Quarterly Holdings Report
for
Fidelity Advisor® New Insights Fund
September 30, 2020
Schedule of Investments September 30, 2020 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.9% | |||
| Shares | Value (000s) | ||
| COMMUNICATION SERVICES - 18.0% | |||
| Entertainment - 4.3% | |||
| Activision Blizzard, Inc. | 826,476 | $66,903 | |
| Electronic Arts, Inc. (a) | 203,800 | 26,578 | |
| NetEase, Inc. | 908,600 | 16,313 | |
| Netflix, Inc. (a) | 1,635,819 | 817,959 | |
| Nexon Co. Ltd. | 76,400 | 1,906 | |
| Nintendo Co. Ltd. | 6,800 | 3,854 | |
| Sea Ltd. ADR (a) | 101,300 | 15,604 | |
| Spotify Technology SA (a) | 109,468 | 26,554 | |
| Take-Two Interactive Software, Inc. (a) | 211,900 | 35,010 | |
| WME Entertainment Parent, LLC Class A (a)(b)(c)(d) | 13,803,650 | 20,567 | |
| 1,031,248 | |||
| Interactive Media & Services - 12.7% | |||
| Alphabet, Inc.: | |||
| Class A (a) | 661,196 | 969,049 | |
| Class C (a) | 72,041 | 105,871 | |
| Facebook, Inc. Class A (a) | 7,422,165 | 1,943,865 | |
| Match Group, Inc. (a) | 86,950 | 9,621 | |
| Pinterest, Inc. Class A (a) | 84,306 | 3,500 | |
| Snap, Inc. Class A (a) | 1,312,200 | 34,262 | |
| Tencent Holdings Ltd. | 141,200 | 9,537 | |
| Twitter, Inc. (a) | 45,000 | 2,003 | |
| Zillow Group, Inc. Class C (a) | 19,500 | 1,981 | |
| 3,079,689 | |||
| Media - 0.3% | |||
| Charter Communications, Inc. Class A (a) | 102,001 | 63,683 | |
| Wireless Telecommunication Services - 0.7% | |||
| T-Mobile U.S., Inc. | 1,592,763 | 182,148 | |
| TOTAL COMMUNICATION SERVICES | 4,356,768 | ||
| CONSUMER DISCRETIONARY - 15.0% | |||
| Automobiles - 0.2% | |||
| BYD Co. Ltd. (H Shares) | 277,000 | 4,467 | |
| General Motors Co. | 1,061,177 | 31,400 | |
| Tesla, Inc. (a) | 26,555 | 11,392 | |
| XPeng, Inc. ADR (a) | 53,800 | 1,080 | |
| 48,339 | |||
| Hotels, Restaurants & Leisure - 0.4% | |||
| Chipotle Mexican Grill, Inc. (a) | 39,968 | 49,709 | |
| Domino's Pizza, Inc. | 19,200 | 8,165 | |
| DraftKings, Inc. Class A (a) | 189,600 | 11,156 | |
| Evolution Gaming Group AB (e) | 166,676 | 11,070 | |
| McDonald's Corp. | 2,628 | 577 | |
| Penn National Gaming, Inc. (a) | 97,900 | 7,117 | |
| 87,794 | |||
| Household Durables - 0.5% | |||
| Blu Investments LLC (c)(d) | 98,215,581 | 30 | |
| D.R. Horton, Inc. | 817,775 | 61,848 | |
| Garmin Ltd. | 124,227 | 11,784 | |
| Lennar Corp. Class A | 238,500 | 19,481 | |
| NVR, Inc. (a) | 8,697 | 35,511 | |
| Sony Corp. | 24,400 | 1,870 | |
| 130,524 | |||
| Internet & Direct Marketing Retail - 10.7% | |||
| Alibaba Group Holding Ltd. | 2,088,100 | 76,656 | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | 747,001 | 219,603 | |
| Amazon.com, Inc. (a) | 678,834 | 2,137,459 | |
| Coupang unit (c)(d) | 334,606 | 2,510 | |
| Delivery Hero AG (a)(e) | 9,542 | 1,098 | |
| eBay, Inc. | 1,034,200 | 53,882 | |
| JD.com, Inc. Class A | 528,500 | 20,350 | |
| Meituan Dianping Class B (a) | 494,900 | 15,590 | |
| MercadoLibre, Inc. (a) | 12,500 | 13,531 | |
| Overstock.com, Inc. (a) | 68,600 | 4,984 | |
| Pinduoduo, Inc. ADR (a) | 727,100 | 53,914 | |
| 2,599,577 | |||
| Leisure Products - 0.5% | |||
| Peloton Interactive, Inc. Class A (a) | 1,121,719 | 111,319 | |
| Multiline Retail - 0.3% | |||
| B&M European Value Retail SA | 1,305,000 | 8,330 | |
| Dollar General Corp. | 323,900 | 67,896 | |
| Target Corp. | 13,400 | 2,109 | |
| 78,335 | |||
| Specialty Retail - 1.4% | |||
| Bed Bath & Beyond, Inc. | 225,746 | 3,382 | |
| Best Buy Co., Inc. | 53,600 | 5,965 | |
| Carvana Co. Class A (a) | 8,900 | 1,985 | |
| Cazoo Holdings Ltd. (c)(d) | 87,049 | 1,193 | |
| Floor & Decor Holdings, Inc. Class A (a) | 353,100 | 26,412 | |
| Lowe's Companies, Inc. | 365,500 | 60,622 | |
| National Vision Holdings, Inc. (a) | 239,523 | 9,159 | |
| O'Reilly Automotive, Inc. (a) | 39,200 | 18,074 | |
| The Home Depot, Inc. | 715,963 | 198,830 | |
| Vroom, Inc. | 184,200 | 9,538 | |
| 335,160 | |||
| Textiles, Apparel & Luxury Goods - 1.0% | |||
| Allbirds, Inc. (a)(c)(d) | 189,420 | 2,190 | |
| Brunello Cucinelli SpA | 1,802,600 | 55,034 | |
| China Hongxing Sports Ltd. (a)(d) | 5,977,800 | 248 | |
| Deckers Outdoor Corp. (a) | 68,792 | 15,135 | |
| Kering SA | 3,048 | 2,028 | |
| lululemon athletica, Inc. (a) | 62,671 | 20,642 | |
| NIKE, Inc. Class B | 994,126 | 124,803 | |
| PVH Corp. | 258,964 | 15,445 | |
| Tapestry, Inc. | 876,929 | 13,706 | |
| 249,231 | |||
| TOTAL CONSUMER DISCRETIONARY | 3,640,279 | ||
| CONSUMER STAPLES - 2.5% | |||
| Beverages - 0.2% | |||
| Boston Beer Co., Inc. Class A (a) | 3,100 | 2,738 | |
| Constellation Brands, Inc. Class A (sub. vtg.) | 11,300 | 2,141 | |
| Keurig Dr. Pepper, Inc. | 187,885 | 5,186 | |
| Monster Beverage Corp. (a) | 359,528 | 28,834 | |
| The Coca-Cola Co. | 429,700 | 21,214 | |
| 60,113 | |||
| Food & Staples Retailing - 1.3% | |||
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 179,726 | 6,259 | |
| Costco Wholesale Corp. | 677,147 | 240,387 | |
| Walmart, Inc. | 459,226 | 64,250 | |
| 310,896 | |||
| Household Products - 0.4% | |||
| Kimberly-Clark Corp. | 45,800 | 6,763 | |
| Procter & Gamble Co. | 629,145 | 87,445 | |
| 94,208 | |||
| Personal Products - 0.6% | |||
| Estee Lauder Companies, Inc. Class A | 644,416 | 140,644 | |
| L'Oreal SA | 29,812 | 9,702 | |
| 150,346 | |||
| TOTAL CONSUMER STAPLES | 615,563 | ||
| ENERGY - 0.7% | |||
| Oil, Gas & Consumable Fuels - 0.7% | |||
| Cheniere Energy, Inc. (a) | 297,100 | 13,747 | |
| Concho Resources, Inc. (a) | 25,680 | 1,133 | |
| Continental Resources, Inc. | 159,400 | 1,957 | |
| GoviEx Uranium, Inc. (a) | 848,865 | 83 | |
| GoviEx Uranium, Inc. (a)(e) | 23,200 | 2 | |
| GoviEx Uranium, Inc. Class A (a)(e) | 2,625,135 | 256 | |
| Hess Corp. | 658,752 | 26,963 | |
| Noble Energy, Inc. | 360,300 | 3,081 | |
| Reliance Industries Ltd. | 2,469,873 | 75,120 | |
| Reliance Industries Ltd. sponsored GDR (e) | 659,900 | 40,122 | |
| 162,464 | |||
| FINANCIALS - 5.6% | |||
| Banks - 0.6% | |||
| Bank of America Corp. | 2,220,378 | 53,489 | |
| HDFC Bank Ltd. sponsored ADR (a) | 776,871 | 38,812 | |
| Kotak Mahindra Bank Ltd. (a) | 425,772 | 7,372 | |
| M&T Bank Corp. | 39,100 | 3,601 | |
| The Toronto-Dominion Bank | 29,700 | 1,375 | |
| Wells Fargo & Co. | 1,312,515 | 30,857 | |
| 135,506 | |||
| Capital Markets - 1.1% | |||
| BlackRock, Inc. Class A | 132,800 | 74,839 | |
| Goldman Sachs Group, Inc. | 129,969 | 26,120 | |
| MarketAxess Holdings, Inc. | 35,415 | 17,056 | |
| Moody's Corp. | 143,600 | 41,622 | |
| Morgan Stanley | 503,994 | 24,368 | |
| MSCI, Inc. | 74,276 | 26,500 | |
| S&P Global, Inc. | 39,600 | 14,280 | |
| The NASDAQ OMX Group, Inc. | 348,890 | 42,812 | |
| 267,597 | |||
| Diversified Financial Services - 3.3% | |||
| Berkshire Hathaway, Inc. Class A (a) | 2,463 | 788,162 | |
| Insurance - 0.6% | |||
| Admiral Group PLC | 869,446 | 29,293 | |
| Arch Capital Group Ltd. (a) | 481,965 | 14,097 | |
| Chubb Ltd. | 202,407 | 23,504 | |
| Direct Line Insurance Group PLC | 502,200 | 1,746 | |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | 33,167 | 9,767 | |
| First American Financial Corp. | 270,841 | 13,789 | |
| Hiscox Ltd. | 1,687,943 | 19,459 | |
| Intact Financial Corp. | 16,100 | 1,724 | |
| Progressive Corp. | 302,300 | 28,619 | |
| RenaissanceRe Holdings Ltd. | 77,200 | 13,104 | |
| 155,102 | |||
| Thrifts & Mortgage Finance - 0.0% | |||
| Rocket Cos., Inc. (a)(f) | 339,300 | 6,762 | |
| TOTAL FINANCIALS | 1,353,129 | ||
| HEALTH CARE - 14.2% | |||
| Biotechnology - 3.3% | |||
| 23andMe, Inc. (a)(c)(d) | 22,532 | 235 | |
| AbbVie, Inc. | 684,661 | 59,969 | |
| Acceleron Pharma, Inc. (a) | 63,031 | 7,093 | |
| Allovir, Inc. (a) | 73,600 | 2,024 | |
| Alnylam Pharmaceuticals, Inc. (a) | 113,000 | 16,453 | |
| Amgen, Inc. | 17,300 | 4,397 | |
| Arcus Biosciences, Inc. (a) | 85,100 | 1,459 | |
| Argenx SE ADR (a) | 31,653 | 8,310 | |
| Ascendis Pharma A/S sponsored ADR (a) | 11,200 | 1,728 | |
| BeiGene Ltd. ADR (a) | 41,900 | 12,002 | |
| Biohaven Pharmaceutical Holding Co. Ltd. (a) | 92,179 | 5,993 | |
| Blueprint Medicines Corp. (a) | 9,700 | 899 | |
| CSL Ltd. | 11,983 | 2,475 | |
| Denali Therapeutics, Inc. (a) | 10,400 | 373 | |
| Exelixis, Inc. (a) | 51,487 | 1,259 | |
| Genmab A/S (a) | 60,000 | 21,733 | |
| Idorsia Ltd. (a) | 534,136 | 14,347 | |
| Innovent Biologics, Inc. (a)(e) | 2,029,000 | 15,131 | |
| Intarcia Therapeutics, Inc. warrants 12/31/24 (a)(d) | 26,062 | 0 | |
| Kymera Therapeutics, Inc. (a) | 40,500 | 1,309 | |
| Light Sciences Oncology, Inc. (a)(d) | 2,708,254 | 0 | |
| Mirati Therapeutics, Inc. (a) | 53,433 | 8,873 | |
| Morphosys AG (a) | 36,762 | 4,670 | |
| Neurocrine Biosciences, Inc. (a) | 99,789 | 9,596 | |
| Olivo Labs (a)(c)(d) | 630,333 | 0 | |
| Regeneron Pharmaceuticals, Inc. (a) | 454,824 | 254,601 | |
| Relay Therapeutics, Inc. (a) | 105,600 | 4,498 | |
| Sarepta Therapeutics, Inc. (a) | 114,221 | 16,040 | |
| Seattle Genetics, Inc. (a) | 254,300 | 49,764 | |
| Turning Point Therapeutics, Inc. (a) | 101,989 | 8,910 | |
| Vertex Pharmaceuticals, Inc. (a) | 857,546 | 233,355 | |
| Zai Lab Ltd. (a) | 121,000 | 10,068 | |
| Zai Lab Ltd. ADR (a) | 91,568 | 7,616 | |
| 785,180 | |||
| Health Care Equipment & Supplies - 3.4% | |||
| Abbott Laboratories | 651,749 | 70,930 | |
| Baxter International, Inc. | 6,754 | 543 | |
| Becton, Dickinson & Co. | 201,051 | 46,781 | |
| Boston Scientific Corp. (a) | 1,209,408 | 46,211 | |
| Danaher Corp. | 1,066,822 | 229,719 | |
| DexCom, Inc. (a) | 387,182 | 159,608 | |
| Edwards Lifesciences Corp. (a) | 643,608 | 51,373 | |
| Hologic, Inc. (a) | 671,000 | 44,601 | |
| I-Pulse, Inc. (a)(c)(d) | 58,562 | 335 | |
| Intuitive Surgical, Inc. (a) | 181,120 | 128,512 | |
| Masimo Corp. (a) | 50,402 | 11,898 | |
| ResMed, Inc. | 49,522 | 8,490 | |
| Sonova Holding AG Class B | 14,385 | 3,648 | |
| Tandem Diabetes Care, Inc. (a) | 95,600 | 10,851 | |
| Venus MedTech Hangzhou, Inc. (H Shares) (a)(e) | 867,000 | 9,254 | |
| West Pharmaceutical Services, Inc. | 15,000 | 4,124 | |
| 826,878 | |||
| Health Care Providers & Services - 2.4% | |||
| Centene Corp. (a) | 769,400 | 44,879 | |
| Cigna Corp. | 220,000 | 37,270 | |
| Guardant Health, Inc. (a) | 20,300 | 2,269 | |
| Humana, Inc. | 53,428 | 22,113 | |
| Patterson Companies, Inc. | 284,305 | 6,853 | |
| UnitedHealth Group, Inc. | 1,471,319 | 458,713 | |
| 572,097 | |||
| Health Care Technology - 0.4% | |||
| Castlight Health, Inc. (a) | 1,303,800 | 1,473 | |
| GoodRx Holdings, Inc. | 83,800 | 4,659 | |
| Veeva Systems, Inc. Class A (a) | 348,897 | 98,106 | |
| 104,238 | |||
| Life Sciences Tools & Services - 1.6% | |||
| 10X Genomics, Inc. (a) | 69,056 | 8,610 | |
| Adaptive Biotechnologies Corp. (a) | 56,300 | 2,738 | |
| Bio-Rad Laboratories, Inc. Class A (a) | 84,323 | 43,465 | |
| Bruker Corp. | 765,617 | 30,433 | |
| Eurofins Scientific SA (a) | 16,865 | 13,355 | |
| Illumina, Inc. (a) | 5,500 | 1,700 | |
| IQVIA Holdings, Inc. (a) | 43,800 | 6,904 | |
| Mettler-Toledo International, Inc. (a) | 78,070 | 75,396 | |
| Thermo Fisher Scientific, Inc. | 443,311 | 195,731 | |
| WuXi AppTec Co. Ltd. (H Shares) (e) | 831,200 | 12,020 | |
| 390,352 | |||
| Pharmaceuticals - 3.1% | |||
| AstraZeneca PLC sponsored ADR | 2,054,743 | 112,600 | |
| Bristol-Myers Squibb Co. | 2,071,430 | 124,887 | |
| Eli Lilly & Co. | 1,358,600 | 201,100 | |
| Hansoh Pharmaceutical Group Co. Ltd. (a)(e) | 2,401,000 | 11,735 | |
| Horizon Therapeutics PLC (a) | 789,800 | 61,352 | |
| Jazz Pharmaceuticals PLC (a) | 119,600 | 17,054 | |
| Johnson & Johnson | 21,000 | 3,126 | |
| Merck & Co., Inc. | 646,166 | 53,599 | |
| MyoKardia, Inc. (a) | 27,500 | 3,749 | |
| Pacira Biosciences, Inc. (a) | 14,129 | 849 | |
| Roche Holding AG (participation certificate) | 112,773 | 38,629 | |
| Royalty Pharma PLC | 402,300 | 16,925 | |
| Sanofi SA | 267,400 | 26,797 | |
| UCB SA | 222,000 | 25,248 | |
| Zoetis, Inc. Class A | 296,259 | 48,992 | |
| 746,642 | |||
| TOTAL HEALTH CARE | 3,425,387 | ||
| INDUSTRIALS - 4.0% | |||
| Aerospace & Defense - 0.7% | |||
| Lockheed Martin Corp. | 110,827 | 42,478 | |
| Northrop Grumman Corp. | 197,052 | 62,168 | |
| Space Exploration Technologies Corp.: | |||
| Class A(a)(c)(d) | 247,745 | 66,891 | |
| Class C (a)(c)(d) | 4,546 | 1,227 | |
| 172,764 | |||
| Air Freight & Logistics - 0.4% | |||
| C.H. Robinson Worldwide, Inc. | 43,000 | 4,394 | |
| United Parcel Service, Inc. Class B | 374,100 | 62,336 | |
| XPO Logistics, Inc. (a) | 214,870 | 18,191 | |
| 84,921 | |||
| Airlines - 0.1% | |||
| Ryanair Holdings PLC sponsored ADR (a) | 339,925 | 27,792 | |
| Building Products - 0.6% | |||
| Fortune Brands Home & Security, Inc. | 836,137 | 72,343 | |
| The AZEK Co., Inc. | 189,495 | 6,596 | |
| Toto Ltd. | 1,223,200 | 56,364 | |
| Trane Technologies PLC | 49,729 | 6,030 | |
| 141,333 | |||
| Commercial Services & Supplies - 0.3% | |||
| Cintas Corp. | 147,279 | 49,019 | |
| Clean TeQ Holdings Ltd. (a) | 70,040 | 14 | |
| TulCo LLC (a)(b)(c)(d) | 17,377 | 10,799 | |
| 59,832 | |||
| Electrical Equipment - 0.4% | |||
| Acuity Brands, Inc. | 49,116 | 5,027 | |
| Vestas Wind Systems A/S | 587,612 | 95,315 | |
| 100,342 | |||
| Industrial Conglomerates - 0.1% | |||
| General Electric Co. | 4,887,602 | 30,450 | |
| Machinery - 0.2% | |||
| Deere & Co. | 66,700 | 14,783 | |
| Fortive Corp. | 207,332 | 15,801 | |
| Illinois Tool Works, Inc. | 29,400 | 5,680 | |
| Otis Worldwide Corp. | 29,000 | 1,810 | |
| PACCAR, Inc. | 182,503 | 15,564 | |
| 53,638 | |||
| Professional Services - 0.6% | |||
| Clarivate Analytics PLC (a) | 2,183,353 | 67,662 | |
| CoStar Group, Inc. (a) | 56,058 | 47,566 | |
| Equifax, Inc. | 78,228 | 12,274 | |
| Experian PLC | 460,018 | 17,285 | |
| FTI Consulting, Inc. (a) | 81,030 | 8,587 | |
| Verisk Analytics, Inc. | 16,767 | 3,107 | |
| 156,481 | |||
| Road & Rail - 0.6% | |||
| Canadian Pacific Railway Ltd. | 179,000 | 54,451 | |
| Knight-Swift Transportation Holdings, Inc. Class A | 337,737 | 13,746 | |
| Uber Technologies, Inc. (a) | 443,200 | 16,168 | |
| Union Pacific Corp. | 257,900 | 50,773 | |
| 135,138 | |||
| Trading Companies & Distributors - 0.0% | |||
| Air Lease Corp. Class A | 12,700 | 374 | |
| Fastenal Co. | 38,900 | 1,754 | |
| 2,128 | |||
| TOTAL INDUSTRIALS | 964,819 | ||
| INFORMATION TECHNOLOGY - 34.0% | |||
| Electronic Equipment & Components - 0.5% | |||
| Amphenol Corp. Class A | 1,022,126 | 110,666 | |
| Samsung SDI Co. Ltd. | 22,400 | 8,327 | |
| Zebra Technologies Corp. Class A (a) | 22,064 | 5,570 | |
| 124,563 | |||
| IT Services - 7.7% | |||
| Accenture PLC Class A | 454,208 | 102,646 | |
| Adyen BV (a)(e) | 44,410 | 81,914 | |
| ASAC II LP (a)(c)(d) | 9,408,021 | 1,581 | |
| Black Knight, Inc. (a) | 186,670 | 16,250 | |
| Edenred SA | 31,959 | 1,439 | |
| EPAM Systems, Inc. (a) | 17,165 | 5,549 | |
| Euronet Worldwide, Inc. (a) | 148,458 | 13,525 | |
| Gartner, Inc. (a) | 98,400 | 12,295 | |
| MasterCard, Inc. Class A | 732,389 | 247,672 | |
| MongoDB, Inc. Class A (a) | 475,303 | 110,037 | |
| Okta, Inc. (a) | 924,903 | 197,791 | |
| PayPal Holdings, Inc. (a) | 1,416,437 | 279,081 | |
| Shopify, Inc. Class A (a) | 172,042 | 175,936 | |
| Snowflake Computing, Inc. (f) | 70,200 | 17,620 | |
| Snowflake Computing, Inc. Class B | 19,125 | 4,320 | |
| Square, Inc. (a) | 278,000 | 45,189 | |
| Twilio, Inc. Class A (a) | 192,100 | 47,466 | |
| Visa, Inc. Class A | 2,555,236 | 510,971 | |
| 1,871,282 | |||
| Semiconductors & Semiconductor Equipment - 6.6% | |||
| Advanced Micro Devices, Inc. (a) | 2,207,033 | 180,955 | |
| Analog Devices, Inc. | 37,005 | 4,320 | |
| Applied Materials, Inc. | 540,600 | 32,139 | |
| ASML Holding NV | 44,299 | 16,358 | |
| ASML Holding NV (Netherlands) | 20,100 | 7,424 | |
| Enphase Energy, Inc. (a) | 310,423 | 25,638 | |
| KLA-Tencor Corp. | 28,200 | 5,463 | |
| Lam Research Corp. | 361,660 | 119,981 | |
| Lattice Semiconductor Corp. (a) | 362,374 | 10,494 | |
| Marvell Technology Group Ltd. | 760,200 | 30,180 | |
| Micron Technology, Inc. (a) | 1,311,200 | 61,574 | |
| NVIDIA Corp. | 1,138,582 | 616,223 | |
| NXP Semiconductors NV | 166,485 | 20,779 | |
| Qorvo, Inc. (a) | 157,500 | 20,319 | |
| Qualcomm, Inc. | 2,690,690 | 316,640 | |
| Semtech Corp. (a) | 165,055 | 8,741 | |
| Skyworks Solutions, Inc. | 79,100 | 11,509 | |
| SolarEdge Technologies, Inc. (a) | 109,065 | 25,996 | |
| Synaptics, Inc. (a) | 335,223 | 26,959 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 482,500 | 39,116 | |
| Texas Instruments, Inc. | 31,000 | 4,426 | |
| 1,585,234 | |||
| Software - 16.8% | |||
| Adobe, Inc. (a) | 1,745,556 | 856,073 | |
| Agora, Inc. ADR (a) | 34,400 | 1,479 | |
| ANSYS, Inc. (a) | 6,200 | 2,029 | |
| Atlassian Corp. PLC (a) | 635,662 | 115,557 | |
| Autodesk, Inc. (a) | 141,200 | 32,619 | |
| Cadence Design Systems, Inc. (a) | 50,700 | 5,406 | |
| Ceridian HCM Holding, Inc. (a) | 218,319 | 18,044 | |
| Cloudflare, Inc. (a) | 109,400 | 4,492 | |
| Coupa Software, Inc. (a) | 217,298 | 59,592 | |
| Crowdstrike Holdings, Inc. (a) | 50,000 | 6,866 | |
| Datadog, Inc. Class A (a) | 336,342 | 34,361 | |
| Dropbox, Inc. Class A (a) | 819,353 | 15,781 | |
| Duck Creek Technologies, Inc. (a) | 26,700 | 1,213 | |
| Dynatrace, Inc. (a) | 1,218,044 | 49,964 | |
| Epic Games, Inc. (c)(d) | 23,900 | 13,743 | |
| Everbridge, Inc. (a) | 19,600 | 2,464 | |
| Five9, Inc. (a) | 121,300 | 15,730 | |
| Fortinet, Inc. (a) | 156,400 | 18,425 | |
| Intuit, Inc. | 260,801 | 85,076 | |
| JFrog Ltd. (f) | 32,200 | 2,726 | |
| Microsoft Corp. | 6,683,215 | 1,405,681 | |
| Rapid7, Inc. (a) | 246,300 | 15,083 | |
| RingCentral, Inc. (a) | 44,574 | 12,240 | |
| Salesforce.com, Inc. (a) | 4,082,684 | 1,026,060 | |
| ServiceNow, Inc. (a) | 238,700 | 115,770 | |
| Slack Technologies, Inc. Class A (a)(f) | 922,200 | 24,770 | |
| SurveyMonkey (a) | 608,368 | 13,451 | |
| Tanium, Inc. Class B (a)(c)(d) | 1,259,978 | 14,358 | |
| Tenable Holdings, Inc. (a) | 440,200 | 16,618 | |
| Unity Software, Inc. | 73,200 | 6,389 | |
| Workday, Inc. Class A (a) | 181,498 | 39,046 | |
| Xero Ltd. (a) | 57,100 | 4,165 | |
| Zoom Video Communications, Inc. Class A (a) | 37,120 | 17,450 | |
| 4,052,721 | |||
| Technology Hardware, Storage & Peripherals - 2.4% | |||
| Apple, Inc. | 4,612,600 | 534,185 | |
| Dell Technologies, Inc. (a) | 42,500 | 2,877 | |
| Samsung Electronics Co. Ltd. | 1,037,450 | 51,778 | |
| 588,840 | |||
| TOTAL INFORMATION TECHNOLOGY | 8,222,640 | ||
| MATERIALS - 3.2% | |||
| Chemicals - 0.9% | |||
| Air Products & Chemicals, Inc. | 121,974 | 36,331 | |
| FMC Corp. | 15,538 | 1,646 | |
| LG Chemical Ltd. | 57,830 | 32,433 | |
| Sherwin-Williams Co. | 217,052 | 151,229 | |
| Westlake Chemical Corp. | 32,900 | 2,080 | |
| 223,719 | |||
| Containers & Packaging - 0.0% | |||
| Silgan Holdings, Inc. | 185,311 | 6,814 | |
| WestRock Co. | 57,000 | 1,980 | |
| 8,794 | |||
| Metals & Mining - 2.3% | |||
| Agnico Eagle Mines Ltd. (Canada) | 152,200 | 12,126 | |
| B2Gold Corp. | 17,161,504 | 111,742 | |
| Barrick Gold Corp. | 233,078 | 6,552 | |
| Barrick Gold Corp. (Canada) | 3,185,479 | 89,472 | |
| Franco-Nevada Corp. | 1,104,636 | 154,361 | |
| Freeport-McMoRan, Inc. | 1,415,700 | 22,142 | |
| Ivanhoe Mines Ltd. (a) | 8,031,618 | 29,194 | |
| Lundin Gold, Inc. (a) | 521,803 | 4,742 | |
| Newcrest Mining Ltd. | 1,183,984 | 26,848 | |
| Newmont Corp. | 892,800 | 56,648 | |
| Northern Star Resources Ltd. | 188,000 | 1,863 | |
| Novagold Resources, Inc. (a) | 2,481,176 | 29,553 | |
| 545,243 | |||
| TOTAL MATERIALS | 777,756 | ||
| REAL ESTATE - 0.5% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.5% | |||
| Alexandria Real Estate Equities, Inc. | 104,600 | 16,736 | |
| American Tower Corp. | 344,850 | 83,361 | |
| Equity Commonwealth | 253,312 | 6,746 | |
| Gaming & Leisure Properties | 4,835 | 179 | |
| Prologis (REIT), Inc. | 164,806 | 16,583 | |
| 123,605 | |||
| Real Estate Management & Development - 0.0% | |||
| FirstService Corp. | 8,300 | 1,095 | |
| TOTAL REAL ESTATE | 124,700 | ||
| UTILITIES - 0.2% | |||
| Electric Utilities - 0.2% | |||
| Iberdrola SA | 139,704 | 1,721 | |
| NextEra Energy, Inc. | 46,367 | 12,870 | |
| PG&E Corp. (a) | 2,588,600 | 24,307 | |
| 38,898 | |||
| TOTAL COMMON STOCKS | |||
| (Cost $10,656,066) | 23,682,403 | ||
| Preferred Stocks - 0.7% | |||
| Convertible Preferred Stocks - 0.7% | |||
| CONSUMER DISCRETIONARY - 0.1% | |||
| Internet & Direct Marketing Retail - 0.0% | |||
| Doordash, Inc. Series H (c)(d) | 25,895 | 5,944 | |
| Specialty Retail - 0.0% | |||
| Fanatics, Inc. Series E (c)(d) | 257,870 | 4,459 | |
| Textiles, Apparel & Luxury Goods - 0.1% | |||
| Allbirds, Inc.: | |||
| Series A (a)(c)(d) | 74,760 | 864 | |
| Series B (a)(c)(d) | 13,135 | 152 | |
| Series C (a)(c)(d) | 125,520 | 1,451 | |
| Series D (c)(d) | 94,365 | 1,091 | |
| Series Seed (a)(c)(d) | 163,489 | 1,890 | |
| Bolt Threads, Inc. Series D (a)(c)(d) | 1,324,673 | 21,910 | |
| 27,358 | |||
| TOTAL CONSUMER DISCRETIONARY | 37,761 | ||
| CONSUMER STAPLES - 0.1% | |||
| Food & Staples Retailing - 0.1% | |||
| Roofoods Ltd. Series F (a)(c)(d) | 21,314 | 7,218 | |
| Sweetgreen, Inc.: | |||
| Series C (c)(d) | 14,103 | 209 | |
| Series D (c)(d) | 226,847 | 3,369 | |
| Series I (c)(d) | 534,650 | 7,940 | |
| 18,736 | |||
| HEALTH CARE - 0.2% | |||
| Biotechnology - 0.1% | |||
| 23andMe, Inc.: | |||
| Series E (a)(c)(d) | 166,247 | 1,737 | |
| Series F (a)(c)(d) | 462,756 | 4,836 | |
| Intarcia Therapeutics, Inc. Series CC (a)(c)(d) | 516,522 | 0 | |
| 6,573 | |||
| Health Care Equipment & Supplies - 0.1% | |||
| Butterfly Network, Inc. Series D (a)(c)(d) | 2,225,827 | 30,249 | |
| Health Care Providers & Services - 0.0% | |||
| Mulberry Health, Inc. Series A-8 (a)(c)(d) | 1,159,721 | 5,275 | |
| TOTAL HEALTH CARE | 42,097 | ||
| INDUSTRIALS - 0.3% | |||
| Aerospace & Defense - 0.3% | |||
| Space Exploration Technologies Corp.: | |||
| Series G (a)(c)(d) | 145,254 | 39,219 | |
| Series H (a)(c)(d) | 42,094 | 11,365 | |
| Series N (c)(d) | 66,208 | 17,876 | |
| 68,460 | |||
| INFORMATION TECHNOLOGY - 0.0% | |||
| Software - 0.0% | |||
| Magic Leap, Inc. Series ED (c)(d) | 555,556 | 1,961 | |
| REAL ESTATE - 0.0% | |||
| Real Estate Management & Development - 0.0% | |||
| WeWork Companies, Inc. Series F (a)(c)(d) | 31,954 | 227 | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | 169,242 | ||
| Nonconvertible Preferred Stocks - 0.0% | |||
| CONSUMER DISCRETIONARY - 0.0% | |||
| Specialty Retail - 0.0% | |||
| Cazoo Holdings Ltd.: | |||
| Series A (c)(d) | 2,842 | 39 | |
| Series B (c)(d) | 49,755 | 682 | |
| Series C (c)(d) | 1,010 | 14 | |
| Series D (c)(d) | 177,742 | 2,437 | |
| 3,172 | |||
| TOTAL PREFERRED STOCKS | |||
| (Cost $158,206) | 172,414 | ||
| 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 | |
| Nonconvertible Bonds - 0.0% | |||
| ENERGY - 0.0% | |||
| Energy Equipment & Services - 0.0% | |||
| Pacific Drilling SA 12% 4/1/24 pay-in-kind (e)(g) | 711 | 7 | |
| INFORMATION TECHNOLOGY - 0.0% | |||
| Software - 0.0% | |||
| Magic Leap, Inc. 10% 6/30/22 (d) | 5,624 | 8,436 | |
| TOTAL NONCONVERTIBLE BONDS | 8,443 | ||
| TOTAL CORPORATE BONDS | |||
| (Cost $16,000) | 18,100 | ||
| Preferred Securities - 0.0% | |||
| HEALTH CARE - 0.0% | |||
| Biotechnology - 0.0% | |||
| Intarcia Therapeutics, Inc. 6% 7/18/21 (Cost $2,280)(c)(d) | 2,280 | 2,901 | |
| Shares | Value (000s) | ||
| Other - 0.1% | |||
| Other - 0.1% | |||
| Utica Shale Drilling Program (non-operating revenue interest) (b)(c)(d) | 38,874,240 | 3,040 | |
| Utica Shale Drilling Program (non-operating revenue interest) 10% 10/5/23 (b)(c)(d) | 33,620,067 | 21,853 | |
| TOTAL OTHER | |||
| (Cost $50,442) | 24,893 | ||
| Money Market Funds - 1.7% | |||
| Fidelity Cash Central Fund 0.10% (h) | 358,853,328 | 358,925 | |
| Fidelity Securities Lending Cash Central Fund 0.10%(h)(i) | 52,955,454 | 52,961 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $411,886) | 411,886 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.5% | |||
| (Cost $11,294,880) | 24,312,597 | ||
| NET OTHER ASSETS (LIABILITIES) - (0.5)% | (111,733) | ||
| NET ASSETS - 100% | $24,200,864 |
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 $345,522,000 or 1.4% of net assets.
(d) Level 3 security
(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 $182,609,000 or 0.8% of net assets.
(f) Security or a portion of the security is on loan at period end.
(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) 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 Investments LLC | 5/21/20 | $170 |
| Bolt Threads, Inc. Series D | 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 |
| Cazoo Holdings Ltd. | 9/30/20 | $1,193 |
| Cazoo Holdings Ltd. Series A | 9/30/20 | $39 |
| Cazoo Holdings Ltd. Series B | 9/30/20 | $682 |
| Cazoo Holdings Ltd. Series C | 9/30/20 | $14 |
| Cazoo Holdings Ltd. Series D | 9/30/20 | $2,437 |
| Coupang unit | 6/12/20 | $2,510 |
| Doordash, Inc. Series H | 6/17/20 | $5,944 |
| Epic Games, Inc. | 7/13/20 - 7/30/20 | $13,744 |
| Fanatics, Inc. Series E | 8/13/20 | $4,459 |
| 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 ED | 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 |
| 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 |
| Space Exploration Technologies Corp. Series N | 8/4/20 | $17,876 |
| 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 - 9/18/20 | $9,907 |
| TulCo LLC | 8/24/17 | $5,775 |
| Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 - 9/1/17 | $16,822 |
| 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 | $25,499 |
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 | $857 |
| Fidelity Securities Lending Cash Central Fund | 1,055 |
| Total | $1,912 |
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 and preferred securities 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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