| Common Stocks - 98.3% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 1.5% | | | |
| Media - 1.5% | | | |
| Nexstar Media Group, Inc. Class A | | 441,800 | 70,714,508 |
| CONSUMER DISCRETIONARY - 8.7% | | | |
| Hotels, Restaurants & Leisure - 1.7% | | | |
| Brinker International, Inc. (a)(b) | | 987,236 | 52,915,850 |
| Churchill Downs, Inc. | | 185,520 | 23,932,080 |
| | | | 76,847,930 |
| Leisure Products - 3.5% | | | |
| BRP, Inc. | | 1,085,000 | 72,998,002 |
| Brunswick Corp. (b) | | 1,123,253 | 90,579,122 |
| | | | 163,577,124 |
| Specialty Retail - 3.5% | | | |
| Advance Auto Parts, Inc. | | 884,172 | 64,526,873 |
| Lithia Motors, Inc. Class A (sub. vtg.) | | 94,000 | 23,911,720 |
| Murphy U.S.A., Inc. | | 100,000 | 41,382,000 |
| Upbound Group, Inc. | | 1,072,453 | 33,256,768 |
| | | | 163,077,361 |
TOTAL CONSUMER DISCRETIONARY | | | 403,502,415 |
| CONSUMER STAPLES - 3.7% | | | |
| Beverages - 1.1% | | | |
| MGP Ingredients, Inc. (b) | | 615,000 | 48,240,600 |
| Consumer Staples Distribution & Retail - 2.6% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 187,500 | 14,002,500 |
| U.S. Foods Holding Corp. (a) | | 2,136,000 | 107,334,000 |
| | | | 121,336,500 |
TOTAL CONSUMER STAPLES | | | 169,577,100 |
| ENERGY - 8.9% | | | |
| Energy Equipment & Services - 3.7% | | | |
| Cactus, Inc. (b) | | 1,350,000 | 67,014,000 |
| Noble Corp. PLC (b) | | 750,000 | 33,285,000 |
| TechnipFMC PLC | | 1,825,000 | 46,756,500 |
| Tidewater, Inc. (a) | | 270,000 | 24,799,500 |
| | | | 171,855,000 |
| Oil, Gas & Consumable Fuels - 5.2% | | | |
| Antero Resources Corp. (a) | | 2,287,000 | 77,780,870 |
| Parkland Corp. | | 2,615,000 | 80,559,438 |
| Sitio Royalties Corp. | | 3,576,805 | 83,124,948 |
| | | | 241,465,256 |
TOTAL ENERGY | | | 413,320,256 |
| FINANCIALS - 25.6% | | | |
| Banks - 13.4% | | | |
| BOK Financial Corp. | | 505,000 | 44,808,650 |
| Cadence Bank | | 2,420,000 | 66,961,400 |
| Cullen/Frost Bankers, Inc. | | 335,000 | 34,953,900 |
| Eastern Bankshares, Inc. | | 8,270,100 | 103,872,456 |
| First Foundation, Inc. (b) | | 2,281,375 | 12,501,935 |
| First Interstate Bancsystem, Inc. | | 2,096,200 | 55,968,540 |
| Independent Bank Group, Inc. | | 1,339,769 | 49,892,998 |
| Pinnacle Financial Partners, Inc. | | 804,000 | 61,666,800 |
| Synovus Financial Corp. | | 1,202,700 | 43,044,633 |
| The Bank of NT Butterfield & Son Ltd. | | 1,760,000 | 59,840,000 |
| Trico Bancshares | | 1,029,000 | 35,778,330 |
| Webster Financial Corp. | | 1,163,829 | 51,010,625 |
| | | | 620,300,267 |
| Capital Markets - 1.8% | | | |
| AllianceBernstein Holding LP | | 1,328,200 | 44,481,418 |
| Lazard, Inc. Class A | | 1,029,300 | 39,628,050 |
| | | | 84,109,468 |
| Consumer Finance - 2.6% | | | |
| Encore Capital Group, Inc. (a)(b) | | 1,140,200 | 46,850,818 |
| FirstCash Holdings, Inc. | | 657,300 | 74,261,754 |
| | | | 121,112,572 |
| Financial Services - 0.3% | | | |
| ECN Capital Corp. (b) | | 10,243,751 | 13,096,286 |
| Insurance - 7.5% | | | |
| Enstar Group Ltd. (a) | | 296,049 | 85,963,748 |
| First American Financial Corp. | | 1,506,600 | 80,708,562 |
| Old Republic International Corp. | | 3,275,100 | 97,794,486 |
| Primerica, Inc. | | 397,224 | 84,155,877 |
| | | | 348,622,673 |
TOTAL FINANCIALS | | | 1,187,241,266 |
| HEALTH CARE - 8.3% | | | |
| Biotechnology - 2.6% | | | |
| ALX Oncology Holdings, Inc. (a) | | 748,400 | 12,737,768 |
| Arcellx, Inc. (a) | | 92,000 | 4,601,840 |
| Celldex Therapeutics, Inc. (a) | | 357,300 | 13,370,166 |
| Crinetics Pharmaceuticals, Inc. (a) | | 360,000 | 15,775,200 |
| Cytokinetics, Inc. (a) | | 220,853 | 13,542,706 |
| Insmed, Inc. (a) | | 260,000 | 6,427,200 |
| Keros Therapeutics, Inc. (a) | | 210,000 | 11,841,900 |
| Madrigal Pharmaceuticals, Inc. (a)(b) | | 33,600 | 6,855,072 |
| Spyre Therapeutics, Inc. (a) | | 254,164 | 8,395,037 |
| Vaxcyte, Inc. (a) | | 227,096 | 13,750,663 |
| Viridian Therapeutics, Inc. (a) | | 355,889 | 4,719,088 |
| Xenon Pharmaceuticals, Inc. (a) | | 215,000 | 8,739,750 |
| | | | 120,756,390 |
| Health Care Providers & Services - 3.9% | | | |
| AMN Healthcare Services, Inc. (a) | | 545,000 | 32,689,100 |
| BrightSpring Health Services, Inc. | | 1,903,796 | 20,351,579 |
| Owens & Minor, Inc. (a)(b)(c) | | 4,957,946 | 122,659,584 |
| Pennant Group, Inc. (a) | | 103,664 | 2,167,614 |
| | | | 177,867,877 |
| Life Sciences Tools & Services - 0.2% | | | |
| Maravai LifeSciences Holdings, Inc. (a) | | 1,175,000 | 9,635,000 |
| Pharmaceuticals - 1.6% | | | |
| Enliven Therapeutics, Inc. (a)(b) | | 535,540 | 9,313,041 |
| Prestige Brands Holdings, Inc. (a) | | 910,000 | 65,301,600 |
| | | | 74,614,641 |
TOTAL HEALTH CARE | | | 382,873,908 |
| INDUSTRIALS - 18.1% | | | |
| Building Products - 2.2% | | | |
| Hayward Holdings, Inc. (a)(b) | | 6,008,588 | 81,596,625 |
| Tecnoglass, Inc. | | 375,077 | 20,835,527 |
| | | | 102,432,152 |
| Construction & Engineering - 1.0% | | | |
| Sterling Construction Co., Inc. (a) | | 474,029 | 48,161,346 |
| Ground Transportation - 0.8% | | | |
| ArcBest Corp. | | 331,002 | 36,711,432 |
| Machinery - 4.6% | | | |
| Astec Industries, Inc. | | 129,648 | 5,419,286 |
| Atmus Filtration Technologies, Inc. | | 1,185,000 | 35,893,650 |
| EnPro Industries, Inc. (b) | | 302,672 | 45,440,147 |
| Hillenbrand, Inc. (b) | | 1,240,000 | 59,172,800 |
| REV Group, Inc. | | 1,735,000 | 37,927,100 |
| Terex Corp. | | 503,876 | 28,242,250 |
| | | | 212,095,233 |
| Professional Services - 6.3% | | | |
| ASGN, Inc. (a) | | 550,000 | 53,047,500 |
| Concentrix Corp. (b) | | 856,800 | 46,841,256 |
| Genpact Ltd. | | 1,646,000 | 50,598,040 |
| KBR, Inc. | | 1,472,238 | 95,607,136 |
| Science Applications International Corp. | | 360,000 | 46,332,000 |
| | | | 292,425,932 |
| Trading Companies & Distributors - 3.2% | | | |
| Beacon Roofing Supply, Inc. (a) | | 1,181,000 | 116,363,930 |
| DXP Enterprises, Inc. (a) | | 163,872 | 7,990,399 |
| Herc Holdings, Inc. | | 175,000 | 25,030,250 |
| | | | 149,384,579 |
TOTAL INDUSTRIALS | | | 841,210,674 |
| INFORMATION TECHNOLOGY - 10.0% | | | |
| Communications Equipment - 3.7% | | | |
| Ciena Corp. (a) | | 1,802,900 | 83,348,067 |
| Lumentum Holdings, Inc. (a)(b) | | 2,057,127 | 90,019,878 |
| | | | 173,367,945 |
| Electronic Equipment, Instruments & Components - 5.1% | | | |
| Insight Enterprises, Inc. (a) | | 726,873 | 132,705,202 |
| TD SYNNEX Corp. | | 301,100 | 35,481,624 |
| Vontier Corp. | | 1,640,000 | 66,633,200 |
| | | | 234,820,026 |
| Semiconductors & Semiconductor Equipment - 1.2% | | | |
| Diodes, Inc. (a) | | 760,400 | 55,516,804 |
TOTAL INFORMATION TECHNOLOGY | | | 463,704,775 |
| MATERIALS - 5.4% | | | |
| Chemicals - 1.9% | | | |
| Ecovyst, Inc. (a)(b) | | 4,900,000 | 46,207,000 |
| The Chemours Co. LLC | | 1,535,000 | 41,061,250 |
| | | | 87,268,250 |
| Containers & Packaging - 3.5% | | | |
| Graphic Packaging Holding Co. (b) | | 3,895,000 | 100,685,750 |
| O-I Glass, Inc. (a) | | 4,225,000 | 63,206,000 |
| | | | 163,891,750 |
TOTAL MATERIALS | | | 251,160,000 |
| REAL ESTATE - 6.1% | | | |
| Equity Real Estate Investment Trusts (REITs) - 3.1% | | | |
| Acadia Realty Trust (SBI) (b) | | 1,800,000 | 31,104,000 |
| Americold Realty Trust | | 1,100,000 | 24,167,000 |
| LXP Industrial Trust (REIT) | | 4,815,000 | 40,205,250 |
| National Storage Affiliates Trust | | 1,300,000 | 45,552,000 |
| | | | 141,028,250 |
| Real Estate Management & Development - 3.0% | | | |
| Compass, Inc. (a) | | 8,571,296 | 26,999,582 |
| Cushman & Wakefield PLC (a)(b) | | 3,816,679 | 36,830,952 |
| Jones Lang LaSalle, Inc. (a) | | 425,000 | 76,797,500 |
| | | | 140,628,034 |
TOTAL REAL ESTATE | | | 281,656,284 |
| UTILITIES - 2.0% | | | |
| Gas Utilities - 2.0% | | | |
| Brookfield Infrastructure Corp. A Shares (b) | | 3,095,750 | 94,327,503 |
| TOTAL COMMON STOCKS (Cost $4,187,786,773) | | | 4,559,288,689 |
| | | | |
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
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 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)
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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