Quarterly Holdings Report
for
Fidelity® Enhanced Small Cap ETF
November 30, 2023
CPE-NPRT3-0124
1.9910071.100
Common Stocks - 97.0% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 3.0% | |||
Diversified Telecommunication Services - 0.7% | |||
Bandwidth, Inc. (a) | 84,560 | 928,469 | |
EchoStar Holding Corp. Class A (a) | 48,986 | 512,883 | |
Lumen Technologies, Inc. (a) | 633,188 | 829,476 | |
Ooma, Inc. (a) | 70,956 | 823,090 | |
3,093,918 | |||
Entertainment - 0.6% | |||
Lions Gate Entertainment Corp.: | |||
Class A (a) | 102,473 | 904,837 | |
Class B (a) | 112,581 | 941,177 | |
Madison Square Garden Entertainment Corp. | 32,679 | 989,520 | |
2,835,534 | |||
Interactive Media & Services - 1.0% | |||
Eventbrite, Inc. (a) | 26,530 | 187,037 | |
TrueCar, Inc. (a) | 184,791 | 515,567 | |
Vimeo, Inc. (a) | 330,691 | 1,164,032 | |
Yelp, Inc. (a) | 64,006 | 2,797,702 | |
Zedge, Inc. (a) | 20,492 | 36,066 | |
4,700,404 | |||
Media - 0.3% | |||
John Wiley & Sons, Inc. Class A | 17,100 | 516,591 | |
TEGNA, Inc. | 42,982 | 658,914 | |
1,175,505 | |||
Wireless Telecommunication Services - 0.4% | |||
Telephone & Data Systems, Inc. | 92,619 | 1,824,594 | |
TOTAL COMMUNICATION SERVICES | 13,629,955 | ||
CONSUMER DISCRETIONARY - 11.2% | |||
Automobile Components - 0.3% | |||
American Axle & Manufacturing Holdings, Inc. (a) | 37,195 | 258,877 | |
Cooper-Standard Holding, Inc. (a) | 34,939 | 619,818 | |
Standard Motor Products, Inc. | 4,249 | 152,837 | |
Visteon Corp. (a) | 4,173 | 495,210 | |
1,526,742 | |||
Automobiles - 0.6% | |||
Winnebago Industries, Inc. | 43,012 | 2,779,866 | |
Broadline Retail - 0.7% | |||
ContextLogic, Inc. (a)(b) | 232,459 | 1,171,593 | |
Dillard's, Inc. Class A (b) | 6,330 | 2,197,080 | |
3,368,673 | |||
Diversified Consumer Services - 1.2% | |||
2U, Inc. (a) | 159,593 | 156,784 | |
Coursera, Inc. (a) | 59,675 | 1,178,581 | |
Duolingo, Inc. (a) | 10,933 | 2,320,967 | |
Frontdoor, Inc. (a) | 45,326 | 1,556,042 | |
5,212,374 | |||
Hotels, Restaurants & Leisure - 1.8% | |||
Carrols Restaurant Group, Inc. | 99,194 | 748,915 | |
Dine Brands Global, Inc. | 2,984 | 129,714 | |
Everi Holdings, Inc. (a) | 69,904 | 730,497 | |
International Game Technology PLC | 76,582 | 2,047,037 | |
Red Robin Gourmet Burgers, Inc. (a) | 50,418 | 446,703 | |
Sabre Corp. (a) | 278,648 | 983,627 | |
Texas Roadhouse, Inc. Class A | 1,434 | 161,411 | |
Wingstop, Inc. | 11,445 | 2,750,920 | |
7,998,824 | |||
Household Durables - 3.2% | |||
Cavco Industries, Inc. (a) | 4,393 | 1,242,253 | |
Flexsteel Industries, Inc. | 15,297 | 258,672 | |
Green Brick Partners, Inc. (a) | 27,463 | 1,303,119 | |
Installed Building Products, Inc. (b) | 23,422 | 3,525,245 | |
KB Home | 13,188 | 687,095 | |
M.D.C. Holdings, Inc. | 23,493 | 1,039,800 | |
M/I Homes, Inc. (a) | 29,893 | 3,154,010 | |
Meritage Homes Corp. | 5,619 | 793,965 | |
Taylor Morrison Home Corp. (a) | 23,837 | 1,075,049 | |
TRI Pointe Homes, Inc. (a) | 40,663 | 1,186,546 | |
14,265,754 | |||
Leisure Products - 0.1% | |||
Bowflex, Inc. (a) | 101,906 | 62,652 | |
Johnson Outdoors, Inc. Class A | 3,151 | 165,554 | |
Sturm, Ruger & Co., Inc. | 2,445 | 107,482 | |
335,688 | |||
Specialty Retail - 3.2% | |||
Abercrombie & Fitch Co. Class A (a) | 30,645 | 2,325,649 | |
Asbury Automotive Group, Inc. (a) | 3,393 | 711,919 | |
CarParts.com, Inc. (a) | 176,940 | 541,436 | |
Carvana Co. Class A (a) | 14,632 | 458,274 | |
Group 1 Automotive, Inc. (b) | 2,263 | 638,392 | |
Murphy U.S.A., Inc. | 6,374 | 2,355,512 | |
National Vision Holdings, Inc. (a) | 67,763 | 1,250,227 | |
Sally Beauty Holdings, Inc. (a) | 93,418 | 903,352 | |
Sonic Automotive, Inc. Class A (sub. vtg.) (b) | 30,327 | 1,554,865 | |
Stitch Fix, Inc. (a) | 80,392 | 300,666 | |
The Container Store Group, Inc. (a) | 73,231 | 137,674 | |
The ODP Corp. (a) | 48,163 | 2,193,825 | |
Urban Outfitters, Inc. (a) | 28,574 | 1,020,092 | |
Winmark Corp. | 419 | 180,170 | |
14,572,053 | |||
Textiles, Apparel & Luxury Goods - 0.1% | |||
Lakeland Industries, Inc. | 20,140 | 294,245 | |
Rocky Brands, Inc. | 7,381 | 213,089 | |
507,334 | |||
TOTAL CONSUMER DISCRETIONARY | 50,567,308 | ||
CONSUMER STAPLES - 2.1% | |||
Beverages - 1.2% | |||
Coca-Cola Bottling Co. Consolidated | 4,450 | 3,268,614 | |
Primo Water Corp. | 166,520 | 2,392,892 | |
5,661,506 | |||
Consumer Staples Distribution & Retail - 0.4% | |||
Andersons, Inc. | 7,261 | 362,033 | |
Ingles Markets, Inc. Class A | 10,907 | 890,229 | |
Natural Grocers by Vitamin Cottage, Inc. | 18,215 | 285,793 | |
PriceSmart, Inc. | 2,153 | 145,091 | |
1,683,146 | |||
Food Products - 0.2% | |||
Calavo Growers, Inc. | 6,301 | 136,669 | |
Fresh Del Monte Produce, Inc. | 20,116 | 458,645 | |
The J.M. Smucker Co. | 457 | 50,147 | |
Vital Farms, Inc. (a) | 12,105 | 161,239 | |
806,700 | |||
Personal Care Products - 0.2% | |||
elf Beauty, Inc. (a) | 5,279 | 623,397 | |
Herbalife Ltd. (a) | 11,098 | 142,942 | |
Nu Skin Enterprises, Inc. Class A | 17,500 | 297,850 | |
1,064,189 | |||
Tobacco - 0.1% | |||
Turning Point Brands, Inc. | 16,435 | 375,211 | |
TOTAL CONSUMER STAPLES | 9,590,752 | ||
ENERGY - 7.1% | |||
Energy Equipment & Services - 2.4% | |||
Archrock, Inc. | 21,157 | 306,565 | |
Borr Drilling Ltd. (a) | 26,199 | 165,054 | |
Bristow Group, Inc. (a) | 17,236 | 443,827 | |
Championx Corp. | 5,356 | 157,038 | |
DMC Global, Inc. (a) | 611 | 9,745 | |
Helix Energy Solutions Group, Inc. (a) | 126,736 | 1,181,180 | |
Helmerich & Payne, Inc. | 5,272 | 191,005 | |
Nabors Industries Ltd. (a) | 6,624 | 575,096 | |
Nabors Industries Ltd. warrants 6/11/26 (a) | 10,764 | 129,168 | |
Oceaneering International, Inc. (a) | 84,128 | 1,738,084 | |
Oil States International, Inc. (a) | 37,857 | 260,835 | |
Patterson-UTI Energy, Inc. | 35,572 | 416,548 | |
Tidewater, Inc. (a) | 37,773 | 2,269,402 | |
U.S. Silica Holdings, Inc. (a) | 31,607 | 356,527 | |
Weatherford International PLC (a) | 27,954 | 2,535,148 | |
10,735,222 | |||
Oil, Gas & Consumable Fuels - 4.7% | |||
Ardmore Shipping Corp. (b) | 33,797 | 459,639 | |
Callon Petroleum Co. (a) | 40,680 | 1,272,064 | |
Civitas Resources, Inc. | 41,250 | 2,833,463 | |
CONSOL Energy, Inc. | 3,404 | 363,105 | |
CVR Energy, Inc. | 66,091 | 2,099,711 | |
Delek U.S. Holdings, Inc. | 57,049 | 1,548,310 | |
DHT Holdings, Inc. | 21,236 | 211,511 | |
Equitrans Midstream Corp. | 70,569 | 661,937 | |
Frontline PLC (NY Shares) | 1,243 | 24,711 | |
Magnolia Oil & Gas Corp. Class A | 55,779 | 1,199,249 | |
Matador Resources Co. | 56,333 | 3,260,554 | |
Murphy Oil Corp. | 76,784 | 3,284,052 | |
Par Pacific Holdings, Inc. (a) | 1,822 | 62,440 | |
PBF Energy, Inc. Class A | 28,574 | 1,268,686 | |
Permian Resource Corp. Class A | 72,982 | 958,983 | |
Scorpio Tankers, Inc. | 2,777 | 152,430 | |
SM Energy Co. | 5,494 | 205,750 | |
Teekay Tankers Ltd. | 16,196 | 804,779 | |
Vitesse Energy, Inc. (b) | 25,807 | 609,819 | |
W&T Offshore, Inc. (b) | 56,779 | 189,642 | |
21,470,835 | |||
TOTAL ENERGY | 32,206,057 | ||
FINANCIALS - 15.6% | |||
Banks - 7.4% | |||
1st Source Corp. | 12,501 | 604,173 | |
Ameris Bancorp | 37,791 | 1,609,141 | |
Atlantic Union Bankshares Corp. | 43,680 | 1,335,298 | |
Axos Financial, Inc. (a) | 32,425 | 1,240,905 | |
BancFirst Corp. | 30,917 | 2,678,340 | |
Bancorp, Inc., Delaware (a) | 23,947 | 934,172 | |
Banner Corp. | 19,613 | 885,331 | |
Berkshire Hills Bancorp, Inc. | 38,159 | 798,668 | |
Byline Bancorp, Inc. | 5,536 | 110,665 | |
Cadence Bank | 79,312 | 1,986,766 | |
Capital City Bank Group, Inc. | 2,442 | 65,299 | |
Cathay General Bancorp | 8,458 | 310,239 | |
Central Pacific Financial Corp. | 24,636 | 432,855 | |
City Holding Co. | 1,817 | 174,923 | |
Community Trust Bancorp, Inc. | 7,334 | 291,820 | |
CVB Financial Corp. | 57,463 | 1,027,438 | |
Financial Institutions, Inc. | 15,429 | 267,847 | |
First Bancorp, Puerto Rico | 143,952 | 2,159,280 | |
First Busey Corp. | 36,805 | 798,669 | |
First Commonwealth Financial Corp. | 24,584 | 328,688 | |
First Financial Bankshares, Inc. | 42,001 | 1,102,526 | |
Fulton Financial Corp. | 12,093 | 172,083 | |
Great Southern Bancorp, Inc. | 23,587 | 1,198,455 | |
Heartland Financial U.S.A., Inc. | 7,379 | 228,232 | |
Lakeland Financial Corp. | 38,841 | 2,157,618 | |
Mercantile Bank Corp. | 3,473 | 119,436 | |
Midland States Bancorp, Inc. | 9,054 | 204,439 | |
NBT Bancorp, Inc. | 9,219 | 327,551 | |
Northwest Bancshares, Inc. | 48,840 | 544,078 | |
OFG Bancorp | 28,355 | 951,594 | |
Peapack-Gladstone Financial Corp. | 11,620 | 288,641 | |
Preferred Bank, Los Angeles | 3,413 | 210,343 | |
Provident Financial Services, Inc. | 102,913 | 1,566,336 | |
Renasant Corp. | 42,841 | 1,166,989 | |
Sierra Bancorp | 14,830 | 277,914 | |
Simmons First National Corp. Class A | 33,565 | 536,704 | |
Stellar Bancorp, Inc. | 26,553 | 633,555 | |
Tompkins Financial Corp. | 4,096 | 216,965 | |
UMB Financial Corp. | 13,780 | 987,475 | |
Univest Corp. of Pennsylvania | 15,294 | 288,904 | |
WaFd, Inc. | 13,106 | 350,323 | |
WesBanco, Inc. | 31,447 | 837,119 | |
Westamerica Bancorp. | 22,258 | 1,128,703 | |
33,536,500 | |||
Capital Markets - 2.8% | |||
Assetmark Financial Holdings, Inc. (a) | 56,191 | 1,440,737 | |
BGC Group, Inc. Class A | 304,489 | 1,979,179 | |
Federated Hermes, Inc. | 71,306 | 2,268,957 | |
Open Lending Corp. (a) | 19,046 | 121,704 | |
Oppenheimer Holdings, Inc. Class A (non-vtg.) | 5,044 | 200,802 | |
Stifel Financial Corp. | 23,903 | 1,458,561 | |
StoneX Group, Inc. (a) | 38,214 | 2,336,022 | |
Virtus Investment Partners, Inc. | 11,154 | 2,181,945 | |
WisdomTree Investments, Inc. | 133,054 | 866,182 | |
12,854,089 | |||
Consumer Finance - 0.7% | |||
EZCORP, Inc. (non-vtg.) Class A (a)(b) | 12,215 | 100,163 | |
LendingTree, Inc. (a) | 21,764 | 385,223 | |
PRA Group, Inc. (a) | 19,467 | 360,724 | |
PROG Holdings, Inc. (a) | 78,771 | 2,147,297 | |
Regional Management Corp. | 12,375 | 273,735 | |
3,267,142 | |||
Financial Services - 1.6% | |||
Compass Diversified Holdings | 24,817 | 500,559 | |
Essent Group Ltd. | 16,967 | 820,185 | |
Federal Agricultural Mortgage Corp. Class C (non-vtg.) | 11,064 | 1,834,854 | |
i3 Verticals, Inc. Class A (a) | 9,373 | 188,678 | |
Marqeta, Inc. Class A (a) | 122,961 | 780,802 | |
NMI Holdings, Inc. (a) | 39,822 | 1,095,105 | |
Paysafe Ltd. (a) | 57,038 | 576,654 | |
StoneCo Ltd. Class A (a) | 56,055 | 874,458 | |
Waterstone Financial, Inc. | 29,448 | 359,560 | |
7,030,855 | |||
Insurance - 2.4% | |||
American Equity Investment Life Holding Co. | 6,634 | 365,931 | |
Amerisafe, Inc. | 11,189 | 538,862 | |
Employers Holdings, Inc. | 21,350 | 817,919 | |
Goosehead Insurance (a) | 36,640 | 2,684,979 | |
Kinsale Capital Group, Inc. | 6,047 | 2,117,055 | |
Oscar Health, Inc. (a) | 143,425 | 1,219,113 | |
Selective Insurance Group, Inc. | 28,515 | 2,899,690 | |
Trupanion, Inc. (a)(b) | 6,198 | 159,413 | |
10,802,962 | |||
Mortgage Real Estate Investment Trusts - 0.7% | |||
Apollo Commercial Real Estate Finance, Inc. | 44,008 | 474,406 | |
BrightSpire Capital, Inc. | 35,980 | 244,304 | |
KKR Real Estate Finance Trust, Inc. | 117,898 | 1,480,799 | |
Ladder Capital Corp. Class A | 41,439 | 464,531 | |
TPG RE Finance Trust, Inc. | 68,757 | 406,354 | |
3,070,394 | |||
TOTAL FINANCIALS | 70,561,942 | ||
HEALTH CARE - 13.4% | |||
Biotechnology - 5.6% | |||
2seventy bio, Inc. (a) | 51,903 | 94,982 | |
Adaptimmune Therapeutics PLC sponsored ADR (a) | 99,822 | 49,911 | |
Adicet Bio, Inc. (a) | 80,194 | 94,629 | |
Adverum Biotechnologies, Inc. (a) | 119,568 | 96,695 | |
Affimed NV (a) | 81,785 | 36,803 | |
Agenus, Inc. (a) | 207,219 | 161,030 | |
Agios Pharmaceuticals, Inc. (a) | 2,210 | 49,128 | |
Akebia Therapeutics, Inc. (a) | 338,048 | 358,331 | |
Akero Therapeutics, Inc. (a) | 24,944 | 417,563 | |
Alector, Inc. (a) | 44,330 | 240,269 | |
Alkermes PLC (a) | 40,852 | 986,167 | |
Allakos, Inc. (a) | 73,084 | 162,246 | |
Allovir, Inc. (a) | 74,608 | 140,263 | |
Altimmune, Inc. (a)(b) | 38,100 | 120,396 | |
Amicus Therapeutics, Inc. (a) | 75,459 | 831,558 | |
Anika Therapeutics, Inc. (a) | 5,645 | 123,682 | |
Annexon, Inc. (a) | 52,175 | 129,916 | |
Arbutus Biopharma Corp. (a) | 77,553 | 158,984 | |
Arcellx, Inc. (a) | 5,456 | 286,604 | |
Arcturus Therapeutics Holdings, Inc. (a) | 18,231 | 436,450 | |
Arcus Biosciences, Inc. (a) | 11,304 | 170,238 | |
Arcutis Biotherapeutics, Inc. (a)(b) | 70,354 | 129,451 | |
Arrowhead Pharmaceuticals, Inc. (a) | 11,370 | 241,044 | |
Assembly Biosciences, Inc. (a) | 88,168 | 61,726 | |
Atara Biotherapeutics, Inc. (a)(b) | 141,924 | 93,670 | |
Atreca, Inc. (a)(b) | 21,552 | 4,735 | |
Avid Bioservices, Inc. (a) | 15,300 | 77,877 | |
Beam Therapeutics, Inc. (a) | 6,310 | 177,185 | |
BioCryst Pharmaceuticals, Inc. (a) | 71,948 | 423,054 | |
Biohaven Ltd. (a) | 21,771 | 725,410 | |
bluebird bio, Inc. (a)(b) | 80,707 | 308,301 | |
Blueprint Medicines Corp. (a) | 8,209 | 571,675 | |
Bolt Biotherapeutics, Inc. (a)(b) | 50,695 | 43,243 | |
BridgeBio Pharma, Inc. (a) | 14,632 | 420,085 | |
C4 Therapeutics, Inc. (a) | 74,120 | 120,816 | |
CareDx, Inc. (a) | 35,287 | 342,637 | |
Carisma Therapeutics, Inc. (b) | 15,224 | 36,538 | |
Carisma Therapeutics, Inc. rights (a)(c) | 304,482 | 3 | |
Cartesian Therapeutics, Inc. (a) | 85,524 | 115,457 | |
Catalyst Pharmaceutical Partners, Inc. (a) | 4,079 | 58,860 | |
Celldex Therapeutics, Inc. (a) | 3,305 | 99,844 | |
Cerevel Therapeutics Holdings (a) | 4,276 | 110,877 | |
Cogent Biosciences, Inc. (a) | 17,927 | 137,500 | |
Coherus BioSciences, Inc. (a) | 82,014 | 174,690 | |
Corbus Pharmaceuticals Holdings, Inc. (a) | 1,977 | 13,226 | |
Crinetics Pharmaceuticals, Inc. (a) | 3,923 | 124,712 | |
Cytokinetics, Inc. (a) | 11,858 | 397,006 | |
CytomX Therapeutics, Inc. (a) | 106,678 | 148,282 | |
Denali Therapeutics, Inc. (a) | 15,624 | 289,356 | |
Design Therapeutics, Inc. (a) | 42,290 | 101,496 | |
Disc Medicine, Inc. (a) | 4,586 | 253,055 | |
Dynavax Technologies Corp. (a) | 8,832 | 120,998 | |
Dyne Therapeutics, Inc. (a) | 15,509 | 171,840 | |
Eagle Pharmaceuticals, Inc. (a) | 11,827 | 69,188 | |
Editas Medicine, Inc. (a)(b) | 41,925 | 441,470 | |
Enanta Pharmaceuticals, Inc. (a) | 13,500 | 126,090 | |
Fate Therapeutics, Inc. (a) | 88,761 | 221,015 | |
FibroGen, Inc. (a) | 169,479 | 93,620 | |
Fortress Biotech, Inc. (a)(b) | 3,612 | 7,152 | |
Gritstone Bio, Inc. (a) | 76,699 | 99,709 | |
Halozyme Therapeutics, Inc. (a) | 19,374 | 748,030 | |
Heron Therapeutics, Inc. (a)(b) | 175,793 | 216,225 | |
Homology Medicines, Inc. (a)(b) | 41,073 | 21,810 | |
Ideaya Biosciences, Inc. (a) | 3,651 | 114,824 | |
ImmunoGen, Inc. (a) | 31,433 | 922,559 | |
Immunovant, Inc. (a) | 6,630 | 259,432 | |
Insmed, Inc. (a) | 37,396 | 935,648 | |
Intellia Therapeutics, Inc. (a) | 11,355 | 336,449 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 7,869 | 77,903 | |
Jounce Therapeutics, Inc. rights (a)(c) | 118,367 | 1 | |
Kalvista Pharmaceuticals, Inc. (a) | 24,244 | 204,619 | |
Karyopharm Therapeutics, Inc. (a) | 169,383 | 130,425 | |
Kodiak Sciences, Inc. (a) | 81,705 | 197,726 | |
Krystal Biotech, Inc. (a) | 2,238 | 233,267 | |
Kura Oncology, Inc. (a) | 35,251 | 340,877 | |
Macrogenics, Inc. (a) | 43,298 | 355,477 | |
Madrigal Pharmaceuticals, Inc. (a) | 1,255 | 255,142 | |
Mersana Therapeutics, Inc. (a) | 227,836 | 375,929 | |
MiMedx Group, Inc. (a) | 44,616 | 346,666 | |
Mural Oncology PLC | 4,085 | 14,747 | |
Mustang Bio, Inc. (a) | 4,658 | 6,708 | |
Myriad Genetics, Inc. (a) | 7,410 | 141,457 | |
Nkarta, Inc. (a)(b) | 66,200 | 174,768 | |
Nurix Therapeutics, Inc. (a)(b) | 31,948 | 198,717 | |
Oncternal Therapeutics, Inc. rights (a)(c) | 1,148 | 0 | |
Organogenesis Holdings, Inc. Class A (a) | 52,812 | 134,671 | |
ORIC Pharmaceuticals, Inc. (a) | 63,852 | 504,431 | |
Ovid Therapeutics, Inc. (a) | 44,108 | 131,221 | |
Passage Bio, Inc. (a) | 38,538 | 24,321 | |
Precigen, Inc. (a) | 140,393 | 157,240 | |
Protagonist Therapeutics, Inc. (a) | 22,255 | 405,264 | |
Prothena Corp. PLC (a) | 3,001 | 97,773 | |
PTC Therapeutics, Inc. (a) | 20,889 | 480,865 | |
Puma Biotechnology, Inc. (a) | 28,309 | 110,405 | |
RAPT Therapeutics, Inc. (a) | 8,720 | 126,614 | |
Recursion Pharmaceuticals, Inc. (a)(b) | 22,076 | 151,221 | |
Relay Therapeutics, Inc. (a) | 19,837 | 156,911 | |
Revolution Medicines, Inc. (a) | 12,408 | 289,479 | |
Rigel Pharmaceuticals, Inc. (a) | 123,558 | 140,856 | |
Rocket Pharmaceuticals, Inc. (a) | 23,281 | 543,146 | |
Sana Biotechnology, Inc. (a) | 40,828 | 165,762 | |
Sangamo Therapeutics, Inc. (a) | 177,187 | 76,190 | |
Surface Oncology, Inc. rights (a)(c) | 60,289 | 1 | |
Sutro Biopharma, Inc. (a) | 49,542 | 129,305 | |
Syndax Pharmaceuticals, Inc. (a) | 21,982 | 365,890 | |
Travere Therapeutics, Inc. (a) | 42,225 | 265,173 | |
Vanda Pharmaceuticals, Inc. (a) | 58,866 | 218,982 | |
Vaxcyte, Inc. (a) | 14,349 | 742,848 | |
Vera Therapeutics, Inc. (a) | 21,953 | 297,463 | |
Veracyte, Inc. (a) | 4,940 | 126,464 | |
Vericel Corp. (a) | 3,194 | 113,515 | |
Voyager Therapeutics, Inc. (a) | 37,315 | 270,907 | |
Xbiotech, Inc. (a) | 12,960 | 50,803 | |
Y-mAbs Therapeutics, Inc. (a) | 21,928 | 136,173 | |
Zymeworks, Inc. (a) | 15,567 | 138,079 | |
25,460,117 | |||
Health Care Equipment & Supplies - 3.8% | |||
Accuray, Inc. (a) | 245,917 | 641,843 | |
Angiodynamics, Inc. (a) | 13,337 | 87,091 | |
Artivion, Inc. (a) | 40,507 | 718,594 | |
Atricure, Inc. (a) | 52,834 | 1,874,550 | |
Avanos Medical, Inc. (a) | 86,897 | 1,872,630 | |
Cerus Corp. (a) | 207,212 | 333,611 | |
Inari Medical, Inc. (a) | 17,399 | 1,038,546 | |
Integer Holdings Corp. (a) | 2,675 | 233,314 | |
IRadimed Corp. | 4,332 | 190,348 | |
Lantheus Holdings, Inc. (a) | 45,100 | 3,230,062 | |
LivaNova PLC (a) | 7,802 | 349,920 | |
Merit Medical Systems, Inc. (a) | 30,319 | 2,169,628 | |
Omnicell, Inc. (a) | 51,647 | 1,722,944 | |
SurModics, Inc. (a) | 24,763 | 812,722 | |
Tactile Systems Technology, Inc. (a) | 21,677 | 288,954 | |
Varex Imaging Corp. (a) | 18,235 | 343,730 | |
Zimvie, Inc. (a) | 154,360 | 1,458,702 | |
17,367,189 | |||
Health Care Providers & Services - 2.0% | |||
23andMe Holding Co. Class A (a) | 418,382 | 360,018 | |
Addus HomeCare Corp. (a) | 6,904 | 602,029 | |
AMN Healthcare Services, Inc. (a) | 10,541 | 714,680 | |
Guardant Health, Inc. (a) | 35,497 | 893,459 | |
National Healthcare Corp. | 15,143 | 1,159,500 | |
Option Care Health, Inc. (a) | 105,404 | 3,135,769 | |
Patterson Companies, Inc. | 72,465 | 1,841,336 | |
The Ensign Group, Inc. | 4,240 | 453,977 | |
9,160,768 | |||
Health Care Technology - 0.4% | |||
HealthStream, Inc. | 38,708 | 967,700 | |
Phreesia, Inc. (a) | 49,354 | 760,545 | |
1,728,245 | |||
Life Sciences Tools & Services - 0.3% | |||
Adaptive Biotechnologies Corp. (a) | 56,983 | 249,586 | |
Codexis, Inc. (a) | 52,093 | 122,939 | |
Medpace Holdings, Inc. (a) | 1,707 | 462,119 | |
Nanostring Technologies, Inc. (a)(b) | 75,916 | 37,753 | |
OmniAb, Inc. (a) | 24,082 | 105,720 | |
Pacific Biosciences of California, Inc. (a) | 23,291 | 197,508 | |
1,175,625 | |||
Pharmaceuticals - 1.3% | |||
Amneal Intermediate, Inc. (a) | 83,480 | 359,799 | |
Amphastar Pharmaceuticals, Inc. (a) | 12,937 | 728,612 | |
Amylyx Pharmaceuticals, Inc. (a) | 10,967 | 155,293 | |
Arvinas Holding Co. LLC (a) | 14,721 | 323,420 | |
Atea Pharmaceuticals, Inc. (a) | 39,227 | 117,289 | |
Axsome Therapeutics, Inc. (a) | 3,175 | 214,154 | |
Cara Therapeutics, Inc. (a) | 95,825 | 92,653 | |
Corcept Therapeutics, Inc. (a) | 20,710 | 527,484 | |
CymaBay Therapeutics, Inc. (a) | 18,386 | 351,724 | |
Esperion Therapeutics, Inc. (a)(b) | 133,227 | 177,192 | |
Harrow, Inc. (a)(b) | 10,372 | 95,734 | |
Intra-Cellular Therapies, Inc. (a) | 13,951 | 856,173 | |
NGM Biopharmaceuticals, Inc. (a) | 28,902 | 21,587 | |
Ocular Therapeutix, Inc. (a)(b) | 39,930 | 99,026 | |
Odonate, Inc. (a)(c) | 35 | 105,000 | |
Pacira Biosciences, Inc. (a) | 9,007 | 245,711 | |
Prestige Brands Holdings, Inc. (a) | 15,956 | 915,077 | |
Relmada Therapeutics, Inc. (a) | 52,182 | 128,890 | |
Supernus Pharmaceuticals, Inc. (a) | 2,528 | 68,888 | |
Terns Pharmaceuticals, Inc. (a) | 33,887 | 150,797 | |
WAVE Life Sciences (a) | 32,240 | 171,194 | |
5,905,697 | |||
TOTAL HEALTH CARE | 60,797,641 | ||
INDUSTRIALS - 18.5% | |||
Aerospace & Defense - 0.4% | |||
AAR Corp. (a) | 11,003 | 762,508 | |
Astronics Corp. (a) | 34,061 | 505,806 | |
Park Aerospace Corp. | 10,558 | 159,215 | |
Rocket Lab U.S.A., Inc. Class A (a)(b) | 83,646 | 366,369 | |
Virgin Galactic Holdings, Inc. (a)(b) | 65,969 | 147,111 | |
1,941,009 | |||
Air Freight & Logistics - 0.5% | |||
Forward Air Corp. | 35,751 | 2,271,261 | |
Building Products - 2.0% | |||
American Woodmark Corp. (a) | 4,140 | 299,736 | |
Apogee Enterprises, Inc. | 38,352 | 1,729,675 | |
Griffon Corp. | 27,170 | 1,264,220 | |
Janus International Group, Inc. (a) | 163,065 | 1,720,336 | |
Jeld-Wen Holding, Inc. (a) | 42,406 | 677,648 | |
Masonite International Corp. (a) | 2,566 | 227,989 | |
PGT Innovations, Inc. (a) | 61,654 | 1,984,642 | |
Resideo Technologies, Inc. (a) | 61,108 | 1,004,004 | |
Simpson Manufacturing Co. Ltd. | 2,000 | 333,940 | |
9,242,190 | |||
Commercial Services & Supplies - 2.2% | |||
ACV Auctions, Inc. Class A (a) | 63,056 | 985,565 | |
Brady Corp. Class A | 39,324 | 2,212,761 | |
CECO Environmental Corp. (a) | 5,800 | 111,650 | |
Cimpress PLC (a) | 38,028 | 2,680,594 | |
Interface, Inc. | 50,344 | 508,978 | |
Liquidity Services, Inc. (a) | 4,801 | 91,987 | |
Millerknoll, Inc. | 52,693 | 1,359,479 | |
The Brink's Co. | 24,988 | 1,971,553 | |
9,922,567 | |||
Construction & Engineering - 1.8% | |||
Arcosa, Inc. | 10,922 | 810,412 | |
Comfort Systems U.S.A., Inc. | 7,582 | 1,467,724 | |
Dycom Industries, Inc. (a) | 4,913 | 510,313 | |
EMCOR Group, Inc. | 10,914 | 2,319,443 | |
Fluor Corp. (a) | 42,880 | 1,630,726 | |
Limbach Holdings, Inc. (a) | 29,833 | 1,137,234 | |
Sterling Construction Co., Inc. (a) | 1,865 | 118,446 | |
7,994,298 | |||
Electrical Equipment - 2.7% | |||
Atkore, Inc. (a) | 20,293 | 2,636,061 | |
Encore Wire Corp. | 5,094 | 938,824 | |
EnerSys | 32,087 | 2,839,058 | |
Enovix Corp. (a)(b) | 7,471 | 82,704 | |
LSI Industries, Inc. | 33,667 | 441,374 | |
Nextracker, Inc. Class A | 4,860 | 197,510 | |
Powell Industries, Inc. | 15,050 | 1,251,558 | |
Preformed Line Products Co. | 10,941 | 1,363,358 | |
Thermon Group Holdings, Inc. (a) | 77,082 | 2,324,022 | |
Vicor Corp. (a) | 3,841 | 140,465 | |
12,214,934 | |||
Ground Transportation - 0.2% | |||
Marten Transport Ltd. | 37,839 | 713,265 | |
TuSimple Holdings, Inc. (a) | 103,200 | 87,823 | |
801,088 | |||
Machinery - 2.5% | |||
Alamo Group, Inc. | 8,789 | 1,614,539 | |
Albany International Corp. Class A | 6,474 | 555,599 | |
Gorman-Rupp Co. | 5,077 | 160,332 | |
Hurco Companies, Inc. | 17,022 | 356,951 | |
Hyster-Yale Materials Handling, Inc. Class A | 21,708 | 1,034,820 | |
L.B. Foster Co. Class A (a) | 6,670 | 133,133 | |
Lindsay Corp. | 1,275 | 152,120 | |
Mueller Water Products, Inc. Class A | 18,147 | 241,174 | |
Proto Labs, Inc. (a) | 12,048 | 436,138 | |
SPX Technologies, Inc. (a) | 13,574 | 1,157,998 | |
Tennant Co. | 8,835 | 756,453 | |
Terex Corp. | 21,658 | 1,072,071 | |
Wabash National Corp. | 15,243 | 334,127 | |
Watts Water Technologies, Inc. Class A | 16,403 | 3,157,742 | |
11,163,197 | |||
Marine Transportation - 0.6% | |||
Matson, Inc. | 28,525 | 2,731,839 | |
Passenger Airlines - 0.2% | |||
Joby Aviation, Inc. (a)(b) | 23,288 | 138,796 | |
Mesa Air Group, Inc. (a)(b) | 87,564 | 63,046 | |
SkyWest, Inc. (a) | 16,111 | 761,728 | |
963,570 | |||
Professional Services - 3.8% | |||
Barrett Business Services, Inc. | 21,266 | 2,338,197 | |
Conduent, Inc. (a) | 64,335 | 195,578 | |
CRA International, Inc. | 8,340 | 790,382 | |
CSG Systems International, Inc. | 51,645 | 2,540,418 | |
ExlService Holdings, Inc. (a) | 109,490 | 3,106,231 | |
Heidrick & Struggles International, Inc. | 25,580 | 695,264 | |
Huron Consulting Group, Inc. (a) | 16,440 | 1,712,555 | |
Insperity, Inc. | 1,888 | 214,760 | |
Parsons Corp. (a) | 45,860 | 2,856,619 | |
TriNet Group, Inc. (a) | 1,327 | 153,839 | |
Ttec Holdings, Inc. | 25,429 | 476,031 | |
Upwork, Inc. (a) | 144,655 | 2,038,189 | |
17,118,063 | |||
Trading Companies & Distributors - 1.6% | |||
Alta Equipment Group, Inc. | 11,808 | 112,648 | |
Applied Industrial Technologies, Inc. | 6,020 | 963,621 | |
Beacon Roofing Supply, Inc. (a) | 14,496 | 1,164,899 | |
Boise Cascade Co. | 1,585 | 173,241 | |
DXP Enterprises, Inc. (a) | 9,389 | 274,910 | |
Global Industrial Co. | 31,317 | 1,115,198 | |
H&E Equipment Services, Inc. | 37,215 | 1,648,997 | |
MRC Global, Inc. (a) | 22,489 | 232,536 | |
Rush Enterprises, Inc. Class A | 36,464 | 1,446,527 | |
Titan Machinery, Inc. (a) | 5,747 | 131,376 | |
7,263,953 | |||
TOTAL INDUSTRIALS | 83,627,969 | ||
INFORMATION TECHNOLOGY - 14.6% | |||
Communications Equipment - 0.2% | |||
CommScope Holding Co., Inc. (a) | 445,389 | 743,800 | |
Extreme Networks, Inc. (a) | 25,705 | 414,879 | |
1,158,679 | |||
Electronic Equipment, Instruments & Components - 3.6% | |||
Arlo Technologies, Inc. (a) | 25,361 | 230,531 | |
Badger Meter, Inc. | 10,620 | 1,565,069 | |
Bel Fuse, Inc. Class B (non-vtg.) | 2,589 | 140,065 | |
Belden, Inc. | 33,744 | 2,241,951 | |
Benchmark Electronics, Inc. | 46,671 | 1,164,441 | |
ePlus, Inc. (a) | 2,036 | 129,245 | |
Fabrinet (a) | 16,436 | 2,660,988 | |
FARO Technologies, Inc. (a) | 21,034 | 386,395 | |
Itron, Inc. (a) | 21,271 | 1,433,240 | |
Kimball Electronics, Inc. (a) | 58,048 | 1,430,303 | |
Napco Security Technologies, Inc. | 11,365 | 347,769 | |
OSI Systems, Inc. (a) | 3,804 | 468,995 | |
PC Connection, Inc. | 15,941 | 950,562 | |
Sanmina Corp. (a) | 55,674 | 2,789,824 | |
ScanSource, Inc. (a) | 8,891 | 297,226 | |
16,236,604 | |||
IT Services - 0.0% | |||
Perficient, Inc. (a) | 2,230 | 137,992 | |
Semiconductors & Semiconductor Equipment - 2.2% | |||
Axcelis Technologies, Inc. (a) | 14,085 | 1,750,484 | |
CEVA, Inc. (a) | 6,217 | 135,282 | |
Diodes, Inc. (a) | 20,103 | 1,335,241 | |
Lattice Semiconductor Corp. (a) | 29,625 | 1,734,544 | |
MaxLinear, Inc. Class A (a) | 57,780 | 1,082,219 | |
PDF Solutions, Inc. (a) | 72,583 | 2,176,764 | |
Photronics, Inc. (a) | 42,055 | 888,622 | |
Rambus, Inc. (a) | 10,218 | 691,452 | |
9,794,608 | |||
Software - 7.5% | |||
8x8, Inc. (a) | 473,004 | 1,461,582 | |
AppFolio, Inc. (a) | 5,063 | 958,173 | |
Aurora Innovation, Inc. (a)(b) | 71,658 | 156,931 | |
Blackbaud, Inc. (a) | 19,685 | 1,481,099 | |
BlackLine, Inc. (a) | 27,641 | 1,599,032 | |
Box, Inc. Class A (a) | 23,928 | 626,196 | |
CommVault Systems, Inc. (a) | 40,868 | 3,007,067 | |
Domo, Inc. Class B (a) | 138,514 | 1,314,498 | |
EngageSmart, Inc. (a) | 18,164 | 414,321 | |
LivePerson, Inc. (a) | 265,898 | 755,150 | |
Liveramp Holdings, Inc. (a) | 92,516 | 3,067,831 | |
Pagerduty, Inc. (a)(b) | 90,252 | 1,967,494 | |
Progress Software Corp. | 22,877 | 1,232,155 | |
PROS Holdings, Inc. (a) | 24,005 | 877,383 | |
Q2 Holdings, Inc. (a) | 81,283 | 2,887,172 | |
Qualys, Inc. (a) | 20,795 | 3,843,748 | |
Rapid7, Inc. (a) | 25,506 | 1,381,150 | |
SecureWorks Corp. (a) | 25,869 | 154,697 | |
Sprout Social, Inc. (a) | 12,676 | 721,264 | |
SPS Commerce, Inc. (a) | 15,856 | 2,731,672 | |
Tenable Holdings, Inc. (a) | 27,946 | 1,156,685 | |
Upland Software, Inc. (a)(b) | 36,104 | 170,411 | |
Yext, Inc. (a) | 128,893 | 854,561 | |
Zuora, Inc. (a) | 132,437 | 1,207,825 | |
34,028,097 | |||
Technology Hardware, Storage & Peripherals - 1.1% | |||
IonQ, Inc. (a) | 21,399 | 261,710 | |
Super Micro Computer, Inc. (a) | 17,139 | 4,686,998 | |
4,948,708 | |||
TOTAL INFORMATION TECHNOLOGY | 66,304,688 | ||
MATERIALS - 5.2% | |||
Chemicals - 1.8% | |||
AdvanSix, Inc. | 4,671 | 122,053 | |
American Vanguard Corp. | 65,797 | 617,176 | |
Balchem Corp. | 2,014 | 251,186 | |
Ecovyst, Inc. (a) | 59,009 | 561,766 | |
FutureFuel Corp. | 26,646 | 158,277 | |
H.B. Fuller Co. | 18,589 | 1,406,816 | |
Hawkins, Inc. | 6,058 | 372,204 | |
Innospec, Inc. | 17,003 | 1,786,505 | |
Minerals Technologies, Inc. | 35,762 | 2,240,132 | |
Rayonier Advanced Materials, Inc. (a) | 35,794 | 118,120 | |
Sensient Technologies Corp. | 10,679 | 618,741 | |
8,252,976 | |||
Containers & Packaging - 0.5% | |||
Greif, Inc. Class A | 4,526 | 316,367 | |
Myers Industries, Inc. | 106,540 | 1,877,235 | |
O-I Glass, Inc. (a) | 9,005 | 132,914 | |
2,326,516 | |||
Metals & Mining - 2.7% | |||
Arch Resources, Inc. | 2,633 | 436,973 | |
ATI, Inc. (a) | 42,614 | 1,872,885 | |
Carpenter Technology Corp. | 42,716 | 3,024,720 | |
Commercial Metals Co. | 8,316 | 376,964 | |
Constellium NV (a) | 70,220 | 1,221,828 | |
Materion Corp. | 11,245 | 1,271,922 | |
Olympic Steel, Inc. | 2,939 | 166,142 | |
Ryerson Holding Corp. | 1,951 | 60,422 | |
SunCoke Energy, Inc. | 180,309 | 1,678,677 | |
Worthington Enterprises, Inc. | 28,505 | 2,043,809 | |
12,154,342 | |||
Paper & Forest Products - 0.2% | |||
Clearwater Paper Corp. (a) | 16,419 | 575,814 | |
TOTAL MATERIALS | 23,309,648 | ||
REAL ESTATE - 4.7% | |||
Equity Real Estate Investment Trusts (REITs) - 4.6% | |||
Alexanders, Inc. | 1,622 | 298,383 | |
American Assets Trust, Inc. | 83,164 | 1,674,923 | |
Ashford Hospitality Trust, Inc. (a) | 79,177 | 173,398 | |
Community Healthcare Trust, Inc. | 6,184 | 167,586 | |
EastGroup Properties, Inc. | 12,913 | 2,243,634 | |
Empire State Realty Trust, Inc. | 157,894 | 1,414,730 | |
Four Corners Property Trust, Inc. | 84,699 | 1,947,230 | |
Global Medical REIT, Inc. | 91,250 | 915,238 | |
Global Net Lease, Inc. | 81,606 | 716,501 | |
LXP Industrial Trust (REIT) | 98,203 | 862,222 | |
National Storage Affiliates Trust | 9,699 | 321,910 | |
NexPoint Residential Trust, Inc. | 5,356 | 163,090 | |
Phillips Edison & Co., Inc. | 56,257 | 1,982,497 | |
Physicians Realty Trust | 11,509 | 134,425 | |
Retail Opportunity Investments Corp. | 40,438 | 520,437 | |
RLJ Lodging Trust | 28,412 | 303,724 | |
Ryman Hospitality Properties, Inc. | 22,597 | 2,267,609 | |
SITE Centers Corp. | 43,535 | 574,227 | |
Tanger Factory Outlet Centers, Inc. | 18,725 | 467,376 | |
Terreno Realty Corp. | 52,339 | 2,989,080 | |
Universal Health Realty Income Trust (SBI) | 13,226 | 527,321 | |
Urban Edge Properties | 22,915 | 383,826 | |
21,049,367 | |||
Real Estate Management & Development - 0.1% | |||
Cushman & Wakefield PLC (a) | 18,738 | 153,839 | |
Opendoor Technologies, Inc. (a) | 60,006 | 180,618 | |
334,457 | |||
TOTAL REAL ESTATE | 21,383,824 | ||
UTILITIES - 1.6% | |||
Electric Utilities - 0.5% | |||
Allete, Inc. | 30,487 | 1,691,419 | |
MGE Energy, Inc. | 6,879 | 507,326 | |
PNM Resources, Inc. | 4,438 | 184,488 | |
Portland General Electric Co. | 2,635 | 108,193 | |
2,491,426 | |||
Gas Utilities - 0.3% | |||
New Jersey Resources Corp. | 32,126 | 1,355,717 | |
Independent Power and Renewable Electricity Producers - 0.4% | |||
Altus Power, Inc. Class A (a)(b) | 84,699 | 423,495 | |
Clearway Energy, Inc.: | |||
Class A | 24,820 | 587,489 | |
Class C | 23,426 | 584,947 | |
1,595,931 | |||
Water Utilities - 0.4% | |||
American States Water Co. | 16,694 | 1,333,851 | |
Consolidated Water Co., Inc. | 6,829 | 246,459 | |
SJW Group | 6,034 | 396,072 | |
1,976,382 | |||
TOTAL UTILITIES | 7,419,456 | ||
TOTAL COMMON STOCKS (Cost $409,656,002) | 439,399,240 | ||
Money Market Funds - 2.8% | |||
Shares | Value ($) | ||
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) (Cost $12,385,227) | 12,383,989 | 12,385,228 | |
TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $422,041,229) | 451,784,468 |
NET OTHER ASSETS (LIABILITIES) - 0.2% | 1,109,181 |
NET ASSETS - 100.0% | 452,893,649 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Russell 2000 Index Contracts (United States) | 136 | Dec 2023 | 12,322,960 | 42,788 | 42,788 |
The notional amount of futures purchased as a percentage of Net Assets is 2.7% |
Legend
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Level 3 security |
(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 5.40% | - | 65,357,814 | 65,357,814 | 9,658 | - | - | - | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | - | 14,231,502 | 1,846,275 | 526 | - | 1 | 12,385,228 | 0.0% |
Total | - | 79,589,316 | 67,204,089 | 10,184 | - | 1 | 12,385,228 | |
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.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded 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.
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
The Fund used futures contracts to manage its exposure to the stock market.
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
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.
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.