NPORT-EX 2 QTLY_1277_20230331.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity Advisor® New Insights Fund
March 31, 2023
ANIF-NPRT1-0523
1.799846.119
Common Stocks - 96.7%
 
  
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 15.5%
 
  
  
Entertainment - 2.4%
  
  
  
Activision Blizzard, Inc.
 
526,000
45,020
Liberty Media Corp. Liberty Formula One Series C (a)
  
416,276
31,150
Netflix, Inc. (a)
  
758,190
261,939
Sea Ltd. ADR (a)
  
113,500
9,823
The Walt Disney Co. (a)
  
8,400
841
Universal Music Group NV
 
806,090
20,414
 
  
  
369,187
Interactive Media & Services - 12.5%
  
  
  
Alphabet, Inc. Class A (a)
  
7,720,120
800,808
Bumble, Inc. (a)
  
290,884
5,687
Epic Games, Inc. (a)(b)(c)
  
23,900
17,821
Meta Platforms, Inc. Class A (a)
  
5,366,916
1,137,459
 
  
  
1,961,775
Media - 0.0%
  
  
  
Comcast Corp. Class A
 
24,200
917
Wireless Telecommunication Services - 0.6%
  
  
  
T-Mobile U.S., Inc. (a)
  
657,600
95,247
TOTAL COMMUNICATION SERVICES
  
  
2,427,126
CONSUMER DISCRETIONARY - 10.3%
 
  
  
Automobiles - 0.4%
  
  
  
General Motors Co.
 
144,540
5,302
Harley-Davidson, Inc.
 
104,200
3,956
Hyundai Motor Co.
 
77,337
10,963
Rad Power Bikes, Inc. (a)(b)(c)
  
474,452
1,466
Rivian Automotive, Inc. (a)
  
26,456
410
Tesla, Inc. (a)
  
127,352
26,420
Toyota Motor Corp.
 
884,702
12,594
 
  
  
61,111
Broadline Retail - 4.1%
  
  
  
Amazon.com, Inc. (a)
  
5,940,400
613,584
Coupang, Inc. Class A (a)
  
902,565
14,441
Dollarama, Inc.
 
48,472
2,897
Global-e Online Ltd. (a)
  
143,500
4,625
MercadoLibre, Inc. (a)
  
5,300
6,986
 
  
  
642,533
Diversified Consumer Services - 0.0%
  
  
  
Duolingo, Inc. (a)
  
13,200
1,882
Hotels, Restaurants & Leisure - 1.1%
  
  
  
Airbnb, Inc. Class A (a)
  
301,896
37,556
Booking Holdings, Inc. (a)
  
2,300
6,101
Caesars Entertainment, Inc. (a)
  
270,000
13,179
Chipotle Mexican Grill, Inc. (a)
  
4,827
8,246
Churchill Downs, Inc.
 
3,600
925
Deliveroo PLC Class A (a)(d)
  
3,535,620
3,991
Evolution AB (d)
  
12,200
1,632
Flutter Entertainment PLC (a)
  
5,500
993
Hilton Worldwide Holdings, Inc.
 
527,468
74,304
Hyatt Hotels Corp. Class A (a)
  
12,900
1,442
Las Vegas Sands Corp. (a)
  
15,900
913
Marriott International, Inc. Class A
 
5,200
863
McDonald's Corp.
 
37,900
10,597
Restaurant Brands International, Inc.
 
28,200
1,893
Sweetgreen, Inc. Class A (a)
  
247,700
1,942
Zomato Ltd. (a)
  
2,766,561
1,730
 
  
  
166,307
Household Durables - 0.2%
  
  
  
Blu Investments LLC (a)(b)(c)
  
98,215,581
30
D.R. Horton, Inc.
 
124,275
12,140
Lennar Corp. Class A
 
203,618
21,402
PulteGroup, Inc.
 
3,200
186
 
  
  
33,758
Internet & Direct Marketing Retail - 0.1%
  
  
  
Uber Technologies, Inc. (a)
  
697,300
22,104
Leisure Products - 0.0%
  
  
  
Bandai Namco Holdings, Inc.
 
30,900
666
Specialty Retail - 3.0%
  
  
  
Academy Sports & Outdoors, Inc.
 
599,806
39,137
Auto1 Group SE (a)(d)
  
51,600
365
AutoZone, Inc. (a)
  
7,050
17,330
Dick's Sporting Goods, Inc.
 
320,045
45,411
Fanatics, Inc. Class A (a)(b)(c)
  
372,921
26,891
Floor & Decor Holdings, Inc. Class A (a)(e)
  
217,500
21,363
FSN E-Commerce Ventures Private Ltd.
 
10,674
16
Lowe's Companies, Inc.
 
387,500
77,488
National Vision Holdings, Inc. (a)
  
22,741
428
O'Reilly Automotive, Inc. (a)
  
48,371
41,066
The Home Depot, Inc.
 
299,613
88,422
TJX Companies, Inc.
 
698,903
54,766
Ulta Beauty, Inc. (a)
  
61,100
33,340
Wayfair LLC Class A (a)
  
96,078
3,299
Williams-Sonoma, Inc.
 
231,332
28,144
 
  
  
477,466
Textiles, Apparel & Luxury Goods - 1.4%
  
  
  
Brunello Cucinelli SpA
 
885,100
87,782
Capri Holdings Ltd. (a)
  
215,000
10,105
China Hongxing Sports Ltd. (a)(c)
  
5,977,800
0
Deckers Outdoor Corp. (a)
  
21,182
9,522
Dr. Martens Ltd.
 
1,134,150
1,991
lululemon athletica, Inc. (a)
  
14,144
5,151
LVMH Moet Hennessy Louis Vuitton SE
 
42,500
39,011
NIKE, Inc. Class B
 
109,603
13,442
On Holding AG (a)
  
597,100
18,528
Ralph Lauren Corp. (e)
  
53,300
6,219
Tapestry, Inc.
 
617,529
26,622
 
  
  
218,373
TOTAL CONSUMER DISCRETIONARY
  
  
1,624,200
CONSUMER STAPLES - 2.5%
 
  
  
Beverages - 1.2%
  
  
  
Anheuser-Busch InBev SA NV
 
135,824
9,054
Constellation Brands, Inc. Class A (sub. vtg.)
 
21,600
4,879
Diageo PLC
 
111,858
4,992
PepsiCo, Inc.
 
236,560
43,125
The Coca-Cola Co.
 
1,953,118
121,152
 
  
  
183,202
Food & Staples Retailing - 0.9%
  
  
  
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
148,000
7,441
Casey's General Stores, Inc.
 
24,800
5,368
Costco Wholesale Corp.
 
187,200
93,014
Dollar Tree, Inc. (a)
  
224,400
32,213
Performance Food Group Co. (a)
  
25,900
1,563
 
  
  
139,599
Food Products - 0.1%
  
  
  
Lamb Weston Holdings, Inc.
 
42,700
4,463
Mondelez International, Inc.
 
173,100
12,069
 
  
  
16,532
Household Products - 0.2%
  
  
  
Procter & Gamble Co.
 
233,900
34,779
Personal Products - 0.1%
  
  
  
L'Oreal SA (a)
  
29,812
13,321
L'Oreal SA
 
2,300
1,028
Olaplex Holdings, Inc. (a)
  
561,746
2,399
 
  
  
16,748
TOTAL CONSUMER STAPLES
  
  
390,860
ENERGY - 6.4%
 
  
  
Energy Equipment & Services - 0.1%
  
  
  
Nextier Oilfield Solutions, Inc. (a)
  
606,900
4,825
Noble Corp. PLC
 
4,432
175
Schlumberger Ltd.
 
32,900
1,615
 
  
  
6,615
Oil, Gas & Consumable Fuels - 6.3%
  
  
  
Antero Resources Corp. (a)
  
542,400
12,524
Birchcliff Energy Ltd. (e)
  
169,400
960
Canadian Natural Resources Ltd.
 
1,130,888
62,582
Cenovus Energy, Inc.
 
1,087,900
18,995
Cenovus Energy, Inc. (Canada)
 
208,091
3,631
Cheniere Energy, Inc.
 
771,817
121,638
Chevron Corp.
 
359,705
58,689
ConocoPhillips Co.
 
715,011
70,936
Devon Energy Corp.
 
197,858
10,014
Diamondback Energy, Inc.
 
71,943
9,725
EOG Resources, Inc.
 
301,916
34,609
Equinor ASA
 
31,900
907
Exxon Mobil Corp.
 
2,433,007
266,804
GoviEx Uranium, Inc. (a)
  
642,355
102
GoviEx Uranium, Inc. (a)(d)
  
23,200
4
GoviEx Uranium, Inc. Class A (a)(d)
  
2,625,135
418
Hess Corp.
 
1,245,090
164,775
Marathon Petroleum Corp.
 
84,700
11,420
Occidental Petroleum Corp.
 
639,561
39,928
Ovintiv, Inc.
 
122,600
4,423
Phillips 66 Co.
 
91,740
9,301
Pioneer Natural Resources Co.
 
56,565
11,553
Reliance Industries Ltd.
 
243,531
6,926
Suncor Energy, Inc. (e)
  
1,025,300
31,832
Tourmaline Oil Corp.
 
54,500
2,271
Valero Energy Corp.
 
275,400
38,446
 
  
  
993,413
TOTAL ENERGY
  
  
1,000,028
FINANCIALS - 13.8%
 
  
  
Banks - 3.0%
  
  
  
AIB Group PLC
 
344,600
1,398
Banco Santander SA (Spain)
 
1,348,100
5,024
Bank of America Corp.
 
4,302,265
123,045
Bank of Ireland Group PLC
 
497,200
5,028
Citigroup, Inc.
 
58,400
2,738
East West Bancorp, Inc.
 
54,000
2,997
HDFC Bank Ltd. sponsored ADR
 
643,371
42,894
JPMorgan Chase & Co.
 
487,359
63,508
Nu Holdings Ltd. (a)
  
1,060,866
5,050
Royal Bank of Canada
 
514,460
49,200
Starling Bank Ltd. Series D (a)(b)(c)
  
3,787,848
13,411
Wells Fargo & Co.
 
4,216,216
157,602
 
  
  
471,895
Capital Markets - 0.9%
  
  
  
BlackRock, Inc. Class A
 
790
529
Brookfield Asset Management Ltd. Class A
 
5,622
184
Brookfield Corp. (Canada) Class A
 
8,200
267
Goldman Sachs Group, Inc.
 
1,704
557
Morgan Stanley
 
1,119,147
98,261
MSCI, Inc.
 
35,419
19,824
S&P Global, Inc.
 
2,700
931
TulCo LLC (a)(b)(c)(f)
  
17,377
13,236
 
  
  
133,789
Consumer Finance - 0.4%
  
  
  
American Express Co.
 
188,708
31,127
Capital One Financial Corp.
 
376,300
36,185
 
  
  
67,312
Diversified Financial Services - 5.6%
  
  
  
Berkshire Hathaway, Inc. Class A (a)
  
1,888
879,053
Financial Services - 1.3%
  
  
  
Adyen BV (a)(d)
  
844
1,345
Dlocal Ltd. (a)
  
633,300
10,272
MasterCard, Inc. Class A
 
473,100
171,929
Remitly Global, Inc. (a)
  
202,100
3,426
Toast, Inc. (a)
  
79,200
1,406
Visa, Inc. Class A
 
41,100
9,266
 
  
  
197,644
Insurance - 2.6%
  
  
  
American International Group, Inc.
 
700,426
35,273
Aon PLC
 
8,770
2,765
Arch Capital Group Ltd. (a)
  
26,300
1,785
Arthur J. Gallagher & Co.
 
303,300
58,024
Brookfield Asset Management Reinsurance Partners Ltd.
 
889
29
Chubb Ltd.
 
553,407
107,461
Fairfax Financial Holdings Ltd. (sub. vtg.)
 
45,667
30,371
Hartford Financial Services Group, Inc.
 
148,753
10,367
Hiscox Ltd.
 
2,665,843
36,470
Intact Financial Corp.
 
110,374
15,796
Marsh & McLennan Companies, Inc.
 
64,737
10,782
Progressive Corp.
 
452,010
64,665
The Travelers Companies, Inc.
 
235,838
40,425
 
  
  
414,213
TOTAL FINANCIALS
  
  
2,163,906
HEALTH CARE - 14.2%
 
  
  
Biotechnology - 3.4%
  
  
  
Alnylam Pharmaceuticals, Inc. (a)
  
65,422
13,105
Argenx SE ADR (a)
  
93,085
34,682
Ascendis Pharma A/S sponsored ADR (a)
  
29,200
3,131
BeiGene Ltd. ADR (a)
  
424
91
Biohaven Ltd.
 
4,450
61
Galapagos NV sponsored ADR (a)
  
161,969
6,258
Gilead Sciences, Inc.
 
363,600
30,168
Intarcia Therapeutics, Inc. warrants 12/31/24 (a)(c)
  
26,062
0
Intellia Therapeutics, Inc. (a)
  
17,114
638
Legend Biotech Corp. ADR (a)
  
139,700
6,736
Light Sciences Oncology, Inc. (a)(c)
  
2,708,254
0
Moderna, Inc. (a)
  
19,100
2,933
Neurocrine Biosciences, Inc. (a)
  
1,187
120
Nuvalent, Inc. Class A (a)
  
46,000
1,200
Regeneron Pharmaceuticals, Inc. (a)
  
360,299
296,047
Relay Therapeutics, Inc. (a)
  
167,800
2,764
Sarepta Therapeutics, Inc. (a)
  
18,000
2,481
Seagen, Inc. (a)
  
5,100
1,033
United Therapeutics Corp. (a)
  
71,294
15,967
Vertex Pharmaceuticals, Inc. (a)
  
338,746
106,729
Zai Lab Ltd. (a)
  
838,520
2,794
 
  
  
526,938
Health Care Equipment & Supplies - 0.9%
  
  
  
Boston Scientific Corp. (a)
  
1,194,808
59,776
DexCom, Inc. (a)
  
24,600
2,858
Edwards Lifesciences Corp. (a)
  
17,250
1,427
Figs, Inc. Class A (a)(e)
  
363,500
2,250
GE Healthcare Holding LLC
 
185,034
15,178
I-Pulse, Inc. (a)(b)(c)
  
58,562
184
Inspire Medical Systems, Inc. (a)
  
3,600
843
Intuitive Surgical, Inc. (a)
  
155,751
39,790
Masimo Corp. (a)
  
4,160
768
Straumann Holding AG
 
25,745
3,861
Stryker Corp.
 
13,600
3,882
TransMedics Group, Inc. (a)
  
138,500
10,489
 
  
  
141,306
Health Care Providers & Services - 4.6%
  
  
  
23andMe Holding Co. Class A (a)(e)
  
736,199
1,679
agilon health, Inc. (a)
  
939,400
22,311
AmerisourceBergen Corp.
 
31,420
5,031
Cardinal Health, Inc.
 
40,000
3,020
Centene Corp. (a)
  
574,000
36,283
Cigna Group
 
411,000
105,023
Elevance Health, Inc.
 
43,215
19,871
HCA Holdings, Inc.
 
46,057
12,144
Molina Healthcare, Inc. (a)
  
5,601
1,498
Option Care Health, Inc. (a)
  
96,738
3,073
P3 Health Partners, Inc. Class A (a)
  
193,779
205
UnitedHealth Group, Inc.
 
1,093,208
516,639
 
  
  
726,777
Health Care Technology - 0.0%
  
  
  
Doximity, Inc. (a)
  
61,500
1,991
Schrodinger, Inc. (a)
  
28,361
747
 
  
  
2,738
Life Sciences Tools & Services - 1.3%
  
  
  
Danaher Corp.
 
544,989
137,359
Mettler-Toledo International, Inc. (a)
  
9,154
14,008
Olink Holding AB ADR (a)
  
162,700
3,666
Seer, Inc. (a)
  
59,354
229
Thermo Fisher Scientific, Inc.
 
51,608
29,745
Veterinary Emergency Group LLC Class A (a)(b)(c)(f)
  
176,934
9,861
Waters Corp. (a)
  
19,074
5,906
 
  
  
200,774
Pharmaceuticals - 4.0%
  
  
  
AstraZeneca PLC:
  
  
  
 (United Kingdom)
 
270,800
37,521
 sponsored ADR
 
70,800
4,914
Bristol-Myers Squibb Co.
 
84,482
5,855
DICE Therapeutics, Inc. (a)
  
83,800
2,401
Eli Lilly & Co.
 
924,983
317,658
Euroapi SASU
 
23,468
268
Intra-Cellular Therapies, Inc. (a)
  
61,117
3,309
Johnson & Johnson
 
159,128
24,665
Merck & Co., Inc.
 
696,792
74,132
Novo Nordisk A/S Series B
 
25,400
4,034
Nuvation Bio, Inc. (a)
  
212,427
353
Roche Holding AG (participation certificate)
 
183,833
52,529
Royalty Pharma PLC
 
897,050
32,321
Sanofi SA
 
539,800
58,557
Structure Therapeutics, Inc. ADR
 
59,000
1,404
UCB SA
 
15,667
1,401
Ventyx Biosciences, Inc. (a)
  
4,500
151
Verona Pharma PLC ADR (a)
  
35,300
709
Zoetis, Inc. Class A
 
5,800
965
 
  
  
623,147
TOTAL HEALTH CARE
  
  
2,221,680
INDUSTRIALS - 7.1%
 
  
  
Aerospace & Defense - 3.4%
  
  
  
Lockheed Martin Corp.
 
122,514
57,916
Northrop Grumman Corp.
 
327,586
151,253
Space Exploration Technologies Corp.:
  
  
  
 Class A (a)(b)(c)
  
2,573,450
198,156
 Class C (a)(b)(c)
  
45,460
3,500
The Boeing Co. (a)
  
246,500
52,364
TransDigm Group, Inc.
 
78,462
57,830
Woodward, Inc.
 
80,700
7,858
 
  
  
528,877
Air Freight & Logistics - 0.5%
  
  
  
Delhivery Private Ltd.
 
444,255
1,794
GXO Logistics, Inc. (a)
  
416,470
21,015
United Parcel Service, Inc. Class B
 
319,182
61,918
Zipline International, Inc. (a)(b)(c)
  
74,930
1,311
 
  
  
86,038
Airlines - 0.0%
  
  
  
Ryanair Holdings PLC sponsored ADR (a)
  
33,300
3,140
Building Products - 0.1%
  
  
  
Toto Ltd. (e)
  
440,776
14,768
Trane Technologies PLC
 
26,200
4,820
 
  
  
19,588
Commercial Services & Supplies - 0.2%
  
  
  
Cintas Corp.
 
31,012
14,349
Clean Harbors, Inc. (a)
  
64,000
9,124
Clean TeQ Water Pty Ltd. (a)
  
3,189
1
GFL Environmental, Inc.
 
30,600
1,055
Waste Connections, Inc. (United States)
 
6,800
946
 
  
  
25,475
Construction & Engineering - 0.0%
  
  
  
Bowman Consulting Group Ltd. (a)
  
118,000
3,388
Larsen & Toubro Ltd.
 
35,900
948
 
  
  
4,336
Electrical Equipment - 0.4%
  
  
  
Acuity Brands, Inc.
 
48,600
8,881
AMETEK, Inc.
 
6,500
945
Eaton Corp. PLC
 
91,100
15,609
Hubbell, Inc. Class B
 
47,900
11,655
Nextracker, Inc. Class A
 
25,600
928
nVent Electric PLC
 
74,125
3,183
Regal Rexnord Corp.
 
130,700
18,393
 
  
  
59,594
Ground Transportation - 0.3%
  
  
  
J.B. Hunt Transport Services, Inc.
 
88,676
15,559
Old Dominion Freight Lines, Inc.
 
55,600
18,951
RXO, Inc.
 
428,170
8,409
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
23,600
62
 
  
  
42,981
Industrial Conglomerates - 0.4%
  
  
  
General Electric Co.
 
734,703
70,238
Machinery - 0.7%
  
  
  
Caterpillar, Inc.
 
37,300
8,536
Crane Holdings Co.
 
8,200
931
Deere & Co.
 
90,998
37,571
Fortive Corp.
 
102,800
7,008
Indutrade AB
 
42,800
908
PACCAR, Inc.
 
383,542
28,075
Parker Hannifin Corp.
 
99,100
33,309
 
  
  
116,338
Professional Services - 0.4%
  
  
  
CACI International, Inc. Class A (a)
  
81,000
23,999
KBR, Inc.
 
336,600
18,530
Science Applications International Corp.
 
140,400
15,087
Verisk Analytics, Inc.
 
4,900
940
 
  
  
58,556
Road & Rail - 0.5%
  
  
  
Canadian Pacific Railway Ltd.
 
969,364
74,644
Trading Companies & Distributors - 0.2%
  
  
  
United Rentals, Inc.
 
14,200
5,620
W.W. Grainger, Inc.
 
33,400
23,006
 
  
  
28,626
TOTAL INDUSTRIALS
  
  
1,118,431
INFORMATION TECHNOLOGY - 21.8%
 
  
  
Communications Equipment - 0.3%
  
  
  
Arista Networks, Inc. (a)
  
212,653
35,696
Cisco Systems, Inc.
 
109,600
5,729
Motorola Solutions, Inc.
 
10,900
3,119
 
  
  
44,544
Electronic Equipment & Components - 1.1%
  
  
  
Amphenol Corp. Class A
 
1,975,438
161,433
CDW Corp.
 
53,579
10,442
Coherent Corp. (a)
  
70,700
2,692
Jabil, Inc.
 
43,400
3,826
 
  
  
178,393
IT Services - 0.8%
  
  
  
Accenture PLC Class A
 
268,411
76,715
ASAC II LP (a)(b)(c)
  
9,408,021
1,581
Cloudflare, Inc. (a)
  
52,900
3,262
Endava PLC ADR (a)
  
80,781
5,427
Gartner, Inc. (a)
  
70,600
22,999
Okta, Inc. (a)
  
10,700
923
Shopify, Inc. Class A (a)
  
39,008
1,870
Snowflake, Inc. (a)
  
5,900
910
Twilio, Inc. Class A (a)
  
12,200
813
X Holdings Corp. Class A (c)
  
97,100
3,548
 
  
  
118,048
Semiconductors & Semiconductor Equipment - 6.3%
  
  
  
Advanced Micro Devices, Inc. (a)
  
1,156,234
113,322
AEHR Test Systems (a)
  
87,709
2,721
Allegro MicroSystems LLC (a)
  
94,000
4,511
Analog Devices, Inc.
 
212,392
41,888
Applied Materials, Inc.
 
320,200
39,330
ASML Holding NV (Netherlands)
 
32,900
22,420
Broadcom, Inc.
 
20,200
12,959
First Solar, Inc. (a)
  
43,700
9,505
Lam Research Corp.
 
65,500
34,723
Lattice Semiconductor Corp. (a)
  
189,805
18,126
Marvell Technology, Inc.
 
764,687
33,111
Micron Technology, Inc.
 
52,800
3,186
Monolithic Power Systems, Inc.
 
8,232
4,120
NVIDIA Corp.
 
1,618,786
449,650
NXP Semiconductors NV
 
199,413
37,186
onsemi (a)
  
555,900
45,762
Qualcomm, Inc.
 
399,604
50,981
SolarEdge Technologies, Inc. (a)
  
23,300
7,082
Synaptics, Inc. (a)
  
108,649
12,076
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
492,500
45,812
 
  
  
988,471
Software - 9.0%
  
  
  
Adobe, Inc. (a)
  
343,156
132,242
Agilysys, Inc. (a)
  
36,800
3,036
ANSYS, Inc. (a)
  
2,700
899
Atlassian Corp. PLC (a)
  
39,921
6,833
Autodesk, Inc. (a)
  
106,931
22,259
Cadence Design Systems, Inc. (a)
  
222,657
46,778
Check Point Software Technologies Ltd. (a)
  
46,023
5,983
Clear Secure, Inc. (e)
  
189,900
4,970
Dynatrace, Inc. (a)
  
79,900
3,380
Fair Isaac Corp. (a)
  
894
628
Fortinet, Inc. (a)
  
242,465
16,114
HashiCorp, Inc. (a)
  
7,000
205
HubSpot, Inc. (a)
  
2,500
1,072
Intuit, Inc.
 
69,962
31,191
Magic Leap, Inc.:
  
  
  
 Class A (a)(c)
  
30,863
278
 warrants (a)(c)
  
46,794
422
Microsoft Corp.
 
3,474,915
1,001,818
Palo Alto Networks, Inc. (a)
  
33,600
6,711
Paycom Software, Inc. (a)
  
2,900
882
Salesforce, Inc. (a)
  
470,793
94,055
Samsara, Inc. (a)(e)
  
9,214
182
ServiceNow, Inc. (a)
  
13,299
6,180
Stripe, Inc. Class B (a)(b)(c)
  
83,200
1,675
Synopsys, Inc. (a)
  
19,600
7,571
Tanium, Inc. Class B (a)(b)(c)
  
1,259,978
9,677
Tenable Holdings, Inc. (a)
  
168,800
8,020
Volue A/S (a)
  
365,396
735
Zoom Video Communications, Inc. Class A (a)
  
12,100
893
 
  
  
1,414,689
Technology Hardware, Storage & Peripherals - 4.3%
  
  
  
Apple, Inc.
 
3,704,410
610,857
Dell Technologies, Inc.
 
22,471
904
Samsung Electronics Co. Ltd.
 
1,233,890
60,794
 
  
  
672,555
TOTAL INFORMATION TECHNOLOGY
  
  
3,416,700
MATERIALS - 4.3%
 
  
  
Chemicals - 0.9%
  
  
  
Air Products & Chemicals, Inc.
 
27,400
7,870
Albemarle Corp.
 
40,500
8,952
CF Industries Holdings, Inc.
 
185,600
13,454
Corteva, Inc.
 
610,400
36,813
Linde PLC
 
9,000
3,199
Nutrien Ltd.
 
84,900
6,270
Sherwin-Williams Co.
 
138,769
31,191
The Mosaic Co.
 
350,500
16,081
Westlake Corp.
 
70,287
8,152
 
  
  
131,982
Metals & Mining - 3.4%
  
  
  
B2Gold Corp.
 
13,035,880
51,507
Barrick Gold Corp. (Canada)
 
235,269
4,368
Cleveland-Cliffs, Inc. (a)
  
334,200
6,126
Franco-Nevada Corp.
 
1,025,336
149,556
Freeport-McMoRan, Inc.
 
2,326,400
95,173
Glencore PLC
 
700,400
4,030
Ivanhoe Electric, Inc.
 
76,997
936
Ivanhoe Mines Ltd. (a)
  
8,031,618
72,561
Newcrest Mining Ltd.
 
55,849
997
Newmont Corp.
 
115,500
5,662
Novagold Resources, Inc. (a)
  
3,196,709
19,798
Nucor Corp.
 
386,525
59,707
POSCO sponsored ADR (e)
  
17,700
1,234
Sabina Gold & Silver Corp. (a)
  
700,800
1,063
Steel Dynamics, Inc.
 
301,696
34,110
Wheaton Precious Metals Corp.
 
649,200
31,266
 
  
  
538,094
TOTAL MATERIALS
  
  
670,076
REAL ESTATE - 0.0%
 
  
  
Equity Real Estate Investment Trusts (REITs) - 0.0%
  
  
  
Equity Commonwealth
 
183,224
3,795
Gaming & Leisure Properties
 
4,888
254
 
  
  
4,049
UTILITIES - 0.8%
 
  
  
Electric Utilities - 0.7%
  
  
  
Constellation Energy Corp.
 
492,293
38,645
NextEra Energy, Inc.
 
159,700
12,310
PG&E Corp. (a)
  
2,762,100
44,663
Southern Co.
 
316,300
22,008
 
  
  
117,626
Multi-Utilities - 0.1%
  
  
  
Public Service Enterprise Group, Inc.
 
161,000
10,054
TOTAL UTILITIES
  
  
127,680
 
TOTAL COMMON STOCKS
 (Cost $7,409,282)
  
  
  
15,164,736
 
  
  
  
Preferred Stocks - 2.0%
 
  
Shares
Value ($)
(000s)
 
Convertible Preferred Stocks - 1.8%
 
  
  
COMMUNICATION SERVICES - 0.2%
  
  
  
Interactive Media & Services - 0.2%
  
  
  
ByteDance Ltd. Series E1 (a)(b)(c)
  
130,945
27,722
Reddit, Inc.:
  
  
  
  Series E(a)(b)(c)
  
30,200
1,151
  Series F(a)(b)(c)
  
127,549
4,860
 
  
  
33,733
CONSUMER DISCRETIONARY - 0.1%
  
  
  
Automobiles - 0.0%
  
  
  
Rad Power Bikes, Inc.:
  
  
  
  Series A(a)(b)(c)
  
61,855
191
  Series C(a)(b)(c)
  
243,394
752
  Series D(a)(b)(c)
  
411,659
1,272
 
  
  
2,215
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Discord, Inc. Series I (a)(b)(c)
  
2,800
945
 
  
  
  
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Bolt Threads, Inc.:
  
  
  
  Series D(a)(b)(c)
  
1,324,673
2,689
  Series E(a)(b)(c)
  
627,820
1,500
 
  
  
4,189
TOTAL CONSUMER DISCRETIONARY
  
  
7,349
 
  
  
  
CONSUMER STAPLES - 0.0%
  
  
  
Food & Staples Retailing - 0.0%
  
  
  
GoBrands, Inc.:
  
  
  
  Series G(a)(b)(c)
  
8,102
791
  Series H(a)(b)(c)
  
10,223
997
 
  
  
1,788
Food Products - 0.0%
  
  
  
Bowery Farming, Inc. Series C1 (a)(b)(c)
  
82,543
1,474
 
  
  
  
TOTAL CONSUMER STAPLES
  
  
3,262
 
  
  
  
FINANCIALS - 0.0%
  
  
  
Financial Services - 0.0%
  
  
  
Circle Internet Financial Ltd. Series F (b)(c)
  
68,639
1,957
 
  
  
  
HEALTH CARE - 0.1%
  
  
  
Biotechnology - 0.0%
  
  
  
ElevateBio LLC Series C (a)(b)(c)
  
594,600
1,760
Intarcia Therapeutics, Inc. Series CC (a)(b)(c)
  
516,522
0
 
  
  
1,760
Health Care Providers & Services - 0.1%
  
  
  
Lyra Health, Inc.:
  
  
  
  Series E(a)(b)(c)
  
270,000
4,514
  Series F(a)(b)(c)
  
10,070
168
Somatus, Inc. Series E (a)(b)(c)
  
2,206
1,848
 
  
  
6,530
TOTAL HEALTH CARE
  
  
8,290
 
  
  
  
INDUSTRIALS - 1.3%
  
  
  
Aerospace & Defense - 1.3%
  
  
  
Relativity Space, Inc. Series E (a)(b)(c)
  
308,359
5,705
Space Exploration Technologies Corp.:
  
  
  
  Series G(a)(b)(c)
  
145,254
111,846
  Series H(a)(b)(c)
  
42,094
32,412
  Series N(a)(b)(c)
  
66,208
50,980
 
  
  
200,943
Air Freight & Logistics - 0.0%
  
  
  
Zipline International, Inc. Series E (a)(b)(c)
  
208,789
3,654
 
  
  
  
Construction & Engineering - 0.0%
  
  
  
Beta Technologies, Inc. Series B, 6.00% (b)(c)
  
52,096
3,836
 
  
  
  
TOTAL INDUSTRIALS
  
  
208,433
 
  
  
  
INFORMATION TECHNOLOGY - 0.1%
  
  
  
Software - 0.1%
  
  
  
Nuro, Inc.:
  
  
  
  Series C(a)(b)(c)
  
491,080
3,536
  Series D(a)(b)(c)
  
94,265
679
Stripe, Inc.:
  
  
  
  Series H(a)(b)(c)
  
34,900
703
  Series I(b)(c)
  
497,211
10,009
Tenstorrent, Inc. Series C1 (a)(b)(c)
  
36,600
2,074
 
  
  
17,001
TOTAL CONVERTIBLE PREFERRED STOCKS
  
  
280,025
Nonconvertible Preferred Stocks - 0.2%
 
  
  
ENERGY - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Petroleo Brasileiro SA - Petrobras sponsored ADR
 
1,020,247
10,641
 
  
  
  
FINANCIALS - 0.1%
  
  
  
Financial Services - 0.1%
  
  
  
Circle Internet Financial Ltd. Series E (b)(c)
  
615,508
17,548
 
  
  
  
INFORMATION TECHNOLOGY - 0.0%
  
  
  
Software - 0.0%
  
  
  
Magic Leap, Inc. Series AA (a)(c)
  
325,855
4,738
 
  
  
  
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  
  
32,927
 
TOTAL PREFERRED STOCKS
 (Cost $194,309)
  
  
  
312,952
 
  
  
  
Preferred Securities - 0.0%
 
  
Principal
Amount (g)
(000s)
 
Value ($)
(000s)
 
HEALTH CARE - 0.0%
 
  
  
Biotechnology - 0.0%
  
  
  
Intarcia Therapeutics, Inc. 6% 7/18/23 (b)(c)(h)
  
2,280
0
INFORMATION TECHNOLOGY - 0.0%
 
  
  
Software - 0.0%
  
  
  
Tenstorrent, Inc. 0% (b)(c)(i)
  
2,040
1,944
 
TOTAL PREFERRED SECURITIES
 (Cost $4,320)
  
  
  
1,944
 
  
  
  
Other - 0.1%
 
  
Shares
Value ($)
(000s)
 
Other - 0.1%
 
  
  
Utica Shale Drilling Program (non-operating revenue interest) (b)(c)(f)
  (Cost $44,970)
  
38,874,241
15,199
 
  
  
  
Money Market Funds - 1.4%
 
  
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 4.86% (j)
  
180,719,848
180,756
Fidelity Securities Lending Cash Central Fund 4.87% (j)(k)
  
37,461,554
37,465
 
TOTAL MONEY MARKET FUNDS
 (Cost $218,221)
  
  
218,221
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
 (Cost $7,871,102)
 
  
 
15,713,052
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(39,181)
NET ASSETS - 100.0%
15,673,871
 
  
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
Non-income producing
 
(b)
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 $613,516,000 or 3.9% of net assets.
 
(c)
Level 3 security
 
(d)
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 $7,755,000 or 0.0% of net assets.
 
(e)
Security or a portion of the security is on loan at period end.
 
(f)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
 
(g)
Amount is stated in United States dollars unless otherwise noted.
 
(h)
Non-income producing - Security is in default.
 
(i)
Security is perpetual in nature with no stated maturity date.
 
(j)
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.
 
(k)
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)
ASAC II LP
10/10/13
725
 
  
  
Beta Technologies, Inc. Series B, 6.00%
4/04/22
5,375
 
  
  
Blu Investments LLC
5/21/20
170
 
  
  
Bolt Threads, Inc. Series D
12/13/17
21,247
 
  
  
Bolt Threads, Inc. Series E
2/07/20
9,657
 
  
  
Bowery Farming, Inc. Series C1
5/18/21
4,973
 
  
  
ByteDance Ltd. Series E1
11/18/20
14,348
 
  
  
Circle Internet Financial Ltd. Series E
5/11/21
9,990
 
  
  
Circle Internet Financial Ltd. Series F
5/09/22
2,892
 
  
  
Discord, Inc. Series I
9/15/21
1,542
 
  
  
ElevateBio LLC Series C
3/09/21
2,494
 
  
  
Epic Games, Inc.
7/13/20 - 7/30/20
13,744
 
  
  
Fanatics, Inc. Class A
8/13/20 - 12/15/21
12,264
 
  
  
GoBrands, Inc. Series G
3/02/21
2,023
 
  
  
GoBrands, Inc. Series H
7/22/21
3,972
 
  
  
I-Pulse, Inc.
3/18/10
81
 
  
  
Intarcia Therapeutics, Inc. Series CC
11/14/12
7,040
 
  
  
Intarcia Therapeutics, Inc. 6% 7/18/23
1/03/20
2,280
 
  
  
Lyra Health, Inc. Series E
1/14/21
2,472
 
  
  
Lyra Health, Inc. Series F
6/04/21
158
 
  
  
Nuro, Inc. Series C
10/30/20
6,411
 
  
  
Nuro, Inc. Series D
10/29/21
1,965
 
  
  
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
1,175
 
  
  
Rad Power Bikes, Inc. Series D
9/17/21
3,945
 
  
  
Reddit, Inc. Series E
5/18/21
1,283
 
  
  
Reddit, Inc. Series F
8/11/21
7,882
 
  
  
Relativity Space, Inc. Series E
5/27/21
7,041
 
  
  
Somatus, Inc. Series E
1/31/22
1,925
 
  
  
Space Exploration Technologies Corp. Class A
10/16/15 - 2/16/21
29,629
 
  
  
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
8/04/17
5,682
 
  
  
Space Exploration Technologies Corp. Series N
8/04/20
17,876
 
  
  
Starling Bank Ltd. Series D
6/18/21 - 4/05/22
7,252
 
  
  
Stripe, Inc. Class B
5/18/21
3,338
 
  
  
Stripe, Inc. Series H
3/15/21
1,400
 
  
  
Stripe, Inc. Series I
3/20/23
10,011
 
  
  
Tanium, Inc. Class B
4/21/17 - 9/18/20
9,907
 
  
  
Tenstorrent, Inc. Series C1
4/23/21
2,176
 
  
  
Tenstorrent, Inc. 0%
4/23/21
2,040
 
  
  
TulCo LLC
8/24/17
5,964
 
  
  
Utica Shale Drilling Program (non-operating revenue interest)
10/05/16 - 12/16/20
44,970
 
  
  
Veterinary Emergency Group LLC Class A
9/16/21 - 12/16/22
6,620
 
  
  
Zipline International, Inc.
10/12/21
2,697
 
  
  
Zipline International, Inc. Series E
12/21/20
6,813
 
  
  
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
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 ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.86%
68,583
920,144
807,971
2,138
-
-
180,756
0.5%
Fidelity Securities Lending Cash Central Fund 4.87%
52,379
216,273
231,187
25
-
-
37,465
0.1%
Total
120,962
1,136,417
1,039,158
2,163
-
-
218,221
  
 
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Amounts in the dividend income column 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. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted 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)
 
Valuation techniques used to value 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 service 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 any 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, and 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.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Preferred Securities are valued by pricing services 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 services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure 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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