NPORT-EX 2 Fidelity_Small-Mid_Factor.htm HTML

Quarterly Holdings Report

for

Fidelity® Small-Mid Factor ETF

October 31, 2019

 

 

SFE-QTLY-1219

1.9892236.100

Schedule of Investments October 31, 2019 (Unaudited)

Showing Percentage of Net Assets

 

Common Stocks – 99.9%             
    Shares      Value  

COMMUNICATION SERVICES – 3.7%

     

Diversified Telecommunication Services – 0.1%

 

Cogent Communications Holdings, Inc.

     178      $ 10,438  
    

 

 

  

Entertainment – 0.9%

     

Cinemark Holdings, Inc.

     357        13,066  

Live Nation Entertainment, Inc. (a)

     339        23,899  

Rosetta Stone, Inc. (a)

     318        6,093  

The Marcus Corp.

     227        8,195  

Zynga, Inc. Class A (a)

     2,512        15,499  
    

 

 

  
       66,752  
    

 

 

  

Interactive Media & Services – 0.2%

     

Match Group, Inc.

     179        13,065  
    

 

 

  

Media – 2.2%

     

Altice USA, Inc. Class A (a)

     455        14,082  

AMC Networks, Inc. Class A (a)

     206        8,971  

Cable One, Inc.

     14        18,555  

DISH Network Corp. Class A (a)

     653        22,450  

Meredith Corp.

     188        7,088  

MSG Networks, Inc. Class A (a)

     458        7,424  

National CineMedia, Inc.

     1,019        8,555  

Nexstar Media Group, Inc. Class A

     145        14,107  

Scholastic Corp.

     236        9,086  

Sinclair Broadcast Group, Inc. Class A

     257        10,239  

Sirius XM Holdings, Inc.

     3,341        22,452  

TEGNA, Inc.

     813        12,219  

The New York Times Co. Class A

     436        13,473  
    

 

 

  
       168,701  
    

 

 

  

Wireless Telecommunication Services – 0.3%

 

Shenandoah Telecommunications Co.

     251        8,072  

Telephone & Data Systems, Inc.

     373        9,732  

United States Cellular Corp. (a)

     164        6,104  
    

 

 

  
       23,908  
    

 

 

  

TOTAL COMMUNICATION SERVICES

        282,864  
    

 

 

  

CONSUMER DISCRETIONARY – 13.1%

     

Auto Components – 0.6%

     

Cooper Tire & Rubber Co.

     329        9,291  

Dorman Products, Inc. (a)

     146        10,505  

Fox Factory Holding Corp. (a)

     151        9,202  

Gentex Corp.

     711        19,943  
    

 

 

  
       48,941  
    

 

 

  

Automobiles – 0.2%

     

Harley-Davidson, Inc.

     481        18,716  
    

 

 

  

Distributors – 0.7%

     

LKQ Corp. (a)

     823        27,974  

Pool Corp.

     107        22,192  
    

 

 

  
       50,166  
    

 

 

  

Diversified Consumer Services – 1.5%

     

American Public Education, Inc. (a)

     226        4,909  

Bright Horizons Family Solutions, Inc. (a)

     149        22,129  

Carriage Services, Inc.

     314        8,089  
              
    Shares      Value  

Graham Holdings Co. Class B

     17      $ 10,704  

Grand Canyon Education, Inc. (a)

     142        13,058  

H&R Block, Inc.

     607        15,169  

K12, Inc. (a)

     282        5,581  

Laureate Education, Inc. Class A (a)

     511        7,897  

Service Corp. International

     468        21,285  

Strategic Education, Inc.

     76        9,350  
    

 

 

  
       118,171  
    

 

 

  

Hotels, Restaurants & Leisure – 3.5%

     

BJ’s Restaurants, Inc.

     200        7,918  

Bloomin’ Brands, Inc.

     543        10,757  

Brinker International, Inc.

     233        10,357  

Choice Hotels International, Inc.

     138        12,210  

Churchill Downs, Inc.

     117        15,209  

Cracker Barrel Old Country Store, Inc.

     81        12,595  

Denny’s Corp. (a)

     407        8,189  

Dine Brands Global, Inc.

     108        7,900  

Dunkin’ Brands Group, Inc.

     232        18,240  

Extended Stay America, Inc.

     748        10,629  

Hyatt Hotels Corp. Class A

     162        12,108  

Jack in the Box, Inc.

     135        11,343  

Planet Fitness, Inc. Class A (a)

     241        15,342  

Ruth’s Hospitality Group, Inc.

     347        7,141  

SeaWorld Entertainment, Inc. (a)

     335        8,851  

Six Flags Entertainment Corp.

     252        10,632  

Texas Roadhouse, Inc.

     237        13,390  

The Cheesecake Factory, Inc.

     223        9,319  

Vail Resorts, Inc.

     99        23,005  

Wendy’s Co.

     696        14,741  

Wingstop, Inc.

     125        10,429  

Wyndham Destinations, Inc.

     323        14,990  
    

 

 

  
       265,295  
    

 

 

  

Household Durables – 2.8%

     

Ethan Allen Interiors, Inc.

     394        7,766  

Garmin Ltd.

     302        28,313  

Helen of Troy Ltd. (a)

     92        13,778  

La-Z-Boy, Inc.

     283        10,049  

Leggett & Platt, Inc.

     402        20,623  

M.D.C. Holdings, Inc.

     269        10,413  

M/I Homes, Inc. (a)

     228        10,073  

Meritage Homes Corp. (a)

     168        12,111  

Mohawk Industries, Inc. (a)

     166        23,801  

PulteGroup, Inc.

     667        26,173  

Taylor Morrison Home Corp. Class A (a)

     503        12,600  

Toll Brothers, Inc.

     425        16,902  

TopBuild Corp. (a)

     139        14,446  

Tupperware Brands Corp.

     517        4,979  
    

 

 

  
       212,027  
    

 

 

  

Leisure Products – 0.3%

     

Malibu Boats, Inc. Class A (a)

     265        8,644  

MasterCraft Boat Holdings, Inc. (a)

     446        7,025  
 

 

       2  

Common Stocks – continued             
    Shares      Value  

CONSUMER DISCRETIONARY – continued

 

Leisure Products – continued

     

Sturm, Ruger & Co., Inc.

     174      $ 7,962  
    

 

 

  
       23,631  
    

 

 

  

Specialty Retail – 2.1%

     

Aarons, Inc.

     227        17,009  

Asbury Automotive Group, Inc. (a)

     106        10,932  

Bed Bath & Beyond, Inc.

     967        13,248  

Dick’s Sporting Goods, Inc.

     319        12,419  

Foot Locker, Inc.

     371        16,142  

Hibbett Sports, Inc. (a)

     403        9,615  

Lithia Motors, Inc. Class A

     91        14,331  

Monro, Inc.

     137        9,605  

Murphy USA, Inc. (a)

     131        15,449  

Rent-A-Center, Inc.

     318        8,227  

Sally Beauty Holdings, Inc. (a)

     694        10,757  

The Buckle, Inc.

     386        8,075  

Williams-Sonoma, Inc.

     245        16,363  
    

 

 

  
       162,172  
    

 

 

  

Textiles, Apparel & Luxury Goods – 1.4%

 

Carter’s, Inc.

     157        15,738  

Columbia Sportswear Co.

     116        10,492  

Deckers Outdoor Corp. (a)

     96        14,678  

Hanesbrands, Inc.

     1,080        16,427  

Ralph Lauren Corp.

     165        15,850  

Skechers U.S.A., Inc. Class A (a)

     422        15,770  

Steven Madden Ltd.

     354        14,578  
    

 

 

  
       103,533  
    

 

 

  

TOTAL CONSUMER DISCRETIONARY

        1,002,652  
    

 

 

  

CONSUMER STAPLES – 3.4%

     

Beverages – 0.5%

     

Brown-Forman Corp. Class B

     408        26,732  

The Boston Beer Co., Inc. Class A (a)

     32        11,983  
    

 

 

  
       38,715  
    

 

 

  

Food & Staples Retailing – 0.5%

     

Casey’s General Stores, Inc.

     103        17,593  

US Foods Holding Corp. (a)

     567        22,493  
    

 

 

  
       40,086  
    

 

 

  

Food Products – 1.5%

     

Campbell Soup Co.

     492        22,785  

Flowers Foods, Inc.

     586        12,728  

Ingredion, Inc.

     202        15,958  

J&J Snack Foods Corp.

     60        11,446  

Lancaster Colony Corp.

     75        10,438  

Pilgrim’s Pride Corp. (a)

     299        9,078  

Post Holdings, Inc. (a)

     178        18,316  

The Simply Good Foods Co. (a)

     315        7,730  

Tootsie Roll Industries, Inc.

     197        6,753  
    

 

 

  
       115,232  
    

 

 

  

Household Products – 0.2%

     

WD-40 Co.

     59        11,057  
    

 

 

  
              
    Shares      Value  

Personal Products – 0.6%

     

Herbalife Nutrition Ltd. (a)

     338      $ 15,099  

Medifast, Inc.

     76        8,431  

Nu Skin Enterprises, Inc. Class A

     257        11,457  

USANA Health Sciences, Inc. (a)

     112        8,300  
    

 

 

  
       43,287  
    

 

 

  

Tobacco – 0.1%

     

Universal Corp.

     148        8,110  
    

 

 

  

TOTAL CONSUMER STAPLES

        256,487  
    

 

 

  

ENERGY – 2.2%

     

Energy Equipment & Services – 0.7%

     

Cactus, Inc. Class A (a)

     439        13,047  

DMC Global, Inc.

     243        10,872  

FTS International, Inc. (a)

     3,416        5,192  

Liberty Oilfield Services, Inc. Class A

     868        7,994  

ProPetro Holding Corp. (a)

     773        5,991  

Solaris Oilfield Infrastructure, Inc. Class A

     868        9,236  
    

 

 

  
       52,332  
    

 

 

  

Oil, Gas & Consumable Fuels – 1.5%

     

Arch Coal, Inc. Class A

     173        13,648  

CONSOL Energy, Inc. (a)

     584        7,726  

CVR Energy, Inc.

     268        12,709  

Delek US Holdings, Inc.

     395        15,780  

Magnolia Oil & Gas Corp. Class A (a)

     1,207        11,853  

Peabody Energy Corp.

     725        7,634  

REX American Resources Corp. (a)

     156        12,623  

Teekay Tankers Ltd. Class A (a)

     9,906        20,208  

World Fuel Services Corp.

     406        16,959  
    

 

 

  
       119,140  
    

 

 

  

TOTAL ENERGY

        171,472  
    

 

 

  

FINANCIALS – 16.0%

     

Banks – 5.1%

     

Amalgamated Bank Class A

     427        7,776  

Bank of Hawaii Corp.

     160        13,970  

Bank OZK

     468        13,132  

Cathay General Bancorp

     344        12,236  

Central Pacific Financial Corp.

     295        8,531  

CIT Group, Inc.

     341        14,625  

City Holding Co.

     127        10,076  

Commerce Bancshares, Inc.

     301        19,372  

Community Trust Bancorp, Inc.

     207        9,069  

ConnectOne Bancorp, Inc.

     374        9,081  

Eagle Bancorp, Inc.

     242        10,924  

First BanCorp

     1,084        11,404  

First Citizens BancShares, Inc. Class A

     32        15,741  

First Foundation, Inc.

     550        8,806  

First Horizon National Corp.

     1,031        16,465  

Fulton Financial Corp.

     760        12,966  

Great Southern Bancorp, Inc.

     147        8,882  

Hanmi Financial Corp.

     397        7,642  
 

 

  3  

Schedule of Investments (Unaudited) – continued

 

Common Stocks – continued             
    Shares      Value  

FINANCIALS – continued

     

Banks – continued

     

Hilltop Holdings, Inc.

     451      $ 10,535  

Independent Bank Corp./MI

     394        8,869  

Lakeland Financial Corp.

     201        9,357  

OFG Bancorp

     398        8,083  

Peapack Gladstone Financial Corp.

     284        8,293  

Popular, Inc.

     310        16,883  

Preferred Bank

     159        8,476  

Signature Bank

     153        18,103  

Sterling Bancorp

     757        14,875  

Stock Yards Bancorp, Inc.

     227        9,066  

Synovus Financial Corp.

     499        16,901  

The Bancorp, Inc. (a)

     822        8,960  

Trico Bancshares

     243        9,144  

Univest Financial Corp.

     315        8,111  

WesBanco, Inc.

     295        11,089  

Western Alliance Bancorp

     330        16,279  
    

 

 

  
       393,722  
    

 

 

  

Capital Markets – 2.2%

     

Artisan Partners Asset Management, Inc. Class A

     343        9,381  

Cohen & Steers, Inc.

     175        11,452  

FactSet Research Systems, Inc.

     94        23,831  

Federated Investors, Inc. Class B

     380        12,137  

Hamilton Lane, Inc. Class A

     154        9,182  

LPL Financial Holdings, Inc.

     244        19,725  

MarketAxess Holdings, Inc.

     89        32,805  

Morningstar, Inc.

     80        12,947  

SEI Investments Co.

     359        21,511  

Victory Capital Holdings, Inc. Class A

     419        6,520  

Waddell & Reed Financial, Inc. Class A

     572        9,472  
    

 

 

  
       168,963  
    

 

 

  

Consumer Finance – 0.5%

     

Credit Acceptance Corp. (a)

     37        16,199  

FirstCash, Inc.

     150        12,659  

Regional Management Corp. (a)

     284        8,216  
    

 

 

  
       37,074  
    

 

 

  

Diversified Financial Services – 0.4%

     

FGL Holdings

     1,236        11,161  

Voya Financial, Inc.

     415        22,393  
    

 

 

  
       33,554  
    

 

 

  

Insurance – 4.9%

     

American Financial Group, Inc.

     199        20,704  

American National Insurance Co.

     75        8,998  

AMERISAFE, Inc.

     142        9,021  

Argo Group International Holdings Ltd.

     163        10,085  

Assured Guaranty Ltd.

     356        16,704  

Athene Holding Ltd. Class A (a)

     408        17,687  

Brighthouse Financial, Inc. (a)

     412        15,557  

Brown & Brown, Inc.

     617        23,249  

Employers Holdings, Inc.

     222        9,399  
                 
    Shares      Value  

Erie Indemnity Co. Class A

     68      $ 12,530  

First American Financial Corp.

     323        19,955  

Heritage Insurance Holdings, Inc.

     566        7,539  

James River Group Holdings Ltd.

     203        7,269  

Kemper Corp.

     192        13,801  

Kinsale Capital Group, Inc.

     113        11,946  

Mercury General Corp.

     173        8,314  

National Western Life Group, Inc. Class A

     31        8,451  

Old Republic International Corp.

     823        18,386  

Primerica, Inc.

     137        17,287  

RenaissanceRe Holdings Ltd.

     111        20,777  

RLI Corp.

     149        14,501  

Safety Insurance Group, Inc.

     98        9,526  

Selective Insurance Group, Inc.

     198        13,686  

The Hanover Insurance Group, Inc.

     130        17,122  

Unum Group

     632        17,405  

WR Berkley Corp.

     362        25,304  
    

 

 

  
       375,203  
    

 

 

  

Mortgage Real Estate Investment Trusts (REITs) – 1.8%

 

Apollo Commercial Real Estate Finance, Inc.

     585        10,705  

Arbor Realty Trust, Inc.

     700        9,562  

Ares Commercial Real Estate Corp.

     511        7,921  

Arlington Asset Investment Corp. Class A

     1,149        6,641  

Blackstone Mortgage Trust, Inc. Class A

     414        15,028  

Capstead Mortgage Corp.

     1,008        7,792  

Chimera Investment Corp.

     710        14,385  

Granite Point Mortgage Trust, Inc.

     452        8,407  

KKR Real Estate Finance Trust, Inc.

     404        8,100  

MFA Financial, Inc.

     1,789        13,579  

New York Mortgage Trust, Inc.

     1,469        9,196  

Starwood Property Trust, Inc.

     806        19,828  

TPG RE Finance Trust, Inc.

     432        8,739  
    

 

 

  
       139,883  
    

 

 

  

Thrifts & Mortgage Finance – 1.1%

     

Essent Group Ltd.

     332        17,294  

Meridian Bancorp, Inc.

     485        9,487  

MGIC Investment Corp.

     1,212        16,616  

NMI Holdings, Inc. Class A (a)

     399        11,671  

Oritani Financial Corp.

     466        8,695  

Radian Group, Inc.

     702        17,620  
    

 

 

  
       81,383  
    

 

 

  

TOTAL FINANCIALS

        1,229,782  
    

 

 

  

HEALTH CARE – 11.3%

     

Biotechnology – 1.7%

     

Anika Therapeutics, Inc. (a)

     156        10,981  

Arena Pharmaceuticals, Inc. (a)

     203        9,889  

Arrowhead Pharmaceuticals, Inc. (a)

     399        15,980  

BioSpecifics Technologies Corp. (a)

     134        6,490  

Enanta Pharmaceuticals, Inc. (a)

     123        7,488  

Ionis Pharmaceuticals, Inc. (a)

     354        19,725  

Myriad Genetics, Inc. (a)

     290        9,764  
 

 

       4  

Common Stocks – continued             
    Shares      Value  

HEALTH CARE – continued

     

Biotechnology – continued

     

PDL BioPharma, Inc. (a)

     2,733      $ 7,707  

Repligen Corp. (a)

     145        11,526  

United Therapeutics Corp. (a)

     166        14,914  

Vanda Pharmaceuticals, Inc. (a)

     540        7,295  

Veracyte, Inc. (a)

     315        7,223  
    

 

 

  
       128,982  
    

 

 

  

Health Care Equipment & Supplies – 3.5%

     

Atrion Corp.

     12        10,121  

CONMED Corp.

     123        13,532  

CryoLife, Inc. (a)

     311        6,982  

Globus Medical, Inc. Class A (a)

     289        15,135  

Haemonetics Corp. (a)

     151        18,230  

Hill-Rom Holdings, Inc.

     187        19,577  

ICU Medical, Inc. (a)

     58        9,373  

Insulet Corp. (a)

     164        23,832  

Integer Holdings Corp. (a)

     136        10,532  

Integra LifeSciences Holdings Corp. (a)

     240        13,934  

Lantheus Holdings, Inc. (a)

     382        7,965  

LeMaitre Vascular, Inc.

     249        8,615  

Masimo Corp. (a)

     135        19,682  

Meridian Bioscience, Inc.

     662        6,481  

Merit Medical Systems, Inc. (a)

     271        5,598  

Mesa Laboratories, Inc.

     34        7,744  

Neogen Corp. (a)

     195        12,687  

NuVasive, Inc. (a)

     198        13,967  

Varex Imaging Corp. (a)

     296        8,883  

West Pharmaceutical Services, Inc.

     185        26,610  

Wright Medical Group N.V. (a)

     456        9,485  
    

 

 

  
       268,965  
    

 

 

  

Health Care Providers & Services – 2.4%

     

Addus HomeCare Corp. (a)

     107        9,010  

Amedisys, Inc. (a)

     105        13,494  

AMN Healthcare Services, Inc. (a)

     222        13,045  

Chemed Corp.

     47        18,514  

CorVel Corp. (a)

     100        7,912  

Encompass Health Corp.

     292        18,694  

HealthEquity, Inc. (a)

     185        10,506  

LHC Group, Inc. (a)

     110        12,207  

Magellan Health, Inc. (a)

     146        9,475  

MEDNAX, Inc. (a)

     481        10,563  

Molina Healthcare, Inc. (a)

     167        19,646  

National HealthCare Corp.

     99        8,136  

Patterson Cos., Inc.

     515        8,822  

The Ensign Group, Inc.

     209        8,830  

The Pennant Group, Inc. (a)

     104        1,871  

US Physical Therapy, Inc.

     80        11,318  
    

 

 

  
       182,043  
    

 

 

  

Health Care Technology – 0.8%

     

Computer Programs & Systems, Inc.

     295        6,806  

HealthStream, Inc. (a)

     292        8,193  
              
    Shares      Value  

HMS Holdings Corp. (a)

     355      $ 11,605  

Inovalon Holdings, Inc. Class A (a)

     543        8,487  

NextGen Healthcare, Inc. (a)

     509        8,605  

Omnicell, Inc. (a)

     168        11,825  

Vocera Communications, Inc. (a)

     317        6,315  
    

 

 

  
       61,836  
    

 

 

  

Life Sciences Tools & Services – 1.6%

     

Bio-Rad Laboratories, Inc. Class A (a)

     59        19,566  

Bio-Techne Corp.

     102        21,233  

Bruker Corp.

     333        14,819  

Charles River Laboratories International, Inc. (a)

     141        18,327  

Codexis, Inc. (a)

     474        6,408  

Medpace Holdings, Inc. (a)

     138        10,161  

NanoString Technologies, Inc. (a)

     293        6,622  

NeoGenomics, Inc. (a)

     442        10,135  

PRA Health Sciences, Inc. (a)

     182        17,783  
    

 

 

  
       125,054  
    

 

 

  

Pharmaceuticals – 1.3%

     

ANI Pharmaceuticals, Inc. (a)

     99        7,733  

BioDelivery Sciences International, Inc. (a)

     1,922        11,109  

Catalent, Inc. (a)

     389        18,925  

Horizon Therapeutics PLC (a)

     585        16,912  

Innoviva, Inc. (a)

     725        8,425  

Jazz Pharmaceuticals PLC (a)

     160        20,101  

Phibro Animal Health Corp. Class A

     261        6,254  

Prestige Consumer Healthcare, Inc. (a)

     305        10,815  
    

 

 

  
       100,274  
    

 

 

  

TOTAL HEALTH CARE

        867,154  
    

 

 

  

INDUSTRIALS – 16.7%

     

Aerospace & Defense – 1.6%

     

Aerojet Rocketdyne Holdings, Inc. (a)

     243        10,505  

Curtiss-Wright Corp.

     123        16,636  

HEICO Corp. Class A

     276        26,295  

Hexcel Corp.

     225        16,790  

Mercury Systems, Inc. (a)

     155        11,417  

Moog, Inc. Class A

     127        10,631  

National Presto Industries, Inc.

     69        5,940  

Teledyne Technologies, Inc. (a)

     84        27,686  
    

 

 

  
       125,900  
    

 

 

  

Airlines – 0.7%

     

Alaska Air Group, Inc.

     309        21,454  

JetBlue Airways Corp. (a)

     836        16,135  

Mesa Air Group, Inc. (a)

     577        4,396  

Spirit Airlines, Inc. (a)

     255        9,578  
    

 

 

  
       51,563  
    

 

 

  

Building Products – 2.3%

     

AAON, Inc.

     182        8,856  

Advanced Drainage Systems, Inc.

     236        8,737  

Allegion PLC

     226        26,225  

AO Smith Corp.

     387        19,226  
 

 

  5       

Schedule of Investments (Unaudited) – continued

 

Common Stocks – continued             
    Shares      Value  

INDUSTRIALS – continued

     

Building Products – continued

     

Armstrong World Industries, Inc.

     148      $ 13,842  

Continental Building Products, Inc. (a)

     299        8,943  

CSW Industrials, Inc.

     107        7,406  

Fortune Brands Home & Security, Inc.

     358        21,498  

Lennox International, Inc.

     87        21,520  

Owens Corning

     295        18,078  

Simpson Manufacturing Co., Inc.

     164        13,553  

Universal Forest Products, Inc.

     249        12,540  
    

 

 

  
       180,424  
    

 

 

  

Commercial Services & Supplies – 1.9%

     

ABM Industries, Inc.

     251        9,151  

Brady Corp. Class A

     197        11,099  

Deluxe Corp.

     209        10,832  

Ennis, Inc.

     315        6,171  

Herman Miller, Inc.

     229        10,649  

KAR Auction Services, Inc.

     453        11,262  

Kimball International, Inc. Class B

     382        7,778  

McGrath RentCorp

     123        9,386  

MSA Safety, Inc.

     117        14,048  

Rollins, Inc.

     434        16,540  

Steelcase, Inc. Class A

     483        8,438  

Tetra Tech, Inc.

     171        14,957  

UniFirst Corp.

     56        11,247  

Viad Corp.

     118        7,200  
    

 

 

  
       148,758  
    

 

 

  

Construction & Engineering – 1.3%

     

Comfort Systems USA, Inc.

     200        10,082  

EMCOR Group, Inc.

     170        14,911  

Great Lakes Dredge & Dock Corp. (a)

     622        6,687  

Jacobs Engineering Group, Inc.

     283        26,483  

MasTec, Inc. (a)

     225        14,161  

MYR Group, Inc. (a)

     202        6,951  

Quanta Services, Inc.

     418        17,577  
    

 

 

  
       96,852  
    

 

 

  

Electrical Equipment – 1.3%

     

Acuity Brands, Inc.

     114        14,226  

Encore Wire Corp.

     136        7,643  

Generac Holdings, Inc. (a)

     189        18,254  

GrafTech International Ltd.

     618        7,465  

Hubbell, Inc.

     143        20,263  

Regal-Beloit Corp.

     149        11,034  

Sensata Technologies Holding PLC (a)

     414        21,193  
    

 

 

  
       100,078  
    

 

 

  

Industrial Conglomerates – 0.3%

     

Carlisle Cos., Inc.

     147        22,384  
    

 

 

  

Machinery – 4.3%

     

AGCO Corp.

     193        14,801  

Alamo Group, Inc.

     68        7,280  

Allison Transmission Holdings, Inc.

     334        14,566  

Crane Co.

     158        12,090  
              
    Shares      Value  

Donaldson Co., Inc.

     342      $ 18,037  

ESCO Technologies, Inc.

     113        9,547  

Federal Signal Corp.

     283        9,180  

Graco, Inc.

     415        18,758  

Hillenbrand, Inc.

     282        8,683  

ITT, Inc.

     248        14,744  

Lincoln Electric Holdings, Inc.

     182        16,302  

Meritor, Inc. (a)

     403        8,878  

Mueller Industries, Inc.

     300        9,231  

Nordson Corp.

     134        21,012  

Oshkosh Corp.

     203        17,332  

RBC Bearings, Inc. (a)

     79        12,675  

Rexnord Corp. (a)

     390        11,033  

The Middleby Corp. (a)

     142        17,175  

The Timken Co.

     252        12,348  

The Toro Co.

     266        20,517  

Trimas Corp. (a)

     264        8,532  

WABCO Holdings, Inc. (a)

     135        18,174  

Watts Water Technologies, Inc. Class A

     112        10,444  

Woodward, Inc.

     150        15,999  
    

 

 

  
       327,338  
    

 

 

  

Professional Services – 1.6%

     

Barrett Business Services, Inc.

     75        6,580  

Exponent, Inc.

     175        11,118  

Forrester Research, Inc.

     147        5,068  

FTI Consulting, Inc. (a)

     122        13,282  

Heidrick & Struggles International, Inc.

     221        6,290  

Insperity, Inc.

     122        12,887  

Kforce, Inc.

     201        8,223  

Korn Ferry

     243        8,916  

ManpowerGroup, Inc.

     175        15,911  

Robert Half International, Inc.

     313        17,925  

TriNet Group, Inc. (a)

     153        8,107  

TrueBlue, Inc. (a)

     352        8,061  
    

 

 

  
       122,368  
    

 

 

  

Road & Rail – 0.4%

     

Genesee & Wyoming, Inc. Class A (a)

     155        17,210  

Landstar System, Inc.

     124        14,030  
    

 

 

  
       31,240  
    

 

 

  

Trading Companies & Distributors – 1.0%

 

BMC Stock Holdings, Inc. (a)

     377        10,175  

HD Supply Holdings, Inc. (a)

     471        18,623  

Kaman Corp.

     146        8,566  

MSC Industrial Direct Co., Inc. Class A

     165        12,080  

Watsco, Inc.

     93        16,396  

WESCO International, Inc. (a)

     201        10,080  
    

 

 

  
       75,920  
    

 

 

  

TOTAL INDUSTRIALS

        1,282,825  
    

 

 

  

INFORMATION TECHNOLOGY – 15.9%

     

Communications Equipment – 0.4%

     

Ciena Corp. (a)

     369        13,697  
 

 

       6  

Common Stocks – continued             
    Shares      Value  

INFORMATION TECHNOLOGY – continued

 

Communications Equipment – continued

 

EchoStar Corp. Class A (a)

     197      $ 7,683  

Ubiquiti, Inc. (a)

     74        9,368  
    

 

 

  
       30,748  
    

 

 

  

Electronic Equipment, Instruments & Components – 3.1%

 

Arrow Electronics, Inc. (a)

     226        17,917  

Avnet, Inc.

     316        12,501  

AVX Corp.

     410        6,281  

Badger Meter, Inc.

     146        8,439  

Benchmark Electronics, Inc.

     261        8,848  

Dolby Laboratories, Inc. Class A

     189        12,158  

Fabrinet (a)

     160        8,997  

FLIR Systems, Inc.

     351        18,098  

Insight Enterprises, Inc. (a)

     154        9,453  

Jabil, Inc.

     425        15,648  

Littelfuse, Inc.

     76        13,343  

MTS Systems Corp.

     118        6,665  

National Instruments Corp.

     325        13,452  

Novanta, Inc. (a)

     119        10,597  

OSI Systems, Inc. (a)

     76        7,542  

PC Connection, Inc.

     173        8,449  

Plexus Corp. (a)

     141        10,426  

Sanmina Corp. (a)

     283        8,697  

SYNNEX Corp.

     126        14,835  

Tech Data Corp. (a)

     117        14,215  

Vishay Intertechnology, Inc.

     545        10,982  
    

 

 

  
       237,543  
    

 

 

  

IT Services – 4.7%

     

Alliance Data Systems Corp.

     116        11,600  

Amdocs Ltd.

     333        21,712  

Black Knight, Inc. (a)

     337        21,635  

Booz Allen Hamilton Holding Corp.

     331        23,292  

CACI International, Inc. Class A (a)

     68        15,215  

Cass Information Systems, Inc.

     119        6,820  

CoreLogic, Inc. (a)

     252        10,203  

CSG Systems International, Inc.

     160        9,222  

EPAM Systems, Inc. (a)

     118        20,763  

Euronet Worldwide, Inc. (a)

     125        17,509  

EVERTEC, Inc.

     249        7,617  

Evo Payments, Inc. Class A (a)

     202        5,743  

ExlService Holdings, Inc. (a)

     137        9,539  

Genpact Ltd.

     377        14,767  

GreenSky, Inc. Class A (a)

     521        3,986  

I3 Verticals, Inc. Class A (a)

     190        3,886  

KBR, Inc.

     458        12,897  

ManTech International Corp. Class A

     117        9,264  

MAXIMUS, Inc.

     184        14,120  

NIC, Inc.

     338        7,950  

Perficient, Inc. (a)

     194        7,605  

Perspecta, Inc.

     469        12,447  

Sabre Corp.

     701        16,460  
              
    Shares      Value  

Science Applications International Corp.

     151      $ 12,476  

Sykes Enterprises, Inc. (a)

     248        7,662  

The Hackett Group, Inc.

     351        5,935  

The Western Union Co.

     1,032        25,862  

TTEC Holdings, Inc.

     131        6,205  

WEX, Inc. (a)

     103        19,486  
    

 

 

  
       361,878  
    

 

 

  

Semiconductors & Semiconductor Equipment – 2.7%

 

Advanced Energy Industries, Inc. (a)

     157        9,279  

Cabot Microelectronics Corp.

     93        14,054  

Cirrus Logic, Inc. (a)

     194        13,184  

Diodes, Inc. (a)

     188        8,770  

Entegris, Inc.

     374        17,952  

Kulicke & Soffa Industries, Inc.

     358        8,501  

MKS Instruments, Inc.

     158        17,099  

Monolithic Power Systems, Inc.

     105        15,742  

ON Semiconductor Corp. (a)

     1,001        20,420  

Photronics, Inc. (a)

     644        7,599  

Power Integrations, Inc.

     109        9,931  

SolarEdge Technologies, Inc. (a)

     152        12,914  

Teradyne, Inc.

     415        25,406  

Universal Display Corp.

     100        20,018  

Xperi Corp.

     324        6,579  
    

 

 

  
       207,448  
    

 

 

  

Software – 4.5%

     

ACI Worldwide, Inc. (a)

     361        11,332  

Alteryx, Inc. Class A (a)

     92        8,418  

American Software, Inc. Class A

     416        6,743  

Aspen Technology, Inc. (a)

     166        19,108  

Blackbaud, Inc.

     145        12,173  

CDK Global, Inc.

     328        16,577  

Cerence, Inc. (a)

     101        1,565  

Coupa Software, Inc. (a)

     130        17,874  

Everbridge, Inc. (a)

     100        6,951  

Fair Isaac Corp. (a)

     66        20,067  

Five9, Inc. (a)

     192        10,658  

Guidewire Software, Inc. (a)

     194        21,872  

HubSpot, Inc. (a)

     94        14,579  

j2 Global, Inc.

     144        13,674  

LogMeIn, Inc.

     158        10,377  

Manhattan Associates, Inc. (a)

     178        13,341  

MicroStrategy, Inc. Class A (a)

     54        8,275  

Nuance Communications, Inc. (a)

     819        13,366  

Paycom Software, Inc. (a)

     108        22,845  

Paylocity Holding Corp. (a)

     106        10,876  

Progress Software Corp.

     198        7,896  

Qualys, Inc. (a)

     120        10,240  

RingCentral, Inc. Class A (a)

     159        25,682  

SPS Commerce, Inc. (a)

     154        8,127  

Tyler Technologies, Inc. (a)

     90        24,167  

Verint Systems, Inc. (a)

     206        9,350  
    

 

 

  
       346,133  
    

 

 

  
 

 

  7       

Schedule of Investments (Unaudited) – continued

 

Common Stocks – continued             
    Shares      Value  

INFORMATION TECHNOLOGY – continued

     

Technology Hardware, Storage & Peripherals – 0.5%

 

Dell Technologies, Inc. Class C (a)

     354      $ 18,723  

Xerox Holdings Corp.

     531        18,017  
    

 

 

  
       36,740  
    

 

 

  

TOTAL INFORMATION TECHNOLOGY

        1,220,490  
    

 

 

  

MATERIALS – 4.9%

     

Chemicals – 1.6%

     

Balchem Corp.

     124        12,550  

Chase Corp.

     72        8,435  

Hawkins, Inc.

     149        6,370  

Innospec, Inc.

     110        10,049  

NewMarket Corp.

     30        14,565  

Quaker Chemical Corp.

     57        8,714  

Sensient Technologies Corp.

     165        10,322  

Stepan Co.

     98        9,576  

The Scotts Miracle-Gro Co.

     125        12,549  

Valvoline, Inc.

     617        13,167  

WR Grace & Co.

     209        13,888  
    

 

 

  
       120,185  
    

 

 

  

Construction Materials – 0.2%

     

Eagle Materials, Inc.

     158        14,432  
    

 

 

  

Containers & Packaging – 1.6%

     

Amcor PLC

     1,410        13,423  

Aptargroup, Inc.

     163        19,259  

Berry Plastics Group, Inc. (a)

     374        15,525  

Crown Holdings, Inc. (a)

     336        24,474  

Owens-Illinois, Inc.

     746        6,341  

Sealed Air Corp.

     428        17,878  

Silgan Holdings, Inc.

     342        10,523  

Sonoco Products Co.

     283        16,329  
    

 

 

  
       123,752  
    

 

 

  

Metals & Mining – 1.0%

     

Coronado Global Resources, Inc. (b)

     3,088        5,109  

Reliance Steel & Aluminum Co.

     187        21,700  

Royal Gold, Inc.

     168        19,394  

Steel Dynamics, Inc.

     612        18,580  

Warrior Met Coal, Inc.

     354        6,896  

Worthington Industries, Inc.

     224        8,245  
    

 

 

  
       79,924  
    

 

 

  

Paper & Forest Products – 0.5%

     

Domtar Corp.

     275        10,007  

Louisiana-Pacific Corp.

     487        14,235  

Mercer International, Inc.

     562        6,857  

Schweitzer-Mauduit International, Inc.

     233        9,434  
    

 

 

  
       40,533  
    

 

 

  

TOTAL MATERIALS

        378,826  
    

 

 

  
              
    Shares      Value  

REAL ESTATE – 10.0%

     

Equity Real Estate Investment Trusts (REITs) – 9.8%

 

Agree Realty Corp.

     141      $ 11,107  

American Assets Trust, Inc.

     183        8,960  

American Campus Communities, Inc.

     359        17,943  

American Homes 4 Rent Class A

     677        17,920  

Apartment Investment & Management Co. Class A

     376        20,635  

Apple Hospitality REIT, Inc.

     739        12,179  

Brixmor Property Group, Inc.

     815        17,946  

CareTrust REIT, Inc.

     383        9,284  

CoreSite Realty Corp.

     115        13,512  

CubeSmart

     486        15,406  

Douglas Emmett, Inc.

     424        18,368  

EastGroup Properties, Inc.

     109        14,601  

EPR Properties

     205        15,947  

Equity Commonwealth

     374        12,035  

Essential Properties Realty Trust, Inc.

     313        8,032  

First Industrial Realty Trust, Inc.

     367        15,454  

Four Corners Property Trust, Inc.

     321        9,197  

Gaming and Leisure Properties, Inc.

     503        20,301  

Getty Realty Corp.

     233        7,815  

Healthcare Realty Trust, Inc.

     389        13,526  

Healthcare Trust of America, Inc. Class A

     568        17,608  

Highwoods Properties, Inc.

     306        14,321  

Industrial Logistics Properties Trust

     364        7,731  

Invitation Homes, Inc.

     722        22,230  

Kilroy Realty Corp.

     250        20,982  

Kimco Realty Corp.

     1,032        22,250  

Lamar Advertising Co. Class A

     218        17,442  

Lexington Realty Trust

     906        9,857  

Liberty Property Trust

     366        21,620  

Life Storage, Inc.

     138        15,031  

LTC Properties, Inc.

     186        9,644  

Mack-Cali Realty Corp.

     382        8,182  

Medical Properties Trust, Inc.

     947        19,631  

National Health Investors, Inc.

     143        12,268  

National Retail Properties, Inc.

     388        22,857  

National Storage Affiliates Trust

     277        9,465  

Omega Healthcare Investors, Inc.

     504        22,196  

Physicians Realty Trust

     631        11,781  

Piedmont Office Realty Trust, Inc. Class A

     494        11,085  

Preferred Apartment Communities, Inc. Class A

     428        6,129  

PS Business Parks, Inc.

     66        11,916  

Retail Properties of America, Inc. Class A

     835        11,490  

Rexford Industrial Realty, Inc.

     290        13,946  

Service Properties Trust

     510        12,903  

Spirit Realty Capital, Inc.

     274        13,656  

STORE Capital Corp.

     493        19,966  

Sunstone Hotel Investors, Inc.

     829        11,200  

Terreno Realty Corp.

     212        11,959  
 

 

       8  

Common Stocks – continued             
    Shares      Value  

REAL ESTATE – continued

     

Equity Real Estate Investment Trusts (REITs) – continued

 

Urstadt Biddle Properties, Inc. Class A

     296      $ 7,202  

VEREIT, Inc.

     2,314        22,770  

VICI Properties, Inc.

     896        21,101  

Weingarten Realty Investors

     403        12,787  
    

 

 

  
       753,374  
    

 

 

  

Real Estate Management & Development – 0.2%

 

RE/MAX Holdings, Inc. Class A

     212        7,091  

The RMR Group, Inc. Class A

     119        5,760  
    

 

 

  
       12,851  
    

 

 

  

TOTAL REAL ESTATE

        766,225  
    

 

 

  

UTILITIES – 2.7%

     

Electric Utilities – 1.6%

     

ALLETE, Inc.

     161        13,856  

Avangrid, Inc.

     216        10,811  

Hawaiian Electric Industries, Inc.

     331        14,945  

IDACORP, Inc.

     150        16,143  

OGE Energy Corp.

     501        21,573  

Otter Tail Corp.

     183        10,372  

PNM Resources, Inc.

     263        13,715  

Portland General Electric Co.

     269        15,301  

Spark Energy, Inc. Class A

     572        5,474  
    

 

 

  
       122,190  
    

 

 

  

Gas Utilities – 0.4%

     

ONE Gas, Inc.

     161        14,947  

Spire, Inc.

     164        13,786  
    

 

 

  
       28,733  
    

 

 

  
              
    Shares      Value  

Independent Power and Renewable Electricity Producers – 0.1%

 

Clearway Energy, Inc. Class C

     521      $ 9,446  
    

 

 

  

Multi-Utilities – 0.4%

     

Black Hills Corp.

     173        13,637  

NorthWestern Corp.

     179        12,981  

Unitil Corp.

     129        8,033  
    

 

 

  
       34,651  
    

 

 

  

Water Utilities – 0.2%

     

American States Water Co.

     143        13,604  
    

 

 

  

TOTAL UTILITIES

        208,624  
    

 

 

  

TOTAL COMMON STOCKS
(Cost $7,233,510)

 

      7,667,401  
    

 

 

  

TOTAL INVESTMENT IN SECURITIES – 99.9%
(Cost $7,233,510)

 

      7,667,401  

NET OTHER ASSETS (LIABILITIES) – 0.1%

 

      4,569  
    

 

 

  

NET ASSETS – 100.0%

      $ 7,671,970  
    

 

 

  

Legend

 

(a)   Non-income producing.

 

(b)   Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,109 or of net assets.
 

 

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security 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 events. 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 Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 – 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund’s 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 vendor 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 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.

For additional information on the Fund’s policy regarding valuation of investments and other 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 semiannual report.

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