Quarterly Holdings Report
for
Fidelity® Small-Mid Multifactor ETF
October 31, 2023
SFE-NPRT1-1223
1.9892236.104
Common Stocks - 99.8% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 2.8% | |||
Diversified Telecommunication Services - 0.5% | |||
Cogent Communications Group, Inc. | 3,357 | 218,138 | |
EchoStar Holding Corp. Class A (a) | 8,321 | 115,329 | |
Iridium Communications, Inc. | 5,710 | 211,556 | |
545,023 | |||
Entertainment - 0.4% | |||
Madison Square Garden Sports Corp. | 1,070 | 179,910 | |
Playtika Holding Corp. (a) | 14,293 | 120,061 | |
TKO Group Holdings, Inc. | 2,347 | 192,407 | |
492,378 | |||
Interactive Media & Services - 0.5% | |||
Shutterstock, Inc. | 3,775 | 153,567 | |
Yelp, Inc. (a) | 4,794 | 202,259 | |
Ziff Davis, Inc. (a) | 3,017 | 182,408 | |
538,234 | |||
Media - 1.3% | |||
Integral Ad Science Holding Corp. (a) | 8,395 | 96,375 | |
News Corp. Class A | 18,664 | 385,972 | |
Nexstar Broadcasting Group, Inc. Class A | 1,657 | 232,113 | |
Scholastic Corp. | 3,887 | 143,430 | |
TEGNA, Inc. | 13,377 | 194,100 | |
The New York Times Co. Class A | 7,265 | 292,852 | |
Thryv Holdings, Inc. (a) | 6,394 | 111,447 | |
1,456,289 | |||
Wireless Telecommunication Services - 0.1% | |||
Spok Holdings, Inc. (b) | 10,832 | 161,505 | |
TOTAL COMMUNICATION SERVICES | 3,193,429 | ||
CONSUMER DISCRETIONARY - 13.7% | |||
Automobile Components - 1.3% | |||
Autoliv, Inc. | 2,923 | 267,893 | |
BorgWarner, Inc. | 8,310 | 306,639 | |
Dorman Products, Inc. (a) | 1,949 | 121,189 | |
Gentex Corp. | 8,809 | 252,642 | |
Lear Corp. | 2,136 | 277,167 | |
Patrick Industries, Inc. | 1,856 | 139,478 | |
Standard Motor Products, Inc. | 3,507 | 122,500 | |
1,487,508 | |||
Automobiles - 0.4% | |||
Harley-Davidson, Inc. | 6,215 | 166,873 | |
Thor Industries, Inc. | 2,258 | 198,546 | |
Winnebago Industries, Inc. | 2,397 | 138,906 | |
504,325 | |||
Broadline Retail - 0.1% | |||
Dillard's, Inc. Class A | 423 | 131,320 | |
Diversified Consumer Services - 1.8% | |||
Adtalem Global Education, Inc. (a) | 3,577 | 185,289 | |
Duolingo, Inc. (a) | 1,469 | 214,547 | |
Frontdoor, Inc. (a) | 4,961 | 143,522 | |
Graham Holdings Co. | 280 | 162,042 | |
Grand Canyon Education, Inc. (a) | 1,759 | 208,142 | |
H&R Block, Inc. | 6,857 | 281,480 | |
Perdoceo Education Corp. | 9,668 | 174,894 | |
Service Corp. International | 5,329 | 290,004 | |
Strategic Education, Inc. | 2,019 | 166,184 | |
Stride, Inc. (a) | 3,869 | 212,718 | |
2,038,822 | |||
Hotels, Restaurants & Leisure - 2.4% | |||
Bloomin' Brands, Inc. | 6,656 | 155,351 | |
Boyd Gaming Corp. | 3,466 | 191,497 | |
Choice Hotels International, Inc. | 1,518 | 167,739 | |
Churchill Downs, Inc. | 2,492 | 273,721 | |
Chuy's Holdings, Inc. (a) | 3,243 | 109,159 | |
Hyatt Hotels Corp. Class A (b) | 2,107 | 215,841 | |
Jack in the Box, Inc. | 1,699 | 107,343 | |
Monarch Casino & Resort, Inc. | 1,958 | 117,852 | |
Texas Roadhouse, Inc. Class A | 2,600 | 264,004 | |
Travel+Leisure Co. | 4,824 | 164,161 | |
Vail Resorts, Inc. | 1,434 | 304,367 | |
Wendy's Co. | 9,208 | 175,136 | |
Wingstop, Inc. | 1,386 | 253,319 | |
Wyndham Hotels & Resorts, Inc. | 3,509 | 254,052 | |
2,753,542 | |||
Household Durables - 2.7% | |||
Beazer Homes U.S.A., Inc. (a) | 4,132 | 99,953 | |
Cavco Industries, Inc. (a) | 596 | 148,708 | |
Century Communities, Inc. | 2,227 | 136,961 | |
Ethan Allen Interiors, Inc. | 3,712 | 97,477 | |
Green Brick Partners, Inc. (a) | 2,836 | 109,753 | |
Installed Building Products, Inc. | 1,295 | 144,613 | |
KB Home | 4,045 | 178,789 | |
La-Z-Boy, Inc. | 4,397 | 128,568 | |
M.D.C. Holdings, Inc. | 3,709 | 140,757 | |
M/I Homes, Inc. (a) | 1,858 | 152,486 | |
Meritage Homes Corp. | 1,656 | 188,817 | |
Mohawk Industries, Inc. (a) | 2,321 | 186,562 | |
Skyline Champion Corp. (a) | 3,007 | 176,300 | |
Taylor Morrison Home Corp. (a) | 5,006 | 191,830 | |
Tempur Sealy International, Inc. | 6,484 | 258,906 | |
Toll Brothers, Inc. | 3,863 | 273,153 | |
TopBuild Corp. (a) | 1,144 | 261,701 | |
TRI Pointe Homes, Inc. (a) | 6,122 | 153,417 | |
3,028,751 | |||
Leisure Products - 0.7% | |||
Brunswick Corp. | 3,007 | 208,896 | |
Malibu Boats, Inc. Class A (a) | 2,512 | 109,573 | |
MasterCraft Boat Holdings, Inc. (a) | 4,476 | 91,489 | |
Polaris, Inc. | 2,099 | 181,396 | |
Sturm, Ruger & Co., Inc. | 2,468 | 136,604 | |
Vista Outdoor, Inc. (a) | 5,122 | 128,665 | |
856,623 | |||
Specialty Retail - 2.9% | |||
Abercrombie & Fitch Co. Class A (a) | 4,082 | 248,267 | |
Academy Sports & Outdoors, Inc. | 3,771 | 169,092 | |
Asbury Automotive Group, Inc. (a) | 1,008 | 192,901 | |
AutoNation, Inc. (a) | 1,446 | 188,096 | |
Dick's Sporting Goods, Inc. | 2,236 | 239,140 | |
Five Below, Inc. (a) | 1,882 | 327,430 | |
Group 1 Automotive, Inc. | 764 | 192,780 | |
Haverty Furniture Companies, Inc. | 3,650 | 95,083 | |
Murphy U.S.A., Inc. | 852 | 309,012 | |
Penske Automotive Group, Inc. (b) | 1,215 | 173,842 | |
The Aaron's Co., Inc. | 9,496 | 70,365 | |
The Buckle, Inc. | 3,835 | 129,508 | |
Upbound Group, Inc. | 4,651 | 121,205 | |
Urban Outfitters, Inc. (a) | 4,479 | 155,063 | |
Valvoline, Inc. | 6,386 | 189,473 | |
Williams-Sonoma, Inc. (b) | 2,342 | 351,862 | |
Winmark Corp. | 379 | 152,858 | |
3,305,977 | |||
Textiles, Apparel & Luxury Goods - 1.4% | |||
Crocs, Inc. (a) | 2,559 | 228,570 | |
Deckers Outdoor Corp. (a) | 823 | 491,380 | |
Kontoor Brands, Inc. | 3,559 | 165,316 | |
Ralph Lauren Corp. | 1,821 | 204,917 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 5,240 | 252,673 | |
Tapestry, Inc. | 8,130 | 224,063 | |
1,566,919 | |||
TOTAL CONSUMER DISCRETIONARY | 15,673,787 | ||
CONSUMER STAPLES - 3.9% | |||
Beverages - 0.6% | |||
Coca-Cola Bottling Co. Consolidated | 282 | 179,468 | |
Molson Coors Beverage Co. Class B | 6,281 | 362,853 | |
The Vita Coco Co., Inc. (a) | 5,601 | 151,787 | |
694,108 | |||
Consumer Staples Distribution & Retail - 0.7% | |||
Casey's General Stores, Inc. | 1,377 | 374,420 | |
Ingles Markets, Inc. Class A | 1,798 | 144,236 | |
Sprouts Farmers Market LLC (a) | 5,600 | 235,312 | |
753,968 | |||
Food Products - 1.7% | |||
Cal-Maine Foods, Inc. (b) | 3,519 | 159,446 | |
Campbell Soup Co. | 7,398 | 298,953 | |
Flowers Foods, Inc. | 9,406 | 206,274 | |
Hostess Brands, Inc. Class A (a) | 8,303 | 277,320 | |
Ingredion, Inc. | 2,638 | 246,864 | |
John B. Sanfilippo & Son, Inc. | 1,343 | 137,335 | |
Lancaster Colony Corp. | 1,102 | 186,425 | |
Seaboard Corp. | 39 | 136,771 | |
Sovos Brands, Inc. (a) | 7,921 | 171,965 | |
Tootsie Roll Industries, Inc. | 3,978 | 123,756 | |
1,945,109 | |||
Household Products - 0.2% | |||
WD-40 Co. (b) | 855 | 180,747 | |
Personal Care Products - 0.6% | |||
BellRing Brands, Inc. (a) | 6,535 | 285,776 | |
elf Beauty, Inc. (a) | 2,123 | 196,653 | |
Inter Parfums, Inc. | 1,251 | 159,015 | |
USANA Health Sciences, Inc. (a) | 2,107 | 95,974 | |
737,418 | |||
Tobacco - 0.1% | |||
Vector Group Ltd. | 12,401 | 127,482 | |
TOTAL CONSUMER STAPLES | 4,438,832 | ||
ENERGY - 5.8% | |||
Energy Equipment & Services - 1.1% | |||
Cactus, Inc. | 3,978 | 186,727 | |
Championx Corp. | 8,134 | 250,527 | |
TechnipFMC PLC | 17,183 | 369,778 | |
Tidewater, Inc. (a) | 3,112 | 212,705 | |
Weatherford International PLC (a) | 3,021 | 281,225 | |
1,300,962 | |||
Oil, Gas & Consumable Fuels - 4.7% | |||
Ardmore Shipping Corp. | 9,724 | 129,232 | |
California Resources Corp. | 4,004 | 210,570 | |
Chesapeake Energy Corp. | 3,967 | 341,479 | |
Chord Energy Corp. | 1,774 | 293,278 | |
Civitas Resources, Inc. | 2,874 | 216,786 | |
CNX Resources Corp. (a) | 9,731 | 211,357 | |
CONSOL Energy, Inc. | 2,491 | 228,898 | |
Crescent Energy, Inc. Class A | 11,710 | 142,628 | |
CVR Energy, Inc. | 4,185 | 137,059 | |
Dorian LPG Ltd. (b) | 5,134 | 164,134 | |
DT Midstream, Inc. (b) | 4,631 | 249,935 | |
Evolution Petroleum Corp. | 13,613 | 87,532 | |
Gulfport Energy Corp. (a) | 1,446 | 178,740 | |
HF Sinclair Corp. | 5,446 | 301,599 | |
International Seaways, Inc. | 3,782 | 181,876 | |
Magnolia Oil & Gas Corp. Class A | 9,365 | 210,244 | |
Par Pacific Holdings, Inc. (a) | 5,186 | 170,205 | |
PBF Energy, Inc. Class A | 5,386 | 255,997 | |
Peabody Energy Corp. (b) | 8,552 | 201,742 | |
Rex American Resources Corp. (a) | 3,668 | 139,421 | |
Scorpio Tankers, Inc. | 3,783 | 212,415 | |
Southwestern Energy Co. (a) | 45,170 | 322,062 | |
Teekay Corp. (a) | 20,316 | 142,821 | |
Teekay Tankers Ltd. | 3,363 | 167,141 | |
Texas Pacific Land Corp. | 223 | 411,647 | |
5,308,798 | |||
TOTAL ENERGY | 6,609,760 | ||
FINANCIALS - 16.6% | |||
Banks - 4.8% | |||
Amalgamated Financial Corp. | 6,945 | 126,677 | |
Associated Banc-Corp. | 10,354 | 167,838 | |
Axos Financial, Inc. (a) | 4,019 | 144,805 | |
Bancorp, Inc., Delaware (a) | 4,351 | 155,113 | |
Bank OZK | 5,492 | 196,669 | |
Cathay General Bancorp | 4,961 | 168,228 | |
City Holding Co. | 1,598 | 145,066 | |
East West Bancorp, Inc. | 5,435 | 291,425 | |
Enterprise Financial Services Corp. | 3,858 | 134,143 | |
Esquire Financial Holdings, Inc. | 2,574 | 117,889 | |
First Citizens Bancshares, Inc. | 361 | 498,447 | |
First Commonwealth Financial Corp. | 10,960 | 133,493 | |
First Financial Corp., Indiana | 3,463 | 119,162 | |
FNB Corp., Pennsylvania | 18,157 | 194,098 | |
Fulton Financial Corp. | 12,542 | 162,921 | |
Hanmi Financial Corp. | 7,356 | 107,986 | |
HomeTrust Bancshares, Inc. | 5,410 | 111,500 | |
Independent Bank Corp. | 6,401 | 127,700 | |
International Bancshares Corp. | 3,695 | 161,952 | |
Midland States Bancorp, Inc. | 5,665 | 123,610 | |
New York Community Bancorp, Inc. | 26,060 | 247,049 | |
OFG Bancorp | 4,771 | 141,317 | |
Old Second Bancorp, Inc. | 8,413 | 114,080 | |
Pathward Financial, Inc. | 2,992 | 135,508 | |
Popular, Inc. | 3,423 | 222,632 | |
Preferred Bank, Los Angeles | 2,135 | 127,182 | |
S&T Bancorp, Inc. | 4,747 | 122,283 | |
Synovus Financial Corp. | 7,474 | 194,847 | |
Trustco Bank Corp., New York | 4,478 | 114,323 | |
Univest Corp. of Pennsylvania | 6,995 | 116,537 | |
Webster Financial Corp. | 6,913 | 262,487 | |
WesBanco, Inc. | 5,954 | 145,218 | |
Westamerica Bancorp. | 3,113 | 147,058 | |
5,479,243 | |||
Capital Markets - 3.0% | |||
Affiliated Managers Group, Inc. | 1,740 | 213,602 | |
Artisan Partners Asset Management, Inc. | 4,794 | 158,202 | |
Assetmark Financial Holdings, Inc. (a) | 4,649 | 111,158 | |
BrightSphere Investment Group, Inc. | 6,829 | 106,942 | |
Evercore, Inc. Class A | 1,713 | 222,998 | |
Federated Hermes, Inc. | 5,663 | 179,517 | |
Franklin Resources, Inc. | 10,994 | 250,553 | |
GCM Grosvenor, Inc. Class A | 16,363 | 131,722 | |
Hamilton Lane, Inc. Class A | 2,180 | 183,382 | |
Houlihan Lokey | 2,400 | 241,248 | |
Interactive Brokers Group, Inc. | 3,753 | 300,503 | |
Janus Henderson Group PLC | 7,650 | 176,486 | |
Oppenheimer Holdings, Inc. Class A (non-vtg.) | 3,357 | 117,730 | |
SEI Investments Co. | 4,375 | 234,763 | |
Stifel Financial Corp. | 4,440 | 253,080 | |
Tradeweb Markets, Inc. Class A | 4,167 | 375,072 | |
Victory Capital Holdings, Inc. | 4,368 | 128,681 | |
3,385,639 | |||
Consumer Finance - 1.4% | |||
Ally Financial, Inc. | 11,751 | 284,257 | |
Bread Financial Holdings, Inc. | 4,362 | 117,905 | |
Credit Acceptance Corp. (a)(b) | 396 | 159,362 | |
Enova International, Inc. (a) | 2,992 | 119,321 | |
FirstCash Holdings, Inc. | 2,114 | 230,257 | |
Green Dot Corp. Class A (a) | 7,710 | 86,198 | |
Navient Corp. | 9,085 | 144,542 | |
Nelnet, Inc. Class A | 1,651 | 140,021 | |
OneMain Holdings, Inc. | 5,510 | 197,974 | |
PROG Holdings, Inc. (a) | 4,253 | 116,490 | |
1,596,327 | |||
Financial Services - 2.0% | |||
A-Mark Precious Metals, Inc. (b) | 3,665 | 99,248 | |
Cass Information Systems, Inc. | 3,498 | 132,259 | |
Enact Holdings, Inc. | 4,902 | 135,099 | |
Essent Group Ltd. | 4,869 | 230,012 | |
Euronet Worldwide, Inc. (a) | 2,512 | 193,022 | |
EVERTEC, Inc. | 4,552 | 144,663 | |
Federal Agricultural Mortgage Corp. Class C (non-vtg.) | 959 | 142,469 | |
Jackson Financial, Inc. | 5,189 | 190,488 | |
MGIC Investment Corp. | 13,628 | 229,496 | |
NMI Holdings, Inc. (a) | 6,142 | 167,984 | |
Radian Group, Inc. | 8,075 | 204,621 | |
The Western Union Co. | 19,112 | 215,774 | |
Voya Financial, Inc. | 3,991 | 266,479 | |
2,351,614 | |||
Insurance - 5.4% | |||
American Equity Investment Life Holding Co. | 3,760 | 199,130 | |
American Financial Group, Inc. | 2,742 | 299,865 | |
Amerisafe, Inc. | 2,717 | 138,485 | |
Assurant, Inc. | 2,111 | 314,328 | |
Axis Capital Holdings Ltd. | 4,004 | 228,628 | |
CNO Financial Group, Inc. | 7,651 | 177,350 | |
Employers Holdings, Inc. | 3,726 | 141,588 | |
Erie Indemnity Co. Class A | 1,043 | 288,066 | |
First American Financial Corp. | 4,438 | 228,291 | |
Genworth Financial, Inc. Class A (a) | 32,063 | 192,057 | |
Globe Life, Inc. | 3,133 | 364,556 | |
Hanover Insurance Group, Inc. | 1,939 | 227,270 | |
Kinsale Capital Group, Inc. | 836 | 279,149 | |
Loews Corp. | 6,292 | 402,751 | |
National Western Life Group, Inc. | 338 | 161,868 | |
Old Republic International Corp. | 10,627 | 290,967 | |
Primerica, Inc. | 1,403 | 268,197 | |
Reinsurance Group of America, Inc. | 2,420 | 361,717 | |
RenaissanceRe Holdings Ltd. | 1,803 | 395,921 | |
RLI Corp. | 1,848 | 246,228 | |
Selective Insurance Group, Inc. | 2,620 | 272,768 | |
Siriuspoint Ltd. (a) | 13,913 | 137,043 | |
Unum Group | 6,790 | 332,031 | |
White Mountains Insurance Group Ltd. | 139 | 198,874 | |
6,147,128 | |||
TOTAL FINANCIALS | 18,959,951 | ||
HEALTH CARE - 10.9% | |||
Biotechnology - 2.9% | |||
ACADIA Pharmaceuticals, Inc. (a) | 7,573 | 170,923 | |
ADMA Biologics, Inc. (a) | 36,047 | 121,839 | |
Akero Therapeutics, Inc. (a) | 3,898 | 46,464 | |
Alkermes PLC (a) | 8,480 | 205,131 | |
Arcellx, Inc. (a) | 4,431 | 156,193 | |
Catalyst Pharmaceutical Partners, Inc. (a) | 11,632 | 144,353 | |
Exelixis, Inc. (a) | 13,720 | 282,495 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 14,998 | 134,532 | |
Kiniksa Pharmaceuticals Ltd. (a) | 7,491 | 114,238 | |
Krystal Biotech, Inc. (a) | 1,541 | 180,097 | |
Morphic Holding, Inc. (a) | 3,164 | 63,122 | |
Neurocrine Biosciences, Inc. (a) | 3,529 | 391,507 | |
Point Biopharma Global, Inc. (a) | 16,672 | 211,068 | |
Prothena Corp. PLC (a) | 2,913 | 106,208 | |
Repligen Corp. (a) | 1,994 | 268,313 | |
United Therapeutics Corp. (a) | 1,650 | 367,719 | |
Vaxcyte, Inc. (a) | 4,397 | 211,496 | |
Viking Therapeutics, Inc. (a) | 11,705 | 114,826 | |
3,290,524 | |||
Health Care Equipment & Supplies - 3.0% | |||
Atrion Corp. | 274 | 93,703 | |
CONMED Corp. (b) | 1,845 | 179,814 | |
Dentsply Sirona, Inc. | 8,154 | 247,963 | |
Embecta Corp. | 7,509 | 113,536 | |
Envista Holdings Corp. (a) | 7,603 | 176,922 | |
Globus Medical, Inc. (a) | 4,074 | 186,223 | |
Haemonetics Corp. (a) | 2,573 | 219,297 | |
ICU Medical, Inc. (a) | 1,228 | 120,418 | |
Inspire Medical Systems, Inc. (a) | 1,162 | 171,000 | |
Integer Holdings Corp. (a) | 2,175 | 176,545 | |
Integra LifeSciences Holdings Corp. (a) | 4,515 | 162,359 | |
Lantheus Holdings, Inc. (a) | 3,383 | 218,542 | |
LeMaitre Vascular, Inc. | 2,666 | 129,514 | |
Masimo Corp. (a) | 2,239 | 181,650 | |
Merit Medical Systems, Inc. (a) | 3,113 | 213,988 | |
Neogen Corp. (a) | 10,781 | 160,529 | |
Penumbra, Inc. (a) | 1,401 | 267,801 | |
QuidelOrtho Corp. (a) | 2,815 | 171,940 | |
Tactile Systems Technology, Inc. (a) | 6,224 | 67,966 | |
UFP Technologies, Inc. (a) | 842 | 131,285 | |
3,390,995 | |||
Health Care Providers & Services - 2.8% | |||
Addus HomeCare Corp. (a) | 1,721 | 135,787 | |
Amedisys, Inc. (a) | 2,140 | 195,789 | |
AMN Healthcare Services, Inc. (a) | 2,204 | 167,195 | |
Chemed Corp. | 597 | 335,902 | |
Corvel Corp. (a) | 814 | 157,867 | |
Cross Country Healthcare, Inc. (a) | 6,665 | 154,361 | |
DaVita HealthCare Partners, Inc. (a) | 2,551 | 197,014 | |
Encompass Health Corp. | 4,144 | 259,249 | |
Henry Schein, Inc. (a) | 4,673 | 303,652 | |
National Healthcare Corp. | 2,443 | 164,560 | |
National Research Corp. Class A | 3,311 | 139,923 | |
Premier, Inc. | 7,382 | 141,882 | |
Select Medical Holdings Corp. | 6,591 | 149,813 | |
The Ensign Group, Inc. | 2,616 | 252,706 | |
U.S. Physical Therapy, Inc. | 1,412 | 118,763 | |
Universal Health Services, Inc. Class B | 2,405 | 302,765 | |
3,177,228 | |||
Health Care Technology - 0.4% | |||
Computer Programs & Systems, Inc. (a) | 5,346 | 75,325 | |
Doximity, Inc. (a) | 6,752 | 137,943 | |
HealthStream, Inc. | 6,096 | 154,838 | |
Simulations Plus, Inc. (b) | 2,949 | 104,011 | |
472,117 | |||
Life Sciences Tools & Services - 0.7% | |||
Bio-Rad Laboratories, Inc. Class A (a) | 816 | 224,628 | |
Bruker Corp. | 4,249 | 242,193 | |
Maravai LifeSciences Holdings, Inc. (a) | 13,469 | 92,397 | |
Medpace Holdings, Inc. (a) | 1,071 | 259,900 | |
819,118 | |||
Pharmaceuticals - 1.1% | |||
Amphastar Pharmaceuticals, Inc. (a) | 2,913 | 131,872 | |
ANI Pharmaceuticals, Inc. (a) | 2,756 | 170,155 | |
Assertio Holdings, Inc. (a) | 25,509 | 54,844 | |
Corcept Therapeutics, Inc. (a) | 6,237 | 175,135 | |
Innoviva, Inc. (a) | 10,992 | 136,411 | |
Organon & Co. | 12,129 | 179,388 | |
Phibro Animal Health Corp. Class A | 9,045 | 98,771 | |
Prestige Brands Holdings, Inc. (a) | 3,077 | 182,651 | |
Supernus Pharmaceuticals, Inc. (a) | 5,322 | 126,930 | |
1,256,157 | |||
TOTAL HEALTH CARE | 12,406,139 | ||
INDUSTRIALS - 20.1% | |||
Aerospace & Defense - 1.4% | |||
AAR Corp. (a) | 2,169 | 128,752 | |
BWX Technologies, Inc. | 3,355 | 249,209 | |
Curtiss-Wright Corp. | 1,314 | 261,236 | |
Hexcel Corp. | 3,185 | 197,215 | |
Huntington Ingalls Industries, Inc. | 1,302 | 286,206 | |
Moog, Inc. Class A | 1,424 | 165,255 | |
National Presto Industries, Inc. | 1,158 | 86,561 | |
Woodward, Inc. | 2,070 | 258,129 | |
1,632,563 | |||
Air Freight & Logistics - 0.2% | |||
Forward Air Corp. | 1,369 | 88,177 | |
Hub Group, Inc. Class A (a) | 1,702 | 117,013 | |
205,190 | |||
Building Products - 3.0% | |||
A.O. Smith Corp. | 4,046 | 282,249 | |
AAON, Inc. | 2,724 | 148,404 | |
Allegion PLC | 2,838 | 279,146 | |
Builders FirstSource, Inc. (a) | 3,599 | 390,563 | |
Carlisle Companies, Inc. | 1,498 | 380,627 | |
CSW Industrials, Inc. | 813 | 144,112 | |
Fortune Brands Home & Security, Inc. | 4,220 | 235,476 | |
Gibraltar Industries, Inc. (a) | 1,864 | 113,443 | |
Lennox International, Inc. | 988 | 366,094 | |
Masonite International Corp. (a) | 1,363 | 107,868 | |
Owens Corning | 2,708 | 307,006 | |
PGT Innovations, Inc. (a) | 4,588 | 137,365 | |
Simpson Manufacturing Co. Ltd. | 1,532 | 204,032 | |
Tecnoglass, Inc. | 2,305 | 75,327 | |
UFP Industries, Inc. | 2,277 | 216,702 | |
3,388,414 | |||
Commercial Services & Supplies - 1.4% | |||
Brady Corp. Class A | 2,704 | 139,148 | |
Clean Harbors, Inc. (a) | 1,669 | 256,475 | |
CoreCivic, Inc. (a) | 11,336 | 143,967 | |
Ennis, Inc. | 4,392 | 93,813 | |
MSA Safety, Inc. | 1,323 | 208,875 | |
Rollins, Inc. | 7,490 | 281,699 | |
Tetra Tech, Inc. | 1,737 | 262,131 | |
The Brink's Co. | 2,228 | 148,964 | |
The GEO Group, Inc. (a) | 14,570 | 127,342 | |
1,662,414 | |||
Construction & Engineering - 1.7% | |||
AECOM | 4,195 | 321,127 | |
API Group Corp. (a) | 7,693 | 199,018 | |
Arcosa, Inc. | 2,227 | 153,819 | |
Comfort Systems U.S.A., Inc. | 1,302 | 236,769 | |
EMCOR Group, Inc. | 1,494 | 308,735 | |
MasTec, Inc. (a) | 2,129 | 126,548 | |
MDU Resources Group, Inc. | 8,657 | 161,107 | |
MYR Group, Inc. (a) | 964 | 111,660 | |
Sterling Construction Co., Inc. (a) | 2,067 | 150,581 | |
Valmont Industries, Inc. | 818 | 161,072 | |
1,930,436 | |||
Electrical Equipment - 1.8% | |||
Acuity Brands, Inc. | 1,254 | 203,110 | |
Atkore, Inc. (a) | 1,475 | 183,313 | |
Encore Wire Corp. | 929 | 166,133 | |
EnerSys | 1,739 | 148,824 | |
Hubbell, Inc. Class B | 1,538 | 415,414 | |
nVent Electric PLC | 5,441 | 261,875 | |
Powell Industries, Inc. | 1,216 | 93,206 | |
Regal Rexnord Corp. | 2,085 | 246,885 | |
Sensata Technologies, Inc. PLC | 5,626 | 179,357 | |
Thermon Group Holdings, Inc. (a) | 3,988 | 106,440 | |
2,004,557 | |||
Ground Transportation - 0.8% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 5,171 | 252,810 | |
Landstar System, Inc. | 1,254 | 206,634 | |
Saia, Inc. (a) | 817 | 292,886 | |
Schneider National, Inc. Class B | 3,457 | 87,566 | |
Werner Enterprises, Inc. | 3,149 | 114,372 | |
954,268 | |||
Machinery - 5.0% | |||
AGCO Corp. | 2,143 | 245,716 | |
Alamo Group, Inc. | 703 | 112,691 | |
Albany International Corp. Class A | 1,609 | 131,310 | |
Allison Transmission Holdings, Inc. | 3,600 | 181,512 | |
Barnes Group, Inc. | 3,314 | 68,898 | |
Donaldson Co., Inc. | 4,168 | 240,327 | |
ESAB Corp. | 2,383 | 150,844 | |
ESCO Technologies, Inc. | 1,427 | 138,733 | |
Federal Signal Corp. | 2,821 | 163,731 | |
Flowserve Corp. | 5,245 | 192,596 | |
Franklin Electric Co., Inc. | 1,762 | 152,801 | |
Graco, Inc. | 5,033 | 374,204 | |
ITT, Inc. | 2,776 | 259,140 | |
Kadant, Inc. | 663 | 145,860 | |
Lincoln Electric Holdings, Inc. | 1,800 | 314,640 | |
Middleby Corp. (a) | 1,880 | 212,196 | |
Mueller Industries, Inc. | 4,816 | 181,611 | |
Mueller Water Products, Inc. Class A | 8,836 | 109,301 | |
Nordson Corp. | 1,615 | 343,333 | |
Pentair PLC | 5,109 | 296,935 | |
Snap-On, Inc. | 1,551 | 400,065 | |
SPX Technologies, Inc. (a) | 2,006 | 160,721 | |
Standex International Corp. | 852 | 122,322 | |
Tennant Co. | 1,445 | 107,248 | |
Terex Corp. | 2,935 | 134,423 | |
Timken Co. | 2,586 | 178,744 | |
Toro Co. | 3,290 | 265,964 | |
Wabash National Corp. | 4,553 | 94,202 | |
Watts Water Technologies, Inc. Class A | 1,089 | 188,408 | |
5,668,476 | |||
Marine Transportation - 0.1% | |||
Matson, Inc. | 1,694 | 147,463 | |
Professional Services - 3.0% | |||
Booz Allen Hamilton Holding Corp. Class A | 3,760 | 450,937 | |
CACI International, Inc. Class A (a) | 767 | 249,091 | |
CBIZ, Inc. (a) | 2,688 | 139,668 | |
Concentrix Corp. | 2,061 | 157,069 | |
Exponent, Inc. | 2,122 | 155,521 | |
FTI Consulting, Inc. (a) | 1,252 | 265,750 | |
Heidrick & Struggles International, Inc. | 3,416 | 83,145 | |
Huron Consulting Group, Inc. (a) | 1,265 | 125,690 | |
ICF International, Inc. | 1,076 | 136,361 | |
Insperity, Inc. | 1,706 | 180,563 | |
KBR, Inc. | 4,518 | 262,722 | |
Kforce, Inc. | 1,835 | 112,008 | |
Manpower, Inc. | 2,227 | 155,823 | |
Maximus, Inc. | 2,457 | 183,587 | |
Resources Connection, Inc. | 5,905 | 79,540 | |
Robert Half, Inc. | 3,622 | 270,817 | |
Science Applications International Corp. | 1,934 | 211,270 | |
TriNet Group, Inc. (a) | 1,613 | 165,736 | |
3,385,298 | |||
Trading Companies & Distributors - 1.7% | |||
Applied Industrial Technologies, Inc. | 1,483 | 227,655 | |
BlueLinx Corp. (a) | 1,189 | 84,550 | |
Boise Cascade Co. | 1,678 | 157,313 | |
Core & Main, Inc. (a) | 4,674 | 140,594 | |
GMS, Inc. (a) | 2,076 | 121,404 | |
McGrath RentCorp. | 1,432 | 144,059 | |
MSC Industrial Direct Co., Inc. Class A | 1,925 | 182,394 | |
Rush Enterprises, Inc. Class A | 3,358 | 119,478 | |
SiteOne Landscape Supply, Inc. (a) | 1,568 | 216,023 | |
Textainer Group Holdings Ltd. | 3,009 | 147,802 | |
Watsco, Inc. | 1,015 | 354,123 | |
1,895,395 | |||
TOTAL INDUSTRIALS | 22,874,474 | ||
INFORMATION TECHNOLOGY - 11.5% | |||
Communications Equipment - 0.7% | |||
Ciena Corp. (a) | 5,998 | 253,116 | |
Harmonic, Inc. (a) | 12,189 | 131,519 | |
Juniper Networks, Inc. | 11,155 | 300,293 | |
NetScout Systems, Inc. (a) | 5,240 | 114,389 | |
799,317 | |||
Electronic Equipment, Instruments & Components - 3.6% | |||
Advanced Energy Industries, Inc. | 1,737 | 151,571 | |
Arrow Electronics, Inc. (a) | 2,123 | 240,769 | |
Avnet, Inc. | 4,386 | 203,203 | |
Badger Meter, Inc. | 1,314 | 182,055 | |
Bel Fuse, Inc. Class B (non-vtg.) | 2,316 | 125,481 | |
Belden, Inc. | 2,158 | 153,002 | |
Cognex Corp. | 6,110 | 219,899 | |
CTS Corp. | 3,008 | 112,529 | |
ePlus, Inc. (a) | 2,388 | 149,250 | |
Fabrinet (a) | 1,706 | 264,430 | |
Insight Enterprises, Inc. (a) | 1,410 | 202,053 | |
IPG Photonics Corp. (a) | 1,675 | 143,883 | |
Jabil, Inc. | 4,062 | 498,805 | |
Littelfuse, Inc. | 983 | 212,987 | |
Methode Electronics, Inc. Class A | 3,943 | 90,176 | |
Novanta, Inc. (a) | 1,439 | 190,034 | |
OSI Systems, Inc. (a) | 1,228 | 128,044 | |
PC Connection, Inc. | 2,250 | 120,555 | |
Plexus Corp. (a) | 1,698 | 166,947 | |
Sanmina Corp. (a) | 3,269 | 166,294 | |
Vishay Intertechnology, Inc. | 6,708 | 149,186 | |
Vishay Precision Group, Inc. (a) | 3,014 | 90,179 | |
Vontier Corp. | 7,094 | 209,699 | |
4,171,031 | |||
IT Services - 0.6% | |||
Amdocs Ltd. | 4,003 | 320,880 | |
DXC Technology Co. (a) | 10,726 | 216,343 | |
Hackett Group, Inc. | 4,916 | 109,578 | |
646,801 | |||
Semiconductors & Semiconductor Equipment - 2.0% | |||
Allegro MicroSystems LLC (a) | 3,922 | 101,815 | |
Amkor Technology, Inc. | 6,014 | 125,452 | |
Axcelis Technologies, Inc. (a) | 1,318 | 168,045 | |
Cirrus Logic, Inc. (a) | 2,576 | 172,412 | |
Diodes, Inc. (a) | 2,228 | 144,998 | |
Kulicke & Soffa Industries, Inc. | 3,184 | 132,486 | |
Lattice Semiconductor Corp. (a) | 4,376 | 243,349 | |
NVE Corp. (b) | 1,387 | 94,316 | |
Onto Innovation, Inc. (a) | 2,008 | 225,639 | |
PDF Solutions, Inc. (a) | 3,041 | 80,678 | |
Photronics, Inc. (a) | 5,414 | 99,401 | |
Power Integrations, Inc. | 2,494 | 172,909 | |
Rambus, Inc. (a) | 4,465 | 242,583 | |
Universal Display Corp. | 1,761 | 245,096 | |
2,249,179 | |||
Software - 4.0% | |||
ACI Worldwide, Inc. (a) | 6,903 | 140,614 | |
Adeia, Inc. | 11,244 | 94,787 | |
Agilysys, Inc. (a) | 1,874 | 160,770 | |
Altair Engineering, Inc. Class A (a) | 2,702 | 167,848 | |
AppFolio, Inc. (a) | 1,033 | 193,760 | |
Aspen Technology, Inc. (a) | 1,206 | 214,367 | |
Bentley Systems, Inc. Class B | 6,698 | 325,791 | |
Blackbaud, Inc. (a) | 2,431 | 158,987 | |
BlackLine, Inc. (a) | 3,246 | 159,379 | |
Box, Inc. Class A (a) | 6,749 | 167,780 | |
CommVault Systems, Inc. (a) | 2,480 | 162,068 | |
Dolby Laboratories, Inc. Class A | 2,565 | 207,611 | |
DoubleVerify Holdings, Inc. (a) | 5,167 | 143,798 | |
Dropbox, Inc. Class A (a) | 10,313 | 271,232 | |
Dynatrace, Inc. (a) | 7,248 | 324,058 | |
Intapp, Inc. (a) | 3,319 | 113,510 | |
InterDigital, Inc. | 1,794 | 134,999 | |
Manhattan Associates, Inc. (a) | 2,011 | 392,105 | |
Progress Software Corp. | 2,703 | 138,880 | |
Qualys, Inc. (a) | 1,535 | 234,778 | |
SPS Commerce, Inc. (a) | 1,471 | 235,860 | |
Teradata Corp. (a) | 4,237 | 181,005 | |
Workiva, Inc. (a) | 2,095 | 182,454 | |
Yext, Inc. (a) | 13,521 | 81,532 | |
4,587,973 | |||
Technology Hardware, Storage & Peripherals - 0.6% | |||
Pure Storage, Inc. Class A (a) | 9,537 | 322,446 | |
Super Micro Computer, Inc. (a) | 1,394 | 333,821 | |
656,267 | |||
TOTAL INFORMATION TECHNOLOGY | 13,110,568 | ||
MATERIALS - 5.1% | |||
Chemicals - 2.0% | |||
Axalta Coating Systems Ltd. (a) | 9,153 | 240,083 | |
Balchem Corp. | 1,601 | 186,100 | |
Chase Corp. | 1,054 | 133,921 | |
Hawkins, Inc. | 2,717 | 156,037 | |
Innospec, Inc. | 1,621 | 158,858 | |
Minerals Technologies, Inc. | 2,669 | 144,286 | |
NewMarket Corp. | 399 | 192,378 | |
Olin Corp. | 4,777 | 204,073 | |
Orion SA | 6,552 | 133,006 | |
RPM International, Inc. | 4,114 | 375,485 | |
Sensient Technologies Corp. | 2,819 | 159,048 | |
Westlake Corp. | 1,672 | 192,882 | |
2,276,157 | |||
Construction Materials - 0.2% | |||
Eagle Materials, Inc. | 1,457 | 224,247 | |
Containers & Packaging - 1.2% | |||
Aptargroup, Inc. | 2,460 | 300,784 | |
Berry Global Group, Inc. | 4,676 | 257,180 | |
Graphic Packaging Holding Co. | 12,306 | 264,702 | |
Greif, Inc. Class A | 2,278 | 144,653 | |
Silgan Holdings, Inc. | 4,579 | 183,435 | |
Sonoco Products Co. | 4,341 | 224,907 | |
1,375,661 | |||
Metals & Mining - 1.4% | |||
Alpha Metallurgical Resources | 992 | 218,200 | |
Arch Resources, Inc. | 1,315 | 198,341 | |
ATI, Inc. (a) | 5,543 | 209,359 | |
Commercial Metals Co. | 4,768 | 201,639 | |
Materion Corp. | 1,557 | 150,998 | |
Royal Gold, Inc. | 2,553 | 266,354 | |
Warrior Metropolitan Coal, Inc. | 4,183 | 203,838 | |
Worthington Industries, Inc. | 2,258 | 139,138 | |
1,587,867 | |||
Paper & Forest Products - 0.3% | |||
Louisiana-Pacific Corp. | 3,417 | 175,224 | |
Sylvamo Corp. | 3,104 | 137,507 | |
312,731 | |||
TOTAL MATERIALS | 5,776,663 | ||
REAL ESTATE - 6.7% | |||
Equity Real Estate Investment Trusts (REITs) - 6.3% | |||
Agree Realty Corp. | 3,657 | 204,573 | |
American Homes 4 Rent Class A | 9,989 | 327,040 | |
Apartment Income (REIT) Corp. | 6,395 | 186,798 | |
Apartment Investment & Management Co. Class A | 14,829 | 86,898 | |
Armada Hoffler Properties, Inc. | 9,361 | 93,236 | |
Brixmor Property Group, Inc. | 11,396 | 236,923 | |
Broadstone Net Lease, Inc. | 10,161 | 143,778 | |
Camden Property Trust (SBI) | 3,399 | 288,507 | |
COPT Defense Properties (SBI) | 6,344 | 144,643 | |
Cousins Properties, Inc. | 7,826 | 139,851 | |
CubeSmart | 7,433 | 253,391 | |
EastGroup Properties, Inc. | 1,588 | 259,241 | |
EPR Properties | 3,909 | 166,914 | |
Equity Commonwealth | 7,343 | 139,076 | |
Equity Lifestyle Properties, Inc. | 5,437 | 357,755 | |
Essential Properties Realty Trust, Inc. | 7,489 | 164,384 | |
Federal Realty Investment Trust (SBI) | 2,676 | 244,024 | |
First Industrial Realty Trust, Inc. | 4,929 | 208,497 | |
Four Corners Property Trust, Inc. | 5,752 | 122,518 | |
Getty Realty Corp. | 4,061 | 108,104 | |
Highwoods Properties, Inc. (SBI) | 6,547 | 117,126 | |
Independence Realty Trust, Inc. | 10,961 | 135,807 | |
Kimco Realty Corp. | 19,416 | 348,323 | |
Lamar Advertising Co. Class A | 3,092 | 254,379 | |
LXP Industrial Trust (REIT) | 16,288 | 128,838 | |
Medical Properties Trust, Inc. (b) | 24,770 | 118,401 | |
National Health Investors, Inc. | 2,710 | 135,608 | |
NNN (REIT), Inc. | 6,635 | 241,050 | |
Omega Healthcare Investors, Inc. | 8,455 | 279,861 | |
Physicians Realty Trust | 12,146 | 131,906 | |
Piedmont Office Realty Trust, Inc. Class A | 17,919 | 93,358 | |
Potlatch Corp. | 3,669 | 157,217 | |
Regency Centers Corp. | 5,095 | 307,025 | |
Rexford Industrial Realty, Inc. | 6,449 | 278,855 | |
Spirit Realty Capital, Inc. | 5,722 | 205,935 | |
Stag Industrial, Inc. | 6,847 | 227,457 | |
Terreno Realty Corp. | 3,318 | 176,783 | |
7,214,080 | |||
Real Estate Management & Development - 0.4% | |||
Forestar Group, Inc. (a) | 3,381 | 80,299 | |
The RMR Group, Inc. | 4,289 | 96,588 | |
Zillow Group, Inc. Class C (a) | 6,731 | 243,999 | |
420,886 | |||
TOTAL REAL ESTATE | 7,634,966 | ||
UTILITIES - 2.7% | |||
Electric Utilities - 1.2% | |||
Allete, Inc. | 3,238 | 173,363 | |
Hawaiian Electric Industries, Inc. | 5,708 | 74,090 | |
IDACORP, Inc. | 2,249 | 213,003 | |
OGE Energy Corp. | 7,750 | 265,050 | |
Otter Tail Corp. (b) | 2,175 | 167,345 | |
Pinnacle West Capital Corp. | 3,992 | 296,127 | |
Portland General Electric Co. | 4,568 | 182,811 | |
1,371,789 | |||
Gas Utilities - 0.6% | |||
Chesapeake Utilities Corp. | 1,341 | 118,826 | |
National Fuel Gas Co. | 4,178 | 212,869 | |
New Jersey Resources Corp. | 4,680 | 189,914 | |
ONE Gas, Inc. | 2,664 | 160,906 | |
682,515 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
Clearway Energy, Inc. Class C | 7,178 | 155,834 | |
Multi-Utilities - 0.6% | |||
Avista Corp. | 4,633 | 146,820 | |
NiSource, Inc. | 13,909 | 349,950 | |
NorthWestern Energy Corp. | 3,364 | 161,506 | |
658,276 | |||
Water Utilities - 0.2% | |||
Consolidated Water Co., Inc. (b) | 5,922 | 174,817 | |
TOTAL UTILITIES | 3,043,231 | ||
TOTAL COMMON STOCKS (Cost $117,848,099) | 113,721,800 | ||
Money Market Funds - 1.9% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (c) | 148,842 | 148,871 | |
Fidelity Securities Lending Cash Central Fund 5.40% (c)(d) | 1,992,513 | 1,992,712 | |
TOTAL MONEY MARKET FUNDS (Cost $2,141,583) | 2,141,583 | ||
TOTAL INVESTMENT IN SECURITIES - 101.7% (Cost $119,989,682) | 115,863,383 |
NET OTHER ASSETS (LIABILITIES) - (1.7)% (e) | (1,908,767) |
NET ASSETS - 100.0% | 113,954,616 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Russell 2000 Index Contracts (United States) | 2 | Dec 2023 | 166,840 | (20,846) | (20,846) |
The notional amount of futures purchased as a percentage of Net Assets is 0.1% |
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 5.40% | 217,417 | 1,288,424 | 1,356,970 | 2,030 | - | - | 148,871 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.40% | 4,432,050 | 4,375,591 | 6,814,929 | 2,262 | - | - | 1,992,712 | 0.0% |
Total | 4,649,467 | 5,664,015 | 8,171,899 | 4,292 | - | - | 2,141,583 | |
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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