Quarterly Holdings Report
for
Fidelity Advisor® New Insights Fund
March 31, 2021
Schedule of Investments March 31, 2021 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.6% | |||
| Shares | Value (000s) | ||
| COMMUNICATION SERVICES - 20.2% | |||
| Entertainment - 4.3% | |||
| Activision Blizzard, Inc. | 657,276 | $61,127 | |
| Cinemark Holdings, Inc. | 949,100 | 19,371 | |
| Netflix, Inc. (a) | 1,391,219 | 725,743 | |
| Nintendo Co. Ltd. | 20,100 | 11,329 | |
| Sea Ltd. ADR (a) | 114,200 | 25,493 | |
| Skillz, Inc. (a)(b) | 145,400 | 2,768 | |
| Spotify Technology SA (a) | 208,968 | 55,993 | |
| Take-Two Interactive Software, Inc. (a) | 101,400 | 17,917 | |
| The Walt Disney Co. (a) | 436,700 | 80,580 | |
| WME Entertainment Parent, LLC Class A (a)(c)(d)(e) | 13,803,650 | 29,816 | |
| 1,030,137 | |||
| Interactive Media & Services - 14.7% | |||
| Alphabet, Inc.: | |||
| Class A (a) | 603,196 | 1,244,104 | |
| Class C (a) | 36,941 | 76,417 | |
| Bumble, Inc. (b) | 194,500 | 12,133 | |
| Facebook, Inc. Class A (a) | 7,002,365 | 2,062,402 | |
| Kuaishou Technology Class B (f) | 134,200 | 4,661 | |
| Match Group, Inc. (a) | 107,951 | 14,830 | |
| NAVER Corp. | 11,571 | 3,888 | |
| Snap, Inc. Class A (a) | 1,858,900 | 97,202 | |
| Tencent Holdings Ltd. | 206,900 | 16,512 | |
| Twitter, Inc. (a) | 121,300 | 7,718 | |
| Z Holdings Corp. | 2,523,300 | 12,587 | |
| Zoominfo Technologies, Inc. | 139,500 | 6,822 | |
| 3,559,276 | |||
| Media - 0.5% | |||
| Charter Communications, Inc. Class A (a) | 115,201 | 71,081 | |
| Comcast Corp. Class A | 766,500 | 41,475 | |
| Discovery Communications, Inc. Class A (a)(b) | 114,200 | 4,963 | |
| 117,519 | |||
| Wireless Telecommunication Services - 0.7% | |||
| T-Mobile U.S., Inc. | 1,378,563 | 172,720 | |
| TOTAL COMMUNICATION SERVICES | 4,879,652 | ||
| CONSUMER DISCRETIONARY - 15.3% | |||
| Automobiles - 0.6% | |||
| General Motors Co. | 1,552,977 | 89,234 | |
| Hyundai Motor Co. | 102,200 | 19,881 | |
| Rad Power Bikes, Inc. (d)(e) | 474,452 | 2,289 | |
| Tesla, Inc. (a) | 2,755 | 1,840 | |
| Toyota Motor Corp. | 360,000 | 28,015 | |
| 141,259 | |||
| Diversified Consumer Services - 0.1% | |||
| Chegg, Inc. (a) | 47,300 | 4,052 | |
| H&R Block, Inc. | 320,900 | 6,996 | |
| 11,048 | |||
| Hotels, Restaurants & Leisure - 0.7% | |||
| Caesars Entertainment, Inc. (a) | 133,200 | 11,648 | |
| Chipotle Mexican Grill, Inc. (a) | 28,368 | 40,306 | |
| Deliveroo Holdings PLC (a) | 1,751,200 | 9,415 | |
| Deliveroo Holdings PLC | 4,976,200 | 17,748 | |
| Evolution Gaming Group AB (f) | 146,776 | 21,613 | |
| Flutter Entertainment PLC (Ireland) | 16,130 | 3,467 | |
| Hilton Worldwide Holdings, Inc. | 423,400 | 51,198 | |
| Penn National Gaming, Inc. (a) | 97,900 | 10,264 | |
| Starbucks Corp. | 36,000 | 3,934 | |
| 169,593 | |||
| Household Durables - 1.1% | |||
| Blu Investments LLC (d)(e) | 98,215,581 | 30 | |
| D.R. Horton, Inc. | 967,075 | 86,186 | |
| Garmin Ltd. | 176,527 | 23,275 | |
| Lennar Corp. Class A | 459,600 | 46,525 | |
| Mohawk Industries, Inc. (a) | 92,804 | 17,847 | |
| NVR, Inc. (a) | 7,497 | 35,318 | |
| Purple Innovation, Inc. (a) | 595,910 | 18,861 | |
| Sony Corp. | 213,000 | 22,543 | |
| Tempur Sealy International, Inc. | 134,000 | 4,899 | |
| Whirlpool Corp. | 20,000 | 4,407 | |
| 259,891 | |||
| Internet & Direct Marketing Retail - 9.2% | |||
| Alibaba Group Holding Ltd. (a) | 1,421,800 | 40,397 | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | 469,401 | 106,427 | |
| Amazon.com, Inc. (a) | 598,434 | 1,851,603 | |
| Coupang Corp. unit (d) | 334,606 | 14,862 | |
| Coupang, Inc. Class A (a)(b) | 204,400 | 10,087 | |
| Doordash, Inc. | 129,475 | 16,129 | |
| eBay, Inc. | 1,132,200 | 69,336 | |
| JD.com, Inc. Class A | 394,600 | 16,641 | |
| Meituan Class B (a)(f) | 148,100 | 5,681 | |
| MercadoLibre, Inc. (a) | 12,500 | 18,402 | |
| Pinduoduo, Inc. ADR (a) | 201,300 | 26,950 | |
| Porch Group, Inc. Class A (a) | 444,900 | 7,875 | |
| The Booking Holdings, Inc. (a) | 1,600 | 3,728 | |
| Wayfair LLC Class A (a) | 85,078 | 26,778 | |
| Zomato Pvt Ltd. (d)(e) | 326 | 1,738 | |
| ZOZO, Inc. | 136,100 | 4,032 | |
| 2,220,666 | |||
| Leisure Products - 0.1% | |||
| Peloton Interactive, Inc. Class A (a) | 188,519 | 21,197 | |
| Multiline Retail - 0.2% | |||
| Kohl's Corp. | 187,100 | 11,153 | |
| Nordstrom, Inc. | 1,051,200 | 39,809 | |
| 50,962 | |||
| Specialty Retail - 1.8% | |||
| Academy Sports & Outdoors, Inc. (b) | 216,406 | 5,841 | |
| American Eagle Outfitters, Inc. | 443,300 | 12,962 | |
| Auto1 Group SE (f) | 51,600 | 2,926 | |
| Best Buy Co., Inc. | 221,600 | 25,442 | |
| Burlington Stores, Inc. (a) | 25,800 | 7,709 | |
| Cazoo Holdings Ltd. (d)(e) | 87,049 | 1,275 | |
| Dick's Sporting Goods, Inc. | 217,073 | 16,530 | |
| Floor & Decor Holdings, Inc. Class A (a) | 353,100 | 33,714 | |
| L Brands, Inc. | 121,800 | 7,535 | |
| Lowe's Companies, Inc. | 380,500 | 72,363 | |
| National Vision Holdings, Inc. (a) | 82,900 | 3,634 | |
| O'Reilly Automotive, Inc. (a) | 3,800 | 1,928 | |
| RH (a) | 3,600 | 2,148 | |
| The Home Depot, Inc. | 650,363 | 198,523 | |
| TJX Companies, Inc. | 529,700 | 35,040 | |
| Williams-Sonoma, Inc. | 82,900 | 14,856 | |
| 442,426 | |||
| Textiles, Apparel & Luxury Goods - 1.5% | |||
| Allbirds, Inc. (a)(d)(e) | 189,420 | 2,175 | |
| Brunello Cucinelli SpA | 1,802,600 | 77,496 | |
| Capri Holdings Ltd. (a) | 446,500 | 22,772 | |
| China Hongxing Sports Ltd. (a)(e) | 5,977,800 | 252 | |
| Deckers Outdoor Corp. (a) | 94,692 | 31,288 | |
| Dr. Martens Ltd. (a) | 2,078,700 | 12,987 | |
| Hermes International SCA | 1,844 | 2,041 | |
| Levi Strauss & Co. Class A (b) | 97,200 | 2,324 | |
| lululemon athletica, Inc. (a) | 44,171 | 13,548 | |
| LVMH Moet Hennessy Louis Vuitton SE | 6,340 | 4,235 | |
| NIKE, Inc. Class B | 852,826 | 113,332 | |
| PVH Corp. | 306,190 | 32,364 | |
| Tapestry, Inc. | 1,347,729 | 55,540 | |
| 370,354 | |||
| TOTAL CONSUMER DISCRETIONARY | 3,687,396 | ||
| CONSUMER STAPLES - 1.6% | |||
| Beverages - 0.3% | |||
| Boston Beer Co., Inc. Class A (a) | 1,600 | 1,930 | |
| Constellation Brands, Inc. Class A (sub. vtg.) | 136,300 | 31,076 | |
| Keurig Dr. Pepper, Inc. | 281,900 | 9,689 | |
| Monster Beverage Corp. (a) | 154,228 | 14,049 | |
| The Coca-Cola Co. | 111,400 | 5,872 | |
| 62,616 | |||
| Food & Staples Retailing - 0.7% | |||
| Costco Wholesale Corp. | 468,947 | 165,294 | |
| Walmart, Inc. | 10,926 | 1,484 | |
| 166,778 | |||
| Food Products - 0.0% | |||
| Bunge Ltd. | 79,700 | 6,318 | |
| Freshpet, Inc. (a) | 12,532 | 1,990 | |
| 8,308 | |||
| Household Products - 0.0% | |||
| Colgate-Palmolive Co. | 12,600 | 993 | |
| Personal Products - 0.6% | |||
| Estee Lauder Companies, Inc. Class A | 473,870 | 137,825 | |
| L'Oreal SA (a) | 29,812 | 11,420 | |
| 149,245 | |||
| TOTAL CONSUMER STAPLES | 387,940 | ||
| ENERGY - 0.9% | |||
| Oil, Gas & Consumable Fuels - 0.9% | |||
| Canadian Natural Resources Ltd. | 725,800 | 22,438 | |
| Cheniere Energy, Inc. (a) | 297,100 | 21,394 | |
| ConocoPhillips Co. | 37,492 | 1,986 | |
| Exxon Mobil Corp. | 217,600 | 12,149 | |
| GoviEx Uranium, Inc. (a)(b) | 848,865 | 142 | |
| GoviEx Uranium, Inc. (a)(f) | 23,200 | 4 | |
| GoviEx Uranium, Inc. Class A (a)(f) | 2,625,135 | 439 | |
| Hess Corp. | 758,582 | 53,677 | |
| Phillips 66 Co. | 35,500 | 2,895 | |
| Reliance Industries Ltd. | 1,176,373 | 32,214 | |
| Reliance Industries Ltd. sponsored GDR (f) | 659,900 | 36,492 | |
| Royal Dutch Shell PLC Class B (United Kingdom) | 263,600 | 4,852 | |
| Suncor Energy, Inc. | 1,802,700 | 37,684 | |
| Valero Energy Corp. | 43,800 | 3,136 | |
| 229,502 | |||
| FINANCIALS - 11.0% | |||
| Banks - 3.2% | |||
| Bank of America Corp. | 7,424,078 | 287,238 | |
| Citigroup, Inc. | 585,900 | 42,624 | |
| Comerica, Inc. | 419,200 | 30,073 | |
| HDFC Bank Ltd. (a) | 185,800 | 3,801 | |
| HDFC Bank Ltd. sponsored ADR (a) | 428,250 | 33,271 | |
| JPMorgan Chase & Co. | 948,300 | 144,360 | |
| Kotak Mahindra Bank Ltd. (a) | 831,572 | 19,929 | |
| M&T Bank Corp. | 155,700 | 23,606 | |
| Royal Bank of Canada | 562,500 | 51,864 | |
| SVB Financial Group (a) | 3,600 | 1,777 | |
| The Toronto-Dominion Bank | 698,100 | 45,529 | |
| Wells Fargo & Co. | 2,240,615 | 87,541 | |
| 771,613 | |||
| Capital Markets - 1.8% | |||
| BlackRock, Inc. Class A | 107,500 | 81,051 | |
| Brookfield Asset Management, Inc. (Canada) Class A | 90,800 | 4,039 | |
| Goldman Sachs Group, Inc. | 300,069 | 98,123 | |
| Moody's Corp. | 2,800 | 836 | |
| Morgan Stanley | 2,144,194 | 166,518 | |
| MSCI, Inc. | 105,576 | 44,266 | |
| NASDAQ, Inc. | 233,890 | 34,489 | |
| 429,322 | |||
| Consumer Finance - 0.6% | |||
| American Express Co. | 329,700 | 46,633 | |
| Capital One Financial Corp. | 708,800 | 90,181 | |
| 136,814 | |||
| Diversified Financial Services - 4.0% | |||
| Berkshire Hathaway, Inc. Class A (a) | 2,495 | 962,326 | |
| Coinbase, Inc. (a)(d)(e) | 20,200 | 7,535 | |
| 969,861 | |||
| Insurance - 1.4% | |||
| Admiral Group PLC | 1,150,069 | 49,166 | |
| AIA Group Ltd. | 306,200 | 3,747 | |
| American International Group, Inc. | 671,900 | 31,048 | |
| Arthur J. Gallagher & Co. | 80,100 | 9,994 | |
| Chubb Ltd. | 528,107 | 83,425 | |
| Direct Line Insurance Group PLC | 502,200 | 2,169 | |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | 39,067 | 17,053 | |
| Hartford Financial Services Group, Inc. | 140,700 | 9,397 | |
| Hiscox Ltd. (a) | 1,687,943 | 20,021 | |
| Intact Financial Corp. | 48,700 | 5,968 | |
| Intact Financial Corp. rights 12/31/21 (a)(d)(e) | 32,500 | 3,478 | |
| Oscar Health, Inc. Class A | 425,119 | 10,284 | |
| Progressive Corp. | 483,600 | 46,237 | |
| RenaissanceRe Holdings Ltd. | 77,200 | 12,371 | |
| The Travelers Companies, Inc. | 258,000 | 38,803 | |
| 343,161 | |||
| TOTAL FINANCIALS | 2,650,771 | ||
| HEALTH CARE - 11.6% | |||
| Biotechnology - 1.9% | |||
| 23andMe, Inc. (a)(d) | 22,532 | 462 | |
| AbbVie, Inc. | 743,361 | 80,447 | |
| Acceleron Pharma, Inc. (a) | 48,731 | 6,608 | |
| Allovir, Inc. (a) | 36,450 | 853 | |
| Alnylam Pharmaceuticals, Inc. (a) | 101,600 | 14,345 | |
| Argenx SE ADR (a) | 59,032 | 16,257 | |
| Ascendis Pharma A/S sponsored ADR (a) | 29,200 | 3,763 | |
| Cullinan Oncology, Inc. | 47,800 | 1,992 | |
| Genmab A/S (a) | 49,500 | 16,286 | |
| Idorsia Ltd. (a) | 623,058 | 16,705 | |
| Innovent Biologics, Inc. (a)(f) | 941,500 | 9,549 | |
| Intarcia Therapeutics, Inc. warrants 12/31/24 (a)(e) | 26,062 | 0 | |
| Kodiak Sciences, Inc. (a) | 34,600 | 3,923 | |
| Light Sciences Oncology, Inc. (a)(e) | 2,708,254 | 0 | |
| Mirati Therapeutics, Inc. (a) | 48,133 | 8,245 | |
| Moderna, Inc. (a) | 12,300 | 1,611 | |
| Novavax, Inc. (a) | 88,400 | 16,028 | |
| Olink Holding AB ADR (a) | 87,400 | 3,146 | |
| Passage Bio, Inc. (a) | 120,200 | 2,101 | |
| Regeneron Pharmaceuticals, Inc. (a) | 326,024 | 154,255 | |
| Replimune Group, Inc. (a) | 36,798 | 1,123 | |
| Revolution Medicines, Inc. (a) | 113,800 | 5,221 | |
| Seer, Inc. | 39,354 | 1,968 | |
| TG Therapeutics, Inc. (a) | 37,300 | 1,798 | |
| Turning Point Therapeutics, Inc. (a) | 125,389 | 11,861 | |
| Vertex Pharmaceuticals, Inc. (a) | 317,808 | 68,294 | |
| Zai Lab Ltd. (a) | 96,850 | 13,051 | |
| 459,892 | |||
| Health Care Equipment & Supplies - 2.6% | |||
| Abbott Laboratories | 785,849 | 94,176 | |
| Boston Scientific Corp. (a) | 848,408 | 32,791 | |
| Butterfly Network, Inc. | 2,311,076 | 35,006 | |
| Danaher Corp. | 855,422 | 192,538 | |
| DexCom, Inc. (a) | 105,538 | 37,929 | |
| Edwards Lifesciences Corp. (a) | 185,908 | 15,549 | |
| Envista Holdings Corp. (a) | 386,855 | 15,784 | |
| Hologic, Inc. (a) | 962,100 | 71,561 | |
| I-Pulse, Inc. (a)(d)(e) | 58,562 | 171 | |
| Intuitive Surgical, Inc. (a) | 131,520 | 97,185 | |
| Medtronic PLC | 139,200 | 16,444 | |
| Sonova Holding AG Class B | 28,785 | 7,626 | |
| Tandem Diabetes Care, Inc. (a) | 95,600 | 8,437 | |
| Venus MedTech Hangzhou, Inc. (H Shares) (a)(f) | 659,500 | 5,349 | |
| West Pharmaceutical Services, Inc. | 16,069 | 4,528 | |
| 635,074 | |||
| Health Care Providers & Services - 2.9% | |||
| AmerisourceBergen Corp. | 76,400 | 9,021 | |
| Centene Corp. (a) | 663,000 | 42,372 | |
| Cigna Corp. | 191,400 | 46,269 | |
| Guardant Health, Inc. (a) | 73,670 | 11,246 | |
| HCA Holdings, Inc. | 71,338 | 13,436 | |
| Henry Schein, Inc. (a) | 62,100 | 4,300 | |
| Laboratory Corp. of America Holdings (a) | 47,259 | 12,052 | |
| McKesson Corp. | 32,900 | 6,417 | |
| Oak Street Health, Inc. (a) | 194,546 | 10,558 | |
| Owens & Minor, Inc. | 195,544 | 7,350 | |
| Patterson Companies, Inc. | 490,227 | 15,663 | |
| Surgery Partners, Inc. (a) | 114,056 | 5,048 | |
| The Joint Corp. (a) | 230,375 | 11,143 | |
| UnitedHealth Group, Inc. | 1,362,519 | 506,952 | |
| 701,827 | |||
| Health Care Technology - 0.2% | |||
| Castlight Health, Inc. (a) | 1,303,800 | 1,969 | |
| Veeva Systems, Inc. Class A (a) | 223,116 | 58,287 | |
| 60,256 | |||
| Life Sciences Tools & Services - 1.5% | |||
| 10X Genomics, Inc. (a) | 39,756 | 7,196 | |
| Avantor, Inc. (a) | 533,600 | 15,437 | |
| Bio-Rad Laboratories, Inc. Class A (a) | 83,723 | 47,820 | |
| Bio-Techne Corp. | 5,200 | 1,986 | |
| Bruker Corp. | 621,817 | 39,970 | |
| Eurofins Scientific SA (a) | 168,650 | 16,121 | |
| IQVIA Holdings, Inc. (a) | 78,700 | 15,200 | |
| Mettler-Toledo International, Inc. (a) | 48,470 | 56,016 | |
| Sartorius Stedim Biotech | 37,300 | 15,362 | |
| Thermo Fisher Scientific, Inc. | 288,211 | 131,534 | |
| Waters Corp. (a) | 6,700 | 1,904 | |
| WuXi AppTec Co. Ltd. (H Shares) (f) | 325,900 | 6,410 | |
| 354,956 | |||
| Pharmaceuticals - 2.5% | |||
| AstraZeneca PLC (United Kingdom) | 133,600 | 13,334 | |
| Atea Pharmaceuticals, Inc. | 133,300 | 8,231 | |
| Bristol-Myers Squibb Co. | 890,830 | 56,238 | |
| Eli Lilly & Co. | 1,338,400 | 250,040 | |
| Hansoh Pharmaceutical Group Co. Ltd. (a)(f) | 1,991,000 | 9,540 | |
| Horizon Therapeutics PLC (a) | 818,800 | 75,362 | |
| Jazz Pharmaceuticals PLC (a) | 191,600 | 31,493 | |
| Roche Holding AG (participation certificate) | 111,403 | 36,088 | |
| Royalty Pharma PLC | 822,400 | 35,873 | |
| Sanofi SA | 267,400 | 26,442 | |
| Supernus Pharmaceuticals, Inc. (a) | 69,663 | 1,824 | |
| UCB SA | 124,100 | 11,806 | |
| Zoetis, Inc. Class A | 222,559 | 35,049 | |
| 591,320 | |||
| TOTAL HEALTH CARE | 2,803,325 | ||
| INDUSTRIALS - 5.7% | |||
| Aerospace & Defense - 1.0% | |||
| HEICO Corp. Class A | 76,300 | 8,668 | |
| Northrop Grumman Corp. | 105,930 | 34,283 | |
| Space Exploration Technologies Corp.: | |||
| Class A (a)(d)(e) | 257,345 | 108,082 | |
| Class C (a)(d)(e) | 4,546 | 1,909 | |
| The Boeing Co. | 248,200 | 63,222 | |
| TransDigm Group, Inc. (a) | 33,500 | 19,695 | |
| 235,859 | |||
| Air Freight & Logistics - 0.5% | |||
| United Parcel Service, Inc. Class B | 610,100 | 103,711 | |
| XPO Logistics, Inc. (a) | 214,870 | 26,493 | |
| 130,204 | |||
| Airlines - 0.2% | |||
| Ryanair Holdings PLC sponsored ADR (a) | 339,925 | 39,091 | |
| Southwest Airlines Co. | 30,800 | 1,881 | |
| Wizz Air Holdings PLC (a)(f) | 233,900 | 15,549 | |
| 56,521 | |||
| Building Products - 1.0% | |||
| Carrier Global Corp. | 274,000 | 11,568 | |
| Fortune Brands Home & Security, Inc. | 1,027,437 | 98,449 | |
| The AZEK Co., Inc. | 117,195 | 4,928 | |
| Toto Ltd. | 1,380,000 | 84,934 | |
| Trane Technologies PLC | 183,129 | 30,319 | |
| 230,198 | |||
| Commercial Services & Supplies - 0.3% | |||
| Cintas Corp. | 132,179 | 45,114 | |
| Clean TeQ Holdings Ltd. (a) | 8,429 | 19 | |
| GFL Environmental, Inc. (b) | 89,000 | 3,111 | |
| Quantafuel ASA (a) | 640,900 | 3,372 | |
| TulCo LLC (a)(c)(d)(e) | 17,377 | 14,159 | |
| 65,775 | |||
| Electrical Equipment - 0.7% | |||
| Acuity Brands, Inc. | 177,249 | 29,246 | |
| AMETEK, Inc. | 77,610 | 9,913 | |
| Array Technologies, Inc. | 186,700 | 5,567 | |
| Shoals Technologies Group, Inc. | 212,900 | 7,405 | |
| Sunrun, Inc. (a) | 15,400 | 931 | |
| Vestas Wind Systems A/S | 559,112 | 115,337 | |
| 168,399 | |||
| Industrial Conglomerates - 0.5% | |||
| General Electric Co. | 8,989,402 | 118,031 | |
| Roper Technologies, Inc. | 26,400 | 10,648 | |
| 128,679 | |||
| Machinery - 0.5% | |||
| Deere & Co. | 160,000 | 59,862 | |
| IDEX Corp. | 23,900 | 5,003 | |
| Illinois Tool Works, Inc. | 8,300 | 1,839 | |
| Ingersoll Rand, Inc. (a) | 142,300 | 7,003 | |
| Otis Worldwide Corp. | 88,200 | 6,037 | |
| PACCAR, Inc. | 281,903 | 26,194 | |
| Pentair PLC | 69,700 | 4,344 | |
| Woodward, Inc. | 87,700 | 10,579 | |
| 120,861 | |||
| Professional Services - 0.2% | |||
| Clarivate Analytics PLC (a) | 1,085,053 | 28,635 | |
| CoStar Group, Inc. (a) | 3,758 | 3,089 | |
| Experian PLC | 175,518 | 6,047 | |
| Thomson Reuters Corp. | 86,600 | 7,586 | |
| 45,357 | |||
| Road & Rail - 0.8% | |||
| Canadian Pacific Railway Ltd. | 263,400 | 100,606 | |
| Uber Technologies, Inc. (a) | 452,700 | 24,677 | |
| Union Pacific Corp. | 318,100 | 70,112 | |
| 195,395 | |||
| TOTAL INDUSTRIALS | 1,377,248 | ||
| INFORMATION TECHNOLOGY - 28.7% | |||
| Electronic Equipment & Components - 0.8% | |||
| Amphenol Corp. Class A | 1,871,952 | 123,493 | |
| CDW Corp. | 56,400 | 9,348 | |
| Flex Ltd. (a) | 287,558 | 5,265 | |
| Jabil, Inc. | 11,294 | 589 | |
| Keysight Technologies, Inc. (a) | 48,710 | 6,985 | |
| Samsung SDI Co. Ltd. | 24,702 | 14,580 | |
| Zebra Technologies Corp. Class A (a) | 38,270 | 18,568 | |
| 178,828 | |||
| IT Services - 5.4% | |||
| Accenture PLC Class A | 440,808 | 121,773 | |
| Adyen BV (a)(f) | 60,833 | 135,743 | |
| ASAC II LP (a)(d)(e) | 9,408,021 | 1,581 | |
| Black Knight, Inc. (a) | 186,670 | 13,812 | |
| Edenred SA | 31,959 | 1,669 | |
| Euronet Worldwide, Inc. (a) | 38,858 | 5,374 | |
| Gartner, Inc. (a) | 98,400 | 17,963 | |
| MasterCard, Inc. Class A | 84,089 | 29,940 | |
| MongoDB, Inc. Class A (a) | 354,603 | 94,831 | |
| Okta, Inc. (a) | 720,603 | 158,843 | |
| PayPal Holdings, Inc. (a) | 942,237 | 228,813 | |
| Shopify, Inc. Class A (a) | 145,142 | 160,241 | |
| Snowflake Computing, Inc. (b) | 103,400 | 23,708 | |
| Snowflake Computing, Inc. Class B (f) | 19,125 | 4,385 | |
| Square, Inc. (a) | 258,700 | 58,738 | |
| Twilio, Inc. Class A (a) | 86,421 | 29,449 | |
| Visa, Inc. Class A | 1,039,836 | 220,164 | |
| Wix.com Ltd. (a) | 10,900 | 3,043 | |
| 1,310,070 | |||
| Semiconductors & Semiconductor Equipment - 8.0% | |||
| Advanced Micro Devices, Inc. (a) | 2,218,933 | 174,186 | |
| Analog Devices, Inc. | 284,905 | 44,183 | |
| Applied Materials, Inc. | 683,900 | 91,369 | |
| ASML Holding NV | 23,799 | 14,693 | |
| ASML Holding NV (Netherlands) | 20,100 | 12,333 | |
| Intel Corp. | 738,100 | 47,238 | |
| KLA Corp. | 8,000 | 2,643 | |
| Lam Research Corp. | 344,360 | 204,977 | |
| Lattice Semiconductor Corp. (a) | 295,574 | 13,307 | |
| Marvell Technology Group Ltd. | 1,101,400 | 53,947 | |
| Microchip Technology, Inc. | 40,800 | 6,333 | |
| Micron Technology, Inc. (a) | 737,000 | 65,011 | |
| NVIDIA Corp. | 1,172,282 | 625,917 | |
| NXP Semiconductors NV | 213,585 | 43,003 | |
| Qorvo, Inc. (a) | 265,655 | 48,535 | |
| Qualcomm, Inc. | 2,284,090 | 302,847 | |
| Semtech Corp. (a) | 273,355 | 18,861 | |
| Skyworks Solutions, Inc. | 185,800 | 34,091 | |
| SolarEdge Technologies, Inc. (a) | 70,100 | 20,150 | |
| Synaptics, Inc. (a) | 358,172 | 48,504 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 364,600 | 43,125 | |
| Texas Instruments, Inc. | 97,200 | 18,370 | |
| 1,933,623 | |||
| Software - 12.6% | |||
| ACV Auctions, Inc. Class A (a)(b) | 52,000 | 1,800 | |
| Adobe, Inc. (a) | 1,151,356 | 547,320 | |
| Atlassian Corp. PLC (a) | 599,341 | 126,317 | |
| Autodesk, Inc. (a) | 137,300 | 38,053 | |
| Cadence Design Systems, Inc. (a) | 186,364 | 25,530 | |
| Cloudflare, Inc. (a) | 455,822 | 32,026 | |
| Coupa Software, Inc. (a) | 50,298 | 12,800 | |
| Crowdstrike Holdings, Inc. (a) | 32,900 | 6,005 | |
| Datadog, Inc. Class A (a) | 299,642 | 24,972 | |
| DocuSign, Inc. (a) | 7,380 | 1,494 | |
| Dropbox, Inc. Class A (a) | 717,453 | 19,127 | |
| Duck Creek Technologies, Inc. (a)(b) | 151,588 | 6,843 | |
| Dynatrace, Inc. (a) | 519,444 | 25,058 | |
| Epic Games, Inc. (d)(e) | 23,900 | 21,152 | |
| Five9, Inc. (a) | 121,300 | 18,963 | |
| Fortinet, Inc. (a) | 23,300 | 4,297 | |
| Intuit, Inc. | 223,801 | 85,729 | |
| Microsoft Corp. | 5,252,915 | 1,238,480 | |
| Nuance Communications, Inc. (a) | 47,278 | 2,063 | |
| Paycom Software, Inc. (a) | 33,800 | 12,508 | |
| Qualtrics International, Inc. | 92,700 | 3,051 | |
| Rapid7, Inc. (a) | 246,300 | 18,376 | |
| Salesforce.com, Inc. (a) | 2,846,384 | 603,063 | |
| ServiceNow, Inc. (a) | 229,100 | 114,575 | |
| Tanium, Inc. Class B (a)(d)(e) | 1,259,978 | 14,358 | |
| Tenable Holdings, Inc. (a) | 440,200 | 15,929 | |
| Volue A/S | 191,996 | 1,167 | |
| Workday, Inc. Class A (a) | 28,485 | 7,077 | |
| Xero Ltd. (a) | 57,100 | 5,488 | |
| Zoom Video Communications, Inc. Class A (a) | 6,200 | 1,992 | |
| Zscaler, Inc. (a) | 12,600 | 2,163 | |
| 3,037,776 | |||
| Technology Hardware, Storage & Peripherals - 1.9% | |||
| Apple, Inc. | 3,085,000 | 376,833 | |
| Dell Technologies, Inc. (a) | 138,455 | 12,205 | |
| Logitech International SA (b) | 18,300 | 1,912 | |
| Samsung Electronics Co. Ltd. | 952,410 | 69,159 | |
| 460,109 | |||
| TOTAL INFORMATION TECHNOLOGY | 6,920,406 | ||
| MATERIALS - 2.3% | |||
| Chemicals - 0.8% | |||
| Corbion NV | 215,100 | 11,982 | |
| FMC Corp. | 15,538 | 1,719 | |
| LG Chemical Ltd. | 17,244 | 12,386 | |
| PPG Industries, Inc. | 38,100 | 5,725 | |
| Sherwin-Williams Co. | 212,252 | 156,644 | |
| Westlake Chemical Corp. | 72,300 | 6,420 | |
| 194,876 | |||
| Containers & Packaging - 0.1% | |||
| Silgan Holdings, Inc. | 282,487 | 11,873 | |
| Metals & Mining - 1.4% | |||
| ArcelorMittal SA Class A unit (a)(b) | 228,000 | 6,651 | |
| B2Gold Corp. | 13,035,880 | 56,118 | |
| Barrick Gold Corp. (Canada) | 1,403,179 | 27,836 | |
| First Quantum Minerals Ltd. | 177,300 | 3,379 | |
| Franco-Nevada Corp. | 1,053,436 | 132,017 | |
| Freeport-McMoRan, Inc. | 1,075,900 | 35,429 | |
| Gatos Silver, Inc. | 492,900 | 4,914 | |
| Ivanhoe Mines Ltd. (a) | 8,031,618 | 41,350 | |
| Novagold Resources, Inc. (a) | 2,481,176 | 21,639 | |
| Nucor Corp. | 136,815 | 10,982 | |
| POSCO sponsored ADR | 26,200 | 1,892 | |
| 342,207 | |||
| TOTAL MATERIALS | 548,956 | ||
| REAL ESTATE - 0.1% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
| Equity Commonwealth | 269,812 | 7,501 | |
| Gaming & Leisure Properties | 4,888 | 207 | |
| Prologis (REIT), Inc. | 4,906 | 520 | |
| Simon Property Group, Inc. | 217,300 | 24,722 | |
| 32,950 | |||
| UTILITIES - 0.2% | |||
| Electric Utilities - 0.1% | |||
| PG&E Corp. (a) | 2,669,300 | 31,258 | |
| Independent Power and Renewable Electricity Producers - 0.1% | |||
| The AES Corp. | 394,200 | 10,569 | |
| TOTAL UTILITIES | 41,827 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $10,190,822) | 23,559,973 | ||
| Preferred Stocks - 0.9% | |||
| Convertible Preferred Stocks - 0.9% | |||
| CONSUMER DISCRETIONARY - 0.2% | |||
| Automobiles - 0.0% | |||
| Rad Power Bikes, Inc.: | |||
| Series A (d)(e) | 61,855 | 298 | |
| Series C (d)(e) | 243,394 | 1,174 | |
| 1,472 | |||
| Internet & Direct Marketing Retail - 0.0% | |||
| GoBrands, Inc. Series G (d)(e) | 8,102 | 2,023 | |
| Zomato Pvt Ltd.: | |||
| Series B (d)(e) | 13 | 69 | |
| Series E (d)(e) | 87,087 | 0 | |
| Series G (d)(e) | 87 | 464 | |
| Series J7 (d)(e) | 587 | 3,130 | |
| 5,686 | |||
| Specialty Retail - 0.1% | |||
| Fanatics, Inc. Series E (d)(e) | 257,870 | 8,992 | |
| Textiles, Apparel & Luxury Goods - 0.1% | |||
| Allbirds, Inc.: | |||
| Series A (a)(d)(e) | 74,760 | 858 | |
| Series B (a)(d)(e) | 13,135 | 151 | |
| Series C (a)(d)(e) | 125,520 | 1,441 | |
| Series D (a)(d)(e) | 94,365 | 1,083 | |
| Series Seed (a)(d)(e) | 163,489 | 1,877 | |
| Bolt Threads, Inc. Series D (a)(d)(e) | 1,324,673 | 15,870 | |
| 21,280 | |||
| TOTAL CONSUMER DISCRETIONARY | 37,430 | ||
| CONSUMER STAPLES - 0.0% | |||
| Food & Staples Retailing - 0.0% | |||
| Sweetgreen, Inc.: | |||
| Series C (a)(d)(e) | 14,103 | 185 | |
| Series D (a)(d)(e) | 226,847 | 2,983 | |
| Series I (a)(d)(e) | 534,650 | 7,031 | |
| 10,199 | |||
| HEALTH CARE - 0.1% | |||
| Biotechnology - 0.1% | |||
| 23andMe, Inc.: | |||
| Series E (a)(d) | 166,247 | 3,412 | |
| Series F (a)(d) | 462,756 | 9,498 | |
| Series F1 (d) | 111,483 | 2,288 | |
| ElevateBio LLC Series C (d)(e) | 594,600 | 2,494 | |
| Intarcia Therapeutics, Inc. Series CC (a)(d)(e) | 516,522 | 0 | |
| 17,692 | |||
| Health Care Providers & Services - 0.0% | |||
| Lyra Health, Inc. Series E(d)(e) | 90,000 | 2,472 | |
| TOTAL HEALTH CARE | 20,164 | ||
| INDUSTRIALS - 0.5% | |||
| Aerospace & Defense - 0.5% | |||
| Space Exploration Technologies Corp.: | |||
| Series G (a)(d)(e) | 145,254 | 61,005 | |
| Series H (a)(d)(e) | 42,094 | 17,679 | |
| Series N (d)(e) | 66,208 | 27,807 | |
| 106,491 | |||
| Air Freight & Logistics - 0.0% | |||
| Zipline International, Inc. Series E (d)(e) | 208,789 | 6,813 | |
| TOTAL INDUSTRIALS | 113,304 | ||
| INFORMATION TECHNOLOGY - 0.1% | |||
| IT Services - 0.1% | |||
| ByteDance Ltd. Series E1 (d)(e) | 130,945 | 14,348 | |
| Software - 0.0% | |||
| Magic Leap, Inc. Series ED (d)(e) | 555,556 | 3,206 | |
| Nuro, Inc. Series C (d)(e) | 491,080 | 6,411 | |
| Stripe, Inc. Series H (d)(e) | 34,900 | 1,400 | |
| 11,017 | |||
| TOTAL INFORMATION TECHNOLOGY | 25,365 | ||
| REAL ESTATE - 0.0% | |||
| Real Estate Management & Development - 0.0% | |||
| WeWork Companies, Inc. Series F (a)(d)(e) | 31,954 | 379 | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | 206,841 | ||
| Nonconvertible Preferred Stocks - 0.0% | |||
| CONSUMER DISCRETIONARY - 0.0% | |||
| Specialty Retail - 0.0% | |||
| Cazoo Holdings Ltd.: | |||
| Series A (d)(e) | 2,842 | 42 | |
| Series B (d)(e) | 49,755 | 729 | |
| Series C (d)(e) | 1,010 | 15 | |
| Series D (d)(e) | 177,742 | 2,603 | |
| 3,389 | |||
| TOTAL PREFERRED STOCKS | |||
| (Cost $156,204) | 210,230 | ||
| 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 (d)(e) | 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)(f)(g)(h) | 711 | 28 | |
| INFORMATION TECHNOLOGY - 0.0% | |||
| Software - 0.0% | |||
| Magic Leap, Inc. 10% 6/30/22 (e) | 5,624 | 8,436 | |
| TOTAL NONCONVERTIBLE BONDS | 8,464 | ||
| TOTAL CORPORATE BONDS | |||
| (Cost $16,000) | 18,121 | ||
| Preferred Securities - 0.0% | |||
| HEALTH CARE - 0.0% | |||
| Biotechnology - 0.0% | |||
| Intarcia Therapeutics, Inc. 6% 7/18/21 (Cost $2,280)(d)(e) | 2,280 | 2,901 | |
| Shares | Value (000s) | ||
| Other - 0.1% | |||
| Other - 0.1% | |||
| Utica Shale Drilling Program (non-operating revenue interest) (c)(d)(e) | |||
| (Cost $50,442) | 38,874,241 | 21,179 | |
| Money Market Funds - 1.6% | |||
| Fidelity Cash Central Fund 0.06% (i) | 359,502,177 | 359,574 | |
| Fidelity Securities Lending Cash Central Fund 0.06% (i)(j) | 38,985,521 | 38,989 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $398,563) | 398,563 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.3% | |||
| (Cost $10,814,311) | 24,210,967 | ||
| NET OTHER ASSETS (LIABILITIES) - (0.3)% | (78,873) | ||
| NET ASSETS - 100% | $24,132,094 |
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) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(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 $469,038,000 or 1.9% of net assets.
(e) Level 3 security
(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $258,369,000 or 1.1% of net assets.
(g) Non-income producing - Security is in default.
(h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(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 | $379 |
| 23andMe, Inc. Series E | 6/18/15 | $1,800 |
| 23andMe, Inc. Series F | 8/31/17 | $6,425 |
| 23andMe, Inc. Series F1 | 12/9/20 | $1,934 |
| 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 |
| ByteDance Ltd. Series E1 | 11/18/20 | $14,348 |
| 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 |
| Coinbase, Inc. | 2/25/21 - 3/5/21 | $7,591 |
| Coupang Corp. unit | 6/12/20 | $2,510 |
| ElevateBio LLC Series C | 3/9/21 | $2,494 |
| Epic Games, Inc. | 7/13/20 - 7/30/20 | $13,743 |
| Fanatics, Inc. Series E | 8/13/20 | $4,459 |
| GoBrands, Inc. Series G | 3/2/21 | $2,023 |
| I-Pulse, Inc. | 3/18/10 | $94 |
| Intact Financial Corp. rights 12/31/21 | 11/13/20 | $3,326 |
| Intarcia Therapeutics, Inc. Series CC | 11/14/12 | $7,040 |
| Intarcia Therapeutics, Inc. 6% 7/18/21 | 1/3/20 | $2,280 |
| Lyra Health, Inc. Series E | 1/14/21 | $2,472 |
| Magic Leap, Inc. Series ED | 10/6/17 | $15,000 |
| Nuro, Inc. Series C | 10/30/20 | $6,411 |
| Rad Power Bikes, Inc. | 1/21/21 | $2,289 |
| Rad Power Bikes, Inc. Series A | 1/21/21 | $298 |
| Rad Power Bikes, Inc. Series C | 1/21/21 | $1,174 |
| Space Exploration Technologies Corp. Class A | 10/16/15 - 2/16/21 | $29,628 |
| 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 | $5,683 |
| Space Exploration Technologies Corp. Series N | 8/4/20 | $17,876 |
| Stripe, Inc. Series H | 3/15/21 | $1,400 |
| 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 | $5,782 |
| Utica Shale Drilling Program (non-operating revenue interest) | 10/5/16 - 12/16/20 | $50,442 |
| WeWork Companies, Inc. Series F | 12/1/16 | $1,604 |
| WME Entertainment Parent, LLC Class A | 8/16/16 | $25,526 |
| Zipline International, Inc. Series E | 12/21/20 | $6,813 |
| Zomato Pvt Ltd. | 1/22/21 - 1/29/21 | $1,343 |
| Zomato Pvt Ltd. Series B | 1/22/21 | $54 |
| Zomato Pvt Ltd. Series E | 1/22/21 | $36 |
| Zomato Pvt Ltd. Series G | 1/22/21 - 2/5/21 | $359 |
| Zomato Pvt Ltd. Series J7 | 12/9/20 | $2,391 |
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 | $49 |
| Fidelity Securities Lending Cash Central Fund | 67 |
| Total | $116 |
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 brokerswho make markets in such securities. Corporate bonds and preferred securities are valued by pricing vendors who utilize matrix pricing whichconsiders 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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