Quarterly Holdings Report
for
Fidelity® Enhanced Large Cap Value ETF
March 31, 2026
LGV-NPRT3-0526
1.9910059.101
Common Stocks - 99.4%
 
  
Shares
Value ($)
 
AUSTRALIA - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Anglogold Ashanti Plc
 
9,315
906,908
BERMUDA - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Insurance - 0.0%
  
  
  
RenaissanceRe Holdings Ltd
 
1,979
588,218
NETHERLANDS - 0.1%
 
  
  
Information Technology - 0.1%
  
  
  
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
NXP Semiconductors NV
 
14,790
2,911,559
PUERTO RICO - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Popular Inc
 
2,981
399,961
UNITED KINGDOM - 0.6%
 
  
  
Energy - 0.6%
  
  
  
Energy Equipment & Services - 0.6%
  
  
  
TechnipFMC PLC
 
242,082
16,735,129
UNITED STATES - 98.7%
 
  
  
Communication Services - 8.8%
  
  
  
Diversified Telecommunication Services - 2.4%
  
  
  
AT&T Inc
 
1,106,188
32,068,390
Comcast Corp Class A
 
498,041
14,298,757
Verizon Communications Inc
 
354,115
17,776,573
 
  
  
64,143,720
Entertainment - 1.1%
  
  
  
Electronic Arts Inc
 
51,279
10,454,250
Playtika Holding Corp
 
84,037
233,622
Roku Inc Class A (b)
  
95,724
9,057,405
Walt Disney Co/The
 
37,198
3,585,143
Warner Bros Discovery Inc (b)
  
220,025
6,041,887
 
  
  
29,372,307
Interactive Media & Services - 4.3%
  
  
  
Alphabet Inc Class A
 
177,381
51,007,681
Alphabet Inc Class C
 
144,104
41,337,673
Angi Inc Class A (b)(c)
  
15,898
108,901
IAC Inc Class A (b)
  
53,962
2,160,099
Meta Platforms Inc Class A
 
30,604
17,509,467
 
  
  
112,123,821
Media - 0.4%
  
  
  
DoubleVerify Holdings Inc (b)
  
28,282
268,679
News Corp Class A
 
121,740
3,034,978
News Corp Class B
 
52,935
1,509,177
Versant Media Group Inc Class A
 
159,801
5,915,833
 
  
  
10,728,667
Wireless Telecommunication Services - 0.6%
  
  
  
T-Mobile US Inc
 
74,008
15,543,900
TOTAL COMMUNICATION SERVICES
  
  
231,912,415
Consumer Discretionary - 8.1%
  
  
  
Automobile Components - 0.2%
  
  
  
BorgWarner Inc
 
115,880
6,287,649
Automobiles - 1.1%
  
  
  
Ford Motor Co
 
856,335
9,882,106
General Motors Co
 
245,342
18,277,979
 
  
  
28,160,085
Broadline Retail - 2.4%
  
  
  
Amazon.com Inc (b)
  
280,540
58,428,066
eBay Inc
 
27,157
2,471,830
 
  
  
60,899,896
Diversified Consumer Services - 0.1%
  
  
  
ADT Inc
 
384,955
2,529,154
Hotels, Restaurants & Leisure - 1.7%
  
  
  
Airbnb Inc Class A (b)
  
99,752
12,596,683
Aramark
 
67,325
2,729,356
Brightstar Lottery PLC
 
260,339
3,316,719
Carnival Corp
 
68,364
1,769,260
Expedia Group Inc Class A
 
20,199
4,663,747
Global Business Travel Group I Class A (b)(c)
  
412,117
2,299,613
Life Time Group Holdings Inc (b)
  
96,777
2,607,172
McDonald's Corp
 
43,166
13,415,561
Penn Entertainment Inc (b)
  
90,828
1,365,145
Starbucks Corp
 
4,150
371,798
Wendy's Co/The (c)
  
102,550
712,723
 
  
  
45,847,777
Household Durables - 0.3%
  
  
  
Garmin Ltd
 
16,756
3,887,560
M/I Homes Inc (b)
  
2,451
300,124
Newell Brands Inc
 
96,771
331,925
NVR Inc (b)
  
124
817,139
Toll Brothers Inc
 
20,190
2,755,329
 
  
  
8,092,077
Leisure Products - 0.4%
  
  
  
Hasbro Inc
 
124,536
11,656,570
Specialty Retail - 1.7%
  
  
  
Abercrombie & Fitch Co Class A (b)
  
40,577
3,707,520
AutoNation Inc (b)(c)
  
20,600
4,022,356
Bath & Body Works Inc
 
167,098
3,119,720
CarMax Inc (b)
  
15,285
635,550
Chewy Inc Class A (b)
  
6,194
167,237
Five Below Inc (b)
  
7,893
1,803,393
Gap Inc/The
 
336,750
8,149,350
Home Depot Inc/The
 
30,877
10,155,137
Ross Stores Inc
 
57,109
12,371,523
TJX Cos Inc/The
 
528
84,321
Urban Outfitters Inc (b)
  
22,196
1,406,117
 
  
  
45,622,224
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
NIKE Inc Class B
 
65,951
3,483,532
Ralph Lauren Corp Class A
 
5,660
1,946,983
 
  
  
5,430,515
TOTAL CONSUMER DISCRETIONARY
  
  
214,525,947
Consumer Staples - 5.7%
  
  
  
Beverages - 1.1%
  
  
  
Keurig Dr Pepper Inc
 
249,243
6,562,568
Molson Coors Beverage Co Class B
 
62,795
2,703,953
PepsiCo Inc
 
133,850
20,785,567
Primo Brands Corp Class A
 
19,949
375,639
 
  
  
30,427,727
Consumer Staples Distribution & Retail - 1.9%
  
  
  
Dollar General Corp (c)
  
21,460
2,547,946
Dollar Tree Inc (b)
  
15,502
1,697,624
Maplebear Inc (b)
  
112,957
4,231,369
Sysco Corp
 
10,680
761,804
Target Corp
 
32,750
3,969,300
US Foods Holding Corp (b)
  
9,123
841,232
Walmart Inc
 
278,460
34,607,009
 
  
  
48,656,284
Food Products - 0.1%
  
  
  
General Mills Inc
 
69,904
2,601,827
Kraft Heinz Co/The
 
6,617
148,816
 
  
  
2,750,643
Household Products - 1.2%
  
  
  
Church & Dwight Co Inc
 
33,173
3,095,704
Procter & Gamble Co/The
 
190,865
27,568,541
 
  
  
30,664,245
Personal Care Products - 0.0%
  
  
  
Kenvue Inc
 
15,522
267,599
Tobacco - 1.4%
  
  
  
Altria Group Inc
 
144,361
9,526,382
Philip Morris International Inc
 
170,295
28,156,576
 
  
  
37,682,958
TOTAL CONSUMER STAPLES
  
  
150,449,456
Energy - 7.0%
  
  
  
Energy Equipment & Services - 0.2%
  
  
  
Baker Hughes Co Class A
 
93,907
5,733,022
Weatherford International PLC
 
1,338
126,548
 
  
  
5,859,570
Oil, Gas & Consumable Fuels - 6.8%
  
  
  
Cheniere Energy Inc
 
32,606
9,252,279
Chevron Corp
 
144,579
29,913,395
ConocoPhillips
 
191,813
25,319,316
Devon Energy Corp
 
149,895
7,542,716
DT Midstream Inc
 
2,377
320,111
EOG Resources Inc (c)
  
91,133
13,175,098
Excelerate Energy Inc Class A
 
28,120
939,770
Expand Energy Corp
 
29,005
3,184,169
Exxon Mobil Corp
 
389,152
66,023,529
Kinder Morgan Inc
 
386,949
12,974,400
Occidental Petroleum Corp
 
89,694
5,830,110
SM Energy Co
 
20,568
641,310
Williams Cos Inc/The
 
79,245
5,767,451
 
  
  
180,883,654
TOTAL ENERGY
  
  
186,743,224
Financials - 19.8%
  
  
  
Banks - 6.1%
  
  
  
Bank of America Corp
 
420,890
20,518,388
Citigroup Inc
 
52,888
5,998,028
JPMorgan Chase & Co
 
237,977
70,003,314
Pinnacle Financial Partners Inc
 
73,071
6,294,336
PNC Financial Services Group Inc/The
 
80,001
16,647,408
US Bancorp
 
332,064
17,270,649
Wells Fargo & Co
 
284,848
22,676,749
Zions Bancorp NA
 
8,262
476,056
 
  
  
159,884,928
Capital Markets - 5.7%
  
  
  
Ameriprise Financial Inc
 
23,019
10,229,644
Bank of New York Mellon Corp/The
 
150,759
17,884,540
Blackrock Inc
 
14,257
13,711,099
Cboe Global Markets Inc
 
7,000
1,967,490
Charles Schwab Corp/The
 
273,334
25,687,930
CME Group Inc Class A
 
40,621
11,997,412
Goldman Sachs Group Inc/The
 
23,849
20,176,016
Invesco Ltd
 
40,290
978,644
Morgan Stanley
 
129,180
21,259,153
Morningstar Inc
 
5,335
901,882
Northern Trust Corp
 
66,485
9,279,311
S&P Global Inc
 
6,166
2,622,646
State Street Corp
 
95,388
12,072,305
StoneX Group Inc (b)
  
9,327
752,223
Virtu Financial Inc Class A
 
51,694
2,273,502
 
  
  
151,793,797
Consumer Finance - 0.8%
  
  
  
Ally Financial Inc
 
114,120
4,476,928
American Express Co
 
18,227
5,513,303
Capital One Financial Corp
 
64,056
11,685,736
 
  
  
21,675,967
Financial Services - 4.4%
  
  
  
Berkshire Hathaway Inc Class B (b)
  
186,777
89,503,538
Fidelity National Information Services Inc
 
159,376
7,476,328
Fiserv Inc (b)
  
267,069
14,902,450
Mastercard Inc Class A
 
940
469,680
PayPal Holdings Inc
 
67,286
3,043,346
Rocket Cos Inc Class A (b)
  
53,446
761,606
 
  
  
116,156,948
Insurance - 2.8%
  
  
  
Allstate Corp/The
 
42,435
8,798,473
Arch Capital Group Ltd (b)
  
3,421
328,382
Assurant Inc
 
29,105
6,339,360
Globe Life Inc
 
35,960
5,004,553
Hartford Insurance Group Inc/The
 
60,485
8,179,387
Kemper Corp
 
36,455
1,114,065
Loews Corp
 
79,824
8,520,414
Mercury General Corp
 
7,082
624,278
MetLife Inc
 
49,210
3,480,131
Principal Financial Group Inc
 
2,803
252,578
Progressive Corp/The
 
87,655
17,376,727
Travelers Companies Inc/The
 
45,654
13,316,359
 
  
  
73,334,707
TOTAL FINANCIALS
  
  
522,846,347
Health Care - 10.8%
  
  
  
Biotechnology - 2.1%
  
  
  
AbbVie Inc
 
19,558
4,253,669
Biogen Inc (b)
  
21,217
3,889,713
BioMarin Pharmaceutical Inc (b)
  
111,596
6,304,058
Exelixis Inc (b)
  
85,969
3,687,210
Gilead Sciences Inc
 
152,367
21,235,390
Incyte Corp (b)
  
57,086
5,372,934
PTC Therapeutics Inc (b)
  
25,140
1,712,788
Regeneron Pharmaceuticals Inc
 
10,981
8,484,360
 
  
  
54,940,122
Health Care Equipment & Supplies - 1.6%
  
  
  
Abbott Laboratories
 
226,724
23,277,753
Boston Scientific Corp (b)
  
20,589
1,291,960
Cooper Cos Inc/The (b)
  
40,348
2,884,882
Edwards Lifesciences Corp (b)
  
23,963
1,918,957
Medtronic PLC
 
148,406
12,859,380
Solventum Corp (b)
  
15,267
996,935
 
  
  
43,229,867
Health Care Providers & Services - 2.1%
  
  
  
Cardinal Health Inc
 
18,995
4,013,833
Centene Corp (b)
  
25,509
835,165
Cigna Group/The
 
16,487
4,397,907
CVS Health Corp
 
120,514
8,655,315
Elevance Health Inc
 
28,256
8,271,944
HealthEquity Inc (b)
  
11,126
929,800
Humana Inc
 
11,912
2,065,422
Option Care Health Inc (b)
  
28
754
Tenet Healthcare Corp (b)
  
17,888
3,375,644
UnitedHealth Group Inc
 
88,440
23,930,980
 
  
  
56,476,764
Health Care Technology - 0.1%
  
  
  
Veeva Systems Inc Class A (b)
  
19,702
3,460,853
Life Sciences Tools & Services - 1.0%
  
  
  
10X Genomics Inc Class A (b)
  
238,505
5,063,461
Charles River Laboratories International Inc (b)
  
2,353
405,892
Danaher Corp
 
24,686
4,680,466
Illumina Inc (b)(c)
  
74,507
9,183,733
IQVIA Holdings Inc (b)
  
14,841
2,530,984
Thermo Fisher Scientific Inc
 
9,851
4,842,062
 
  
  
26,706,598
Pharmaceuticals - 3.9%
  
  
  
Bristol-Myers Squibb Co
 
382,677
23,209,360
Eli Lilly & Co
 
3,042
2,797,940
Johnson & Johnson
 
169,638
41,466,314
Merck & Co Inc
 
147,260
17,713,905
Pfizer Inc
 
373,687
10,493,131
Viatris Inc (c)
  
490,704
6,629,411
 
  
  
102,310,061
TOTAL HEALTH CARE
  
  
287,124,265
Industrials - 14.3%
  
  
  
Aerospace & Defense - 3.4%
  
  
  
Boeing Co (b)
  
38,778
7,717,985
Curtiss-Wright Corp
 
6,863
4,674,527
GE Aerospace
 
43,554
12,359,319
HEICO Corp
 
27,550
7,554,210
Lockheed Martin Corp
 
33,473
20,230,746
Moog Inc Class A
 
1,455
425,791
Northrop Grumman Corp
 
9,978
6,807,391
RTX Corp
 
134,392
25,924,217
StandardAero Inc (b)
  
86,189
2,226,262
Woodward Inc
 
216
77,311
 
  
  
87,997,759
Air Freight & Logistics - 0.5%
  
  
  
FedEx Corp
 
19,121
6,810,518
United Parcel Service Inc Class B
 
73,042
7,185,872
 
  
  
13,996,390
Building Products - 1.5%
  
  
  
Advanced Drainage Systems Inc
 
5,775
791,926
Allegion plc
 
52,495
7,626,999
Carlisle Cos Inc
 
14,152
4,721,390
Johnson Controls International plc
 
160,818
21,059,117
Resideo Technologies Inc (b)
  
7,121
240,048
Trane Technologies PLC
 
12,097
5,041,304
 
  
  
39,480,784
Commercial Services & Supplies - 0.7%
  
  
  
Cintas Corp
 
39,054
6,605,594
Clean Harbors Inc (b)
  
3,992
1,144,626
Republic Services Inc
 
3,279
718,166
Veralto Corp
 
120,448
10,650,012
 
  
  
19,118,398
Construction & Engineering - 0.8%
  
  
  
AECOM
 
32,140
2,726,115
Comfort Systems USA Inc
 
5,397
7,442,409
EMCOR Group Inc
 
689
508,696
Tutor Perini Corp
 
30,000
2,315,700
Valmont Industries Inc
 
20,353
8,132,448
 
  
  
21,125,368
Electrical Equipment - 1.9%
  
  
  
Acuity Inc
 
20,282
5,683,422
AMETEK Inc
 
53,322
11,430,104
Eaton Corp PLC
 
39,633
14,175,535
nVent Electric PLC
 
83,301
9,852,842
Rockwell Automation Inc
 
27,678
9,933,081
Sensata Technologies Holding PLC
 
3,314
116,719
 
  
  
51,191,703
Ground Transportation - 1.0%
  
  
  
CSX Corp
 
64,400
2,643,620
JB Hunt Transport Services Inc
 
23,260
4,928,794
Lyft Inc Class A (b)(c)
  
406,633
5,408,219
Norfolk Southern Corp
 
20,678
5,934,586
Uber Technologies Inc (b)
  
65,195
4,689,476
XPO Inc (b)
  
12,752
2,480,902
 
  
  
26,085,597
Industrial Conglomerates - 1.2%
  
  
  
3M Co
 
52,736
7,658,849
Honeywell International Inc
 
104,426
23,603,409
 
  
  
31,262,258
Machinery - 2.7%
  
  
  
Caterpillar Inc
 
23,993
16,998,082
CNH Industrial NV Class A
 
24,501
269,511
Crane Co
 
24,699
4,223,529
Cummins Inc
 
11,323
6,092,000
Deere & Co
 
6,227
3,507,669
ESCO Technologies Inc
 
1,401
394,199
Flowserve Corp
 
166,400
12,232,065
Fortive Corp
 
64,277
3,553,233
Franklin Electric Co Inc
 
8
737
Gates Industrial Corp PLC (b)
  
108,010
2,442,106
IDEX Corp
 
3,956
749,860
Illinois Tool Works Inc
 
3,943
1,026,323
Mueller Water Products Inc Class A1
 
19,211
528,110
Nordson Corp
 
3,501
931,476
Parker-Hannifin Corp
 
7,776
6,961,386
RBC Bearings Inc (b)
  
2,979
1,617,954
SPX Technologies Inc (b)
  
5,626
1,124,862
Toro Co/The
 
46,355
4,331,411
Westinghouse Air Brake Technologies Corp
 
11,900
2,973,929
Xylem Inc/NY
 
11,511
1,375,565
 
  
  
71,334,007
Passenger Airlines - 0.1%
  
  
  
SkyWest Inc (b)
  
24,554
2,254,794
Southwest Airlines Co
 
14,208
533,794
 
  
  
2,788,588
Professional Services - 0.1%
  
  
  
Booz Allen Hamilton Holding Corp Class A
 
44,325
3,458,680
Jacobs Solutions Inc
 
4
509
 
  
  
3,459,189
Trading Companies & Distributors - 0.4%
  
  
  
Applied Industrial Technologies Inc
 
2,042
541,783
Ferguson Enterprises Inc
 
10,177
2,373,887
MSC Industrial Direct Co Inc Class A (c)
  
51,129
4,717,673
Rush Enterprises Inc Class A
 
47,733
3,155,629
Wesco International Inc
 
4,035
1,104,057
 
  
  
11,893,029
TOTAL INDUSTRIALS
  
  
379,733,070
Information Technology - 12.4%
  
  
  
Communications Equipment - 1.9%
  
  
  
Cisco Systems Inc
 
312,267
24,228,797
Extreme Networks Inc (b)
  
731,855
11,036,373
Motorola Solutions Inc
 
34,194
14,839,170
 
  
  
50,104,340
Electronic Equipment, Instruments & Components - 1.3%
  
  
  
Amphenol Corp Class A
 
31,481
3,977,624
Avnet Inc
 
40,191
2,476,569
Corning Inc
 
9,451
1,285,052
Itron Inc (b)
  
1
90
Keysight Technologies Inc (b)
  
60,444
17,067,573
Zebra Technologies Corp Class A (b)
  
43,286
9,050,237
 
  
  
33,857,145
IT Services - 0.5%
  
  
  
Accenture PLC Class A
 
6,748
1,338,061
DXC Technology Co (b)
  
63,362
796,460
IBM Corporation
 
22,747
5,513,645
MongoDB Inc Class A (b)
  
2,093
512,304
Okta Inc Class A (b)
  
31,312
2,464,568
Twilio Inc Class A (b)
  
16,050
2,019,411
 
  
  
12,644,449
Semiconductors & Semiconductor Equipment - 5.3%
  
  
  
Advanced Micro Devices Inc (b)
  
20,050
4,078,772
Analog Devices Inc
 
32,976
10,490,985
Applied Materials Inc
 
34,505
11,793,464
Broadcom Inc
 
41,972
12,990,754
Cirrus Logic Inc (b)(c)
  
26,552
3,839,950
Intel Corp (b)
  
489,095
21,583,762
Marvell Technology Inc
 
59,827
5,925,864
Micron Technology Inc
 
117,009
39,530,321
Qnity Electronics Inc
 
2,178
251,298
Qorvo Inc (b)
  
76,207
5,898,422
QUALCOMM Inc
 
166,208
21,404,266
Skyworks Solutions Inc
 
54,546
2,920,938
Teradyne Inc
 
241
71,446
 
  
  
140,780,242
Software - 1.9%
  
  
  
Adobe Inc (b)
  
45,126
10,969,228
Alarm.com Holdings Inc (b)
  
91,857
3,967,304
Atlassian Corp Class A (b)
  
7,414
506,006
Docusign Inc (b)
  
83,098
3,939,676
Elastic NV (b)
  
21,156
1,057,588
Fortinet Inc (b)
  
84,959
6,942,849
Salesforce Inc
 
58,280
10,879,128
Strategy Inc Class A (b)(c)
  
6,407
799,594
Tenable Holdings Inc (b)
  
194,399
3,288,259
Teradata Corp (b)
  
12,042
308,635
Unity Software Inc (b)
  
46,640
1,023,282
Zoom Communications Inc Class A (b)
  
88,740
7,133,809
 
  
  
50,815,358
Technology Hardware, Storage & Peripherals - 1.5%
  
  
  
Apple Inc
 
52,267
13,264,843
Hewlett Packard Enterprise Co
 
378,757
9,018,204
NetApp Inc
 
61,988
6,346,951
Sandisk Corp/DE (b)
  
365
231,899
Western Digital Corp
 
42,270
11,433,612
 
  
  
40,295,509
TOTAL INFORMATION TECHNOLOGY
  
  
328,497,043
Materials - 4.1%
  
  
  
Chemicals - 1.8%
  
  
  
Albemarle Corp
 
6,140
1,102,314
Balchem Corp
 
4,283
725,883
Corteva Inc
 
117,296
9,818,848
DuPont de Nemours Inc
 
162,485
7,441,813
Ecolab Inc
 
26,556
7,064,427
FMC Corp (c)
  
81,596
1,405,083
Linde PLC
 
43,049
21,341,973
 
  
  
48,900,341
Construction Materials - 0.4%
  
  
  
CRH PLC
 
100,363
10,550,159
Containers & Packaging - 0.1%
  
  
  
Ball Corp
 
34,797
2,056,851
Sealed Air Corp
 
58
2,438
 
  
  
2,059,289
Metals & Mining - 1.8%
  
  
  
Commercial Metals Co
 
187,937
11,544,970
Freeport-McMoRan Inc
 
111,150
6,533,397
Newmont Corp
 
90,695
9,817,734
Nucor Corp
 
97,904
16,555,566
Reliance Inc
 
8,929
2,713,702
 
  
  
47,165,369
TOTAL MATERIALS
  
  
108,675,158
Real Estate - 3.7%
  
  
  
Health Care REITs - 0.9%
  
  
  
Ventas Inc
 
82,134
6,716,919
Welltower Inc
 
82,447
16,300,596
 
  
  
23,017,515
Industrial REITs - 0.4%
  
  
  
First Industrial Realty Trust Inc
 
46,109
2,667,406
Prologis Inc
 
58,213
7,694,594
STAG Industrial Inc Class A
 
26,604
959,340
 
  
  
11,321,340
Real Estate Management & Development - 0.0%
  
  
  
Compass Inc Class A (b)
  
56,143
410,405
Zillow Group Inc Class C (b)
  
15
620
 
  
  
411,025
Residential REITs - 0.0%
  
  
  
American Homes 4 Rent Class A
 
15,202
424,440
Invitation Homes Inc
 
20,981
521,378
Sun Communities Inc
 
1,079
135,911
 
  
  
1,081,729
Retail REITs - 0.8%
  
  
  
Brixmor Property Group Inc
 
45,907
1,322,121
Phillips Edison & Co Inc
 
121,703
4,554,126
Regency Centers Corp
 
46,598
3,525,605
Simon Property Group Inc
 
61,198
11,415,263
 
  
  
20,817,115
Specialized REITs - 1.6%
  
  
  
Digital Realty Trust Inc
 
23,391
4,215,292
Equinix Inc
 
10,785
10,571,888
Gaming and Leisure Properties Inc
 
30,965
1,373,917
Millrose Properties Inc Class A
 
127,359
3,566,052
Outfront Media Inc
 
174,460
4,623,190
VICI Properties Inc
 
576,263
15,743,506
Weyerhaeuser Co
 
2
49
 
  
  
40,093,894
TOTAL REAL ESTATE
  
  
96,742,618
Utilities - 4.0%
  
  
  
Electric Utilities - 2.8%
  
  
  
American Electric Power Co Inc
 
7,905
1,036,187
Constellation Energy Corp
 
29,731
8,302,382
Duke Energy Corp
 
11,859
1,552,817
Edison International
 
16,799
1,229,351
Evergy Inc
 
45,028
3,688,694
Exelon Corp
 
225,997
11,078,373
NextEra Energy Inc
 
187,211
17,388,159
NRG Energy Inc
 
31,674
4,628,838
PG&E Corp
 
26,867
472,053
Portland General Electric Co
 
7,348
387,754
PPL Corp
 
341,977
13,063,521
Southern Co/The
 
96,282
9,293,139
 
  
  
72,121,268
Gas Utilities - 0.0%
  
  
  
Southwest Gas Holdings Inc
 
10,382
902,196
Multi-Utilities - 1.2%
  
  
  
Ameren Corp
 
40,439
4,445,055
CenterPoint Energy Inc
 
53,849
2,324,123
CMS Energy Corp
 
44,125
3,423,218
Consolidated Edison Inc
 
67,976
7,693,524
DTE Energy Co
 
24
3,508
Sempra
 
145,743
14,161,847
 
  
  
32,051,275
TOTAL UTILITIES
  
  
105,074,739
TOTAL UNITED STATES
  
  
2,612,324,282
 
TOTAL COMMON STOCKS
 (Cost $2,336,174,396)
  
  
  
2,633,866,057
 
  
  
  
U.S. Treasury Obligations - 0.1%
 
  
Yield (%) (d)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 4/2/2026 (e)
  
3.54
2,750,000
2,749,723
US Treasury Bills 0% 6/4/2026 (e)
  
3.62
70,000
69,550
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $2,819,284)
  
  
  
2,819,273
 
  
  
  
  
Money Market Funds - 1.0%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
  
3.69
11,342,554
11,344,822
Fidelity Securities Lending Cash Central Fund (f)(g)
  
3.69
15,470,851
15,472,399
 
TOTAL MONEY MARKET FUNDS
 (Cost $26,817,221)
  
  
  
26,817,221
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.5%
 (Cost $2,365,810,901)
 
  
 
2,663,502,551
NET OTHER ASSETS (LIABILITIES) - (0.5)%  
(13,107,643)
NET ASSETS - 100.0%
2,650,394,908
 
  
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
 
  
  
  
  
Equity Contracts
  
  
  
  
CME E-Mini S&P 500 Index Contracts (United States)
44
6/2026
14,455,650
(151,811)
 
  
  
  
  
The notional amount of long futures as a percentage of Net Assets is 0.5%.

Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,037,452.
 
(f)
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.
 
(g)
Investment made with cash collateral received from securities on loan.
 
At period end, the value of non-cash collateral for securities on loan amounted to $6,864,082.
 
 
 
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 ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
996,590
191,261,600
180,912,898
786,414
(470)
-
11,344,822
11,342,554
0.0%
Fidelity Securities Lending Cash Central Fund
17,626,283
543,887,657
546,039,538
18,046
(2,003)
-
15,472,399
15,470,851
0.0%
Total
18,622,873
735,149,257
726,952,436
804,460
(2,473)
-
26,817,221
  
  
 
  
  
  
  
  
  
  
  
  
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 income 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. 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.
 
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.
 
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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