0001752724-23-293223.txt : 20231227 0001752724-23-293223.hdr.sgml : 20231227 20231227130329 ACCESSION NUMBER: 0001752724-23-293223 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231031 FILED AS OF DATE: 20231227 DATE AS OF CHANGE: 20231227 PERIOD START: 20240731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY COVINGTON TRUST CENTRAL INDEX KEY: 0000945908 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-07319 FILM NUMBER: 231516619 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 0000945908 S000042579 Fidelity MSCI Communication Services Index ETF C000131671 Fidelity MSCI Communication Services Index ETF FCOM NPORT-P 1 primary_doc.xml NPORT-P false 0000945908 XXXXXXXX S000042579 C000131671 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Inc N/A Frontier Communications Parent Inc 35909D109 174156.00000000 NS USD 3120875.52000000 0.404236056846 Long EC CORP US N 1 N N N Gogo Inc 549300VL3DIHSFHYTO04 Gogo Inc 38046C109 60847.00000000 NS USD 638893.50000000 0.082753633565 Long EC CORP US N 1 N N N TKO Group Holdings Inc N/A TKO Group Holdings Inc 87256C101 41149.00000000 NS USD 3373395.02000000 0.436944021743 Long EC CORP US N 1 N N N Paramount Global 5KYC8KF17ROCY24M3H09 Paramount Global 92556H206 346194.00000000 NS USD 3766590.72000000 0.487873281279 Long EC CORP US N 1 N N N Lions Gate Entertainment Corp 5493000JSMHPHZURLM72 Lions Gate Entertainment Corp 535919401 59273.00000000 NS USD 465885.78000000 0.060344550572 Long EC CORP CA N 1 N N N Trade Desk Inc/The 549300GXPD31VT3E0P46 Trade Desk Inc/The 88339J105 156994.00000000 NS USD 11140294.24000000 1.442963228372 Long EC CORP US N 1 N N N United States Cellular Corp 549300B164AZXESI6E03 United States Cellular Corp 911684108 14681.00000000 NS USD 617042.43000000 0.079923341130 Long EC CORP US N 1 N N N Take-Two Interactive Software Inc BOMSTHHJK882EWYX3334 Take-Two Interactive Software Inc 874054109 65204.00000000 NS USD 8721035.00000000 1.129605066728 Long EC CORP US N 1 N N N Globalstar Inc 549300NEX8I0MSOW0R64 Globalstar Inc 378973408 686394.00000000 NS USD 967815.54000000 0.125357751418 Long EC CORP US N 1 N N N Alphabet Inc 5493006MHB84DD0ZWV18 Alphabet Inc 02079K107 639653.00000000 NS USD 80148520.90000000 10.38135671963 Long EC CORP US N 1 N N N Atlanta Braves Holdings Inc N/A Atlanta Braves Holdings Inc 047726302 43000.00000000 NS USD 1495540.00000000 0.193712049257 Long EC CORP US N 1 N N N Walt Disney Co/The 549300GZKULIZ0WOW665 Walt Disney Co/The 254687106 425650.00000000 NS USD 34728783.50000000 4.498297484520 Long EC CORP US N 1 N N N John Wiley & Sons Inc 5493003XM719UN7E8P64 John Wiley & Sons Inc 968223206 41585.00000000 NS USD 1258777.95000000 0.163045091575 Long EC CORP US N 1 N N N Madison Square Garden Entertainment Corp N/A Madison Square Garden Entertainment Corp 558256103 35014.00000000 NS USD 1067226.72000000 0.138234132790 Long EC CORP US N 1 N N N Bandwidth Inc 549300QC70JB7MUGXM66 Bandwidth Inc 05988J103 22514.00000000 NS USD 238873.54000000 0.030940451573 Long EC CORP US N 1 N N N IMAX Corp 5493002KS2T1Q0X7VZ21 IMAX Corp 45245E109 43913.00000000 NS USD 799655.73000000 0.103576601200 Long EC CORP CA N 1 N N N Boston Omaha Corp 54930002FEWTYF4YFF19 Boston Omaha Corp 101044105 22903.00000000 NS USD 325909.69000000 0.042213938726 Long EC CORP US N 1 N N N Lions Gate Entertainment Corp 5493000JSMHPHZURLM72 Lions Gate Entertainment Corp 535919500 117034.00000000 NS USD 873073.64000000 0.113086165503 Long EC CORP CA N 1 N N N Scholastic Corp N/A Scholastic Corp 807066105 26742.00000000 NS USD 986779.80000000 0.127814125482 Long EC CORP US N 1 N N N Magnite Inc 54930018FR2YX1HHSB02 Magnite Inc 55955D100 109062.00000000 NS USD 724171.68000000 0.093799417031 Long EC CORP US N 1 N N N Eventbrite Inc 549300N6XBV2B1FAUF55 Eventbrite Inc 29975E109 77937.00000000 NS USD 645318.36000000 0.083585823140 Long EC CORP US N 1 N N N Thryv Holdings Inc N/A Thryv Holdings Inc 886029206 31307.00000000 NS USD 545681.01000000 0.070680146761 Long EC CORP US N 1 N N N Sinclair Inc N/A Sinclair Inc 829242106 29726.00000000 NS USD 323121.62000000 0.041852809800 Long EC CORP US N 1 N N N Stagwell Inc 549300KIYTU6J3NYJ009 Stagwell Inc 85256A109 86686.00000000 NS USD 357146.32000000 0.046259909819 Long EC CORP US N 1 N N N AMC Entertainment Holdings Inc 549300ZO77UNR6NRBR11 AMC Entertainment Holdings Inc 00165C302 133099.00000000 NS USD 1421497.32000000 0.184121560687 Long EC CORP US N 1 N N N Netflix Inc 549300Y7VHGU0I7CE873 Netflix Inc 64110L106 89532.00000000 NS USD 36859429.08000000 4.774272531355 Long EC CORP US N 1 N N N AT&T Inc 549300Z40J86GGSTL398 AT&T Inc 00206R102 1917417.00000000 NS USD 29528221.80000000 3.824686973136 Long EC CORP US N 1 N N N Cargurus Inc 54930027BKQN6B7X7G78 Cargurus Inc 141788109 78287.00000000 NS USD 1348885.01000000 0.174716342926 Long EC CORP US N 1 N N N MediaAlpha Inc N/A MediaAlpha Inc 58450V104 19801.00000000 NS USD 203554.28000000 0.026365671739 Long EC CORP US N 1 N N N Snap Inc 549300JNC0L6VP8A2Q35 Snap Inc 83304A106 591916.00000000 NS USD 5925079.16000000 0.767454716086 Long EC CORP US N 1 N N N Ziff Davis Inc 5493008OJYGLHD7MXA18 Ziff Davis Inc 48123V102 44747.00000000 NS USD 2705403.62000000 0.350421439278 Long EC CORP US N 1 N N N Match Group Inc 15OMOPB0A8K0EFUVD031 Match Group Inc 57667L107 175574.00000000 NS USD 6074860.40000000 0.786855354611 Long EC CORP US N 1 N N N ATN International Inc 54930013NP7VEU877V56 ATN International Inc 00215F107 10423.00000000 NS USD 322591.85000000 0.041784190551 Long EC CORP US N 1 N N N Liberty Latin America Ltd 213800YWQHEAX7CAVO83 Liberty Latin America Ltd 000000000 34502.00000000 NS USD 235648.66000000 0.030522744181 Long EC CORP BM N 1 N N N Cable One Inc 549300648QS85T0XSH18 Cable One Inc 12685J105 4303.00000000 NS USD 2366090.61000000 0.306471415536 Long EC CORP US N 1 N N N Integral Ad Science Holding Corp N/A Integral Ad Science Holding Corp 45828L108 51320.00000000 NS USD 589153.60000000 0.076310998825 Long EC CORP US N 1 N N N Liberty Latin America Ltd 213800YWQHEAX7CAVO83 Liberty Latin America Ltd 000000000 144351.00000000 NS USD 988804.35000000 0.128076358340 Long EC CORP BM N 1 N N N Meta Platforms Inc BQ4BKCS1HXDV9HN80Z93 Meta Platforms Inc 30303M102 545606.00000000 NS USD 164374719.62000000 21.29088074120 Long EC CORP US N 1 N N N Verizon Communications Inc 2S72QS2UO2OESLG6Y829 Verizon Communications Inc 92343V104 1091704.00000000 NS USD 38351561.52000000 4.967543211320 Long EC CORP US N 1 N N N Liberty Global PLC 549300BSGXG3QLIQYT84 Liberty Global PLC 000000000 233104.00000000 NS USD 3953443.84000000 0.512075710358 Long EC CORP GB N 1 N N N Playstudios Inc N/A Playstudios Inc 72815G108 83964.00000000 NS USD 237618.12000000 0.030777841425 Long EC CORP US N 1 N N N ESC GCI LIBERTY INC SR 5493003JDENERRDYFN86 ESC GCI LIBERTY INC SR 361ESC049 40953.00000000 NS USD 0.41000000 0.000000053105 Long EC CORP US N 1 N N N Fox Corp 549300DDU6FDRBIELS05 Fox Corp 35137L204 133777.00000000 NS USD 3733716.07000000 0.483615143202 Long EC CORP US N 1 N N N Nextdoor Holdings Inc N/A Nextdoor Holdings Inc 65345M108 108969.00000000 NS USD 198323.58000000 0.025688157520 Long EC CORP US N 1 N N N ZipRecruiter Inc 549300HLOVNNFCY2IV80 ZipRecruiter Inc 98980B103 66960.00000000 NS USD 713124.00000000 0.092368449800 Long EC CORP US N 1 N N N Vivid Seats Inc N/A Vivid Seats Inc 92854T100 36674.00000000 NS USD 215643.12000000 0.027931496772 Long EC CORP US N 1 N N N Live Nation Entertainment Inc 5493007B9BM9ZXJINO78 Live Nation Entertainment Inc 538034109 79499.00000000 NS USD 6361509.98000000 0.823984069029 Long EC CORP US N 1 N N N TechTarget Inc 529900YQA5JL2H2VMB84 TechTarget Inc 87874R100 25240.00000000 NS USD 635543.20000000 0.082319680960 Long EC CORP US N 1 N N N Shenandoah Telecommunications Co 549300XH3H4OUKFPHS84 Shenandoah Telecommunications Co 82312B106 45173.00000000 NS USD 1068793.18000000 0.138437030858 Long EC CORP US N 1 N N N Shutterstock Inc 529900G2TDIS56V0LO22 Shutterstock Inc 825690100 23879.00000000 NS USD 971397.72000000 0.125821738626 Long EC CORP US N 1 N N N Chicago Mercantile Exchange SNZ2OJLFK8MNNCLQOF39 S+P EMINI COM SER DEC23 000000000 14.00000000 NC USD -25692.28000000 -0.00332783088 N/A DE US N 1 Chicago Mercantile Exchange SNZ2OJLFK8MNNCLQOF39 Long E-mini S&P Communication Services Select Sector Index Futures XASZ3 Index 2023-12-15 1216567.28000000 USD -25692.28000000 N N N PubMatic Inc N/A PubMatic Inc 74467Q103 36360.00000000 NS USD 409777.20000000 0.053077003056 Long EC CORP US N 1 N N N Liberty Media Corp-Liberty Formula One N/A Liberty Media Corp-Liberty Formula One 531229755 94588.00000000 NS USD 6118897.72000000 0.792559354171 Long EC CORP US N 1 N N N Electronic Arts Inc 549300O7A67PUEYKDL45 Electronic Arts Inc 285512109 92473.00000000 NS USD 11447232.67000000 1.482719886349 Long EC CORP US N 1 N N N Gray Television Inc 529900TM5726KDN7UU35 Gray Television Inc 389375106 78266.00000000 NS USD 510294.32000000 0.066096632956 Long EC CORP US N 1 N N N Pinterest Inc N/A Pinterest Inc 72352L106 294166.00000000 NS USD 8789680.08000000 1.138496423106 Long EC CORP US N 1 N N N ROBLOX Corp N/A ROBLOX Corp 771049103 216578.00000000 NS USD 6889346.18000000 0.892352840158 Long EC CORP US N 1 N N N EW Scripps Co/The 549300U1OW41QPKYW028 EW Scripps Co/The 811054402 54802.00000000 NS USD 299766.94000000 0.038827760037 Long EC CORP US N 1 N N N Cogent Communications Holdings Inc N/A Cogent Communications Holdings Inc 19239V302 41146.00000000 NS USD 2673667.08000000 0.346310716596 Long EC CORP US N 1 N N N TEGNA Inc 549300YC5EDBGX85AO10 TEGNA Inc 87901J105 181077.00000000 NS USD 2627427.27000000 0.340321436234 Long EC CORP US N 1 N N N Roku Inc 549300KR6ITU0YIR1T71 Roku Inc 77543R102 94923.00000000 NS USD 5654563.11000000 0.732415721206 Long EC CORP US N 1 N N N Vimeo Inc 25490061AWYWC90UIJ68 Vimeo Inc 92719V100 107970.00000000 NS USD 332547.60000000 0.043073723920 Long EC CORP US N 1 N N N IAC Inc 549300TO56L57RP6P031 IAC Inc 44891N208 72522.00000000 NS USD 3085811.10000000 0.399694285543 Long EC CORP US N 1 N N N fuboTV Inc N/A fuboTV Inc 35953D104 276209.00000000 NS USD 668425.78000000 0.086578846182 Long EC CORP US N 1 N N N New York Times Co/The 529900J1WEMMIW7BOH57 New York Times Co/The 650111107 131141.00000000 NS USD 5286293.71000000 0.684715077858 Long EC CORP US N 1 N N N T-Mobile US Inc 549300QHIJYOHPACPG31 T-Mobile US Inc 872590104 172219.00000000 NS USD 24775425.34000000 3.209073922351 Long EC CORP US N 1 N N N Interpublic Group of Cos Inc/The 5493008IUOJ5VWTRC333 Interpublic Group of Cos Inc/The 460690100 188500.00000000 NS USD 5353400.00000000 0.693407120166 Long EC CORP US N 1 N N N Charter Communications Inc 0J0XRGZE3PBRFEZ7MV65 Charter Communications Inc 16119P108 34425.00000000 NS USD 13866390.00000000 1.796064847949 Long EC CORP US N 1 N N N Liberty Media Corp-Liberty Live N/A Liberty Media Corp-Liberty Live 531229722 45141.00000000 NS USD 1438643.67000000 0.186342467247 Long EC CORP US N 1 N N N Altice USA Inc 54930064K3612MGCER95 Altice USA Inc 02156K103 204681.00000000 NS USD 591528.09000000 0.076618558184 Long EC CORP US N 1 N N N Cars.com Inc 5493002G6J07LNGX4M98 Cars.com Inc 14575E105 59990.00000000 NS USD 913647.70000000 0.118341581145 Long EC CORP US N 1 N N N 2023-11-16 FIDELITY COVINGTON TRUST Stacie M Smith Stacie M Smith President and Treasurer XXXX NPORT-EX 2 NPORT_PBR8_53157449_1023.htm FOR VALIDATION PURPOSES ONLY - [518789.TX1]
Quarterly Holdings Report
for
Fidelity® MSCI Communication Services Index ETF
October 31, 2023
T09-NPRT1-1223
1.9584819.109

Schedule of Investments October 31, 2023 (Unaudited)
Showing Percentage of Net Assets
Common Stocks – 99.8%
    Shares Value
DIVERSIFIED TELECOMMUNICATION SERVICES – 11.2% 
Alternative Carriers – 1.9%
Anterix, Inc. (a) 12,625 $ 384,936
Bandwidth, Inc. Class A (a) 22,514 238,874
Cogent Communications Holdings, Inc. 41,146 2,673,667
EchoStar Corp. Class A (a) 32,447 449,715
Globalstar, Inc. (a) 686,394 967,816
Iridium Communications, Inc. 92,329 3,420,789
Liberty Global PLC Class C (a) 233,104 3,953,444
Liberty Latin America Ltd. Class A (a) 34,502 235,649
Liberty Latin America Ltd. Class C (a) 144,351 988,804
Lumen Technologies, Inc. (a) 950,505 1,387,737
      14,701,431
Integrated Telecommunication Services – 9.3%
AT&T, Inc. 1,917,417 29,528,222
ATN International, Inc. 10,423 322,592
Consolidated Communications Holdings, Inc. (a) 72,461 302,162
Frontier Communications Parent, Inc. (a) 174,156 3,120,876
IDT Corp. Class B (a) 17,403 488,154
Verizon Communications, Inc. 1,086,704 38,175,911
      71,937,917
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES 86,639,348
ENTERTAINMENT – 18.9% 
Interactive Home Entertainment – 3.6%
Electronic Arts, Inc. 92,473 11,447,233
Playstudios, Inc. (a) 83,964 237,618
ROBLOX Corp. Class A (a) 216,578 6,889,346
Take-Two Interactive Software, Inc. (a) 65,204 8,721,035
      27,295,232
Movies & Entertainment – 15.3%
AMC Entertainment Holdings, Inc. Class A (a) 133,099 1,421,497
Atlanta Braves Holdings, Inc. Class A (a) 6,344 240,501
Atlanta Braves Holdings, Inc. Class C (a) 43,000 1,495,540
Cinemark Holdings, Inc. (a) 103,556 1,707,638
Endeavor Group Holdings, Inc. Class A (a) 157,127 3,576,211
IMAX Corp. (a) 43,913 799,656
Liberty Media Corp.-Liberty Formula One Class C (a) 94,588 6,118,898
Liberty Media Corp.-Liberty Live Class C (a) 45,141 1,438,644

    Shares Value
Lions Gate Entertainment Corp. Class A (a) 59,273 $ 465,886
Lions Gate Entertainment Corp. Class B (a) 117,034 873,074
Live Nation Entertainment, Inc. (a) 79,499 6,361,510
Madison Square Garden Entertainment Corp. (a) 35,014 1,067,227
Madison Square Garden Sports Corp. (a) 14,660 2,464,932
Marcus Corp. 22,113 343,636
Netflix, Inc. (a) 89,532 36,859,429
Roku, Inc. (a) 94,923 5,654,563
Sphere Entertainment Co. (a) 22,273 733,004
TKO Group Holdings, Inc. 41,149 3,373,395
Vivid Seats, Inc. Class A (a) 36,674 215,643
Walt Disney Co. (a) 425,650 34,728,783
Warner Bros Discovery, Inc. (a) 832,490 8,274,951
      118,214,618
TOTAL ENTERTAINMENT 145,509,850
INTERACTIVE MEDIA & SERVICES – 49.6% 
Interactive Media & Services – 49.6%
Alphabet, Inc. Class A (a) 781,364 96,951,645
Alphabet, Inc. Class C (a) 639,653 80,148,521
Angi, Inc. (a) 80,369 129,394
Bumble, Inc. Class A (a) 91,144 1,224,975
Cargurus, Inc. (a) 78,287 1,348,885
Cars.com, Inc. (a) 59,990 913,648
Eventbrite, Inc. Class A (a) 77,937 645,318
fuboTV, Inc. (a) 276,209 668,426
IAC, Inc. (a) 72,522 3,085,811
Match Group, Inc. (a) 175,574 6,074,860
MediaAlpha, Inc. Class A (a) 19,801 203,554
Meta Platforms, Inc. Class A (a) 545,606 164,374,720
Nextdoor Holdings, Inc. (a) 108,969 198,324
Pinterest, Inc. Class A (a) 294,166 8,789,680
QuinStreet, Inc. (a) 48,655 550,288
Shutterstock, Inc. 23,879 971,398
Snap, Inc. Class A (a) 591,916 5,925,079
TripAdvisor, Inc. (a) 104,021 1,535,350
Vimeo, Inc. (a) 107,970 332,548
Yelp, Inc. (a) 61,895 2,611,350
Ziff Davis, Inc. (a) 44,747 2,705,404
ZipRecruiter, Inc. Class A (a) 66,960 713,124
ZoomInfo Technologies, Inc. (a) 240,647 3,118,785
TOTAL INTERACTIVE MEDIA & SERVICES 383,221,087
MEDIA – 16.4% 
Advertising – 3.5%
Advantage Solutions, Inc. (a) 92,520 212,796
Boston Omaha Corp. Class A (a) 22,903 325,910
 
 Quarterly Report 2

Common Stocks – continued
    Shares Value
MEDIA – continued
Advertising – continued
Clear Channel Outdoor Holdings, Inc. (a) 274,497 $ 301,947
Integral Ad Science Holding Corp. (a) 51,320 589,154
Interpublic Group of Cos., Inc. 188,500 5,353,400
Magnite, Inc. (a) 109,062 724,172
Omnicom Group, Inc. 87,064 6,521,964
PubMatic, Inc. Class A (a) 36,360 409,777
Stagwell, Inc. (a) 86,686 357,146
TechTarget, Inc. (a) 25,240 635,543
Thryv Holdings, Inc. (a) 31,307 545,681
Trade Desk, Inc. Class A (a) 156,994 11,140,294
      27,117,784
Broadcasting – 2.8%
AMC Networks, Inc. Class A (a) 25,943 306,127
Entravision Communications Corp. Class A 59,359 212,505
EW Scripps Co. Class A (a) 54,802 299,767
Fox Corp. Class A 180,800 5,494,512
Fox Corp. Class B 133,777 3,733,716
Gray Television, Inc. 78,266 510,294
iHeartMedia, Inc. Class A (a) 93,007 218,567
Nexstar Media Group, Inc. 30,332 4,248,907
Paramount Global Class B 346,194 3,766,591
Sinclair, Inc. 29,726 323,122
TEGNA, Inc. 181,077 2,627,427
      21,741,535
Cable & Satellite – 8.4%
Altice USA, Inc. Class A (a) 204,681 591,528
Cable One, Inc. 4,303 2,366,091
Charter Communications, Inc. Class A (a) 34,425 13,866,390
Comcast Corp. Class A 797,097 32,912,135
DISH Network Corp. Class A (a) 237,123 1,161,903
Liberty Broadband Corp. Class C (a) 73,295 6,106,206
Liberty Media Corp.-Liberty SiriusXM (a) 155,222 3,810,700
Sirius XM Holdings, Inc. 737,687 3,157,300
WideOpenWest, Inc. (a) 48,522 341,595
      64,313,848

    Shares Value
Publishing – 1.7%
John Wiley & Sons, Inc. Class A 41,585 $ 1,258,778
New York Times Co. Class A 131,141 5,286,294
News Corp. Class A 278,142 5,751,976
Scholastic Corp. 26,742 986,780
      13,283,828
TOTAL MEDIA 126,456,995
WIRELESS TELECOMMUNICATION SERVICES – 3.7% 
Wireless Telecommunication Services – 3.7%
GCI Liberty, Inc. (a) 40,953 0
Gogo, Inc. (a) 60,847 638,894
Shenandoah Telecommunications Co. 45,173 1,068,793
Telephone & Data Systems, Inc. 94,520 1,719,319
T-Mobile U.S., Inc. (a) 172,219 24,775,425
U.S. Cellular Corp. (a) 14,681 617,043
TOTAL WIRELESS TELECOMMUNICATION SERVICES 28,819,474
TOTAL COMMON STOCKS
(Cost $839,696,229)
770,646,754
Money Market Fund – 0.2%
       
State Street Institutional Treasury Plus Money Market Fund 5.25% (b)
(Cost $1,270,000)
1,270,000 1,270,000
TOTAL INVESTMENT IN SECURITIES – 100.0%
(Cost $840,966,229)
771,916,754
NET OTHER ASSETS (LIABILITIES) (c) – 0.0% 126,781
NET ASSETS – 100.0% $772,043,535
    
Legend  
(a) Non-income producing.
(b) The rate quoted is the annualized seven-day yield of the fund at period end.
(c) Includes $70,000 of cash collateral to cover margin requirements for futures contracts.
Futures Contracts
  Number of
contracts
Expiration
Date
Notional
Amount
Value Unrealized
Appreciation/
(Depreciation)
Purchased          
Equity Index Contract          
CME E-mini S&P Communication Service Select Sector Index Contracts (United States) 14 December 2023 $1,190,875 $(25,692) $(25,692)
3 Quarterly Report 

Schedule of Investments (Unaudited)continued
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund’s investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund’s fair valuation practices and maintains the fair valuation policies and procedures. The Fund’s investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 – unadjusted quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund’s NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board’s fair value pricing policies and is categorized as Level 2 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.
 Quarterly Report 4

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.
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.     
5 Quarterly Report