Quarterly Holdings Report
for
Fidelity® Contrafund®
September 30, 2020
Schedule of Investments September 30, 2020 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.4% | |||
| Shares | Value (000s) | ||
| COMMUNICATION SERVICES - 18.1% | |||
| Entertainment - 4.2% | |||
| Activision Blizzard, Inc. | 12,981,048 | $1,050,816 | |
| Electronic Arts, Inc. (a) | 1,160,333 | 151,319 | |
| NetEase, Inc. | 4,478,936 | 80,417 | |
| Netflix, Inc. (a) | 7,452,710 | 3,726,579 | |
| Nexon Co. Ltd. | 428,932 | 10,699 | |
| Nintendo Co. Ltd. | 46,200 | 26,181 | |
| Spotify Technology SA (a) | 375,555 | 91,098 | |
| Take-Two Interactive Software, Inc. (a) | 872,784 | 144,201 | |
| The Walt Disney Co. | 1,973,108 | 244,823 | |
| 5,526,133 | |||
| Interactive Media & Services - 13.0% | |||
| Alphabet, Inc.: | |||
| Class A (a) | 1,957,389 | 2,868,749 | |
| Class C (a) | 1,831,568 | 2,691,672 | |
| Facebook, Inc. Class A (a) | 42,434,399 | 11,113,569 | |
| Match Group, Inc. (a)(b) | 595,511 | 65,893 | |
| Pinterest, Inc. Class A (a) | 1,186,297 | 49,243 | |
| Snap, Inc. Class A (a) | 5,185,335 | 135,389 | |
| Tencent Holdings Ltd. | 1,030,976 | 69,636 | |
| Twitter, Inc. (a) | 299,479 | 13,327 | |
| Zillow Group, Inc. Class C (a) | 129,675 | 13,174 | |
| 17,020,652 | |||
| Media - 0.2% | |||
| Charter Communications, Inc. Class A (a) | 425,878 | 265,893 | |
| Wireless Telecommunication Services - 0.7% | |||
| T-Mobile U.S., Inc. | 7,441,324 | 850,990 | |
| TOTAL COMMUNICATION SERVICES | 23,663,668 | ||
| CONSUMER DISCRETIONARY - 13.9% | |||
| Automobiles - 0.0% | |||
| BYD Co. Ltd. (H Shares) | 1,847,286 | 29,790 | |
| Tesla, Inc. (a) | 22,592 | 9,692 | |
| 39,482 | |||
| Hotels, Restaurants & Leisure - 0.6% | |||
| Chipotle Mexican Grill, Inc. (a) | 301,942 | 375,528 | |
| Domino's Pizza, Inc. | 152,473 | 64,844 | |
| DraftKings, Inc. Class A (a)(b) | 1,399,710 | 82,359 | |
| Evolution Gaming Group AB (c) | 923,765 | 61,352 | |
| McDonald's Corp. | 528,117 | 115,916 | |
| Penn National Gaming, Inc. (a) | 524,887 | 38,159 | |
| 738,158 | |||
| Household Durables - 0.2% | |||
| D.R. Horton, Inc. | 1,165,585 | 88,153 | |
| Garmin Ltd. | 711,848 | 67,526 | |
| Lennar Corp. Class A | 1,451,656 | 118,571 | |
| Sony Corp. | 143,110 | 10,968 | |
| 285,218 | |||
| Internet & Direct Marketing Retail - 10.7% | |||
| Alibaba Group Holding Ltd. | 10,733,863 | 394,052 | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | 1,882,312 | 553,362 | |
| Amazon.com, Inc. (a) | 3,933,071 | 12,384,175 | |
| Coupang unit (d)(e) | 2,489,211 | 18,669 | |
| eBay, Inc. | 6,714,588 | 349,830 | |
| JD.com, Inc. Class A | 3,310,532 | 127,473 | |
| Meituan Dianping Class B (a) | 3,086,852 | 97,240 | |
| Pinduoduo, Inc. ADR (a) | 572,386 | 42,442 | |
| 13,967,243 | |||
| Leisure Products - 0.0% | |||
| Peloton Interactive, Inc. Class A (a) | 556,852 | 55,262 | |
| Multiline Retail - 0.3% | |||
| B&M European Value Retail SA | 8,964,529 | 57,224 | |
| Dollar General Corp. | 1,732,272 | 363,119 | |
| Target Corp. | 75,056 | 11,815 | |
| 432,158 | |||
| Specialty Retail - 1.1% | |||
| Bed Bath & Beyond, Inc. | 1,170,247 | 17,530 | |
| Best Buy Co., Inc. | 312,756 | 34,807 | |
| Carvana Co. Class A (a) | 54,506 | 12,158 | |
| Cazoo Holdings Ltd. (d)(e) | 579,926 | 7,951 | |
| Lowe's Companies, Inc. | 441,112 | 73,163 | |
| O'Reilly Automotive, Inc. (a) | 236,724 | 109,149 | |
| The Home Depot, Inc. | 3,497,929 | 971,410 | |
| TJX Companies, Inc. | 1,531,410 | 85,223 | |
| Vroom, Inc. | 1,034,800 | 53,582 | |
| 1,364,973 | |||
| Textiles, Apparel & Luxury Goods - 1.0% | |||
| adidas AG | 465,157 | 150,578 | |
| Allbirds, Inc. (a)(d)(e) | 867,565 | 10,029 | |
| Deckers Outdoor Corp. (a) | 459,741 | 101,148 | |
| Kering SA | 16,756 | 11,151 | |
| lululemon athletica, Inc. (a) | 383,894 | 126,443 | |
| NIKE, Inc. Class B | 6,906,377 | 867,027 | |
| On Holding AG (d)(e) | 2,600 | 28,088 | |
| 1,294,464 | |||
| TOTAL CONSUMER DISCRETIONARY | 18,176,958 | ||
| CONSUMER STAPLES - 2.9% | |||
| Beverages - 0.6% | |||
| Boston Beer Co., Inc. Class A (a) | 16,078 | 14,203 | |
| Constellation Brands, Inc. Class A (sub. vtg.) | 60,822 | 11,526 | |
| Keurig Dr. Pepper, Inc. | 806,958 | 22,272 | |
| Monster Beverage Corp. (a) | 1,067,680 | 85,628 | |
| PepsiCo, Inc. | 2,717,038 | 376,581 | |
| The Coca-Cola Co. | 4,770,503 | 235,520 | |
| 745,730 | |||
| Food & Staples Retailing - 1.3% | |||
| Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 1,214,908 | 42,308 | |
| Costco Wholesale Corp. | 3,272,946 | 1,161,896 | |
| Walmart, Inc. | 3,173,311 | 443,978 | |
| 1,648,182 | |||
| Household Products - 0.0% | |||
| Kimberly-Clark Corp. | 246,742 | 36,434 | |
| Personal Products - 1.0% | |||
| Estee Lauder Companies, Inc. Class A | 5,640,565 | 1,231,053 | |
| L'Oreal SA | 203,057 | 66,081 | |
| L'Oreal SA | 204,074 | 66,412 | |
| 1,363,546 | |||
| TOTAL CONSUMER STAPLES | 3,793,892 | ||
| ENERGY - 0.5% | |||
| Oil, Gas & Consumable Fuels - 0.5% | |||
| Continental Resources, Inc. | 1,003,134 | 12,318 | |
| Hess Corp. | 917,058 | 37,535 | |
| Noble Energy, Inc. | 2,638,074 | 22,556 | |
| Reliance Industries Ltd. | 17,788,839 | 541,038 | |
| 613,447 | |||
| FINANCIALS - 6.8% | |||
| Banks - 1.0% | |||
| Bank of America Corp. | 25,659,117 | 618,128 | |
| Citigroup, Inc. | 938,741 | 40,469 | |
| JPMorgan Chase & Co. | 5,498,086 | 529,301 | |
| Kotak Mahindra Bank Ltd. (a) | 1,993,166 | 34,512 | |
| M&T Bank Corp. | 241,664 | 22,255 | |
| The Toronto-Dominion Bank | 210,941 | 9,766 | |
| 1,254,431 | |||
| Capital Markets - 0.8% | |||
| BlackRock, Inc. Class A | 790,605 | 445,545 | |
| MarketAxess Holdings, Inc. | 82,402 | 39,684 | |
| Moody's Corp. | 1,014,403 | 294,025 | |
| MSCI, Inc. | 275,989 | 98,467 | |
| S&P Global, Inc. | 276,747 | 99,795 | |
| 977,516 | |||
| Diversified Financial Services - 4.7% | |||
| Berkshire Hathaway, Inc. Class A (a) | 19,277 | 6,168,659 | |
| Insurance - 0.3% | |||
| Admiral Group PLC | 4,552,723 | 153,386 | |
| Direct Line Insurance Group PLC | 3,340,587 | 11,613 | |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | 88,395 | 26,030 | |
| Intact Financial Corp. | 76,140 | 8,153 | |
| Progressive Corp. | 1,956,956 | 185,265 | |
| 384,447 | |||
| Thrifts & Mortgage Finance - 0.0% | |||
| Rocket Cos., Inc. (a)(b) | 2,088,650 | 41,627 | |
| TOTAL FINANCIALS | 8,826,680 | ||
| HEALTH CARE - 14.2% | |||
| Biotechnology - 3.6% | |||
| 23andMe, Inc. (a)(d)(e) | 166,622 | 1,741 | |
| AbbVie, Inc. | 5,352,180 | 468,797 | |
| Acceleron Pharma, Inc. (a) | 315,990 | 35,558 | |
| Allovir, Inc. (a) | 328,670 | 9,038 | |
| Allovir, Inc. | 1,281,457 | 31,716 | |
| Alnylam Pharmaceuticals, Inc. (a) | 431,070 | 62,764 | |
| Amgen, Inc. | 151,985 | 38,629 | |
| Arcus Biosciences, Inc. (a) | 563,290 | 9,655 | |
| Argenx SE ADR (a) | 213,957 | 56,168 | |
| Ascendis Pharma A/S sponsored ADR (a) | 83,100 | 12,824 | |
| BeiGene Ltd. ADR (a) | 306,244 | 87,721 | |
| Biohaven Pharmaceutical Holding Co. Ltd. (a) | 168,286 | 10,940 | |
| Blueprint Medicines Corp. (a) | 52,509 | 4,868 | |
| CSL Ltd. | 109,147 | 22,546 | |
| Denali Therapeutics, Inc. (a) | 50,016 | 1,792 | |
| Exelixis, Inc. (a) | 273,668 | 6,691 | |
| Generation Bio Co. | 1,563,476 | 45,911 | |
| Genmab A/S (a) | 118,941 | 43,082 | |
| Idorsia Ltd. (a) | 2,831,357 | 76,052 | |
| Innovent Biologics, Inc. (a)(c) | 14,494,462 | 108,088 | |
| Intarcia Therapeutics, Inc. warrants 12/31/24 (a)(e) | 105,983 | 0 | |
| Kymera Therapeutics, Inc. (a) | 210,136 | 6,789 | |
| Mirati Therapeutics, Inc. (a) | 201,821 | 33,512 | |
| Morphosys AG (a) | 193,516 | 24,583 | |
| Neurocrine Biosciences, Inc. (a) | 189,958 | 18,266 | |
| Regeneron Pharmaceuticals, Inc. (a) | 2,372,215 | 1,327,919 | |
| Relay Therapeutics, Inc. (a) | 524,800 | 22,351 | |
| Sarepta Therapeutics, Inc. (a) | 187,198 | 26,288 | |
| Seattle Genetics, Inc. (a) | 659,303 | 129,019 | |
| Turning Point Therapeutics, Inc. (a) | 482,048 | 42,112 | |
| Vertex Pharmaceuticals, Inc. (a) | 6,639,227 | 1,806,666 | |
| Zai Lab Ltd. (a) | 719,049 | 59,829 | |
| Zai Lab Ltd. ADR (a) | 464,738 | 38,652 | |
| 4,670,567 | |||
| Health Care Equipment & Supplies - 2.9% | |||
| Abbott Laboratories | 4,213,121 | 458,514 | |
| Baxter International, Inc. | 1,821,616 | 146,494 | |
| Danaher Corp. | 5,082,953 | 1,094,512 | |
| DexCom, Inc. (a) | 2,277,873 | 939,008 | |
| Edwards Lifesciences Corp. (a) | 4,991,352 | 398,410 | |
| Hologic, Inc. (a) | 1,621,171 | 107,759 | |
| Intuitive Surgical, Inc. (a) | 706,602 | 501,362 | |
| Masimo Corp. (a) | 334,004 | 78,845 | |
| ResMed, Inc. | 141,430 | 24,245 | |
| Sonova Holding AG Class B | 49,723 | 12,611 | |
| Venus MedTech Hangzhou, Inc. (H Shares) (a)(c) | 4,624,270 | 49,357 | |
| West Pharmaceutical Services, Inc. | 88,056 | 24,207 | |
| 3,835,324 | |||
| Health Care Providers & Services - 3.1% | |||
| Guardant Health, Inc. (a) | 135,465 | 15,142 | |
| Humana, Inc. | 561,899 | 232,564 | |
| Patterson Companies, Inc. | 1,602,662 | 38,632 | |
| UnitedHealth Group, Inc. | 12,088,769 | 3,768,916 | |
| 4,055,254 | |||
| Health Care Technology - 0.3% | |||
| GoodRx Holdings, Inc. | 448,720 | 24,949 | |
| Veeva Systems, Inc. Class A (a) | 1,194,253 | 335,812 | |
| 360,761 | |||
| Life Sciences Tools& Services - 1.5% | |||
| 10X Genomics, Inc. (a) | 405,676 | 50,580 | |
| Adaptive Biotechnologies Corp. (a) | 353,736 | 17,202 | |
| Bio-Rad Laboratories, Inc. Class A (a) | 348,525 | 179,651 | |
| Eurofins Scientific SA (a) | 83,152 | 65,846 | |
| Illumina, Inc. (a) | 36,936 | 11,416 | |
| IQVIA Holdings, Inc. (a) | 494,809 | 77,997 | |
| Mettler-Toledo International, Inc. (a) | 654,864 | 632,435 | |
| Thermo Fisher Scientific, Inc. | 1,995,301 | 880,965 | |
| WuXi AppTec Co. Ltd. (H Shares) (c) | 4,256,235 | 61,548 | |
| 1,977,640 | |||
| Pharmaceuticals - 2.8% | |||
| AstraZeneca PLC sponsored ADR | 14,496,376 | 794,401 | |
| Bristol-Myers Squibb Co. | 6,911,196 | 416,676 | |
| Eli Lilly & Co. | 6,520,164 | 965,115 | |
| Hansoh Pharmaceutical Group Co. Ltd. (a)(c) | 13,229,425 | 64,661 | |
| Horizon Therapeutics PLC (a) | 3,860,980 | 299,921 | |
| Jazz Pharmaceuticals PLC (a) | 725,627 | 103,467 | |
| Johnson & Johnson | 219,276 | 32,646 | |
| Merck & Co., Inc. | 4,632,703 | 384,283 | |
| MyoKardia, Inc. (a) | 197,997 | 26,993 | |
| Pacira Biosciences, Inc. (a) | 73,448 | 4,416 | |
| Roche Holding AG (participation certificate) | 37,471 | 12,835 | |
| Royalty Pharma PLC | 2,006,666 | 84,420 | |
| UCB SA | 682,368 | 77,604 | |
| Zoetis, Inc. Class A | 2,053,914 | 339,656 | |
| 3,607,094 | |||
| TOTAL HEALTH CARE | 18,506,640 | ||
| INDUSTRIALS - 3.2% | |||
| Aerospace & Defense - 0.5% | |||
| Lockheed Martin Corp. | 852,157 | 326,615 | |
| Northrop Grumman Corp. | 953,757 | 300,901 | |
| Space Exploration Technologies Corp.: | |||
| Class A (a)(d)(e) | 295,578 | 79,806 | |
| Class C (a)(d)(e) | 12,991 | 3,508 | |
| 710,830 | |||
| Air Freight & Logistics - 0.4% | |||
| C.H. Robinson Worldwide, Inc. | 267,635 | 27,350 | |
| United Parcel Service, Inc. Class B | 2,538,721 | 423,027 | |
| 450,377 | |||
| Building Products - 0.3% | |||
| Fortune Brands Home & Security, Inc. | 2,549,730 | 220,603 | |
| The AZEK Co., Inc. | 1,119,807 | 38,980 | |
| Toto Ltd. | 2,355,202 | 108,526 | |
| Trane Technologies PLC | 282,103 | 34,205 | |
| 402,314 | |||
| Commercial Services & Supplies - 0.3% | |||
| Cintas Corp. | 753,272 | 250,712 | |
| Clean TeQ Holdings Ltd. (a)(b)(f) | 38,981,249 | 8,068 | |
| TulCo LLC (a)(d)(e)(g) | 140,771 | 87,485 | |
| 346,265 | |||
| Electrical Equipment - 0.4% | |||
| Acuity Brands, Inc. | 302,957 | 31,008 | |
| Vestas Wind Systems A/S | 3,223,206 | 522,827 | |
| 553,835 | |||
| Industrial Conglomerates - 0.0% | |||
| General Electric Co. | 6,919,808 | 43,110 | |
| Machinery - 0.3% | |||
| Deere & Co. | 424,241 | 94,025 | |
| Fortive Corp. | 2,226,146 | 169,655 | |
| Illinois Tool Works, Inc. | 195,860 | 37,842 | |
| Otis Worldwide Corp. | 212,110 | 13,240 | |
| PACCAR, Inc. | 1,098,810 | 93,707 | |
| 408,469 | |||
| Professional Services - 0.6% | |||
| Clarivate Analytics PLC (a) | 9,742,773 | 301,929 | |
| CoStar Group, Inc. (a) | 261,009 | 221,469 | |
| Equifax, Inc. | 71,524 | 11,222 | |
| Experian PLC | 2,986,802 | 112,227 | |
| FTI Consulting, Inc. (a) | 598,067 | 63,377 | |
| Verisk Analytics, Inc. | 94,224 | 17,461 | |
| 727,685 | |||
| Road & Rail - 0.4% | |||
| Canadian Pacific Railway Ltd. | 794,083 | 241,556 | |
| Uber Technologies, Inc. (a) | 371,055 | 13,536 | |
| Union Pacific Corp. | 1,389,950 | 273,639 | |
| 528,731 | |||
| Trading Companies & Distributors - 0.0% | |||
| Air Lease Corp. Class A | 68,673 | 2,020 | |
| Fastenal Co. | 281,435 | 12,690 | |
| 14,710 | |||
| TOTAL INDUSTRIALS | 4,186,326 | ||
| INFORMATION TECHNOLOGY - 34.3% | |||
| Electronic Equipment & Components - 1.1% | |||
| Amphenol Corp. Class A | 12,165,485 | 1,317,157 | |
| Samsung SDI Co. Ltd. | 149,500 | 55,575 | |
| Zebra Technologies Corp. Class A (a) | 208,426 | 52,619 | |
| 1,425,351 | |||
| IT Services - 9.1% | |||
| Accenture PLC Class A | 3,245,384 | 733,424 | |
| Adyen BV (a)(c) | 239,430 | 441,625 | |
| ASAC II LP (a)(d)(e) | 39,494,500 | 6,635 | |
| EPAM Systems, Inc. (a) | 22,983 | 7,430 | |
| MasterCard, Inc. Class A | 6,891,858 | 2,330,620 | |
| MongoDB, Inc. Class A (a) | 1,852,710 | 428,921 | |
| Okta, Inc. (a) | 3,649,446 | 780,434 | |
| PayPal Holdings, Inc. (a) | 10,202,417 | 2,010,182 | |
| Shopify, Inc. Class A (a) | 822,361 | 840,975 | |
| Snowflake Computing, Inc. (b) | 375,547 | 94,262 | |
| Snowflake Computing, Inc. Class B | 88,269 | 19,940 | |
| Square, Inc. (a) | 1,041,576 | 169,308 | |
| Twilio, Inc. Class A (a) | 929,855 | 229,758 | |
| Visa, Inc. Class A (b) | 18,969,268 | 3,793,285 | |
| 11,886,799 | |||
| Semiconductors & Semiconductor Equipment - 4.9% | |||
| Advanced Micro Devices, Inc. (a) | 8,766,192 | 718,740 | |
| Analog Devices, Inc. | 688,390 | 80,363 | |
| ASML Holding NV | 319,482 | 117,975 | |
| Enphase Energy, Inc. (a) | 1,869,720 | 154,420 | |
| KLA-Tencor Corp. | 211,430 | 40,962 | |
| Lam Research Corp. | 1,343,954 | 445,857 | |
| Lattice Semiconductor Corp. (a) | 2,363,499 | 68,447 | |
| Marvell Technology Group Ltd. | 2,907,579 | 115,431 | |
| NVIDIA Corp. | 4,084,906 | 2,210,833 | |
| NXP Semiconductors NV | 946,779 | 118,167 | |
| Qorvo, Inc. (a) | 1,031,185 | 133,033 | |
| Qualcomm, Inc. | 13,861,559 | 1,631,228 | |
| Semtech Corp. (a) | 957,321 | 50,700 | |
| Skyworks Solutions, Inc. | 577,839 | 84,076 | |
| SolarEdge Technologies, Inc. (a) | 342,927 | 81,737 | |
| Synaptics, Inc. (a)(f) | 2,120,308 | 170,515 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1,212,611 | 98,306 | |
| Texas Instruments, Inc. | 307,488 | 43,906 | |
| 6,364,696 | |||
| Software - 16.1% | |||
| Adobe, Inc. (a) | 8,995,416 | 4,411,622 | |
| Agora, Inc. ADR (a)(b) | 174,705 | 7,509 | |
| ANSYS, Inc. (a) | 40,014 | 13,094 | |
| Atlassian Corp. PLC (a) | 2,551,245 | 463,791 | |
| Cadence Design Systems, Inc. (a) | 426,759 | 45,505 | |
| Ceridian HCM Holding, Inc. (a) | 689,081 | 56,953 | |
| Cloudflare, Inc. (a) | 7,112,943 | 292,057 | |
| Coupa Software, Inc. (a) | 1,366,896 | 374,858 | |
| Crowdstrike Holdings, Inc. (a) | 323,446 | 44,416 | |
| Datadog, Inc. Class A (a) | 1,298,586 | 132,664 | |
| Dropbox, Inc. Class A (a) | 4,600,467 | 88,605 | |
| Duck Creek Technologies, Inc. (a)(b) | 138,200 | 6,278 | |
| Dynatrace, Inc. (a) | 3,919,997 | 160,798 | |
| Epic Games, Inc. (d)(e) | 123,700 | 71,128 | |
| Everbridge, Inc. (a) | 268,589 | 33,770 | |
| Fortinet, Inc. (a) | 809,515 | 95,369 | |
| Intuit, Inc. | 1,211,249 | 395,122 | |
| JFrog Ltd. (b) | 172,400 | 14,594 | |
| Microsoft Corp. | 35,607,335 | 7,489,291 | |
| Netcompany Group A/S (a)(c) | 34,970 | 2,900 | |
| RingCentral, Inc. (a) | 247,767 | 68,039 | |
| Salesforce.com, Inc. (a) | 23,343,053 | 5,866,576 | |
| ServiceNow, Inc. (a) | 842,770 | 408,743 | |
| Slack Technologies, Inc. Class A (a)(b) | 4,291,372 | 115,266 | |
| SurveyMonkey (a) | 1,219,563 | 26,965 | |
| Tanium, Inc. Class B (a)(d)(e) | 6,742,751 | 76,835 | |
| Unity Software, Inc. | 391,619 | 34,181 | |
| Workday, Inc. Class A (a) | 816,909 | 175,742 | |
| Xero Ltd. (a) | 418,882 | 30,555 | |
| Zoom Video Communications, Inc. Class A (a) | 86,765 | 40,789 | |
| 21,044,015 | |||
| Technology Hardware, Storage & Peripherals - 3.1% | |||
| Apple, Inc. | 34,157,734 | 3,955,807 | |
| Dell Technologies, Inc. (a) | 263,146 | 17,812 | |
| Samsung Electronics Co. Ltd. | 1,906,800 | 95,166 | |
| 4,068,785 | |||
| TOTAL INFORMATION TECHNOLOGY | 44,789,646 | ||
| MATERIALS - 2.7% | |||
| Chemicals - 0.7% | |||
| Air Products & Chemicals, Inc. | 754,694 | 224,793 | |
| Growmax Resources Corp. (a)(c)(e) | 3,015,450 | 125 | |
| Sherwin-Williams Co. | 1,005,371 | 700,482 | |
| Westlake Chemical Corp. | 193,276 | 12,219 | |
| 937,619 | |||
| Containers & Packaging - 0.1% | |||
| Silgan Holdings, Inc. | 1,051,287 | 38,656 | |
| WestRock Co. | 329,585 | 11,450 | |
| 50,106 | |||
| Metals & Mining - 1.9% | |||
| Agnico Eagle Mines Ltd. (Canada) | 959,253 | 76,428 | |
| B2Gold Corp. | 47,621,015 | 310,070 | |
| Barrick Gold Corp. | 1,851,009 | 52,032 | |
| Barrick Gold Corp. (Canada) | 24,349,364 | 683,914 | |
| Franco-Nevada Corp. | 4,377,044 | 611,646 | |
| Freeport-McMoRan, Inc. | 8,705,362 | 136,152 | |
| Ivanhoe Mines Ltd. (a) | 44,791,741 | 162,812 | |
| Ivanhoe Mines Ltd. (a)(c) | 12,903,860 | 46,904 | |
| Lundin Gold, Inc. (a) | 2,314,262 | 21,030 | |
| Newmont Corp. | 4,833,827 | 306,706 | |
| Northern Star Resources Ltd. | 1,330,057 | 13,180 | |
| Novagold Resources, Inc. (a) | 7,162,746 | 85,315 | |
| 2,506,189 | |||
| TOTAL MATERIALS | 3,493,914 | ||
| REAL ESTATE - 0.6% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.6% | |||
| Alexandria Real Estate Equities, Inc. | 635,772 | 101,724 | |
| American Tower Corp. | 2,243,586 | 542,342 | |
| Equity Commonwealth | 1,733,128 | 46,153 | |
| Prologis (REIT), Inc. | 1,227,571 | 123,518 | |
| 813,737 | |||
| Real Estate Management & Development - 0.0% | |||
| FirstService Corp. | 53,681 | 7,080 | |
| WeWork Companies, Inc. Class A (a)(d)(e) | 53,694 | 381 | |
| 7,461 | |||
| TOTAL REAL ESTATE | 821,198 | ||
| UTILITIES - 0.2% | |||
| Electric Utilities - 0.2% | |||
| Iberdrola SA | 988,704 | 12,183 | |
| NextEra Energy, Inc. | 174,292 | 48,376 | |
| PG&E Corp. (a) | 18,772,868 | 176,277 | |
| 236,836 | |||
| TOTAL COMMON STOCKS | |||
| (Cost $44,749,853) | 127,109,205 | ||
| Preferred Stocks - 0.8% | |||
| Convertible Preferred Stocks - 0.8% | |||
| CONSUMER DISCRETIONARY - 0.2% | |||
| Diversified Consumer Services - 0.1% | |||
| Airbnb, Inc.: | |||
| Series D (a)(d)(e) | 578,817 | 52,695 | |
| Series E (a)(d)(e) | 388,853 | 35,401 | |
| 88,096 | |||
| Internet & Direct Marketing Retail - 0.0% | |||
| Doordash, Inc. Series H (d)(e) | 192,670 | 44,224 | |
| Specialty Retail - 0.1% | |||
| Aurora Innovation, Inc. Series B (a)(d)(e) | 2,121,140 | 19,600 | |
| Fanatics, Inc. Series E (d)(e) | 1,673,822 | 28,940 | |
| 48,540 | |||
| Textiles, Apparel & Luxury Goods - 0.0% | |||
| Allbirds, Inc.: | |||
| Series A (a)(d)(e) | 342,405 | 3,958 | |
| Series B (a)(d)(e) | 60,155 | 695 | |
| Series C (a)(d)(e) | 574,905 | 6,646 | |
| Series Seed (a)(d)(e) | 183,970 | 2,127 | |
| 13,426 | |||
| TOTAL CONSUMER DISCRETIONARY | 194,286 | ||
| CONSUMER STAPLES - 0.0% | |||
| Food & Staples Retailing - 0.0% | |||
| Roofoods Ltd. Series F (a)(d)(e) | 154,611 | 52,359 | |
| HEALTH CARE - 0.1% | |||
| Biotechnology - 0.1% | |||
| 23andMe, Inc.: | |||
| Series E (a)(d)(e) | 664,987 | 6,949 | |
| Series F (a)(d)(e) | 3,348,986 | 34,997 | |
| Intarcia Therapeutics, Inc. Series CC (a)(d)(e) | 2,100,446 | 0 | |
| Nuvation Bio, Inc. Series A (a)(d)(e)(h) | 35,794,400 | 33,647 | |
| 75,593 | |||
| Health Care Providers & Services - 0.0% | |||
| Get Heal, Inc. Series B (a)(d)(e) | 35,877,127 | 1,032 | |
| Mulberry Health, Inc.: | |||
| Series A-8 (a)(d)(e) | 7,960,894 | 36,210 | |
| Series A-9 (a)(d)(e) | 600,009 | 2,737 | |
| Series AA-9 (a)(d)(e) | 49,783 | 225 | |
| 40,204 | |||
| TOTAL HEALTH CARE | 115,797 | ||
| INDUSTRIALS - 0.3% | |||
| Aerospace & Defense - 0.3% | |||
| Space Exploration Technologies Corp.: | |||
| Series G (a)(d)(e) | 558,215 | 150,718 | |
| Series H (a)(d)(e) | 120,282 | 32,476 | |
| Series N (d)(e) | 428,458 | 115,684 | |
| 298,878 | |||
| Commercial Services & Supplies - 0.0% | |||
| ZenPayroll, Inc. Series D (a)(d)(e) | 2,436,137 | 32,431 | |
| TOTAL INDUSTRIALS | 331,309 | ||
| INFORMATION TECHNOLOGY - 0.1% | |||
| Software - 0.1% | |||
| Affirm, Inc.: | |||
| Series F (a)(d)(e) | 2,371,275 | 47,251 | |
| Series G (d)(e) | 2,344,983 | 46,727 | |
| Series G1 (d)(e) | 431,811 | 8,604 | |
| Carbon, Inc.: | |||
| Series D (a)(d)(e) | 915,425 | 27,939 | |
| Series E (a)(d)(e) | 81,735 | 2,526 | |
| Delphix Corp. Series D (a)(d)(e) | 3,712,687 | 18,860 | |
| 151,907 | |||
| MATERIALS - 0.1% | |||
| Metals & Mining - 0.1% | |||
| High Power Exploration, Inc. Series A (d)(e) | 12,577,747 | 78,359 | |
| REAL ESTATE - 0.0% | |||
| Real Estate Management & Development - 0.0% | |||
| WeWork Companies, Inc.: | |||
| Series E (a)(d)(e) | 5,464,465 | 38,743 | |
| Series F (a)(d)(e) | 253,732 | 1,799 | |
| 40,542 | |||
| TOTAL CONVERTIBLE PREFERRED STOCKS | 964,559 | ||
| Nonconvertible Preferred Stocks - 0.0% | |||
| CONSUMER DISCRETIONARY - 0.0% | |||
| Specialty Retail - 0.0% | |||
| Cazoo Holdings Ltd.: | |||
| Series A (d)(e) | 18,932 | 260 | |
| Series B (d)(e) | 331,469 | 4,544 | |
| Series C (d)(e) | 6,729 | 92 | |
| Series D (d)(e) | 1,184,131 | 16,234 | |
| 21,130 | |||
| CONSUMER STAPLES - 0.0% | |||
| Food & Staples Retailing - 0.0% | |||
| Roofoods Ltd. Series G (a)(e) | 46,145 | 15,627 | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | 36,757 | ||
| TOTAL PREFERRED STOCKS | |||
| (Cost $1,048,118) | 1,001,316 | ||
| Principal Amount (000s) | Value (000s) | ||
| Preferred Securities - 0.0% | |||
| HEALTH CARE - 0.0% | |||
| Biotechnology - 0.0% | |||
| Intarcia Therapeutics, Inc. 6% 7/18/21 (Cost $9,273)(d)(e) | 9,273 | 11,796 | |
| Shares | Value (000s) | ||
| Money Market Funds - 2.3% | |||
| Fidelity Cash Central Fund 0.10% (i) | 2,552,814,018 | 2,553,325 | |
| Fidelity Securities Lending Cash Central Fund 0.10% (i)(j) | 431,242,498 | 431,286 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $2,984,609) | 2,984,611 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.5% | |||
| (Cost $48,791,853) | 131,106,928 | ||
| NET OTHER ASSETS (LIABILITIES) - (0.5)% | (660,000) | ||
| NET ASSETS - 100% | $130,446,928 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
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 $836,560,000 or 0.6% 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 $1,389,741,000 or 1.1% of net assets.
(e) Level 3 security
(f) Affiliated company
(g) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(h) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(i) 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.
(j) 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 | $2,799 |
| 23andMe, Inc. Series E | 6/18/15 | $7,200 |
| 23andMe, Inc. Series F | 8/31/17 | $46,498 |
| Affirm, Inc. Series F | 3/22/19 | $31,261 |
| Affirm, Inc. Series G | 9/11/20 | $46,727 |
| Affirm, Inc. Series G1 | 4/29/20 | $7,287 |
| Airbnb, Inc. Series D | 4/16/14 | $23,565 |
| Airbnb, Inc. Series E | 6/29/15 | $36,200 |
| Allbirds, Inc. | 10/9/18 | $9,515 |
| Allbirds, Inc. Series A | 10/9/18 | $3,755 |
| Allbirds, Inc. Series B | 10/9/18 | $660 |
| Allbirds, Inc. Series C | 10/9/18 | $6,305 |
| Allbirds, Inc. Series Seed | 10/9/18 | $2,018 |
| ASAC II LP | 10/10/13 | $3,041 |
| Aurora Innovation, Inc. Series B | 3/1/19 | $19,600 |
| Carbon, Inc. Series D | 12/15/17 | $21,376 |
| Carbon, Inc. Series E | 3/22/19 | $2,288 |
| Cazoo Holdings Ltd. | 9/30/20 | $7,951 |
| Cazoo Holdings Ltd. Series A | 9/30/20 | $260 |
| Cazoo Holdings Ltd. Series B | 9/30/20 | $4,544 |
| Cazoo Holdings Ltd. Series C | 9/30/20 | $92 |
| Cazoo Holdings Ltd. Series D | 9/30/20 | $16,234 |
| Coupang unit | 6/12/20 | $18,669 |
| Delphix Corp. Series D | 7/10/15 | $33,414 |
| Doordash, Inc. Series H | 6/17/20 | $44,224 |
| Epic Games, Inc. | 7/13/20 - 7/30/20 | $71,128 |
| Fanatics, Inc. Series E | 8/13/20 | $28,940 |
| Get Heal, Inc. Series B | 11/7/16 | $10,944 |
| High Power Exploration, Inc. Series A | 11/15/19 | $66,285 |
| Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $28,629 |
| Intarcia Therapeutics, Inc. 6% 7/18/21 | 1/3/20 | $9,273 |
| Mulberry Health, Inc. Series A-8 | 1/20/16 | $53,774 |
| Mulberry Health, Inc. Series A-9 | 3/23/18 | $4,281 |
| Mulberry Health, Inc. Series AA-9 | 3/23/18 | $145 |
| Nuvation Bio, Inc. Series A | 6/17/19 | $27,612 |
| On Holding AG | 2/6/20 | $23,693 |
| Roofoods Ltd. Series F | 9/12/17 | $54,666 |
| Space Exploration Technologies Corp. Class A | 10/16/15 - 9/11/17 | $30,689 |
| Space Exploration Technologies Corp. Class C | 9/11/17 | $1,754 |
| Space Exploration Technologies Corp. Series G | 1/20/15 | $43,239 |
| Space Exploration Technologies Corp. Series H | 8/4/17 | $16,238 |
| Space Exploration Technologies Corp. Series N | 8/4/20 | $115,684 |
| Tanium, Inc. Class B | 4/21/17 - 9/18/20 | $57,901 |
| TulCo LLC | 8/24/17 - 9/7/18 | $49,385 |
| WeWork Companies, Inc. Class A | 6/23/15 | $1,766 |
| WeWork Companies, Inc. Series E | 6/23/15 | $179,724 |
| WeWork Companies, Inc. Series F | 12/1/16 | $12,735 |
| ZenPayroll, Inc. Series D | 7/16/19 | $32,431 |
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 | $2,731 |
| Fidelity Securities Lending Cash Central Fund | 159 |
| Total | $2,890 |
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.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
| Affiliate (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
| Amphenol Corp. Class A | $2,118,854 | $11,978 | $667,878 | $10,878 | $314,792 | $(460,589) | $-- |
| Birchcliff Energy Ltd. | 39,679 | -- | 12,323 | 261 | (94,060) | 66,704 | -- |
| Birchcliff Energy Ltd. | 1,369 | -- | 924 | 261 | (4,343) | 3,898 | -- |
| Centennial Resource Development, Inc. Class A | 92,428 | -- | 7,708 | -- | (311,413) | 226,693 | -- |
| Clean TeQ Holdings Ltd. | 5,734 | -- | 131 | -- | (657) | 3,122 | 8,068 |
| Synaptics, Inc. | 31,550 | 111,994 | 3,147 | -- | 861 | 29,257 | 170,515 |
| Total | $2,289,614 | $123,972 | $692,111 | $11,400 | $(94,820) | $(130,915) | $178,583 |
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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