NPORT-EX 2 QTLY_2459_20200331.htm

Quarterly Holdings Report
for

Fidelity® Series Opportunistic Insights Fund

March 31, 2020







O1T-QTLY-0520
1.951056.107





Schedule of Investments March 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%   
 Shares Value 
COMMUNICATION SERVICES - 16.5%   
Entertainment - 3.5%   
Activision Blizzard, Inc. 122,370 $7,278,568 
Netflix, Inc. (a) 400,009 150,203,380 
Spotify Technology SA (a)(b) 32,082 3,896,038 
The Walt Disney Co. 383,572 37,053,055 
  198,431,041 
Interactive Media & Services - 12.2%   
Alphabet, Inc.:   
Class A (a) 93,917 109,126,858 
Class C (a) 99,410 115,594,942 
Facebook, Inc. Class A (a) 2,743,654 457,641,480 
Pinterest, Inc. Class A (b) 565,696 8,734,346 
Twitter, Inc. (a) 19,400 476,464 
  691,574,090 
Media - 0.2%   
Charter Communications, Inc. Class A (a) 4,397 1,918,455 
Liberty Media Corp. Liberty Formula One Group Series C (a) 231,116 6,293,289 
  8,211,744 
Wireless Telecommunication Services - 0.6%   
T-Mobile U.S., Inc. (a) 385,531 32,346,051 
TOTAL COMMUNICATION SERVICES  930,562,926 
CONSUMER DISCRETIONARY - 11.0%   
Automobiles - 0.1%   
Tesla, Inc. (a) 8,000 4,192,000 
Toyota Motor Corp. 62,112 3,743,175 
  7,935,175 
Hotels, Restaurants & Leisure - 1.1%   
Chipotle Mexican Grill, Inc. (a) 30,754 20,125,418 
Domino's Pizza, Inc. 1,600 518,512 
Evolution Gaming Group AB (c) 120,325 4,079,603 
McDonald's Corp. 201,472 33,313,395 
Starbucks Corp. 29,423 1,934,268 
  59,971,196 
Household Durables - 0.1%   
Blu Homes, Inc. (a)(d)(e) 21,093,998 36,484 
Garmin Ltd. 35,391 2,652,909 
Tempur Sealy International, Inc. (a) 22,600 987,846 
  3,677,239 
Internet & Direct Marketing Retail - 7.9%   
Alibaba Group Holding Ltd. 650,000 15,750,165 
Alibaba Group Holding Ltd. sponsored ADR (a) 32,320 6,285,594 
Amazon.com, Inc. (a) 215,477 420,119,816 
Boohoo.Com PLC (a) 305,401 718,385 
Chewy, Inc. 21,400 802,286 
Delivery Hero AG (a)(c) 10,200 749,947 
Meituan Dianping Class B (a) 180,320 2,149,639 
  446,575,832 
Specialty Retail - 0.7%   
Burlington Stores, Inc. (a) 9,493 1,504,261 
The Home Depot, Inc. 149,855 27,979,427 
TJX Companies, Inc. 260,412 12,450,298 
  41,933,986 
Textiles, Apparel & Luxury Goods - 1.1%   
adidas AG 117,990 26,197,011 
China Hongxing Sports Ltd. (a)(e) 22,200 886 
Deckers Outdoor Corp. (a) 29,584 3,964,256 
lululemon athletica, Inc. (a) 28,434 5,389,665 
NIKE, Inc. Class B 289,143 23,923,692 
Ralph Lauren Corp. 5,000 334,150 
  59,809,660 
TOTAL CONSUMER DISCRETIONARY  619,903,088 
CONSUMER STAPLES - 3.3%   
Beverages - 1.1%   
Keurig Dr. Pepper, Inc. (b) 274,881 6,671,362 
PepsiCo, Inc. 235,000 28,223,500 
The Coca-Cola Co. 624,950 27,654,038 
  62,548,900 
Food & Staples Retailing - 1.0%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 67,036 1,579,083 
Costco Wholesale Corp. 187,637 53,500,938 
Grocery Outlet Holding Corp. (b) 39,726 1,364,191 
Walmart, Inc. 3,500 397,670 
  56,841,882 
Food Products - 0.1%   
Freshpet, Inc. (a) 5,665 361,824 
Mondelez International, Inc. 68,165 3,413,703 
  3,775,527 
Personal Products - 1.1%   
Estee Lauder Companies, Inc. Class A 314,252 50,072,914 
Kao Corp. 34,318 2,818,209 
L'Oreal SA 10,503 2,718,291 
L'Oreal SA 13,125 3,396,893 
Shiseido Co. Ltd. 67,460 4,003,996 
  63,010,303 
TOTAL CONSUMER STAPLES  186,176,612 
ENERGY - 0.3%   
Oil, Gas & Consumable Fuels - 0.3%   
Centennial Resource Development, Inc. Class A (a) 879,728 231,368 
Continental Resources, Inc. (b) 24,195 184,850 
Hess Corp. 70,568 2,349,914 
Magnolia Oil & Gas Corp. Class A (a) 334,626 1,338,504 
Reliance Industries Ltd. 1,047,825 15,489,363 
Tamarack Valley Energy Ltd. (a) 1,313,749 452,759 
  20,046,758 
FINANCIALS - 10.3%   
Banks - 3.7%   
Bank of America Corp. 4,562,562 96,863,191 
Citigroup, Inc. 550,970 23,206,856 
HDFC Bank Ltd. sponsored ADR 198,518 7,635,002 
JPMorgan Chase & Co. 733,724 66,057,172 
Kotak Mahindra Bank Ltd. 913,987 15,722,401 
The Toronto-Dominion Bank 12,600 535,677 
  210,020,299 
Capital Markets - 0.7%   
Brookfield Asset Management, Inc. (Canada) Class A 84,755 3,756,851 
CME Group, Inc. 107,761 18,632,955 
Moody's Corp. 43,822 9,268,353 
MSCI, Inc. 13,911 4,019,723 
S&P Global, Inc. 12,200 2,989,610 
Tradeweb Markets, Inc. Class A 4,367 183,589 
  38,851,081 
Consumer Finance - 0.7%   
American Express Co. 417,172 35,714,095 
Oportun Financial Corp. (a) 245,860 2,593,823 
  38,307,918 
Diversified Financial Services - 4.9%   
Berkshire Hathaway, Inc. Class A (a) 1,020 277,440,000 
Insurance - 0.3%   
Admiral Group PLC 232,971 6,416,052 
Allstate Corp. 37,122 3,405,201 
Chubb Ltd. 44,151 4,931,225 
Fairfax Financial Holdings Ltd. (sub. vtg.) 12,479 3,825,634 
Intact Financial Corp. 600 51,857 
Marsh & McLennan Companies, Inc. 4,898 423,481 
Progressive Corp. 10,300 760,552 
  19,814,002 
TOTAL FINANCIALS  584,433,300 
HEALTH CARE - 13.1%   
Biotechnology - 3.2%   
23andMe, Inc. (a)(d)(e) 9,536 120,440 
AbbVie, Inc. 154,629 11,781,184 
Acceleron Pharma, Inc. (a) 14,622 1,314,079 
Alector, Inc. (a) 12,800 308,864 
Argenx SE ADR (a) 7,434 979,281 
BeiGene Ltd. ADR (a) 12,100 1,489,631 
bluebird bio, Inc. (a) 26,032 1,196,431 
CSL Ltd. 4,900 894,191 
Galapagos Genomics NV sponsored ADR (a)(b) 14,815 2,902,555 
Genmab A/S (a) 2,900 582,519 
Gilead Sciences, Inc. 198,000 14,802,480 
Global Blood Therapeutics, Inc. (a) 45,757 2,337,725 
Idorsia Ltd. (a) 127,087 3,284,699 
Innovent Biolgics, Inc. (a)(c) 799,824 3,337,391 
Mirati Therapeutics, Inc. (a) 15,500 1,191,485 
Morphosys AG (a) 17,599 1,694,526 
Regeneron Pharmaceuticals, Inc. (a) 92,281 45,059,889 
Revolution Medicines, Inc. 18,700 409,717 
Seattle Genetics, Inc. (a) 41,900 4,834,422 
Turning Point Therapeutics, Inc. 22,237 993,104 
Vertex Pharmaceuticals, Inc. (a) 331,168 78,801,426 
Zai Lab Ltd. ADR (a) 11,500 592,020 
  178,908,059 
Health Care Equipment & Supplies - 4.0%   
Abbott Laboratories 101,913 8,041,955 
Baxter International, Inc. 429,949 34,907,559 
Danaher Corp. 404,235 55,950,166 
DexCom, Inc. (a) 157,589 42,433,990 
Edwards Lifesciences Corp. (a) 163,312 30,803,909 
Intuitive Surgical, Inc. (a) 42,550 21,071,186 
Masimo Corp. (a) 27,689 4,904,276 
Quidel Corp. (a) 15,600 1,525,836 
ResMed, Inc. 45,420 6,689,912 
Sonova Holding AG Class B 10,610 1,891,916 
Stryker Corp. 89,700 14,934,153 
Tandem Diabetes Care, Inc. (a) 8,300 534,105 
  223,688,963 
Health Care Providers & Services - 1.8%   
Cardinal Health, Inc. 12,100 580,074 
Cigna Corp. 49,724 8,810,098 
Hapvida Participacoes e Investimentos SA (c) 221,300 1,805,801 
Patterson Companies, Inc. 26,200 400,598 
UnitedHealth Group, Inc. 353,778 88,225,158 
  99,821,729 
Health Care Technology - 0.2%   
Inspire Medical Systems, Inc. (a) 500 30,140 
Teladoc Health, Inc. (a) 4,940 765,749 
Veeva Systems, Inc. Class A (a) 84,018 13,137,895 
  13,933,784 
Life Sciences Tools & Services - 1.2%   
10X Genomics, Inc. (a) 24,127 1,503,595 
Bio-Rad Laboratories, Inc. Class A (a) 15,975 5,600,196 
IQVIA Holdings, Inc. (a) 24,383 2,629,950 
Mettler-Toledo International, Inc. (a) 39,656 27,382,865 
Thermo Fisher Scientific, Inc. 117,460 33,311,656 
  70,428,262 
Pharmaceuticals - 2.7%   
AstraZeneca PLC sponsored ADR 782,609 34,951,318 
Bristol-Myers Squibb Co. 421,940 23,518,936 
Bristol-Myers Squibb Co. rights (a) 63,228 240,266 
Eli Lilly & Co. 270,952 37,586,461 
Hansoh Pharmaceutical Group Co. Ltd. (c) 1,212,563 4,051,745 
Merck & Co., Inc. 350,149 26,940,464 
Novartis AG sponsored ADR 28,910 2,383,630 
Perrigo Co. PLC 1,351 64,970 
Roche Holding AG (participation certificate) 7,921 2,548,519 
Zoetis, Inc. Class A 184,975 21,769,708 
  154,056,017 
TOTAL HEALTH CARE  740,836,814 
INDUSTRIALS - 2.8%   
Aerospace & Defense - 0.9%   
Harris Corp. 110,888 19,973,147 
Lockheed Martin Corp. 14,000 4,745,300 
Northrop Grumman Corp. 56,850 17,199,968 
Space Exploration Technologies Corp.:   
Class A (a)(d)(e) 18,191 3,570,711 
Class C (a)(d)(e) 783 153,695 
TransDigm Group, Inc. 9,283 2,972,324 
  48,615,145 
Building Products - 0.2%   
Fortune Brands Home & Security, Inc. 90,174 3,900,026 
Toto Ltd. 194,220 6,493,568 
Trane Technologies PLC 10,200 842,418 
  11,236,012 
Commercial Services & Supplies - 0.3%   
Cintas Corp. 77,603 13,442,392 
Clean TeQ Holdings Ltd. (a) 44,093 3,390 
TulCo LLC (a)(d)(e)(f) 7,549 3,187,188 
  16,632,970 
Electrical Equipment - 0.3%   
AMETEK, Inc. 31,699 2,282,962 
Vestas Wind Systems A/S 167,503 13,628,996 
  15,911,958 
Industrial Conglomerates - 0.2%   
General Electric Co. 1,532,196 12,165,636 
Machinery - 0.2%   
Fortive Corp. 210,907 11,639,957 
Professional Services - 0.7%   
Clarivate Analytics PLC (a) 680,608 14,122,616 
CoStar Group, Inc. (a) 16,882 9,913,279 
Experian PLC 192,242 5,342,662 
FTI Consulting, Inc. (a) 93,554 11,204,963 
  40,583,520 
Road & Rail - 0.0%   
Canadian Pacific Railway Ltd. 8,000 1,765,366 
TOTAL INDUSTRIALS  158,550,564 
INFORMATION TECHNOLOGY - 34.0%   
Communications Equipment - 0.1%   
Motorola Solutions, Inc. 66,535 8,843,832 
Electronic Equipment & Components - 1.5%   
Amphenol Corp. Class A 991,106 72,231,805 
CDW Corp. 72,518 6,763,754 
Keysight Technologies, Inc. (a) 63,489 5,312,760 
Zebra Technologies Corp. Class A (a) 16,319 2,996,168 
  87,304,487 
IT Services - 9.3%   
Accenture PLC Class A 148,229 24,199,867 
Adyen BV (a)(c) 15,607 13,144,928 
ASAC II LP (a)(d)(e) 2,013,117 338,204 
Edenred SA 13,518 560,990 
Endava PLC ADR (a) 9,880 347,381 
EPAM Systems, Inc. (a) 37,930 7,042,084 
Fidelity National Information Services, Inc. 31,546 3,837,255 
Fiserv, Inc. (a) 21,733 2,064,418 
Global Payments, Inc. 160,669 23,173,290 
MasterCard, Inc. Class A 743,837 179,681,266 
MongoDB, Inc. Class A (a)(b) 123,664 16,885,083 
Okta, Inc. (a) 225,610 27,583,079 
PayPal Holdings, Inc. (a) 572,926 54,851,935 
Shopify, Inc. Class A (a) 66,338 27,793,798 
Square, Inc. (a) 9,600 502,848 
StoneCo Ltd. Class A (a)(b) 81,123 1,766,048 
Twilio, Inc. Class A (a) 27,600 2,469,924 
Visa, Inc. Class A 851,747 137,233,477 
  523,475,875 
Semiconductors & Semiconductor Equipment - 3.4%   
Advanced Micro Devices, Inc. (a) 633,953 28,832,182 
Analog Devices, Inc. 134 12,013 
ASML Holding NV 17,247 4,512,505 
Cirrus Logic, Inc. (a) 47,415 3,111,846 
Enphase Energy, Inc. (a) 164,166 5,300,920 
Lam Research Corp. 43,151 10,356,240 
NVIDIA Corp. 279,340 73,634,024 
NXP Semiconductors NV 153,353 12,717,564 
Qualcomm, Inc. 582,737 39,422,158 
SolarEdge Technologies, Inc. (a) 65,730 5,381,972 
Synaptics, Inc. (a) 104,521 6,048,630 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 22,500 1,075,275 
  190,405,329 
Software - 19.6%   
Adobe, Inc. (a) 772,262 245,764,659 
Alteryx, Inc. Class A (a)(b) 12,300 1,170,591 
Atlassian Corp. PLC (a) 211,294 29,002,214 
Ceridian HCM Holding, Inc. (a) 40,571 2,031,390 
Cloudflare, Inc. (a) 280,255 6,580,387 
Coupa Software, Inc. (a) 119,580 16,708,913 
Crowdstrike Holdings, Inc. (b) 10,800 601,344 
Datadog, Inc. Class A (a) 119,239 4,290,219 
DocuSign, Inc. (a) 65,015 6,007,386 
Dropbox, Inc. Class A (a) 347,266 6,285,515 
Dynatrace, Inc. 21,300 507,792 
Everbridge, Inc. (a) 15,700 1,669,852 
Fortinet, Inc. (a) 12,000 1,214,040 
Intuit, Inc. 152,990 35,187,700 
Microsoft Corp. 2,431,849 383,526,906 
Netcompany Group A/S (a)(c) 30,366 1,394,671 
Pagerduty, Inc. (b) 20,400 352,512 
Paycom Software, Inc. (a) 52,990 10,704,510 
Rapid7, Inc. (a) 3,200 138,656 
RingCentral, Inc. (a) 122,556 25,970,842 
Salesforce.com, Inc. (a) 2,067,826 297,725,587 
ServiceNow, Inc. (a) 32,700 9,371,166 
Slack Technologies, Inc. Class A (a)(b) 321,600 8,631,744 
Snowflake Computing, Inc. Class B (d)(e) 4,983 193,191 
SurveyMonkey (a) 215,580 2,912,486 
Tanium, Inc. Class B (a)(d)(e) 188,500 1,877,460 
Workday, Inc. Class A (a) 53,680 6,990,210 
Xero Ltd. (a) 12,600 526,320 
Zoom Video Communications, Inc. Class A 18,000 2,630,160 
  1,109,968,423 
Technology Hardware, Storage & Peripherals - 0.1%   
Apple, Inc. 2,300 584,867 
Samsung Electronics Co. Ltd. 82,800 3,242,997 
  3,827,864 
TOTAL INFORMATION TECHNOLOGY  1,923,825,810 
MATERIALS - 2.4%   
Chemicals - 0.8%   
Air Products & Chemicals, Inc. 39,874 7,959,249 
FMC Corp. 7,584 619,537 
Growmax Resources Corp. (a)(c)(e) 4,800 188 
Sherwin-Williams Co. 80,278 36,889,347 
  45,468,321 
Metals & Mining - 1.6%   
B2Gold Corp. 1,646,929 4,985,375 
Barrick Gold Corp. 72,691 1,331,699 
Barrick Gold Corp. (Canada) 1,612,866 29,637,401 
Franco-Nevada Corp. 295,417 29,516,510 
Ivanhoe Mines Ltd. (a) 3,266,987 5,432,210 
Kirkland Lake Gold Ltd. 182,227 5,367,235 
Lundin Gold, Inc. (a) 144,564 804,332 
Newcrest Mining Ltd. 408,067 5,603,871 
Newmont Corp. 142,300 6,443,344 
Northern Star Resources Ltd. 77,800 503,911 
Novagold Resources, Inc. (a) 461,934 3,407,145 
  93,033,033 
TOTAL MATERIALS  138,501,354 
REAL ESTATE - 0.9%   
Equity Real Estate Investment Trusts (REITs) - 0.9%   
American Tower Corp. 180,062 39,208,501 
Equity Commonwealth 22,150 702,377 
Equity Residential (SBI) 121,360 7,489,126 
Prologis, Inc. 22,879 1,838,785 
  49,238,789 
Real Estate Management & Development - 0.0%   
WeWork Companies, Inc. Class A (a)(d)(e) 3,404 54,447 
TOTAL REAL ESTATE  49,293,236 
UTILITIES - 0.2%   
Electric Utilities - 0.2%   
NextEra Energy, Inc. 41,951 10,094,250 
TOTAL COMMON STOCKS   
(Cost $2,791,209,294)  5,362,224,712 
Convertible Preferred Stocks - 1.2%   
COMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (a)(d)(e) 139,573 537,356 
CONSUMER DISCRETIONARY - 0.1%   
Diversified Consumer Services - 0.1%   
Airbnb, Inc.:   
Series D (a)(d)(e) 35,238 2,284,832 
Series E (a)(d)(e) 16,112 1,044,702 
  3,329,534 
CONSUMER STAPLES - 0.1%   
Food & Staples Retailing - 0.1%   
Roofoods Ltd. Series F (a)(d)(e) 9,254 3,090,188 
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
23andMe, Inc.:   
Series E (a)(d)(e) 46,180 583,253 
Series F (a)(d)(e) 200,299 2,529,776 
  3,113,029 
Health Care Providers & Services - 0.0%   
Mulberry Health, Inc. Series A-8 (a)(d)(e) 480,971 2,255,754 
TOTAL HEALTH CARE  5,368,783 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(d)(e) 36,460 7,156,733 
Series H (a)(d)(e) 7,256 1,424,280 
  8,581,013 
INFORMATION TECHNOLOGY - 0.7%   
Software - 0.7%   
Delphix Corp. Series D (a)(d)(e) 232,855 1,425,073 
Magic Leap, Inc.:   
Series B, 8.00% (a)(d)(e) 1,907,399 30,976,160 
Series C (a)(d)(e) 17,554 285,077 
Series D (a)(d)(e) 469,823 7,629,926 
  40,316,236 
REAL ESTATE - 0.1%   
Real Estate Management & Development - 0.1%   
WeWork Companies, Inc.:   
Series E (a)(d)(e) 347,358 5,555,991 
Series F (a)(d)(e) 16,235 259,679 
  5,815,670 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $66,656,241)  67,038,780 
Money Market Funds - 4.3%   
Fidelity Cash Central Fund 0.29% (g) 208,901,853 208,964,523 
Fidelity Securities Lending Cash Central Fund 0.28% (g)(h) 31,517,554 31,523,857 
TOTAL MONEY MARKET FUNDS   
(Cost $240,470,356)  240,488,380 
TOTAL INVESTMENT IN SECURITIES - 100.3%   
(Cost $3,098,335,891)  5,669,751,872 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (15,198,031) 
NET ASSETS - 100%  $5,654,553,841 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) 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 $28,564,274 or 0.5% of net assets.

 (d) 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 $76,570,600 or 1.4% of net assets.

 (e) Level 3 security

 (f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (g) 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.

 (h) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. 12/7/18 $160,205 
23andMe, Inc. Series E 6/18/15 $500,004 
23andMe, Inc. Series F 8/31/17 $2,780,992 
Airbnb, Inc. Series D 4/16/14 $1,434,646 
Airbnb, Inc. Series E 6/29/15 $1,499,937 
Altiostar Networks, Inc. Series A1 1/10/17 $642,036 
ASAC II LP 10/10/13 $155,030 
Blu Homes, Inc. 6/10/13 - 12/30/14 $7,036,662 
Delphix Corp. Series D 7/10/15 $2,095,695 
Magic Leap, Inc. Series B, 8.00% 10/17/14 $22,049,532 
Magic Leap, Inc. Series C 12/23/15 $404,321 
Magic Leap, Inc. Series D 10/6/17 $12,685,221 
Mulberry Health, Inc. Series A-8 1/20/16 $3,248,839 
Roofoods Ltd. Series F 9/12/17 $3,271,942 
Snowflake Computing, Inc. Class B 3/19/20 $193,273 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $1,883,269 
Space Exploration Technologies Corp. Class C 9/11/17 $105,705 
Space Exploration Technologies Corp. Series G 1/20/15 $2,824,191 
Space Exploration Technologies Corp. Series H 8/4/17 $979,560 
Tanium, Inc. Class B 4/21/17 $935,771 
TulCo LLC 8/24/17 - 12/14/17 $2,695,856 
WeWork Companies, Inc. Class A 6/23/15 $111,956 
WeWork Companies, Inc. Series E 6/23/15 $11,424,455 
WeWork Companies, Inc. Series F 12/1/16 $814,871 

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 
Fidelity Cash Central Fund $375,635 
Fidelity Securities Lending Cash Central Fund 20,301 
Total $395,936 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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. 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.  Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security’s underlying assets and liabilities. 

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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