
Net asset value, beginning of period | $134.38 | $109.42 | $121.70 | $87.25 | $64.53 | ||||
Income from Investment Operations | |||||||||
Net investment income (loss)A,B | 0.94 | 0.91 | 0.84 | 0.79 | 0.87 | ||||
Net realized and unrealized gain (loss) | 34.62 | 24.95 | (12.24) | 34.45 | 22.70 | ||||
Total from investment operations | 35.56 | 25.86 | (11.40) | 35.24 | 23.57 | ||||
Distributions from net investment income | (1.12) | (0.90) | (0.88) | (0.79) | (0.85) | ||||
Total distributions | (1.12) | (0.90) | (0.88) | (0.79) | (0.85) | ||||
Net asset value, end of period | $168.82 | $134.38 | $109.42 | $121.70 | $87.25 | ||||
Total ReturnC | 26.59% | 23.86% | (9.41)% | 40.57% | 36.99% | ||||
Ratios to Average Net AssetsA,D | |||||||||
Expenses before reductions | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of fee waivers, if any | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of all reductions | .08% | .08% | .08% | .08% | .08% | ||||
Net investment income (loss) | .64% | .84% | .71% | .76% | 1.21% | ||||
Supplemental Data | |||||||||
Net assets, end of period (000 omitted) | $11,471,168 | $7,512,015 | $5,739,064 | $6,206,889 | $4,288,256 | ||||
Portfolio turnover rateE,F | 10% | 14% | 5% | 3% | 5% |
A | Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
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 | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
F | Portfolio turnover rate excludes securities received or delivered in-kind. |
69 | Annual Report |
Fidelity MSCI Materials Index ETF | |||||||||
Year ended July 31, 2024 | Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2021 | Year ended July 31, 2020 | |||||
Selected Per-Share Data | |||||||||
Net asset value, beginning of period | $48.41 | $43.88 | $46.91 | $32.90 | $32.63 | ||||
Income from Investment Operations | |||||||||
Net investment income (loss)A,B | 0.83 | 0.82 | 0.83 | 0.71 | 0.65 | ||||
Net realized and unrealized gain (loss) | 3.84 | 4.53 | (3.01) | 13.98 | 0.30 | ||||
Total from investment operations | 4.67 | 5.35 | (2.18) | 14.69 | 0.95 | ||||
Distributions from net investment income | (0.82) | (0.82) | (0.85) | (0.68) | (0.68) | ||||
Total distributions | (0.82) | (0.82) | (0.85) | (0.68) | (0.68) | ||||
Net asset value, end of period | $52.26 | $48.41 | $43.88 | $46.91 | $32.90 | ||||
Total ReturnC | 9.77% | 12.41% | (4.68)% | 45.01% | 3.28% | ||||
Ratios to Average Net AssetsA,D | |||||||||
Expenses before reductions | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of fee waivers, if any | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of all reductions | .08% | .08% | .08% | .08% | .08% | ||||
Net investment income (loss) | 1.72% | 1.85% | 1.77% | 1.66% | 2.08% | ||||
Supplemental Data | |||||||||
Net assets, end of period (000 omitted) | $538,234 | $484,102 | $449,817 | $544,137 | $164,486 | ||||
Portfolio turnover rateE,F | 9% | 4% | 4% | 4% | 3% |
A | Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
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 | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
F | Portfolio turnover rate excludes securities received or delivered in-kind. |
Annual Report | 70 |
Fidelity MSCI Real Estate Index ETF | |||||||||
Year ended July 31, 2024 | Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2021 | Year ended July 31, 2020 | |||||
Selected Per-Share Data | |||||||||
Net asset value, beginning of period | $25.61 | $29.52 | $31.75 | $24.23 | $26.58 | ||||
Income from Investment Operations | |||||||||
Net investment income (loss)A,B | 0.70 | 0.68 | 0.68 | 0.58 | 0.67 | ||||
Net realized and unrealized gain (loss) | 1.92 | (3.63) | (2.01) | 7.83 | (2.13) | ||||
Total from investment operations | 2.62 | (2.95) | (1.33) | 8.41 | (1.46) | ||||
Distributions from net investment income | (0.93) | (0.96) | (0.90) | (0.89) | (0.68) | ||||
Return of capital | — | — | — | — | (0.21) | ||||
Total distributions | (0.93) | (0.96) | (0.90) | (0.89) | (0.89) | ||||
Net asset value, end of period | $27.30 | $25.61 | $29.52 | $31.75 | $24.23 | ||||
Total ReturnC | 10.59% | (9.85)% | (4.25)% | 35.58% | (5.27)% | ||||
Ratios to Average Net AssetsA,D | |||||||||
Expenses before reductions | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of fee waivers, if any | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of all reductions | .08% | .08% | .08% | .08% | .08% | ||||
Net investment income (loss) | 2.82% | 2.66% | 2.20% | 2.16% | 2.62% | ||||
Supplemental Data | |||||||||
Net assets, end of period (000 omitted) | $992,512 | $1,029,539 | $1,772,587 | $1,784,615 | $1,066,154 | ||||
Portfolio turnover rateE,F | 6% | 9% | 11% | 8% | 9% |
A | Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
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 | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
F | Portfolio turnover rate excludes securities received or delivered in-kind. |
71 | Annual Report |
Fidelity MSCI Utilities Index ETF | |||||||||
Year ended July 31, 2024 | Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2021 | Year ended July 31, 2020 | |||||
Selected Per-Share Data | |||||||||
Net asset value, beginning of period | $43.27 | $47.72 | $42.63 | $39.11 | $39.21 | ||||
Income from Investment Operations | |||||||||
Net investment income (loss)A,B | 1.34 | 1.29 | 1.19 | 1.21 | 1.23 | ||||
Net realized and unrealized gain (loss) | 3.87 | (4.42) | 5.11 | 3.56 | (0.09) | ||||
Total from investment operations | 5.21 | (3.13) | 6.30 | 4.77 | 1.14 | ||||
Distributions from net investment income | (1.41) | (1.32) | (1.21) | (1.25) | (1.24) | ||||
Total distributions | (1.41) | (1.32) | (1.21) | (1.25) | (1.24) | ||||
Net asset value, end of period | $47.07 | $43.27 | $47.72 | $42.63 | $39.11 | ||||
Total ReturnC | 12.51% | (6.63)% | 15.10% | 12.46% | 3.13% | ||||
Ratios to Average Net AssetsA,D | |||||||||
Expenses before reductions | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of fee waivers, if any | .08% | .08% | .08% | .08% | .08% | ||||
Expenses net of all reductions | .08% | .08% | .08% | .08% | .08% | ||||
Net investment income (loss) | 3.25% | 2.89% | 2.66% | 2.96% | 3.06% | ||||
Supplemental Data | |||||||||
Net assets, end of period (000 omitted) | $1,245,081 | $1,901,696 | $2,195,072 | $1,076,292 | $844,807 | ||||
Portfolio turnover rateE,F | 3% | 4% | 3% | 5% | 5% |
A | Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio. |
B | Calculated based on average shares outstanding during the period. |
C | Based on net asset value. |
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 | Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs). |
F | Portfolio turnover rate excludes securities received or delivered in-kind. |
Annual Report | 72 |
For the period ended July 31, 2024
73 | Annual Report |
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Annual Report | 74 |
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity MSCI Communication Services Index ETF | $1,018,319,038 | $255,247,520 | $(102,990,876) | $152,256,644 |
Fidelity MSCI Consumer Discretionary Index ETF | 1,472,033,004 | 287,199,454 | (93,187,902) | 194,011,552 |
Fidelity MSCI Consumer Staples Index ETF | 985,781,359 | 188,303,860 | (77,434,220) | 110,869,640 |
Fidelity MSCI Energy Index ETF | 1,422,580,423 | 462,971,794 | (6,772,633) | 456,199,161 |
Fidelity MSCI Financials Index ETF | 1,299,506,243 | 446,960,513 | (37,567,833) | 409,392,680 |
Fidelity MSCI Health Care Index ETF | 2,359,942,160 | 921,119,764 | (226,055,567) | 695,064,197 |
Fidelity MSCI Industrials Index ETF | 979,859,548 | 306,482,719 | (44,580,316) | 261,902,403 |
Fidelity MSCI Information Technology Index ETF | 6,712,626,341 | 4,970,552,188 | (214,204,979) | 4,756,347,209 |
Fidelity MSCI Materials Index ETF | 492,039,354 | 87,608,981 | (41,779,830) | 45,829,151 |
Fidelity MSCI Real Estate Index ETF | 1,076,383,474 | 62,719,888 | (146,987,183) | (84,267,295) |
Fidelity MSCI Utilities Index ETF | 1,248,071,887 | 102,579,934 | (105,941,212) | (3,361,278) |
Undistributed ordinary income | Undistributed capital gains | Capital loss carryforward | Net unrealized appreciation (depreciation) | |
Fidelity MSCI Communication Services Index ETF | $2,175,209 | $— | $(61,516,703) | $152,256,644 |
Fidelity MSCI Consumer Discretionary Index ETF | 375,463 | — | (68,155,697) | 194,011,552 |
Fidelity MSCI Consumer Staples Index ETF | 1,572,960 | — | (27,896,910) | 110,869,640 |
Fidelity MSCI Energy Index ETF | — | — | (125,910,890) | 456,199,162 |
Fidelity MSCI Financials Index ETF | 1,563,661 | — | (130,366,779) | 409,392,680 |
Fidelity MSCI Health Care Index ETF | 4,575,316 | — | (72,448,322) | 695,064,197 |
Fidelity MSCI Industrials Index ETF | 2,185,788 | — | (25,837,111) | 261,902,403 |
Fidelity MSCI Information Technology Index ETF | 2,222,660 | — | (139,186,160) | 4,756,347,209 |
Fidelity MSCI Materials Index ETF | 286,500 | — | (24,338,395) | 45,829,152 |
Fidelity MSCI Real Estate Index ETF | — | — | (73,196,020) | (84,267,296) |
Fidelity MSCI Utilities Index ETF | — | — | (37,479,889) | (3,361,279) |
Short-term | Long-term | Total capital loss carryforward | |
Fidelity MSCI Communication Services Index ETF | $— | $(61,516,703) | $(61,516,703) |
Fidelity MSCI Consumer Discretionary Index ETF | (24,757,414) | (43,398,283) | (68,155,697) |
Fidelity MSCI Consumer Staples Index ETF | (4,913,491) | (22,983,419) | (27,896,910) |
Fidelity MSCI Energy Index ETF | (10,428,975) | (115,481,915) | (125,910,890) |
Fidelity MSCI Financials Index ETF | (18,494,951) | (111,871,828) | (130,366,779) |
Fidelity MSCI Health Care Index ETF | (6,181,440) | (66,266,882) | (72,448,322) |
Fidelity MSCI Industrials Index ETF | (5,921,003) | (19,916,108) | (25,837,111) |
Fidelity MSCI Information Technology Index ETF | (67,027,831) | (72,158,329) | (139,186,160) |
Fidelity MSCI Materials Index ETF | (5,477,568) | (18,860,827) | (24,338,395) |
Fidelity MSCI Real Estate Index ETF | (30,037,566) | (43,158,454) | (73,196,020) |
Fidelity MSCI Utilities Index ETF | (13,924,135) | (23,555,754) | (37,479,889) |
July 31, 2024 | ||||
Ordinary Income | Long-Term Capital Gain | Tax Return Of Capital | Total | |
Fidelity MSCI Communication Services Index ETF | $8,498,250 | $— | $— | $8,498,250 |
75 | Annual Report |
July 31, 2024 | ||||
Ordinary Income | Long-Term Capital Gain | Tax Return Of Capital | Total | |
Fidelity MSCI Consumer Discretionary Index ETF | $11,022,600 | $— | $— | $11,022,600 |
Fidelity MSCI Consumer Staples Index ETF | 28,982,300 | — | — | 28,982,300 |
Fidelity MSCI Energy Index ETF | 49,988,000 | — | — | 49,988,000 |
Fidelity MSCI Financials Index ETF | 27,402,850 | — | — | 27,402,850 |
Fidelity MSCI Health Care Index ETF | 42,950,000 | — | — | 42,950,000 |
Fidelity MSCI Industrials Index ETF | 13,367,050 | — | — | 13,367,050 |
Fidelity MSCI Information Technology Index ETF | 66,013,700 | — | — | 66,013,700 |
Fidelity MSCI Materials Index ETF | 8,217,200 | — | — | 8,217,200 |
Fidelity MSCI Real Estate Index ETF | 35,142,900 | — | — | 35,142,900 |
Fidelity MSCI Utilities Index ETF | 46,104,250 | — | — | 46,104,250 |
July 31, 2023 | ||||
Fidelity MSCI Communication Services Index ETF | $4,996,850 | $— | $— | $4,996,850 |
Fidelity MSCI Consumer Discretionary Index ETF | 10,020,850 | — | — | 10,020,850 |
Fidelity MSCI Consumer Staples Index ETF | 26,225,300 | — | — | 26,225,300 |
Fidelity MSCI Energy Index ETF | 55,155,850 | — | — | 55,155,850 |
Fidelity MSCI Financials Index ETF | 33,588,200 | — | — | 33,588,200 |
Fidelity MSCI Health Care Index ETF | 42,324,300 | — | — | 42,324,300 |
Fidelity MSCI Industrials Index ETF | 10,658,050 | — | — | 10,658,050 |
Fidelity MSCI Information Technology Index ETF | 47,990,200 | — | — | 47,990,200 |
Fidelity MSCI Materials Index ETF | 8,257,900 | — | — | 8,257,900 |
Fidelity MSCI Real Estate Index ETF | 49,617,050 | — | — | 49,617,050 |
Fidelity MSCI Utilities Index ETF | 62,348,050 | — | — | 62,348,050 |
Annual Report | 76 |
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Purchases ($) | Sales ($) | |
Fidelity MSCI Communication Services Index ETF | 201,242,679 | 199,490,498 |
Fidelity MSCI Consumer Discretionary Index ETF | 105,462,623 | 105,335,778 |
Fidelity MSCI Consumer Staples Index ETF | 85,934,605 | 86,274,284 |
Fidelity MSCI Energy Index ETF | 192,823,056 | 191,864,203 |
Fidelity MSCI Financials Index ETF | 51,314,877 | 50,150,919 |
Fidelity MSCI Health Care Index ETF | 161,424,151 | 159,294,575 |
Fidelity MSCI Industrials Index ETF | 38,012,531 | 36,138,752 |
Fidelity MSCI Information Technology Index ETF | 854,430,978 | 850,729,060 |
Fidelity MSCI Materials Index ETF | 44,391,321 | 43,697,484 |
Fidelity MSCI Real Estate Index ETF | 56,049,911 | 56,160,652 |
Fidelity MSCI Utilities Index ETF | 44,409,739 | 45,619,990 |
In-Kind Subscriptions ($) | In-Kind Redemptions ($) | |
Fidelity MSCI Communication Services Index ETF | 266,596,229 | 81,629,799 |
Fidelity MSCI Consumer Discretionary Index ETF | 343,178,539 | 117,945,362 |
Fidelity MSCI Consumer Staples Index ETF | 50,713,758 | 227,189,234 |
Fidelity MSCI Energy Index ETF | 367,624,214 | 212,892,882 |
Fidelity MSCI Financials Index ETF | 116,036,220 | 169,722,068 |
Fidelity MSCI Health Care Index ETF | 95,619,746 | 440,233,902 |
Fidelity MSCI Industrials Index ETF | 305,928,855 | 30,410,485 |
Fidelity MSCI Information Technology Index ETF | 2,296,988,157 | 397,469,843 |
Fidelity MSCI Materials Index ETF | 38,162,621 | 22,497,448 |
Fidelity MSCI Real Estate Index ETF | 15,092,334 | 106,922,720 |
Fidelity MSCI Utilities Index ETF | 64,551,600 | 740,174,719 |
77 | Annual Report |
Fee Rate | |
Fidelity MSCI Communication Services Index ETF | .084% |
Fidelity MSCI Consumer Discretionary Index ETF | .084% |
Fidelity MSCI Consumer Staples Index ETF | .084% |
Fidelity MSCI Energy Index ETF | .084% |
Fidelity MSCI Financials Index ETF | .084% |
Fidelity MSCI Health Care Index ETF | .084% |
Fidelity MSCI Industrials Index ETF | .084% |
Fidelity MSCI Information Technology Index ETF | .084% |
Fidelity MSCI Materials Index ETF | .084% |
Fidelity MSCI Real Estate Index ETF | .084% |
Fidelity MSCI Utilities Index ETF | .084% |
Annual Report | 78 |
79 | Annual Report |
September 2023 | December 2023 | March 2024 | June 2024 | |
Fidelity MSCI Communication Services Index ETF | 100% | 100% | 100% | 100% |
Fidelity MSCI Consumer Discretionary Index ETF | 100% | 100% | 100% | 100% |
Fidelity MSCI Consumer Staples Index ETF | 100% | 100% | 100% | 100% |
Fidelity MSCI Energy Index ETF | 95% | 95% | 100% | 100% |
Fidelity MSCI Financials Index ETF | 94% | 94% | 100% | 100% |
Fidelity MSCI Health Care Index ETF | 99% | 99% | 100% | 100% |
Fidelity MSCI Industrials Index ETF | 93% | 93% | 100% | 100% |
Fidelity MSCI Information Technology Index ETF | 100% | 100% | 100% | 100% |
Fidelity MSCI Materials Index ETF | 78% | 78% | 90% | 90% |
Fidelity MSCI Real Estate Index ETF | 0% | 0% | 0% | 0% |
Fidelity MSCI Utilities Index ETF | 100% | 100% | 100% | 100% |
September 2023 | December 2023 | March 2024 | June 2024 | |
Fidelity MSCI Communication Services Index ETF | 100% | 100% | 100% | 100% |
Fidelity MSCI Consumer Discretionary Index ETF | 100% | 100% | 100% | 100% |
Fidelity MSCI Consumer Staples Index ETF | 100% | 100% | 100% | 100% |
Fidelity MSCI Energy Index ETF | 100% | 100% | 100% | 100% |
Fidelity MSCI Financials Index ETF | 100% | 100% | 100% | 100% |
Fidelity MSCI Health Care Index ETF | 100% | 100% | 100% | 100% |
Fidelity MSCI Industrials Index ETF | 100% | 100% | 100% | 100% |
Fidelity MSCI Information Technology Index ETF | 100% | 100% | 100% | 100% |
Fidelity MSCI Materials Index ETF | 100% | 100% | 100% | 100% |
Fidelity MSCI Real Estate Index ETF | 0.42% | 0.42% | 0.36% | 0.36% |
Fidelity MSCI Utilities Index ETF | 100% | 100% | 100% | 100% |
September 2023 | December 2023 | March 2024 | June 2024 | |
Fidelity MSCI Real Estate Index ETF | 80.90% | 80.90% | 51.01% | 51.01% |
September 2022 | December 2022 | March 2023 | June 2023 | |
Fidelity MSCI Real Estate Index ETF | 62.41% | 62.41% | 70.27% | 70.27% |
Annual Report | 80 |
81 | Annual Report |
# of Votes | % of Votes | |
Bettina Doulton | ||
Affirmative | 38,080,283,823.03 | 97.17 |
Withheld | 1,109,333,237.47 | 2.83 |
TOTAL | 39,189,617,060.50 | 100.00 |
Robert A. Lawrence | ||
Affirmative | 37,781,807,251.33 | 96.41 |
Withheld | 1,407,809,809.17 | 3.59 |
TOTAL | 39,189,617,060.50 | 100.00 |
Vijay C. Advani | ||
Affirmative | 37,869,526,083.09 | 96.63 |
Withheld | 1,320,090,977.41 | 3.37 |
TOTAL | 39,189,617,060.50 | 100.00 |
Thomas P. Bostick | ||
Affirmative | 38,025,875,898.31 | 97.03 |
Withheld | 1,163,741,162.19 | 2.97 |
TOTAL | 39,189,617,060.50 | 100.00 |
Donald F. Donahue | ||
Affirmative | 37,825,198,238.79 | 96.52 |
Withheld | 1,364,418,821.71 | 3.48 |
TOTAL | 39,189,617,060.50 | 100.00 |
Vicki L. Fuller | ||
Affirmative | 38,031,768,119.99 | 97.05 |
Withheld | 1,157,848,940.51 | 2.95 |
TOTAL | 39,189,617,060.50 | 100.00 |
Patricia L. Kampling | ||
Affirmative | 38,062,391,881.90 | 97.12 |
Withheld | 1,127,225,178.60 | 2.88 |
TOTAL | 39,189,617,060.50 | 100.00 |
Thomas A. Kennedy | ||
Affirmative | 37,891,434,776.27 | 96.69 |
Withheld | 1,298,182,284.23 | 3.31 |
TOTAL | 39,189,617,060.50 | 100.00 |
Oscar Munoz | ||
Affirmative | 37,976,932,673.73 | 96.91 |
Withheld | 1,212,684,386.77 | 3.09 |
TOTAL | 39,189,617,060.50 | 100.00 |
Karen B. Peetz | ||
Affirmative | 38,011,822,212.28 | 96.99 |
Withheld | 1,177,794,848.22 | 3.01 |
TOTAL | 39,189,617,060.50 | 100.00 |
David M. Thomas | ||
Affirmative | 37,976,058,118.16 | 96.90 |
Withheld | 1,213,558,942.34 | 3.10 |
TOTAL | 39,189,617,060.50 | 100.00 |
# of Votes | % of Votes | |
Susan Tomasky | ||
Affirmative | 37,845,471,684.67 | 96.57 |
Withheld | 1,344,145,375.83 | 3.43 |
TOTAL | 39,189,617,060.50 | 100.00 |
Michael E. Wiley | ||
Affirmative | 37,736,569,620.69 | 96.29 |
Withheld | 1,453,047,439.81 | 3.71 |
TOTAL | 39,189,617,060.50 | 100.00 |
Annual Report | 82 |
83 | Annual Report |
Annual Report | 84 |
85 | Annual Report |
Annual Report | 86 |
87 | Annual Report |
Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
See Item 7.
Item 9. | Proxy Disclosures for Open-End Management Investment Companies |
See Item 7.
Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies |
See Item 7.
Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract |
See Item 7.
Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not applicable.
Item 13. | Portfolio Managers of Closed-End Management Investment Companies |
Not applicable.
Item 14. | Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not applicable.
Item 15. | Submission of Matters to a Vote of Security Holders |
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 16. | Controls and Procedures |
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not applicable.
Item 18. | Recovery of Erroneously Awarded Compensation |
(a) | Not applicable. |
(b) | Not applicable. |
Item 19. | 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 (Principal Executive Officer) | ||
Date: | September 20, 2024 |
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 (Principal Executive Officer) | ||
Date: | September 20, 2024 |
By: | /s/ John J. Burke III | |
John J. Burke III | ||
Chief Financial Officer (Principal Financial Officer) | ||
Date: | September 20, 2024 |