Independent Power and Renewable Electricity Producers - 0.8%
Independent Power Producers & Energy Traders - 0.8%
The AES Corp.
16,820
432,779
Vistra Corp.
197,529
4,592,549
5,025,328
Oil, Gas & Consumable Fuels - 89.1%
Coal & Consumable Fuels - 0.3%
Arch Resources, Inc. (c)
3,800
522,044
Enviva, Inc.
11,830
936,345
Peabody Energy Corp. (a)(c)
24,600
603,438
2,061,827
Integrated Oil & Gas - 37.8%
Cenovus Energy, Inc. (Canada)
1,430,200
23,841,433
Chevron Corp.
331,096
53,912,362
Exxon Mobil Corp.
1,532,548
126,573,136
Imperial Oil Ltd.
139,600
6,755,829
Occidental Petroleum Corp.
375,970
21,332,538
Occidental Petroleum Corp. warrants 8/3/27 (a)
11,000
387,530
Suncor Energy, Inc.
264,820
8,621,505
241,424,333
Oil & Gas Exploration & Production - 36.4%
Antero Resources Corp. (a)
346,760
10,586,583
APA Corp.
225,450
9,317,849
Callon Petroleum Co. (a)(c)
28,635
1,691,756
Canadian Natural Resources Ltd.
466,630
28,893,995
Chesapeake Energy Corp.
29,070
2,529,090
Civitas Resources, Inc.
55,174
3,294,440
ConocoPhillips Co.
326,709
32,670,900
Coterra Energy, Inc.
353,881
9,544,171
Devon Energy Corp.
390,840
23,110,369
Diamondback Energy, Inc.
43,900
6,017,812
EOG Resources, Inc.
121,002
14,427,068
Hess Corp.
234,300
25,079,472
Magnolia Oil & Gas Corp. Class A
131,840
3,118,016
National Energy Services Reunited Corp. (a)
417,350
3,505,740
Northern Oil & Gas, Inc.
26,150
737,169
Oasis Petroleum, Inc.
6,800
994,840
Ovintiv, Inc.
155,060
8,384,094
PDC Energy, Inc.
252,434
18,346,903
Pioneer Natural Resources Co.
99,044
24,763,971
Range Resources Corp. (a)
105,060
3,191,723
SM Energy Co.
45,970
1,790,532
Viper Energy Partners LP
22,660
670,056
232,666,549
Oil & Gas Refining & Marketing - 7.6%
Marathon Petroleum Corp.
195,476
16,713,198
Phillips 66 Co.
136,932
11,829,555
Renewable Energy Group, Inc. (a)
4,330
262,615
Valero Energy Corp.
191,620
19,457,095
48,262,463
Oil & Gas Storage & Transport - 7.0%
Cheniere Energy, Inc.
178,790
24,789,234
Energy Transfer LP
1,051,330
11,764,383
Golar LNG Ltd. (a)
93,030
2,305,283
Targa Resources Corp.
80,340
6,063,260
44,922,160
TOTAL OIL, GAS & CONSUMABLE FUELS
569,337,332
TOTAL COMMON STOCKS
(Cost $420,105,592)
626,868,622
Money Market Funds - 0.3%
Shares
Value ($)
Fidelity Securities Lending Cash Central Fund 0.31% (d)(e)
(Cost $2,306,876)
2,306,645
2,306,876
TOTAL INVESTMENT IN SECURITIES - 98.4%
(Cost $422,412,468)
629,175,498
NET OTHER ASSETS (LIABILITIES) - 1.6%
9,947,682
NET ASSETS - 100.0%
639,123,180
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 $387,749 or 0.1% of net assets.
(c)
Security or a portion of the security is on loan at period end.
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e)
Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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 0.31%
3,615,128
121,674,585
125,289,713
1,553
-
-
-
0.0%
Fidelity Securities Lending Cash Central Fund 0.31%
12,397,003
46,737,391
56,827,518
3,868
-
-
2,306,876
0.0%
Total
16,012,131
168,411,976
182,117,231
5,421
-
-
2,306,876
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Amount 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 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 - 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 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 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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