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IE N 1 N N N ALLBIRDS INC N/A ALLBIRDS INC SER C PC PERP PP N/A 14735.00000000 NS USD 167536.95000000 0.006420541123 Long EP CORP US Y 3 N N N PERFORMANCE FOOD GROUP CO 549300EUK8GR9IT1YK57 PERFORMANCE FOOD GROUP CO 71377A103 291300.00000000 NS USD 12351120.00000000 0.473333637015 Long EC CORP US N 1 N N N CISCO SYSTEMS INC 8E6NF1YAL0WT6CWXXV93 CISCO SYSTEMS INC 17275R102 767100.00000000 NS USD 30630303.00000000 1.173849231637 Long EC CORP US N 1 N N N BEST BUY CO INC HL5XPTVRV0O8TUN5LL90 BEST BUY CO INC 086516101 131200.00000000 NS USD 9925280.00000000 0.380367843628 Long EC CORP US N 1 N N N MELROSE INDUSTRIES PLC 213800RGNXXZY2M7TR85 MELROSE INDUSTRIES PLC N/A 4970528.00000000 NS 13746599.44000000 0.526812783741 Long EC CORP GB N 2 N N N SHRIRAM TRANSPORT FIN CO LTD 335800TM2YO24B76XL26 SHRIRAM TRANSPORT FIN CO LTD N/A 465600.00000000 NS 7678590.55000000 0.294267660923 Long EC CORP IN N 1 N N N UNIVERSAL HEALTH SERVICES INC 549300YGMGQDO0NMJD09 UNIVERSAL HEALTH SVCS INC CL B 913903100 71900.00000000 NS USD 8896906.00000000 0.340957328174 Long EC CORP US N 1 N N N HUNTINGTON INGALLS INDUSTR INC 5TZLZ6WJTBVJ0QWBG121 HUNTINGTON INC 446413106 132500.00000000 NS USD 27232725.00000000 1.043643391861 Long EC CORP US N 1 N N N LEIDOS HLDGS INC 549300IUTGTP6EJP8124 LEIDOS HOLDINGS INC 525327102 107400.00000000 NS USD 11024610.00000000 0.422497615436 Long EC CORP US N 1 N N N TPG SPECIALTY LENDING INC 549300TX61566GJWCN05 TPG SPECIALTY LENDING INC 87265K102 986985.00000000 NS USD 20667465.90000000 0.792042082202 Long EC CORP US N 1 N N N PACIFIC DRILLING V LTD 549300VEJMMZCY6OBU06 PACIFIC DRILLING SA N/A 394783.00000000 NS USD 615861.48000000 0.023601742532 Long EC CORP LU N 1 N N N KAR AUCTION SVCS INC 5493004HKD20LBSG7D03 KAR AUCTION SERVICES INC 48238T109 225000.00000000 NS USD 4331250.00000000 0.165987077716 Long EC CORP US N 1 N N N CIGNA CORP 549300VIWYMSIGT1U456 CIGNA CORP 125523100 115800.00000000 NS USD 21184452.00000000 0.811854610216 Long EC CORP US N 1 N N N DOLLAR TREE INC 549300PMSTQITB1WHR43 DOLLAR TREE INC 256746108 87700.00000000 NS USD 7281731.00000000 0.279058758881 Long EC CORP US N 1 N N N BORR DRILLING LTD 213800J2JPCTXLHQ5R78 BORR DRILLING LTD N/A 816640.00000000 NS 1750178.77000000 0.067072336972 Long EC CORP BM N 2 N N SANOFI 549300E9PC51EN656011 SANOFI N/A 149700.00000000 NS 13961893.35000000 0.535063521281 Long EC CORP FR N 2 N N N UNDER ARMOUR INC 549300D4549QKWETZ406 UNDER ARMOUR INC CL A 904311107 408400.00000000 NS USD 5795196.00000000 0.222090077652 Long EC CORP US N 1 N N FIDELITY REVERE STREET TRUST 549300BDV45LJNXBZC55 Fidelity Cash Central Fund 31635A105 64884018.40400000 NS USD 64896995.21000000 2.487056297251 Long STIV RF US N 1 N N N WILLIAMS COS INC D71FAKCBLFS2O0RBPG08 WILLIAMS COMPANIES INC 969457100 957797.00000000 NS USD 18246032.85000000 0.699245176954 Long EC CORP US N 1 N N N IDACORP INC N134NUJDWN8UEFA8B673 IDACORP INC 451107106 70800.00000000 NS USD 6842112.00000000 0.262211180672 Long EC CORP US N 1 N N N NVR INC 529900RWXR4JI3JYTV70 NVR INC 62944T105 4340.00000000 NS USD 15915561.20000000 0.609934197702 Long EC CORP US N 1 N N N GENERAL MOTORS CO 54930070NSV60J38I987 GENERAL MOTORS CO 37045V100 443200.00000000 NS USD 13517600.00000000 0.518036807327 Long EC CORP US N 1 N N N KOSMOS ENERGY LTD 213800YDFJ3OT9B5P157 KOSMOS ENERGY LTD 500688106 2698800.00000000 NS USD 8231340.00000000 0.315450752620 Long EC CORP US N 1 N N N ROCHE HOLDING LTD 549300U41AUUVOAAOB37 ROCHE HOLDINGS AG (GENUSSCHEINE) N/A 64660.00000000 NS 20790373.10000000 0.796752271399 Long EC CORP CH N 2 N N N SWEETGREEN INC N/A SWEETGREEN INC SER C PC P/P N/A 1587.00000000 NS USD 23408.25000000 0.000897077520 Long EP CORP US Y 3 N N N PELOTON INTERACTIVE INC 5493002YS021166W0339 PELOTON INTERACTIVE INC CL B N/A 1222216.00000000 NS USD 32620945.04000000 1.250136874927 Long EC CORP US N 1 N N N BLACK KNIGHT INC 549300TUSNXS3BFFML48 BLACK KNIGHT INC 09215C105 283949.00000000 NS USD 18942237.79000000 0.725925932736 Long EC CORP US N 1 N N N ENERGY TRANSFER LP MTLVN9N7JE8MIBIJ1H73 ENERGY TRANSFER LP 29273V100 725500.00000000 NS USD 8038540.00000000 0.308062052226 Long EC CORP US N 1 N N N BOLT THREADS INC 549300U3RHHNS0RS1E72 BOLT THREADS INC CONV 3% 02/07/2023 P/P N/A 2914983.00000000 PA USD 2914983.00000000 0.111711286525 Long DBT CORP US Y 3 2023-02-07 Fixed 0.03000000 N N N Y Y BOLT THREADS INC BOLT THREADS INC PC PP USD XXXX N N N BERKSHIRE HATHAWAY INC DEL 5493000C01ZX7D35SD85 BERKSHIRE HATHAWAY INC CL B 084670702 291500.00000000 NS USD 60148110.00000000 2.305064129073 Long EC CORP US N 1 N N N OLIN CORP 549300GKK294V7W57P06 OLIN CORP 680665205 328500.00000000 NS USD 5318415.00000000 0.203818335106 Long EC CORP US N 1 N N N HDFC BANK LTD 335800ZQ6I4E2JXENC50 HDFC BANK LTD SPON ADR 40415F101 260300.00000000 NS USD 14277455.00000000 0.547156832940 Long EC CORP IN N 1 N N N SPACE EXPLORATION TECHNOLOGIES CORP N/A SPACE EXPLORATION TECHNOLOGIES CORP CLASS C N/A 818.00000000 NS USD 179960.00000000 0.006896631343 Long EC CORP US Y 3 N N N NUTRIEN LTD 5493002QQ7GD21OWF963 NUTRIEN LTD 67077M108 176520.00000000 NS 7134445.89000000 0.273414331753 Long EC CORP CA N 1 N N N VEREIT INC 5493002H54FNIBW75H44 VEREIT INC 92339V100 786500.00000000 NS USD 6811090.00000000 0.261022320383 Long EC CORP US N 1 N N N MILM ER2 HOLDINGS LLC N/A MILM ER2 HOLDINGS LLC N/A 6453247.07100000 NS USD 361556.07000000 0.013855962017 Long EC CORP US Y 3 N N N LG CHEMICAL LTD NEW 988400IES4EIG7O06940 LG CHEMICAL LTD N/A 31670.00000000 NS 9705177.96000000 0.371932843473 Long EC CORP KR N 1 N N N SWEETGREEN INC N/A SWEETGREEN INC SER D PC P/P N/A 25534.00000000 NS USD 376626.50000000 0.014433508138 Long EP CORP US Y 3 N N N DOLLAR GEN CORP NEW OPX52SQVOZI8IVSWYU66 DOLLAR GENERAL CORP 256677105 132400.00000000 NS USD 19899720.00000000 0.762619652564 Long EC CORP US N 1 N N N UNITEDHEALTH GROUP INC 549300GHBMY8T5GXDE41 UNITEDHEALTH GROUP INC 91324P102 237300.00000000 NS USD 60502008.00000000 2.318626609842 Long EC CORP US N 1 N N N 2020-03-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_300_20200229.htm

Quarterly Holdings Report
for

Fidelity® New Millennium Fund®

February 29, 2020







NMF-QTLY-0420
1.797943.116





Schedule of Investments February 29, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 6.1%   
Diversified Telecommunication Services - 1.8%   
Cogent Communications Group, Inc. 143,100 $10,448 
Verizon Communications, Inc. 680,200 36,840 
  47,288 
Entertainment - 0.4%   
WME Entertainment Parent, LLC Class A (a)(b)(c)(d) 3,848,154 10,582 
Media - 2.5%   
Comcast Corp. Class A 1,479,600 59,820 
Sinclair Broadcast Group, Inc. Class A 220,000 5,106 
  64,926 
Wireless Telecommunication Services - 1.4%   
Sprint Corp. (a) 3,898,700 35,829 
TOTAL COMMUNICATION SERVICES  158,625 
CONSUMER DISCRETIONARY - 11.3%   
Automobiles - 1.3%   
Aston Martin Lagonda Global Holdings PLC (a)(e)(f) 1,233,500 5,411 
Fiat Chrysler Automobiles NV 1,312,400 16,326 
General Motors Co. 443,200 13,518 
  35,255 
Hotels, Restaurants & Leisure - 0.4%   
ARAMARK Holdings Corp. 226,800 7,879 
Drive Shack, Inc. (a)(e) 541,727 1,549 
  9,428 
Household Durables - 1.7%   
D.R. Horton, Inc. 343,800 18,314 
Mohawk Industries, Inc. (a) 82,300 9,971 
NVR, Inc. (a) 4,340 15,916 
  44,201 
Internet & Direct Marketing Retail - 0.6%   
The Booking Holdings, Inc. (a) 9,000 15,261 
Leisure Products - 1.8%   
American Outdoor Brands Corp. (a) 1,007,100 10,031 
New Academy Holding Co. LLC unit (a)(c)(d)(g) 66,000 2,893 
Peloton Interactive, Inc.:   
Class A (a)(e) 73,700 1,967 
Class B 1,222,216 32,621 
  47,512 
Multiline Retail - 1.0%   
Dollar General Corp. 132,400 19,900 
Dollar Tree, Inc. (a) 87,700 7,282 
  27,182 
Specialty Retail - 2.5%   
AutoZone, Inc. (a) 11,200 11,564 
Best Buy Co., Inc. 131,200 9,925 
National Vision Holdings, Inc. (a) 453,000 15,773 
TJX Companies, Inc. 454,000 27,149 
  64,411 
Textiles, Apparel & Luxury Goods - 2.0%   
Allbirds, Inc. (a)(c)(d) 22,235 253 
Brunello Cucinelli SpA 822,600 27,523 
PVH Corp. 120,000 8,893 
Tapestry, Inc. 374,300 8,777 
Under Armour, Inc. Class A (sub. vtg.) (a)(e) 408,400 5,795 
  51,241 
TOTAL CONSUMER DISCRETIONARY  294,491 
CONSUMER STAPLES - 6.8%   
Beverages - 0.3%   
Diageo PLC sponsored ADR 51,900 7,365 
Food & Staples Retailing - 3.2%   
Kroger Co. 529,800 14,903 
Performance Food Group Co. (a) 291,300 12,351 
U.S. Foods Holding Corp. (a) 318,800 10,724 
Walmart, Inc. 414,200 44,601 
  82,579 
Food Products - 1.0%   
Danone SA 165,400 11,674 
Greencore Group PLC 5,431,161 14,782 
  26,456 
Household Products - 1.2%   
Kimberly-Clark Corp. 74,600 9,787 
Procter & Gamble Co. 187,700 21,253 
  31,040 
Personal Products - 1.1%   
Edgewell Personal Care Co. (a) 350,400 10,638 
Unilever NV 344,900 18,210 
  28,848 
TOTAL CONSUMER STAPLES  176,288 
ENERGY - 8.5%   
Energy Equipment & Services - 0.9%   
Borr Drilling Ltd. (a)(e) 816,640 1,750 
Oceaneering International, Inc. (a) 523,752 5,520 
Odfjell Drilling Ltd. (a) 3,992,224 10,678 
Pacific Drilling SA (a) 394,783 616 
TechnipFMC PLC 302,000 4,482 
  23,046 
Oil, Gas & Consumable Fuels - 7.6%   
BP PLC sponsored ADR 645,873 20,209 
Cabot Oil & Gas Corp. 564,500 7,863 
Cheniere Energy, Inc. (a) 203,100 10,417 
Energy Transfer Equity LP 725,500 8,039 
Exxon Mobil Corp. 1,092,600 56,203 
GasLog Ltd. 438,641 2,461 
Golar LNG Ltd. 791,400 10,142 
Hess Corp. 661,700 37,174 
Kosmos Energy Ltd. 2,698,800 8,231 
New Fortress Energy LLC 495,000 6,955 
The Williams Companies, Inc. 957,797 18,246 
Valero Energy Corp. 186,400 12,349 
  198,289 
TOTAL ENERGY  221,335 
FINANCIALS - 19.8%   
Banks - 7.0%   
Bank of America Corp. 2,497,700 71,184 
HDFC Bank Ltd. sponsored ADR 260,300 14,277 
OTP Bank PLC 150,100 6,512 
PNC Financial Services Group, Inc. 233,500 29,514 
Truist Financial Corp. 328,836 15,172 
Wells Fargo & Co. 828,300 33,836 
Wintrust Financial Corp. 218,500 11,670 
  182,165 
Capital Markets - 3.3%   
Goldman Sachs Group, Inc. 91,500 18,370 
Morgan Stanley 346,800 15,616 
Northern Trust Corp. 135,800 11,918 
The NASDAQ OMX Group, Inc. 174,800 17,926 
TPG Specialty Lending, Inc. 986,985 20,667 
  84,497 
Consumer Finance - 0.3%   
Shriram Transport Finance Co. Ltd. 465,600 7,679 
Diversified Financial Services - 2.3%   
Berkshire Hathaway, Inc. Class B (a) 291,500 60,148 
Insurance - 5.2%   
American International Group, Inc. 1,084,000 45,701 
Arch Capital Group Ltd. (a) 672,500 27,189 
Chubb Ltd. 219,209 31,792 
First American Financial Corp. 130,200 7,434 
Hiscox Ltd. 433,007 6,892 
MetLife, Inc. 396,700 16,947 
  135,955 
Thrifts & Mortgage Finance - 1.7%   
Housing Development Finance Corp. Ltd. 361,368 10,839 
Radian Group, Inc. 1,590,423 33,781 
  44,620 
TOTAL FINANCIALS  515,064 
HEALTH CARE - 11.9%   
Biotechnology - 0.8%   
Amgen, Inc. 104,500 20,872 
Health Care Equipment & Supplies - 2.6%   
Becton, Dickinson & Co. 100,200 23,830 
Boston Scientific Corp. (a) 664,600 24,849 
Danaher Corp. 122,900 17,769 
  66,448 
Health Care Providers & Services - 4.3%   
Centene Corp. (a) 412,500 21,871 
Cigna Corp. 115,800 21,184 
UnitedHealth Group, Inc. 237,300 60,502 
Universal Health Services, Inc. Class B 71,900 8,897 
  112,454 
Life Sciences Tools & Services - 0.6%   
Bruker Corp. 359,022 15,639 
Pharmaceuticals - 3.6%   
Bristol-Myers Squibb Co. 435,800 25,738 
Eli Lilly & Co. 194,400 24,520 
Prestige Brands Holdings, Inc. (a) 252,500 9,433 
Roche Holding AG (participation certificate) 64,660 20,790 
Sanofi SA 149,700 13,962 
  94,443 
TOTAL HEALTH CARE  309,856 
INDUSTRIALS - 15.7%   
Aerospace & Defense - 4.6%   
General Dynamics Corp. 192,400 30,724 
Huntington Ingalls Industries, Inc. 132,500 27,233 
Kratos Defense & Security Solutions, Inc. (a) 824,800 13,411 
Northrop Grumman Corp. 108,900 35,811 
Space Exploration Technologies Corp.:   
Class A (a)(c)(d) 58,589 12,890 
Class C (a)(c)(d) 818 180 
  120,249 
Air Freight & Logistics - 0.3%   
XPO Logistics, Inc. (a) 114,600 8,477 
Commercial Services & Supplies - 1.1%   
IAA Spinco, Inc. (a) 209,500 8,950 
KAR Auction Services, Inc. 225,000 4,331 
Stericycle, Inc. (a) 168,500 9,677 
U.S. Ecology, Inc. 142,656 6,000 
  28,958 
Construction & Engineering - 0.7%   
AECOM (a) 210,100 9,442 
Argan, Inc. 181,300 7,566 
  17,008 
Electrical Equipment - 0.5%   
Melrose Industries PLC 4,970,528 13,747 
Industrial Conglomerates - 5.8%   
General Electric Co. 13,881,700 151,041 
Machinery - 1.0%   
Donaldson Co., Inc. 242,200 10,918 
Gardner Denver Holdings, Inc. 244,400 8,014 
Pentair PLC 148,600 5,853 
  24,785 
Marine - 0.5%   
Goodbulk Ltd. (a)(d) 959,290 12,814 
Road & Rail - 1.2%   
Knight-Swift Transportation Holdings, Inc. Class A 400,286 12,785 
Lyft, Inc. 275,744 10,511 
Uber Technologies, Inc. 245,000 8,298 
  31,594 
TOTAL INDUSTRIALS  408,673 
INFORMATION TECHNOLOGY - 7.5%   
Communications Equipment - 1.6%   
Cisco Systems, Inc. 767,100 30,630 
Ericsson (B Shares) 1,423,500 11,418 
  42,048 
Electronic Equipment & Components - 1.4%   
Amphenol Corp. Class A 239,982 22,002 
Keysight Technologies, Inc. (a) 134,600 12,755 
  34,757 
IT Services - 3.0%   
Akamai Technologies, Inc. (a) 210,000 18,167 
Black Knight, Inc. (a) 283,949 18,942 
Euronet Worldwide, Inc. (a) 61,000 7,566 
Fidelity National Information Services, Inc. 157,300 21,978 
Fiserv, Inc. (a) 
Leidos Holdings, Inc. 107,400 11,025 
  77,678 
Semiconductors & Semiconductor Equipment - 1.5%   
Analog Devices, Inc. 105,000 11,450 
NVIDIA Corp. 102,700 27,736 
  39,186 
TOTAL INFORMATION TECHNOLOGY  193,669 
MATERIALS - 2.8%   
Chemicals - 0.9%   
LG Chemical Ltd. 31,670 9,705 
Nutrien Ltd. 176,520 7,134 
Olin Corp. 328,500 5,318 
  22,157 
Containers & Packaging - 0.3%   
Avery Dennison Corp. 63,300 7,247 
Metals & Mining - 1.6%   
Franco-Nevada Corp. 133,400 14,321 
Newcrest Mining Ltd. 456,907 7,828 
Novagold Resources, Inc. (a) 2,528,580 20,063 
  42,212 
TOTAL MATERIALS  71,616 
REAL ESTATE - 3.0%   
Equity Real Estate Investment Trusts (REITs) - 3.0%   
Cousins Properties, Inc. 193,288 6,898 
Gaming & Leisure Properties 178,100 7,956 
Healthcare Trust of America, Inc. 244,500 7,614 
Simon Property Group, Inc. 85,200 10,486 
Spirit Realty Capital, Inc. 325,160 14,795 
VEREIT, Inc. 786,500 6,811 
VICI Properties, Inc. 967,000 24,233 
  78,793 
UTILITIES - 3.2%   
Electric Utilities - 3.2%   
Alliant Energy Corp. 308,100 16,058 
Duke Energy Corp. 406,500 37,276 
IDACORP, Inc. 70,800 6,842 
Southern Co. 372,200 22,466 
  82,642 
TOTAL COMMON STOCKS   
(Cost $2,234,366)  2,511,052 
Preferred Stocks - 0.8%   
Convertible Preferred Stocks - 0.7%   
CONSUMER DISCRETIONARY - 0.3%   
Textiles, Apparel & Luxury Goods - 0.3%   
Allbirds, Inc.:   
Series A (a)(c)(d) 8,775 100 
Series B (a)(c)(d) 1,540 18 
Series C (a)(c)(d) 14,735 168 
Series D (c)(d) 28,273 321 
Series Seed (a)(c)(d) 41,664 474 
Bolt Threads, Inc. Series D(a)(c)(d) 390,327 5,605 
  6,686 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Sweetgreen, Inc.:   
Series C (c)(d) 1,587 23 
Series D (c)(d) 25,534 377 
Series I (c)(d) 60,179 888 
  1,288 
HEALTH CARE - 0.3%   
Health Care Equipment & Supplies - 0.3%   
Butterfly Network, Inc. Series D (a)(c)(d) 658,083 7,884 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Series H (a)(c)(d) 7,570 1,665 
TOTAL CONVERTIBLE PREFERRED STOCKS  17,523 
Nonconvertible Preferred Stocks - 0.1%   
HEALTH CARE - 0.1%   
Health Care Providers & Services - 0.1%   
Oak Street Health LLC Series III-E (b)(c)(d) 18,409 2,877 
TOTAL PREFERRED STOCKS   
(Cost $19,467)  20,400 
 Principal Amount (000s) Value (000s) 
Corporate Bonds - 0.1%   
Convertible Bonds - 0.1%   
CONSUMER DISCRETIONARY - 0.1%   
Textiles, Apparel & Luxury Goods - 0.1%   
Bolt Threads, Inc. 3% 2/7/23 (c)(d) 2,915 2,915 
Nonconvertible Bonds - 0.0%   
ENERGY - 0.0%   
Energy Equipment & Services - 0.0%   
Pacific Drilling SA 12% 4/1/24 pay-in-kind (f)(h) 202 52 
TOTAL CORPORATE BONDS   
(Cost $3,120)  2,967 
 Shares Value (000s) 
Other - 0.1%   
Other - 0.1%   
Utica Shale Drilling Program (non-operating revenue interest) (b)(c)(d) 6,453,247 362 
Utica Shale Drilling Program (non-operating revenue interest) 10% 10/5/23 (b)(c)(d) 5,578,431 3,626 
TOTAL OTHER   
(Cost $8,378)  3,988 
Money Market Funds - 3.1%   
Fidelity Cash Central Fund 1.60% (i) 64,884,018 64,897 
Fidelity Securities Lending Cash Central Fund 1.60% (i)(j) 14,668,380 14,670 
TOTAL MONEY MARKET FUNDS   
(Cost $79,566)  79,567 
TOTAL INVESTMENT IN SECURITIES - 100.7%   
(Cost $2,344,897)  2,617,974 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (18,810) 
NET ASSETS - 100%  $2,599,164 

Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

 (a) Non-income producing

 (b) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $54,101,000 or 2.1% of net assets.

 (d) Level 3 security

 (e) Security or a portion of the security is on loan at period end.

 (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 $5,463,000 or 0.2% of net assets.

 (g) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.

 (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) 
Allbirds, Inc. 10/9/18 $244 
Allbirds, Inc. Series A 10/9/18 $96 
Allbirds, Inc. Series B 10/9/18 $17 
Allbirds, Inc. Series C 10/9/18 $162 
Allbirds, Inc. Series D 12/23/19 $364 
Allbirds, Inc. Series Seed 10/9/18 - 1/23/20 $416 
Bolt Threads, Inc. Series D  12/13/17 $6,261 
Bolt Threads, Inc. 3% 2/7/23 2/7/20 $2,915 
Butterfly Network, Inc. Series D 5/4/18 $6,759 
New Academy Holding Co. LLC unit 8/1/11 $6,956 
Oak Street Health LLC Series III-E 2/21/20 $2,877 
Space Exploration Technologies Corp. Class A 4/8/16 - 9/11/17 $5,981 
Space Exploration Technologies Corp. Class C 9/11/17 $110 
Space Exploration Technologies Corp. Series H 8/4/17 $1,022 
Sweetgreen, Inc. Series C 9/13/19 $27 
Sweetgreen, Inc. Series D 9/13/19 $437 
Sweetgreen, Inc. Series I 9/13/19 $1,029 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 9/1/17 $2,799 
Utica Shale Drilling Program (non-operating revenue interest) 10% 10/5/23 10/5/16 - 4/5/18 $5,577 
WME Entertainment Parent, LLC Class A 8/16/16 $7,349 

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 $130 
Fidelity Securities Lending Cash Central Fund 252 
Total $382 

Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. 

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, 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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