NPORT-EX 2 QTLY_1277_20200331.htm

Quarterly Holdings Report
for

Fidelity Advisor® New Insights Fund

March 31, 2020







ANIF-QTLY-0520
1.799846.116





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.

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.