NPORT-EX 2 FidelityFinancials_Index.htm HTML

Quarterly Holdings Report

for

Fidelity® MSCI Financials Index ETF

October 31, 2019

 

 

T04-QTLY-1219

1.9584809.105

Schedule of Investments October 31, 2019 (Unaudited)

Showing Percentage of Net Assets

 

Common Stocks – 99.9%             
    Shares      Value  

BANKS – 43.9%

     

Diversified Banks – 29.1%

     

Bank of America Corp.

     2,265,828      $ 70,852,442  

Citigroup, Inc.

     580,070        41,683,830  

JPMorgan Chase & Co.

     813,733        101,651,526  

US Bancorp

     379,392        21,632,932  

Wells Fargo & Co.

     1,071,013        55,296,401  
    

 

 

  
       291,117,131  
    

 

 

  

Regional Banks – 14.8%

     

1st Source Corp.

     4,566        233,688  

Allegiance Bancshares, Inc. (a)

     3,127        104,004  

Amalgamated Bank Class A

     3,607        65,683  

Ameris Bancorp

     16,537        708,610  

Arrow Financial Corp.

     3,520        123,622  

Associated Banc-Corp

     41,031        825,133  

Atlantic Capital Bancshares, Inc. (a)

     6,258        116,712  

Atlantic Union Bankshares Corp.

     18,686        688,766  

Banc of California, Inc.

     11,032        151,911  

Bancfirst Corp.

     4,515        261,373  

BancorpSouth Bank

     25,548        783,557  

Bank of Hawaii Corp.

     10,357        904,270  

Bank of Marin Bancorp

     3,279        143,850  

Bank OZK

     32,427        909,902  

BankUnited, Inc.

     24,939        855,408  

Banner Corp.

     8,998        485,712  

Bar Harbor Bankshares

     4,104        102,805  

BB&T Corp.

     192,127        10,192,337  

Berkshire Hills Bancorp, Inc.

     11,113        344,836  

BOK Financial Corp.

     8,060        621,829  

Boston Private Financial Holdings, Inc.

     21,464        241,470  

Bridge Bancorp, Inc.

     3,980        128,952  

Brookline Bancorp, Inc.

     20,439        320,892  

Bryn Mawr Bank Corp.

     5,039        192,036  

Byline Bancorp, Inc. (a)

     4,188        72,620  

Cadence BanCorp

     32,721        503,249  

Camden National Corp.

     3,985        176,575  

Carolina Financial Corp.

     5,531        209,901  

Cathay General Bancorp

     19,215        683,478  

CBTX, Inc.

     5,099        146,086  

CenterState Banks, Inc.

     29,673        752,507  

Central Pacific Financial Corp.

     7,335        212,128  

Century Bancorp, Inc. Class A

     737        64,126  

CIT Group, Inc.

     24,249        1,040,040  

Citizens Financial Group, Inc.

     114,823        4,037,177  

City Holding Co.

     4,223        335,053  

Columbia Banking System, Inc.

     18,575        729,998  

Comerica, Inc.

     38,585        2,524,231  

Commerce Bancshares, Inc.

     24,871        1,600,698  

Community Bank System, Inc.

     13,048        884,393  

Community Trust Bancorp, Inc.

     4,089        179,139  

ConnectOne Bancorp, Inc.

     8,433        204,753  

Cullen/Frost Bankers, Inc.

     15,002        1,351,380  
              
    Shares      Value  

Customers Bancorp, Inc. (a)

     7,567      $ 178,430  

CVB Financial Corp.

     28,139        584,728  

Eagle Bancorp, Inc.

     8,117        366,401  

East West Bancorp, Inc.

     36,512        1,567,095  

Enterprise Financial Services Corp.

     6,284        275,239  

Equity Bancshares, Inc. Class A (a)

     3,874        107,542  

FB Financial Corp.

     4,362        164,317  

Fifth Third Bancorp

     184,343        5,360,694  

Financial Institutions, Inc.

     3,871        121,666  

First BanCorp

     55,682        585,775  

First BanCorp/NC

     7,438        280,785  

First Busey Corp.

     12,382        326,513  

First Citizens BancShares, Inc. Class A

     1,693        832,821  

First Commonwealth Financial Corp.

     25,236        355,575  

First Community Bancshares, Inc.

     3,638        115,798  

First Financial Bancorp

     25,161        589,774  

First Financial Bankshares, Inc.

     30,680        1,021,030  

First Financial Corp.

     2,852        125,117  

First Foundation, Inc.

     9,420        150,814  

First Hawaiian, Inc.

     34,167        933,784  

First Horizon National Corp.

     79,194        1,264,728  

First Interstate Bancsystem, Inc. Class A

     10,105        424,006  

First Merchants Corp.

     12,479        493,544  

First Mid-Illinois Bancshares, Inc.

     3,321        115,903  

First Midwest Bancorp, Inc.

     28,594        587,321  

First Republic Bank

     41,983        4,465,312  

Flushing Financial Corp.

     6,480        140,227  

FNB Corp.

     81,765        986,086  

Franklin Financial Network, Inc.

     3,589        119,406  

Fulton Financial Corp.

     42,573        726,295  

German American Bancorp, Inc.

     6,185        204,414  

Glacier Bancorp, Inc.

     21,375        904,590  

Great Southern Bancorp, Inc.

     2,862        172,922  

Great Western Bancorp, Inc.

     14,588        508,684  

Hancock Whitney Corp.

     22,690        884,910  

Hanmi Financial Corp.

     7,924        152,537  

Harborone Bancorp, Inc. (a)

     7,177        73,277  

Heartland Financial USA, Inc.

     8,316        389,022  

Heritage Commerce Corp.

     14,056        168,953  

Heritage Financial Corp.

     9,138        251,569  

Hilltop Holdings, Inc.

     19,003        443,910  

Home BancShares, Inc.

     39,950        738,276  

HomeTrust Bancshares, Inc.

     4,418        117,961  

Hope Bancorp, Inc.

     32,322        461,235  

Horizon Bancorp, Inc.

     10,202        186,238  

Huntington Bancshares, Inc.

     262,456        3,708,503  

Iberiabank Corp.

     13,574        996,196  

Independent Bank Corp./MA

     8,796        721,976  

Independent Bank Corp./MI

     5,307        119,461  

Independent Bank Group, Inc.

     8,772        469,039  

International Bancshares Corp.

     14,048        575,406  

Investors Bancorp, Inc.

     59,335        714,987  
 

 

  2  

Schedule of Investments (Unaudited) – continued

 

Common Stocks – continued  
    Shares      Value  

BANKS – continued

     

Regional Banks – continued

     

KeyCorp

     253,060      $ 4,547,488  

Lakeland Bancorp, Inc.

     11,949        197,756  

Lakeland Financial Corp.

     6,482        301,737  

LegacyTexas Financial Group, Inc.

     12,288        522,732  

Live Oak Bancshares, Inc.

     6,240        113,256  

M&T Bank Corp.

     32,544        5,094,112  

Mercantile Bank Corp.

     3,784        133,235  

Midland States Bancorp, Inc.

     5,547        148,660  

National Bank Holdings Corp. Class A

     7,662        263,573  

NBT Bancorp, Inc.

     11,211        445,637  

Nicolet Bankshares, Inc. (a)

     2,180        150,376  

OFG Bancorp

     13,351        271,159  

Old Line Bancshares, Inc.

     3,591        105,144  

Old National Bancorp

     39,851        717,119  

Opus Bank

     6,545        162,251  

Origin Bancorp, Inc.

     4,613        162,331  

Pacific Premier Bancorp, Inc.

     14,523        490,224  

PacWest Bancorp

     29,805        1,102,487  

Park National Corp.

     3,754        380,093  

Peapack Gladstone Financial Corp.

     4,284        125,093  

Peoples Bancorp, Inc.

     4,958        162,176  

People’s United Financial, Inc.

     100,100        1,618,617  

People’s Utah Bancorp

     4,084        118,844  

Pinnacle Financial Partners, Inc.

     18,240        1,072,877  

Popular, Inc.

     24,275        1,322,017  

Preferred Bank

     3,879        206,789  

Prosperity Bancshares, Inc.

     16,726        1,154,429  

QCR Holdings, Inc.

     3,933        159,601  

Regions Financial Corp.

     253,924        4,088,176  

Renasant Corp.

     11,733        407,135  

Republic Bancorp, Inc. Class A

     2,728        121,314  

Republic First Bancorp, Inc. (a)

     11,459        46,409  

S&T Bancorp, Inc.

     8,796        331,213  

Sandy Spring Bancorp, Inc.

     9,183        316,814  

Seacoast Banking Corp. of Florida (a)

     13,038        365,064  

ServisFirst Bancshares, Inc.

     11,429        400,015  

Signature Bank

     13,846        1,638,259  

Simmons First National Corp. Class A

     24,170        578,146  

South State Corp.

     8,830        696,334  

Southside Bancshares, Inc.

     7,974        274,704  

Sterling Bancorp

     52,708        1,035,712  

Stock Yards Bancorp, Inc.

     5,468        218,392  

SunTrust Banks, Inc.

     111,331        7,608,361  

SVB Financial Group (a)

     13,042        2,888,542  

Synovus Financial Corp.

     39,546        1,339,423  

TCF Financial Corp.

     38,802        1,536,171  

Texas Capital Bancshares, Inc. (a)

     12,647        683,697  

The Bancorp, Inc. (a)

     12,762        139,106  

The First Bancshares, Inc.

     4,098        135,070  

The First of Long Island Corp.

     6,482        151,938  
   
    Shares      Value  

The PNC Financial Services Group, Inc.

     113,559      $ 16,659,105  

Tompkins Financial Corp.

     3,507        306,898  

Towne Bank

     18,087        508,064  

Trico Bancshares

     6,830        257,013  

TriState Capital Holdings, Inc. (a)

     5,875        135,830  

Triumph Bancorp, Inc. (a)

     6,410        208,005  

Trustmark Corp.

     15,254        523,517  

UMB Financial Corp.

     11,615        757,995  

Umpqua Holdings Corp.

     55,074        871,271  

United Bankshares, Inc.

     25,494        1,008,033  

United Community Banks, Inc.

     20,250        611,753  

Univest Financial Corp.

     7,605        195,829  

Valley National Bancorp

     83,759        969,929  

Veritex Holdings, Inc.

     11,166        274,907  

Washington Trust Bancorp, Inc.

     3,932        200,886  

Webster Financial Corp.

     23,134        1,020,209  

WesBanco, Inc.

     13,711        515,396  

Westamerica BanCorp.

     6,900        455,538  

Western Alliance Bancorp

     24,952        1,230,882  

Wintrust Financial Corp.

     14,240        908,797  

Zions Bancorp NA

     45,693        2,214,740  
    

 

 

  
       147,630,087  
    

 

 

  

TOTAL BANKS

        438,747,218  
    

 

 

  

CAPITAL MARKETS – 19.8%

     

Asset Management & Custody Banks – 6.4%

 

   

Affiliated Managers Group, Inc.

     12,807        1,023,023  

Ameriprise Financial, Inc.

     33,594        5,068,999  

Ares Management Corp. Class A

     19,631        580,489  

Artisan Partners Asset Management, Inc. Class A

     13,377        365,861  

Associated Capital Group, Inc. Class A

     802        32,561  

BlackRock, Inc.

     29,070        13,421,619  

Blucora, Inc. (a)

     11,993        259,409  

Brihgtsphere Investment Group (a)

     19,477        191,264  

Cohen & Steers, Inc.

     6,002        392,771  

Diamond Hill Investment Group, Inc.

     795        111,984  

Eaton Vance Corp.

     28,565        1,302,564  

Federated Investors, Inc. Class B

     24,236        774,098  

Franklin Resources, Inc.

     76,470        2,106,748  

GAMCO Investors, Inc. Class A

     1,358        21,402  

Hamilton Lane, Inc. Class A

     4,968        296,192  

Invesco Ltd.

     100,524        1,690,814  

Janus Henderson Group PLC

     42,037        972,316  

KKR & Co., Inc. Class A

     122,823        3,540,987  

Legg Mason, Inc.

     21,779        811,485  

Northern Trust Corp.

     51,882        5,171,598  

Pzena Investment Management, Inc. Class A

     5,242        43,509  

SEI Investments Co.

     32,425        1,942,906  

State Street Corp.

     93,606        6,184,548  

T Rowe Price Group, Inc.

     59,319        6,869,140  
 

 

  3  

Common Stocks – continued  
    Shares      Value  

CAPITAL MARKETS – continued

     

Asset Management & Custody Banks – continued

 

The Bank of New York Mellon Corp.

     216,169      $ 10,105,901  

Victory Capital Holdings, Inc. Class A

     3,256        50,663  

Virtus Investment Partners, Inc.

     1,793        194,505  

Waddell & Reed Financial, Inc. Class A

     19,052        315,501  

Westwood Holdings Group, Inc.

     1,963        59,341  

WisdomTree Investments, Inc.

     30,268        154,669  
    

 

 

  
       64,056,867  
    

 

 

  

Financial Exchanges and Data – 7.5%

 

Cboe Holdings, Inc.

     28,013        3,225,697  

CME Group, Inc.

     89,795        18,475,321  

Donnelley Financial Solutions, Inc. (a)

     8,187        92,513  

FactSet Research Systems, Inc.

     9,578        2,428,215  

Intercontinental Exchange, Inc.

     141,443        13,340,904  

MarketAxess Holdings, Inc.

     9,441        3,479,858  

Moody’s Corp.

     42,804        9,446,415  

Morningstar, Inc.

     4,864        787,190  

MSCI, Inc.

     21,215        4,976,190  

Nasdaq, Inc.

     29,040        2,897,321  

S&P Global, Inc.

     61,758        15,932,946  
    

 

 

  
       75,082,570  
    

 

 

  

Investment Banking & Brokerage – 5.9%

 

B. Riley Financial, Inc.

     3,431        96,583  

BGC Partners, Inc. Class A

     65,653        341,396  

Cowen, Inc. Class A (a)

     6,799        101,781  

E*TRADE Financial Corp.

     61,385        2,565,279  

Evercore Partners, Inc. Class A

     10,348        762,027  

Greenhill & Co., Inc.

     3,896        63,115  

Houlihan Lokey, Inc.

     9,657        456,390  

Interactive Brokers Group, Inc. Class A

     17,817        847,555  

INTL. FCStone, Inc. (a)

     4,104        164,160  

Ladenburg Thalmann Financial Services, Inc.

     26,567        60,041  

LPL Financial Holdings, Inc.

     20,960        1,694,406  

Moelis & Co. Class A

     12,340        440,291  

Morgan Stanley

     316,485        14,574,134  

Piper Jaffray Cos.

     3,426        269,078  

PJT Partners, Inc. Class A

     5,376        223,265  

Raymond James Financial, Inc.

     31,729        2,649,054  

Stifel Financial Corp.

     17,782        995,436  

TD Ameritrade Holding Corp.

     69,409        2,663,918  

The Charles Schwab Corp.

     301,392        12,269,668  

The Goldman Sachs Group, Inc.

     82,592        17,623,481  

Virtu Financial, Inc. Class A

     12,288        208,405  
    

 

 

  
       59,069,463  
    

 

 

  

TOTAL CAPITAL MARKETS

        198,208,900  
    

 

 

  

CONSUMER FINANCE – 5.4%

     

Consumer Finance – 5.4%

     

Ally Financial, Inc.

     99,790        3,056,568  

American Express Co.

     178,054        20,882,173  
   
    Shares      Value  

Capital One Financial Corp.

     117,796      $ 10,984,477  

Credit Acceptance Corp. (a)

     2,604        1,140,057  

Curo Group Holdings Corp. (a)

     3,369        47,132  

Discover Financial Services

     81,136        6,511,976  

Encore Capital Group, Inc. (a)

     6,470        214,739  

Enova International, Inc. (a)

     8,345        196,024  

Ezcorp, Inc. Class A (a)

     13,131        69,069  

FirstCash, Inc.

     10,857        916,222  

Green Dot Corp. Class A (a)

     12,502        360,558  

LendingClub Corp. (a)

     15,527        196,261  

Navient Corp.

     54,105        745,026  

Nelnet, Inc. Class A

     5,045        309,107  

OneMain Holdings, Inc.

     20,398        815,920  

PRA Group, Inc. (a)

     11,470        389,177  

SLM Corp.

     108,946        919,504  

Synchrony Financial

     155,620        5,504,280  

World Acceptance Corp. (a)

     1,732        179,799  
    

 

 

  

TOTAL CONSUMER FINANCE

        53,438,069  
    

 

 

  

DIVERSIFIED FINANCIAL SERVICES – 7.5%

 

Multi-Sector Holdings – 7.1%

     

Berkshire Hathaway, Inc. Class B (a)

     326,056        69,312,985  

Cannae Holdings, Inc. (a)

     15,606        455,695  

Jefferies Financial Group, Inc.

     62,100        1,159,407  
    

 

 

  
       70,928,087  
    

 

 

  

Other Diversified Financial Services – 0.4%

 

AXA Equitable Holdings, Inc.

     74,048        1,599,437  

FGL Holdings

     41,491        374,663  

Voya Financial, Inc.

     36,056        1,945,582  
    

 

 

  
       3,919,682  
    

 

 

  

Specialized Finance – 0.0%

     

NewStar Financial, Inc. (b)

     6,699        1,618  

On Deck Capital, Inc. (a)

     13,227        58,992  
    

 

 

  
       60,610  
    

 

 

  

TOTAL DIVERSIFIED FINANCIAL SERVICES

 

      74,908,379  
    

 

 

  

INSURANCE – 20.1%

     

Insurance Brokers – 3.8%

     

Aon PLC

     60,338        11,654,888  

Arthur J Gallagher & Co.

     46,550        4,246,291  

Brown & Brown, Inc.

     60,264        2,270,748  

Crawford & Co. Class A

     4,585        48,555  

eHealth, Inc. (a)

     5,135        354,521  

Marsh & McLennan Cos., Inc.

     128,268        13,291,130  

Willis Towers Watson PLC

     32,418        6,058,924  
    

 

 

  
       37,925,057  
    

 

 

  

Life & Health Insurance – 4.6%

     

Aflac, Inc.

     186,997        9,940,761  

American Equity Investment Life Holding Co.

     23,284        574,649  

Athene Holding Ltd. Class A (a)

     40,428        1,752,554  

Brighthouse Financial, Inc. (a)

     26,029        982,855  
 

 

  4  

Schedule of Investments (Unaudited) – continued

 

Common Stocks – continued  
    Shares      Value  

INSURANCE – continued

     

Life & Health Insurance – continued

 

Citizens, Inc. (a)

     12,749      $ 84,908  

CNO Financial Group, Inc.

     40,046        626,720  

FBL Financial Group, Inc. Class A

     2,795        160,377  

Genworth Financial, Inc. Class A (a)

     125,832        538,561  

Globe Life Inc.

     26,143        2,544,498  

Independence Holding Co.

     1,449        56,656  

Lincoln National Corp.

     50,679        2,862,350  

MetLife, Inc.

     202,644        9,481,713  

National Western Life Group, Inc. Class A

     609        166,013  

Primerica, Inc.

     10,576        1,334,480  

Principal Financial Group, Inc.

     69,846        3,728,379  

Prudential Financial, Inc.

     101,847        9,282,336  

Trupanion, Inc. (a)

     7,296        172,915  

Unum Group

     53,149        1,463,723  
    

 

 

  
       45,754,448  
    

 

 

  

Multi-line Insurance – 2.2%

     

American Financial Group, Inc.

     19,271        2,004,955  

American International Group, Inc.

     218,173        11,554,442  

American National Insurance Co.

     2,076        249,078  

Assurant, Inc.

     15,405        1,942,108  

Hartford Financial Services Group, Inc.

     90,708        5,177,613  

Horace Mann Educators Corp.

     10,544        459,297  

National General Holdings Corp.

     17,060        363,719  
    

 

 

  
       21,751,212  
    

 

 

  

Property & Casualty Insurance – 8.4%

 

Ambac Financial Group, Inc. (a)

     11,221        230,031  

AMERISAFE, Inc.

     4,938        313,711  

Arch Capital Group Ltd. (a)

     101,484        4,237,972  

Argo Group International Holdings Ltd.

     8,685        537,341  

Assured Guaranty Ltd.

     25,528        1,197,774  

Axis Capital Holdings Ltd.

     21,193        1,259,500  

Chubb Ltd.

     114,854        17,506,047  

Cincinnati Financial Corp.

     38,950        4,409,530  

Donegal Group, Inc. Class A

     2,920        42,982  

Employers Holdings, Inc.

     8,212        347,696  

Erie Indemnity Co. Class A

     6,353        1,170,667  

Fidelity National Financial, Inc.

     68,996        3,162,777  

First American Financial Corp.

     28,031        1,731,755  

Global Indemnity Ltd.

     2,242        55,512  

HCI Group, Inc.

     1,683        70,770  

Heritage Insurance Holdings, Inc.

     6,795        90,509  

James River Group Holdings Ltd.

     7,728        276,740  

Kemper Corp.

     13,780        990,506  

Kinsale Capital Group, Inc.

     5,129        542,238  

Loews Corp.

     68,864        3,374,336  

Markel Corp. (a)

     3,469        4,062,199  

MBIA, Inc. (a)

     21,007        195,155  

Mercury General Corp.

     6,912        332,191  

Old Republic International Corp.

     72,350        1,616,299  
   
    Shares      Value  

ProAssurance Corp.

     13,769      $ 540,020  

Protective Insurance Corp. Class B

     2,177        34,636  

RLI Corp.

     9,540        928,433  

Safety Insurance Group, Inc.

     3,679        357,599  

Selective Insurance Group, Inc.

     14,877        1,028,298  

State Auto Financial Corp.

     4,422        146,324  

Stewart Information Services Corp.

     6,072        248,466  

The Allstate Corp.

     83,558        8,892,242  

The Hanover Insurance Group, Inc.

     10,169        1,339,359  

The Progressive Corp.

     146,520        10,212,444  

The Travelers Cos., Inc.

     65,709        8,611,822  

United Fire Group, Inc.

     5,270        239,890  

United Insurance Holdings Corp.

     5,389        66,069  

Universal Insurance Holdings, Inc.

     8,364        226,748  

White Mountains Insurance Group Ltd.

     798        854,658  

WR Berkley Corp.

     36,858        2,576,374  
    

 

 

  
       84,057,620  
    

 

 

  

Reinsurance – 1.1%

     

Alleghany Corp. (a)

     3,618        2,815,853  

Enstar Group Ltd. (a)

     2,910        584,619  

Everest Re Group Ltd.

     10,231        2,630,288  

Greenlight Capital Re Ltd. (a)

     7,152        77,242  

Reinsurance Group of America, Inc.

     15,683        2,548,017  

RenaissanceRe Holdings Ltd.

     11,102        2,078,072  

Third Point Reinsurance Ltd. (a)

     19,179        182,009  
    

 

 

  
       10,916,100  
    

 

 

  

TOTAL INSURANCE

        200,404,437  
    

 

 

  

MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 1.8%

 

Mortgage REITs – 1.8%

     

AG Mortgage Investment Trust, Inc.

     8,424        131,751  

AGNC Investment Corp.

     134,821        2,298,698  

Annaly Capital Management, Inc.

     366,237        3,288,808  

Anworth Mortgage Asset Corp.

     25,733        88,007  

Apollo Commercial Real Estate Finance, Inc.

     36,667        671,006  

Ares Commercial Real Estate Corp.

     6,504        100,812  

Arlington Asset Investment Corp. Class A

     9,154        52,910  

ARMOUR Residential REIT, Inc.

     15,134        253,192  

Blackstone Mortgage Trust, Inc. Class A

     30,026        1,089,944  

Capstead Mortgage Corp.

     23,629        182,652  

Chimera Investment Corp.

     47,254        957,366  

Colony Credit Real Estate, Inc.

     21,333        305,702  

Dynex Capital, Inc.

     6,245        100,919  

Exantas Capital Corp.

     8,065        94,844  

Granite Point Mortgage Trust, Inc.

     13,555        252,123  

Invesco Mortgage Capital, Inc.

     35,819        563,791  

KKR Real Estate Finance Trust, Inc.

     6,650        133,333  

Ladder Capital Corp.

     22,783        393,462  

MFA Financial, Inc.

     114,008        865,321  

New Residential Investment Corp.

     104,404        1,653,759  

New York Mortgage Trust, Inc.

     64,790        405,585  
 

 

  5  

Common Stocks – continued  
    Shares      Value  

MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – continued

 

Mortgage REITs – continued

     

PennyMac Mortgage Investment Trust

     21,601      $ 494,447  

Ready Capital Corp.

     8,849        140,080  

Redwood Trust, Inc.

     27,529        449,824  

Starwood Property Trust, Inc.

     70,466        1,733,464  

TPG RE Finance Trust, Inc.

     10,986        222,247  

Two Harbors Investment Corp.

     68,542        950,678  

Western Asset Mortgage Capital Corp.

     14,119        141,755  
    

 

 

  

TOTAL MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)

 

      18,016,480  
    

 

 

  

THRIFTS & MORTGAGE FINANCE – 1.4%

 

Thrifts & Mortgage Finance – 1.4%

     

Axos Financial, Inc. (a)

     13,695        397,840  

Capitol Federal Financial, Inc.

     33,817        482,569  

Columbia Financial, Inc. (a)

     14,495        239,023  

Dime Community Bancshares, Inc.

     8,047        155,227  

Essent Group Ltd.

     23,514        1,224,844  

Federal Agricultural Mortgage Corp. Class C

     2,286        193,601  

First Defiance Financial Corp.

     5,232        161,773  

Flagstar Bancorp, Inc.

     7,920        287,813  

HomeStreet, Inc. (a)

     6,767        203,078  

Kearny Financial Corp.

     22,105        310,133  

LendingTree, Inc. (a)

     1,956        703,867  

Luther Burbank Corp.

     5,534        64,028  

Merchants Bancorp

     2,296        37,494  

Meridian Bancorp, Inc.

     12,946        253,224  

Meta Financial Group, Inc.

     8,902        281,837  

MGIC Investment Corp.

     89,699        1,229,773  

Mr Cooper Group, Inc. (a)

     18,701        239,373  

New York Community Bancorp, Inc.

     118,153        1,376,482  

NMI Holdings, Inc. Class A (a)

     16,990        496,957  

Northfield Bancorp, Inc.

     11,490        195,445  

Northwest Bancshares, Inc.

     25,588        431,670  
   
    Shares      Value  

OceanFirst Financial Corp.

     12,863      $ 307,812  

Ocwen Financial Corp. (a)

     32,933        55,657  

Oritani Financial Corp.

     10,651        198,748  

Provident Financial Services, Inc.

     15,896        396,605  

Radian Group, Inc.

     52,257        1,311,651  

Sterling Bancorp, Inc.

     4,464        43,256  

TFS Financial Corp.

     14,192        273,338  

TrustCo Bank Corp.

     24,807        214,332  

United Community Financial Corp.

     12,762        145,359  

United Financial Bancorp, Inc.

     12,894        182,063  

Walker & Dunlop, Inc.

     7,415        467,071  

Washington Federal, Inc.

     20,312        740,575  

Waterstone Financial, Inc.

     6,577        122,529  

WSFS Financial Corp.

     12,830        541,041  
    

 

 

  

TOTAL THRIFTS & MORTGAGE FINANCE

 

      13,966,088  
    

 

 

  

TOTAL COMMON STOCKS
(Cost $954,007,383)

        997,689,571  
    

 

 

  
    
Money Market Fund – 0.0%  

State Street Institutional Treasury Plus Money Market Fund, Trust Class,
1.68% (c)
(Cost $505,000)

     505,000        505,000  
    

 

 

  

TOTAL INVESTMENT IN SECURITIES – 99.9%
(Cost $954,512,383)

 

      998,194,571  

NET OTHER ASSETS (LIABILITIES) – 0.1%

 

      615,145  
    

 

 

  

NET ASSETS – 100.0%

      $ 998,809,716  
    

 

 

  

Legend

 

(a)   Non-income producing.

 

(b)   Level 3 security.

 

(c)   The rate quoted is the annualized seven-day yield of the fund at period end.
 

 

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

 

  6  

Schedule of Investments (Unaudited) – continued

 

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.

Investments in open-end mutual funds (Underlying 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 underlying 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.

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.

 

  7  

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.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

 

  8