Quarterly Holdings Report
for
Fidelity® Small-Mid Multifactor ETF
April 30, 2026
SFE-NPRT3-0626
1.9892235.107
Common Stocks - 99.9%
 
 
Shares
Value ($)
 
AUSTRALIA - 0.6%
 
 
 
Materials - 0.6%
 
 
 
Metals & Mining - 0.6%
 
 
 
Anglogold Ashanti Plc
 
148,379
13,907,564
BERMUDA - 0.4%
 
 
 
Energy - 0.1%
 
 
 
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Teekay Corp Ltd
 
200,561
2,679,495
Financials - 0.3%
 
 
 
Insurance - 0.3%
 
 
 
RenaissanceRe Holdings Ltd
 
21,228
6,516,359
TOTAL BERMUDA
 
 
9,195,854
CANADA - 0.1%
 
 
 
Energy - 0.1%
 
 
 
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Teekay Tankers Ltd Class A
 
36,847
2,894,331
MONACO - 0.1%
 
 
 
Energy - 0.1%
 
 
 
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Scorpio Tankers Inc
 
41,031
3,337,051
PUERTO RICO - 0.5%
 
 
 
Financials - 0.5%
 
 
 
Banks - 0.5%
 
 
 
First BanCorp/Puerto Rico
 
139,228
3,380,456
Ofg Bancorp
 
63,520
2,919,379
Popular Inc
 
35,263
5,301,087
 
 
 
 
TOTAL PUERTO RICO
 
 
11,600,922
SWEDEN - 0.2%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Automobile Components - 0.2%
 
 
 
Autoliv Inc
 
37,005
4,289,990
SWITZERLAND - 0.2%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Automobile Components - 0.2%
 
 
 
Garrett Motion Inc
 
142,192
3,641,537
THAILAND - 0.4%
 
 
 
Information Technology - 0.4%
 
 
 
Electronic Equipment, Instruments & Components - 0.4%
 
 
 
Fabrinet (b)
 
14,589
9,971,144
UNITED KINGDOM - 0.5%
 
 
 
Energy - 0.5%
 
 
 
Energy Equipment & Services - 0.5%
 
 
 
TechnipFMC PLC
 
161,705
12,220,047
UNITED STATES - 96.9%
 
 
 
Communication Services - 3.1%
 
 
 
Diversified Telecommunication Services - 0.4%
 
 
 
IDT Corp Class B
 
55,647
2,790,697
Iridium Communications Inc
 
153,818
6,009,669
 
 
 
8,800,366
Entertainment - 0.8%
 
 
 
Madison Square Garden Entertainment Corp Class A (b)
 
51,728
3,461,638
Madison Square Garden Sports Corp Class A (b)
 
13,796
4,724,578
TKO Group Holdings Inc Class A
 
32,524
6,052,391
Warner Music Group Corp Class A
 
129,900
3,672,273
 
 
 
17,910,880
Interactive Media & Services - 0.8%
 
 
 
Cargurus Inc Class A (b)
 
107,075
3,903,955
Match Group Inc
 
150,990
5,650,046
MediaAlpha Inc Class A (b)
 
273,987
2,331,629
Shutterstock Inc
 
133,213
2,154,054
Yelp Inc Class A (b)(c)
 
115,249
3,180,872
ZoomInfo Technologies Inc (b)
 
427,172
2,669,825
 
 
 
19,890,381
Media - 1.1%
 
 
 
AMC Global Media Inc Class A (b)(c)
 
304,947
2,589,000
Liberty Broadband Corp Class C (b)
 
87,083
3,351,825
New York Times Co/The Class A
 
85,744
6,776,348
News Corp Class A
 
258,065
6,792,272
Nexstar Media Group Inc
 
20,110
4,185,695
Scholastic Corp
 
75,400
3,043,144
 
 
 
26,738,284
TOTAL COMMUNICATION SERVICES
 
 
73,339,911
Consumer Discretionary - 9.9%
 
 
 
Automobile Components - 0.9%
 
 
 
BorgWarner Inc
 
103,989
5,924,253
Dorman Products Inc (b)
 
23,110
2,600,106
Gentex Corp
 
144,189
3,332,208
Lear Corp
 
30,547
3,883,440
Phinia Inc
 
37,951
2,738,165
Visteon Corp
 
26,955
3,011,143
 
 
 
21,489,315
Automobiles - 0.2%
 
 
 
Harley-Davidson Inc (c)
 
127,532
3,046,740
Thor Industries Inc
 
32,237
2,548,012
 
 
 
5,594,752
Broadline Retail - 0.4%
 
 
 
Dillard's Inc Class A (c)
 
3,769
2,145,390
Kohl's Corp (c)
 
137,902
1,954,071
Macy's Inc
 
170,354
3,330,421
Ollie's Bargain Outlet Holdings Inc (b)
 
36,154
3,127,683
 
 
 
10,557,565
Diversified Consumer Services - 1.4%
 
 
 
ADT Inc
 
399,947
3,011,601
Covista Inc (b)
 
29,761
3,429,062
Frontdoor Inc (b)
 
55,385
3,801,073
Graham Holdings Co Class B
 
2,661
2,986,999
Grand Canyon Education Inc (b)
 
19,875
3,360,266
H&R Block Inc
 
94,186
2,988,522
Laureate Education Inc (b)
 
96,073
2,891,317
Perdoceo Education Corp
 
77,971
2,646,336
Service Corp International/US
 
66,048
5,351,869
Stride Inc (b)
 
35,039
3,404,389
 
 
 
33,871,434
Hotels, Restaurants & Leisure - 1.8%
 
 
 
Boyd Gaming Corp
 
39,835
3,463,653
Brinker International Inc (b)
 
25,441
3,873,138
Churchill Downs Inc
 
40,055
4,045,154
Monarch Casino & Resort Inc
 
23,734
2,816,988
Planet Fitness Inc Class A (b)
 
45,648
3,043,352
Red Rock Resorts Inc Class A
 
44,093
2,379,258
Texas Roadhouse Inc
 
30,857
4,967,668
Travel + Leisure Co
 
46,017
2,975,459
Vail Resorts Inc
 
25,222
3,207,734
Viking Holdings Ltd (b)
 
82,903
6,790,586
Wynn Resorts Ltd
 
42,596
4,562,458
 
 
 
42,125,448
Household Durables - 1.7%
 
 
 
Cavco Industries Inc (b)
 
6,132
3,108,924
Cricut Inc Class A (c)
 
429,732
1,852,145
Installed Building Products Inc
 
13,022
3,757,498
KB Home
 
51,530
2,730,575
M/I Homes Inc (b)
 
21,815
2,868,454
Somnigroup International Inc
 
85,930
6,518,650
Taylor Morrison Home Corp (b)
 
59,061
3,587,365
Toll Brothers Inc
 
42,852
6,090,983
TopBuild Corp (b)
 
12,557
5,558,984
Tri Pointe Homes Inc (b)
 
78,309
3,671,909
 
 
 
39,745,487
Leisure Products - 0.5%
 
 
 
Acushnet Holdings Corp
 
26,723
2,587,321
Hasbro Inc
 
61,626
5,906,236
Mattel Inc (b)
 
184,374
2,780,360
 
 
 
11,273,917
Specialty Retail - 1.9%
 
 
 
Abercrombie & Fitch Co Class A (b)
 
32,366
2,762,438
Academy Sports & Outdoors Inc
 
51,931
2,847,896
Asbury Automotive Group Inc (b)
 
13,857
2,822,532
AutoNation Inc (b)
 
17,027
3,616,194
Buckle Inc/The
 
46,338
2,576,856
Five Below Inc (b)
 
26,886
6,335,955
Group 1 Automotive Inc
 
9,055
3,231,458
Murphy USA Inc
 
9,550
5,615,400
Penske Automotive Group Inc
 
17,272
2,962,493
Sally Beauty Holdings Inc (b)
 
140,509
1,992,418
Signet Jewelers Ltd
 
32,629
2,904,960
Urban Outfitters Inc (b)
 
41,934
2,949,638
Winmark Corp
 
5,275
2,007,085
 
 
 
42,625,323
Textiles, Apparel & Luxury Goods - 1.1%
 
 
 
Crocs Inc (b)
 
37,623
3,836,794
G-III Apparel Group Ltd
 
71,228
2,221,601
Levi Strauss & Co Class A
 
122,798
2,735,939
Ralph Lauren Corp Class A
 
17,461
6,262,213
Tapestry Inc
 
78,958
11,452,069
 
 
 
26,508,616
TOTAL CONSUMER DISCRETIONARY
 
 
233,791,857
Consumer Staples - 3.2%
 
 
 
Beverages - 0.8%
 
 
 
Brown-Forman Corp Class B
 
149,267
3,846,611
Celsius Holdings Inc (b)
 
95,436
3,203,787
Coca-Cola Consolidated Inc
 
32,546
6,674,208
National Beverage Corp (b)
 
70,784
2,422,228
Vita Coco Co Inc/The (b)
 
53,952
3,560,292
 
 
 
19,707,126
Consumer Staples Distribution & Retail - 1.2%
 
 
 
Albertsons Cos Inc Class A
 
251,522
4,238,146
Casey's General Stores Inc
 
15,128
12,437,486
Ingles Markets Inc Class A
 
30,910
2,827,338
Maplebear Inc (b)
 
118,461
5,016,823
PriceSmart Inc
 
22,968
3,604,139
 
 
 
28,123,932
Food Products - 0.9%
 
 
 
Cal-Maine Foods Inc
 
40,703
3,144,714
Campbell's Company/The (c)
 
140,809
2,927,419
Ingredion Inc
 
38,620
4,315,399
Marzetti Company/The
 
20,923
2,725,848
Pilgrim's Pride Corp (c)
 
64,805
2,145,046
Seaboard Corp
 
495
2,814,535
Seneca Foods Corp Class A (b)
 
20,243
2,831,186
 
 
 
20,904,147
Household Products - 0.1%
 
 
 
Central Garden & Pet Co Class A (b)
 
88,781
2,979,490
Personal Care Products - 0.1%
 
 
 
Herbalife Ltd (b)
 
162,572
2,698,695
Tobacco - 0.1%
 
 
 
Turning Point Brands Inc
 
23,218
1,873,228
TOTAL CONSUMER STAPLES
 
 
76,286,618
Energy - 3.6%
 
 
 
Energy Equipment & Services - 0.2%
 
 
 
Weatherford International PLC
 
41,709
4,602,588
Oil, Gas & Consumable Fuels - 3.4%
 
 
 
Antero Midstream Corp
 
210,490
4,601,311
APA Corp
 
181,759
7,403,045
California Resources Corp
 
59,839
4,084,610
Chord Energy Corp
 
37,586
5,472,522
CNX Resources Corp (b)
 
92,087
3,583,105
Core Natural Resources Inc
 
37,000
3,320,380
Dorian LPG Ltd
 
74,780
2,882,769
DT Midstream Inc
 
47,587
7,042,400
HF Sinclair Corp
 
83,489
5,611,296
International Seaways Inc
 
44,922
3,726,280
Magnolia Oil & Gas Corp Class A
 
136,547
4,129,181
Matador Resources Co
 
78,176
4,959,485
Murphy Oil Corp
 
103,057
4,303,660
Par Pacific Holdings Inc (b)
 
62,037
4,073,970
Permian Resources Holdings Inc/DE Class A
 
339,197
7,333,439
Range Resources Corp
 
128,277
5,580,050
REX American Resources Corp (b)
 
64,188
3,113,118
 
 
 
81,220,621
TOTAL ENERGY
 
 
85,823,209
Financials - 15.1%
 
 
 
Banks - 6.1%
 
 
 
1st Source Corp
 
34,920
2,567,668
Ameris Bancorp
 
43,017
3,667,199
Axos Financial Inc (b)
 
37,848
3,650,061
Bancorp Inc/The (b)
 
47,183
2,822,959
Bank OZK
 
74,347
3,580,552
BankUnited Inc
 
63,298
2,942,091
Burke & Herbert Financial Services Corp
 
33,962
2,184,096
Cathay General Bancorp
 
59,626
3,340,845
Central Pacific Financial Corp
 
70,308
2,339,850
CNB Financial Corp/PA
 
79,397
2,412,081
Columbia Banking System Inc
 
160,341
4,746,094
Community Trust Bancorp Inc
 
37,350
2,425,136
Cullen/Frost Bankers Inc
 
33,893
4,912,112
Customers Bancorp Inc (b)(c)
 
35,528
2,709,721
East West Bancorp Inc
 
60,475
7,648,273
Financial Institutions Inc
 
68,302
2,327,049
First Busey Corp
 
106,808
2,798,370
First Horizon Corp
 
231,020
5,766,259
Fulton Financial Corp
 
149,129
3,219,695
Great Southern Bancorp Inc (c)
 
35,056
2,391,520
Hancock Whitney Corp
 
53,503
3,611,988
Hanmi Financial Corp
 
83,475
2,496,737
International Bancshares Corp
 
44,214
3,171,912
Metropolitan Bank Holding Corp
 
23,706
2,094,425
NB Bancorp Inc
 
102,097
2,004,163
Northeast Community Bancorp Inc
 
88,585
2,125,597
Northrim BanCorp Inc
 
86,871
2,130,946
Orrstown Financial Services Inc
 
58,277
2,141,097
Pathward Financial Inc
 
29,147
2,531,125
Preferred Bank/Los Angeles CA
 
26,312
2,492,536
Provident Financial Services Inc
 
131,139
2,974,233
SOUTHSTATE BANK CORP
 
50,382
4,920,810
Texas Capital Bancshares Inc (b)
 
32,981
3,321,187
Tompkins Financial Corp
 
28,777
2,425,038
TrustCo Bank Corp NY
 
50,598
2,408,465
Trustmark Corp
 
65,203
2,893,057
UMB Financial Corp
 
37,496
4,730,870
Univest Financial Corp
 
67,068
2,547,913
Valley National Bancorp
 
300,351
4,075,763
Webster Financial Corp
 
76,937
5,567,161
Western Alliance Bancorp
 
54,314
4,428,764
Wintrust Financial Corp
 
33,484
5,041,686
Zions Bancorp NA
 
78,145
4,955,956
 
 
 
143,543,060
Capital Markets - 2.1%
 
 
 
Acadian Asset Management Inc
 
46,587
3,137,634
Affiliated Managers Group Inc
 
15,230
4,487,824
Artisan Partners Asset Management Inc Class A
 
72,298
2,706,837
Evercore Inc Class A
 
17,880
5,744,666
Federated Hermes Inc Class B
 
61,068
3,547,440
Houlihan Lokey Inc Class A
 
29,172
4,514,367
Invesco Ltd
 
216,283
5,668,777
Janus Henderson Group PLC
 
79,392
4,097,421
SEI Investments Co
 
52,741
4,782,554
Stifel Financial Corp
 
70,725
5,573,837
StoneX Group Inc (b)
 
47,989
5,088,274
 
 
 
49,349,631
Consumer Finance - 1.3%
 
 
 
Ally Financial Inc
 
135,992
6,036,685
Bread Financial Holdings Inc (c)
 
40,693
3,449,953
Enova International Inc (b)
 
20,737
3,513,055
EZCORP Inc Class A (b)
 
109,502
3,589,476
FirstCash Holdings Inc
 
23,946
5,225,496
Jefferson Capital Inc
 
98,376
2,040,317
Nelnet Inc Class A
 
19,216
2,722,907
OneMain Holdings Inc
 
70,271
4,129,827
 
 
 
30,707,716
Financial Services - 1.2%
 
 
 
Enact Holdings Inc
 
55,887
2,388,052
Essent Group Ltd
 
62,252
3,767,491
Jackson Financial Inc
 
39,369
4,557,749
MGIC Investment Corp
 
146,993
3,892,375
NMI Holdings Inc (b)
 
74,413
2,880,527
Radian Group Inc
 
103,237
3,698,982
Voya Financial Inc
 
57,970
4,751,221
Western Union Co/The (c)
 
312,983
2,845,015
 
 
 
28,781,412
Insurance - 3.9%
 
 
 
American Financial Group Inc/OH
 
37,826
5,041,071
Assurant Inc
 
24,008
5,672,370
Axis Capital Holdings Ltd
 
42,751
4,292,628
CNO Financial Group Inc
 
77,415
3,441,097
Donegal Group Inc Class A
 
116,298
1,956,132
Genworth Financial Inc Class A (b)
 
349,371
3,070,971
Globe Life Inc
 
38,767
5,981,748
Hanover Insurance Group Inc/The
 
22,453
4,214,204
HCI Group Inc
 
16,356
2,511,791
Horace Mann Educators Corp
 
60,420
2,745,485
Lincoln National Corp
 
103,732
3,922,107
Loews Corp
 
70,889
7,982,811
Mercury General Corp
 
30,546
2,972,431
Old Republic International Corp
 
121,602
4,858,000
Palomar Hldgs Inc (b)
 
24,696
2,972,904
Primerica Inc
 
17,484
4,917,725
Reinsurance Group of America Inc
 
30,742
6,500,704
Selective Insurance Group Inc
 
41,934
3,520,359
SiriusPoint Ltd (b)
 
131,503
3,078,485
Slide Insurance Holdings Inc (b)
 
125,753
2,345,293
United Fire Group Inc
 
62,509
2,520,363
Universal Insurance Holdings Inc
 
72,924
2,889,978
Unum Group
 
74,656
6,000,849
 
 
 
93,409,506
Mortgage Real Estate Investment Trusts (REITs) - 0.5%
 
 
 
Annaly Capital Management Inc
 
302,428
6,925,602
Starwood Property Trust Inc
 
222,776
4,090,167
 
 
 
11,015,769
TOTAL FINANCIALS
 
 
356,807,094
Health Care - 11.3%
 
 
 
Biotechnology - 3.9%
 
 
 
Alkermes PLC (b)
 
105,680
3,562,473
AnaptysBio Inc (b)
 
43,589
2,865,105
Arrowhead Pharmaceuticals Inc (b)
 
70,532
5,182,691
Bridgebio Pharma Inc (b)
 
77,319
5,498,154
Catalyst Pharmaceuticals Inc (b)
 
109,387
3,077,056
Exelixis Inc (b)
 
127,845
5,683,989
First Tracks Biotherapeutics Inc
 
43,590
1,014,339
Halozyme Therapeutics Inc (b)
 
60,595
3,857,478
Ideaya Biosciences Inc (b)
 
81,937
2,384,367
Incyte Corp (b)
 
70,109
6,679,284
Ionis Pharmaceuticals Inc (b)
 
71,810
5,368,516
Ironwood Pharmaceuticals Inc Class A (b)
 
450,064
1,856,514
Krystal Biotech Inc (b)
 
14,922
3,913,444
Madrigal Pharmaceuticals Inc (b)
 
9,660
4,997,987
Mirum Pharmaceuticals Inc (b)
 
31,277
3,043,565
Neurocrine Biosciences Inc (b)
 
44,691
5,884,464
PTC Therapeutics Inc (b)
 
49,932
3,248,576
Revolution Medicines Inc (b)
 
76,291
10,995,059
Stoke Therapeutics Inc (b)
 
72,925
2,386,106
United Therapeutics Corp (b)
 
17,406
9,944,918
 
 
 
91,444,085
Health Care Equipment & Supplies - 1.9%
 
 
 
Envista Holdings Corp (b)
 
128,568
3,335,054
Globus Medical Inc Class A (b)
 
56,008
5,050,801
Haemonetics Corp (b)
 
42,163
2,533,575
iRadimed Corp
 
21,894
1,826,835
iRhythm Technologies Inc (b)
 
21,973
2,838,033
Lantheus Holdings Inc (b)
 
48,560
4,109,147
LeMaitre Vascular Inc
 
27,440
3,011,540
LivaNova PLC (b)
 
44,670
2,684,667
Medline Inc Class A
 
108,821
4,839,270
Merit Medical Systems Inc (b)
 
41,392
2,822,107
Penumbra Inc (b)
 
17,656
5,764,331
Solventum Corp (b)
 
70,383
4,740,999
Utah Medical Products Inc
 
30,755
2,011,992
 
 
 
45,568,351
Health Care Providers & Services - 2.2%
 
 
 
Addus HomeCare Corp (b)
 
23,027
2,231,086
Brookdale Senior Living Inc (b)
 
193,762
2,782,422
Chemed Corp
 
8,600
3,654,828
Concentra Group Holdings Parent Inc
 
117,464
2,639,416
Encompass Health Corp
 
50,886
5,088,600
Ensign Group Inc/The
 
28,551
5,330,186
HealthEquity Inc (b)
 
49,462
4,057,368
Henry Schein Inc (b)
 
55,767
4,159,661
National HealthCare Corp (c)
 
15,994
2,771,600
Option Care Health Inc (b)
 
104,100
2,116,353
PACS Group Inc (b)
 
64,374
2,159,748
Pediatrix Medical Group Inc (b)
 
114,536
2,578,205
Progyny Inc (b)
 
106,154
1,972,341
Tenet Healthcare Corp (b)
 
37,365
6,618,089
Universal Health Services Inc Class B
 
26,265
4,419,612
 
 
 
52,579,515
Health Care Technology - 0.1%
 
 
 
Doximity Inc Class A (b)
 
94,886
2,319,014
Life Sciences Tools & Services - 0.9%
 
 
 
Bio-Rad Laboratories Inc Class A (b)
 
11,633
3,258,636
Bio-Techne Corp
 
76,144
4,212,286
Bruker Corp
 
78,361
2,876,632
Charles River Laboratories International Inc (b)
 
24,528
4,095,440
Medpace Holdings Inc (b)
 
10,310
4,316,385
Repligen Corp (b)
 
29,627
3,505,170
 
 
 
22,264,549
Pharmaceuticals - 2.3%
 
 
 
Amphastar Pharmaceuticals Inc (b)(c)
 
75,540
1,658,858
ANI Pharmaceuticals Inc (b)
 
27,988
2,223,647
Collegium Pharmaceutical Inc (b)
 
47,796
1,612,159
Corcept Therapeutics Inc (b)
 
75,178
3,497,281
Elanco Animal Health Inc (b)
 
232,514
5,201,338
Harmony Biosciences Holdings Inc (b)
 
61,544
1,923,865
Harrow Inc (b)(c)
 
48,827
1,978,958
Innoviva Inc (b)
 
107,151
2,463,401
Jazz Pharmaceuticals PLC (b)
 
30,246
6,140,544
Ligand Pharmaceuticals Inc (b)
 
15,366
3,525,729
Liquidia Corp (b)(c)
 
62,188
2,438,391
Organon & Co
 
301,242
3,991,457
Pacira BioSciences Inc (b)(c)
 
101,562
2,588,815
Phibro Animal Health Corp Class A
 
50,874
2,705,479
Prestige Consumer Healthcare Inc (b)
 
42,383
2,387,011
SIGA Technologies Inc
 
287,676
1,323,310
Supernus Pharmaceuticals Inc (b)
 
55,275
2,653,200
Tarsus Pharmaceuticals Inc (b)
 
40,784
2,594,270
Theravance Biopharma Inc (b)
 
103,050
1,725,057
Xeris Biopharma Holdings Inc (b)
 
308,730
1,890,971
 
 
 
54,523,741
TOTAL HEALTH CARE
 
 
268,699,255
Industrials - 22.0%
 
 
 
Aerospace & Defense - 3.0%
 
 
 
AAR Corp (b)
 
23,583
2,602,856
Astronics Corp (b)
 
26,367
1,882,604
ATI Inc (b)
 
52,458
8,155,121
BWX Technologies Inc
 
35,380
7,655,878
Carpenter Technology Corp
 
19,409
8,310,934
Curtiss-Wright Corp
 
13,629
9,815,606
Hexcel Corp
 
39,785
3,734,618
Huntington Ingalls Industries Inc
 
15,380
5,602,780
Kratos Defense & Security Solutions Inc (b)
 
66,676
4,203,922
Mercury Systems Inc (b)
 
32,627
2,574,597
Moog Inc Class A
 
12,687
3,822,720
V2X Inc (b)
 
25,045
1,698,300
VSE Corp
 
13,625
2,339,140
Woodward Inc
 
22,217
8,064,549
 
 
 
70,463,625
Air Freight & Logistics - 0.3%
 
 
 
CH Robinson Worldwide Inc
 
43,669
7,939,461
Building Products - 1.4%
 
 
 
A O Smith Corp
 
51,994
3,215,309
Advanced Drainage Systems Inc
 
30,240
4,513,320
Allegion plc
 
34,054
4,681,744
Armstrong World Industries Inc
 
19,778
3,369,973
AZZ Inc
 
19,005
2,718,475
Gibraltar Industries Inc (b)
 
32,633
1,273,666
Insteel Industries Inc
 
40,246
1,053,640
Owens Corning
 
35,532
4,382,517
Simpson Manufacturing Co Inc
 
19,363
3,693,105
Zurn Elkay Water Solutions Corp
 
69,606
3,616,728
 
 
 
32,518,477
Commercial Services & Supplies - 1.3%
 
 
 
Brady Corp Class A
 
27,260
2,230,413
Brink's Co/The
 
22,345
2,385,329
Clean Harbors Inc (b)
 
20,337
6,358,973
Deluxe Corp
 
57,699
1,797,324
Ennis Inc
 
70,833
1,478,993
Healthcare Services Group Inc (b)
 
85,485
1,830,234
HNI Corp
 
46,125
1,685,408
MSA Safety Inc
 
18,107
3,012,824
Rollins Inc
 
111,891
6,235,685
Tetra Tech Inc
 
112,463
3,634,804
 
 
 
30,649,987
Construction & Engineering - 4.7%
 
 
 
AECOM
 
54,731
4,602,877
API Group Corp (b)
 
145,404
6,647,871
Arcosa Inc
 
25,726
3,253,567
Argan Inc
 
7,789
5,218,474
Comfort Systems USA Inc
 
12,239
22,522,820
Construction Partners Inc Class A (b)
 
25,601
3,165,820
Dycom Industries Inc (b)
 
12,457
5,158,444
EMCOR Group Inc
 
15,944
14,216,786
Fluor Corp (b)
 
77,522
4,135,799
Granite Construction Inc
 
23,400
3,207,438
IES Holdings Inc (b)
 
5,816
3,745,969
MasTec Inc (b)
 
24,517
9,660,924
MYR Group Inc (b)
 
9,823
3,976,449
NWPX Infrastructure Inc (b)
 
20,612
2,026,983
Primoris Services Corp
 
25,470
4,613,891
Sterling Infrastructure Inc (b)
 
13,114
6,761,841
Tutor Perini Corp
 
29,236
2,716,609
Valmont Industries Inc
 
8,903
4,523,080
 
 
 
110,155,642
Electrical Equipment - 2.0%
 
 
 
Acuity Inc
 
13,380
3,877,123
Allient Inc
 
24,246
1,847,060
Atkore Inc
 
28,688
2,241,967
EnerSys
 
18,129
3,866,191
Nextpower Inc Class A (b)
 
57,431
6,841,755
nVent Electric PLC
 
61,230
8,749,767
Powell Industries Inc (c)
 
15,796
4,379,757
Preformed Line Products Co
 
5,483
1,821,727
Regal Rexnord Corp
 
27,827
5,983,640
Sensata Technologies Holding PLC
 
80,413
3,348,397
Shoals Technologies Group Inc (b)
 
172,116
1,366,601
Thermon Group Holdings Inc (b)
 
36,396
2,201,594
 
 
 
46,525,579
Ground Transportation - 0.4%
 
 
 
Landstar System Inc
 
18,469
3,399,589
Ryder System Inc
 
18,435
4,678,250
Schneider National Inc Class B
 
56,702
1,762,865
 
 
 
9,840,704
Machinery - 5.9%
 
 
 
AGCO Corp
 
29,793
3,605,549
Alamo Group Inc
 
9,517
1,650,628
Allison Transmission Holdings Inc
 
36,849
4,950,663
Atmus Filtration Technologies Inc
 
45,480
2,883,432
Blue Bird Corp (b)
 
34,687
2,223,784
CECO Environmental Corp (b)
 
27,022
2,003,411
CNH Industrial NV Class A
 
383,148
4,103,515
Crane Co
 
21,942
3,899,752
Donaldson Co Inc
 
48,420
4,269,191
Enpro Inc
 
11,447
3,337,373
Esab Corp
 
27,651
2,717,264
ESCO Technologies Inc
 
13,283
4,303,028
Federal Signal Corp
 
30,223
3,721,358
Flowserve Corp
 
55,272
4,070,230
Franklin Electric Co Inc
 
24,110
2,415,581
Gates Industrial Corp PLC (b)
 
129,228
3,309,529
Graco Inc
 
66,326
5,323,988
Helios Technologies Inc
 
27,578
1,886,335
ITT Inc
 
33,403
7,159,599
JBT Marel Corp
 
23,969
2,830,739
Kennametal Inc
 
55,817
2,160,676
Lincoln Electric Holdings Inc
 
21,762
5,766,930
Lindsay Corp
 
12,836
1,437,247
Middleby Corp/The (b)
 
22,379
3,141,116
Mueller Industries Inc
 
45,950
6,223,009
Mueller Water Products Inc Class A1
 
93,792
2,615,859
Nordson Corp
 
21,112
6,089,756
Oshkosh Corp
 
27,302
4,267,303
Pentair PLC
 
64,200
5,181,582
RBC Bearings Inc (b)
 
12,202
7,310,097
SPX Technologies Inc (b)
 
21,418
4,688,614
Standex International Corp
 
8,780
2,396,940
Tennant CO
 
20,945
1,739,273
Terex Corp
 
39,561
2,460,694
Timken Co/The
 
32,283
3,579,862
Toro Co/The
 
43,742
4,162,926
Watts Water Technologies Inc Class A
 
12,678
3,805,428
Worthington Enterprises Inc
 
32,392
1,757,914
 
 
 
139,450,175
Marine Transportation - 0.3%
 
 
 
Kirby Corp (b)
 
26,902
4,049,827
Matson Inc
 
17,371
3,030,023
 
 
 
7,079,850
Passenger Airlines - 0.1%
 
 
 
SkyWest Inc (b)
 
24,342
1,998,964
Professional Services - 1.6%
 
 
 
Amentum Holdings Inc (b)
 
81,947
2,149,470
CACI International Inc (b)
 
8,983
4,667,028
Concentrix Corp
 
46,110
1,098,339
CSG Systems International Inc
 
23,144
1,861,009
ExlService Holdings Inc (b)
 
87,412
2,786,695
FTI Consulting Inc (b)
 
16,392
2,939,086
Genpact Ltd
 
82,892
2,880,497
Huron Consulting Group Inc (b)
 
12,322
1,610,054
Korn Ferry
 
35,415
2,352,973
Maximus Inc
 
31,074
2,039,076
Parsons Corp (b)
 
34,612
1,744,791
Paycom Software Inc
 
24,801
3,143,775
Resolute Holdings Management Inc (b)(c)
 
7,657
1,042,040
Science Applications International Corp
 
27,223
2,634,370
UL Solutions Inc Class A
 
40,834
3,695,069
Verra Mobility Corp Class A (b)
 
114,546
1,698,717
 
 
 
38,342,989
Trading Companies & Distributors - 1.0%
 
 
 
Applied Industrial Technologies Inc
 
15,945
4,875,184
Core & Main Inc Class A (b)
 
81,329
4,096,542
Global Industrial Co
 
43,722
1,447,635
McGrath RentCorp
 
17,729
1,959,941
MSC Industrial Direct Co Inc Class A
 
27,852
2,848,424
Rush Enterprises Inc Class A
 
36,348
2,690,842
Wesco International Inc
 
19,321
6,745,348
 
 
 
24,663,916
TOTAL INDUSTRIALS
 
 
519,629,369
Information Technology - 16.7%
 
 
 
Communications Equipment - 2.5%
 
 
 
Ciena Corp (b)
 
50,121
26,442,837
Digi International Inc (b)
 
40,798
2,286,320
Lumentum Holdings Inc (b)
 
25,412
22,929,756
NetScout Systems Inc (b)
 
69,303
2,335,511
Viasat Inc (b)
 
77,227
5,090,032
 
 
 
59,084,456
Electronic Equipment, Instruments & Components - 5.1%
 
 
 
Advanced Energy Industries Inc
 
17,263
6,627,438
Arrow Electronics Inc (b)
 
26,179
4,917,202
Avnet Inc
 
47,452
3,915,265
Badger Meter Inc
 
18,623
2,251,707
Bel Fuse Inc Class B (c)
 
9,710
2,678,406
Belden Inc
 
23,112
2,599,638
Benchmark Electronics Inc (c)
 
35,995
2,953,390
Cognex Corp
 
86,386
4,795,287
Coherent Corp (b)
 
56,268
17,989,442
Crane NXT Co
 
41,753
1,865,524
CTS Corp
 
34,650
1,978,515
ePlus Inc
 
24,399
2,066,351
Flex Ltd (b)
 
140,474
12,860,395
Insight Enterprises Inc (b)
 
26,639
1,941,983
Itron Inc (b)
 
27,689
2,320,338
Kimball Electronics Inc (b)
 
53,302
1,439,686
Littelfuse Inc
 
12,087
4,885,203
Mirion Technologies Inc Class A (b)
 
134,366
2,653,729
Napco Security Technologies Inc
 
42,572
1,990,241
OSI Systems Inc (b)(c)
 
10,379
2,977,943
PC Connection Inc
 
26,920
1,715,881
Plexus Corp (b)
 
15,457
3,873,215
Sanmina Corp (b)
 
26,663
5,807,735
ScanSource Inc (b)
 
37,548
1,543,973
TD SYNNEX Corp
 
32,304
7,371,127
TTM Technologies Inc (b)
 
46,909
7,421,942
Vishay Precision Group Inc (b)(c)
 
29,170
1,762,451
Vontier Corp
 
79,307
2,845,535
 
 
 
118,049,542
IT Services - 0.4%
 
 
 
Amdocs Ltd
 
54,040
3,494,768
DXC Technology Co (b)
 
152,825
1,729,979
EPAM Systems Inc (b)
 
24,848
2,827,205
Everforth Inc (b)
 
39,803
839,843
 
 
 
8,891,795
Semiconductors & Semiconductor Equipment - 3.2%
 
 
 
ACM Research Inc Class A (b)
 
40,849
2,111,485
Amkor Technology Inc
 
67,152
4,683,852
Axcelis Technologies Inc (b)
 
26,295
3,657,897
Cirrus Logic Inc (b)
 
26,139
4,262,748
Diodes Inc (b)
 
37,780
4,048,127
FormFactor Inc (b)
 
43,470
5,908,877
Lattice Semiconductor Corp (b)
 
60,054
7,343,403
MACOM Technology Solutions Holdings Inc (b)
 
26,660
7,507,723
MKS Inc
 
27,379
7,768,791
Onto Innovation Inc (b)
 
22,773
6,719,401
Photronics Inc (b)
 
58,987
2,918,677
Qorvo Inc (b)
 
43,258
4,075,769
Rambus Inc (b)
 
47,683
5,488,790
Skyworks Solutions Inc
 
70,710
4,961,721
Universal Display Corp
 
25,557
2,225,759
Veeco Instruments Inc (b)(c)
 
65,027
3,241,596
 
 
 
76,924,616
Software - 2.9%
 
 
 
ACI Worldwide Inc (b)
 
65,678
2,838,603
Adeia Inc
 
112,522
3,583,826
Agilysys Inc (b)
 
23,594
1,511,432
Alarm.com Holdings Inc (b)
 
44,936
1,995,608
Appfolio Inc Class A (b)
 
14,732
2,461,570
Box Inc Class A (b)
 
100,424
2,430,261
Clear Secure Inc Class A
 
71,075
3,794,694
Commvault Systems Inc (b)
 
30,531
3,018,905
Daily Journal Corp (b)(c)
 
2,638
1,394,869
Dolby Laboratories Inc Class A
 
40,880
2,622,043
Dropbox Inc Class A (b)
 
107,644
2,614,673
Dynatrace Inc (b)
 
133,835
4,846,165
Five9 Inc (b)
 
105,759
1,819,055
InterDigital Inc
 
12,500
3,707,000
Manhattan Associates Inc (b)
 
29,179
4,023,492
Nutanix Inc Class A (b)
 
121,230
4,957,095
PagerDuty Inc (b)
 
186,380
1,239,426
Pegasystems Inc
 
64,128
2,343,878
Progress Software Corp (b)
 
47,039
1,310,036
Qualys Inc (b)
 
21,970
1,909,852
RingCentral Inc Class A
 
75,776
3,047,711
Teradata Corp (b)
 
79,909
2,105,602
UiPath Inc Class A (b)(c)
 
243,855
2,511,707
Unity Software Inc (b)
 
163,066
4,308,204
Zeta Global Holdings Corp Class A (b)(c)
 
140,661
2,590,976
 
 
 
68,986,683
Technology Hardware, Storage & Peripherals - 2.6%
 
 
 
Diebold Nixdorf Inc (b)(c)
 
31,233
2,399,006
Everpure Inc Class A (b)
 
119,711
8,553,351
Sandisk Corp/DE (b)
 
46,515
51,004,163
 
 
 
61,956,520
TOTAL INFORMATION TECHNOLOGY
 
 
393,893,612
Materials - 3.8%
 
 
 
Chemicals - 1.6%
 
 
 
Axalta Coating Systems Ltd (b)
 
107,946
3,069,984
Balchem Corp
 
18,267
2,952,313
Cabot Corp
 
35,151
2,705,221
Element Solutions Inc
 
118,641
5,052,920
Hawkins Inc
 
17,422
2,917,314
HB Fuller Co
 
38,251
2,314,951
Ingevity Corp (b)
 
30,222
2,302,614
Minerals Technologies Inc
 
29,400
2,115,036
Mosaic Co/The
 
149,553
3,480,098
NewMarket Corp
 
4,411
2,980,160
RPM International Inc
 
52,899
5,389,879
Sensient Technologies Corp
 
28,388
3,226,012
 
 
 
38,506,502
Construction Materials - 0.2%
 
 
 
Eagle Materials Inc
 
15,966
3,354,617
United States Lime & Minerals Inc
 
15,444
1,662,855
 
 
 
5,017,472
Containers & Packaging - 0.8%
 
 
 
AptarGroup Inc
 
31,505
3,896,538
Crown Holdings Inc
 
47,825
4,701,677
Greif Inc Class A
 
27,106
1,768,395
Myers Industries Inc
 
76,620
1,579,138
O-I Glass Inc (b)
 
131,582
1,198,712
Sonoco Products Co
 
58,151
2,905,224
TriMas Corp
 
49,473
1,831,490
 
 
 
17,881,174
Metals & Mining - 1.2%
 
 
 
Alcoa Corp
 
105,621
6,737,564
Commercial Metals Co
 
51,775
3,570,404
Hecla Mining Co
 
271,851
4,898,755
Mesabi Trust
 
43,803
1,217,285
Royal Gold Inc
 
30,832
7,195,572
Warrior Met Coal Inc
 
32,082
2,882,568
Worthington Steel Inc
 
40,590
1,559,874
 
 
 
28,062,022
Paper & Forest Products - 0.0%
 
 
 
Sylvamo Corp
 
38,165
1,630,790
TOTAL MATERIALS
 
 
91,097,960
Real Estate - 5.8%
 
 
 
Diversified REITs - 0.3%
 
 
 
Broadstone Net Lease Inc Class A
 
158,944
3,147,091
Essential Properties Realty Trust Inc
 
121,229
3,810,228
 
 
 
6,957,319
Health Care REITs - 1.0%
 
 
 
CareTrust REIT Inc
 
120,011
4,734,434
LTC Properties Inc
 
66,263
2,532,571
National Health Investors Inc
 
38,002
2,922,734
Omega Healthcare Investors Inc
 
136,857
6,428,173
Sabra Health Care REIT Inc
 
179,100
3,700,206
Sila Realty Trust Inc
 
95,271
2,899,097
 
 
 
23,217,215
Hotel & Resort REITs - 0.2%
 
 
 
Apple Hospitality REIT Inc
 
229,524
3,091,688
DiamondRock Hospitality Co
 
254,753
2,598,481
 
 
 
5,690,169
Industrial REITs - 0.8%
 
 
 
EastGroup Properties Inc
 
26,878
5,407,854
First Industrial Realty Trust Inc
 
73,198
4,539,008
Rexford Industrial Realty Inc
 
119,065
4,273,243
STAG Industrial Inc Class A
 
106,468
4,107,535
 
 
 
18,327,640
Office REITs - 0.9%
 
 
 
BXP Inc
 
76,432
4,468,215
COPT Defense Properties
 
94,230
2,944,688
Easterly Government Properties Inc
 
99,347
2,325,713
Equity Commonwealth (d)
 
2,103
0
Highwoods Properties Inc
 
108,997
2,649,717
Kilroy Realty Corp
 
88,951
2,958,510
Postal Realty Trust Inc Class A
 
105,776
2,314,379
Vornado Realty Trust
 
110,924
3,315,518
 
 
 
20,976,740
Real Estate Management & Development - 0.3%
 
 
 
Jones Lang LaSalle Inc (b)
 
20,514
6,526,119
Residential REITs - 0.2%
 
 
 
American Homes 4 Rent Class A
 
162,467
5,172,948
Retail REITs - 1.7%
 
 
 
Agree Realty Corp
 
60,817
4,689,599
Brixmor Property Group Inc
 
162,140
4,878,793
CBL & Associates Properties Inc
 
55,685
2,506,938
Federal Realty Investment Trust
 
42,394
4,701,495
Getty Realty Corp
 
77,723
2,574,186
Kimco Realty Corp
 
301,830
7,135,261
NNN REIT Inc
 
105,626
4,625,363
Phillips Edison & Co Inc
 
89,127
3,579,786
Regency Centers Corp
 
76,857
5,983,317
 
 
 
40,674,738
Specialized REITs - 0.4%
 
 
 
EPR Properties
 
57,603
3,214,823
Lamar Advertising Co Class A
 
42,161
5,811,473
 
 
 
9,026,296
TOTAL REAL ESTATE
 
 
136,569,184
Utilities - 2.4%
 
 
 
Electric Utilities - 0.7%
 
 
 
IDACORP Inc
 
29,961
4,426,438
OGE Energy Corp
 
104,786
5,113,557
Otter Tail Corp
 
33,620
3,000,249
Portland General Electric Co
 
70,730
3,673,009
 
 
 
16,213,253
Gas Utilities - 0.7%
 
 
 
National Fuel Gas Co
 
49,631
4,187,864
ONE Gas Inc
 
40,437
3,607,789
Spire Inc
 
39,967
3,644,191
UGI Corp
 
112,611
4,064,131
 
 
 
15,503,975
Independent Power and Renewable Electricity Producers - 0.6%
 
 
 
Clearway Energy Inc Class C
 
85,598
3,454,735
Ormat Technologies Inc
 
33,128
3,806,407
Talen Energy Corp (b)
 
20,038
7,462,552
 
 
 
14,723,694
Multi-Utilities - 0.4%
 
 
 
Avista Corp
 
69,336
2,849,710
Black Hills Corp
 
47,946
3,609,854
Northwestern Energy Group Inc
 
45,439
3,287,057
 
 
 
9,746,621
Water Utilities - 0.0%
 
 
 
Consolidated Water Co Ltd
 
54,066
1,732,815
TOTAL UTILITIES
 
 
57,920,358
TOTAL UNITED STATES
 
 
2,293,858,427
 
TOTAL COMMON STOCKS
 (Cost $2,020,058,274)
 
 
 
2,364,916,867
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Yield (%) (f)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 5/14/2026 (g)
 (Cost $146,808)
 
3.64
147,000
146,809
 
 
 
 
 
Money Market Funds - 0.9%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (h)
 
3.69
2,221,296
2,221,740
Fidelity Securities Lending Cash Central Fund (h)(i)
 
3.69
20,435,999
20,438,043
 
TOTAL MONEY MARKET FUNDS
 (Cost $22,659,783)
 
 
 
22,659,783
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.8%
 (Cost $2,042,864,865)
 
 
 
2,387,723,459
NET OTHER ASSETS (LIABILITIES) - (0.8)% (e)
(19,924,996)
NET ASSETS - 100.0%
2,367,798,463
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
 
 
 
 
 
 
 
 
 
Equity Contracts
 
 
 
 
CME E-Mini Russell 2000 Index Contracts (United States)
17
6/2026
2,386,630
247,145
 
 
 
 
 
The notional amount of long futures as a percentage of Net Assets is 0.1%.

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)
Level 3 security.
 
(e)
Includes $42,552 of cash collateral to cover margin requirements for futures contracts.
 
(f)
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.
 
(g)
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 $146,809.
 
(h)
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.
 
(i)
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 $18,438,154.
 
 
 
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
2,119,896
73,129,621
73,028,050
48,339
273
-
2,221,740
2,221,296
0.0%
Fidelity Securities Lending Cash Central Fund
37,837,570
162,293,819
179,692,798
69,962
(548)
-
20,438,043
20,435,999
0.1%
Total
39,957,466
235,423,440
252,720,848
118,301
(275)
-
22,659,783
 
 
 
 
 
 
 
 
 
 
 
 
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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