NPORT-EX 2 NPORT_PBR5_87522462_0424.htm FOR VALIDATION PURPOSES ONLY - [852658.TX7]
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.
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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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