NPORT-EX 2 NPORT_PBR5_28866146_1023.htm FOR VALIDATION PURPOSES ONLY - [518789.TX7]
Quarterly Holdings Report
for
Fidelity® MSCI Industrials Index ETF
October 31, 2023
T06-NPRT1-1223
1.9584813.109
Schedule of Investments October 31, 2023 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.7% 
    Shares Value
AEROSPACE & DEFENSE – 16.7% 
Aerospace & Defense – 16.7%
AAR Corp. (a) 6,274 $ 372,425
AeroVironment, Inc. (a) 5,059 580,065
AerSale Corp. (a) 4,948 75,655
Archer Aviation, Inc. Class A (a) 24,956 118,541
Astronics Corp. (a) 4,717 72,312
Axon Enterprise, Inc. (a) 13,457 2,751,822
Boeing Co. (a) 109,565 20,468,933
BWX Technologies, Inc. 17,564 1,304,654
Cadre Holdings, Inc. 3,627 101,737
Curtiss-Wright Corp. 7,368 1,464,832
Ducommun, Inc. (a) 2,374 113,572
General Dynamics Corp. 44,704 10,787,522
HEICO Corp. 8,390 1,329,060
HEICO Corp. Class A 14,199 1,805,119
Hexcel Corp. 16,175 1,001,556
Howmet Aerospace, Inc. 75,270 3,319,407
Huntington Ingalls Industries, Inc. 7,640 1,679,425
Kaman Corp. 4,807 89,458
Kratos Defense & Security Solutions, Inc. (a) 24,657 420,402
L3Harris Technologies, Inc. 36,320 6,516,171
Leonardo DRS, Inc. (a) 9,901 188,812
Lockheed Martin Corp. 43,696 19,865,949
Mercury Systems, Inc. (a) 9,958 358,289
Moog, Inc. Class A 5,532 641,989
National Presto Industries, Inc. 991 74,077
Northrop Grumman Corp. 27,657 13,038,339
Rocket Lab USA, Inc. (a) 46,593 197,088
RTX Corp. 280,117 22,798,723
Spirit AeroSystems Holdings, Inc. Class A (a) 20,251 457,673
Textron, Inc. 38,664 2,938,464
TransDigm Group, Inc. (a) 10,531 8,720,616
Triumph Group, Inc. (a) 12,316 91,877
V2X, Inc. (a) 2,312 118,074
Virgin Galactic Holdings, Inc. (a) 47,986 71,019
Woodward, Inc. 10,934 1,363,470
TOTAL AEROSPACE & DEFENSE 125,297,127
AIR FREIGHT & LOGISTICS – 5.0% 
Air Freight & Logistics – 5.0%
Air Transport Services Group, Inc. (a) 3,381 66,166
CH Robinson Worldwide, Inc. 22,323 1,826,691
Expeditors International of Washington, Inc. 29,292 3,200,151
FedEx Corp. 45,778 10,991,298
Forward Air Corp. 5,028 323,854
GXO Logistics, Inc. (a) 22,800 1,151,628
Hub Group, Inc. Class A (a) 6,239 428,931
   
    Shares Value
United Parcel Service, Inc. Class B 138,948 $ 19,626,405
TOTAL AIR FREIGHT & LOGISTICS 37,615,124
BUILDING PRODUCTS – 6.7% 
Building Products – 6.7%
A O Smith Corp. 23,842 1,663,218
AAON, Inc. 13,262 722,514
Advanced Drainage Systems, Inc. 13,686 1,462,075
Allegion PLC 16,861 1,658,448
American Woodmark Corp. (a) 3,164 212,716
Apogee Enterprises, Inc. 4,230 181,552
Armstrong World Industries, Inc. 8,637 655,462
AZEK Co., Inc. (a) 25,943 679,706
AZZ, Inc. 4,721 223,162
Builders FirstSource, Inc. (a) 24,571 2,666,445
Carlisle Cos., Inc. 9,771 2,482,713
Carrier Global Corp. 160,048 7,627,888
CSW Industrials, Inc. 2,996 531,071
Fortune Brands Innovations, Inc. 24,251 1,353,206
Gibraltar Industries, Inc. (a) 5,865 356,944
Griffon Corp. 8,155 325,711
Hayward Holdings, Inc. (a) 28,687 301,213
Insteel Industries, Inc. 3,659 102,123
Janus International Group, Inc. (a) 18,401 172,233
JELD-WEN Holding, Inc. (a) 16,182 183,342
Johnson Controls International PLC 131,533 6,447,748
Lennox International, Inc. 6,125 2,269,557
Masco Corp. 43,152 2,247,788
Masonite International Corp. (a) 4,005 316,956
MasterBrand, Inc. (a) 24,460 271,751
Owens Corning 17,275 1,958,467
PGT Innovations, Inc. (a) 11,327 339,130
Quanex Building Products Corp. 6,323 169,772
Resideo Technologies, Inc. (a) 27,981 405,165
Simpson Manufacturing Co., Inc. 8,194 1,091,277
Trane Technologies PLC 43,720 8,320,353
Trex Co., Inc. (a) 20,902 1,174,901
UFP Industries, Inc. 11,926 1,134,997
Zurn Elkay Water Solutions Corp. 28,439 752,496
TOTAL BUILDING PRODUCTS 50,462,100
COMMERCIAL SERVICES & SUPPLIES – 7.8% 
Commercial Printing – 0.1%
Brady Corp. Class A 8,799 452,797
Cimpress PLC (a) 3,247 193,748
Deluxe Corp. 8,240 140,492
Ennis, Inc. 4,819 102,934
      889,971
Diversified Support Services – 2.4%
ACV Auctions, Inc. Class A (a) 25,003 333,290
Cintas Corp. 17,553 8,901,477
Copart, Inc. (a) 164,755 7,170,138
Driven Brands Holdings, Inc. (a) 13,059 148,611
 
 Quarterly Report 2
Common Stocks – continued 
    Shares Value
COMMERCIAL SERVICES & SUPPLIES – continued
Diversified Support Services – continued
Healthcare Services Group, Inc. 14,146 $ 134,387
Liquidity Services, Inc. (a) 4,513 86,966
Matthews International Corp. Class A 5,629 199,492
OPENLANE, Inc. (a) 20,736 278,485
UniFirst Corp. 2,873 472,407
Vestis Corp. (a) 23,843 364,559
Viad Corp. (a) 3,964 96,048
VSE Corp. 2,516 135,361
      18,321,221
Environmental & Facilities Services – 4.8%
ABM Industries, Inc. 12,757 501,860
BrightView Holdings, Inc. (a) 8,010 53,987
Casella Waste Systems, Inc. Class A (a) 10,788 813,955
Clean Harbors, Inc. (a) 9,854 1,514,264
Enviri Corp. (a) 15,134 86,869
LanzaTech Global, Inc. (a) 5,657 19,913
Montrose Environmental Group, Inc. (a) 5,397 124,779
Republic Services, Inc. 42,444 6,302,509
Rollins, Inc. 55,680 2,094,125
SP Plus Corp. (a) 3,735 188,729
Stericycle, Inc. (a) 17,770 732,835
Tetra Tech, Inc. 10,204 1,539,886
Veralto Corp. (a) 44,807 3,091,683
Waste Connections, Inc. 49,376 6,394,192
Waste Management, Inc. 77,991 12,816,261
      36,275,847
Office Services & Supplies – 0.3%
ACCO Brands Corp. 17,987 91,014
HNI Corp. 8,876 307,909
Interface, Inc. 10,863 96,572
MillerKnoll, Inc. 14,478 340,233
MSA Safety, Inc. 7,152 1,129,158
Pitney Bowes, Inc. 18,240 58,915
Steelcase, Inc. Class A 16,022 174,800
      2,198,601
Security & Alarm Services – 0.2%
Brink's Co. 8,860 592,379
CoreCivic, Inc. (a) 21,817 277,076
GEO Group, Inc. (a) 23,954 209,358
      1,078,813
TOTAL COMMERCIAL SERVICES & SUPPLIES 58,764,453
CONSTRUCTION & ENGINEERING – 2.5% 
Construction & Engineering – 2.5%
AECOM 25,315 1,937,863
Ameresco, Inc. Class A (a) 6,293 164,562
API Group Corp. (a) 31,547 816,121
   
    Shares Value
Arcosa, Inc. 9,312 $ 643,180
Argan, Inc. 2,583 118,147
Comfort Systems USA, Inc. 6,869 1,249,128
Construction Partners, Inc. Class A (a) 7,865 302,409
Dycom Industries, Inc. (a) 5,663 482,374
EMCOR Group, Inc. 9,110 1,882,582
Fluor Corp. (a) 27,415 912,645
Granite Construction, Inc. 8,323 336,915
Great Lakes Dredge & Dock Corp. (a) 13,175 100,130
IES Holdings, Inc. (a) 1,527 95,025
MasTec, Inc. (a) 12,077 717,857
MDU Resources Group, Inc. 37,176 691,845
MYR Group, Inc. (a) 3,225 373,552
Primoris Services Corp. 10,149 305,079
Quanta Services, Inc. 27,832 4,651,284
Sterling Infrastructure, Inc. (a) 5,878 428,212
Valmont Industries, Inc. 4,029 793,350
WillScot Mobile Mini Holdings Corp. (a) 38,787 1,528,596
TOTAL CONSTRUCTION & ENGINEERING 18,530,856
ELECTRICAL EQUIPMENT – 7.4% 
Electrical Components & Equipment – 7.3%
Acuity Brands, Inc. 5,972 967,285
Allient, Inc. 2,697 74,437
AMETEK, Inc. 44,184 6,219,782
Array Technologies, Inc. (a) 29,095 504,216
Atkore, Inc. (a) 7,386 917,932
Blink Charging Co. (a) 10,157 24,174
ChargePoint Holdings, Inc. (a) 57,935 147,155
Eaton Corp. PLC 76,416 15,887,650
Emerson Electric Co. 109,562 9,747,731
Encore Wire Corp. 3,390 606,234
EnerSys 7,839 670,862
Enovix Corp. (a) 24,410 217,493
Fluence Energy, Inc. (a) 7,955 137,781
FREYR Battery SA (a) 20,421 65,551
FuelCell Energy, Inc. (a) 77,173 84,118
Generac Holdings, Inc. (a) 11,923 1,002,367
GrafTech International Ltd. 39,066 134,778
Hubbell, Inc. 10,274 2,775,007
NEXTracker, Inc. Class A (a) 9,529 331,228
nVent Electric PLC 31,830 1,531,978
Plug Power, Inc. (a) 103,137 607,477
Powell Industries, Inc. 1,829 140,193
Preformed Line Products Co. 479 64,833
Regal Rexnord Corp. 12,706 1,504,517
Rockwell Automation, Inc. 22,022 5,787,602
Sensata Technologies Holding PLC 29,312 934,466
SES AI Corp. (a) 18,222 32,982
Shoals Technologies Group, Inc. Class A (a) 32,599 500,721
3 Quarterly Report 
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
    Shares Value
ELECTRICAL EQUIPMENT – continued
Electrical Components & Equipment – continued
Stem, Inc. (a) 27,931 $ 94,407
SunPower Corp. (a) 16,639 71,048
Sunrun, Inc. (a) 41,220 397,773
Thermon Group Holdings, Inc. (a) 6,369 169,989
Vertiv Holdings Co. 58,239 2,287,045
Vicor Corp. (a) 4,403 170,572
      54,811,384
Heavy Electrical Equipment – 0.1%
Babcock & Wilcox Enterprises, Inc. (a) 11,644 30,624
Bloom Energy Corp. Class A (a) 35,317 367,297
NuScale Power Corp. (a) 6,178 20,882
TPI Composites, Inc. (a) 8,421 19,452
      438,255
TOTAL ELECTRICAL EQUIPMENT 55,249,639
GROUND TRANSPORTATION – 10.7% 
Cargo Ground Transportation – 2.6%
ArcBest Corp. 4,608 501,719
Covenant Logistics Group, Inc. 1,532 60,491
Heartland Express, Inc. 9,007 105,022
JB Hunt Transport Services, Inc. 15,896 2,732,046
Knight-Swift Transportation Holdings, Inc. 30,871 1,509,283
Landstar System, Inc. 6,874 1,132,698
Marten Transport Ltd. 11,572 203,436
Old Dominion Freight Line, Inc. 18,920 7,126,407
PAM Transportation Services, Inc. (a) 1,334 23,038
RXO, Inc. (a) 22,565 395,113
Ryder System, Inc. 8,936 871,617
Saia, Inc. (a) 5,085 1,822,922
Schneider National, Inc. Class B 10,003 253,376
TuSimple Holdings, Inc. Class A (a) 26,323 28,166
U-Haul Holding Co. 18,650 880,466
Universal Logistics Holdings, Inc. 1,563 34,980
Werner Enterprises, Inc. 11,525 418,588
XPO, Inc. (a) 22,198 1,682,830
      19,782,198
Passenger Ground Transportation – 2.2%
Avis Budget Group, Inc. (a) 4,210 685,388
Hertz Global Holdings, Inc. (a) 27,258 229,785
Lyft, Inc. Class A (a) 63,643 583,607
Uber Technologies, Inc. (a) 349,190 15,112,943
      16,611,723
Rail Transportation – 5.9%
CSX Corp. 392,707 11,722,304
Norfolk Southern Corp. 43,641 8,326,266
Union Pacific Corp. 116,885 24,266,495
      44,315,065
TOTAL GROUND TRANSPORTATION 80,708,986
   
    Shares Value
INDUSTRIAL CONGLOMERATES – 7.4% 
Industrial Conglomerates – 7.4%
3M Co. 105,761 $ 9,618,963
General Electric Co. 208,766 22,678,251
Honeywell International, Inc. 127,617 23,387,091
TOTAL INDUSTRIAL CONGLOMERATES 55,684,305
MACHINERY – 19.8% 
Agricultural & Farm Machinery – 3.1%
AGCO Corp. 12,199 1,398,737
Deere & Co. 53,397 19,509,128
Lindsay Corp. 2,081 259,958
Titan International, Inc. (a) 10,010 113,714
Toro Co. 19,896 1,608,393
      22,889,930
Construction Machinery & Heavy Transportation Equipment – 6.0%
Alamo Group, Inc. 2,089 334,867
Allison Transmission Holdings, Inc. 17,434 879,022
Astec Industries, Inc. 4,309 172,532
Blue Bird Corp. (a) 3,976 72,403
Caterpillar, Inc. 98,799 22,333,514
Cummins, Inc. 27,139 5,870,166
Douglas Dynamics, Inc. 4,337 105,302
Federal Signal Corp. 11,693 678,662
Greenbrier Cos., Inc. 5,863 202,801
Manitowoc Co., Inc. (a) 6,984 89,395
Microvast Holdings, Inc. (a) 17,859 21,967
Nikola Corp. (a) 110,623 119,473
Oshkosh Corp. 12,499 1,096,537
PACCAR, Inc. 100,184 8,268,185
REV Group, Inc. 5,598 79,715
Shyft Group, Inc. 6,305 69,229
Terex Corp. 13,057 598,011
Trinity Industries, Inc. 14,654 305,243
Wabash National Corp. 9,097 188,217
Westinghouse Air Brake Technologies Corp. 34,483 3,655,888
      45,141,129
Industrial Machinery & Supplies & Components – 10.7%
3D Systems Corp. (a) 24,892 92,847
Albany International Corp. Class A 6,019 491,211
Barnes Group, Inc. 9,327 193,908
Chart Industries, Inc. (a) 8,046 935,187
Columbus McKinnon Corp. 5,444 166,423
Crane Co. 9,261 901,373
Desktop Metal, Inc. Class A (a) 43,261 37,481
Donaldson Co., Inc. 23,244 1,340,249
Dover Corp. 26,811 3,484,089
Energy Recovery, Inc. (a) 10,871 165,239
Enerpac Tool Group Corp. 10,882 307,961
EnPro Industries, Inc. 3,826 424,916
 
 Quarterly Report 4
Common Stocks – continued 
    Shares Value
MACHINERY – continued
Industrial Machinery & Supplies & Components – continued
Esab Corp. 10,995 $ 695,983
ESCO Technologies, Inc. 4,904 476,767
Flowserve Corp. 25,182 924,683
Fortive Corp. 67,779 4,424,613
Franklin Electric Co., Inc. 7,549 654,649
Gates Industrial Corp. PLC (a) 30,243 330,254
Gorman-Rupp Co. 4,492 132,739
Graco, Inc. 32,273 2,399,498
Helios Technologies, Inc. 6,323 327,026
Hillenbrand, Inc. 13,349 507,662
Hillman Solutions Corp. (a) 36,883 241,952
Hyster-Yale Materials Handling, Inc. 1,795 71,818
IDEX Corp. 14,488 2,773,148
Illinois Tool Works, Inc. 58,261 13,057,455
Ingersoll Rand, Inc. 77,550 4,705,734
ITT, Inc. 15,797 1,474,650
John Bean Technologies Corp. 6,114 635,978
Kadant, Inc. 2,261 497,420
Kennametal, Inc. 14,532 335,835
Lincoln Electric Holdings, Inc. 11,037 1,929,268
Luxfer Holdings PLC 5,309 43,905
Middleby Corp. (a) 10,260 1,158,046
Mueller Industries, Inc. 20,794 784,142
Mueller Water Products, Inc. Class A 30,224 373,871
Nordson Corp. 9,832 2,090,185
Omega Flex, Inc. 699 51,076
Otis Worldwide Corp. 79,232 6,117,503
Parker-Hannifin Corp. 24,595 9,073,341
Pentair PLC 31,578 1,835,313
Proto Labs, Inc. (a) 4,977 117,507
RBC Bearings, Inc. (a) 5,564 1,223,190
Snap-on, Inc. 10,147 2,617,317
SPX Technologies, Inc. (a) 8,749 700,970
Standex International Corp. 2,274 326,478
Stanley Black & Decker, Inc. 29,359 2,496,983
Symbotic, Inc. (a) 2,870 97,666
Tennant Co. 3,361 249,453
Timken Co. 12,457 861,028
Velo3D, Inc. (a) 16,463 21,731
Watts Water Technologies, Inc. Class A 5,254 908,995
Xylem, Inc. 45,885 4,292,083
      80,578,799
TOTAL MACHINERY 148,609,858
MARINE TRANSPORTATION – 0.1% 
Marine Transportation – 0.1%
Eagle Bulk Shipping, Inc. 1,252 51,082
Genco Shipping & Trading Ltd. 8,078 106,387
Kirby Corp. (a) 2,856 213,343
   
    Shares Value
Matson, Inc. 1,716 $ 149,378
TOTAL MARINE TRANSPORTATION 520,190
PASSENGER AIRLINES – 0.4% 
Passenger Airlines – 0.4%
Alaska Air Group, Inc. (a) 6,241 197,403
Allegiant Travel Co. (a) 899 59,891
American Airlines Group, Inc. (a) 31,492 351,136
Delta Air Lines, Inc. 30,837 963,656
Frontier Group Holdings, Inc. (a) 8,175 27,713
JetBlue Airways Corp. (a) 15,589 58,615
Joby Aviation, Inc. (a) 33,397 176,002
SkyWest, Inc. (a) 2,130 89,822
Southwest Airlines Co. 28,564 634,978
Spirit Airlines, Inc. 5,464 62,727
Sun Country Airlines Holdings, Inc. (a) 2,879 37,485
TOTAL PASSENGER AIRLINES 2,659,428
PROFESSIONAL SERVICES – 10.1% 
Aerospace & Defense – 0.1%
Parsons Corp. (a) 7,988 451,721
Data Processing & Outsourced Services – 1.2%
Broadridge Financial Solutions, Inc. 22,619 3,859,706
Concentrix Corp. 8,527 649,843
Conduent, Inc. (a) 31,157 99,391
CSG Systems International, Inc. 6,111 286,361
ExlService Holdings, Inc. (a) 31,973 834,815
Maximus, Inc. 11,685 873,103
SS&C Technologies Holdings, Inc. 42,977 2,159,594
TaskUS, Inc. Class A (a) 5,235 48,581
TTEC Holdings, Inc. 3,583 73,738
Verra Mobility Corp. (a) 23,215 458,961
      9,344,093
Human Resource & Employment Services – 4.9%
Alight, Inc. Class A (a) 62,405 414,369
ASGN, Inc. (a) 9,487 791,785
Automatic Data Processing, Inc. 79,200 17,283,024
Barrett Business Services, Inc. 1,279 116,977
Ceridian HCM Holding, Inc. (a) 28,235 1,807,322
First Advantage Corp. (a) 9,874 128,461
Heidrick & Struggles International, Inc. 3,922 95,461
HireRight Holdings Corp. (a) 3,623 33,368
Insperity, Inc. 6,922 732,625
Kelly Services, Inc. Class A 6,188 110,456
Kforce, Inc. 3,678 224,505
Korn Ferry 9,967 453,698
ManpowerGroup, Inc. 9,657 675,700
Paychex, Inc. 62,208 6,908,198
Paycom Software, Inc. 9,986 2,446,270
Paycor HCM, Inc. (a) 11,751 253,587
5 Quarterly Report 
Schedule of Investments (Unaudited)–continued
Common Stocks – continued 
    Shares Value
PROFESSIONAL SERVICES – continued
Human Resource & Employment Services – continued
Paylocity Holding Corp. (a) 8,560 $ 1,535,664
Robert Half, Inc. 20,717 1,549,010
Sterling Check Corp. (a) 4,581 51,216
TriNet Group, Inc. (a) 6,186 635,612
TrueBlue, Inc. (a) 6,092 67,438
Upwork, Inc. (a) 23,255 243,015
      36,557,761
Research & Consulting Services – 3.9%
Booz Allen Hamilton Holding Corp. 25,112 3,011,682
CACI International, Inc. Class A (a) 4,370 1,419,201
CBIZ, Inc. (a) 8,653 449,610
Clarivate PLC (a) 65,211 416,046
CRA International, Inc. 1,353 131,390
Dun & Bradstreet Holdings, Inc. 42,116 368,936
Equifax, Inc. 23,512 3,986,930
Exponent, Inc. 9,732 713,258
Forrester Research, Inc. (a) 2,290 53,128
Franklin Covey Co. (a) 2,339 92,180
FTI Consulting, Inc. (a) 6,525 1,384,997
Huron Consulting Group, Inc. (a) 3,661 363,757
ICF International, Inc. 3,573 452,806
Jacobs Solutions, Inc. 24,318 3,241,589
KBR, Inc. 26,019 1,513,005
Legalzoom.com, Inc. (a) 14,509 144,655
Leidos Holdings, Inc. 24,982 2,476,216
NV5 Global, Inc. (a) 2,742 258,708
Planet Labs PBC (a) 36,213 78,220
Resources Connection, Inc. 6,397 86,168
Science Applications International Corp. 10,237 1,118,290
TransUnion 37,039 1,625,271
Verisk Analytics, Inc. 27,758 6,311,059
      29,697,102
TOTAL PROFESSIONAL SERVICES 76,050,677
TRADING COMPANIES & DISTRIBUTORS – 5.1% 
Trading Companies & Distributors – 5.1%
Air Lease Corp. 20,251 701,292
Alta Equipment Group, Inc. 3,372 30,989
Applied Industrial Technologies, Inc. 7,411 1,137,663
Beacon Roofing Supply, Inc. (a) 9,758 694,477
BlueLinx Holdings, Inc. (a) 1,723 122,523
Boise Cascade Co. 7,615 713,906
Core & Main, Inc. Class A (a) 21,620 650,330
Custom Truck One Source, Inc. (a) 11,712 67,578
Distribution Solutions Group, Inc. (a) 1,772 53,426
DXP Enterprises, Inc. (a) 2,853 93,008
   
    Shares Value
Fastenal Co. 109,522 $ 6,389,513
Ferguson PLC 39,201 5,887,990
FTAI Aviation Ltd. 19,237 723,504
GATX Corp. 6,401 669,417
Global Industrial Co. 3,650 116,618
GMS, Inc. (a) 7,473 437,021
H&E Equipment Services, Inc. 5,967 242,976
Herc Holdings, Inc. 5,495 586,811
McGrath RentCorp 4,718 474,631
MRC Global, Inc. (a) 16,036 168,538
MSC Industrial Direct Co., Inc. Class A 9,087 860,993
NOW, Inc. (a) 20,305 223,761
Rush Enterprises, Inc. Class A 12,061 429,130
Rush Enterprises, Inc. Class B 1,420 57,425
SiteOne Landscape Supply, Inc. (a) 8,624 1,188,128
Titan Machinery, Inc. (a) 4,010 99,608
Transcat, Inc. (a) 1,442 129,809
United Rentals, Inc. 13,177 5,353,420
Veritiv Corp. 2,458 416,410
Watsco, Inc. 6,407 2,235,338
WESCO International, Inc. 8,865 1,136,493
WW Grainger, Inc. 8,656 6,317,408
Xometry, Inc. Class A (a) 7,279 105,909
TOTAL TRADING COMPANIES & DISTRIBUTORS 38,516,043
TOTAL COMMON STOCKS
(Cost $731,065,965) 		748,668,786
Money Market Fund – 0.2% 
       
State Street Institutional Treasury Plus Money Market Fund 5.25% (b)
(Cost $1,510,000) 		1,510,000 1,510,000
TOTAL INVESTMENT IN SECURITIES – 99.9%
(Cost $732,575,965) 		750,178,786
NET OTHER ASSETS (LIABILITIES) (c) – 0.1% 505,634
NET ASSETS – 100.0% $750,684,420
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
(c) Includes $102,600 of cash collateral to cover margin requirements for futures contracts.
 
 Quarterly Report 6
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) 16 December 2023 1,591,840 (100,948) (100,948)
CME E-mini Russell 2000 Index Contracts (United States) 3 December 2023 250,260 (18,594) (18,594)
Total Equity Index Contracts         $(119,542)
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
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. 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.
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Schedule of Investments (Unaudited)–continued
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.
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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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9 Quarterly Report