Quarterly Holdings Report
for
Fidelity Advisor® New Insights Fund
March 31, 2020
Schedule of Investments March 31, 2020 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.6% | |||
| Shares | Value (000s) | ||
| COMMUNICATION SERVICES - 14.8% | |||
| Diversified Telecommunication Services - 0.6% | |||
| Verizon Communications, Inc. | 2,381,454 | $127,956 | |
| Entertainment - 3.6% | |||
| Activision Blizzard, Inc. | 687,876 | 40,915 | |
| Netflix, Inc. (a) | 1,509,019 | 566,637 | |
| Spotify Technology SA (a) | 71,968 | 8,740 | |
| The Walt Disney Co. | 902,315 | 87,164 | |
| WME Entertainment Parent, LLC Class A (a)(b)(c)(d) | 13,803,650 | 24,709 | |
| 728,165 | |||
| Interactive Media & Services - 9.0% | |||
| Alphabet, Inc.: | |||
| Class A (a) | 545,596 | 633,955 | |
| Class C (a) | 53,215 | 61,879 | |
| Facebook, Inc. Class A (a) | 6,667,822 | 1,112,193 | |
| Pinterest, Inc. Class A (e) | 1,374,506 | 21,222 | |
| Twitter, Inc. (a) | 46,900 | 1,152 | |
| 1,830,401 | |||
| Media - 0.9% | |||
| Charter Communications, Inc. Class A (a) | 9,201 | 4,014 | |
| Comcast Corp. Class A | 4,901,442 | 168,512 | |
| Liberty Media Corp. Liberty Formula One Group Series C (a) | 70,612 | 1,923 | |
| 174,449 | |||
| Wireless Telecommunication Services - 0.7% | |||
| Sprint Corp. (a) | 9,218,172 | 79,461 | |
| T-Mobile U.S., Inc. (a) | 676,315 | 56,743 | |
| 136,204 | |||
| TOTAL COMMUNICATION SERVICES | 2,997,175 | ||
| CONSUMER DISCRETIONARY - 11.7% | |||
| Automobiles - 0.5% | |||
| Aston Martin Lagonda Global Holdings PLC (a)(e)(f) | 3,784,314 | 9,229 | |
| Fiat Chrysler Automobiles NV | 4,565,616 | 32,827 | |
| General Motors Co. | 1,896,077 | 39,400 | |
| Tesla, Inc. (a) | 19,591 | 10,266 | |
| Toyota Motor Corp. | 136,200 | 8,208 | |
| 99,930 | |||
| Hotels, Restaurants & Leisure - 0.6% | |||
| Chipotle Mexican Grill, Inc. (a) | 65,968 | 43,169 | |
| Domino's Pizza, Inc. | 3,900 | 1,264 | |
| Dunkin' Brands Group, Inc. | 490,891 | 26,066 | |
| Evolution Gaming Group AB (f) | 278,976 | 9,459 | |
| McDonald's Corp. | 305,628 | 50,536 | |
| Starbucks Corp. | 51,283 | 3,371 | |
| 133,865 | |||
| Household Durables - 0.5% | |||
| Blu Homes, Inc. (a)(c)(d) | 98,215,581 | 170 | |
| D.R. Horton, Inc. | 1,135,875 | 38,620 | |
| Garmin Ltd. | 104,427 | 7,828 | |
| Mohawk Industries, Inc. (a) | 264,617 | 20,174 | |
| NVR, Inc. (a) | 15,297 | 39,300 | |
| Tempur Sealy International, Inc. (a) | 54,900 | 2,400 | |
| 108,492 | |||
| Internet & Direct Marketing Retail - 7.1% | |||
| Alibaba Group Holding Ltd. | 2,088,100 | 50,597 | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | 78,801 | 15,325 | |
| Amazon.com, Inc. (a) | 678,834 | 1,323,536 | |
| Boohoo.Com PLC (a) | 888,241 | 2,089 | |
| Chewy, Inc. | 74,600 | 2,797 | |
| Delivery Hero AG (a)(f) | 37,600 | 2,765 | |
| Meituan Dianping Class B (a) | 421,400 | 5,024 | |
| The Booking Holdings, Inc. (a) | 29,878 | 40,195 | |
| 1,442,328 | |||
| Leisure Products - 0.5% | |||
| Peloton Interactive, Inc.: | |||
| Class A (a) | 227,275 | 6,034 | |
| Class B | 3,760,544 | 99,842 | |
| 105,876 | |||
| Multiline Retail - 0.2% | |||
| Dollar General Corp. | 220,513 | 33,300 | |
| Specialty Retail - 1.1% | |||
| AutoZone, Inc. (a) | 37,680 | 31,877 | |
| Best Buy Co., Inc. | 439,701 | 25,063 | |
| Burlington Stores, Inc. (a) | 30,714 | 4,867 | |
| National Vision Holdings, Inc. (a) | 1,407,191 | 27,328 | |
| The Home Depot, Inc. | 102,563 | 19,150 | |
| TJX Companies, Inc. | 2,381,225 | 113,846 | |
| 222,131 | |||
| Textiles, Apparel & Luxury Goods - 1.2% | |||
| adidas AG | 228,311 | 50,691 | |
| Allbirds, Inc. (a)(c)(d) | 189,420 | 1,576 | |
| Brunello Cucinelli SpA | 1,802,600 | 54,584 | |
| China Hongxing Sports Ltd. (a)(d) | 5,977,800 | 238 | |
| Deckers Outdoor Corp. (a) | 66,792 | 8,950 | |
| lululemon athletica, Inc. (a) | 68,971 | 13,073 | |
| NIKE, Inc. Class B | 768,926 | 63,621 | |
| PVH Corp. | 399,764 | 15,047 | |
| Ralph Lauren Corp. | 17,987 | 1,202 | |
| Tapestry, Inc. | 1,263,629 | 16,364 | |
| Under Armour, Inc. Class A (sub. vtg.) (a)(e) | 1,444,588 | 13,305 | |
| 238,651 | |||
| TOTAL CONSUMER DISCRETIONARY | 2,384,573 | ||
| CONSUMER STAPLES - 4.3% | |||
| Beverages - 0.8% | |||
| Diageo PLC sponsored ADR | 262,999 | 33,432 | |
| Keurig Dr. Pepper, Inc. | 677,785 | 16,450 | |
| PepsiCo, Inc. | 526,202 | 63,197 | |
| The Coca-Cola Co. | 1,062,982 | 47,037 | |
| 160,116 | |||
| Food & Staples Retailing - 1.7% | |||
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 128,326 | 3,023 | |
| Costco Wholesale Corp. | 467,047 | 133,169 | |
| Grocery Outlet Holding Corp. (e) | 139,184 | 4,780 | |
| Kroger Co. | 1,756,611 | 52,909 | |
| Walmart, Inc. | 1,404,338 | 159,561 | |
| 353,442 | |||
| Food Products - 0.4% | |||
| Danone SA | 548,655 | 35,113 | |
| Freshpet, Inc. (a) | 19,700 | 1,258 | |
| Greencore Group PLC | 18,257,692 | 37,284 | |
| Mondelez International, Inc. | 151,364 | 7,580 | |
| 81,235 | |||
| Household Products - 0.4% | |||
| Procter & Gamble Co. | 291,745 | 32,092 | |
| Reckitt Benckiser Group PLC | 573,000 | 43,649 | |
| 75,741 | |||
| Personal Products - 1.0% | |||
| Estee Lauder Companies, Inc. Class A | 839,484 | 133,763 | |
| L'Oreal SA | 23,812 | 6,163 | |
| Shiseido Co. Ltd. | 167,900 | 9,965 | |
| Unilever NV | 1,136,648 | 55,868 | |
| 205,759 | |||
| TOTAL CONSUMER STAPLES | 876,293 | ||
| ENERGY - 2.5% | |||
| Energy Equipment & Services - 0.0% | |||
| Borr Drilling Ltd. (a)(e) | 2,881,720 | 1,379 | |
| Oceaneering International, Inc. (a) | 2,052,618 | 6,035 | |
| Pacific Drilling SA (a) | 1,328,764 | 571 | |
| 7,985 | |||
| Oil, Gas & Consumable Fuels - 2.5% | |||
| BP PLC sponsored ADR | 2,135,843 | 52,093 | |
| Cabot Oil & Gas Corp. | 2,034,654 | 34,976 | |
| Centennial Resource Development, Inc. Class A (a) | 2,624,371 | 690 | |
| Cheniere Energy, Inc. (a) | 1,300,100 | 43,553 | |
| Concho Resources, Inc. (a) | 25,680 | 1,100 | |
| Continental Resources, Inc. (e) | 57,051 | 436 | |
| Energy Transfer Equity LP | 2,294,900 | 10,557 | |
| Exxon Mobil Corp. | 3,611,222 | 137,118 | |
| Golar LNG Ltd. | 1,429,948 | 11,268 | |
| GoviEx Uranium, Inc. (a) | 848,865 | 75 | |
| GoviEx Uranium, Inc. (a)(f) | 23,200 | 2 | |
| GoviEx Uranium, Inc. Class A (a)(f) | 2,625,135 | 233 | |
| Hess Corp. | 2,751,470 | 91,624 | |
| Kosmos Energy Ltd. | 14,136,350 | 12,661 | |
| Magnolia Oil & Gas Corp. Class A (a) | 780,615 | 3,122 | |
| Reliance Industries Ltd. | 1,916,473 | 28,330 | |
| The Williams Companies, Inc. | 3,160,415 | 44,720 | |
| Valero Energy Corp. | 622,353 | 28,230 | |
| 500,788 | |||
| TOTAL ENERGY | 508,773 | ||
| FINANCIALS - 10.6% | |||
| Banks - 3.6% | |||
| Bank of America Corp. | 13,249,074 | 281,278 | |
| Citigroup, Inc. | 262,569 | 11,059 | |
| HDFC Bank Ltd. sponsored ADR | 1,790,766 | 68,873 | |
| JPMorgan Chase & Co. | 924,089 | 83,196 | |
| Kotak Mahindra Bank Ltd. | 2,032,872 | 34,969 | |
| PNC Financial Services Group, Inc. | 770,735 | 73,775 | |
| The Toronto-Dominion Bank | 29,700 | 1,263 | |
| Wells Fargo & Co. | 5,955,415 | 170,920 | |
| 725,333 | |||
| Capital Markets - 1.4% | |||
| Brookfield Asset Management, Inc. (Canada) Class A | 168,619 | 7,474 | |
| CME Group, Inc. | 241,676 | 41,788 | |
| Goldman Sachs Group, Inc. | 300,969 | 46,527 | |
| Moody's Corp. | 106,800 | 22,588 | |
| Morgan Stanley | 1,150,094 | 39,103 | |
| MSCI, Inc. | 32,976 | 9,529 | |
| Northern Trust Corp. | 448,664 | 33,856 | |
| S&P Global, Inc. | 29,200 | 7,155 | |
| The NASDAQ OMX Group, Inc. | 613,590 | 58,260 | |
| TPG Specialty Lending, Inc. | 1,796,418 | 25,006 | |
| 291,286 | |||
| Consumer Finance - 0.5% | |||
| American Express Co. | 990,233 | 84,774 | |
| Oportun Financial Corp. (a)(e) | 981,015 | 10,350 | |
| 95,124 | |||
| Diversified Financial Services - 3.0% | |||
| Berkshire Hathaway, Inc. Class A (a) | 2,257 | 613,904 | |
| Insurance - 2.0% | |||
| Admiral Group PLC | 617,853 | 17,016 | |
| Allstate Corp. | 93,939 | 8,617 | |
| American International Group, Inc. | 3,598,175 | 87,256 | |
| Arch Capital Group Ltd. (a) | 2,232,265 | 63,530 | |
| Chubb Ltd. | 824,334 | 92,070 | |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | 35,867 | 10,996 | |
| First American Financial Corp. | 429,741 | 18,225 | |
| Hiscox Ltd. | 1,368,743 | 15,587 | |
| Intact Financial Corp. | 2,300 | 199 | |
| Marsh & McLennan Companies, Inc. | 13,289 | 1,149 | |
| MetLife, Inc. | 1,316,911 | 40,258 | |
| Progressive Corp. | 27,800 | 2,053 | |
| RenaissanceRe Holdings Ltd. | 114,900 | 17,157 | |
| The Travelers Companies, Inc. | 242,906 | 24,133 | |
| 398,246 | |||
| Thrifts & Mortgage Finance - 0.1% | |||
| Radian Group, Inc. | 2,139,069 | 27,701 | |
| TOTAL FINANCIALS | 2,151,594 | ||
| HEALTH CARE - 14.6% | |||
| Biotechnology - 2.7% | |||
| 23andMe, Inc. (a)(c)(d) | 22,532 | 285 | |
| AbbVie, Inc. | 363,861 | 27,723 | |
| Acceleron Pharma, Inc. (a) | 48,431 | 4,352 | |
| Alector, Inc. (a) | 46,200 | 1,115 | |
| Amgen, Inc. | 329,275 | 66,754 | |
| Argenx SE ADR (a) | 12,653 | 1,667 | |
| BeiGene Ltd. ADR (a) | 37,500 | 4,617 | |
| bluebird bio, Inc. (a) | 72,706 | 3,342 | |
| CSL Ltd. | 20,983 | 3,829 | |
| Galapagos Genomics NV sponsored ADR (a) | 37,448 | 7,337 | |
| Genmab A/S (a) | 7,000 | 1,406 | |
| Gilead Sciences, Inc. | 479,900 | 35,877 | |
| Global Blood Therapeutics, Inc. (a) | 118,678 | 6,063 | |
| Idorsia Ltd. (a) | 333,066 | 8,608 | |
| Innovent Biolgics, Inc. (a)(f) | 2,316,000 | 9,664 | |
| Intarcia Therapeutics, Inc. warrants 12/31/24 (a)(d) | 26,062 | 0 | |
| Light Sciences Oncology, Inc. (a)(d) | 2,708,254 | 0 | |
| Mirati Therapeutics, Inc. (a) | 58,433 | 4,492 | |
| Morphosys AG (a) | 49,262 | 4,743 | |
| Olivo Labs (a)(c)(d) | 630,333 | 0 | |
| Regeneron Pharmaceuticals, Inc. (a) | 258,297 | 126,124 | |
| Revolution Medicines, Inc. | 71,500 | 1,567 | |
| Seattle Genetics, Inc. (a) | 129,200 | 14,907 | |
| Turning Point Therapeutics, Inc. | 74,189 | 3,313 | |
| Vertex Pharmaceuticals, Inc. (a) | 899,146 | 213,952 | |
| Zai Lab Ltd. ADR (a) | 42,900 | 2,208 | |
| 553,945 | |||
| Health Care Equipment & Supplies - 3.9% | |||
| Abbott Laboratories | 547,049 | 43,168 | |
| Baxter International, Inc. | 1,286,554 | 104,455 | |
| Becton, Dickinson & Co. | 354,051 | 81,350 | |
| Boston Scientific Corp. (a) | 2,093,708 | 68,318 | |
| Danaher Corp. | 1,040,322 | 143,991 | |
| DexCom, Inc. (a) | 365,182 | 98,333 | |
| Edwards Lifesciences Corp. (a) | 572,487 | 107,982 | |
| I-Pulse, Inc. (a)(c)(d) | 58,562 | 178 | |
| Intuitive Surgical, Inc. (a) | 177,720 | 88,009 | |
| Masimo Corp. (a) | 68,202 | 12,080 | |
| Quidel Corp. (a) | 42,790 | 4,185 | |
| ResMed, Inc. | 40,022 | 5,895 | |
| Sonova Holding AG Class B | 45,614 | 8,134 | |
| Stryker Corp. | 196,303 | 32,682 | |
| Tandem Diabetes Care, Inc. (a) | 20,100 | 1,293 | |
| 800,053 | |||
| Health Care Providers & Services - 3.0% | |||
| Cardinal Health, Inc. | 29,500 | 1,414 | |
| Centene Corp. (a) | 1,299,700 | 77,215 | |
| Cigna Corp. | 484,228 | 85,796 | |
| Hapvida Participacoes e Investimentos SA (f) | 719,600 | 5,872 | |
| Patterson Companies, Inc. | 63,300 | 968 | |
| UnitedHealth Group, Inc. | 1,699,119 | 423,726 | |
| Universal Health Services, Inc. Class B | 226,380 | 22,430 | |
| 617,421 | |||
| Health Care Technology - 0.2% | |||
| Castlight Health, Inc. (a) | 1,303,800 | 943 | |
| Inspire Medical Systems, Inc. (a) | 1,000 | 60 | |
| Teladoc Health, Inc. (a) | 13,800 | 2,139 | |
| Veeva Systems, Inc. Class A (a) | 205,197 | 32,087 | |
| 35,229 | |||
| Life Sciences Tools & Services - 1.7% | |||
| 10X Genomics, Inc. (a) | 55,793 | 3,477 | |
| Bio-Rad Laboratories, Inc. Class A (a) | 38,004 | 13,323 | |
| Bruker Corp. | 1,235,614 | 44,309 | |
| Mettler-Toledo International, Inc. (a) | 99,370 | 68,616 | |
| Thermo Fisher Scientific, Inc. | 739,511 | 209,725 | |
| 339,450 | |||
| Pharmaceuticals - 3.1% | |||
| AstraZeneca PLC sponsored ADR | 2,006,243 | 89,599 | |
| Bristol-Myers Squibb Co. | 2,372,430 | 132,239 | |
| Bristol-Myers Squibb Co. rights (a) | 146,657 | 557 | |
| Eli Lilly & Co. | 1,239,100 | 171,888 | |
| Hansoh Pharmaceutical Group Co. Ltd. (f) | 3,147,000 | 10,516 | |
| Merck & Co., Inc. | 767,666 | 59,064 | |
| Novartis AG sponsored ADR | 56,024 | 4,619 | |
| Perrigo Co. PLC | 4,011 | 193 | |
| Roche Holding AG (participation certificate) | 203,723 | 65,546 | |
| Sanofi SA | 471,400 | 40,811 | |
| Zoetis, Inc. Class A | 427,159 | 50,272 | |
| 625,304 | |||
| TOTAL HEALTH CARE | 2,971,402 | ||
| INDUSTRIALS - 6.9% | |||
| Aerospace & Defense - 2.1% | |||
| General Dynamics Corp. | 462,703 | 61,220 | |
| Harris Corp. | 256,636 | 46,225 | |
| Huntington Ingalls Industries, Inc. | 437,012 | 79,628 | |
| Kratos Defense & Security Solutions, Inc. (a) | 2,101,201 | 29,081 | |
| Lockheed Martin Corp. | 33,800 | 11,457 | |
| Northrop Grumman Corp. | 391,252 | 118,373 | |
| Space Exploration Technologies Corp.: | |||
| Class A (a)(c)(d) | 247,745 | 48,630 | |
| Class C (a)(c)(d) | 4,546 | 892 | |
| The Boeing Co. | 250,400 | 37,345 | |
| TransDigm Group, Inc. | 14,179 | 4,540 | |
| 437,391 | |||
| Air Freight & Logistics - 0.1% | |||
| XPO Logistics, Inc. (a) | 373,970 | 18,231 | |
| Airlines - 0.2% | |||
| Ryanair Holdings PLC sponsored ADR (a) | 531,425 | 28,213 | |
| Southwest Airlines Co. | 547,200 | 19,486 | |
| 47,699 | |||
| Building Products - 0.6% | |||
| Fortune Brands Home & Security, Inc. | 683,047 | 29,542 | |
| Toto Ltd. | 2,264,300 | 75,705 | |
| Trane Technologies PLC | 113,570 | 9,380 | |
| 114,627 | |||
| Commercial Services & Supplies - 0.5% | |||
| Cintas Corp. | 190,379 | 32,977 | |
| Clean TeQ Holdings Ltd. (a) | 70,040 | 5 | |
| IAA Spinco, Inc. (a) | 685,495 | 20,537 | |
| KAR Auction Services, Inc. (e) | 689,695 | 8,276 | |
| Stericycle, Inc. (a) | 486,211 | 23,620 | |
| TulCo LLC (a)(b)(c)(d) | 17,377 | 7,337 | |
| 92,752 | |||
| Construction & Engineering - 0.1% | |||
| AECOM (a) | 550,846 | 16,443 | |
| Electrical Equipment - 0.3% | |||
| AMETEK, Inc. | 71,135 | 5,123 | |
| Melrose Industries PLC | 17,488,956 | 19,434 | |
| Vestas Wind Systems A/S | 410,012 | 33,361 | |
| 57,918 | |||
| Industrial Conglomerates - 2.0% | |||
| General Electric Co. | 51,141,002 | 406,060 | |
| Machinery - 0.4% | |||
| Donaldson Co., Inc. | 858,587 | 33,167 | |
| Fortive Corp. | 548,032 | 30,246 | |
| Pentair PLC | 476,151 | 14,170 | |
| 77,583 | |||
| Professional Services - 0.4% | |||
| Clarivate Analytics PLC (a) | 1,519,753 | 31,535 | |
| CoStar Group, Inc. (a) | 28,546 | 16,762 | |
| Experian PLC | 455,778 | 12,667 | |
| FTI Consulting, Inc. (a) | 217,417 | 26,040 | |
| 87,004 | |||
| Road & Rail - 0.2% | |||
| Canadian Pacific Railway Ltd. | 25,200 | 5,561 | |
| Knight-Swift Transportation Holdings, Inc. Class A | 1,417,437 | 46,492 | |
| 52,053 | |||
| TOTAL INDUSTRIALS | 1,407,761 | ||
| INFORMATION TECHNOLOGY - 26.8% | |||
| Communications Equipment - 0.9% | |||
| Cisco Systems, Inc. | 3,053,577 | 120,036 | |
| Ericsson (B Shares) | 4,739,505 | 38,366 | |
| Motorola Solutions, Inc. | 153,053 | 20,344 | |
| 178,746 | |||
| Electronic Equipment & Components - 1.4% | |||
| Amphenol Corp. Class A | 2,934,047 | 213,833 | |
| CDW Corp. | 174,321 | 16,259 | |
| Keysight Technologies, Inc. (a) | 146,075 | 12,224 | |
| Zebra Technologies Corp. Class A (a) | 177,664 | 32,619 | |
| 274,935 | |||
| IT Services - 8.0% | |||
| Accenture PLC Class A | 313,008 | 51,102 | |
| Adyen BV (a)(f) | 43,660 | 36,772 | |
| Akamai Technologies, Inc. (a) | 741,764 | 67,864 | |
| ASAC II LP (a)(c)(d) | 9,408,021 | 1,581 | |
| Black Knight, Inc. (a) | 620,470 | 36,024 | |
| Edenred SA | 31,284 | 1,298 | |
| Endava PLC ADR (a) | 31,434 | 1,105 | |
| EPAM Systems, Inc. (a) | 95,618 | 17,752 | |
| Euronet Worldwide, Inc. (a) | 205,858 | 17,646 | |
| Fidelity National Information Services, Inc. | 593,413 | 72,183 | |
| Fiserv, Inc. (a) | 457,367 | 43,445 | |
| Global Payments, Inc. | 326,636 | 47,111 | |
| Leidos Holdings, Inc. | 369,787 | 33,891 | |
| MasterCard, Inc. Class A | 881,889 | 213,029 | |
| MongoDB, Inc. Class A (a) | 295,003 | 40,280 | |
| Okta, Inc. (a) | 933,203 | 114,093 | |
| PayPal Holdings, Inc. (a) | 1,509,837 | 144,552 | |
| Shopify, Inc. Class A (a) | 177,442 | 74,343 | |
| Square, Inc. (a) | 23,200 | 1,215 | |
| StoneCo Ltd. Class A (a)(e) | 219,171 | 4,771 | |
| Twilio, Inc. Class A (a) | 66,800 | 5,978 | |
| Visa, Inc. Class A | 3,765,336 | 606,671 | |
| 1,632,706 | |||
| Semiconductors & Semiconductor Equipment - 3.0% | |||
| Advanced Micro Devices, Inc. (a) | 1,431,533 | 65,106 | |
| Analog Devices, Inc. | 437,574 | 39,229 | |
| ASML Holding NV | 40,599 | 10,622 | |
| Cirrus Logic, Inc. (a) | 131,800 | 8,650 | |
| Enphase Energy, Inc. (a) | 425,200 | 13,730 | |
| Lam Research Corp. | 271,960 | 65,270 | |
| NVIDIA Corp. | 1,001,182 | 263,912 | |
| NXP Semiconductors NV | 353,172 | 29,289 | |
| Qualcomm, Inc. | 1,320,990 | 89,365 | |
| SolarEdge Technologies, Inc. (a) | 167,665 | 13,728 | |
| Synaptics, Inc. (a) | 273,271 | 15,814 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 54,400 | 2,600 | |
| 617,315 | |||
| Software - 13.4% | |||
| Adobe, Inc. (a) | 1,948,356 | 620,045 | |
| Alteryx, Inc. Class A (a) | 29,800 | 2,836 | |
| Atlassian Corp. PLC (a) | 578,662 | 79,427 | |
| Ceridian HCM Holding, Inc. (a) | 90,009 | 4,507 | |
| Coupa Software, Inc. (a) | 258,698 | 36,148 | |
| Crowdstrike Holdings, Inc. (e) | 26,200 | 1,459 | |
| Datadog, Inc. Class A (a)(e) | 307,642 | 11,069 | |
| DocuSign, Inc. (a) | 129,100 | 11,929 | |
| Dropbox, Inc. Class A (a) | 893,953 | 16,181 | |
| Dynatrace, Inc. | 78,944 | 1,882 | |
| Everbridge, Inc. (a) | 38,000 | 4,042 | |
| Fortinet, Inc. (a) | 28,400 | 2,873 | |
| Intuit, Inc. | 403,901 | 92,897 | |
| Microsoft Corp. | 6,396,415 | 1,008,779 | |
| Netcompany Group A/S (a)(f) | 996 | 46 | |
| Pagerduty, Inc. (e) | 67,489 | 1,166 | |
| Paycom Software, Inc. (a) | 102,360 | 20,678 | |
| Rapid7, Inc. (a) | 9,900 | 429 | |
| RingCentral, Inc. (a) | 297,276 | 62,996 | |
| Salesforce.com, Inc. (a) | 4,354,684 | 626,987 | |
| ServiceNow, Inc. (a) | 78,700 | 22,554 | |
| Slack Technologies, Inc. Class A (a) | 768,500 | 20,627 | |
| Snowflake Computing, Inc. Class B (c)(d) | 19,125 | 741 | |
| SurveyMonkey (a) | 808,068 | 10,917 | |
| Tanium, Inc. Class B (a)(c)(d) | 692,100 | 6,893 | |
| Workday, Inc. Class A (a) | 330,585 | 43,049 | |
| Xero Ltd. (a) | 30,500 | 1,274 | |
| Zoom Video Communications, Inc. Class A | 44,920 | 6,564 | |
| 2,718,995 | |||
| Technology Hardware, Storage & Peripherals - 0.1% | |||
| Apple, Inc. | 5,600 | 1,424 | |
| Samsung Electronics Co. Ltd. | 198,200 | 7,763 | |
| 9,187 | |||
| TOTAL INFORMATION TECHNOLOGY | 5,431,884 | ||
| MATERIALS - 2.8% | |||
| Chemicals - 0.6% | |||
| Air Products & Chemicals, Inc. | 89,174 | 17,800 | |
| FMC Corp. | 15,538 | 1,269 | |
| LG Chemical Ltd. | 104,330 | 26,101 | |
| Nutrien Ltd. | 643,287 | 21,991 | |
| Sherwin-Williams Co. | 130,552 | 59,991 | |
| 127,152 | |||
| Containers & Packaging - 0.1% | |||
| Avery Dennison Corp. | 200,380 | 20,413 | |
| Metals & Mining - 2.1% | |||
| B2Gold Corp. | 32,886,704 | 99,550 | |
| Barrick Gold Corp. | 167,978 | 3,077 | |
| Barrick Gold Corp. (Canada) | 3,620,379 | 66,527 | |
| Franco-Nevada Corp. | 1,429,736 | 142,852 | |
| Ivanhoe Mines Ltd. (a) | 7,901,718 | 13,139 | |
| Kirkland Lake Gold Ltd. | 561,319 | 16,533 | |
| Lundin Gold, Inc. (a) | 521,803 | 2,903 | |
| Newcrest Mining Ltd. | 2,614,193 | 35,900 | |
| Newmont Corp. | 343,800 | 15,567 | |
| Northern Star Resources Ltd. | 188,000 | 1,218 | |
| Novagold Resources, Inc. (a) | 3,371,276 | 24,866 | |
| 422,132 | |||
| TOTAL MATERIALS | 569,697 | ||
| REAL ESTATE - 1.3% | |||
| Equity Real Estate Investment Trusts (REITs) - 1.3% | |||
| American Tower Corp. | 541,850 | 117,988 | |
| Equity Commonwealth | 50,712 | 1,608 | |
| Equity Residential (SBI) | 265,516 | 16,385 | |
| Gaming & Leisure Properties | 584,708 | 16,202 | |
| Prologis, Inc. | 52,306 | 4,204 | |
| Simon Property Group, Inc. | 285,033 | 15,637 | |
| Spirit Realty Capital, Inc. | 682,189 | 17,839 | |
| VEREIT, Inc. | 2,505,248 | 12,251 | |
| VICI Properties, Inc. | 3,629,615 | 60,397 | |
| 262,511 | |||
| UTILITIES - 1.3% | |||
| Electric Utilities - 1.3% | |||
| Alliant Energy Corp. (e) | 1,018,532 | 49,185 | |
| Duke Energy Corp. | 1,296,284 | 104,843 | |
| IDACORP, Inc. | 219,402 | 19,261 | |
| NextEra Energy, Inc. | 90,367 | 21,744 | |
| Southern Co. | 1,227,975 | 66,483 | |
| 261,516 | |||
| TOTAL COMMON STOCKS | |||
| (Cost $12,974,462) | 19,823,179 | ||
| Convertible Preferred Stocks - 0.7% | |||
| CONSUMER DISCRETIONARY - 0.1% | |||
| Textiles, Apparel & Luxury Goods - 0.1% | |||
| Allbirds, Inc.: | |||
| Series A (a)(c)(d) | 74,760 | 622 | |
| Series B (a)(c)(d) | 13,135 | 109 | |
| Series C (a)(c)(d) | 125,520 | 1,044 | |
| Series D (c)(d) | 94,365 | 785 | |
| Series Seed (a)(c)(d) | 163,489 | 1,360 | |
| Bolt Threads, Inc. Series D 0.00 (a)(c)(d) | 1,324,673 | 17,605 | |
| 21,525 | |||
| CONSUMER STAPLES - 0.1% | |||
| Food & Staples Retailing - 0.1% | |||
| Roofoods Ltd. Series F (a)(c)(d) | 21,314 | 7,117 | |
| Sweetgreen, Inc.: | |||
| Series C (c)(d) | 14,103 | 179 | |
| Series D (c)(d) | 226,847 | 2,883 | |
| Series I (c)(d) | 534,650 | 6,795 | |
| 16,974 | |||
| HEALTH CARE - 0.2% | |||
| Biotechnology - 0.1% | |||
| 23andMe, Inc.: | |||
| Series E (a)(c)(d) | 166,247 | 2,100 | |
| Series F (a)(c)(d) | 462,756 | 5,845 | |
| Intarcia Therapeutics, Inc. Series CC (a)(c)(d) | 516,522 | 15,904 | |
| 23,849 | |||
| Health Care Equipment & Supplies - 0.1% | |||
| Butterfly Network, Inc. Series D (a)(c)(d) | 2,225,827 | 19,721 | |
| Health Care Providers & Services - 0.0% | |||
| Mulberry Health, Inc. Series A-8 (a)(c)(d) | 1,159,721 | 5,439 | |
| TOTAL HEALTH CARE | 49,009 | ||
| INDUSTRIALS - 0.2% | |||
| Aerospace & Defense - 0.2% | |||
| Space Exploration Technologies Corp.: | |||
| Series G (a)(c)(d) | 145,254 | 28,512 | |
| Series H (a)(c)(d) | 42,094 | 8,263 | |
| 36,775 | |||
| INFORMATION TECHNOLOGY - 0.1% | |||
| Software - 0.1% | |||
| Magic Leap, Inc. Series D (a)(c)(d) | 555,556 | 9,022 | |
| REAL ESTATE - 0.0% | |||
| Real Estate Management & Development - 0.0% | |||
| WeWork Companies, Inc. Series F (a)(c)(d) | 31,954 | 511 | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | |||
| (Cost $126,755) | 133,816 | ||
| Principal Amount (000s) | Value (000s) | ||
| Corporate Bonds - 0.1% | |||
| Convertible Bonds - 0.1% | |||
| CONSUMER DISCRETIONARY - 0.1% | |||
| Textiles, Apparel & Luxury Goods - 0.1% | |||
| Bolt Threads, Inc. 3% 2/7/23 (c)(d) | 9,657 | 9,657 | |
| HEALTH CARE - 0.0% | |||
| Biotechnology - 0.0% | |||
| Intarcia Therapeutics, Inc. 6% 7/18/21 (c)(d) | 2,280 | 2,280 | |
| TOTAL CONVERTIBLE BONDS | 11,937 | ||
| Nonconvertible Bonds - 0.0% | |||
| ENERGY - 0.0% | |||
| Energy Equipment & Services - 0.0% | |||
| Pacific Drilling SA 12% 4/1/24 pay-in-kind (f)(g) | 711 | 71 | |
| TOTAL CORPORATE BONDS | |||
| (Cost $12,659) | 12,008 | ||
| Shares | Value (000s) | ||
| Other - 0.1% | |||
| Other - 0.1% | |||
| Utica Shale Drilling Program (non-operating revenue interest) (b)(c)(d) | 38,874,240 | 1,856 | |
| Utica Shale Drilling Program (non-operating revenue interest) 10% 10/5/23 (b)(c)(d) | 33,620,067 | 21,853 | |
| TOTAL OTHER | |||
| (Cost $50,437) | 23,709 | ||
| Money Market Funds - 1.7% | |||
| Fidelity Cash Central Fund 0.29% (h) | 291,573,183 | 291,661 | |
| Fidelity Securities Lending Cash Central Fund 0.28% (h)(i) | 50,048,332 | 50,058 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $341,714) | 341,719 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.2% | |||
| (Cost $13,506,027) | 20,334,431 | ||
| NET OTHER ASSETS (LIABILITIES) - (0.2)% | (31,085) | ||
| NET ASSETS - 100% | $20,303,346 |
Security Type Abbreviations
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Non-income producing
(b) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(c) Restricted securities (including private placements) - 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 $262,454,000 or 1.3% of net assets.
(d) Level 3 security
(e) Security or a portion of the security is on loan at period end.
(f) 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 $84,629,000 or 0.4% of net assets.
(g) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(i) Includes 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 | $379 |
| 23andMe, Inc. Series E | 6/18/15 | $1,800 |
| 23andMe, Inc. Series F | 8/31/17 | $6,425 |
| Allbirds, Inc. | 10/9/18 | $2,077 |
| Allbirds, Inc. Series A | 10/9/18 | $820 |
| Allbirds, Inc. Series B | 10/9/18 | $144 |
| Allbirds, Inc. Series C | 10/9/18 | $1,377 |
| Allbirds, Inc. Series D | 12/23/19 | $1,216 |
| Allbirds, Inc. Series Seed | 10/9/18 - 1/23/20 | $1,656 |
| ASAC II LP | 10/10/13 | $725 |
| Blu Homes, Inc. | 6/10/13 - 12/30/14 | $32,763 |
| Bolt Threads, Inc. Series D 0.00 | 12/13/17 | $21,247 |
| Bolt Threads, Inc. 3% 2/7/23 | 2/7/20 | $9,657 |
| Butterfly Network, Inc. Series D | 5/4/18 | $22,859 |
| I-Pulse, Inc. | 3/18/10 | $94 |
| Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $7,040 |
| Intarcia Therapeutics, Inc. 6% 7/18/21 | 1/3/20 | $2,280 |
| Magic Leap, Inc. Series D | 10/6/17 | $15,000 |
| Mulberry Health, Inc. Series A-8 | 1/20/16 | $7,834 |
| Olivo Labs | 2/8/17 | $763 |
| Roofoods Ltd. Series F | 9/12/17 | $7,536 |
| Snowflake Computing, Inc. Class B | 3/19/20 | $742 |
| Space Exploration Technologies Corp. Class A | 10/16/15 - 9/11/17 | $25,597 |
| Space Exploration Technologies Corp. Class C | 9/11/17 | $614 |
| Space Exploration Technologies Corp. Series G | 1/20/15 | $11,251 |
| Space Exploration Technologies Corp. Series H | 8/4/17 | $5,682 |
| Sweetgreen, Inc. Series C | 9/13/19 | $241 |
| Sweetgreen, Inc. Series D | 9/13/19 | $3,879 |
| Sweetgreen, Inc. Series I | 9/13/19 | $9,143 |
| Tanium, Inc. Class B | 4/21/17 | $3,436 |
| TulCo LLC | 8/24/17 | $6,118 |
| Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 - 9/1/17 | $16,816 |
| Utica Shale Drilling Program (non-operating revenue interest) 10% 10/5/23 | 10/5/16 - 4/5/18 | $33,621 |
| WeWork Companies, Inc. Series F | 12/1/16 | $1,604 |
| WME Entertainment Parent, LLC Class A | 8/16/16 | $25,435 |
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 | $720 |
| Fidelity Securities Lending Cash Central Fund | 452 |
| Total | $1,172 |
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.
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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