Quarterly Holdings Report
for
Fidelity® Small-Mid Multifactor ETF
April 30, 2023
SFE-NPRT3-0623
1.9892235.104
Common Stocks - 99.7% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 3.2% | |||
Diversified Telecommunication Services - 0.9% | |||
Cogent Communications Group, Inc. | 2,201 | 151,957 | |
Frontier Communications Parent, Inc. (a) | 7,485 | 168,712 | |
Iridium Communications, Inc. | 4,020 | 255,149 | |
Liberty Global PLC Class C (a) | 12,449 | 253,213 | |
Lumen Technologies, Inc. (b) | 35,449 | 84,014 | |
913,045 | |||
Entertainment - 0.5% | |||
Madison Square Garden Sports Corp. | 879 | 176,240 | |
Sciplay Corp. (A Shares) (a) | 6,255 | 106,835 | |
World Wrestling Entertainment, Inc. Class A | 1,956 | 209,625 | |
492,700 | |||
Interactive Media & Services - 0.5% | |||
Yelp, Inc. (a) | 4,224 | 126,382 | |
Ziff Davis, Inc. (a) | 1,938 | 141,745 | |
ZipRecruiter, Inc. (a) | 5,472 | 92,696 | |
Zoominfo Technologies, Inc. (a) | 8,457 | 185,293 | |
546,116 | |||
Media - 1.3% | |||
Cable One, Inc. | 206 | 156,232 | |
John Wiley & Sons, Inc. Class A | 2,773 | 106,955 | |
News Corp. Class A | 14,197 | 250,009 | |
Nexstar Broadcasting Group, Inc. Class A | 1,185 | 205,538 | |
Scholastic Corp. | 2,668 | 102,638 | |
Sirius XM Holdings, Inc. (b) | 31,540 | 119,852 | |
TEGNA, Inc. | 9,005 | 153,986 | |
The New York Times Co. Class A | 5,794 | 230,312 | |
1,325,522 | |||
TOTAL COMMUNICATION SERVICES | 3,277,383 | ||
CONSUMER DISCRETIONARY - 14.5% | |||
Automobile Components - 1.7% | |||
Autoliv, Inc. | 2,614 | 224,307 | |
BorgWarner, Inc. | 6,651 | 320,113 | |
Dorman Products, Inc. (a) | 1,540 | 132,686 | |
Gentex Corp. | 7,937 | 218,982 | |
Gentherm, Inc. (a) | 2,005 | 119,598 | |
LCI Industries (b) | 1,346 | 152,044 | |
Lear Corp. | 1,851 | 236,299 | |
Visteon Corp. (a) | 1,178 | 165,379 | |
XPEL, Inc. (a) | 1,664 | 121,572 | |
1,690,980 | |||
Automobiles - 0.4% | |||
Harley-Davidson, Inc. | 4,556 | 169,028 | |
Thor Industries, Inc. (b) | 2,024 | 159,936 | |
Winnebago Industries, Inc. | 2,069 | 120,292 | |
449,256 | |||
Broadline Retail - 0.4% | |||
Dillard's, Inc. Class A (b) | 314 | 93,694 | |
Macy's, Inc. | 9,405 | 153,678 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 2,861 | 186,680 | |
434,052 | |||
Diversified Consumer Services - 1.7% | |||
ADT, Inc. | 15,536 | 104,091 | |
Adtalem Global Education, Inc. (a) | 3,488 | 141,508 | |
Chegg, Inc. (a) | 7,258 | 130,499 | |
Frontdoor, Inc. (a) | 5,134 | 140,466 | |
Graham Holdings Co. | 225 | 129,503 | |
Grand Canyon Education, Inc. (a) | 1,458 | 173,065 | |
H&R Block, Inc. | 5,612 | 190,303 | |
Perdoceo Education Corp. (a) | 8,070 | 104,749 | |
Service Corp. International | 4,374 | 307,011 | |
Strategic Education, Inc. (b) | 1,489 | 131,032 | |
Stride, Inc. (a) | 3,159 | 135,711 | |
1,687,938 | |||
Hotels, Restaurants & Leisure - 2.4% | |||
Bloomin' Brands, Inc. | 5,771 | 142,948 | |
Bowlero Corp. Class A (a) | 7,746 | 113,324 | |
Boyd Gaming Corp. | 3,166 | 219,720 | |
Choice Hotels International, Inc. (b) | 1,348 | 171,897 | |
Churchill Downs, Inc. | 1,051 | 307,449 | |
Cracker Barrel Old Country Store, Inc. | 1,298 | 137,796 | |
Monarch Casino & Resort, Inc. | 1,581 | 109,658 | |
Planet Fitness, Inc. (a) | 2,840 | 236,118 | |
RCI Hospitality Holdings, Inc. | 1,249 | 93,550 | |
Texas Roadhouse, Inc. Class A | 2,270 | 251,107 | |
Vail Resorts, Inc. | 1,174 | 282,370 | |
Wendy's Co. | 7,823 | 172,888 | |
Wingstop, Inc. | 1,192 | 238,531 | |
2,477,356 | |||
Household Durables - 2.5% | |||
Cavco Industries, Inc. (a) | 523 | 157,015 | |
Ethan Allen Interiors, Inc. (b) | 3,812 | 106,469 | |
KB Home | 4,105 | 179,881 | |
La-Z-Boy, Inc. | 4,213 | 121,039 | |
Leggett & Platt, Inc. | 5,229 | 168,949 | |
M.D.C. Holdings, Inc. | 3,555 | 145,648 | |
M/I Homes, Inc. (a) | 2,139 | 144,682 | |
Meritage Homes Corp. | 1,582 | 202,575 | |
Skyline Champion Corp. (a) | 2,661 | 197,366 | |
Taylor Morrison Home Corp. (a) | 4,814 | 207,435 | |
Tempur Sealy International, Inc. | 5,626 | 210,806 | |
Toll Brothers, Inc. | 3,685 | 235,508 | |
TopBuild Corp. (a) | 1,103 | 248,704 | |
TRI Pointe Homes, Inc. (a) | 6,352 | 182,175 | |
2,508,252 | |||
Leisure Products - 1.0% | |||
Acushnet Holdings Corp. (b) | 2,677 | 134,198 | |
Brunswick Corp. | 2,524 | 214,010 | |
JAKKS Pacific, Inc. (a) | 4,828 | 108,147 | |
Malibu Boats, Inc. Class A (a) | 1,939 | 110,038 | |
MasterCraft Boat Holdings, Inc. (a) | 3,610 | 105,665 | |
Polaris, Inc. | 1,909 | 207,413 | |
Sturm, Ruger & Co., Inc. | 2,106 | 121,221 | |
1,000,692 | |||
Specialty Retail - 2.9% | |||
Academy Sports & Outdoors, Inc. | 3,175 | 201,676 | |
Advance Auto Parts, Inc. | 1,825 | 229,092 | |
Arko Corp. | 13,521 | 113,036 | |
Asbury Automotive Group, Inc. (a) | 850 | 164,441 | |
AutoNation, Inc. (a) | 1,395 | 183,722 | |
Dick's Sporting Goods, Inc. | 1,835 | 266,093 | |
Five Below, Inc. (a) | 1,586 | 313,013 | |
Foot Locker, Inc. | 3,709 | 155,741 | |
Group 1 Automotive, Inc. | 719 | 161,401 | |
Haverty Furniture Companies, Inc. | 3,021 | 91,053 | |
Hibbett, Inc. | 1,701 | 92,415 | |
Monro, Inc. | 2,476 | 121,027 | |
Murphy U.S.A., Inc. | 793 | 218,257 | |
Penske Automotive Group, Inc. (b) | 1,213 | 168,098 | |
The Buckle, Inc. | 2,839 | 95,192 | |
Williams-Sonoma, Inc. | 2,006 | 242,806 | |
Winmark Corp. | 414 | 138,243 | |
2,955,306 | |||
Textiles, Apparel & Luxury Goods - 1.5% | |||
Capri Holdings Ltd. (a) | 3,987 | 165,461 | |
Columbia Sportswear Co. | 1,736 | 145,025 | |
Crocs, Inc. (a) | 2,011 | 248,700 | |
Deckers Outdoor Corp. (a) | 755 | 361,902 | |
Kontoor Brands, Inc. | 2,987 | 134,923 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 4,663 | 248,025 | |
Tapestry, Inc. | 6,865 | 280,161 | |
1,584,197 | |||
TOTAL CONSUMER DISCRETIONARY | 14,788,029 | ||
CONSUMER STAPLES - 4.1% | |||
Beverages - 0.6% | |||
Brown-Forman Corp. Class B (non-vtg.) | 5,177 | 336,971 | |
MGP Ingredients, Inc. | 1,396 | 137,757 | |
National Beverage Corp. (a) | 2,834 | 140,850 | |
615,578 | |||
Consumer Staples Distribution & Retail - 1.2% | |||
Albertsons Companies, Inc. | 8,172 | 170,795 | |
BJ's Wholesale Club Holdings, Inc. (a) | 4,080 | 311,590 | |
Casey's General Stores, Inc. | 1,205 | 275,728 | |
Ingles Markets, Inc. Class A | 1,412 | 129,960 | |
Sprouts Farmers Market LLC (a) | 5,342 | 185,154 | |
Weis Markets, Inc. | 1,555 | 128,272 | |
1,201,499 | |||
Food Products - 1.5% | |||
Cal-Maine Foods, Inc. (b) | 2,692 | 127,870 | |
Campbell Soup Co. | 6,051 | 328,569 | |
Flowers Foods, Inc. (b) | 7,618 | 209,571 | |
Hostess Brands, Inc. Class A (a) | 7,292 | 187,842 | |
Ingredion, Inc. | 2,333 | 247,695 | |
John B. Sanfilippo & Son, Inc. | 1,341 | 139,397 | |
Lancaster Colony Corp. | 961 | 200,964 | |
Tootsie Roll Industries, Inc. | 2,775 | 113,442 | |
1,555,350 | |||
Household Products - 0.2% | |||
WD-40 Co. (b) | 843 | 160,507 | |
Personal Care Products - 0.5% | |||
BellRing Brands, Inc. (a) | 6,354 | 228,680 | |
elf Beauty, Inc. (a) | 2,569 | 238,300 | |
466,980 | |||
Tobacco - 0.1% | |||
Vector Group Ltd. | 10,786 | 137,414 | |
TOTAL CONSUMER STAPLES | 4,137,328 | ||
ENERGY - 4.5% | |||
Energy Equipment & Services - 0.1% | |||
Helmerich & Payne, Inc. | 4,313 | 143,019 | |
Oil, Gas & Consumable Fuels - 4.4% | |||
Arch Resources, Inc. | 1,046 | 127,874 | |
Ardmore Shipping Corp. | 7,951 | 116,800 | |
California Resources Corp. | 3,960 | 160,380 | |
Chesapeake Energy Corp. | 3,316 | 274,167 | |
Chord Energy Corp. | 1,553 | 221,038 | |
Civitas Resources, Inc. (b) | 2,661 | 183,742 | |
Comstock Resources, Inc. (b) | 10,416 | 119,784 | |
CONSOL Energy, Inc. | 2,448 | 145,264 | |
CVR Energy, Inc. | 3,781 | 99,592 | |
Delek U.S. Holdings, Inc. | 5,357 | 116,515 | |
DT Midstream, Inc. | 3,782 | 186,339 | |
EQT Corp. | 10,445 | 363,904 | |
Evolution Petroleum Corp. | 17,725 | 116,808 | |
Gulfport Energy Corp. (a) | 1,907 | 172,507 | |
HF Sinclair Corp. | 4,547 | 200,568 | |
International Seaways, Inc. | 3,489 | 138,932 | |
Magnolia Oil & Gas Corp. Class A | 7,798 | 164,694 | |
Murphy Oil Corp. | 5,362 | 196,839 | |
Par Pacific Holdings, Inc. (a) | 5,028 | 117,806 | |
PBF Energy, Inc. Class A | 4,853 | 169,176 | |
PDC Energy, Inc. | 3,433 | 223,317 | |
Peabody Energy Corp. | 5,966 | 143,303 | |
Southwestern Energy Co. (a) | 41,006 | 212,821 | |
Talos Energy, Inc. (a) | 6,788 | 92,520 | |
Teekay Tankers Ltd. (a) | 3,748 | 151,757 | |
Texas Pacific Land Corp. (b) | 174 | 257,111 | |
4,473,558 | |||
TOTAL ENERGY | 4,616,577 | ||
FINANCIALS - 15.0% | |||
Banks - 6.2% | |||
1st Source Corp. | 2,509 | 104,575 | |
Amalgamated Financial Corp. (b) | 5,142 | 83,712 | |
Ameris Bancorp | 3,466 | 116,111 | |
BancFirst Corp. | 1,631 | 130,301 | |
Bank First National Corp. | 1,478 | 101,080 | |
Banner Corp. | 2,320 | 115,814 | |
Cambridge Bancorp | 1,460 | 75,409 | |
Cathay General Bancorp | 3,902 | 124,357 | |
City Holding Co. | 1,410 | 128,578 | |
Columbia Banking Systems, Inc. | 4,856 | 103,724 | |
Comerica, Inc. | 4,022 | 174,434 | |
Commerce Bancshares, Inc. | 3,850 | 215,023 | |
Community Trust Bancorp, Inc. | 2,771 | 99,784 | |
CVB Financial Corp. | 6,875 | 102,919 | |
Dime Community Bancshares, Inc. | 4,169 | 85,881 | |
East West Bancorp, Inc. | 4,145 | 214,255 | |
Enterprise Financial Services Corp. | 2,728 | 116,649 | |
First Bancorp, Puerto Rico | 11,285 | 132,599 | |
First Citizens Bancshares, Inc. | 371 | 373,660 | |
First Financial Corp., Indiana | 2,642 | 91,281 | |
First Merchants Corp. | 3,694 | 107,791 | |
FNB Corp., Pennsylvania | 14,471 | 166,127 | |
Fulton Financial Corp. | 9,612 | 114,671 | |
Great Southern Bancorp, Inc. | 2,045 | 104,050 | |
Hancock Whitney Corp. | 3,706 | 135,343 | |
Hanmi Financial Corp. | 5,127 | 82,852 | |
Heritage Financial Corp., Washington | 4,412 | 77,695 | |
International Bancshares Corp. | 3,324 | 141,835 | |
Midland States Bancorp, Inc. | 4,679 | 93,580 | |
NBT Bancorp, Inc. | 3,517 | 113,388 | |
OFG Bancorp | 4,662 | 119,207 | |
Old Second Bancorp, Inc. | 7,155 | 87,935 | |
Peapack-Gladstone Financial Corp. | 3,210 | 85,258 | |
Popular, Inc. | 2,976 | 178,590 | |
Preferred Bank, Los Angeles | 1,754 | 84,332 | |
QCR Holdings, Inc. | 2,351 | 97,331 | |
S&T Bancorp, Inc. | 3,725 | 102,549 | |
Southstate Corp. | 2,809 | 193,765 | |
Stock Yards Bancorp, Inc. | 2,347 | 114,064 | |
Synovus Financial Corp. | 5,364 | 165,211 | |
Trico Bancshares | 2,773 | 99,301 | |
Trustco Bank Corp., New York | 3,334 | 99,487 | |
UMB Financial Corp. | 2,055 | 130,719 | |
United Bankshares, Inc., West Virginia | 5,220 | 172,939 | |
Valley National Bancorp | 16,870 | 158,241 | |
Webster Financial Corp. | 5,411 | 201,830 | |
WesBanco, Inc. | 4,016 | 106,906 | |
Westamerica Bancorp. | 2,475 | 100,262 | |
Wintrust Financial Corp. | 2,363 | 161,558 | |
6,286,963 | |||
Capital Markets - 1.5% | |||
Evercore, Inc. Class A | 1,526 | 174,071 | |
Federated Hermes, Inc. | 4,357 | 180,336 | |
GCM Grosvenor, Inc. Class A | 12,514 | 100,988 | |
Houlihan Lokey | 2,071 | 189,248 | |
Interactive Brokers Group, Inc. | 3,365 | 261,965 | |
Lazard Ltd. Class A | 4,874 | 152,556 | |
PJT Partners, Inc. | 1,863 | 128,119 | |
SEI Investments Co. | 3,699 | 217,908 | |
StoneX Group, Inc. (a) | 1,600 | 156,912 | |
1,562,103 | |||
Consumer Finance - 0.5% | |||
Enova International, Inc. (a) | 2,715 | 119,243 | |
FirstCash Holdings, Inc. | 1,933 | 199,157 | |
Nelnet, Inc. Class A | 1,486 | 143,102 | |
461,502 | |||
Financial Services - 1.9% | |||
A-Mark Precious Metals, Inc. | 3,157 | 113,021 | |
Cass Information Systems, Inc. | 2,144 | 78,428 | |
Enact Holdings, Inc. | 4,961 | 119,759 | |
Essent Group Ltd. | 4,567 | 193,960 | |
Euronet Worldwide, Inc. (a) | 1,728 | 191,359 | |
EVERTEC, Inc. | 3,784 | 131,267 | |
International Money Express, Inc. (a) | 4,705 | 121,295 | |
Jackson Financial, Inc. | 3,519 | 126,719 | |
Merchants Bancorp | 4,006 | 92,939 | |
MGIC Investment Corp. | 13,445 | 199,927 | |
Radian Group, Inc. | 7,837 | 190,204 | |
The Western Union Co. | 14,185 | 155,042 | |
Voya Financial, Inc. | 3,481 | 266,227 | |
1,980,147 | |||
Insurance - 4.9% | |||
American Equity Investment Life Holding Co. | 3,665 | 141,249 | |
American Financial Group, Inc. | 2,170 | 266,324 | |
Amerisafe, Inc. | 2,374 | 132,113 | |
Assurant, Inc. | 1,854 | 228,283 | |
Axis Capital Holdings Ltd. | 3,306 | 186,921 | |
Employers Holdings, Inc. | 3,097 | 122,610 | |
Erie Indemnity Co. Class A | 937 | 203,638 | |
Fidelity National Financial, Inc. | 7,765 | 275,580 | |
Genworth Financial, Inc. Class A (a) | 28,976 | 168,351 | |
Globe Life, Inc. | 2,708 | 293,872 | |
Hanover Insurance Group, Inc. | 1,486 | 177,666 | |
Kinsale Capital Group, Inc. | 808 | 263,982 | |
Loews Corp. | 5,674 | 326,652 | |
National Western Life Group, Inc. | 452 | 115,251 | |
Old Republic International Corp. | 9,654 | 243,957 | |
Primerica, Inc. | 1,387 | 253,141 | |
Reinsurance Group of America, Inc. | 2,055 | 292,468 | |
RenaissanceRe Holdings Ltd. | 1,392 | 299,851 | |
RLI Corp. | 1,627 | 226,234 | |
Safety Insurance Group, Inc. | 1,545 | 112,924 | |
Selective Insurance Group, Inc. | 2,328 | 224,256 | |
Unum Group | 6,333 | 267,253 | |
White Mountains Insurance Group Ltd. | 125 | 179,018 | |
5,001,594 | |||
TOTAL FINANCIALS | 15,292,309 | ||
HEALTH CARE - 13.3% | |||
Biotechnology - 3.4% | |||
ADMA Biologics, Inc. (a) | 31,045 | 104,001 | |
Akero Therapeutics, Inc. (a) | 2,792 | 124,914 | |
Alkermes PLC (a) | 6,999 | 199,821 | |
Amicus Therapeutics, Inc. (a) | 12,622 | 145,658 | |
Ars Pharmaceuticals, Inc. (a)(b) | 15,508 | 100,802 | |
Catalyst Pharmaceutical Partners, Inc. (a) | 8,532 | 135,829 | |
Chinook Therapeutics, Inc. (a) | 4,996 | 99,970 | |
Cytokinetics, Inc. (a) | 4,212 | 157,529 | |
Deciphera Pharmaceuticals, Inc. (a) | 6,919 | 98,319 | |
Exelixis, Inc. (a) | 12,259 | 224,340 | |
Halozyme Therapeutics, Inc. (a) | 4,633 | 148,858 | |
Ionis Pharmaceuticals, Inc. (a) | 5,315 | 187,992 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 11,659 | 121,370 | |
Kiniksa Pharmaceuticals Ltd. (a) | 7,905 | 84,979 | |
Neurocrine Biosciences, Inc. (a) | 2,843 | 287,257 | |
Repligen Corp. (a) | 1,547 | 234,572 | |
Sarepta Therapeutics, Inc. (a) | 2,581 | 316,869 | |
Syndax Pharmaceuticals, Inc. (a) | 4,938 | 101,476 | |
United Therapeutics Corp. (a) | 1,295 | 298,018 | |
Vaxcyte, Inc. (a) | 3,549 | 152,004 | |
Vir Biotechnology, Inc. (a) | 4,973 | 125,071 | |
3,449,649 | |||
Health Care Equipment & Supplies - 3.5% | |||
Atrion Corp. | 177 | 108,908 | |
Axonics Modulation Technologies, Inc. (a) | 2,665 | 153,131 | |
Embecta Corp. | 4,782 | 132,701 | |
Globus Medical, Inc. (a) | 2,839 | 165,059 | |
Haemonetics Corp. (a) | 2,199 | 184,078 | |
Integer Holdings Corp. (a) | 2,058 | 169,476 | |
Integra LifeSciences Holdings Corp. (a) | 3,146 | 174,037 | |
Lantheus Holdings, Inc. (a) | 3,067 | 262,075 | |
LeMaitre Vascular, Inc. (b) | 2,476 | 133,704 | |
Masimo Corp. (a) | 1,541 | 291,465 | |
Merit Medical Systems, Inc. (a) | 2,536 | 206,151 | |
Novocure Ltd. (a)(b) | 2,857 | 188,276 | |
PROCEPT BioRobotics Corp. (a) | 3,273 | 99,466 | |
QuidelOrtho Corp. | 2,186 | 196,631 | |
Shockwave Medical, Inc. (a) | 1,260 | 365,602 | |
Teleflex, Inc. | 1,316 | 358,636 | |
TransMedics Group, Inc. (a) | 2,164 | 171,172 | |
UFP Technologies, Inc. (a) | 1,073 | 147,902 | |
Zynex, Inc. (a) | 7,782 | 89,026 | |
3,597,496 | |||
Health Care Providers & Services - 3.5% | |||
Acadia Healthcare Co., Inc. (a) | 3,053 | 220,701 | |
Addus HomeCare Corp. (a) | 1,278 | 104,464 | |
Amedisys, Inc. (a) | 1,731 | 138,999 | |
AMN Healthcare Services, Inc. (a) | 1,866 | 161,129 | |
Chemed Corp. | 493 | 271,766 | |
Corvel Corp. (a) | 734 | 148,290 | |
Cross Country Healthcare, Inc. (a) | 4,185 | 91,986 | |
DaVita HealthCare Partners, Inc. (a) | 2,289 | 206,834 | |
DocGo, Inc. Class A (a) | 11,955 | 101,618 | |
Encompass Health Corp. | 3,644 | 233,763 | |
HealthEquity, Inc. (a) | 3,435 | 183,601 | |
Henry Schein, Inc. (a) | 3,826 | 309,179 | |
National Healthcare Corp. | 1,954 | 113,156 | |
National Research Corp. Class A | 2,542 | 110,653 | |
Option Care Health, Inc. (a) | 6,590 | 211,869 | |
Premier, Inc. | 5,415 | 180,482 | |
Select Medical Holdings Corp. | 5,482 | 167,201 | |
The Ensign Group, Inc. | 2,194 | 213,015 | |
U.S. Physical Therapy, Inc. | 1,271 | 135,311 | |
Universal Health Services, Inc. Class B | 1,949 | 293,032 | |
3,597,049 | |||
Health Care Technology - 0.5% | |||
Computer Programs & Systems, Inc. (a) | 3,822 | 98,913 | |
Doximity, Inc. (a)(b) | 4,872 | 179,046 | |
HealthStream, Inc. | 4,762 | 117,336 | |
Simulations Plus, Inc. (b) | 2,776 | 115,898 | |
511,193 | |||
Life Sciences Tools & Services - 0.6% | |||
Bruker Corp. | 3,390 | 268,251 | |
Maravai LifeSciences Holdings, Inc. (a) | 8,872 | 122,345 | |
Medpace Holdings, Inc. (a) | 930 | 186,130 | |
576,726 | |||
Pharmaceuticals - 1.8% | |||
Amphastar Pharmaceuticals, Inc. (a) | 4,087 | 146,192 | |
Catalent, Inc. (a) | 5,367 | 268,994 | |
Corcept Therapeutics, Inc. (a) | 6,137 | 138,267 | |
Harmony Biosciences Holdings, Inc. (a) | 2,717 | 87,596 | |
Innoviva, Inc. (a) | 9,291 | 108,983 | |
Jazz Pharmaceuticals PLC (a) | 1,902 | 267,174 | |
Organon & Co. | 8,393 | 206,720 | |
Perrigo Co. PLC | 5,450 | 202,686 | |
Prestige Brands Holdings, Inc. (a) | 2,700 | 166,131 | |
Supernus Pharmaceuticals, Inc. (a) | 3,539 | 130,448 | |
Ventyx Biosciences, Inc. (a) | 2,964 | 111,446 | |
1,834,637 | |||
TOTAL HEALTH CARE | 13,566,750 | ||
INDUSTRIALS - 18.2% | |||
Aerospace & Defense - 1.3% | |||
Aerojet Rocketdyne Holdings, Inc. (a) | 3,116 | 175,774 | |
BWX Technologies, Inc. | 3,278 | 211,693 | |
Curtiss-Wright Corp. | 1,297 | 220,270 | |
Hexcel Corp. | 2,924 | 210,762 | |
Huntington Ingalls Industries, Inc. | 1,203 | 242,597 | |
Moog, Inc. Class A | 1,531 | 137,958 | |
Parsons Corp. (a) | 2,714 | 118,059 | |
1,317,113 | |||
Air Freight & Logistics - 0.6% | |||
C.H. Robinson Worldwide, Inc. | 3,178 | 320,565 | |
Forward Air Corp. | 1,334 | 140,750 | |
Hub Group, Inc. Class A (a) | 1,632 | 123,053 | |
584,368 | |||
Building Products - 2.0% | |||
A.O. Smith Corp. | 3,773 | 257,658 | |
AAON, Inc. | 1,972 | 193,256 | |
Allegion PLC | 2,462 | 272,002 | |
Apogee Enterprises, Inc. | 2,338 | 99,505 | |
CSW Industrials, Inc. | 928 | 124,974 | |
Griffon Corp. | 3,098 | 88,138 | |
Lennox International, Inc. | 956 | 269,506 | |
MasterBrand, Inc. | 11,933 | 96,299 | |
Owens Corning | 2,708 | 289,241 | |
Simpson Manufacturing Co. Ltd. | 1,643 | 206,657 | |
UFP Industries, Inc. | 2,131 | 167,326 | |
2,064,562 | |||
Commercial Services & Supplies - 1.6% | |||
Brady Corp. Class A | 2,565 | 130,892 | |
Casella Waste Systems, Inc. Class A (a) | 2,134 | 189,926 | |
Clean Harbors, Inc. (a) | 1,685 | 244,595 | |
CoreCivic, Inc. (a) | 10,865 | 95,503 | |
Ennis, Inc. | 4,770 | 92,681 | |
MSA Safety, Inc. | 1,373 | 178,147 | |
Rollins, Inc. | 7,069 | 298,665 | |
Tetra Tech, Inc. | 1,619 | 224,021 | |
The GEO Group, Inc. (a) | 10,226 | 77,002 | |
UniFirst Corp. | 739 | 120,960 | |
1,652,392 | |||
Construction & Engineering - 1.9% | |||
AECOM | 3,785 | 314,344 | |
Arcosa, Inc. (b) | 2,465 | 166,486 | |
Comfort Systems U.S.A., Inc. | 1,447 | 216,312 | |
EMCOR Group, Inc. | 1,545 | 264,195 | |
MasTec, Inc. (a) | 2,078 | 184,547 | |
MDU Resources Group, Inc. | 6,864 | 200,566 | |
MYR Group, Inc. (a) | 1,235 | 158,068 | |
Northwest Pipe Co. (a) | 2,603 | 71,687 | |
Sterling Construction Co., Inc. (a) | 3,110 | 114,821 | |
Valmont Industries, Inc. | 700 | 203,392 | |
1,894,418 | |||
Electrical Equipment - 1.0% | |||
Acuity Brands, Inc. | 1,112 | 175,007 | |
Atkore, Inc. (a) | 1,453 | 183,557 | |
Encore Wire Corp. (b) | 893 | 139,603 | |
nVent Electric PLC | 5,589 | 234,347 | |
Regal Rexnord Corp. | 1,879 | 244,571 | |
977,085 | |||
Ground Transportation - 0.8% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 4,581 | 258,002 | |
Landstar System, Inc. | 1,199 | 211,060 | |
Marten Transport Ltd. | 5,110 | 103,171 | |
Universal Logistics Holdings, Inc. | 2,541 | 65,050 | |
Werner Enterprises, Inc. | 2,994 | 135,239 | |
772,522 | |||
Machinery - 4.3% | |||
AGCO Corp. | 1,906 | 236,230 | |
Alamo Group, Inc. | 772 | 136,436 | |
Albany International Corp. Class A | 1,411 | 128,697 | |
Allison Transmission Holdings, Inc. | 3,801 | 185,451 | |
Crane Co. | 1,703 | 122,735 | |
Crane Nxt Co. | 1,703 | 80,654 | |
Donaldson Co., Inc. | 3,819 | 242,697 | |
ESAB Corp. | 2,499 | 145,842 | |
ESCO Technologies, Inc. | 1,419 | 132,776 | |
Federal Signal Corp. | 2,867 | 147,306 | |
Franklin Electric Co., Inc. | 1,728 | 154,604 | |
Graco, Inc. | 4,565 | 361,959 | |
Hillenbrand, Inc. | 3,232 | 147,444 | |
ITT, Inc. | 2,600 | 219,544 | |
Kadant, Inc. | 658 | 122,276 | |
Lincoln Electric Holdings, Inc. | 1,662 | 278,884 | |
Lindsay Corp. | 811 | 97,920 | |
Mueller Industries, Inc. | 2,417 | 173,661 | |
RBC Bearings, Inc. (a) | 935 | 212,254 | |
SPX Technologies, Inc. (a) | 2,076 | 132,200 | |
Standex International Corp. | 989 | 121,459 | |
Terex Corp. | 3,059 | 136,401 | |
Timken Co. | 2,342 | 179,983 | |
Toro Co. | 2,842 | 296,307 | |
Watts Water Technologies, Inc. Class A | 1,065 | 172,242 | |
4,365,962 | |||
Marine Transportation - 0.1% | |||
Matson, Inc. | 2,035 | 138,441 | |
Professional Services - 3.4% | |||
Barrett Business Services, Inc. | 1,065 | 89,045 | |
CACI International, Inc. Class A (a) | 760 | 238,123 | |
CBIZ, Inc. (a) | 2,867 | 151,062 | |
Concentrix Corp. | 1,464 | 141,291 | |
CSG Systems International, Inc. | 2,138 | 112,630 | |
ExlService Holdings, Inc. (a) | 1,203 | 214,591 | |
Exponent, Inc. | 1,858 | 171,029 | |
FTI Consulting, Inc. (a) | 1,242 | 224,181 | |
Genpact Ltd. | 5,306 | 236,382 | |
Huron Consulting Group, Inc. (a) | 1,702 | 144,313 | |
ICF International, Inc. | 1,208 | 137,712 | |
Insperity, Inc. | 1,505 | 184,302 | |
KBR, Inc. | 4,468 | 253,470 | |
Kforce, Inc. | 1,971 | 116,565 | |
Korn Ferry | 2,625 | 126,053 | |
Manpower, Inc. | 1,992 | 150,814 | |
Maximus, Inc. | 2,464 | 206,114 | |
NV5 Global, Inc. (a) | 898 | 85,068 | |
Resources Connection, Inc. | 5,686 | 82,959 | |
Robert Half International, Inc. | 3,156 | 230,388 | |
Science Applications International Corp. | 1,950 | 198,959 | |
3,495,051 | |||
Trading Companies & Distributors - 1.2% | |||
Applied Industrial Technologies, Inc. | 1,385 | 187,889 | |
Boise Cascade Co. | 1,926 | 131,565 | |
McGrath RentCorp. | 1,353 | 120,255 | |
MSC Industrial Direct Co., Inc. Class A | 1,943 | 176,288 | |
Rush Enterprises, Inc. Class A | 2,435 | 129,323 | |
Triton International Ltd. | 2,406 | 198,904 | |
Watsco, Inc. (b) | 940 | 325,597 | |
1,269,821 | |||
TOTAL INDUSTRIALS | 18,531,735 | ||
INFORMATION TECHNOLOGY - 12.3% | |||
Communications Equipment - 1.1% | |||
Ciena Corp. (a) | 4,754 | 218,874 | |
Clearfield, Inc. (a)(b) | 1,579 | 68,971 | |
Digi International, Inc. (a) | 3,318 | 100,071 | |
F5, Inc. (a) | 1,784 | 239,698 | |
Harmonic, Inc. (a) | 8,539 | 120,315 | |
Juniper Networks, Inc. | 9,378 | 282,747 | |
NetScout Systems, Inc. (a) | 4,310 | 117,275 | |
1,147,951 | |||
Electronic Equipment, Instruments & Components - 4.0% | |||
Advanced Energy Industries, Inc. | 1,700 | 147,050 | |
Arrow Electronics, Inc. (a) | 1,923 | 220,049 | |
Avnet, Inc. | 3,828 | 157,943 | |
Badger Meter, Inc. | 1,389 | 183,806 | |
Bel Fuse, Inc. Class B (non-vtg.) | 2,675 | 108,685 | |
Belden, Inc. | 1,975 | 155,808 | |
Cognex Corp. | 5,053 | 240,978 | |
CTS Corp. | 2,663 | 104,416 | |
ePlus, Inc. (a) | 2,318 | 100,926 | |
Fabrinet (a) | 1,432 | 135,968 | |
Insight Enterprises, Inc. (a) | 1,424 | 172,233 | |
IPG Photonics Corp. (a) | 1,451 | 166,836 | |
Jabil, Inc. | 3,804 | 297,283 | |
Littelfuse, Inc. | 836 | 202,513 | |
Methode Electronics, Inc. Class A | 2,613 | 107,107 | |
Napco Security Technologies, Inc. (a) | 3,690 | 114,390 | |
National Instruments Corp. | 4,327 | 251,961 | |
Novanta, Inc. (a) | 1,260 | 192,578 | |
OSI Systems, Inc. (a) | 1,312 | 148,204 | |
PC Connection, Inc. | 2,087 | 84,043 | |
Plexus Corp. (a) | 1,506 | 131,730 | |
Sanmina Corp. (a) | 2,642 | 138,071 | |
TD SYNNEX Corp. | 1,733 | 154,306 | |
TTM Technologies, Inc. (a) | 7,833 | 92,508 | |
Vishay Intertechnology, Inc. | 6,512 | 138,640 | |
Vishay Precision Group, Inc. (a) | 2,449 | 91,935 | |
4,039,967 | |||
IT Services - 0.6% | |||
Amdocs Ltd. | 3,398 | 310,068 | |
DXC Technology Co. (a) | 7,759 | 185,052 | |
Hackett Group, Inc. | 4,690 | 87,046 | |
582,166 | |||
Semiconductors & Semiconductor Equipment - 2.2% | |||
Amkor Technology, Inc. | 5,088 | 113,819 | |
Axcelis Technologies, Inc. (a) | 1,448 | 171,298 | |
Cirrus Logic, Inc. (a) | 2,085 | 178,872 | |
Diodes, Inc. (a) | 1,892 | 150,792 | |
Kulicke & Soffa Industries, Inc. | 2,791 | 133,019 | |
Lattice Semiconductor Corp. (a) | 3,843 | 306,287 | |
NVE Corp. | 1,422 | 107,233 | |
Onto Innovation, Inc. (a) | 2,072 | 167,791 | |
Photronics, Inc. (a) | 6,176 | 89,305 | |
Power Integrations, Inc. (b) | 2,174 | 158,224 | |
Qorvo, Inc. (a) | 2,880 | 265,190 | |
Rambus, Inc. (a) | 4,261 | 188,933 | |
Universal Display Corp. | 1,542 | 205,795 | |
2,236,558 | |||
Software - 3.7% | |||
A10 Networks, Inc. | 7,189 | 101,652 | |
ACI Worldwide, Inc. (a) | 5,590 | 141,595 | |
Adeia, Inc. | 10,744 | 82,084 | |
Agilysys, Inc. (a) | 1,557 | 121,508 | |
Alarm.com Holdings, Inc. (a) | 2,618 | 124,852 | |
Aspen Technology, Inc. | 1,036 | 183,372 | |
Bentley Systems, Inc. Class B | 6,105 | 259,829 | |
Black Knight, Inc. (a) | 4,612 | 252,000 | |
BlackLine, Inc. (a) | 2,306 | 128,467 | |
Box, Inc. Class A (a) | 5,539 | 146,562 | |
CommVault Systems, Inc. (a) | 2,335 | 136,060 | |
Dolby Laboratories, Inc. Class A | 2,363 | 197,759 | |
DoubleVerify Holdings, Inc. (a) | 4,853 | 142,775 | |
Dropbox, Inc. Class A (a) | 9,201 | 187,148 | |
Dynatrace, Inc. (a) | 5,997 | 253,553 | |
Manhattan Associates, Inc. (a) | 1,908 | 316,117 | |
Model N, Inc. (a) | 3,041 | 93,663 | |
Paylocity Holding Corp. (a) | 1,227 | 237,167 | |
Progress Software Corp. | 2,544 | 139,615 | |
Qualys, Inc. (a) | 1,448 | 163,537 | |
SPS Commerce, Inc. (a) | 1,376 | 202,685 | |
Teradata Corp. (a) | 4,630 | 179,227 | |
3,791,227 | |||
Technology Hardware, Storage & Peripherals - 0.7% | |||
Dell Technologies, Inc. | 7,330 | 318,782 | |
Pure Storage, Inc. Class A (a) | 8,675 | 198,050 | |
Super Micro Computer, Inc. (a) | 2,069 | 218,135 | |
734,967 | |||
TOTAL INFORMATION TECHNOLOGY | 12,532,836 | ||
MATERIALS - 5.1% | |||
Chemicals - 2.2% | |||
American Vanguard Corp. | 4,674 | 89,975 | |
Balchem Corp. | 1,298 | 170,557 | |
Chase Corp. | 1,115 | 121,903 | |
Huntsman Corp. | 6,344 | 169,956 | |
Ingevity Corp. (a) | 1,763 | 126,478 | |
Innospec, Inc. | 1,296 | 131,712 | |
NewMarket Corp. | 391 | 156,244 | |
Olin Corp. | 3,986 | 220,824 | |
RPM International, Inc. | 3,540 | 290,386 | |
Sensient Technologies Corp. | 2,008 | 149,516 | |
Stepan Co. | 1,230 | 113,406 | |
The Chemours Co. LLC | 5,578 | 162,152 | |
Valvoline, Inc. | 6,024 | 208,129 | |
Westlake Corp. | 1,424 | 162,023 | |
2,273,261 | |||
Construction Materials - 0.2% | |||
Eagle Materials, Inc. | 1,339 | 198,453 | |
Containers & Packaging - 1.5% | |||
Aptargroup, Inc. | 2,073 | 245,671 | |
Berry Global Group, Inc. | 3,873 | 223,898 | |
Graphic Packaging Holding Co. | 9,963 | 245,688 | |
Greif, Inc. Class A | 1,907 | 119,741 | |
Myers Industries, Inc. | 4,588 | 86,943 | |
Silgan Holdings, Inc. | 3,333 | 164,184 | |
Sonoco Products Co. | 3,412 | 206,835 | |
WestRock Co. | 7,630 | 228,366 | |
1,521,326 | |||
Metals & Mining - 0.9% | |||
Alpha Metallurgical Resources | 861 | 126,188 | |
Commercial Metals Co. | 3,978 | 185,733 | |
Royal Gold, Inc. | 2,018 | 267,264 | |
Ryerson Holding Corp. | 2,754 | 104,019 | |
United States Steel Corp. (b) | 7,774 | 177,869 | |
Warrior Metropolitan Coal, Inc. | 3,456 | 119,474 | |
980,547 | |||
Paper & Forest Products - 0.3% | |||
Louisiana-Pacific Corp. | 2,711 | 161,955 | |
Sylvamo Corp. | 2,583 | 118,353 | |
280,308 | |||
TOTAL MATERIALS | 5,253,895 | ||
REAL ESTATE - 6.6% | |||
Equity Real Estate Investment Trusts (REITs) - 6.5% | |||
Agree Realty Corp. | 2,830 | 192,412 | |
American Homes 4 Rent Class A (b) | 8,308 | 276,324 | |
Americold Realty Trust | 7,849 | 232,252 | |
Apartment Income (REIT) Corp. | 5,001 | 184,937 | |
Apartment Investment & Management Co. Class A | 13,529 | 105,932 | |
Apple Hospitality (REIT), Inc. | 8,721 | 129,856 | |
Brixmor Property Group, Inc. | 9,299 | 198,348 | |
Broadstone Net Lease, Inc. | 7,917 | 128,018 | |
CareTrust (REIT), Inc. | 5,820 | 113,432 | |
City Office REIT, Inc. | 8,982 | 52,275 | |
Corporate Office Properties Trust (SBI) | 5,176 | 118,479 | |
Cousins Properties, Inc. | 5,882 | 128,286 | |
CubeSmart | 6,154 | 279,945 | |
EastGroup Properties, Inc. | 1,325 | 220,692 | |
Equity Commonwealth | 5,340 | 110,645 | |
Essential Properties Realty Trust, Inc. | 6,016 | 148,896 | |
Federal Realty Investment Trust (SBI) | 2,148 | 212,416 | |
First Industrial Realty Trust, Inc. | 4,118 | 216,071 | |
Four Corners Property Trust, Inc. | 4,474 | 114,132 | |
Getty Realty Corp. | 3,131 | 104,356 | |
Kilroy Realty Corp. | 3,988 | 116,609 | |
Lamar Advertising Co. Class A | 2,443 | 258,176 | |
Life Storage, Inc. | 2,400 | 322,512 | |
LTC Properties, Inc. | 2,922 | 97,741 | |
LXP Industrial Trust (REIT) | 12,353 | 116,118 | |
Medical Properties Trust, Inc. | 18,137 | 159,061 | |
National Health Investors, Inc. | 2,228 | 110,888 | |
National Retail Properties, Inc. | 5,216 | 226,896 | |
NexPoint Diversified Real Estate Trust | 6,872 | 73,256 | |
Omega Healthcare Investors, Inc. | 7,317 | 195,803 | |
Phillips Edison & Co., Inc. | 4,681 | 147,639 | |
Physicians Realty Trust | 9,500 | 136,990 | |
Potlatch Corp. | 3,247 | 150,109 | |
Regency Centers Corp. | 4,224 | 259,480 | |
Rexford Industrial Realty, Inc. | 4,823 | 268,979 | |
Sabra Health Care REIT, Inc. | 10,448 | 119,107 | |
Spirit Realty Capital, Inc. | 4,618 | 177,608 | |
Stag Industrial, Inc. | 5,779 | 195,735 | |
Terreno Realty Corp. | 2,552 | 157,178 | |
Universal Health Realty Income Trust (SBI) | 1,708 | 74,298 | |
6,631,887 | |||
Real Estate Management & Development - 0.1% | |||
The RMR Group, Inc. | 2,925 | 69,469 | |
TOTAL REAL ESTATE | 6,701,356 | ||
UTILITIES - 2.9% | |||
Electric Utilities - 1.6% | |||
Allete, Inc. | 2,578 | 160,816 | |
Hawaiian Electric Industries, Inc. | 4,250 | 166,643 | |
IDACORP, Inc. | 1,827 | 203,016 | |
NRG Energy, Inc. | 7,118 | 243,222 | |
OGE Energy Corp. | 6,208 | 233,048 | |
Otter Tail Corp. (b) | 2,198 | 158,146 | |
Pinnacle West Capital Corp. | 3,387 | 265,744 | |
PNM Resources, Inc. | 3,547 | 170,717 | |
1,601,352 | |||
Gas Utilities - 0.5% | |||
National Fuel Gas Co. | 3,368 | 188,271 | |
New Jersey Resources Corp. | 3,635 | 187,711 | |
ONE Gas, Inc. (b) | 2,150 | 165,443 | |
541,425 | |||
Independent Power and Renewable Electricity Producers - 0.3% | |||
Clearway Energy, Inc. Class C | 4,903 | 148,904 | |
Ormat Technologies, Inc. | 1,936 | 166,128 | |
315,032 | |||
Multi-Utilities - 0.4% | |||
Black Hills Corp. | 2,517 | 164,335 | |
NorthWestern Energy Corp. | 2,711 | 158,919 | |
Unitil Corp. | 2,045 | 113,682 | |
436,936 | |||
Water Utilities - 0.1% | |||
Artesian Resources Corp. Class A | 1,656 | 90,716 | |
TOTAL UTILITIES | 2,985,461 | ||
TOTAL COMMON STOCKS (Cost $102,956,791) | 101,683,659 | ||
Money Market Funds - 3.8% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.88% (c) | 210,499 | 210,541 | |
Fidelity Securities Lending Cash Central Fund 4.88% (c)(d) | 3,630,926 | 3,631,289 | |
TOTAL MONEY MARKET FUNDS (Cost $3,841,830) | 3,841,830 | ||
TOTAL INVESTMENT IN SECURITIES - 103.5% (Cost $106,798,621) | 105,525,489 |
NET OTHER ASSETS (LIABILITIES) - (3.5)% (e) | (3,588,772) |
NET ASSETS - 100.0% | 101,936,717 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Russell 2000 Index Contracts (United States) | 2 | Jun 2023 | 177,480 | 450 | 450 |
The notional amount of futures purchased as a percentage of Net Assets is 0.2% |
Legend
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
(e) | Includes $12,400 of cash collateral to cover margin requirements for futures contracts. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.88% | 79,549 | 3,363,512 | 3,232,520 | 3,488 | - | - | 210,541 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.88% | 1,034,050 | 11,970,551 | 9,373,312 | 10,558 | - | - | 3,631,289 | 0.0% |
Total | 1,113,599 | 15,334,063 | 12,605,832 | 14,046 | - | - | 3,841,830 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
The Fund used futures contracts to manage its exposure to the stock market.
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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