Independent Power and Renewable Electricity Producers - 0.4%
Independent Power Producers & Energy Traders - 0.4%
Vistra Corp.
222,200
5,301,692
Oil, Gas & Consumable Fuels - 84.5%
Coal & Consumable Fuels - 0.2%
Arch Resources, Inc.
23,800
2,909,550
Integrated Oil & Gas - 40.9%
Cenovus Energy, Inc. (Canada) (c)
2,476,500
41,565,937
Chevron Corp.
615,770
103,806,507
Exxon Mobil Corp.
3,010,361
356,246,121
Imperial Oil Ltd.
260,400
13,273,221
Occidental Petroleum Corp.
909,200
55,943,076
Occidental Petroleum Corp. warrants 8/3/27 (a)
36,987
1,486,877
Suncor Energy, Inc.
634,500
19,866,029
592,187,768
Oil & Gas Exploration & Production - 27.8%
Antero Resources Corp. (a)
614,700
14,131,953
APA Corp.
542,000
19,972,700
Callon Petroleum Co. (a)
33,340
1,104,888
Canadian Natural Resources Ltd. (c)
927,500
56,518,729
Chord Energy Corp.
39,830
5,669,004
Civitas Resources, Inc.
105,544
7,287,813
ConocoPhillips Co.
661,150
68,025,724
Coterra Energy, Inc.
248,621
6,364,698
Devon Energy Corp.
425,300
22,723,779
Diamondback Energy, Inc.
91,900
13,068,180
EOG Resources, Inc.
157,586
18,826,799
EQT Corp.
138,100
4,811,404
Hess Corp.
398,200
57,762,892
Magnolia Oil & Gas Corp. Class A
202,000
4,266,240
National Energy Services Reunited Corp. (a)
922,000
2,812,100
Northern Oil & Gas, Inc.
67,730
2,246,604
Ovintiv, Inc.
423,300
15,272,664
PDC Energy, Inc.
530,888
34,534,264
Pioneer Natural Resources Co.
117,625
25,589,319
Range Resources Corp.
717,000
18,964,650
SM Energy Co.
112,100
3,147,768
403,102,172
Oil & Gas Refining & Marketing - 10.4%
Marathon Petroleum Corp.
520,278
63,473,916
Phillips 66 Co.
263,618
26,098,182
Valero Energy Corp.
528,300
60,580,161
150,152,259
Oil & Gas Storage & Transportation - 5.2%
Cheniere Energy, Inc.
326,100
49,893,300
Energy Transfer LP
1,589,200
20,468,896
Golar LNG Ltd. (a)
188,900
4,288,030
74,650,226
TOTAL OIL, GAS & CONSUMABLE FUELS
1,223,001,975
TOTAL COMMON STOCKS
(Cost $902,717,432)
1,440,585,486
Money Market Funds - 1.9%
Shares
Value ($)
Fidelity Securities Lending Cash Central Fund 4.88% (d)(e)
(Cost $26,926,224)
26,923,532
26,926,224
TOTAL INVESTMENT IN SECURITIES - 101.4%
(Cost $929,643,656)
1,467,511,710
NET OTHER ASSETS (LIABILITIES) - (1.4)%
(19,979,516)
NET ASSETS - 100.0%
1,447,532,194
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 $1,316,218 or 0.1% of net assets.
(c)
Security or a portion of the security is on loan at period end.
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e)
Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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 4.88%
5,552,227
143,113,530
148,665,757
78,312
-
-
-
0.0%
Fidelity Securities Lending Cash Central Fund 4.88%
58,002,499
561,072,375
592,148,650
69,008
-
-
26,926,224
0.1%
Total
63,554,726
704,185,905
740,814,407
147,320
-
-
26,926,224
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
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.
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