Quarterly Holdings Report
for
Fidelity® Contrafund®
September 30, 2019
Schedule of Investments September 30, 2019 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 98.7% | |||
| Shares | Value (000s) | ||
| COMMUNICATION SERVICES - 17.1% | |||
| Diversified Telecommunication Services - 0.0% | |||
| Iridium Communications, Inc. (a) | 534,156 | $11,367 | |
| Entertainment - 3.6% | |||
| Activision Blizzard, Inc. | 12,888,350 | 682,051 | |
| Live Nation Entertainment, Inc. (a) | 960,897 | 63,746 | |
| Netflix, Inc. (a) | 8,440,147 | 2,258,752 | |
| Spotify Technology SA (a) | 444,962 | 50,726 | |
| The Walt Disney Co. | 8,037,037 | 1,047,387 | |
| Trion World, Inc. (a)(b)(c) | 4,607,810 | 0 | |
| Weinstein Co. Holdings LLC Class A-1 (a)(b)(c) | 41,234 | 0 | |
| 4,102,662 | |||
| Interactive Media & Services - 12.7% | |||
| Alphabet, Inc.: | |||
| Class A (a) | 2,560,072 | 3,126,206 | |
| Class C (a) | 2,323,474 | 2,832,315 | |
| CarGurus, Inc. Class A (a) | 1,681,257 | 52,035 | |
| Facebook, Inc. Class A (a) | 44,136,225 | 7,859,778 | |
| Match Group, Inc. (d) | 151,624 | 10,832 | |
| Pinterest, Inc. | 20,866,023 | 524,311 | |
| Twitter, Inc. (a) | 3,932,592 | 162,023 | |
| 14,567,500 | |||
| Media - 0.4% | |||
| Charter Communications, Inc. Class A (a) | 177,611 | 73,197 | |
| Comcast Corp. Class A | 2,161,543 | 97,442 | |
| Liberty Media Corp. Liberty Formula One Group Series C (a) | 6,701,047 | 278,697 | |
| 449,336 | |||
| Wireless Telecommunication Services - 0.4% | |||
| SoftBank Corp. | 551,300 | 21,755 | |
| T-Mobile U.S., Inc. (a) | 6,122,384 | 482,260 | |
| 504,015 | |||
| TOTAL COMMUNICATION SERVICES | 19,634,880 | ||
| CONSUMER DISCRETIONARY - 12.5% | |||
| Automobiles - 0.1% | |||
| General Motors Co. | 512,484 | 19,208 | |
| Tesla, Inc. (a)(d) | 68,132 | 16,411 | |
| Toyota Motor Corp. | 1,187,400 | 79,746 | |
| 115,365 | |||
| Hotels, Restaurants & Leisure - 1.7% | |||
| Chipotle Mexican Grill, Inc. (a) | 606,592 | 509,822 | |
| Evolution Gaming Group AB (e) | 1,225,488 | 24,101 | |
| Hilton Worldwide Holdings, Inc. | 850,496 | 79,190 | |
| Marriott International, Inc. Class A | 30,695 | 3,818 | |
| McDonald's Corp. | 5,545,122 | 1,190,593 | |
| Sea Ltd. ADR (a) | 378,500 | 11,715 | |
| Starbucks Corp. | 1,414,552 | 125,075 | |
| 1,944,314 | |||
| Household Durables - 0.0% | |||
| D.R. Horton, Inc. | 242,200 | 12,766 | |
| Mohawk Industries, Inc. (a) | 561,171 | 69,624 | |
| 82,390 | |||
| Internet & Direct Marketing Retail - 7.1% | |||
| Alibaba Group Holding Ltd. sponsored ADR (a) | 333,043 | 55,695 | |
| Amazon.com, Inc. (a) | 4,460,112 | 7,742,353 | |
| eBay, Inc. | 5,336,539 | 208,018 | |
| Meituan Dianping Class B | 1,211,200 | 12,378 | |
| MercadoLibre, Inc. (a) | 146,500 | 80,755 | |
| Pinduoduo, Inc. ADR (a) | 359,600 | 11,586 | |
| Wayfair LLC Class A (a) | 33,248 | 3,728 | |
| 8,114,513 | |||
| Multiline Retail - 0.1% | |||
| Dollar Tree, Inc. (a) | 724,358 | 82,693 | |
| Specialty Retail - 1.8% | |||
| AutoZone, Inc. (a) | 41,547 | 45,063 | |
| Burlington Stores, Inc. (a) | 38,274 | 7,648 | |
| John David Group PLC | 7,195,683 | 66,480 | |
| National Vision Holdings, Inc. (a) | 525,141 | 12,640 | |
| O'Reilly Automotive, Inc. (a) | 539,516 | 215,003 | |
| Ross Stores, Inc. | 977,799 | 107,411 | |
| The Home Depot, Inc. | 3,400,541 | 788,994 | |
| TJX Companies, Inc. | 14,275,935 | 795,741 | |
| 2,038,980 | |||
| Textiles, Apparel & Luxury Goods - 1.7% | |||
| adidas AG | 2,089,417 | 650,528 | |
| Allbirds, Inc. (a)(b)(c) | 173,513 | 8,724 | |
| Burberry Group PLC | 965,804 | 25,816 | |
| Deckers Outdoor Corp. (a) | 417,572 | 61,533 | |
| Gildan Activewear, Inc. | 2,074,857 | 73,638 | |
| Hermes International SCA | 44,047 | 30,438 | |
| lululemon athletica, Inc. (a) | 394,844 | 76,019 | |
| LVMH Moet Hennessy Louis Vuitton SE | 148,050 | 58,740 | |
| NIKE, Inc. Class B | 6,993,436 | 656,824 | |
| Ralph Lauren Corp. | 233,755 | 22,317 | |
| VF Corp. | 2,894,070 | 257,543 | |
| 1,922,120 | |||
| TOTAL CONSUMER DISCRETIONARY | 14,300,375 | ||
| CONSUMER STAPLES - 4.7% | |||
| Beverages - 1.4% | |||
| Boston Beer Co., Inc. Class A (a)(d) | 10,310 | 3,754 | |
| Budweiser Brewing Co. APAC Ltd. (a)(e) | 14,622,400 | 52,611 | |
| Diageo PLC | 2,450,005 | 100,084 | |
| Keurig Dr. Pepper, Inc. | 9,949,303 | 271,815 | |
| Monster Beverage Corp. (a) | 677,107 | 39,313 | |
| PepsiCo, Inc. | 3,052,292 | 418,469 | |
| The Coca-Cola Co. | 12,938,185 | 704,355 | |
| 1,590,401 | |||
| Food & Staples Retailing - 1.0% | |||
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 2,067,866 | 63,370 | |
| Costco Wholesale Corp. | 3,143,440 | 905,656 | |
| Walmart, Inc. | 912,957 | 108,350 | |
| 1,077,376 | |||
| Food Products - 0.2% | |||
| Barry Callebaut AG | 5,940 | 12,248 | |
| Mondelez International, Inc. | 3,082,426 | 170,520 | |
| The Simply Good Foods Co. (a) | 2,512,574 | 72,840 | |
| 255,608 | |||
| Household Products - 0.4% | |||
| Colgate-Palmolive Co. | 650,604 | 47,826 | |
| Procter & Gamble Co. | 3,157,364 | 392,713 | |
| 440,539 | |||
| Personal Products - 1.7% | |||
| Estee Lauder Companies, Inc. Class A | 8,024,665 | 1,596,507 | |
| Kao Corp. | 483,100 | 35,835 | |
| L'Oreal SA (a) | 212,216 | 59,422 | |
| L'Oreal SA | 91,564 | 25,639 | |
| Shiseido Co. Ltd. | 1,907,700 | 153,110 | |
| Unilever NV | 1,350,773 | 81,110 | |
| 1,951,623 | |||
| TOTAL CONSUMER STAPLES | 5,315,547 | ||
| ENERGY - 1.2% | |||
| Oil, Gas & Consumable Fuels - 1.2% | |||
| Birchcliff Energy Ltd. (f) | 20,331,846 | 32,842 | |
| Birchcliff Energy Ltd. (e)(f) | 686,127 | 1,108 | |
| Centennial Resource Development, Inc. Class A (a)(f) | 20,446,630 | 92,317 | |
| Continental Resources, Inc. | 439,030 | 13,518 | |
| EOG Resources, Inc. | 1,811,531 | 134,452 | |
| Hess Corp. | 7,757,101 | 469,149 | |
| Magnolia Oil & Gas Corp. Class A (a) | 7,031,952 | 78,055 | |
| Noble Energy, Inc. | 1,445,138 | 32,458 | |
| PrairieSky Royalty Ltd. (d) | 981,392 | 13,689 | |
| Reliance Industries Ltd. | 25,463,239 | 480,195 | |
| 1,347,783 | |||
| FINANCIALS - 13.3% | |||
| Banks - 4.8% | |||
| Bank of America Corp. | 59,976,871 | 1,749,525 | |
| Citigroup, Inc. | 18,761,572 | 1,296,049 | |
| HDFC Bank Ltd. sponsored ADR | 6,589,910 | 375,954 | |
| JPMorgan Chase & Co. | 14,628,303 | 1,721,605 | |
| Kotak Mahindra Bank Ltd. | 13,116,166 | 305,314 | |
| 5,448,447 | |||
| Capital Markets - 0.8% | |||
| Bank of New York Mellon Corp. | 8,164,559 | 369,120 | |
| Brookfield Asset Management, Inc. | 1,235,816 | 65,609 | |
| Brookfield Asset Management, Inc. Class A | 2,349,039 | 124,735 | |
| CME Group, Inc. | 1,838,678 | 388,586 | |
| S&P Global, Inc. | 93,537 | 22,915 | |
| Tradeweb Markets, Inc. Class A | 67,309 | 2,489 | |
| 973,454 | |||
| Consumer Finance - 1.1% | |||
| American Express Co. | 10,747,982 | 1,271,271 | |
| Diversified Financial Services - 5.5% | |||
| Berkshire Hathaway, Inc. Class A (a) | 19,817 | 6,179,575 | |
| Clarivate Analytics PLC (a) | 6,175,422 | 104,179 | |
| 6,283,754 | |||
| Insurance - 1.1% | |||
| Admiral Group PLC | 5,571,512 | 145,093 | |
| AFLAC, Inc. | 449,005 | 23,492 | |
| Allstate Corp. | 376,053 | 40,869 | |
| American International Group, Inc. | 6,073,515 | 338,295 | |
| Chubb Ltd. | 1,787,986 | 288,652 | |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | 139,241 | 61,378 | |
| Hapvida Participacoes e Investimentos SA (e) | 3,718,300 | 48,191 | |
| Hiscox Ltd. | 1,763,704 | 35,998 | |
| Marsh & McLennan Companies, Inc. | 366,931 | 36,711 | |
| Progressive Corp. | 3,054,256 | 235,941 | |
| The Travelers Companies, Inc. | 76,587 | 11,388 | |
| 1,266,008 | |||
| TOTAL FINANCIALS | 15,242,934 | ||
| HEALTH CARE - 12.6% | |||
| Biotechnology - 1.4% | |||
| 23andMe, Inc. (a)(b)(c) | 166,622 | 2,211 | |
| Acceleron Pharma, Inc. (a) | 275,943 | 10,903 | |
| Alexion Pharmaceuticals, Inc. (a) | 857,139 | 83,948 | |
| Allogene Therapeutics, Inc. (d) | 1,056,340 | 28,791 | |
| Ascendis Pharma A/S sponsored ADR (a) | 189,325 | 18,236 | |
| bluebird bio, Inc. (a) | 581,777 | 53,419 | |
| Bridgebio Pharma, Inc. | 522,521 | 11,219 | |
| CSL Ltd. | 65,368 | 10,310 | |
| Galapagos Genomics NV sponsored ADR (a) | 58,628 | 8,950 | |
| Gilead Sciences, Inc. | 157,443 | 9,979 | |
| Gossamer Bio, Inc. | 592,210 | 9,943 | |
| Morphosys AG (a) | 70,247 | 7,741 | |
| Neurocrine Biosciences, Inc. (a) | 557,899 | 50,272 | |
| Regeneron Pharmaceuticals, Inc. (a) | 688,374 | 190,955 | |
| Sage Therapeutics, Inc. (a) | 274,181 | 38,465 | |
| Vertex Pharmaceuticals, Inc. (a) | 6,423,903 | 1,088,338 | |
| Wuxi Biologics (Cayman), Inc. (a)(e) | 1,119,500 | 11,427 | |
| 1,635,107 | |||
| Health Care Equipment & Supplies - 4.4% | |||
| Abbott Laboratories | 6,922,754 | 579,227 | |
| Alcon, Inc. (a) | 1,765,006 | 102,882 | |
| Baxter International, Inc. | 10,181,798 | 890,602 | |
| Boston Scientific Corp. (a) | 13,691,034 | 557,088 | |
| Danaher Corp. | 5,596,538 | 808,308 | |
| DexCom, Inc. (a) | 2,059,736 | 307,395 | |
| Edwards Lifesciences Corp. (a) | 3,425,946 | 753,400 | |
| Hoya Corp. | 203,100 | 16,634 | |
| IDEXX Laboratories, Inc. (a) | 83,800 | 22,788 | |
| Intuitive Surgical, Inc. (a) | 663,194 | 358,078 | |
| Masimo Corp. (a) | 162,089 | 24,117 | |
| ResMed, Inc. | 337,154 | 45,553 | |
| Smith & Nephew PLC | 1,490,374 | 35,891 | |
| Sonova Holding AG Class B | 506,155 | 117,657 | |
| Stryker Corp. | 1,665,509 | 360,250 | |
| 4,979,870 | |||
| Health Care Providers & Services - 2.5% | |||
| Anthem, Inc. | 357,668 | 85,876 | |
| Cigna Corp. | 74,349 | 11,285 | |
| UnitedHealth Group, Inc. | 12,752,709 | 2,771,419 | |
| 2,868,580 | |||
| Health Care Technology - 0.4% | |||
| Cerner Corp. | 685,108 | 46,704 | |
| Veeva Systems, Inc. Class A (a) | 2,923,113 | 446,330 | |
| 493,034 | |||
| Life Sciences Tools & Services - 1.7% | |||
| 10X Genomics, Inc. (a) | 405,283 | 20,426 | |
| Bio-Rad Laboratories, Inc. Class A (a) | 70,300 | 23,392 | |
| IQVIA Holdings, Inc. (a) | 2,091,216 | 312,386 | |
| Mettler-Toledo International, Inc. (a)(f) | 1,318,335 | 928,635 | |
| Thermo Fisher Scientific, Inc. | 2,231,857 | 650,073 | |
| 1,934,912 | |||
| Pharmaceuticals - 2.2% | |||
| AstraZeneca PLC: | |||
| (United Kingdom) | 560,668 | 50,062 | |
| sponsored ADR | 15,259,698 | 680,125 | |
| Eli Lilly & Co. | 3,193,922 | 357,176 | |
| Hansoh Pharmaceutical Group Co. Ltd. (e) | 19,138,000 | 58,603 | |
| Idorsia Ltd. (a) | 1,868,959 | 45,954 | |
| Merck & Co., Inc. | 4,935,461 | 415,467 | |
| Novartis AG sponsored ADR | 3,633,494 | 315,751 | |
| Roche Holding AG (participation certificate) | 690,747 | 201,121 | |
| Turning Point Therapeutics, Inc. | 574,493 | 21,601 | |
| Zoetis, Inc. Class A | 3,271,706 | 407,622 | |
| 2,553,482 | |||
| TOTAL HEALTH CARE | 14,464,985 | ||
| INDUSTRIALS - 3.1% | |||
| Aerospace & Defense - 0.8% | |||
| Harris Corp. | 1,199,782 | 250,323 | |
| Lockheed Martin Corp. | 308,197 | 120,215 | |
| Northrop Grumman Corp. | 431,235 | 161,623 | |
| Space Exploration Technologies Corp.: | |||
| Class A (a)(b)(c) | 295,578 | 63,254 | |
| Class C (a)(b)(c) | 12,991 | 2,780 | |
| The Boeing Co. | 390,703 | 148,651 | |
| TransDigm Group, Inc. | 360,775 | 187,845 | |
| 934,691 | |||
| Airlines - 0.0% | |||
| Delta Air Lines, Inc. | 398,895 | 22,976 | |
| Building Products - 0.1% | |||
| ASSA ABLOY AB (B Shares) | 524,800 | 11,667 | |
| Toto Ltd. | 2,349,500 | 88,483 | |
| 100,150 | |||
| Commercial Services & Supplies - 0.4% | |||
| Cintas Corp. | 1,262,978 | 338,604 | |
| Clean TeQ Holdings Ltd. (a)(d)(f) | 40,739,607 | 8,387 | |
| TulCo LLC (a)(b)(c)(g) | 140,771 | 77,167 | |
| Waste Connection, Inc. (United States) | 351,471 | 32,335 | |
| 456,493 | |||
| Electrical Equipment - 0.6% | |||
| AMETEK, Inc. | 960,426 | 88,186 | |
| Fortive Corp. | 8,365,718 | 573,554 | |
| Generac Holdings, Inc. (a) | 562,247 | 44,046 | |
| 705,786 | |||
| Industrial Conglomerates - 0.3% | |||
| General Electric Co. | 33,465,049 | 299,178 | |
| Machinery - 0.1% | |||
| IDEX Corp. | 402,690 | 65,993 | |
| Ingersoll-Rand PLC | 615,309 | 75,812 | |
| 141,805 | |||
| Professional Services - 0.3% | |||
| CoStar Group, Inc. (a) | 223,863 | 132,796 | |
| Experian PLC | 2,474,311 | 79,069 | |
| FTI Consulting, Inc. (a) | 1,335,813 | 141,583 | |
| 353,448 | |||
| Road & Rail - 0.5% | |||
| CSX Corp. | 554,930 | 38,440 | |
| Keisei Electric Railway Co. | 322,400 | 13,310 | |
| Lyft, Inc. | 601,032 | 24,546 | |
| Uber Technologies, Inc. | 2,021,080 | 58,503 | |
| Union Pacific Corp. | 2,669,159 | 432,350 | |
| 567,149 | |||
| TOTAL INDUSTRIALS | 3,581,676 | ||
| INFORMATION TECHNOLOGY - 31.2% | |||
| Communications Equipment - 0.2% | |||
| Motorola Solutions, Inc. | 1,203,208 | 205,039 | |
| Telefonaktiebolaget LM Ericsson (B Shares) | 1,606,930 | 12,833 | |
| 217,872 | |||
| Electronic Equipment & Components - 2.1% | |||
| Amphenol Corp. Class A (f) | 20,125,014 | 1,942,064 | |
| CDW Corp. | 686,099 | 84,555 | |
| Keysight Technologies, Inc. (a) | 1,506,877 | 146,544 | |
| Zebra Technologies Corp. Class A (a) | 1,084,519 | 223,812 | |
| 2,396,975 | |||
| IT Services - 10.2% | |||
| Accenture PLC Class A | 1,266,316 | 243,576 | |
| Adyen BV (a)(e) | 169,327 | 111,547 | |
| ASAC II LP (a)(b)(c) | 39,494,500 | 6,635 | |
| Automatic Data Processing, Inc. | 373,743 | 60,330 | |
| Elastic NV | 812,562 | 66,906 | |
| Endava PLC ADR (a) | 98,313 | 3,721 | |
| EPAM Systems, Inc. (a) | 441,016 | 80,406 | |
| Fidelity National Information Services, Inc. | 183,470 | 24,357 | |
| Fiserv, Inc. (a) | 474,962 | 49,201 | |
| Global Payments, Inc. | 2,610,795 | 415,116 | |
| MasterCard, Inc. Class A | 10,623,863 | 2,885,122 | |
| MongoDB, Inc. Class A (a) | 2,016,752 | 242,978 | |
| Netcompany Group A/S (a)(e) | 448,138 | 17,873 | |
| Okta, Inc. (a) | 3,769,472 | 371,142 | |
| PagSeguro Digital Ltd. (a) | 807,493 | 37,395 | |
| PayPal Holdings, Inc. (a) | 21,580,425 | 2,235,516 | |
| Shopify, Inc. Class A (a) | 901,129 | 280,436 | |
| Twilio, Inc. Class A (a)(d) | 685,473 | 75,375 | |
| Visa, Inc. Class A | 25,567,983 | 4,397,949 | |
| Wix.com Ltd. (a) | 388,933 | 45,404 | |
| 11,650,985 | |||
| Semiconductors & Semiconductor Equipment - 2.2% | |||
| Advanced Micro Devices, Inc. (a) | 7,343,303 | 212,882 | |
| Analog Devices, Inc. | 2,010,391 | 224,621 | |
| Applied Materials, Inc. | 462,940 | 23,101 | |
| ASML Holding NV | 149,329 | 37,096 | |
| KLA-Tencor Corp. | 62,000 | 9,886 | |
| Lam Research Corp. | 645,515 | 149,185 | |
| Marvell Technology Group Ltd. | 2,018,851 | 50,411 | |
| Microchip Technology, Inc. (d) | 1,415,226 | 131,489 | |
| NVIDIA Corp. | 3,629,617 | 631,807 | |
| NXP Semiconductors NV | 725,077 | 79,120 | |
| Qualcomm, Inc. | 5,241,988 | 399,859 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 560,176 | 26,037 | |
| Texas Instruments, Inc. | 832,045 | 107,533 | |
| Xilinx, Inc. | 4,359,380 | 418,065 | |
| 2,501,092 | |||
| Software - 14.6% | |||
| Adobe, Inc. (a) | 11,097,576 | 3,065,705 | |
| Alteryx, Inc. Class A (a) | 382,753 | 41,119 | |
| Atlassian Corp. PLC (a) | 3,302,381 | 414,251 | |
| Ceridian HCM Holding, Inc. (a) | 1,277,538 | 63,072 | |
| Cloudflare, Inc. | 6,547,014 | 109,420 | |
| Coupa Software, Inc. (a) | 1,276,814 | 165,437 | |
| CyberArk Software Ltd. (a) | 149,353 | 14,908 | |
| Datadog, Inc. Class A (a)(d) | 289,900 | 9,831 | |
| DocuSign, Inc. (a) | 189,300 | 11,721 | |
| Dropbox, Inc. Class A (a) | 5,520,229 | 111,343 | |
| HubSpot, Inc. (a) | 60,690 | 9,201 | |
| Intuit, Inc. | 2,555,846 | 679,702 | |
| Microsoft Corp. | 43,087,618 | 5,990,472 | |
| Paycom Software, Inc. (a) | 981,095 | 205,530 | |
| Rapid7, Inc. (a) | 211,514 | 9,601 | |
| RingCentral, Inc. (a) | 2,552,757 | 320,779 | |
| Salesforce.com, Inc. (a) | 28,782,107 | 4,272,416 | |
| Slack Technologies, Inc. Class A (a)(d) | 1,243,001 | 29,496 | |
| Tanium, Inc. Class B (a)(b)(c) | 2,944,100 | 27,616 | |
| Workday, Inc. Class A (a) | 7,181,424 | 1,220,555 | |
| Zoom Video Communications, Inc. Class A (d) | 73,776 | 5,622 | |
| 16,777,797 | |||
| Technology Hardware, Storage & Peripherals - 1.9% | |||
| Apple, Inc. | 9,497,028 | 2,127,049 | |
| Samsung Electronics Co. Ltd. | 595,300 | 24,351 | |
| 2,151,400 | |||
| TOTAL INFORMATION TECHNOLOGY | 35,696,121 | ||
| MATERIALS - 1.9% | |||
| Chemicals - 0.5% | |||
| Air Products & Chemicals, Inc. | 337,875 | 74,961 | |
| Growmax Resources Corp. (a)(c)(e) | 3,146,063 | 131 | |
| Sherwin-Williams Co. | 741,989 | 407,997 | |
| Westlake Chemical Corp. | 1,103,205 | 72,282 | |
| 555,371 | |||
| Construction Materials - 0.0% | |||
| Vulcan Materials Co. | 4,472 | 676 | |
| Metals & Mining - 1.4% | |||
| Agnico Eagle Mines Ltd. (Canada) | 200,933 | 10,768 | |
| B2Gold Corp. (a) | 49,769,091 | 161,909 | |
| Barrick Gold Corp. | 1,255,210 | 21,753 | |
| Barrick Gold Corp. (Canada) | 24,576,443 | 425,174 | |
| Franco-Nevada Corp. | 4,526,020 | 412,410 | |
| Ivanhoe Mines Ltd. (a)(f) | 46,812,194 | 121,549 | |
| Ivanhoe Mines Ltd. (a)(e)(f) | 13,462,497 | 34,956 | |
| Kirkland Lake Gold Ltd. | 5,891,830 | 263,939 | |
| Lundin Gold, Inc. (a) | 1,436,747 | 8,296 | |
| Newcrest Mining Ltd. | 5,737,700 | 134,575 | |
| Novagold Resources, Inc. (a) | 7,492,594 | 45,526 | |
| Royal Gold, Inc. | 188,404 | 23,213 | |
| 1,664,068 | |||
| TOTAL MATERIALS | 2,220,115 | ||
| REAL ESTATE - 0.8% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.8% | |||
| American Tower Corp. | 2,933,798 | 648,751 | |
| AvalonBay Communities, Inc. | 150,315 | 32,367 | |
| Equity Residential (SBI) | 2,083,630 | 179,734 | |
| Essex Property Trust, Inc. | 101,083 | 33,019 | |
| 893,871 | |||
| Real Estate Management & Development - 0.0% | |||
| WeWork Companies, Inc. Class A (a)(b)(c) | 53,694 | 1,897 | |
| TOTAL REAL ESTATE | 895,768 | ||
| UTILITIES - 0.3% | |||
| Electric Utilities - 0.3% | |||
| NextEra Energy, Inc. | 1,611,268 | 375,409 | |
| TOTAL COMMON STOCKS | |||
| (Cost $54,549,356) | 113,075,593 | ||
| Preferred Stocks - 0.9% | |||
| Convertible Preferred Stocks - 0.8% | |||
| COMMUNICATION SERVICES - 0.0% | |||
| Wireless Telecommunication Services - 0.0% | |||
| Altiostar Networks, Inc. Series A1 (a)(b)(c) | 2,124,227 | 5,226 | |
| CONSUMER DISCRETIONARY - 0.1% | |||
| Diversified Consumer Services - 0.1% | |||
| Airbnb, Inc.: | |||
| Series D (a)(b)(c) | 578,817 | 59,329 | |
| Series E (a)(b)(c) | 388,853 | 39,857 | |
| ZenPayroll, Inc. Series D 0.00% (b)(c) | 2,436,137 | 32,431 | |
| 131,617 | |||
| Textiles, Apparel & Luxury Goods - 0.0% | |||
| Allbirds, Inc.: | |||
| Series A (b)(c) | 68,481 | 3,443 | |
| Series B (b)(c) | 12,031 | 605 | |
| Series C (b)(c) | 114,981 | 5,781 | |
| Aurora Innovation, Inc. Series B (b)(c) | 2,121,140 | 19,600 | |
| 29,429 | |||
| TOTAL CONSUMER DISCRETIONARY | 161,046 | ||
| CONSUMER STAPLES - 0.1% | |||
| Food & Staples Retailing - 0.1% | |||
| Roofoods Ltd. Series F (a)(b)(c) | 154,611 | 64,612 | |
| HEALTH CARE - 0.2% | |||
| Biotechnology - 0.2% | |||
| 23andMe, Inc.: | |||
| Series E (a)(b)(c) | 664,987 | 8,824 | |
| Series F (a)(b)(c) | 3,348,986 | 44,441 | |
| Generation Bio Series B (a)(b)(c) | 2,430,600 | 22,094 | |
| Intarcia Therapeutics, Inc. Series CC (a)(b)(c) | 2,100,446 | 84,942 | |
| Nuvation Bio, Inc. Series A (b)(c)(h) | 35,794,400 | 27,611 | |
| 187,912 | |||
| Health Care Providers & Services - 0.0% | |||
| Get Heal, Inc. Series B (a)(b)(c) | 35,877,127 | 215 | |
| Mulberry Health, Inc.: | |||
| Series A-8 (a)(b)(c) | 7,960,894 | 55,249 | |
| Series A-9 (a)(b)(c) | 600,009 | 4,164 | |
| Series AA-9 (a)(b)(c) | 49,783 | 345 | |
| 59,973 | |||
| Pharmaceuticals - 0.0% | |||
| Allovir, Inc. Series B (b)(c) | 1,909,634 | 15,564 | |
| TOTAL HEALTH CARE | 263,449 | ||
| INDUSTRIALS - 0.1% | |||
| Aerospace & Defense - 0.1% | |||
| Space Exploration Technologies Corp.: | |||
| Series G (a)(b)(c) | 558,215 | 119,458 | |
| Series H (a)(b)(c) | 120,282 | 25,740 | |
| 145,198 | |||
| INFORMATION TECHNOLOGY - 0.1% | |||
| Software - 0.1% | |||
| Affirm, Inc. Series F (b)(c) | 2,371,275 | 31,261 | |
| Carbon, Inc.: | |||
| Series D (a)(b)(c) | 915,425 | 25,627 | |
| Series E (b)(c) | 139,606 | 3,908 | |
| Delphix Corp. Series D (a)(b)(c) | 3,712,687 | 30,407 | |
| 91,203 | |||
| REAL ESTATE - 0.2% | |||
| Real Estate Management & Development - 0.2% | |||
| WeWork Companies, Inc.: | |||
| Series E (a)(b)(c) | 5,464,465 | 193,060 | |
| Series F (a)(b)(c) | 253,732 | 8,964 | |
| 202,024 | |||
| TOTAL CONVERTIBLE PREFERRED STOCKS | 932,758 | ||
| Nonconvertible Preferred Stocks - 0.1% | |||
| CONSUMER DISCRETIONARY - 0.0% | |||
| Textiles, Apparel & Luxury Goods - 0.0% | |||
| Allbirds, Inc. (b)(c) | 36,794 | 1,850 | |
| CONSUMER STAPLES - 0.1% | |||
| Food & Staples Retailing - 0.1% | |||
| Roofoods Ltd. Series G (c) | 46,145 | 19,284 | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | 21,134 | ||
| TOTAL PREFERRED STOCKS | |||
| (Cost $767,026) | 953,892 | ||
| Principal Amount (000s) | Value (000s) | ||
| Convertible Bonds - 0.0% | |||
| COMMUNICATION SERVICES - 0.0% | |||
| Entertainment - 0.0% | |||
| Trion World, Inc. 8% 12/31/49 pay-in-kind (Cost $2,052)(b)(c)(i)(j) | 2,054 | 0 | |
| Shares | Value (000s) | ||
| Money Market Funds - 0.8% | |||
| Fidelity Cash Central Fund 1.96% (k) | 717,351,027 | 717,494 | |
| Fidelity Securities Lending Cash Central Fund 1.96% (k)(l) | 221,696,650 | 221,719 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $939,211) | 939,213 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.4% | |||
| (Cost $56,257,645) | 114,968,698 | ||
| NET OTHER ASSETS (LIABILITIES) - (0.4)% | (402,469) | ||
| NET ASSETS - 100% | $114,566,229 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Non-income producing
(b) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,124,892,000 or 1.0% of net assets.
(c) Level 3 security
(d) Security or a portion of the security is on loan at period end.
(e) 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 $360,548,000 or 0.3% of net assets.
(f) Affiliated company
(g) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(h) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(i) Non-income producing - Security is in default.
(j) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(k) 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.
(l) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost (000s) |
| 23andMe, Inc. | 12/7/18 | $2,799 |
| 23andMe, Inc. Series E | 6/18/15 | $7,200 |
| 23andMe, Inc. Series F | 8/31/17 | $46,498 |
| Affirm, Inc. Series F | 3/22/19 | $31,261 |
| Airbnb, Inc. Series D | 4/16/14 | $23,565 |
| Airbnb, Inc. Series E | 6/29/15 | $36,200 |
| Allbirds, Inc. | 10/9/18 | $9,515 |
| Allbirds, Inc. | 10/9/18 | $2,018 |
| Allbirds, Inc. Series A | 10/9/18 | $3,755 |
| Allbirds, Inc. Series B | 10/9/18 | $660 |
| Allbirds, Inc. Series C | 10/9/18 | $6,305 |
| Allovir, Inc. Series B | 5/8/19 | $15,564 |
| Altiostar Networks, Inc. Series A1 | 1/10/17 | $9,771 |
| ASAC II LP | 10/10/13 | $3,041 |
| Aurora Innovation, Inc. Series B | 3/1/19 | $19,600 |
| Carbon, Inc. Series D | 12/15/17 | $21,376 |
| Carbon, Inc. Series E | 3/22/19 | $3,908 |
| Delphix Corp. Series D | 7/10/15 | $33,414 |
| Generation Bio Series B | 2/21/18 | $22,230 |
| Get Heal, Inc. Series B | 11/7/16 | $10,944 |
| Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $28,629 |
| Mulberry Health, Inc. Series A-8 | 1/20/16 | $53,774 |
| Mulberry Health, Inc. Series A-9 | 3/23/18 | $4,281 |
| Mulberry Health, Inc. Series AA-9 | 3/23/18 | $145 |
| Nuvation Bio, Inc. Series A | 6/17/19 | $27,612 |
| Roofoods Ltd. Series F | 9/12/17 | $54,666 |
| Space Exploration Technologies Corp. Class A | 10/16/15 - 9/11/17 | $30,689 |
| Space Exploration Technologies Corp. Class C | 9/11/17 | $1,754 |
| Space Exploration Technologies Corp. Series G | 1/20/15 | $43,239 |
| Space Exploration Technologies Corp. Series H | 8/4/17 | $16,238 |
| Tanium, Inc. Class B | 4/21/17 | $14,615 |
| Trion World, Inc. | 8/22/08 - 3/20/13 | $25,151 |
| Trion World, Inc. 8% 12/31/49 pay-in-kind | 10/10/13 - 4/10/18 | $2,051 |
| TulCo LLC | 8/24/17 - 9/7/18 | $52,194 |
| Weinstein Co. Holdings LLC Class A-1 | 10/19/05 | $41,763 |
| WeWork Companies, Inc. Class A | 6/23/15 | $1,766 |
| WeWork Companies, Inc. Series E | 6/23/15 | $179,724 |
| WeWork Companies, Inc. Series F | 12/1/16 | $12,735 |
| ZenPayroll, Inc. Series D 0.00% | 7/16/19 | $32,431 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| (Amounts in thousands) | |
| Fidelity Cash Central Fund | $34,629 |
| Fidelity Securities Lending Cash Central Fund | 4,200 |
| Total | $38,829 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount 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 payments received for lending certain types of securities.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
| Affiliate (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Amphenol Corp. Class A | $1,831,879 | $11,985 | $235,053 | $15,166 | $79,852 | $253,401 | $1,942,064 |
| B2Gold Corp. | 151,042 | -- | 5,715 | -- | 3,126 | 13,456 | -- |
| Birchcliff Energy Ltd. | 47,013 | -- | 1,833 | 1,032 | (520) | (11,818) | 32,842 |
| Birchcliff Energy Ltd. | 1,528 | -- | -- | 34 | -- | (420) | 1,108 |
| Centennial Resource Development, Inc. Class A | 231,392 | 3,259 | 7,685 | -- | (145) | (134,504) | 92,317 |
| Churchill Capital Corp. Class A | -- | 63,958 | 64,113 | -- | 155 | -- | -- |
| Clean TeQ Holdings Ltd. | 11,088 | 76 | 400 | -- | (785) | (1,592) | 8,387 |
| Ivanhoe Mines Ltd. | 84,386 | -- | 4,410 | -- | 3,198 | 38,375 | 121,549 |
| Ivanhoe Mines Ltd. | 24,268 | -- | 1,267 | -- | (1,220) | 13,175 | 34,956 |
| Metro Bank PLC | 121,700 | -- | 62,162 | -- | (58,711) | (827) | -- |
| Mettler-Toledo International, Inc. | 785,722 | 30,569 | 77,474 | -- | 31,419 | 158,399 | 928,635 |
| Total | $3,290,018 | $109,847 | $460,112 | $16,232 | $56,369 | $327,645 | $3,161,858 |
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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 vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the 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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