Quarterly Holdings Report
for
Fidelity® Blue Chip Growth ETF
October 31, 2021
GTF-NPRT1-1221
1.9897896.101
Schedule of Investments October 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.4% | ||
Shares | Value | |
COMMUNICATION SERVICES – 16.0% | ||
Entertainment – 3.3% | ||
Endeavor Group Holdings, Inc. (a) | 23,332 | $ 627,164 |
Netflix, Inc. (a) | 11,887 | 8,205,715 |
ROBLOX Corp. | 7,651 | 642,837 |
Roku, Inc. (a) | 3,144 | 958,606 |
Sea Ltd. ADR (a) | 16,952 | 5,824,199 |
16,258,521 | ||
Interactive Media & Services – 12.3% | ||
Alphabet, Inc. Class A (a) | 11,438 | 33,867,003 |
Bumble, Inc. Class A (a) | 3,678 | 193,169 |
Facebook, Inc. Class A (a) | 60,821 | 19,679,851 |
Match Group, Inc. (a) | 7,499 | 1,130,699 |
Snap, Inc. Class A (a) | 75,963 | 3,994,134 |
Twitter, Inc. (a) | 8,940 | 478,648 |
ZoomInfo Technologies, Inc. Class A (a) | 3,852 | 258,931 |
59,602,435 | ||
Media – 0.3% | ||
Criteo S.A. ADR (a) | 17,112 | 565,380 |
DISH Network Corp. Class A (a) | 15,952 | 655,149 |
1,220,529 | ||
Wireless Telecommunication Services – 0.1% | ||
T-Mobile US, Inc. (a) | 5,936 | 682,818 |
TOTAL COMMUNICATION SERVICES | 77,764,303 | |
CONSUMER DISCRETIONARY – 27.4% | ||
Automobiles – 4.6% | ||
Ford Motor Co. (a) | 25,031 | 427,530 |
General Motors Co. (a) | 18,019 | 980,774 |
NIO, Inc. ADR (a) | 8,800 | 346,808 |
Tesla, Inc. (a) | 17,083 | 19,030,462 |
XPeng, Inc. ADR (a) | 36,976 | 1,724,191 |
22,509,765 | ||
Diversified Consumer Services – 0.0% | ||
Duolingo, Inc. (a) | 205 | 35,607 |
Mister Car Wash, Inc. (a) | 8,036 | 147,380 |
182,987 | ||
Hotels, Restaurants & Leisure – 4.3% | ||
Airbnb, Inc. Class A (a) | 28,119 | 4,798,789 |
Caesars Entertainment, Inc. (a) | 28,474 | 3,116,764 |
Chipotle Mexican Grill, Inc. (a) | 1,237 | 2,200,660 |
Churchill Downs, Inc. | 3,946 | 907,580 |
DraftKings, Inc. Class A (a) | 5,490 | 255,779 |
Dutch Bros, Inc. (a) | 3,523 | 268,593 |
Expedia Group, Inc. (a) | 6,681 | 1,098,423 |
Hilton Worldwide Holdings, Inc. (a) | 9,240 | 1,330,098 |
Marriott International, Inc. Class A (a) | 11,605 | 1,857,032 |
MGM Resorts International | 12,235 | 577,003 |
Penn National Gaming, Inc. (a) | 55,439 | 3,969,432 |
Vail Resorts, Inc. | 1,297 | 447,089 |
20,827,242 |
| ||
Shares | Value | |
Household Durables – 0.6% | ||
D.R. Horton, Inc. | 3,518 | $ 314,052 |
Lennar Corp. Class A | 5,098 | 509,443 |
Sonos, Inc. (a) | 6,122 | 199,700 |
Tempur Sealy International, Inc. | 14,777 | 657,133 |
Toll Brothers, Inc. | 4,595 | 276,481 |
Tri Pointe Homes, Inc. (a) | 15,835 | 383,049 |
Tupperware Brands Corp. (a) | 15,964 | 355,039 |
2,694,897 | ||
Internet & Direct Marketing Retail – 8.0% | ||
Amazon.com, Inc. (a) | 10,120 | 34,128,992 |
Chewy, Inc. Class A (a) | 9,514 | 721,161 |
Coupang, Inc. (a) | 3,520 | 104,755 |
eBay, Inc. | 17,575 | 1,348,354 |
Etsy, Inc. (a) | 3,735 | 936,327 |
Farfetch Ltd. Class A (a) | 5,261 | 206,284 |
Global-e Online Ltd. (a) | 6,705 | 387,951 |
The Original BARK Co. (a) | 41,953 | 308,774 |
The RealReal, Inc. (a) | 2,779 | 36,211 |
Vivid Seats, Inc. | 14,858 | 200,583 |
Wayfair, Inc. Class A (a) | 2,499 | 622,501 |
39,001,893 | ||
Leisure Products – 0.1% | ||
Peloton Interactive, Inc. Class A (a) | 6,510 | 595,274 |
Multiline Retail – 0.3% | ||
Dollar Tree, Inc. (a) | 1,769 | 190,628 |
Kohl's Corp. | 4,455 | 216,201 |
Ollie's Bargain Outlet Holdings, Inc. (a) | 6,311 | 427,002 |
Target Corp. | 2,392 | 621,011 |
1,454,842 | ||
Specialty Retail – 5.8% | ||
American Eagle Outfitters, Inc. | 55,669 | 1,321,582 |
Aritzia, Inc. (a) | 11,372 | 447,860 |
Bath & Body Works, Inc. | 11,325 | 782,444 |
Boot Barn Holdings, Inc. (a) | 2,043 | 213,473 |
Burlington Stores, Inc. (a) | 4,744 | 1,310,720 |
Carvana Co. (a) | 14,435 | 4,376,403 |
Citi Trends, Inc. (a) | 2,041 | 157,892 |
Dick's Sporting Goods, Inc. | 10,731 | 1,332,898 |
Five Below, Inc. (a) | 7,928 | 1,564,194 |
Floor & Decor Holdings, Inc. Class A (a) | 13,242 | 1,799,853 |
Lowe's Cos., Inc. | 31,873 | 7,452,545 |
RH (a) | 6,161 | 4,063,981 |
Signet Jewelers Ltd. | 7,080 | 631,394 |
The Children's Place, Inc. (a) | 4,725 | 391,655 |
The Gap, Inc. | 11,947 | 271,077 |
The Home Depot, Inc. | 2,004 | 744,967 |
The TJX Cos., Inc. | 5,525 | 361,832 |
Victoria's Secret & Co. (a) | 22,641 | 1,142,691 |
28,367,461 | ||
Textiles, Apparel & Luxury Goods – 3.7% | ||
Capri Holdings Ltd. (a) | 42,701 | 2,273,401 |
Quarterly Report | 2 |
Common Stocks – continued | ||
Shares | Value | |
CONSUMER DISCRETIONARY – continued | ||
Textiles, Apparel & Luxury Goods – continued | ||
Crocs, Inc. (a) | 17,436 | $ 2,815,042 |
Deckers Outdoor Corp. (a) | 3,225 | 1,274,875 |
Levi Strauss & Co. Class A | 7,664 | 200,644 |
Lululemon Athletica, Inc. (a) | 4,302 | 2,004,775 |
NIKE, Inc. Class B | 38,543 | 6,447,858 |
On Holding AG (a) | 1,000 | 34,160 |
PVH Corp. (a) | 14,395 | 1,573,805 |
Tapestry, Inc. | 23,863 | 930,180 |
Under Armour, Inc. Class A (a) | 8,932 | 196,147 |
17,750,887 | ||
TOTAL CONSUMER DISCRETIONARY | 133,385,248 | |
CONSUMER STAPLES – 0.4% | ||
Beverages – 0.2% | ||
Celsius Holdings, Inc. (a) | 8,950 | 863,854 |
Monster Beverage Corp. (a) | 1,328 | 112,880 |
976,734 | ||
Food & Staples Retailing – 0.0% | ||
Costco Wholesale Corp. | 414 | 203,498 |
Personal Products – 0.1% | ||
Olaplex Holdings, Inc. (a) | 9,301 | 259,591 |
The Honest Co., Inc. (a) | 17,204 | 157,417 |
417,008 | ||
Tobacco – 0.1% | ||
Altria Group, Inc. | 7,477 | 329,810 |
TOTAL CONSUMER STAPLES | 1,927,050 | |
ENERGY – 1.0% | ||
Oil, Gas & Consumable Fuels – 1.0% | ||
Cenovus Energy, Inc. | 15,968 | 190,955 |
Cheniere Energy, Inc. (a) | 2,016 | 208,454 |
Devon Energy Corp. | 4,699 | 188,336 |
Diamondback Energy, Inc. | 6,897 | 739,289 |
EOG Resources, Inc. | 9,097 | 841,109 |
Hess Corp. | 13,616 | 1,124,273 |
Phillips 66 | 4,998 | 373,751 |
Pioneer Natural Resources Co. | 2,448 | 457,727 |
Range Resources Corp. (a) | 15,875 | 370,205 |
Valero Energy Corp. | 4,956 | 383,248 |
TOTAL ENERGY | 4,877,347 | |
FINANCIALS – 1.6% | ||
Banks – 0.5% | ||
Bank of America Corp. | 13,868 | 662,613 |
Wells Fargo & Co. | 35,428 | 1,812,497 |
2,475,110 | ||
Capital Markets – 0.6% | ||
Coinbase Global, Inc. Class A (a) | 1,542 | 492,546 |
Goldman Sachs Group, Inc. | 2,513 | 1,038,748 |
| ||
Shares | Value | |
Morgan Stanley | 10,059 | $1,033,864 |
The Charles Schwab Corp. | 3,505 | 287,515 |
2,852,673 | ||
Consumer Finance – 0.4% | ||
American Express Co. | 5,774 | 1,003,406 |
LendingClub Corp. (a) | 19,577 | 899,759 |
1,903,165 | ||
Diversified Financial Services – 0.1% | ||
Switchback II Corp. (a) | 19,342 | 194,000 |
Insurance – 0.0% | ||
Goosehead Insurance, Inc. Class A | 1,148 | 165,656 |
TOTAL FINANCIALS | 7,590,604 | |
HEALTH CARE – 7.6% | ||
Biotechnology – 1.9% | ||
Adagio Therapeutics, Inc. | 5,143 | 150,381 |
ADC Therapeutics S.A. (a) | 514 | 14,901 |
Allakos, Inc. (a) | 424 | 42,646 |
Alnylam Pharmaceuticals, Inc. (a) | 6,905 | 1,101,762 |
Annexon, Inc. (a) | 2,489 | 40,596 |
Arcutis Biotherapeutics, Inc. (a) | 1,350 | 28,593 |
Argenx SE ADR (a) | 989 | 298,638 |
Ascendis Pharma A/S ADR (a) | 1,950 | 295,640 |
Avidity Biosciences, Inc. (a) | 630 | 14,175 |
BioAtla, Inc. (a) | 438 | 12,803 |
Bolt Biotherapeutics, Inc. (a) | 1,882 | 24,635 |
Cerevel Therapeutics Holdings, Inc. (a) | 7,965 | 323,777 |
Connect Biopharma Holdings Ltd. (a) | 5,044 | 79,897 |
Day One Biopharmaceuticals, Inc. (a) | 7,063 | 172,620 |
Generation Bio Co. (a) | 817 | 17,124 |
Horizon Therapeutics PLC (a) | 14,194 | 1,702,003 |
Immunocore Holdings PLC (a) | 1,165 | 44,876 |
Instil Bio, Inc. (a) | 4,415 | 89,934 |
Moderna, Inc. (a) | 5,601 | 1,933,521 |
Prelude Therapeutics, Inc. (a) | 1,904 | 33,472 |
Recursion Pharmaceuticals, Inc. (a) | 6,052 | 115,896 |
Regeneron Pharmaceuticals, Inc. (a) | 2,002 | 1,281,160 |
Relay Therapeutics, Inc. (a) | 3,465 | 115,211 |
REVOLUTION Medicines, Inc. (a) | 3,622 | 106,595 |
Seagen, Inc. (a) | 1,192 | 210,185 |
Shattuck Labs, Inc. (a) | 500 | 9,650 |
TG Therapeutics, Inc. (a) | 1,114 | 34,779 |
Turning Point Therapeutics, Inc. (a) | 4,678 | 194,511 |
Twist Bioscience Corp. (a) | 186 | 22,097 |
Vaxcyte, Inc. (a) | 1,162 | 27,191 |
Verve Therapeutics, Inc. (a) | 4,487 | 208,152 |
Xencor, Inc. (a) | 4,038 | 159,743 |
Zai Lab Ltd. ADR (a) | 2,845 | 297,018 |
9,204,182 | ||
Health Care Equipment & Supplies – 2.8% | ||
Axonics, Inc. (a) | 7,723 | 566,482 |
Boston Scientific Corp. (a) | 7,622 | 328,737 |
3 | Quarterly Report |
Schedule of Investments (Unaudited)–continued
Common Stocks – continued | ||
Shares | Value | |
HEALTH CARE – continued | ||
Health Care Equipment & Supplies – continued | ||
CryoPort, Inc. (a) | 871 | $ 71,021 |
Danaher Corp. | 5,182 | 1,615,592 |
DexCom, Inc. (a) | 5,847 | 3,643,909 |
Figs, Inc. Class A (a) | 4,890 | 164,353 |
Inmode Ltd. (a) | 7,512 | 711,687 |
Insulet Corp. (a) | 2,657 | 823,723 |
Intuitive Surgical, Inc. (a) | 9,343 | 3,374,038 |
Outset Medical, Inc. (a) | 390 | 20,775 |
Shockwave Medical, Inc. (a) | 7,668 | 1,638,652 |
Tandem Diabetes Care, Inc. (a) | 6,292 | 857,788 |
13,816,757 | ||
Health Care Providers & Services – 0.7% | ||
1Life Healthcare, Inc. (a) | 8,171 | 176,984 |
agilon health, Inc. (a) | 7,823 | 191,664 |
Alignment Healthcare, Inc. (a) | 6,965 | 138,325 |
Cano Health, Inc. (a) | 4,151 | 45,619 |
Guardant Health, Inc. (a) | 6,201 | 724,215 |
Humana, Inc. | 919 | 425,644 |
Oak Street Health, Inc. (a) | 6,889 | 325,367 |
Owens & Minor, Inc. | 2,810 | 100,823 |
Surgery Partners, Inc. (a) | 2,928 | 120,458 |
UnitedHealth Group, Inc. | 2,445 | 1,125,849 |
3,374,948 | ||
Health Care Technology – 0.1% | ||
Certara, Inc. (a) | 3,053 | 126,119 |
Doximity, Inc. Class A (a) | 2,198 | 152,717 |
GoodRx Holdings, Inc. Class A (a) | 4,410 | 196,686 |
475,522 | ||
Life Sciences Tools & Services – 0.5% | ||
10X Genomics, Inc. Class A (a) | 3,060 | 493,486 |
Absci Corp. (a) | 7,547 | 110,715 |
Avantor, Inc. (a) | 13,784 | 556,598 |
Bio-Rad Laboratories, Inc. Class A (a) | 311 | 247,145 |
Maravai LifeSciences Holdings, Inc. Class A (a) | 14,096 | 596,120 |
NanoString Technologies, Inc. (a) | 2,877 | 138,959 |
Olink Holding AB ADR (a) | 7,189 | 231,198 |
Seer, Inc. (a) | 666 | 24,589 |
Thermo Fisher Scientific, Inc. | 314 | 198,784 |
2,597,594 | ||
Pharmaceuticals – 1.6% | ||
Arvinas, Inc. (a) | 964 | 83,463 |
Eli Lilly & Co. | 12,988 | 3,308,823 |
Intra-Cellular Therapies, Inc. (a) | 7,182 | 309,329 |
Nuvation Bio, Inc. (a) | 22,959 | 210,534 |
Pharvaris N.V. (a) | 1,018 | 18,059 |
Zoetis, Inc. | 16,827 | 3,637,998 |
7,568,206 | ||
TOTAL HEALTH CARE | 37,037,209 |
| ||
Shares | Value | |
INDUSTRIALS – 5.3% | ||
Aerospace & Defense – 0.1% | ||
Axon Enterprise, Inc. (a) | 1,383 | $248,884 |
Howmet Aerospace, Inc. | 11,068 | 328,609 |
577,493 | ||
Building Products – 0.3% | ||
Builders FirstSource, Inc. (a) | 11,178 | 651,342 |
Carrier Global Corp. | 7,071 | 369,318 |
The AZEK Co., Inc. (a) | 8,602 | 315,607 |
Trane Technologies PLC | 619 | 111,996 |
1,448,263 | ||
Commercial Services & Supplies – 0.1% | ||
ACV Auctions, Inc. Class A (a) | 26,128 | 508,712 |
Li-Cycle Holdings Corp. (a) | 15,069 | 194,993 |
703,705 | ||
Construction & Engineering – 0.1% | ||
Dycom Industries, Inc. (a) | 3,659 | 290,598 |
Electrical Equipment – 0.5% | ||
Acuity Brands, Inc. | 6,234 | 1,280,651 |
Array Technologies, Inc. (a) | 20,445 | 436,501 |
Sunrun, Inc. (a) | 9,646 | 556,381 |
2,273,533 | ||
Industrial Conglomerates – 0.2% | ||
General Electric Co. | 9,887 | 1,036,850 |
Machinery – 0.2% | ||
Deere & Co. | 1,737 | 594,592 |
Otis Worldwide Corp. | 2,208 | 177,325 |
Proterra, Inc. (a) | 17,462 | 195,749 |
967,666 | ||
Professional Services – 0.2% | ||
First Advantage Corp. (a) | 8,481 | 158,595 |
KBR, Inc. | 4,472 | 189,791 |
Upwork, Inc. (a) | 9,573 | 451,080 |
799,466 | ||
Road & Rail – 3.6% | ||
Avis Budget Group, Inc. (a) | 3,641 | 631,022 |
Lyft, Inc. Class A (a) | 170,322 | 7,812,670 |
TuSimple Holdings, Inc. (a) | 7,899 | 309,009 |
Uber Technologies, Inc. (a) | 200,222 | 8,773,728 |
17,526,429 | ||
TOTAL INDUSTRIALS | 25,624,003 | |
INFORMATION TECHNOLOGY – 38.5% | ||
IT Services – 4.0% | ||
Affirm Holdings, Inc. (a) | 1,462 | 237,575 |
Cloudflare, Inc. Class A (a) | 1,076 | 209,519 |
DigitalOcean Holdings, Inc. | 21,316 | 2,080,228 |
Dlocal Ltd. (a) | 8,749 | 424,414 |
Endava PLC ADR (a) | 2,471 | 391,555 |
MongoDB, Inc. (a) | 1,458 | 760,041 |
PayPal Holdings, Inc. (a) | 26,203 | 6,094,556 |
Quarterly Report | 4 |
Common Stocks – continued | ||
Shares | Value | |
INFORMATION TECHNOLOGY – continued | ||
IT Services – continued | ||
Shopify, Inc. Class A (a) | 1,801 | $ 2,629,640 |
Snowflake, Inc. Class A (a) | 1,169 | 413,639 |
Square, Inc. Class A (a) | 13,014 | 3,312,063 |
Squarespace, Inc. Class A (a) | 3,006 | 117,054 |
TaskUS, Inc. Class A (a) | 6,784 | 392,794 |
TDCX, Inc. (a) | 3,049 | 87,445 |
Thoughtworks Holding, Inc. (a) | 1,606 | 46,397 |
Twilio, Inc. Class A (a) | 6,950 | 2,024,952 |
19,221,872 | ||
Semiconductors & Semiconductor Equipment – 10.9% | ||
ASML Holding N.V. | 877 | 712,896 |
Cirrus Logic, Inc. (a) | 2,437 | 196,934 |
Enphase Energy, Inc. (a) | 5,271 | 1,220,922 |
GLOBALFOUNDRIES, Inc. (a) | 7,152 | 348,588 |
Marvell Technology, Inc. | 207,497 | 14,213,544 |
NVIDIA Corp. | 104,748 | 26,780,921 |
NXP Semiconductors N.V. | 31,755 | 6,378,309 |
ON Semiconductor Corp. (a) | 14,919 | 717,156 |
Synaptics, Inc. (a) | 1,436 | 279,403 |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4,623 | 525,635 |
Teradyne, Inc. | 9,494 | 1,312,451 |
Wolfspeed, Inc. (a) | 2,078 | 249,589 |
52,936,348 | ||
Software – 14.7% | ||
Adobe, Inc. (a) | 10,192 | 6,628,469 |
Amplitude, Inc. (a) | 6,695 | 497,372 |
AppLovin Corp. | 7,666 | 753,184 |
Atlassian Corp. PLC Class A (a) | 1,042 | 477,371 |
Avalara, Inc. (a) | 1,722 | 309,340 |
Bill.com Holdings, Inc. (a) | 674 | 198,365 |
Cadence Design Systems, Inc. (a) | 3,642 | 630,467 |
Coupa Software, Inc. (a) | 2,629 | 598,623 |
Crowdstrike Holdings, Inc. Class A (a) | 3,049 | 859,208 |
DocuSign, Inc. (a) | 5,090 | 1,416,496 |
DoubleVerify Holdings, Inc. (a) | 25,200 | 996,156 |
Freshworks, Inc. (a) | 6,318 | 317,479 |
HubSpot, Inc. (a) | 2,995 | 2,426,639 |
Intuit, Inc. | 2,450 | 1,533,675 |
Lightspeed Commerce, Inc. (a) | 9,039 | 881,040 |
Lightspeed Commerce, Inc. (a) | 1,476 | 144,190 |
Microsoft Corp. | 106,901 | 35,450,510 |
Riskified Ltd. (a) | 11,275 | 218,059 |
Salesforce.com, Inc. (a) | 33,313 | 9,983,573 |
SentinelOne, Inc. Class A (a) | 9,332 | 619,645 |
ServiceNow, Inc. (a) | 1,792 | 1,250,386 |
Telos Corp. (a) | 2,144 | 55,551 |
The Trade Desk, Inc. Class A (a) | 10,105 | 756,966 |
UiPath, Inc. (a) | 14,659 | 736,615 |
Workday, Inc. Class A (a) | 4,922 | 1,427,282 |
| ||
Shares | Value | |
Zoom Video Communications, Inc. Class A (a) | 9,365 | $ 2,572,097 |
71,738,758 | ||
Technology Hardware, Storage & Peripherals – 8.9% | ||
Apple, Inc. | 288,979 | 43,289,054 |
TOTAL INFORMATION TECHNOLOGY | 187,186,032 | |
MATERIALS – 1.3% | ||
Chemicals – 0.8% | ||
Albemarle Corp. | 914 | 228,930 |
CF Industries Holdings, Inc. | 10,402 | 590,834 |
Corteva, Inc. | 7,766 | 335,103 |
Nutrien Ltd. | 20,736 | 1,449,308 |
Olin Corp. | 2,877 | 163,931 |
The Chemours Co. | 13,829 | 387,488 |
The Mosaic Co. | 19,256 | 800,472 |
3,956,066 | ||
Construction Materials – 0.1% | ||
Eagle Materials, Inc. | 2,356 | 349,536 |
Metals & Mining – 0.3% | ||
Freeport-McMoRan, Inc. | 41,123 | 1,551,160 |
Gatos Silver, Inc. (a) | 9,881 | 119,560 |
1,670,720 | ||
Paper & Forest Products – 0.1% | ||
West Fraser Timber Co. Ltd. | 4,241 | 339,561 |
TOTAL MATERIALS | 6,315,883 | |
REAL ESTATE – 0.3% | ||
Equity Real Estate Investment Trusts (REITs) – 0.1% | ||
Simon Property Group, Inc. | 3,540 | 518,893 |
Real Estate Management & Development – 0.2% | ||
Opendoor Technologies, Inc. (a) | 10,034 | 237,906 |
WeWork, Inc. (a) | 47,811 | 488,151 |
726,057 | ||
TOTAL REAL ESTATE | 1,244,950 | |
UTILITIES – 0.0% | ||
Independent Power and Renewable Electricity Producers – 0.0% | ||
Brookfield Renewable Corp. | 2,906 | 120,337 |
Brookfield Renewable Corp. Class A | 876 | 36,283 |
TOTAL UTILITIES | 156,620 | |
TOTAL COMMON STOCKS (Cost $395,274,504) | 483,109,249 |
5 | Quarterly Report |
Schedule of Investments (Unaudited)–continued
Money Market Fund – 0.8% | ||
Shares | Value | |
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 0.01% (b) (Cost $4,051,483) | 4,051,483 | $ 4,051,483 |
TOTAL INVESTMENT IN SECURITIES – 100.2% (Cost $399,325,987) | 487,160,732 | |
NET OTHER ASSETS (LIABILITIES) – (0.2%) | (862,775) | |
NET ASSETS – 100.0% | $486,297,957 |
Legend | ||
(a) | Non-income producing. | |
(b) | 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. 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 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 inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
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)
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 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 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.
Investments in 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.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
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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