NPORT-EX 2 QTLY_6875_20221031.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Hedged Equity Fund
October 31, 2022
FHE-NPRT3-1222
1.9905823.100
Common Stocks - 94.2%
 
  
Shares
Value ($)
 
COMMUNICATION SERVICES - 6.6%
 
  
  
Diversified Telecommunication Services - 0.7%
  
  
  
Verizon Communications, Inc.
 
8,097
302,585
Entertainment - 1.3%
  
  
  
Netflix, Inc. (a)
  
630
183,884
Spotify Technology SA (a)
  
137
11,039
The Walt Disney Co. (a)
  
2,995
319,087
Warner Bros Discovery, Inc. (a)
  
2,748
35,724
 
  
  
549,734
Interactive Media & Services - 3.9%
  
  
  
Alphabet, Inc. Class A (a)
  
14,995
1,417,177
Meta Platforms, Inc. Class A (a)
  
3,048
283,952
Pinterest, Inc. Class A (a)
  
493
12,128
 
  
  
1,713,257
Media - 0.7%
  
  
  
Comcast Corp. Class A
 
7,780
246,937
DISH Network Corp. Class A (a)
  
1,470
21,918
Liberty Media Corp. Liberty SiriusXM Series A (a)
  
501
21,262
Nexstar Broadcasting Group, Inc. Class A
 
108
18,500
Sirius XM Holdings, Inc.
 
1,439
8,692
 
  
  
317,309
TOTAL COMMUNICATION SERVICES
  
  
2,882,885
CONSUMER DISCRETIONARY - 10.1%
 
  
  
Auto Components - 0.1%
  
  
  
Lear Corp.
 
163
22,610
Automobiles - 2.0%
  
  
  
Ford Motor Co.
 
7,852
104,981
Tesla, Inc. (a)
  
3,458
786,833
 
  
  
891,814
Hotels, Restaurants & Leisure - 1.8%
  
  
  
Airbnb, Inc. Class A (a)
  
189
20,206
ARAMARK Holdings Corp.
 
1,103
40,260
Booking Holdings, Inc. (a)
  
66
123,386
Expedia, Inc. (a)
  
402
37,575
Hyatt Hotels Corp. Class A (a)
  
243
22,893
Marriott Vacations Worldwide Corp.
 
156
23,051
McDonald's Corp.
 
1,387
378,179
Papa John's International, Inc.
 
163
11,839
Texas Roadhouse, Inc. Class A
 
295
29,190
Vail Resorts, Inc.
 
93
20,379
Wendy's Co.
 
1,033
21,466
Wyndham Hotels & Resorts, Inc.
 
325
24,677
Wynn Resorts Ltd. (a)
  
376
24,026
 
  
  
777,127
Household Durables - 0.3%
  
  
  
Leggett & Platt, Inc.
 
562
18,968
PulteGroup, Inc.
 
1,924
76,941
Tempur Sealy International, Inc.
 
346
9,304
Toll Brothers, Inc.
 
465
20,032
 
  
  
125,245
Internet & Direct Marketing Retail - 2.8%
  
  
  
Amazon.com, Inc. (a)
  
11,757
1,204,387
Uber Technologies, Inc. (a)
  
683
18,147
 
  
  
1,222,534
Multiline Retail - 0.5%
  
  
  
Dollar Tree, Inc. (a)
  
288
45,648
Macy's, Inc.
 
646
13,469
Target Corp.
 
933
153,245
 
  
  
212,362
Specialty Retail - 2.1%
  
  
  
Burlington Stores, Inc. (a)
  
157
22,445
Dick's Sporting Goods, Inc.
 
183
20,818
Five Below, Inc. (a)
  
150
21,953
Floor & Decor Holdings, Inc. Class A (a)
  
161
11,813
Foot Locker, Inc.
 
354
11,222
Lowe's Companies, Inc.
 
1,166
227,312
Murphy U.S.A., Inc.
 
71
22,330
Ross Stores, Inc.
 
1,192
114,062
The Home Depot, Inc.
 
1,588
470,254
 
  
  
922,209
Textiles, Apparel & Luxury Goods - 0.5%
  
  
  
NIKE, Inc. Class B
 
2,383
220,856
TOTAL CONSUMER DISCRETIONARY
  
  
4,394,757
CONSUMER STAPLES - 6.7%
 
  
  
Beverages - 2.0%
  
  
  
PepsiCo, Inc.
 
2,451
445,053
The Coca-Cola Co.
 
6,956
416,317
 
  
  
861,370
Food & Staples Retailing - 1.8%
  
  
  
BJ's Wholesale Club Holdings, Inc. (a)
  
261
20,201
Costco Wholesale Corp.
 
794
398,191
Performance Food Group Co. (a)
  
180
9,367
Walmart, Inc.
 
2,422
344,723
 
  
  
772,482
Food Products - 1.1%
  
  
  
Bunge Ltd.
 
222
21,911
Campbell Soup Co.
 
2,094
110,794
Flowers Foods, Inc.
 
761
21,848
Ingredion, Inc.
 
239
21,300
Kellogg Co.
 
1,678
128,904
Post Holdings, Inc. (a)
  
139
12,568
The Hershey Co.
 
697
166,423
 
  
  
483,748
Household Products - 1.2%
  
  
  
Procter & Gamble Co.
 
3,988
537,064
Personal Products - 0.0%
  
  
  
Coty, Inc. Class A (a)
  
1,753
11,763
Tobacco - 0.6%
  
  
  
Philip Morris International, Inc.
 
2,718
249,648
TOTAL CONSUMER STAPLES
  
  
2,916,075
ENERGY - 5.0%
 
  
  
Energy Equipment & Services - 0.4%
  
  
  
Halliburton Co.
 
2,225
81,035
Schlumberger Ltd.
 
2,312
120,293
 
  
  
201,328
Oil, Gas & Consumable Fuels - 4.6%
  
  
  
Cheniere Energy, Inc.
 
118
20,816
Chesapeake Energy Corp.
 
199
20,352
Chevron Corp.
 
2,657
480,651
ConocoPhillips Co.
 
2,321
292,655
Continental Resources, Inc.
 
164
12,131
Devon Energy Corp.
 
1,392
107,671
EQT Corp.
 
380
15,899
Exxon Mobil Corp.
 
6,550
725,806
Kinder Morgan, Inc.
 
6,951
125,952
Murphy Oil Corp.
 
533
25,856
Occidental Petroleum Corp.
 
1,202
87,265
Ovintiv, Inc.
 
418
21,172
PDC Energy, Inc.
 
171
12,336
Targa Resources Corp.
 
798
54,559
 
  
  
2,003,121
TOTAL ENERGY
  
  
2,204,449
FINANCIALS - 10.7%
 
  
  
Banks - 3.8%
  
  
  
Bank of America Corp.
 
12,531
451,617
Cadence Bank
 
740
20,461
Commerce Bancshares, Inc.
 
310
21,960
Cullen/Frost Bankers, Inc.
 
82
12,714
East West Bancorp, Inc.
 
378
27,053
First Horizon National Corp.
 
835
20,466
FNB Corp., Pennsylvania
 
2,336
33,755
Huntington Bancshares, Inc.
 
6,206
94,207
JPMorgan Chase & Co.
 
4,649
585,216
Popular, Inc.
 
261
18,458
Prosperity Bancshares, Inc.
 
324
23,189
Synovus Financial Corp.
 
415
16,538
Wells Fargo & Co.
 
6,432
295,808
Wintrust Financial Corp.
 
267
24,997
 
  
  
1,646,439
Capital Markets - 2.1%
  
  
  
Affiliated Managers Group, Inc.
 
167
20,735
Ares Management Corp.
 
297
22,522
Blackstone, Inc.
 
266
24,243
Carlyle Group LP
 
747
21,125
Charles Schwab Corp.
 
2,467
196,546
Evercore, Inc. Class A
 
97
10,195
FactSet Research Systems, Inc.
 
180
76,588
Franklin Resources, Inc.
 
1,743
40,873
Interactive Brokers Group, Inc.
 
298
23,885
Invesco Ltd.
 
1,728
26,473
Janus Henderson Group PLC
 
303
6,899
Jefferies Financial Group, Inc.
 
713
24,534
KKR & Co. LP
 
571
27,768
Lazard Ltd. Class A
 
555
20,929
LPL Financial
 
86
21,986
Morgan Stanley
 
2,763
227,036
SEI Investments Co.
 
379
20,580
State Street Corp.
 
766
56,684
Stifel Financial Corp.
 
363
22,459
Tradeweb Markets, Inc. Class A
 
111
6,114
 
  
  
898,174
Consumer Finance - 0.4%
  
  
  
Ally Financial, Inc.
 
1,003
27,643
American Express Co.
 
1,130
167,749
 
  
  
195,392
Diversified Financial Services - 2.0%
  
  
  
Apollo Global Management, Inc.
 
404
22,365
Berkshire Hathaway, Inc. Class B (a)
  
2,678
790,251
Equitable Holdings, Inc.
 
1,138
34,846
Voya Financial, Inc.
 
595
40,674
 
  
  
888,136
Insurance - 2.2%
  
  
  
AFLAC, Inc.
 
2,708
176,318
American Financial Group, Inc.
 
158
22,927
Arch Capital Group Ltd. (a)
  
893
51,348
Axis Capital Holdings Ltd.
 
148
8,091
Brown & Brown, Inc.
 
1,440
84,658
Fidelity National Financial, Inc.
 
662
26,070
First American Financial Corp.
 
263
13,255
Globe Life, Inc.
 
581
67,117
Hanover Insurance Group, Inc.
 
148
21,681
Lincoln National Corp.
 
1,448
78,004
Loews Corp.
 
1,879
107,141
Markel Corp. (a)
  
25
30,153
Old Republic International Corp.
 
928
21,539
RenaissanceRe Holdings Ltd.
 
145
22,429
RLI Corp.
 
189
24,583
W.R. Berkley Corp.
 
1,535
114,173
Willis Towers Watson PLC
 
337
73,537
 
  
  
943,024
Mortgage Real Estate Investment Trusts - 0.2%
  
  
  
AGNC Investment Corp.
 
1,821
14,969
Annaly Capital Management, Inc.
 
1,278
23,707
Rithm Capital Corp.
 
2,343
19,751
Starwood Property Trust, Inc.
 
1,653
34,151
 
  
  
92,578
TOTAL FINANCIALS
  
  
4,663,743
HEALTH CARE - 14.6%
 
  
  
Biotechnology - 2.2%
  
  
  
AbbVie, Inc.
 
2,564
375,370
Alnylam Pharmaceuticals, Inc. (a)
  
56
11,607
Amgen, Inc.
 
892
241,152
BioMarin Pharmaceutical, Inc. (a)
  
104
9,010
Moderna, Inc. (a)
  
453
68,099
Neurocrine Biosciences, Inc. (a)
  
106
12,203
Regeneron Pharmaceuticals, Inc. (a)
  
171
128,036
Vertex Pharmaceuticals, Inc. (a)
  
336
104,832
 
  
  
950,309
Health Care Equipment & Supplies - 2.5%
  
  
  
Abbott Laboratories
 
3,103
307,011
Boston Scientific Corp. (a)
  
4,285
184,726
DexCom, Inc. (a)
  
661
79,836
Envista Holdings Corp. (a)
  
344
11,355
Globus Medical, Inc. (a)
  
355
23,785
Hologic, Inc. (a)
  
973
65,969
ICU Medical, Inc. (a)
  
129
19,145
Integra LifeSciences Holdings Corp. (a)
  
181
9,095
Intuitive Surgical, Inc. (a)
  
548
135,066
Masimo Corp. (a)
  
137
18,029
STERIS PLC
 
423
73,001
Teleflex, Inc.
 
300
64,368
The Cooper Companies, Inc.
 
375
102,521
 
  
  
1,093,907
Health Care Providers & Services - 3.4%
  
  
  
Acadia Healthcare Co., Inc. (a)
  
248
20,162
Centene Corp. (a)
  
1,363
116,032
Chemed Corp.
 
43
20,075
CVS Health Corp.
 
2,293
217,147
Encompass Health Corp.
 
406
22,103
HCA Holdings, Inc.
 
479
104,168
Humana, Inc.
 
311
173,563
Option Care Health, Inc. (a)
  
314
9,502
Tenet Healthcare Corp. (a)
  
213
9,449
UnitedHealth Group, Inc.
 
1,420
788,313
 
  
  
1,480,514
Health Care Technology - 0.1%
  
  
  
Teladoc Health, Inc. (a)
  
700
20,748
Veeva Systems, Inc. Class A (a)
  
120
20,153
 
  
  
40,901
Life Sciences Tools & Services - 1.7%
  
  
  
Avantor, Inc. (a)
  
935
18,859
Danaher Corp.
 
1,122
282,374
Illumina, Inc. (a)
  
266
60,866
QIAGEN NV (a)
  
471
20,517
Thermo Fisher Scientific, Inc.
 
590
303,242
West Pharmaceutical Services, Inc.
 
232
53,383
 
  
  
739,241
Pharmaceuticals - 4.7%
  
  
  
Bristol-Myers Squibb Co.
 
3,403
263,630
Eli Lilly & Co.
 
1,070
387,436
Johnson & Johnson
 
3,874
673,960
Merck & Co., Inc.
 
3,660
370,392
Pfizer, Inc.
 
7,657
356,433
Royalty Pharma PLC
 
476
20,144
 
  
  
2,071,995
TOTAL HEALTH CARE
  
  
6,376,867
INDUSTRIALS - 8.0%
 
  
  
Aerospace & Defense - 1.7%
  
  
  
Curtiss-Wright Corp.
 
73
12,252
HEICO Corp.
 
47
7,644
Howmet Aerospace, Inc.
 
2,065
73,411
Lockheed Martin Corp.
 
499
242,853
Raytheon Technologies Corp.
 
3,077
291,761
The Boeing Co. (a)
  
939
133,817
 
  
  
761,738
Air Freight & Logistics - 0.5%
  
  
  
United Parcel Service, Inc. Class B
 
1,420
238,233
Airlines - 0.2%
  
  
  
American Airlines Group, Inc. (a)
  
3,183
45,135
United Airlines Holdings, Inc. (a)
  
1,211
52,170
 
  
  
97,305
Building Products - 0.4%
  
  
  
Advanced Drain Systems, Inc.
 
98
11,356
Builders FirstSource, Inc. (a)
  
192
11,839
Carlisle Companies, Inc.
 
93
22,208
Lennox International, Inc.
 
87
20,321
Masco Corp.
 
1,640
75,883
Owens Corning
 
255
21,831
 
  
  
163,438
Commercial Services & Supplies - 0.8%
  
  
  
Cintas Corp.
 
367
156,911
Clean Harbors, Inc. (a)
  
175
21,431
Republic Services, Inc.
 
1,085
143,893
Stericycle, Inc. (a)
  
437
19,481
Tetra Tech, Inc.
 
89
12,574
 
  
  
354,290
Construction & Engineering - 0.1%
  
  
  
AECOM
 
343
25,821
MDU Resources Group, Inc.
 
677
19,281
Willscot Mobile Mini Holdings (a)
  
283
12,036
 
  
  
57,138
Electrical Equipment - 0.4%
  
  
  
AMETEK, Inc.
 
897
116,305
Hubbell, Inc. Class B
 
91
21,611
Regal Rexnord Corp.
 
156
19,740
Sensata Technologies, Inc. PLC
 
546
21,955
 
  
  
179,611
Industrial Conglomerates - 0.5%
  
  
  
General Electric Co.
 
2,509
195,225
Machinery - 2.1%
  
  
  
Cummins, Inc.
 
544
133,013
Deere & Co.
 
499
197,514
Dover Corp.
 
1,134
148,202
Fortive Corp.
 
1,462
93,422
Graco, Inc.
 
321
22,335
IDEX Corp.
 
499
110,933
ITT, Inc.
 
287
21,924
Lincoln Electric Holdings, Inc.
 
150
21,300
Middleby Corp. (a)
  
90
12,587
PACCAR, Inc.
 
1,007
97,508
Snap-On, Inc.
 
319
70,834
 
  
  
929,572
Professional Services - 0.3%
  
  
  
Booz Allen Hamilton Holding Corp. Class A
 
207
22,532
CACI International, Inc. Class A (a)
  
71
21,586
KBR, Inc.
 
435
21,650
Science Applications International Corp.
 
215
23,293
TransUnion Holding Co., Inc.
 
353
20,922
 
  
  
109,983
Road & Rail - 0.7%
  
  
  
Knight-Swift Transportation Holdings, Inc. Class A
 
412
19,788
Landstar System, Inc.
 
138
21,558
Union Pacific Corp.
 
1,198
236,174
XPO Logistics, Inc. (a)
  
194
10,038
 
  
  
287,558
Trading Companies & Distributors - 0.3%
  
  
  
W.W. Grainger, Inc.
 
177
103,430
Watsco, Inc.
 
77
20,864
 
  
  
124,294
TOTAL INDUSTRIALS
  
  
3,498,385
INFORMATION TECHNOLOGY - 24.9%
 
  
  
Communications Equipment - 0.9%
  
  
  
Ciena Corp. (a)
  
192
9,197
Cisco Systems, Inc.
 
7,934
360,442
Lumentum Holdings, Inc. (a)
  
277
20,623
 
  
  
390,262
Electronic Equipment & Components - 0.3%
  
  
  
Arrow Electronics, Inc. (a)
  
207
20,961
Avnet, Inc.
 
530
21,301
Coherent Corp. (a)
  
511
17,175
Jabil, Inc.
 
341
21,909
National Instruments Corp.
 
502
19,166
TD SYNNEX Corp.
 
222
20,315
 
  
  
120,827
IT Services - 4.1%
  
  
  
Accenture PLC Class A
 
1,093
310,303
Amdocs Ltd.
 
243
20,973
Block, Inc. Class A (a)
  
362
21,745
Genpact Ltd.
 
441
21,389
GoDaddy, Inc. (a)
  
275
22,110
IBM Corp.
 
1,459
201,765
MasterCard, Inc. Class A
 
1,242
407,600
Maximus, Inc.
 
337
20,783
MongoDB, Inc. Class A (a)
  
63
11,531
Okta, Inc. (a)
  
224
12,571
PayPal Holdings, Inc. (a)
  
1,883
157,381
Snowflake, Inc. (a)
  
47
7,534
SS&C Technologies Holdings, Inc.
 
396
20,362
Switch, Inc. Class A
 
578
19,681
The Western Union Co.
 
1,374
18,563
Twilio, Inc. Class A (a)
  
118
8,776
Visa, Inc. Class A
 
2,433
504,020
WEX, Inc. (a)
  
142
23,308
 
  
  
1,810,395
Semiconductors & Semiconductor Equipment - 4.6%
  
  
  
Advanced Micro Devices, Inc. (a)
  
2,662
159,880
Broadcom, Inc.
 
661
310,749
Enphase Energy, Inc. (a)
  
226
69,382
Entegris, Inc.
 
415
32,926
Intel Corp.
 
6,503
184,880
Lam Research Corp.
 
415
167,984
Micron Technology, Inc.
 
2,018
109,174
MKS Instruments, Inc.
 
242
19,880
NVIDIA Corp.
 
3,627
489,536
Qualcomm, Inc.
 
1,668
196,257
SolarEdge Technologies, Inc. (a)
  
113
25,993
Texas Instruments, Inc.
 
1,523
244,639
Wolfspeed, Inc. (a)
  
111
8,741
 
  
  
2,020,021
Software - 7.9%
  
  
  
Adobe, Inc. (a)
  
733
233,461
Aspen Technology, Inc. (a)
  
47
11,348
Atlassian Corp. PLC (a)
  
88
17,840
Bill.Com Holdings, Inc. (a)
  
85
11,336
Crowdstrike Holdings, Inc. (a)
  
122
19,666
Datadog, Inc. Class A (a)
  
218
17,551
Dolby Laboratories, Inc. Class A
 
283
18,916
Dropbox, Inc. Class A (a)
  
960
20,880
Dynatrace, Inc. (a)
  
332
11,700
Guidewire Software, Inc. (a)
  
328
19,486
HubSpot, Inc. (a)
  
43
12,752
Intuit, Inc.
 
507
216,743
Manhattan Associates, Inc. (a)
  
150
18,251
Microsoft Corp.
 
9,773
2,268,606
Oracle Corp.
 
2,420
188,929
Palo Alto Networks, Inc. (a)
  
118
20,248
Paylocity Holding Corp. (a)
  
47
10,894
Procore Technologies, Inc. (a)
  
158
8,636
Salesforce.com, Inc. (a)
  
1,513
245,999
Splunk, Inc. (a)
  
235
19,531
VMware, Inc. Class A
 
177
19,918
Workday, Inc. Class A (a)
  
159
24,775
Zscaler, Inc. (a)
  
120
18,492
 
  
  
3,455,958
Technology Hardware, Storage & Peripherals - 7.1%
  
  
  
Apple, Inc.
 
19,625
3,009,293
Dell Technologies, Inc.
 
210
8,064
Hewlett Packard Enterprise Co.
 
5,537
79,013
Pure Storage, Inc. Class A (a)
  
430
13,270
 
  
  
3,109,640
TOTAL INFORMATION TECHNOLOGY
  
  
10,907,103
MATERIALS - 2.2%
 
  
  
Chemicals - 1.7%
  
  
  
Albemarle Corp.
 
227
63,530
Ashland, Inc.
 
203
21,299
Axalta Coating Systems Ltd. (a)
  
1,372
31,995
Celanese Corp. Class A
 
712
68,437
Eastman Chemical Co.
 
938
72,048
Element Solutions, Inc.
 
1,132
19,470
Huntsman Corp.
 
798
21,354
Linde PLC
 
975
289,916
LyondellBasell Industries NV Class A
 
1,204
92,046
RPM International, Inc.
 
248
23,453
Sensient Technologies Corp.
 
269
19,223
Westlake Corp.
 
126
12,178
 
  
  
734,949
Containers & Packaging - 0.3%
  
  
  
Aptargroup, Inc.
 
201
19,929
Berry Global Group, Inc. (a)
  
410
19,401
Crown Holdings, Inc.
 
391
26,819
Graphic Packaging Holding Co.
 
945
21,697
Silgan Holdings, Inc.
 
451
21,359
Sonoco Products Co.
 
336
20,859
 
  
  
130,064
Metals & Mining - 0.2%
  
  
  
Newmont Corp.
 
2,022
85,571
Steel Dynamics, Inc.
 
353
33,200
 
  
  
118,771
TOTAL MATERIALS
  
  
983,784
REAL ESTATE - 2.5%
 
  
  
Equity Real Estate Investment Trusts (REITs) - 2.5%
  
  
  
American Homes 4 Rent Class A
 
789
25,201
American Tower Corp.
 
815
168,860
Brixmor Property Group, Inc.
 
1,005
21,417
Camden Property Trust (SBI)
 
837
96,715
CubeSmart
 
476
19,930
EastGroup Properties, Inc.
 
129
20,213
Equity Lifestyle Properties, Inc.
 
346
22,130
Federal Realty Investment Trust (SBI)
 
692
68,494
First Industrial Realty Trust, Inc.
 
409
19,481
Gaming & Leisure Properties
 
423
21,201
Healthcare Trust of America, Inc.
 
881
17,911
Healthpeak Properties, Inc.
 
3,612
85,713
Independence Realty Trust, Inc.
 
1,109
18,587
Lamar Advertising Co. Class A
 
231
21,305
Life Storage, Inc.
 
173
19,136
Medical Properties Trust, Inc.
 
1,511
17,301
Mid-America Apartment Communities, Inc.
 
763
120,134
National Retail Properties, Inc.
 
466
19,586
Omega Healthcare Investors, Inc.
 
638
20,276
Rexford Industrial Realty, Inc.
 
346
19,127
SBA Communications Corp. Class A
 
294
79,351
Spirit Realty Capital, Inc.
 
366
14,212
Store Capital Corp.
 
668
21,242
Sun Communities, Inc.
 
201
27,105
UDR, Inc.
 
2,081
82,741
WP Carey, Inc.
 
255
19,457
 
  
  
1,086,826
UTILITIES - 2.9%
 
  
  
Electric Utilities - 1.5%
  
  
  
Avangrid, Inc.
 
422
17,167
Exelon Corp.
 
3,794
146,410
IDACORP, Inc.
 
180
18,846
NextEra Energy, Inc.
 
3,723
288,533
OGE Energy Corp.
 
508
18,608
Portland General Electric Co.
 
390
17,527
Xcel Energy, Inc.
 
2,527
164,533
 
  
  
671,624
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Vistra Corp.
 
287
6,592
Multi-Utilities - 1.3%
  
  
  
Ameren Corp.
 
1,617
131,818
Black Hills Corp.
 
262
17,127
CMS Energy Corp.
 
1,978
112,845
Consolidated Edison, Inc.
 
1,799
158,240
NiSource, Inc.
 
4,951
127,191
 
  
  
547,221
Water Utilities - 0.1%
  
  
  
Essential Utilities, Inc.
 
665
29,406
TOTAL UTILITIES
  
  
1,254,843
 
TOTAL COMMON STOCKS
 (Cost $40,362,359)
  
  
  
41,169,717
 
  
  
  
Money Market Funds - 0.5%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 3.10% (b)
 
 (Cost $213,577)
 
  
213,534
213,577
 
  
  
  
Equity Funds - 2.9%
 
  
Shares
Value ($)
 
Domestic Equity Funds - 2.9%
 
  
  
iShares S&P 500 Index ETF
  (Cost $1,272,199)
  
3,320
1,287,463
 
  
  
  
 Purchased Options - 1.7%
 
Counterparty
Number
of Contracts
Exercise
Price ($)
Expiration
Date
Value ($)
Put Options
  
  
  
  
  
Mini-SPX Index
Chicago Board Options Exchange
45
365
11/18/22
10,125
Mini-SPX Index
Chicago Board Options Exchange
679
230
08/18/23
181,293
Mini-SPX Index
Chicago Board Options Exchange
678
230
09/15/23
202,044
Mini-SPX Index
Chicago Board Options Exchange
227
354
11/18/22
22,587
Mini-SPX Index
Chicago Board Options Exchange
276
350
12/16/22
87,078
S&P 500 Index
Chicago Board Options Exchange
64
2,100
10/20/23
160,320
S&P 500 Index
Chicago Board Options Exchange
28
3,340
01/20/23
96,180
 
  
  
  
  
  
 
  
  
  
  
759,627
TOTAL PURCHASED OPTIONS
(Cost 1,477,128)
  
  
  
  
759,627
 
 
TOTAL INVESTMENT IN SECURITIES - 99.3%
 (Cost $43,325,263)
 
  
 
43,430,384
NET OTHER ASSETS (LIABILITIES) - 0.7%  
292,034
NET ASSETS - 100.0%
43,722,418
 
  
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Non-income producing
 
(b)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
-
41,039,142
40,825,565
11,148
-
-
213,577
0.0%
Total
-
41,039,142
40,825,565
11,148
-
-
213,577
  
 
  
  
  
  
  
  
  
  
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
 
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.
 
Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last 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 but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
 
Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price 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.  
 
Options: Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.
 
The Fund used exchange-traded options to manage its exposure to the stock market.
 
Open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions." Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.
 
 
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus.
 
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.