Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
133,000
7,371,445
BJ's Wholesale Club Holdings, Inc. (a)
227,800
17,012,104
U.S. Foods Holding Corp. (a)
479,060
24,072,765
48,456,314
Food Products - 2.2%
Lamb Weston Holdings, Inc.
311,500
25,960,410
Mondelez International, Inc.
262,561
18,888,638
Tyson Foods, Inc. Class A
343,229
20,816,839
65,665,887
Household Products - 1.1%
Procter & Gamble Co.
193,834
31,633,709
Personal Care Products - 2.3%
Haleon PLC
5,413,000
22,860,956
Kenvue, Inc.
2,330,004
43,850,675
66,711,631
TOTAL CONSUMER STAPLES
318,702,513
ENERGY - 9.7%
Oil, Gas & Consumable Fuels - 9.7%
Antero Resources Corp. (a)
579,696
19,715,461
ConocoPhillips Co.
51,139
6,424,081
Equinor ASA sponsored ADR
829,788
22,064,063
Exxon Mobil Corp.
1,122,741
132,786,581
Occidental Petroleum Corp.
335,701
22,203,264
Ovintiv, Inc.
375,751
19,283,541
Parex Resources, Inc.
1,206,308
21,030,321
Parkland Corp.
140,900
4,340,660
Shell PLC ADR
447,400
32,060,684
279,908,656
FINANCIALS - 24.4%
Banks - 11.8%
Bank of America Corp.
2,133,290
78,953,063
Cullen/Frost Bankers, Inc.
63,891
6,666,387
JPMorgan Chase & Co.
574,370
110,129,704
M&T Bank Corp.
160,177
23,127,957
PNC Financial Services Group, Inc.
202,696
31,065,189
U.S. Bancorp
564,000
22,915,320
Wells Fargo & Co.
1,145,389
67,944,475
340,802,095
Capital Markets - 2.7%
Affiliated Managers Group, Inc.
43,812
6,839,053
BlackRock, Inc. Class A
62,383
47,076,707
Northern Trust Corp.
283,724
23,376,020
77,291,780
Financial Services - 3.4%
Apollo Global Management, Inc.
150,500
16,311,190
Berkshire Hathaway, Inc. Class B (a)
209,592
83,151,434
99,462,624
Insurance - 6.5%
Chubb Ltd.
332,146
82,584,781
The Travelers Companies, Inc.
353,806
75,063,481
Willis Towers Watson PLC
118,899
29,860,295
187,508,557
TOTAL FINANCIALS
705,065,056
HEALTH CARE - 16.6%
Health Care Providers & Services - 10.0%
Centene Corp. (a)
906,590
66,235,465
Cigna Group
249,491
89,078,267
CVS Health Corp.
602,200
40,774,962
Elevance Health, Inc.
77,177
40,794,219
UnitedHealth Group, Inc.
106,620
51,572,094
288,455,007
Pharmaceuticals - 6.6%
AstraZeneca PLC sponsored ADR
702,414
53,299,174
Bristol-Myers Squibb Co.
966,585
42,471,745
Johnson & Johnson
304,608
44,043,271
Roche Holding AG (participation certificate)
80,604
19,313,865
Sanofi SA sponsored ADR
642,351
31,622,940
190,750,995
TOTAL HEALTH CARE
479,206,002
INDUSTRIALS - 11.1%
Aerospace & Defense - 3.5%
Airbus Group NV
112,504
18,513,407
L3Harris Technologies, Inc.
72,226
15,459,975
Lockheed Martin Corp.
56,985
26,494,036
Northrop Grumman Corp.
74,064
35,923,262
The Boeing Co. (a)
34,600
5,807,264
102,197,944
Air Freight & Logistics - 1.2%
DHL Group
329,395
13,791,746
FedEx Corp.
83,200
21,780,096
35,571,842
Building Products - 0.3%
Johnson Controls International PLC
133,800
8,706,366
Electrical Equipment - 0.8%
GE Vernova LLC
31,500
4,841,865
Regal Rexnord Corp.
118,706
19,155,587
23,997,452
Industrial Conglomerates - 1.5%
Siemens AG
235,177
44,056,547
Machinery - 2.8%
Cummins, Inc.
24,500
6,921,005
Deere & Co.
117,600
46,029,816
Oshkosh Corp.
26,090
2,929,124
Pentair PLC
296,055
23,414,990
79,294,935
Professional Services - 1.0%
Genpact Ltd.
330,800
10,168,792
Maximus, Inc.
212,211
17,036,299
27,205,091
TOTAL INDUSTRIALS
321,030,177
INFORMATION TECHNOLOGY - 5.8%
Communications Equipment - 2.0%
Cisco Systems, Inc.
1,227,256
57,656,487
IT Services - 2.3%
Amdocs Ltd.
404,004
33,932,296
Capgemini SA
93,236
19,596,442
Cognizant Technology Solutions Corp. Class A
202,315
13,288,049
66,816,787
Software - 1.5%
Gen Digital, Inc.
1,528,282
30,779,599
Open Text Corp.
346,018
12,217,896
42,997,495
TOTAL INFORMATION TECHNOLOGY
167,470,769
MATERIALS - 2.3%
Chemicals - 1.7%
CF Industries Holdings, Inc.
318,900
25,183,533
Nutrien Ltd.
412,800
21,783,456
46,966,989
Containers & Packaging - 0.6%
Crown Holdings, Inc.
217,200
17,825,604
TOTAL MATERIALS
64,792,593
REAL ESTATE - 1.0%
Equity Real Estate Investment Trusts (REITs) - 1.0%
Crown Castle, Inc.
192,400
18,043,272
Simon Property Group, Inc.
78,100
10,975,393
29,018,665
UTILITIES - 6.0%
Electric Utilities - 4.3%
Constellation Energy Corp.
16,650
3,095,901
Edison International
501,733
35,653,147
NextEra Energy, Inc.
223,581
14,973,220
PG&E Corp.
3,708,703
63,455,908
Southern Co.
109,246
8,029,581
125,207,757
Independent Power and Renewable Electricity Producers - 0.5%
The AES Corp.
743,631
13,310,995
Multi-Utilities - 1.2%
National Grid PLC
1,400,800
18,374,521
Sempra
236,800
16,961,984
35,336,505
TOTAL UTILITIES
173,855,257
TOTAL COMMON STOCKS
(Cost $2,247,047,101)
2,802,406,987
Nonconvertible Preferred Stocks - 1.3%
Shares
Value ($)
INFORMATION TECHNOLOGY - 1.3%
Technology Hardware, Storage & Peripherals - 1.3%
Samsung Electronics Co. Ltd.
(Cost $32,845,798)
800,150
37,255,312
Money Market Funds - 1.7%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (b)
(Cost $50,319,005)
50,308,944
50,319,005
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $2,330,211,904)
2,889,981,304
NET OTHER ASSETS (LIABILITIES) - 0.0%
(372,065)
NET ASSETS - 100.0%
2,889,609,239
Legend
(a)
Non-income producing
(b)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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 5.39%
43,166,966
469,581,512
462,429,448
2,276,462
(25)
-
50,319,005
0.1%
Fidelity Securities Lending Cash Central Fund 5.39%
21,052,883
105,526,227
126,579,110
303,755
-
-
-
0.0%
Total
64,219,849
575,107,739
589,008,558
2,580,217
(25)
-
50,319,005
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.
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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