Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
EFS-NPRT3-0423
1.9904866.100
Common Stocks - 99.6%
Shares
Value ($)
COMMUNICATION SERVICES - 5.3%
Entertainment - 1.4%
Netflix, Inc. (a)
265
85,364
Interactive Media & Services - 1.2%
Alphabet, Inc. Class A (a)
792
71,328
Media - 2.7%
Cable One, Inc.
48
33,149
Comcast Corp. Class A
1,640
60,959
Interpublic Group of Companies, Inc.
1,742
61,911
156,019
TOTAL COMMUNICATION SERVICES
312,711
CONSUMER DISCRETIONARY - 13.0%
Auto Components - 0.9%
Aptiv PLC (a)
449
52,210
Automobiles - 0.9%
General Motors Co.
851
32,968
Tesla, Inc. (a)
101
20,777
53,745
Diversified Consumer Services - 1.9%
Adtalem Global Education, Inc. (a)
1,476
57,741
Bright Horizons Family Solutions, Inc. (a)
704
55,503
113,244
Hotels, Restaurants & Leisure - 1.3%
Marriott International, Inc. Class A
431
72,942
Household Durables - 1.7%
Taylor Morrison Home Corp. (a)
2,698
96,669
Internet & Direct Marketing Retail - 2.1%
Amazon.com, Inc. (a)
542
51,073
eBay, Inc.
1,566
71,879
122,952
Specialty Retail - 1.9%
The Home Depot, Inc.
383
113,575
Textiles, Apparel & Luxury Goods - 2.3%
LVMH Moet Hennessy Louis Vuitton SE
98
81,470
Tapestry, Inc.
1,231
53,561
135,031
TOTAL CONSUMER DISCRETIONARY
760,368
CONSUMER STAPLES - 5.3%
Beverages - 0.8%
Keurig Dr. Pepper, Inc.
1,439
49,717
Food & Staples Retailing - 0.9%
Albertsons Companies, Inc.
2,511
49,919
Food Products - 0.5%
Darling Ingredients, Inc. (a)
471
29,800
Household Products - 2.1%
Procter & Gamble Co.
889
122,291
Personal Products - 1.0%
Estee Lauder Companies, Inc. Class A
232
56,388
TOTAL CONSUMER STAPLES
308,115
ENERGY - 3.6%
Energy Equipment & Services - 1.3%
Baker Hughes Co. Class A
2,490
76,194
Oil, Gas & Consumable Fuels - 2.3%
Cheniere Energy, Inc.
158
24,860
Denbury, Inc. (a)
515
42,936
Valero Energy Corp.
528
69,553
137,349
TOTAL ENERGY
213,543
FINANCIALS - 12.9%
Banks - 3.1%
Bank of America Corp.
3,580
122,794
Huntington Bancshares, Inc.
3,860
59,135
181,929
Capital Markets - 5.8%
BlackRock, Inc. Class A
99
68,254
Moody's Corp.
230
66,735
Northern Trust Corp.
1,017
96,890
State Street Corp.
1,203
106,682
338,561
Consumer Finance - 1.6%
American Express Co.
538
93,607
Insurance - 2.4%
The Travelers Companies, Inc.
778
144,023
TOTAL FINANCIALS
758,120
HEALTH CARE - 12.9%
Biotechnology - 1.5%
Moderna, Inc. (a)
184
25,541
Vertex Pharmaceuticals, Inc. (a)
212
61,541
87,082
Health Care Providers & Services - 2.3%
Cigna Group
462
134,950
Life Sciences Tools & Services - 4.1%
Danaher Corp.
686
169,806
ICON PLC (a)
313
70,622
240,428
Pharmaceuticals - 5.0%
Merck & Co., Inc.
1,161
123,345
Roche Holding AG (participation certificate)
137
39,502
UCB SA
644
55,433
Zoetis, Inc. Class A
444
74,148
292,428
TOTAL HEALTH CARE
754,888
INDUSTRIALS - 11.0%
��
Air Freight & Logistics - 1.3%
United Parcel Service, Inc. Class B
408
74,456
Building Products - 1.0%
Johnson Controls International PLC
981
61,528
Electrical Equipment - 2.5%
Acuity Brands, Inc.
350
67,886
Generac Holdings, Inc. (a)
129
15,481
Nextracker, Inc. Class A
300
9,132
Regal Rexnord Corp.
334
52,652
145,151
Machinery - 2.0%
Deere & Co.
145
60,790
Ingersoll Rand, Inc.
954
55,399
116,189
Professional Services - 4.2%
KBR, Inc.
2,058
113,416
Manpower, Inc.
523
44,392
Planet Labs PBC Class A (a)
3,387
15,614
Verisk Analytics, Inc.
428
73,235
246,657
TOTAL INDUSTRIALS
643,981
INFORMATION TECHNOLOGY - 25.8%
Electronic Equipment & Components - 0.7%
Flex Ltd. (a)
1,821
41,446
IT Services - 3.7%
Accenture PLC Class A
393
104,361
MasterCard, Inc. Class A
193
68,571
PayPal Holdings, Inc. (a)
592
43,571
216,503
Semiconductors & Semiconductor Equipment - 6.7%
Advanced Micro Devices, Inc. (a)
629
49,427
NVIDIA Corp.
638
148,118
NXP Semiconductors NV
401
71,570
onsemi (a)
969
75,010
SolarEdge Technologies, Inc. (a)
156
49,596
393,721
Software - 12.2%
Adobe, Inc. (a)
176
57,015
Autodesk, Inc. (a)
321
63,779
Intuit, Inc.
230
93,651
Microsoft Corp.
1,505
375,378
Salesforce.com, Inc. (a)
771
126,143
715,966
Technology Hardware, Storage & Peripherals - 2.5%
Apple, Inc.
987
145,494
TOTAL INFORMATION TECHNOLOGY
1,513,130
MATERIALS - 5.1%
Chemicals - 2.3%
Eastman Chemical Co.
385
32,802
Linde PLC
288
100,331
133,133
Containers & Packaging - 2.8%
Avery Dennison Corp.
554
100,933
Crown Holdings, Inc.
724
62,633
163,566
TOTAL MATERIALS
296,699
REAL ESTATE - 2.1%
Equity Real Estate Investment Trusts (REITs) - 2.1%
Prologis (REIT), Inc.
1,005
124,017
UTILITIES - 2.6%
Electric Utilities - 2.0%
NextEra Energy, Inc.
803
57,037
ORSTED A/S (b)
722
62,845
119,882
Water Utilities - 0.6%
American Water Works Co., Inc.
236
33,130
TOTAL UTILITIES
153,012
TOTAL COMMON STOCKS
(Cost $5,639,637)
5,838,584
Money Market Funds - 1.0%
Shares
Value ($)
Fidelity Cash Central Fund 4.63% (c)
(Cost $56,407)
56,396
56,407
TOTAL INVESTMENT IN SECURITIES - 100.6%
(Cost $5,696,044)
5,894,991
NET OTHER ASSETS (LIABILITIES) - (0.6)%
(33,841)
NET ASSETS - 100.0%
5,861,150
Legend
(a)
Non-income producing
(b)
Security 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 $62,845 or 1.1% of net assets.
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.63%
4,355
3,447,396
3,395,344
1,231
-
-
56,407
0.0%
Total
4,355
3,447,396
3,395,344
1,231
-
-
56,407
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
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.
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.
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.
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