Quarterly Holdings Report
for
Fidelity® Series Intrinsic Opportunities Fund
April 30, 2026
O2T-NPRT3-0626
1.951016.113
Common Stocks - 95.0%
 
  
Shares
Value ($)
 
AUSTRIA - 0.4%
 
  
  
Materials - 0.4%
  
  
  
Construction Materials - 0.3%
  
  
  
Wienerberger AG (b)
  
306,200
8,854,917
Containers & Packaging - 0.1%
  
  
  
Mayr Melnhof Karton AG
 
36,100
3,389,501
TOTAL AUSTRIA
  
  
12,244,418
CANADA - 0.7%
 
  
  
Consumer Staples - 0.7%
  
  
  
Consumer Staples Distribution & Retail - 0.7%
  
  
  
Alimentation Couche-Tard Inc
 
328,400
19,428,147
CHINA - 0.6%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Shenzhou International Group Holdings Ltd
 
384,100
2,341,252
Health Care - 0.3%
  
  
  
Health Care Providers & Services - 0.3%
  
  
  
Sinopharm Group Co Ltd H Shares
 
3,554,237
8,454,687
Information Technology - 0.2%
  
  
  
Electronic Equipment, Instruments & Components - 0.2%
  
  
  
VSTECS Holdings Ltd
 
5,253,800
6,882,774
TOTAL CHINA
  
  
17,678,713
FRANCE - 1.1%
 
  
  
Communication Services - 0.0%
  
  
  
Media - 0.0%
  
  
  
IPSOS SA
 
19,400
820,132
Consumer Discretionary - 0.0%
  
  
  
Specialty Retail - 0.0%
  
  
  
Maisons du Monde SA (a)(c)(d)
  
240,700
152,549
Mr Bricolage SA (a)
  
144,948
711,094
TOTAL CONSUMER DISCRETIONARY
  
  
863,643
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
Societe LDC SADIR
 
17,300
2,265,943
Energy - 0.6%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
Vallourec SACA
 
37,400
1,125,894
Oil, Gas & Consumable Fuels - 0.6%
  
  
  
TotalEnergies SE (United States)
 
153,683
14,247,951
TOTAL ENERGY
  
  
15,373,845
Industrials - 0.1%
  
  
  
Ground Transportation - 0.1%
  
  
  
Stef SA
 
29,960
4,085,889
Information Technology - 0.3%
  
  
  
IT Services - 0.3%
  
  
  
Sopra Steria Group
 
54,100
8,413,017
TOTAL FRANCE
  
  
31,822,469
GERMANY - 0.3%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Automobiles - 0.1%
  
  
  
Mercedes-Benz Group AG
 
37,900
2,209,196
Industrials - 0.2%
  
  
  
Machinery - 0.2%
  
  
  
JOST Werke SE (c)(d)
  
113,400
6,894,161
TOTAL GERMANY
  
  
9,103,357
GREECE - 0.7%
 
  
  
Consumer Discretionary - 0.3%
  
  
  
Distributors - 0.1%
  
  
  
Autohellas Tourist and Trading SA
 
237,000
3,004,075
Specialty Retail - 0.2%
  
  
  
JUMBO SA
 
218,100
5,948,814
TOTAL CONSUMER DISCRETIONARY
  
  
8,952,889
Consumer Staples - 0.4%
  
  
  
Personal Care Products - 0.4%
  
  
  
Sarantis SA
 
738,584
12,395,799
TOTAL GREECE
  
  
21,348,688
HONG KONG - 0.3%
 
  
  
Communication Services - 0.1%
  
  
  
Media - 0.1%
  
  
  
Pico Far East Holdings Ltd
 
10,600,000
3,292,211
Financials - 0.2%
  
  
  
Consumer Finance - 0.2%
  
  
  
Aeon Credit Service Asia Co Ltd
 
4,561,940
4,924,643
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
EcoGreen International Group Ltd (a)(e)
  
1,000,000
1
TOTAL HONG KONG
  
  
8,216,855
INDIA - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Building Products - 0.0%
  
  
  
Euro Ceramics Ltd (a)(e)
  
5,000
0
Information Technology - 0.0%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Redington Ltd
 
739,442
1,699,316
TOTAL INDIA
  
  
1,699,316
ITALY - 0.4%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobile Components - 0.0%
  
  
  
Brembo NV
 
25,000
234,730
Brembo NV (OTC)
 
28,200
264,775
TOTAL CONSUMER DISCRETIONARY
  
  
499,505
Consumer Staples - 0.4%
  
  
  
Beverages - 0.3%
  
  
  
Coca-Cola HBC AG
 
110,900
6,458,828
Consumer Staples Distribution & Retail - 0.1%
  
  
  
MARR SpA (b)
  
406,500
4,098,192
TOTAL CONSUMER STAPLES
  
  
10,557,020
TOTAL ITALY
  
  
11,056,525
JAPAN - 2.5%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Automobile Components - 0.0%
  
  
  
Daikyonishikawa Corp
 
8,053
43,807
Specialty Retail - 0.1%
  
  
  
ARCLANDS CORP
 
170,700
1,935,374
TOTAL CONSUMER DISCRETIONARY
  
  
1,979,181
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
S Foods Inc
 
68,100
1,234,075
Household Products - 0.0%
  
  
  
Transaction Co Ltd
 
65,000
468,221
TOTAL CONSUMER STAPLES
  
  
1,702,296
Financials - 0.1%
  
  
  
Financial Services - 0.1%
  
  
  
Zenkoku Hosho Co Ltd
 
85,000
1,711,242
Industrials - 1.0%
  
  
  
Air Freight & Logistics - 0.1%
  
  
  
Hamakyorex Co Ltd
 
380,800
4,177,346
Machinery - 0.3%
  
  
  
Daiwa Industries Ltd
 
598,600
7,317,631
Tocalo Co Ltd
 
149,700
2,986,657
 
  
  
10,304,288
Professional Services - 0.1%
  
  
  
Altech Corp
 
35,953
579,145
Quick Co Ltd
 
277,281
1,490,407
Will Group Inc
 
102,800
741,990
 
  
  
2,811,542
Trading Companies & Distributors - 0.5%
  
  
  
ITOCHU Corp
 
595,000
7,373,901
Mitani Corp
 
216,665
3,592,419
Totech Corp
 
65,643
1,603,271
 
  
  
12,569,591
TOTAL INDUSTRIALS
  
  
29,862,767
Information Technology - 0.9%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Riken Keiki Co Ltd
 
50,800
1,091,058
IT Services - 0.0%
  
  
  
TDC Soft Inc
 
226,914
1,372,079
Semiconductors & Semiconductor Equipment - 0.8%
  
  
  
Renesas Electronics Corp
 
659,600
13,338,859
SUMCO Corp
 
483,400
7,712,479
 
  
  
21,051,338
Software - 0.1%
  
  
  
Cresco Ltd
 
201,600
1,753,558
System Research Co Ltd (b)
  
187,600
1,987,668
 
  
  
3,741,226
TOTAL INFORMATION TECHNOLOGY
  
  
27,255,701
Materials - 0.2%
  
  
  
Chemicals - 0.2%
  
  
  
C Uyemura & Co Ltd
 
41,800
6,257,908
Utilities - 0.2%
  
  
  
Electric Utilities - 0.2%
  
  
  
Kansai Electric Power Co Inc/The
 
341,400
5,469,284
TOTAL JAPAN
  
  
74,238,379
KOREA (SOUTH) - 0.2%
 
  
  
Health Care - 0.0%
  
  
  
Health Care Equipment & Supplies - 0.0%
  
  
  
InBody Co Ltd
 
27,500
553,349
Value Added Technology Co Ltd
 
55,500
872,731
TOTAL HEALTH CARE
  
  
1,426,080
Materials - 0.2%
  
  
  
Chemicals - 0.2%
  
  
  
Soulbrain Co Ltd
 
10,100
3,198,207
TOTAL KOREA (SOUTH)
  
  
4,624,287
MEXICO - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Genomma Lab Internacional SAB de CV
 
1,685,400
1,590,027
NETHERLANDS - 0.4%
 
  
  
Consumer Staples - 0.2%
  
  
  
Consumer Staples Distribution & Retail - 0.2%
  
  
  
Acomo NV
 
173,300
5,267,892
Financials - 0.2%
  
  
  
Capital Markets - 0.1%
  
  
  
Van Lanschot Kempen NV depository receipt
 
24,700
1,890,093
Insurance - 0.1%
  
  
  
ASR Nederland NV
 
49,400
3,743,080
TOTAL FINANCIALS
  
  
5,633,173
TOTAL NETHERLANDS
  
  
10,901,065
NORWAY - 0.2%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Broadline Retail - 0.2%
  
  
  
Europris ASA (c)(d)
  
496,226
5,066,865
PUERTO RICO - 0.6%
 
  
  
Financials - 0.6%
  
  
  
Banks - 0.2%
  
  
  
First BanCorp/Puerto Rico
 
300,100
7,286,428
Financial Services - 0.4%
  
  
  
EVERTEC Inc
 
346,200
10,223,286
TOTAL PUERTO RICO
  
  
17,509,714
SINGAPORE - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Specialty Retail - 0.0%
  
  
  
Hour Glass Ltd/The
 
1,753,400
3,246,395
SPAIN - 0.7%
 
  
  
Consumer Discretionary - 0.4%
  
  
  
Automobile Components - 0.4%
  
  
  
CIE Automotive SA
 
378,000
12,865,552
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Bankinter SA
 
155,300
2,581,824
Industrials - 0.2%
  
  
  
Air Freight & Logistics - 0.2%
  
  
  
Logista Integral SA
 
124,500
4,862,854
TOTAL SPAIN
  
  
20,310,230
SWEDEN - 0.3%
 
  
  
Industrials - 0.3%
  
  
  
Electrical Equipment - 0.2%
  
  
  
AQ Group AB
 
194,820
4,612,673
Trading Companies & Distributors - 0.1%
  
  
  
Alligo AB B Shares
 
236,687
3,558,219
TOTAL SWEDEN
  
  
8,170,892
SWITZERLAND - 0.5%
 
  
  
Consumer Discretionary - 0.5%
  
  
  
Automobile Components - 0.5%
  
  
  
Garrett Motion Inc
 
571,200
14,628,432
UNITED KINGDOM - 1.6%
 
  
  
Consumer Discretionary - 0.5%
  
  
  
Broadline Retail - 0.1%
  
  
  
B&M European Value Retail plc
 
1,435,000
3,268,780
Distributors - 0.4%
  
  
  
Inchcape PLC
 
831,700
9,350,401
Diversified Consumer Services - 0.0%
  
  
  
ME Group International PLC
 
355,900
707,065
Specialty Retail - 0.0%
  
  
  
Dunelm Group PLC
 
129,500
1,325,153
TOTAL CONSUMER DISCRETIONARY
  
  
14,651,399
Consumer Staples - 0.1%
  
  
  
Tobacco - 0.1%
  
  
  
Imperial Brands PLC
 
132,400
5,030,230
Energy - 0.5%
  
  
  
Oil, Gas & Consumable Fuels - 0.5%
  
  
  
DCC PLC
 
184,600
13,916,172
Industrials - 0.5%
  
  
  
Passenger Airlines - 0.1%
  
  
  
JET2 PLC
 
253,350
3,799,101
Trading Companies & Distributors - 0.4%
  
  
  
RS GROUP PLC
 
1,412,049
11,567,103
TOTAL INDUSTRIALS
  
  
15,366,204
TOTAL UNITED KINGDOM
  
  
48,964,005
UNITED STATES - 83.5%
 
  
  
Communication Services - 0.3%
  
  
  
Interactive Media & Services - 0.3%
  
  
  
Cars.com Inc (a)(b)
  
680,200
7,475,398
Consumer Discretionary - 9.3%
  
  
  
Automobile Components - 1.2%
  
  
  
Aptiv PLC (a)
  
174,000
10,485,240
LCI Industries
 
52,600
6,270,972
Lear Corp
 
78,300
9,954,279
Patrick Industries Inc
 
62,750
5,835,750
Versigent PLC
 
58,000
2,028,260
 
  
  
34,574,501
Automobiles - 0.8%
  
  
  
General Motors Co
 
292,900
22,521,081
Diversified Consumer Services - 1.0%
  
  
  
Carriage Services Inc
 
116,300
5,710,330
Covista Inc (a)
  
28,739
3,311,307
Grand Canyon Education Inc (a)
  
80,500
13,610,135
Laureate Education Inc (a)
  
249,366
7,504,670
 
  
  
30,136,442
Hotels, Restaurants & Leisure - 0.5%
  
  
  
Cheesecake Factory Inc/The (b)
  
228,600
14,372,082
Household Durables - 1.3%
  
  
  
DR Horton Inc
 
40,100
6,169,786
KB Home
 
192,300
10,189,977
M/I Homes Inc (a)
  
78,700
10,348,263
Meritage Homes Corp
 
190,700
12,841,738
 
  
  
39,549,764
Leisure Products - 0.0%
  
  
  
BRP Inc Subordinate Voting Shares
 
35,500
1,986,494
Specialty Retail - 2.4%
  
  
  
Academy Sports & Outdoors Inc
 
225,700
12,377,388
Bath & Body Works Inc
 
339,000
6,590,160
Caleres Inc
 
225,667
2,956,238
Dick's Sporting Goods Inc
 
58,600
13,297,512
Lithia Motors Inc
 
41,800
12,127,016
Murphy USA Inc
 
26,381
15,512,028
Signet Jewelers Ltd
 
110,800
9,864,524
 
  
  
72,724,866
Textiles, Apparel & Luxury Goods - 2.1%
  
  
  
Crocs Inc (a)
  
143,100
14,593,338
Lululemon Athletica Inc (a)
  
16,600
2,285,820
Oxford Industries Inc (b)
  
123,000
5,269,320
PVH Corp
 
45,200
4,133,088
Steven Madden Ltd
 
332,700
12,496,212
VF Corp
 
431,800
8,173,974
Wolverine World Wide Inc
 
902,287
15,356,925
 
  
  
62,308,677
TOTAL CONSUMER DISCRETIONARY
  
  
278,173,907
Consumer Staples - 5.2%
  
  
  
Beverages - 1.9%
  
  
  
Constellation Brands Inc Class A
 
99,700
15,611,026
Keurig Dr Pepper Inc
 
632,600
18,598,440
Primo Brands Corp Class A
 
1,032,900
21,050,502
 
  
  
55,259,968
Consumer Staples Distribution & Retail - 2.1%
  
  
  
Albertsons Cos Inc Class A (b)
  
391,900
6,603,515
Dollar Tree Inc (a)
  
105,800
10,274,238
Grocery Outlet Holding Corp (a)(b)
  
314,900
2,490,859
Performance Food Group Co (a)
  
386,900
35,037,664
Target Corp
 
69,100
8,965,725
 
  
  
63,372,001
Food Products - 0.6%
  
  
  
Armanino Foods of Distinction Inc
 
98,528
1,004,986
Ingredion Inc
 
103,400
11,553,916
Smithfield Foods Inc
 
239,000
6,280,920
 
  
  
18,839,822
Household Products - 0.4%
  
  
  
Kimberly-Clark Corp
 
130,600
12,854,958
Personal Care Products - 0.2%
  
  
  
Kenvue Inc
 
332,200
5,823,466
TOTAL CONSUMER STAPLES
  
  
156,150,215
Energy - 6.2%
  
  
  
Oil, Gas & Consumable Fuels - 6.2%
  
  
  
Antero Resources Corp (a)
  
624,900
24,533,574
Chord Energy Corp
 
28,500
4,149,600
Core Natural Resources Inc
 
180,109
16,162,982
Diamondback Energy Inc
 
166,600
34,257,958
Energy Transfer LP
 
690,500
13,941,195
Gulfport Energy Corp (a)
  
49,800
9,588,492
Northern Oil & Gas Inc
 
305,200
8,289,232
Ovintiv Inc
 
509,000
31,328,950
Range Resources Corp
 
470,700
20,475,450
Shell PLC
 
313,339
14,246,524
Sunococorp LLC
 
114,793
7,654,397
Unit Corp
 
9,900
339,174
TOTAL ENERGY
  
  
184,967,528
Financials - 23.1%
  
  
  
Banks - 9.6%
  
  
  
ACNB Corp
 
1,920
97,325
Camden National Corp
 
44,243
2,131,185
Citigroup Inc
 
233,500
29,883,330
East West Bancorp Inc
 
123,300
15,593,751
FNB Corp/PA
 
1,063,800
18,988,830
Hancock Whitney Corp
 
195,100
13,171,201
Huntington Bancshares Inc/OH
 
852,390
14,286,056
KeyCorp
 
1,191,400
26,341,854
Old National Bancorp/IN
 
553,300
13,262,601
Pinnacle Financial Partners Inc
 
258,085
25,534,930
Plumas Bancorp
 
75,892
3,871,251
QCR Holdings Inc
 
81,400
7,360,188
United Community Bank/SC
 
506,900
16,894,977
US Bancorp
 
444,800
25,202,368
Washington Trust Bancorp Inc
 
106,400
3,344,152
Webster Financial Corp
 
101,300
7,330,068
Wells Fargo & Co
 
514,700
42,323,782
West BanCorp Inc (b)
  
164,600
3,942,170
Wintrust Financial Corp
 
120,800
18,188,856
 
  
  
287,748,875
Capital Markets - 6.5%
  
  
  
AllianceBernstein Holding LP
 
449,600
17,939,040
Ameriprise Financial Inc
 
38,800
18,421,852
Bank of New York Mellon Corp/The
 
97,100
13,047,327
Federated Hermes Inc Class B
 
296,400
17,217,876
Lazard Inc
 
479,022
23,232,567
LPL Financial Holdings Inc
 
29,300
9,790,009
Raymond James Financial Inc
 
126,800
20,074,976
SEI Investments Co
 
150,700
13,665,476
State Street Corp
 
199,900
30,552,716
Stifel Financial Corp
 
378,050
29,794,121
 
  
  
193,735,960
Consumer Finance - 0.6%
  
  
  
Capital One Financial Corp
 
96,146
18,392,730
Financial Services - 1.0%
  
  
  
Corpay Inc (a)
  
57,100
17,499,437
Essent Group Ltd
 
145,800
8,823,816
WEX Inc (a)
  
19,800
2,976,534
 
  
  
29,299,787
Insurance - 5.4%
  
  
  
American Financial Group Inc/OH
 
98,000
13,060,460
Arthur J Gallagher & Co
 
33,700
6,955,680
First American Financial Corp
 
257,200
18,037,436
Hartford Insurance Group Inc/The
 
64,800
8,865,288
Marsh & McLennan Cos Inc
 
49,300
8,268,103
Primerica Inc
 
80,400
22,614,108
Reinsurance Group of America Inc
 
60,600
12,814,476
Selective Insurance Group Inc
 
93,100
7,815,745
Stewart Information Services Corp
 
190,799
13,354,022
Travelers Companies Inc/The
 
69,600
21,237,744
Unum Group
 
237,100
19,058,098
Willis Towers Watson PLC
 
32,500
8,326,500
 
  
  
160,407,660
TOTAL FINANCIALS
  
  
689,585,012
Health Care - 8.6%
  
  
  
Biotechnology - 1.4%
  
  
  
Biogen Inc (a)
  
107,400
20,328,672
Gilead Sciences Inc
 
163,400
21,379,256
 
  
  
41,707,928
Health Care Providers & Services - 5.7%
  
  
  
Cigna Group/The
 
73,600
21,386,688
CVS Health Corp
 
300,200
25,003,658
Elevance Health Inc
 
25,500
9,598,710
Henry Schein Inc (a)
  
294,500
21,966,755
Labcorp Holdings Inc
 
90,600
23,266,080
Molina Healthcare Inc (a)
  
68,500
13,331,470
Quest Diagnostics Inc
 
65,600
12,739,520
Tenet Healthcare Corp (a)
  
88,600
15,692,832
UnitedHealth Group Inc
 
49,600
18,375,808
Universal Health Services Inc Class B
 
56,000
9,423,120
 
  
  
170,784,641
Life Sciences Tools & Services - 0.5%
  
  
  
Avantor Inc (a)
  
446,100
3,613,410
ICON PLC (a)
  
92,300
10,921,859
 
  
  
14,535,269
Pharmaceuticals - 1.0%
  
  
  
Elanco Animal Health Inc (a)
  
1,126,100
25,190,857
Phibro Animal Health Corp Class A
 
28,809
1,532,063
Viatris Inc
 
159,200
2,378,448
 
  
  
29,101,368
TOTAL HEALTH CARE
  
  
256,129,206
Industrials - 14.9%
  
  
  
Aerospace & Defense - 1.5%
  
  
  
Cadre Holdings Inc
 
159,200
4,720,280
Huntington Ingalls Industries Inc
 
41,600
15,154,464
Textron Inc
 
146,600
14,067,736
V2X Inc (a)
  
151,800
10,293,558
 
  
  
44,236,038
Air Freight & Logistics - 0.9%
  
  
  
FedEx Corp
 
52,700
21,254,437
Radiant Logistics Inc (a)
  
533,350
4,485,474
 
  
  
25,739,911
Building Products - 1.5%
  
  
  
Builders FirstSource Inc (a)
  
91,900
7,268,370
Gibraltar Industries Inc (a)
  
200,300
7,817,709
Hayward Holdings Inc (a)
  
697,952
10,476,260
Janus International Group Inc (a)
  
1,887,068
9,812,754
Resideo Technologies Inc (a)
  
201,700
8,344,329
 
  
  
43,719,422
Commercial Services & Supplies - 0.9%
  
  
  
Brady Corp Class A
 
172,000
14,073,040
Brink's Co/The
 
67,457
7,201,035
HNI Corp
 
182,186
6,657,076
 
  
  
27,931,151
Construction & Engineering - 0.8%
  
  
  
Bowman Consulting Group Ltd (a)
  
88,800
2,802,528
WillScot Holdings Corp
 
920,900
20,849,176
 
  
  
23,651,704
Electrical Equipment - 1.0%
  
  
  
Acuity Inc
 
35,600
10,315,812
Allient Inc
 
257,700
19,631,586
LSI Industries Inc
 
37,000
899,470
 
  
  
30,846,868
Ground Transportation - 0.2%
  
  
  
Proficient Auto Logistics Inc (a)
  
194,485
1,429,464
Universal Logistics Holdings Inc
 
171,038
4,118,595
 
  
  
5,548,059
Machinery - 4.3%
  
  
  
Cummins Inc
 
22,400
15,030,624
Enpro Inc
 
46,900
13,673,695
Esab Corp
 
70,300
6,908,381
Gates Industrial Corp PLC (a)
  
846,400
21,676,304
Hillman Solutions Corp (a)
  
1,228,500
10,024,560
Miller Industries Inc/TN (b)
  
146,400
7,025,736
Tennant CO
 
5,600
465,024
Terex Corp
 
337,423
20,987,711
Timken Co/The
 
193,900
21,501,571
Toro Co/The
 
108,100
10,287,877
 
  
  
127,581,483
Professional Services - 2.3%
  
  
  
CACI International Inc (a)
  
12,600
6,546,204
Cbiz Inc (a)
  
234,840
7,162,620
Concentrix Corp (b)
  
261,100
6,219,402
Genpact Ltd
 
619,800
21,538,050
ICF International Inc
 
46,000
3,296,360
KBR Inc
 
230,600
8,645,194
Maximus Inc
 
176,000
11,549,120
Science Applications International Corp
 
43,500
4,209,495
 
  
  
69,166,445
Trading Companies & Distributors - 1.5%
  
  
  
Core & Main Inc Class A (a)
  
260,700
13,131,459
Global Industrial Co
 
328,896
10,889,746
Rush Enterprises Inc Class A
 
298,250
22,079,448
 
  
  
46,100,653
TOTAL INDUSTRIALS
  
  
444,521,734
Information Technology - 7.9%
  
  
  
Electronic Equipment, Instruments & Components - 4.2%
  
  
  
Belden Inc
 
74,900
8,424,752
CDW Corp/DE
 
98,100
13,430,871
Crane NXT Co
 
451,712
20,182,492
Insight Enterprises Inc (a)
  
52,600
3,834,540
Sanmina Corp (a)
  
100,000
21,782,000
TD SYNNEX Corp
 
138,393
31,578,515
Vontier Corp
 
707,000
25,367,160
 
  
  
124,600,330
IT Services - 0.9%
  
  
  
Amdocs Ltd
 
251,900
16,290,373
Kyndryl Holdings Inc (a)
  
778,400
10,757,488
 
  
  
27,047,861
Semiconductors & Semiconductor Equipment - 1.7%
  
  
  
Diodes Inc (a)
  
226,600
24,280,190
Micron Technology Inc
 
29,300
15,152,788
MKS Inc
 
35,000
9,931,250
 
  
  
49,364,228
Software - 0.0%
  
  
  
ACI Worldwide Inc (a)
  
77,224
3,337,621
Technology Hardware, Storage & Peripherals - 1.1%
  
  
  
Dell Technologies Inc Class C
 
102,100
21,333,795
Seagate Technology Holdings PLC
 
16,200
10,912,968
 
  
  
32,246,763
TOTAL INFORMATION TECHNOLOGY
  
  
236,596,803
Materials - 4.7%
  
  
  
Chemicals - 1.4%
  
  
  
Axalta Coating Systems Ltd (a)
  
426,400
12,126,816
Element Solutions Inc
 
461,000
19,633,990
Perimeter Solutions Inc (a)
  
348,576
10,561,853
 
  
  
42,322,659
Construction Materials - 0.8%
  
  
  
Eagle Materials Inc
 
97,800
20,548,758
RHI Magnesita NV
 
133,700
4,812,109
 
  
  
25,360,867
Containers & Packaging - 2.1%
  
  
  
Graphic Packaging Holding CO (b)
  
1,190,000
11,340,700
Packaging Corp of America
 
87,500
18,676,875
Silgan Holdings Inc
 
715,000
28,993,250
 
  
  
59,010,825
Metals & Mining - 0.4%
  
  
  
Warrior Met Coal Inc
 
145,400
13,064,189
TOTAL MATERIALS
  
  
139,758,540
Real Estate - 2.3%
  
  
  
Industrial REITs - 0.4%
  
  
  
STAG Industrial Inc Class A
 
327,700
12,642,666
Real Estate Management & Development - 0.4%
  
  
  
Jones Lang LaSalle Inc (a)
  
39,800
12,661,574
Residential REITs - 0.6%
  
  
  
AvalonBay Communities Inc
 
16,900
3,092,700
Camden Property Trust
 
123,700
12,990,974
 
  
  
16,083,674
Retail REITs - 0.4%
  
  
  
Tanger Inc
 
283,100
10,497,348
Urban Edge Properties
 
119,149
2,611,746
 
  
  
13,109,094
Specialized REITs - 0.5%
  
  
  
Outfront Media Inc
 
475,700
14,675,345
TOTAL REAL ESTATE
  
  
69,172,353
Utilities - 1.0%
  
  
  
Electric Utilities - 1.0%
  
  
  
PG&E Corp
 
1,866,100
31,014,582
TOTAL UNITED STATES
  
  
2,493,545,278
 
TOTAL COMMON STOCKS
 (Cost $2,133,585,955)
  
  
  
2,835,394,057
 
  
  
  
Money Market Funds - 5.4%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
  
3.69
134,956,948
134,983,939
Fidelity Securities Lending Cash Central Fund (f)(g)
  
3.69
26,677,947
26,680,615
 
TOTAL MONEY MARKET FUNDS
 (Cost $161,664,554)
  
  
  
161,664,554
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.4%
 (Cost $2,295,250,509)
 
  
 
2,997,058,611
NET OTHER ASSETS (LIABILITIES) - (0.4)%  
(11,631,396)
NET ASSETS - 100.0%
2,985,427,215
 
  
Legend
 
(a)
Non-income producing.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $12,113,575 or 0.4% of net assets.
 
(d)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $12,113,575 or 0.4% of net assets.
 
(e)
Level 3 security.
 
(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 $11,702,666.
 
 
 
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
63,946,656
357,370,803
286,332,156
2,394,184
(1,364)
-
134,983,939
134,956,948
0.2%
Fidelity Securities Lending Cash Central Fund
89,014,030
329,051,242
391,385,310
97,631
653
-
26,680,615
26,677,947
0.1%
Total
152,960,686
686,422,045
677,717,466
2,491,815
(711)
-
161,664,554
  
  
 
  
  
  
  
  
  
  
  
  
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.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
 
 
 
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
 
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