NPORT-EX 2 QTLY_1277_20200930.htm

Quarterly Holdings Report
for

Fidelity Advisor® New Insights Fund

September 30, 2020







ANIF-QTLY-1120
1.808768.116





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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