NPORT-EX 2 QTLY_223_20240229.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity Advisor® Growth Opportunities Fund
February 29, 2024
GO-NPRT1-0424
1.797926.120
Common Stocks - 97.5%
 
  
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 20.2%
 
  
  
Entertainment - 5.1%
  
  
  
Netflix, Inc. (a)
  
310,600
187,267
Roku, Inc. Class A (a)
  
6,657,420
420,616
Sea Ltd. ADR (a)(b)
  
9,027,484
438,014
 
  
  
1,045,897
Interactive Media & Services - 12.9%
  
  
  
Alphabet, Inc.:
  
  
  
 Class A (a)
  
2,245,060
310,851
 Class C (a)
  
5,703,680
797,260
Epic Games, Inc. (a)(c)(d)
  
56,200
38,557
Meta Platforms, Inc. Class A
 
2,618,485
1,283,398
Snap, Inc. Class A (a)
  
4,698,843
51,781
Zoominfo Technologies, Inc. (a)
  
8,024,800
134,496
 
  
  
2,616,343
Media - 0.3%
  
  
  
Magnite, Inc. (a)
  
5,285,531
63,532
The Trade Desk, Inc. (a)
  
74,300
6,347
 
  
  
69,879
Wireless Telecommunication Services - 1.9%
  
  
  
T-Mobile U.S., Inc.
 
2,309,025
377,064
TOTAL COMMUNICATION SERVICES
  
  
4,109,183
CONSUMER DISCRETIONARY - 10.0%
 
  
  
Automobiles - 0.0%
  
  
  
Neutron Holdings, Inc. (a)(c)(d)
  
474,927
15
Rad Power Bikes, Inc. (a)(c)(d)
  
382,384
164
Rad Power Bikes, Inc. warrants 10/6/33 (a)(c)(d)
  
449,400
1,061
Rivian Automotive, Inc. (a)
  
127,000
1,438
Tesla, Inc. (a)
  
6,940
1,401
 
  
  
4,079
Broadline Retail - 5.2%
  
  
  
Amazon.com, Inc. (a)
  
5,946,340
1,051,075
Hotels, Restaurants & Leisure - 1.0%
  
  
  
Domino's Pizza, Inc.
 
134,800
60,438
Doordash, Inc. (a)
  
41,500
5,170
Hilton Worldwide Holdings, Inc.
 
433,700
88,614
Planet Fitness, Inc. (a)
  
911,261
56,544
Sonder Holdings, Inc.:
  
  
  
 Stage 1 rights (a)(d)
  
15,489
0
 Stage 2 rights (a)(d)
  
15,488
0
 Stage 3 rights (a)(d)
  
15,488
0
 Stage 4 rights (a)(d)
  
15,488
0
 Stage 5:
 
 
 
 rights (a)(d)
  
15,488
0
 rights (a)(d)
  
15,488
0
 
  
  
210,766
Household Durables - 0.0%
  
  
  
D.R. Horton, Inc.
 
13,500
2,017
Lennar Corp. Class A
 
19,600
3,107
 
  
  
5,124
Specialty Retail - 2.9%
  
  
  
Carvana Co. Class A (a)(b)
  
2,118,000
160,820
Floor & Decor Holdings, Inc. Class A (a)(b)
  
1,532,000
185,556
Lowe's Companies, Inc.
 
881,400
212,127
Wayfair LLC Class A (a)
  
433,529
25,838
 
  
  
584,341
Textiles, Apparel & Luxury Goods - 0.9%
  
  
  
Bombas LLC (a)(c)(d)
  
5,086,874
13,785
lululemon athletica, Inc. (a)
  
132,810
62,034
LVMH Moet Hennessy Louis Vuitton SE
 
110,100
100,492
 
  
  
176,311
TOTAL CONSUMER DISCRETIONARY
  
  
2,031,696
CONSUMER STAPLES - 0.7%
 
  
  
Beverages - 0.1%
  
  
  
The Coca-Cola Co.
 
428,400
25,713
Consumer Staples Distribution & Retail - 0.5%
  
  
  
BJ's Wholesale Club Holdings, Inc. (a)
  
1,139,300
83,214
Maplebear, Inc. (NASDAQ)
 
468,808
15,255
 
  
  
98,469
Food Products - 0.0%
  
  
  
Bowery Farming, Inc. warrants (a)(c)(d)
  
219,265
906
Tobacco - 0.1%
  
  
  
JUUL Labs, Inc.:
  
  
  
 Class A (a)(c)(d)(e)
  
18,149,980
19,420
 Class B (a)(c)(d)
  
2,772
3
 
  
  
19,423
TOTAL CONSUMER STAPLES
  
  
144,511
FINANCIALS - 7.4%
 
  
  
Banks - 0.2%
  
  
  
Starling Bank Ltd. Series D (a)(c)(d)
  
6,988,700
27,701
Capital Markets - 1.7%
  
  
  
Coinbase Global, Inc. (a)
  
620,200
126,248
LPL Financial
 
813,400
217,902
 
  
  
344,150
Financial Services - 5.5%
  
  
  
Apollo Global Management, Inc.
 
204,000
22,807
Block, Inc. Class A (a)
  
2,063,100
163,955
Dlocal Ltd. (a)
  
4,771,017
79,485
Fiserv, Inc. (a)
  
1,254,800
187,304
Global Payments, Inc.
 
1,695,500
219,906
Marqeta, Inc. Class A (a)
  
21,140,752
138,049
PayPal Holdings, Inc. (a)
  
31,000
1,871
Rapyd Financial Network 2016 Ltd. (a)(c)(d)
  
340,545
23,852
Visa, Inc. Class A
 
995,661
281,414
 
  
  
1,118,643
TOTAL FINANCIALS
  
  
1,490,494
HEALTH CARE - 10.3%
 
  
  
Biotechnology - 2.0%
  
  
  
AbbVie, Inc.
 
11,500
2,025
Alnylam Pharmaceuticals, Inc. (a)
  
97,735
14,767
ALX Oncology Holdings, Inc. (a)
  
899,000
13,188
Argenx SE ADR (a)
  
100,199
38,077
Ascendis Pharma A/S sponsored ADR (a)
  
67,662
9,998
Celldex Therapeutics, Inc. (a)
  
915,900
44,018
Cytokinetics, Inc. (a)
  
848,900
61,325
Keros Therapeutics, Inc. (a)
  
277,800
18,752
Moderna, Inc. (a)
  
680,800
62,797
Nuvalent, Inc. Class A (a)
  
338,976
28,515
Regeneron Pharmaceuticals, Inc. (a)
  
20,700
19,998
Vaxcyte, Inc. (a)
  
1,158,643
85,531
Zentalis Pharmaceuticals, Inc. (a)
  
886,900
13,224
 
  
  
412,215
Health Care Equipment & Supplies - 2.7%
  
  
  
Baxter International, Inc.
 
47,300
1,936
Blink Health LLC Series A1 (a)(c)(d)
  
56,119
2,661
Boston Scientific Corp. (a)
  
5,421,674
358,969
Inspire Medical Systems, Inc. (a)
  
7,700
1,379
Penumbra, Inc. (a)
  
357,063
83,881
TransMedics Group, Inc. (a)
  
1,103,617
90,055
 
  
  
538,881
Health Care Providers & Services - 2.9%
  
  
  
agilon health, Inc. (a)
  
15,347,876
94,082
Alignment Healthcare, Inc. (a)
  
986,100
5,917
Centene Corp. (a)
  
1,081,644
84,833
Humana, Inc.
 
259,060
90,754
UnitedHealth Group, Inc.
 
650,267
320,972
 
  
  
596,558
Life Sciences Tools & Services - 0.7%
  
  
  
Danaher Corp.
 
258,400
65,411
Thermo Fisher Scientific, Inc.
 
129,100
73,610
 
  
  
139,021
Pharmaceuticals - 2.0%
  
  
  
AstraZeneca PLC sponsored ADR
 
61,400
3,939
Eli Lilly & Co.
 
493,800
372,167
Merck & Co., Inc.
 
46,600
5,925
Novo Nordisk A/S Series B
 
162,200
19,361
Structure Therapeutics, Inc. ADR
 
263,100
10,674
 
  
  
412,066
TOTAL HEALTH CARE
  
  
2,098,741
INDUSTRIALS - 7.8%
 
  
  
Aerospace & Defense - 0.5%
  
  
  
Space Exploration Technologies Corp. Class A (a)(c)(d)
  
85,000
8,245
The Boeing Co. (a)
  
417,700
85,094
 
  
  
93,339
Building Products - 0.8%
  
  
  
Builders FirstSource, Inc. (a)
  
832,600
162,507
Commercial Services & Supplies - 0.4%
  
  
  
ACV Auctions, Inc. Class A (a)
  
3,828,500
67,956
Veralto Corp.
 
86,466
7,472
 
  
  
75,428
Electrical Equipment - 2.0%
  
  
  
Eaton Corp. PLC
 
114,900
33,206
Nextracker, Inc. Class A
 
1,988,333
111,824
Sunrun, Inc. (a)
  
88,600
1,067
Vertiv Holdings Co.
 
3,715,800
251,262
 
  
  
397,359
Ground Transportation - 4.1%
  
  
  
Bird Global, Inc.:
  
  
  
 Stage 1 rights (a)(d)
  
4,240
0
 Stage 2 rights (a)(d)
  
4,240
0
 Stage 3 rights (a)(d)
  
4,240
0
Lyft, Inc. (a)
  
7,249,667
115,125
Uber Technologies, Inc. (a)
  
9,141,781
726,772
 
  
  
841,897
Machinery - 0.0%
  
  
  
Symbotic, Inc. (a)(b)
  
231,900
9,137
TOTAL INDUSTRIALS
  
  
1,579,667
INFORMATION TECHNOLOGY - 39.9%
 
  
  
Communications Equipment - 0.4%
  
  
  
Arista Networks, Inc. (a)
  
131,400
36,469
Lumentum Holdings, Inc. (a)
  
953,500
46,216
 
  
  
82,685
Electronic Equipment, Instruments & Components - 2.0%
  
  
  
Flex Ltd. (a)
  
11,205,999
315,449
Jabil, Inc.
 
615,400
88,673
 
  
  
404,122
IT Services - 1.6%
  
  
  
Accenture PLC Class A
 
51,300
19,226
EPAM Systems, Inc. (a)
  
469,937
143,049
MongoDB, Inc. Class A (a)
  
367,800
164,620
Snowflake, Inc. (a)
  
54,500
10,261
 
  
  
337,156
Semiconductors & Semiconductor Equipment - 18.6%
  
  
  
Advanced Micro Devices, Inc. (a)
  
1,661,500
319,889
Applied Materials, Inc.
 
314,701
63,450
Arm Holdings Ltd. ADR (b)
  
77,500
10,931
Broadcom, Inc.
 
5,000
6,502
First Solar, Inc. (a)
  
389,300
59,909
GlobalFoundries, Inc. (a)
  
819,500
44,802
Marvell Technology, Inc.
 
4,434,130
317,750
Micron Technology, Inc.
 
68,300
6,189
NVIDIA Corp.
 
2,637,672
2,086,715
NXP Semiconductors NV
 
1,437,067
358,879
ON Semiconductor Corp. (a)
  
3,964,261
312,859
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
1,470,800
189,248
Xsight Labs Ltd. warrants 1/11/34 (a)(c)(d)
  
54,999
101
 
  
  
3,777,224
Software - 15.4%
  
  
  
Adobe, Inc. (a)
  
279,100
156,374
Cadence Design Systems, Inc. (a)
  
12,800
3,896
Confluent, Inc. (a)
  
100,000
3,387
Convoy, Inc. warrants (a)(c)(d)
  
68,035
0
CoreWeave, Inc. (c)(d)
  
10,181
3,707
Datadog, Inc. Class A (a)
  
808,000
106,220
DoubleVerify Holdings, Inc. (a)
  
1,126,845
34,808
Dynatrace, Inc. (a)
  
188,064
9,319
HubSpot, Inc. (a)
  
144,249
89,263
Intapp, Inc. (a)
  
2,109,469
82,754
Intuit, Inc.
 
150,908
100,035
Klaviyo, Inc. Class A (b)
  
38,300
1,015
Manhattan Associates, Inc. (a)
  
7,600
1,925
Microsoft Corp.
 
4,861,615
2,010,958
Oracle Corp.
 
1,866,100
208,406
Pegasystems, Inc.
 
29,600
1,925
Pine Labs Private Ltd. (a)(c)(d)
  
16,636
5,623
Salesforce, Inc.
 
477,338
147,412
Samsara, Inc. (a)
  
278,000
9,605
ServiceNow, Inc. (a)
  
182,458
140,737
Stripe, Inc. Class B (a)(c)(d)
  
73,500
1,866
Synopsys, Inc. (a)
  
13,700
7,860
 
  
  
3,127,095
Technology Hardware, Storage & Peripherals - 1.9%
  
  
  
Apple, Inc.
 
1,888,660
341,375
Pure Storage, Inc. Class A (a)
  
750,200
39,498
 
  
  
380,873
TOTAL INFORMATION TECHNOLOGY
  
  
8,109,155
REAL ESTATE - 0.3%
 
  
  
Equity Real Estate Investment Trusts (REITs) - 0.3%
  
  
  
American Tower Corp.
 
300,500
59,757
UTILITIES - 0.9%
 
  
  
Electric Utilities - 0.9%
  
  
  
Constellation Energy Corp.
 
597,833
100,705
PG&E Corp.
 
4,866,800
81,227
 
  
  
181,932
 
TOTAL COMMON STOCKS
 (Cost $10,340,750)
  
  
  
19,805,136
 
  
  
  
Preferred Stocks - 2.3%
 
  
Shares
Value ($)
(000s)
 
Convertible Preferred Stocks - 1.9%
 
  
  
COMMUNICATION SERVICES - 0.2%
  
  
  
Interactive Media & Services - 0.2%
  
  
  
ByteDance Ltd. Series E1 (a)(c)(d)
  
116,411
25,742
Reddit, Inc. Series F (a)(c)(d)
  
793,873
23,237
 
  
  
48,979
CONSUMER DISCRETIONARY - 0.1%
  
  
  
Automobiles - 0.0%
  
  
  
Rad Power Bikes, Inc.:
  
  
  
  Series A(a)(c)(d)
  
49,852
21
  Series C(a)(c)(d)
  
196,163
145
  Series D(a)(c)(d)
  
415,700
449
 
  
  
615
Broadline Retail - 0.1%
  
  
  
Meesho Series F (a)(c)(d)
  
243,800
12,456
 
  
  
  
TOTAL CONSUMER DISCRETIONARY
  
  
13,071
 
  
  
  
CONSUMER STAPLES - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
GoBrands, Inc. Series G (a)(c)(d)
  
70,400
3,426
 
  
  
  
Food Products - 0.0%
  
  
  
Bowery Farming, Inc.:
  
  
  
  Series C1(a)(c)(d)
  
404,785
3,222
  Series D1(c)(d)
  
219,265
1,166
 
  
  
4,388
Tobacco - 0.0%
  
  
  
JUUL Labs, Inc.:
  
  
  
  Series C(a)(c)(d)
  
566,439
606
  Series D(a)(c)(d)
  
3,671
4
 
  
  
610
TOTAL CONSUMER STAPLES
  
  
8,424
 
  
  
  
FINANCIALS - 0.1%
  
  
  
Financial Services - 0.1%
  
  
  
Circle Internet Financial Ltd. Series F (a)(c)(d)
  
155,650
4,134
Tenstorrent Holdings, Inc. Series C1 (c)(d)
  
63,679
3,856
Thriveworks TopCo LLC Series B (a)(c)(d)(f)
  
764,320
8,377
 
  
  
16,367
HEALTH CARE - 0.1%
  
  
  
Health Care Equipment & Supplies - 0.1%
  
  
  
Blink Health LLC Series C (a)(c)(d)
  
234,164
11,104
 
  
  
  
Health Care Technology - 0.0%
  
  
  
Aledade, Inc. Series E1 (a)(c)(d)
  
153,312
7,215
 
  
  
  
TOTAL HEALTH CARE
  
  
18,319
 
  
  
  
INDUSTRIALS - 0.7%
  
  
  
Aerospace & Defense - 0.4%
  
  
  
Relativity Space, Inc. Series E (a)(c)(d)
  
1,068,417
22,907
Space Exploration Technologies Corp.:
  
  
  
  Series I(a)(c)(d)
  
16,438
15,945
  Series N(a)(c)(d)
  
51,400
49,858
 
  
  
88,710
Construction & Engineering - 0.3%
  
  
  
Beta Technologies, Inc. Series A (a)(c)(d)
  
441,839
50,255
 
  
  
  
TOTAL INDUSTRIALS
  
  
138,965
 
  
  
  
INFORMATION TECHNOLOGY - 0.6%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
CelLink Corp. Series D (a)(c)(d)
  
380,829
3,584
Enevate Corp. Series E (a)(c)(d)
  
7,873,996
6,614
VAST Data Ltd.:
  
  
  
  Series A(c)(d)
  
54,250
820
  Series A1(c)(d)
  
133,528
2,019
  Series A2(c)(d)
  
153,600
2,322
  Series B(c)(d)
  
122,222
1,848
  Series C(c)(d)
  
3,563
54
  Series E(c)(d)
  
116,791
1,766
 
  
  
19,027
IT Services - 0.0%
  
  
  
Yanka Industries, Inc.:
  
  
  
  Series E(a)(c)(d)
  
341,047
1,968
  Series F(a)(c)(d)
  
380,955
2,735
 
  
  
4,703
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
SiMa.ai:
  
  
  
  Series B(a)(c)(d)
  
1,198,500
8,162
  Series B1(a)(c)(d)
  
171,099
1,333
Xsight Labs Ltd.:
  
  
  
  Series D(a)(c)(d)
  
501,100
2,571
  Series D1(c)(d)
  
183,329
1,358
 
  
  
13,424
Software - 0.4%
  
  
  
Bolt Technology OU Series E (a)(c)(d)
  
290,611
33,975
Convoy, Inc. Series D (a)(c)(d)
  
1,038,289
0
Databricks, Inc.:
  
  
  
  Series G(a)(c)(d)
  
181,200
14,867
  Series H(a)(c)(d)
  
32,352
2,654
  Series I(c)(d)
  
2,463
202
Moloco, Inc. Series A (c)(d)
  
265,144
12,547
Mountain Digital, Inc. Series D (a)(c)(d)
  
896,466
14,944
Skyryse, Inc. Series B (a)(c)(d)
  
244,100
4,958
Stripe, Inc. Series H (a)(c)(d)
  
165,183
4,194
 
  
  
88,341
TOTAL INFORMATION TECHNOLOGY
  
  
125,495
 
  
  
  
MATERIALS - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
Diamond Foundry, Inc. Series C (a)(c)(d)
  
674,317
16,885
 
  
  
  
TOTAL CONVERTIBLE PREFERRED STOCKS
  
  
386,505
Nonconvertible Preferred Stocks - 0.4%
 
  
  
CONSUMER DISCRETIONARY - 0.0%
  
  
  
Automobiles - 0.0%
  
  
  
Neutron Holdings, Inc. Series 1C (a)(c)(d)
  
6,477,300
211
Waymo LLC Series A2 (a)(c)(d)
  
47,838
2,492
 
  
  
2,703
FINANCIALS - 0.2%
  
  
  
Financial Services - 0.2%
  
  
  
Circle Internet Financial Ltd. Series E (a)(c)(d)
  
1,497,818
39,782
 
  
  
  
INFORMATION TECHNOLOGY - 0.2%
  
  
  
IT Services - 0.0%
  
  
  
Gupshup, Inc. (a)(c)(d)
  
509,400
5,715
 
  
  
  
Software - 0.2%
  
  
  
Pine Labs Private Ltd.:
  
  
  
  Series 1(a)(c)(d)
  
39,764
13,440
  Series A(a)(c)(d)
  
9,936
3,358
  Series B(a)(c)(d)
  
10,808
3,653
  Series B2(a)(c)(d)
  
8,745
2,956
  Series C(a)(c)(d)
  
16,265
5,497
  Series C1(a)(c)(d)
  
3,427
1,158
  Series D(a)(c)(d)
  
3,667
1,239
 
  
  
31,301
TOTAL INFORMATION TECHNOLOGY
  
  
37,016
 
  
  
  
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  
  
79,501
 
TOTAL PREFERRED STOCKS
 (Cost $549,460)
  
  
  
466,006
 
  
  
  
Convertible Bonds - 0.1%
 
  
Principal
Amount (g)
(000s)
 
Value ($)
(000s)
 
CONSUMER DISCRETIONARY - 0.1%
 
  
  
Automobiles - 0.1%
  
  
  
Neutron Holdings, Inc.:
  
  
  
 4% 5/22/27 (c)(d)
  
843
1,142
 4% 6/12/27 (c)(d)
  
232
314
 5.5% 10/29/26 (c)(d)(h)
  
13,440
13,843
 
  
  
15,299
INFORMATION TECHNOLOGY - 0.0%
 
  
  
Software - 0.0%
  
  
  
Convoy, Inc. 15% 9/30/26 (c)(d)
  
453
0
 
TOTAL CONVERTIBLE BONDS
 (Cost $14,968)
  
  
  
15,299
 
  
  
  
Preferred Securities - 0.0%
 
  
Principal
Amount (g)
(000s)
 
Value ($)
(000s)
 
CONSUMER DISCRETIONARY - 0.0%
 
  
  
Automobiles - 0.0%
  
  
  
Rad Power Bikes, Inc. 8% 12/31/25 (c)(d)
  
449
825
INFORMATION TECHNOLOGY - 0.0%
 
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Enevate Corp. 6% (c)(d)(i)
  
409
426
 
TOTAL PREFERRED SECURITIES
 (Cost $858)
  
  
  
1,251
 
  
  
  
Money Market Funds - 1.6%
 
  
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 5.39% (j)
  
50,692,302
50,702
Fidelity Securities Lending Cash Central Fund 5.39% (j)(k)
  
272,179,058
272,206
 
TOTAL MONEY MARKET FUNDS
 (Cost $322,908)
  
  
322,908
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.5%
 (Cost $11,228,944)
 
  
 
20,610,600
NET OTHER ASSETS (LIABILITIES) - (1.5)%  
(299,187)
NET ASSETS - 100.0%
20,311,413
 
  
Any 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)
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 $630,223,000 or 3.1% of net assets.
 
(d)
Level 3 security
 
(e)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(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)
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
 
(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)
Aledade, Inc. Series E1
5/20/22
7,637
 
  
  
Beta Technologies, Inc. Series A
4/09/21
32,374
 
  
  
Blink Health LLC Series A1
12/30/20
1,520
 
  
  
Blink Health LLC Series C
11/07/19 - 7/14/21
8,939
 
  
  
Bolt Technology OU Series E
1/03/22
75,500
 
  
  
Bombas LLC
2/16/21 - 11/12/21
24,316
 
  
  
Bowery Farming, Inc. Series C1
5/18/21
24,388
 
  
  
Bowery Farming, Inc. Series D1
10/25/23
2,072
 
  
  
Bowery Farming, Inc. warrants
10/25/23
0
 
  
  
ByteDance Ltd. Series E1
11/18/20
12,756
 
  
  
CelLink Corp. Series D
1/20/22
7,930
 
  
  
Circle Internet Financial Ltd. Series E
5/11/21
24,310
 
  
  
Circle Internet Financial Ltd. Series F
5/09/22
6,559
 
  
  
Convoy, Inc. Series D
10/30/19
14,058
 
  
  
Convoy, Inc. warrants
3/24/23
0
 
  
  
Convoy, Inc. 15% 9/30/26
3/24/23
453
 
  
  
CoreWeave, Inc.
11/29/23
3,155
 
  
  
Databricks, Inc. Series G
2/01/21
10,713
 
  
  
Databricks, Inc. Series H
8/31/21
2,377
 
  
  
Databricks, Inc. Series I
9/14/23
181
 
  
  
Diamond Foundry, Inc. Series C
3/15/21
16,184
 
  
  
Enevate Corp. Series E
1/29/21
8,730
 
  
  
Enevate Corp. 6%
11/02/23
409
 
  
  
Epic Games, Inc.
7/13/20 - 3/29/21
45,615
 
  
  
GoBrands, Inc. Series G
3/02/21
17,580
 
  
  
Gupshup, Inc.
6/08/21
11,648
 
  
  
JUUL Labs, Inc. Class A
2/23/24
19,373
 
  
  
JUUL Labs, Inc. Class B
11/21/17
0
 
  
  
JUUL Labs, Inc. Series C
5/22/15
0
 
  
  
JUUL Labs, Inc. Series D
6/25/18
0
 
  
  
Meesho Series F
9/21/21
18,693
 
  
  
Moloco, Inc. Series A
6/26/23
15,909
 
  
  
Mountain Digital, Inc. Series D
11/05/21
20,588
 
  
  
Neutron Holdings, Inc.
2/04/21
5
 
  
  
Neutron Holdings, Inc. Series 1C
7/03/18
1,184
 
  
  
Neutron Holdings, Inc. 4% 5/22/27
6/04/20
843
 
  
  
Neutron Holdings, Inc. 4% 6/12/27
6/12/20
232
 
  
  
Neutron Holdings, Inc. 5.5% 10/29/26
10/29/21 - 10/27/23
13,441
 
  
  
Pine Labs Private Ltd.
6/30/21
6,203
 
  
  
Pine Labs Private Ltd. Series 1
6/30/21
14,826
 
  
  
Pine Labs Private Ltd. Series A
6/30/21
3,705
 
  
  
Pine Labs Private Ltd. Series B
6/30/21
4,030
 
  
  
Pine Labs Private Ltd. Series B2
6/30/21
3,261
 
  
  
Pine Labs Private Ltd. Series C
6/30/21
6,065
 
  
  
Pine Labs Private Ltd. Series C1
6/30/21
1,278
 
  
  
Pine Labs Private Ltd. Series D
6/30/21
1,367
 
  
  
Rad Power Bikes, Inc.
1/21/21
1,845
 
  
  
Rad Power Bikes, Inc. warrants 10/6/33
10/06/23
0
 
  
  
Rad Power Bikes, Inc. Series A
1/21/21
240
 
  
  
Rad Power Bikes, Inc. Series C
1/21/21
946
 
  
  
Rad Power Bikes, Inc. Series D
9/17/21
3,984
 
  
  
Rad Power Bikes, Inc. 8% 12/31/25
10/06/23
449
 
  
  
Rapyd Financial Network 2016 Ltd.
3/30/21
25,000
 
  
  
Reddit, Inc. Series F
8/11/21
49,057
 
  
  
Relativity Space, Inc. Series E
5/27/21
24,397
 
  
  
SiMa.ai Series B
5/10/21
6,145
 
  
  
SiMa.ai Series B1
4/25/22 - 10/17/22
1,213
 
  
  
Skyryse, Inc. Series B
10/21/21
6,024
 
  
  
Space Exploration Technologies Corp. Class A
2/16/21
3,570
 
  
  
Space Exploration Technologies Corp. Series I
4/05/18
2,778
 
  
  
Space Exploration Technologies Corp. Series N
8/04/20
13,878
 
  
  
Starling Bank Ltd. Series D
6/18/21 - 4/05/22
13,359
 
  
  
Stripe, Inc. Class B
5/18/21
2,949
 
  
  
Stripe, Inc. Series H
3/15/21 - 5/25/23
6,628
 
  
  
Tenstorrent Holdings, Inc. Series C1
4/23/21
3,786
 
  
  
Thriveworks TopCo LLC Series B
7/23/21 - 2/25/22
21,989
 
  
  
VAST Data Ltd. Series A
11/28/23
597
 
  
  
VAST Data Ltd. Series A1
11/28/23
1,469
 
  
  
VAST Data Ltd. Series A2
11/28/23
1,690
 
  
  
VAST Data Ltd. Series B
11/28/23
1,344
 
  
  
VAST Data Ltd. Series C
11/28/23
39
 
  
  
VAST Data Ltd. Series E
11/28/23
2,569
 
  
  
Waymo LLC Series A2
5/08/20
4,108
 
  
  
Xsight Labs Ltd. warrants 1/11/34
1/11/24
0
 
  
  
Xsight Labs Ltd. Series D
2/16/21
4,007
 
  
  
Xsight Labs Ltd. Series D1
1/11/24
1,466
 
  
  
Yanka Industries, Inc. Series E
5/15/20
4,120
 
  
  
Yanka Industries, Inc. Series F
4/08/21
12,144
 
  
  
 
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 5.39%
33,286
680,165
662,749
374
-
-
50,702
0.1%
Fidelity Securities Lending Cash Central Fund 5.39%
248,823
453,443
430,060
152
-
-
272,206
0.9%
Total
282,109
1,133,608
1,092,809
526
-
-
322,908
  
 
  
  
  
  
  
  
  
  
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. Convertible Bonds and 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.
 
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.