Equity Real Estate Investment Trusts (REITs) - 1.4%
American Tower Corp.
34,500
7,730
Crown Castle, Inc.
65,400
7,326
Public Storage Operating Co.
200
69
Simon Property Group, Inc.
6,900
1,155
Terreno Realty Corp.
10,000
690
16,970
UTILITIES - 2.5%
Electric Utilities - 2.4%
Constellation Energy Corp.
5,700
1,121
Duke Energy Corp.
22,800
2,598
Edison International
24,800
2,158
Entergy Corp.
15,800
1,907
Eversource Energy
37,900
2,559
Exelon Corp.
18,400
701
FirstEnergy Corp.
14,700
646
NextEra Energy, Inc.
6,200
499
Southern Co. (e)
194,500
16,805
28,994
Multi-Utilities - 0.1%
Sempra
16,400
1,348
TOTAL UTILITIES
30,342
TOTAL COMMON STOCKS
(Cost $692,140)
1,175,800
Convertible Bonds - 0.1%
Principal
Amount (f)
(000s)
Value ($)
(000s)
COMMUNICATION SERVICES - 0.1%
Interactive Media & Services - 0.1%
Snap, Inc. 0.125% 3/1/28
(Cost $1,133)
1,471
1,150
U.S. Treasury Obligations - 1.5%
Principal
Amount (f)
(000s)
Value ($)
(000s)
U.S. Treasury Bills, yield at date of purchase 5.13% to 5.31% 9/12/24 to 11/14/24 (e)
(Cost $18,518)
18,668
18,525
Money Market Funds - 3.6%
Shares
Value ($)
(000s)
Fidelity Cash Central Fund 5.39% (g)
23,925,358
23,930
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h)
20,423,547
20,426
TOTAL MONEY MARKET FUNDS
(Cost $44,356)
44,356
TOTAL INVESTMENT IN SECURITIES - 101.4%
(Cost $756,147)
1,239,831
NET OTHER ASSETS (LIABILITIES) - (1.4)%
(16,688)
NET ASSETS - 100.0%
1,223,143
Written Options
Counterparty
Number
of Contracts
Notional
Amount ($)
(000s)
Exercise
Price ($)
Expiration
Date
Value ($)
(000s)
Call Options
Apple, Inc.
Chicago Board Options Exchange
74
1,695
240.00
10/18/24
(25)
Applied Materials, Inc.
Chicago Board Options Exchange
59
1,164
230.00
10/18/24
(11)
Bank of America Corp.
Chicago Board Options Exchange
391
1,593
43.00
10/18/24
(19)
Eli Lilly & Co.
Chicago Board Options Exchange
25
2,400
1,000.00
10/18/24
(52)
Freeport-McMoRan, Inc.
Chicago Board Options Exchange
364
1,612
50.00
10/18/24
(17)
GE Vernova LLC
Chicago Board Options Exchange
98
1,970
200.00
09/20/24
(79)
General Electric Co.
Chicago Board Options Exchange
181
3,161
185.00
09/20/24
(10)
General Electric Co.
Chicago Board Options Exchange
174
3,038
190.00
09/20/24
(4)
General Electric Co.
Chicago Board Options Exchange
167
2,916
200.00
11/15/24
(30)
Intuit, Inc.
Chicago Board Options Exchange
16
1,008
690.00
10/18/24
(8)
JPMorgan Chase & Co.
Chicago Board Options Exchange
24
540
220.00
09/20/24
(17)
Meta Platforms, Inc. Class A
Chicago Board Options Exchange
41
2,137
575.00
10/18/24
(21)
Microsoft Corp.
Chicago Board Options Exchange
108
4,505
445.00
10/18/24
(37)
NVIDIA Corp.
Chicago Board Options Exchange
423
5,049
120.00
09/20/24
(215)
NVIDIA Corp.
Chicago Board Options Exchange
200
2,387
150.00
10/18/24
(22)
NVIDIA Corp.
Chicago Board Options Exchange
200
2,387
144.00
10/18/24
(36)
NXP Semiconductors NV
Chicago Board Options Exchange
50
1,282
270.00
10/18/24
(34)
PNC Financial Services Group, Inc.
Chicago Board Options Exchange
41
759
190.00
11/15/24
(26)
Southern Co.
Chicago Board Options Exchange
385
3,326
95.00
11/15/24
(11)
Walmart, Inc.
Chicago Board Options Exchange
79
610
72.50
10/18/24
(48)
Wells Fargo & Co.
Chicago Board Options Exchange
540
3,157
60.00
10/18/24
(86)
(808)
Put Options
Estee Lauder Companies, Inc. Class A
Chicago Board Options Exchange
200
1,833
80.00
10/18/24
(18)
Hess Corp.
Chicago Board Options Exchange
200
2,761
125.00
10/18/24
(15)
Lamb Weston Holdings, Inc.
Chicago Board Options Exchange
200
1,238
50.00
10/18/24
(13)
Meta Platforms, Inc. Class A
Chicago Board Options Exchange
25
1,303
445.00
09/20/24
(2)
NIKE, Inc. Class B
Chicago Board Options Exchange
100
833
65.00
10/18/24
(3)
The Walt Disney Co.
Chicago Board Options Exchange
100
904
80.00
10/18/24
(3)
United Parcel Service, Inc. Class B
Chicago Board Options Exchange
200
2,571
120.00
10/18/24
(20)
(74)
TOTAL WRITTEN OPTIONS
(882)
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a)
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 $4,535,000 or 0.4% of net assets.
(b)
Security or a portion of the security is on loan at period end.
(c)
Non-income producing
(d)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(e)
Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $72,603,000.
(f)
Amount is stated in United States dollars unless otherwise noted.
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(h)
Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
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 5.39%
53,015
102,969
132,054
1,186
-
-
23,930
0.1%
Fidelity Securities Lending Cash Central Fund 5.39%
10,761
113,720
104,055
20
-
-
20,426
0.1%
Total
63,776
216,689
236,109
1,206
-
-
44,356
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.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Convertible Bonds and U.S. Treasury Obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 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.
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Options: Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.
The Fund used exchange-traded options to manage its exposure to the stock market.
Open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions." Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.
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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