Quarterly Holdings Report
for
Fidelity® MSCI Industrials Index ETF
April 30, 2024
T06-NPRT3-0624
1.9584812.110
Schedule of Investments April 30, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.7% | |||
Shares | Value | ||
AEROSPACE & DEFENSE – 19.0% | |||
Aerospace & Defense – 19.0% | |||
AAR Corp. (a) | 7,595 | $ 525,118 | |
AeroVironment, Inc. (a) | 6,019 | 961,776 | |
AerSale Corp. (a) | 6,666 | 47,528 | |
Archer Aviation, Inc. Class A (a) | 42,087 | 163,297 | |
Astronics Corp. (a) | 5,722 | 95,958 | |
Axon Enterprise, Inc. (a) | 15,238 | 4,779,551 | |
Boeing Co. (a) | 123,045 | 20,651,873 | |
BWX Technologies, Inc. | 19,577 | 1,874,889 | |
Cadre Holdings, Inc. | 4,819 | 160,714 | |
Curtiss-Wright Corp. | 8,202 | 2,078,551 | |
Ducommun, Inc. (a) | 2,833 | 153,237 | |
General Dynamics Corp. | 49,666 | 14,258,612 | |
General Electric Co. | 232,763 | 37,665,709 | |
HEICO Corp. | 9,347 | 1,938,568 | |
HEICO Corp. Class A | 16,068 | 2,664,878 | |
Hexcel Corp. | 18,023 | 1,157,257 | |
Howmet Aerospace, Inc. | 83,747 | 5,590,112 | |
Huntington Ingalls Industries, Inc. | 8,529 | 2,361,936 | |
Kratos Defense & Security Solutions, Inc. (a) | 31,118 | 554,523 | |
L3Harris Technologies, Inc. | 40,576 | 8,685,293 | |
Leonardo DRS, Inc. (a) | 9,901 | 213,069 | |
Lockheed Martin Corp. | 47,807 | 22,226,908 | |
Mercury Systems, Inc. (a) | 11,413 | 321,847 | |
Moog, Inc. Class A | 6,226 | 990,370 | |
National Presto Industries, Inc. | 1,235 | 101,258 | |
Northrop Grumman Corp. | 30,675 | 14,878,295 | |
Rocket Lab USA, Inc. (a) | 56,844 | 213,733 | |
RTX Corp. | 307,853 | 31,253,236 | |
Spirit AeroSystems Holdings, Inc. Class A (a) | 24,737 | 791,584 | |
Textron, Inc. | 41,996 | 3,552,442 | |
TransDigm Group, Inc. | 11,844 | 14,781,667 | |
Triumph Group, Inc. (a) | 16,402 | 219,131 | |
V2X, Inc. (a) | 2,853 | 138,599 | |
Virgin Galactic Holdings, Inc. (a) | 81,155 | 70,613 | |
Woodward, Inc. | 12,849 | 2,086,164 | |
TOTAL AEROSPACE & DEFENSE | 198,208,296 | ||
AIR FREIGHT & LOGISTICS – 4.1% | |||
Air Freight & Logistics – 4.1% | |||
Air Transport Services Group, Inc. (a) | 3,777 | 48,421 | |
CH Robinson Worldwide, Inc. | 24,937 | 1,770,527 | |
Expeditors International of Washington, Inc. | 31,128 | 3,464,858 | |
FedEx Corp. | 50,823 | 13,304,445 | |
Forward Air Corp. | 5,455 | 120,119 | |
GXO Logistics, Inc. (a) | 25,407 | 1,261,711 | |
Hub Group, Inc. Class A | 13,440 | 540,557 |
| |||
Shares | Value | ||
United Parcel Service, Inc. Class B | 154,844 | $ 22,836,393 | |
TOTAL AIR FREIGHT & LOGISTICS | 43,347,031 | ||
BUILDING PRODUCTS – 7.6% | |||
Building Products – 7.6% | |||
A O Smith Corp. | 26,372 | 2,184,656 | |
AAON, Inc. | 14,780 | 1,390,650 | |
Advanced Drainage Systems, Inc. | 14,998 | 2,354,686 | |
Allegion PLC | 18,786 | 2,283,626 | |
American Woodmark Corp. (a) | 3,421 | 315,006 | |
Apogee Enterprises, Inc. | 4,725 | 291,911 | |
Armstrong World Industries, Inc. | 9,432 | 1,083,548 | |
AZEK Co., Inc. (a) | 28,396 | 1,295,993 | |
AZZ, Inc. | 5,918 | 423,906 | |
Builders FirstSource, Inc. (a) | 26,428 | 4,831,567 | |
Carlisle Cos., Inc. | 10,407 | 4,040,518 | |
Carrier Global Corp. | 173,069 | 10,642,013 | |
CSW Industrials, Inc. | 3,324 | 789,849 | |
Fortune Brands Innovations, Inc. | 27,027 | 1,975,674 | |
Gibraltar Industries, Inc. (a) | 6,525 | 466,277 | |
Griffon Corp. | 8,360 | 547,747 | |
Hayward Holdings, Inc. (a) | 31,987 | 434,383 | |
Insteel Industries, Inc. | 4,088 | 131,225 | |
Janus International Group, Inc. (a) | 29,812 | 429,591 | |
JELD-WEN Holding, Inc. (a) | 18,543 | 380,132 | |
Johnson Controls International PLC | 145,736 | 9,483,042 | |
Lennox International, Inc. | 6,851 | 3,174,890 | |
Masco Corp. | 48,076 | 3,290,802 | |
Masonite International Corp. (a) | 4,467 | 592,101 | |
MasterBrand, Inc. (a) | 27,265 | 454,508 | |
Owens Corning | 19,005 | 3,196,831 | |
Quanex Building Products Corp. | 7,049 | 234,168 | |
Resideo Technologies, Inc. (a) | 31,329 | 611,855 | |
Simpson Manufacturing Co., Inc. | 9,132 | 1,587,963 | |
Trane Technologies PLC | 48,722 | 15,461,439 | |
Trex Co., Inc. (a) | 23,267 | 2,060,293 | |
UFP Industries, Inc. | 13,204 | 1,488,091 | |
Zurn Elkay Water Solutions Corp. | 31,400 | 982,192 | |
TOTAL BUILDING PRODUCTS | 78,911,133 | ||
COMMERCIAL SERVICES & SUPPLIES – 7.9% | |||
Commercial Printing – 0.1% | |||
Brady Corp. Class A | 9,590 | 565,810 | |
Cimpress PLC (a) | 3,735 | 318,483 | |
Deluxe Corp. | 9,197 | 181,641 | |
Ennis, Inc. | 5,793 | 115,281 | |
1,181,215 | |||
Diversified Support Services – 2.5% | |||
ACV Auctions, Inc. Class A (a) | 29,391 | 512,873 | |
Cintas Corp. | 19,535 | 12,860,672 | |
Copart, Inc. (a) | 185,022 | 10,048,545 | |
Driven Brands Holdings, Inc. (a) | 13,841 | 198,342 | |
Healthcare Services Group, Inc. (a) | 15,763 | 167,403 |
2 | Quarterly Report |
Schedule of Investments (Unaudited)–continued
Common Stocks – continued | |||
Shares | Value | ||
COMMERCIAL SERVICES & SUPPLIES – continued | |||
Diversified Support Services – continued | |||
Liquidity Services, Inc. (a) | 5,041 | $ 87,008 | |
Matthews International Corp. Class A | 6,289 | 169,677 | |
OPENLANE, Inc. (a) | 23,047 | 395,947 | |
UniFirst Corp. | 3,262 | 522,344 | |
Vestis Corp. | 26,680 | 491,446 | |
Viad Corp. (a) | 4,426 | 152,608 | |
VSE Corp. | 2,946 | 229,994 | |
25,836,859 | |||
Environmental & Facilities Services – 4.9% | |||
ABM Industries, Inc. | 13,437 | 587,197 | |
BrightView Holdings, Inc. (a) | 8,934 | 100,507 | |
Casella Waste Systems, Inc. Class A (a) | 12,185 | 1,101,524 | |
CECO Environmental Corp. (a) | 6,791 | 146,821 | |
Clean Harbors, Inc. (a) | 11,013 | 2,086,413 | |
Enviri Corp. (a) | 17,800 | 138,484 | |
Montrose Environmental Group, Inc. (a) | 6,062 | 263,212 | |
Republic Services, Inc. | 47,161 | 9,040,764 | |
Rollins, Inc. | 62,253 | 2,773,994 | |
SP Plus Corp. (a) | 4,164 | 212,614 | |
Stericycle, Inc. (a) | 19,816 | 886,370 | |
Tetra Tech, Inc. | 11,412 | 2,222,144 | |
Veralto Corp. | 50,043 | 4,688,028 | |
Waste Connections, Inc. | 55,163 | 8,941,371 | |
Waste Management, Inc. | 86,237 | 17,939,021 | |
51,128,464 | |||
Office Services & Supplies – 0.3% | |||
ACCO Brands Corp. | 20,033 | 96,559 | |
HNI Corp. | 9,899 | 415,263 | |
Interface, Inc. | 12,794 | 195,620 | |
MillerKnoll, Inc. | 15,716 | 399,658 | |
MSA Safety, Inc. | 8,032 | 1,448,973 | |
Pitney Bowes, Inc. | 18,240 | 77,703 | |
Steelcase, Inc. Class A | 17,870 | 214,976 | |
2,848,752 | |||
Security & Alarm Services – 0.1% | |||
Brink's Co. | 9,628 | 842,065 | |
CoreCivic, Inc. (a) | 24,325 | 362,442 | |
GEO Group, Inc. (a) | 27,456 | 407,996 | |
1,612,503 | |||
TOTAL COMMERCIAL SERVICES & SUPPLIES | 82,607,793 | ||
CONSTRUCTION & ENGINEERING – 2.8% | |||
Construction & Engineering – 2.8% | |||
AECOM | 29,086 | 2,686,383 | |
Ameresco, Inc. Class A (a) | 7,019 | 146,908 | |
API Group Corp. (a) | 39,091 | 1,507,740 |
| |||
Shares | Value | ||
Arcosa, Inc. | 10,503 | $ 798,438 | |
Argan, Inc. | 2,671 | 160,954 | |
Comfort Systems USA, Inc. | 7,650 | 2,366,987 | |
Concrete Pumping Holdings, Inc. (a) | 5,252 | 34,926 | |
Construction Partners, Inc. Class A (a) | 9,347 | 482,679 | |
Dycom Industries, Inc. (a) | 6,313 | 883,946 | |
EMCOR Group, Inc. | 10,057 | 3,592,059 | |
Fluor Corp. (a) | 36,400 | 1,468,012 | |
Granite Construction, Inc. | 9,498 | 527,139 | |
Great Lakes Dredge & Dock Corp. (a) | 14,693 | 96,974 | |
IES Holdings, Inc. (a) | 1,788 | 241,595 | |
MasTec, Inc. (a) | 13,463 | 1,194,033 | |
MDU Resources Group, Inc. | 41,433 | 1,023,395 | |
MYR Group, Inc. (a) | 3,588 | 596,505 | |
Primoris Services Corp. | 11,559 | 538,649 | |
Quanta Services, Inc. | 31,114 | 8,044,836 | |
Sterling Infrastructure, Inc. (a) | 6,644 | 675,030 | |
Valmont Industries, Inc. | 4,490 | 919,552 | |
WillScot Mobile Mini Holdings Corp. (a) | 40,962 | 1,513,956 | |
TOTAL CONSTRUCTION & ENGINEERING | 29,500,696 | ||
ELECTRICAL EQUIPMENT – 9.0% | |||
Electrical Components & Equipment – 8.1% | |||
Acuity Brands, Inc. | 6,597 | 1,638,035 | |
Allient, Inc. | 3,308 | 97,222 | |
AMETEK, Inc. | 49,419 | 8,631,523 | |
Array Technologies, Inc. (a) | 32,428 | 400,162 | |
Atkore, Inc. | 7,945 | 1,392,758 | |
ChargePoint Holdings, Inc. (a) | 80,390 | 106,919 | |
Eaton Corp. PLC | 85,486 | 27,206,774 | |
Emerson Electric Co. | 122,055 | 13,155,088 | |
Encore Wire Corp. | 3,383 | 945,075 | |
EnerSys | 8,621 | 779,769 | |
Enovix Corp. (a) | 30,477 | 190,786 | |
Fluence Energy, Inc. (a) | 13,449 | 239,930 | |
FuelCell Energy, Inc. (a) | 96,359 | 89,402 | |
Generac Holdings, Inc. (a) | 13,131 | 1,785,291 | |
GrafTech International Ltd. | 43,554 | 74,913 | |
Hubbell, Inc. | 11,483 | 4,254,681 | |
LSI Industries, Inc. | 5,946 | 86,812 | |
NEXTracker, Inc. Class A (a) | 26,457 | 1,132,095 | |
nVent Electric PLC | 35,602 | 2,565,836 | |
Plug Power, Inc. (a) | 117,856 | 272,247 | |
Powell Industries, Inc. | 2,027 | 289,861 | |
Preformed Line Products Co. | 628 | 76,007 | |
Regal Rexnord Corp. | 14,218 | 2,294,359 | |
Rockwell Automation, Inc. | 24,538 | 6,648,816 | |
Sensata Technologies Holding PLC | 32,399 | 1,241,206 | |
SES AI Corp. (a) | 20,301 | 32,076 |
Quarterly Report | 3 |
Common Stocks – continued | |||
Shares | Value | ||
ELECTRICAL EQUIPMENT – continued | |||
Electrical Components & Equipment – continued | |||
Shoals Technologies Group, Inc. Class A (a) | 36,328 | $ 306,972 | |
Stem, Inc. (a) | 31,132 | 57,283 | |
SunPower Corp. (a) | 18,553 | 38,219 | |
Sunrun, Inc. (a) | 46,815 | 481,726 | |
Thermon Group Holdings, Inc. (a) | 7,423 | 237,016 | |
Vertiv Holdings Co. | 77,633 | 7,219,869 | |
Vicor Corp. (a) | 4,898 | 158,597 | |
84,127,325 | |||
Heavy Electrical Equipment – 0.9% | |||
Bloom Energy Corp. Class A (a) | 43,077 | 479,447 | |
GE Vernova, Inc. (a) | 58,188 | 8,944,078 | |
9,423,525 | |||
TOTAL ELECTRICAL EQUIPMENT | 93,550,850 | ||
GROUND TRANSPORTATION – 10.3% | |||
Cargo Ground Transportation – 2.2% | |||
ArcBest Corp. | 5,062 | 561,426 | |
Covenant Logistics Group, Inc. | 1,697 | 76,687 | |
Heartland Express, Inc. | 10,030 | 99,698 | |
JB Hunt Transport Services, Inc. | 17,675 | 2,873,425 | |
Knight-Swift Transportation Holdings, Inc. | 34,603 | 1,599,697 | |
Landstar System, Inc. | 7,722 | 1,346,794 | |
Marten Transport Ltd. | 12,892 | 218,133 | |
Old Dominion Freight Line, Inc. | 42,050 | 7,640,906 | |
PAM Transportation Services, Inc. (a) | 1,499 | 25,678 | |
RXO, Inc. (a) | 25,139 | 475,378 | |
Ryder System, Inc. | 9,483 | 1,155,504 | |
Saia, Inc. (a) | 5,687 | 2,256,772 | |
Schneider National, Inc. Class B | 11,971 | 247,560 | |
U-Haul Holding Co. | 20,792 | 1,274,965 | |
Universal Logistics Holdings, Inc. | 1,728 | 77,207 | |
Werner Enterprises, Inc. | 12,845 | 439,299 | |
XPO, Inc. (a) | 24,804 | 2,665,438 | |
23,034,567 | |||
Passenger Ground Transportation – 2.7% | |||
Avis Budget Group, Inc. | 3,869 | 369,296 | |
Hertz Global Holdings, Inc. (a) | 26,313 | 119,724 | |
Lyft, Inc. Class A (a) | 73,924 | 1,156,171 | |
Uber Technologies, Inc. (a) | 396,524 | 26,277,646 | |
27,922,837 | |||
Rail Transportation – 5.4% | |||
CSX Corp. | 423,087 | 14,054,950 | |
Norfolk Southern Corp. | 48,417 | 11,151,404 | |
Union Pacific Corp. | 130,518 | 30,953,649 | |
56,160,003 | |||
TOTAL GROUND TRANSPORTATION | 107,117,407 |
| |||
Shares | Value | ||
INDUSTRIAL CONGLOMERATES – 3.7% | |||
Industrial Conglomerates – 3.7% | |||
3M Co. | 118,247 | $ 11,412,018 | |
Honeywell International, Inc. | 141,148 | 27,203,454 | |
TOTAL INDUSTRIAL CONGLOMERATES | 38,615,472 | ||
MACHINERY – 20.3% | |||
Agricultural & Farm Machinery – 2.8% | |||
AGCO Corp. | 13,682 | 1,562,348 | |
Alamo Group, Inc. | 2,324 | 451,739 | |
CNH Industrial NV (a) | 214,028 | 2,439,919 | |
Deere & Co. | 56,944 | 22,288,451 | |
Lindsay Corp. | 2,413 | 280,270 | |
Titan International, Inc. (a) | 11,165 | 123,038 | |
Toro Co. | 22,289 | 1,952,294 | |
29,098,059 | |||
Construction Machinery & Heavy Transportation Equipment – 6.7% | |||
Allison Transmission Holdings, Inc. | 19,162 | 1,409,365 | |
Astec Industries, Inc. | 4,541 | 189,814 | |
Atmus Filtration Technologies, Inc. (a) | 3,541 | 107,257 | |
Blue Bird Corp. (a) | 6,864 | 226,203 | |
Caterpillar, Inc. | 108,999 | 36,467,795 | |
Cummins, Inc. | 30,355 | 8,574,984 | |
Douglas Dynamics, Inc. | 4,832 | 109,396 | |
Federal Signal Corp. | 13,046 | 1,060,640 | |
Greenbrier Cos., Inc. | 6,738 | 332,790 | |
Manitowoc Co., Inc. (a) | 7,932 | 95,977 | |
Nikola Corp. (a) | 236,663 | 146,873 | |
Oshkosh Corp. | 14,011 | 1,573,015 | |
PACCAR, Inc. | 111,991 | 11,883,365 | |
REV Group, Inc. | 10,989 | 240,220 | |
Shyft Group, Inc. | 7,031 | 76,497 | |
Terex Corp. | 14,375 | 805,719 | |
Trinity Industries, Inc. | 16,690 | 434,274 | |
Wabash National Corp. | 9,757 | 225,484 | |
Westinghouse Air Brake Technologies Corp. | 38,353 | 6,177,901 | |
70,137,569 | |||
Industrial Machinery & Supplies & Components – 10.8% | |||
3D Systems Corp. (a) | 27,730 | 92,895 | |
Albany International Corp. Class A | 6,736 | 537,196 | |
Barnes Group, Inc. | 10,383 | 360,498 | |
Chart Industries, Inc. (a) | 9,125 | 1,314,547 | |
Columbus McKinnon Corp. | 6,071 | 250,550 | |
Crane Co. | 10,317 | 1,444,483 | |
Donaldson Co., Inc. | 25,749 | 1,859,078 | |
Dover Corp. | 29,947 | 5,369,497 | |
Energy Recovery, Inc. (a) | 12,125 | 180,662 | |
Enerpac Tool Group Corp. | 11,491 | 409,424 | |
Enpro, Inc. | 4,255 | 638,803 |
4 | Quarterly Report |
Schedule of Investments (Unaudited)–continued
Common Stocks – continued | |||
Shares | Value | ||
MACHINERY – continued | |||
Industrial Machinery & Supplies & Components – continued | |||
Esab Corp. | 12,249 | $ 1,296,924 | |
ESCO Technologies, Inc. | 5,566 | 564,671 | |
Flowserve Corp. | 28,053 | 1,322,979 | |
Fortive Corp. | 75,300 | 5,667,831 | |
Franklin Electric Co., Inc. | 8,407 | 809,342 | |
Gates Industrial Corp. PLC (a) | 36,680 | 646,302 | |
Gorman-Rupp Co. | 4,729 | 156,861 | |
Graco, Inc. | 36,138 | 2,898,268 | |
Helios Technologies, Inc. | 7,049 | 317,910 | |
Hillenbrand, Inc. | 15,089 | 720,047 | |
Hillman Solutions Corp. (a) | 42,169 | 403,136 | |
Hyster-Yale Materials Handling, Inc. | 1,833 | 107,359 | |
IDEX Corp. | 16,169 | 3,564,618 | |
Illinois Tool Works, Inc. | 64,422 | 15,726,054 | |
Ingersoll Rand, Inc. | 86,686 | 8,089,538 | |
ITT, Inc. | 17,594 | 2,275,608 | |
John Bean Technologies Corp. | 6,807 | 606,436 | |
Kadant, Inc. | 2,525 | 691,320 | |
Kennametal, Inc. | 16,182 | 380,762 | |
Lincoln Electric Holdings, Inc. | 12,245 | 2,688,145 | |
Middleby Corp. (a) | 11,514 | 1,600,101 | |
Mueller Industries, Inc. | 23,170 | 1,293,349 | |
Mueller Water Products, Inc. Class A | 33,671 | 533,349 | |
Nordson Corp. | 11,595 | 2,993,713 | |
Omega Flex, Inc. | 765 | 50,689 | |
Otis Worldwide Corp. | 87,634 | 7,992,221 | |
Parker-Hannifin Corp. | 27,510 | 14,990,474 | |
Pentair PLC | 35,350 | 2,795,831 | |
Proto Labs, Inc. (a) | 5,538 | 168,798 | |
RBC Bearings, Inc. (a) | 6,230 | 1,523,546 | |
Snap-on, Inc. | 11,307 | 3,029,824 | |
SPX Technologies, Inc. (a) | 9,739 | 1,186,308 | |
Standex International Corp. | 2,538 | 438,769 | |
Stanley Black & Decker, Inc. | 32,872 | 3,004,501 | |
Symbotic, Inc. (a) | 3,624 | 139,778 | |
Tennant Co. | 3,844 | 447,749 | |
Timken Co. | 13,671 | 1,219,727 | |
Watts Water Technologies, Inc. Class A | 5,848 | 1,160,594 | |
Xylem, Inc. | 51,643 | 6,749,740 | |
112,710,805 | |||
TOTAL MACHINERY | 211,946,433 | ||
MARINE TRANSPORTATION – 0.1% | |||
Marine Transportation – 0.1% | |||
Genco Shipping & Trading Ltd. | 8,491 | 181,198 | |
Kirby Corp. (a) | 3,186 | 347,688 | |
Matson, Inc. | 1,914 | 206,291 | |
TOTAL MARINE TRANSPORTATION | 735,177 |
| |||
Shares | Value | ||
PASSENGER AIRLINES – 0.4% | |||
Passenger Airlines – 0.4% | |||
Alaska Air Group, Inc. (a) | 6,966 | $ 299,677 | |
Allegiant Travel Co. | 998 | 54,451 | |
American Airlines Group, Inc. (a) | 35,089 | 474,052 | |
Delta Air Lines, Inc. | 34,368 | 1,720,806 | |
Frontier Group Holdings, Inc. (a) | 9,099 | 54,958 | |
JetBlue Airways Corp. (a) | 18,722 | 106,341 | |
Joby Aviation, Inc. (a) | 37,225 | 187,986 | |
SkyWest, Inc. (a) | 2,185 | 159,571 | |
Southwest Airlines Co. | 31,831 | 825,696 | |
Spirit Airlines, Inc. | 6,091 | 21,501 | |
Sun Country Airlines Holdings, Inc. (a) | 3,209 | 42,712 | |
TOTAL PASSENGER AIRLINES | 3,947,751 | ||
PROFESSIONAL SERVICES – 9.0% | |||
Data Processing & Outsourced Services – 1.1% | |||
Broadridge Financial Solutions, Inc. | 25,183 | 4,870,644 | |
Concentrix Corp. | 9,263 | 506,408 | |
Conduent, Inc. (a) | 34,721 | 109,371 | |
CSG Systems International, Inc. | 6,347 | 299,832 | |
ExlService Holdings, Inc. (a) | 35,323 | 1,024,367 | |
Maximus, Inc. | 13,045 | 1,047,253 | |
SS&C Technologies Holdings, Inc. | 47,747 | 2,955,062 | |
TaskUS, Inc. Class A (a) | 3,837 | 43,972 | |
TTEC Holdings, Inc. | 3,979 | 28,967 | |
Verra Mobility Corp. (a) | 33,761 | 796,085 | |
11,681,961 | |||
Human Resource & Employment Services – 4.1% | |||
Alight, Inc. Class A (a) | 77,225 | 696,569 | |
Automatic Data Processing, Inc. | 88,057 | 21,300,108 | |
Barrett Business Services, Inc. | 1,411 | 171,437 | |
Dayforce, Inc. (a) | 31,703 | 1,945,613 | |
First Advantage Corp. | 10,996 | 179,235 | |
Heidrick & Struggles International, Inc. | 4,384 | 129,240 | |
Insperity, Inc. | 7,578 | 780,004 | |
Kelly Services, Inc. Class A | 6,881 | 157,850 | |
Kforce, Inc. | 4,107 | 253,648 | |
Korn Ferry | 11,275 | 684,618 | |
ManpowerGroup, Inc. | 10,419 | 786,114 | |
Paychex, Inc. | 69,345 | 8,238,879 | |
Paycom Software, Inc. | 11,591 | 2,178,876 | |
Paycor HCM, Inc. (a) | 15,174 | 263,572 | |
Paylocity Holding Corp. (a) | 9,620 | 1,492,639 | |
Robert Half, Inc. | 22,642 | 1,565,468 | |
Sterling Check Corp. (a) | 6,172 | 93,382 | |
TriNet Group, Inc. | 7,022 | 704,798 | |
TrueBlue, Inc. (a) | 6,785 | 70,700 | |
Upwork, Inc. (a) | 25,928 | 303,358 | |
41,996,108 |
Quarterly Report | 5 |
Common Stocks – continued | |||
Shares | Value | ||
PROFESSIONAL SERVICES – continued | |||
Research & Consulting Services – 3.8% | |||
Booz Allen Hamilton Holding Corp. | 27,890 | $ 4,118,516 | |
CACI International, Inc. Class A (a) | 4,765 | 1,916,626 | |
CBIZ, Inc. (a) | 9,627 | 685,250 | |
Clarivate PLC (a) | 63,593 | 429,889 | |
CRA International, Inc. | 1,518 | 220,247 | |
Dun & Bradstreet Holdings, Inc. | 56,277 | 512,121 | |
Equifax, Inc. | 26,379 | 5,808,392 | |
Exponent, Inc. | 10,854 | 997,591 | |
Forrester Research, Inc. (a) | 2,554 | 46,457 | |
Franklin Covey Co. (a) | 2,357 | 91,782 | |
FTI Consulting, Inc. (a) | 7,597 | 1,624,467 | |
Huron Consulting Group, Inc. (a) | 3,972 | 370,349 | |
ICF International, Inc. | 4,050 | 584,374 | |
Jacobs Solutions, Inc. | 27,013 | 3,877,176 | |
KBR, Inc. | 28,994 | 1,882,870 | |
Legalzoom.com, Inc. (a) | 26,098 | 311,871 | |
Leidos Holdings, Inc. | 27,937 | 3,917,326 | |
NV5 Global, Inc. (a) | 3,072 | 286,433 | |
Parsons Corp. (a) | 9,039 | 709,652 | |
Planet Labs PBC (a) | 45,162 | 76,324 | |
Resources Connection, Inc. | 7,123 | 78,709 | |
Science Applications International Corp. | 11,053 | 1,422,521 | |
TransUnion | 41,425 | 3,024,025 | |
Verisk Analytics, Inc. | 31,044 | 6,766,350 | |
39,759,318 | |||
TOTAL PROFESSIONAL SERVICES | 93,437,387 | ||
TRADING COMPANIES & DISTRIBUTORS – 5.5% | |||
Trading Companies & Distributors – 5.5% | |||
Air Lease Corp. | 22,561 | 1,133,465 | |
Alta Equipment Group, Inc. | 4,621 | 51,339 | |
Applied Industrial Technologies, Inc. | 8,323 | 1,525,190 | |
Beacon Roofing Supply, Inc. (a) | 12,862 | 1,267,293 | |
BlueLinx Holdings, Inc. (a) | 1,921 | 210,676 | |
Boise Cascade Co. | 8,466 | 1,119,798 | |
Core & Main, Inc. Class A (a) | 41,021 | 2,316,456 | |
Custom Truck One Source, Inc. (a) | 13,065 | 65,194 | |
Distribution Solutions Group, Inc. (a) | 2,507 | 82,656 | |
DNOW, Inc. (a) | 22,648 | 319,563 | |
DXP Enterprises, Inc. (a) | 2,891 | 140,965 | |
Fastenal Co. | 122,344 | 8,312,051 | |
Ferguson PLC | 43,572 | 9,145,763 |
| |||
Shares | Value | ||
FTAI Aviation Ltd. | 21,428 | $ 1,504,460 | |
GATX Corp. | 7,204 | 881,481 | |
Global Industrial Co. | 4,079 | 157,082 | |
GMS, Inc. (a) | 8,080 | 747,562 | |
H&E Equipment Services, Inc. | 7,007 | 338,368 | |
Herc Holdings, Inc. | 6,054 | 865,904 | |
Hudson Technologies, Inc. (a) | 8,730 | 86,602 | |
McGrath RentCorp | 5,246 | 559,538 | |
MRC Global, Inc. (a) | 17,884 | 200,837 | |
MSC Industrial Direct Co., Inc. Class A | 9,642 | 879,736 | |
Rush Enterprises, Inc. Class A | 13,164 | 578,163 | |
Rush Enterprises, Inc. Class B | 1,801 | 73,679 | |
SiteOne Landscape Supply, Inc. (a) | 9,675 | 1,517,911 | |
Titan Machinery, Inc. (a) | 4,472 | 99,547 | |
Transcat, Inc. (a) | 1,868 | 200,567 | |
United Rentals, Inc. | 14,510 | 9,692,535 | |
Watsco, Inc. | 7,247 | 3,244,627 | |
WESCO International, Inc. | 9,873 | 1,508,101 | |
WW Grainger, Inc. | 9,566 | 8,813,634 | |
Xometry, Inc. Class A (a) | 8,104 | 144,818 | |
TOTAL TRADING COMPANIES & DISTRIBUTORS | 57,785,561 | ||
TOTAL COMMON STOCKS (Cost $835,310,439) | 1,039,710,987 | ||
Money Market Fund – 0.2% | |||
State Street Institutional Treasury Plus Money Market Fund 5.24% (b) (Cost $1,910,000) | 1,910,000 | 1,910,000 | |
TOTAL INVESTMENT IN SECURITIES – 99.9% (Cost $837,220,439) | 1,041,620,987 | ||
NET OTHER ASSETS (LIABILITIES) (c) – 0.1% | 1,369,015 | ||
NET ASSETS – 100.0% | $1,042,990,002 |
Legend | ||
(a) | Non-income producing. | |
(b) | The rate quoted is the annualized seven-day yield of the fund at period end. | |
(c) | Includes $131,600 of cash collateral to cover margin requirements for futures contracts. |
6 | Quarterly Report |
Schedule of Investments (Unaudited)–continued
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) | 22 | June 2024 | 2,710,400 | $ (22,585) | $ (22,585) |
CME E-mini Russell 2000 Index Contracts (United States) | 4 | June 2024 | 397,120 | (12,106) | (12,106) |
Total Equity Index Contracts | $ (34,691) |
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
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 delegated the day to day responsibility for the valuation of the Fund’s investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific event. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund’s investments and ratifies the fair value determinations of the Committee.
The 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. If an unaffiliated open-end mutual fund’s NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board’s fair value pricing policies and is categorized as Level 2 in the hierarchy.
Quarterly Report | 7 |
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.
8 | Quarterly 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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
Quarterly Report | 9 |