NPORT-EX 1 QTLY_2927_20190430.htm

Quarterly Holdings Report
for

Fidelity Flex℠ Funds

Fidelity Flex℠ Large Cap Growth Fund

April 30, 2019







ZLG-QTLY-0619
1.9881572.102





Schedule of Investments April 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%   
 Shares Value 
COMMUNICATION SERVICES - 17.8%   
Entertainment - 4.9%   
Activision Blizzard, Inc. 3,768 $181,655 
Electronic Arts, Inc. (a) 1,299 122,950 
Netflix, Inc. (a) 1,168 432,791 
Nintendo Co. Ltd. 35 12,055 
Nintendo Co. Ltd. ADR 138 5,945 
Spotify Technology SA (a) 32 4,345 
Take-Two Interactive Software, Inc. (a) 215 20,818 
The Walt Disney Co. 2,860 391,734 
Vivendi SA 586 17,009 
World Wrestling Entertainment, Inc. Class A 52 4,360 
  1,193,662 
Interactive Media & Services - 12.7%   
Alphabet, Inc. Class A (a) 1,479 1,773,262 
ANGI Homeservices, Inc. Class A (a) 944 16,407 
CarGurus, Inc. Class A (a) 484 19,718 
Facebook, Inc. Class A (a) 5,478 1,059,445 
Momo, Inc. ADR 232 8,136 
Pinterest, Inc. Class A 300 9,294 
Snap, Inc. Class A (a) 1,034 11,519 
Tencent Holdings Ltd. 2,695 132,830 
Twitter, Inc. (a) 2,208 88,121 
  3,118,732 
Media - 0.1%   
Charter Communications, Inc. Class A (a) 86 31,922 
Nexstar Broadcasting Group, Inc. Class A 21 2,458 
  34,380 
Wireless Telecommunication Services - 0.1%   
T-Mobile U.S., Inc. (a) 409 29,853 
TOTAL COMMUNICATION SERVICES  4,376,627 
CONSUMER DISCRETIONARY - 22.8%   
Auto Components - 0.0%   
Aptiv PLC 24 2,057 
Automobiles - 0.9%   
Tesla, Inc. (a) 925 220,788 
Hotels, Restaurants & Leisure - 3.1%   
Boyd Gaming Corp. 804 23,139 
Caesars Entertainment Corp. (a) 3,371 31,553 
Chipotle Mexican Grill, Inc. (a) 22 15,137 
Eldorado Resorts, Inc. (a) 825 40,730 
Haidilao International Holding Ltd. (b) 2,140 8,238 
Hilton Grand Vacations, Inc. (a) 809 25,920 
Hilton Worldwide Holdings, Inc. 53 4,610 
International Game Technology PLC 1,188 17,380 
Kambi Group PLC (a) 444 8,846 
Las Vegas Sands Corp. 109 7,308 
Marriott International, Inc. Class A 418 57,024 
McDonald's Corp. 383 75,669 
MGM Mirage, Inc. 494 13,155 
Penn National Gaming, Inc. (a) 581 12,590 
Planet Fitness, Inc. (a) 875 66,238 
PlayAGS, Inc. (a) 464 11,192 
Restaurant Brands International, Inc. 412 26,891 
Royal Caribbean Cruises Ltd. 456 55,149 
Sea Ltd. ADR (a) 4,765 118,601 
Shake Shack, Inc. Class A (a) 530 32,489 
Starbucks Corp. 448 34,801 
The Stars Group, Inc. (a) 498 9,407 
Wynn Resorts Ltd. 318 45,935 
Yum! Brands, Inc. 149 15,554 
  757,556 
Household Durables - 0.4%   
D.R. Horton, Inc. 571 25,301 
iRobot Corp. (a) 37 3,831 
Lennar Corp. Class A 496 25,807 
Mohawk Industries, Inc. (a) 201 27,386 
Roku, Inc. Class A (a) 410 26,072 
  108,397 
Internet & Direct Marketing Retail - 10.2%   
Alibaba Group Holding Ltd. sponsored ADR (a) 1,121 208,024 
Amazon.com, Inc. (a) 971 1,870,649 
eBay, Inc. 274 10,618 
Etsy, Inc. (a) 364 24,585 
JD.com, Inc. sponsored ADR (a) 1,911 57,846 
MakeMyTrip Ltd. (a) 185 4,664 
Meituan Dianping Class B 333 2,420 
MercadoLibre, Inc. (a) 63 30,501 
Ocado Group PLC (a) 162 2,878 
Pinduoduo, Inc. ADR 2,296 51,040 
The Booking Holdings, Inc. (a) 99 183,644 
Wayfair LLC Class A (a) 369 59,833 
  2,506,702 
Multiline Retail - 0.9%   
Avenue Supermarts Ltd. (a)(b) 73 1,358 
Big Lots, Inc. 129 4,794 
Dollar General Corp. 60 7,565 
Dollar Tree, Inc. (a) 1,515 168,589 
Ollie's Bargain Outlet Holdings, Inc. (a) 116 11,094 
Target Corp. 241 18,658 
  212,058 
Specialty Retail - 4.2%   
American Eagle Outfitters, Inc. 1,221 29,035 
At Home Group, Inc. (a) 1,792 42,094 
Best Buy Co., Inc. 407 30,285 
Burlington Stores, Inc. (a) 333 56,247 
Carvana Co. Class A (a) 330 23,615 
Five Below, Inc. (a) 354 51,822 
Floor & Decor Holdings, Inc. Class A (a) 688 33,038 
Home Depot, Inc. 1,565 318,791 
Lowe's Companies, Inc. 2,353 266,218 
The Children's Place Retail Stores, Inc. 98 11,056 
Tiffany & Co., Inc. 284 30,621 
TJX Companies, Inc. 1,820 99,882 
Ulta Beauty, Inc. (a) 155 54,092 
  1,046,796 
Textiles, Apparel & Luxury Goods - 3.1%   
adidas AG 306 78,629 
Allbirds, Inc. (c)(d) 43 2,386 
Canada Goose Holdings, Inc. (a) 99 5,287 
Capri Holdings Ltd. (a) 479 21,114 
Hanesbrands, Inc. 521 9,414 
Kering SA 12 7,093 
Levi Strauss & Co. Class A (a) 400 8,964 
lululemon athletica, Inc. (a) 1,022 180,230 
LVMH Moet Hennessy - Louis Vuitton SA 61 23,950 
Moncler SpA 805 33,019 
NIKE, Inc. Class B 2,381 209,123 
Pagerduty, Inc. 300 14,070 
PVH Corp. 700 90,293 
Silk Road Medical, Inc. 300 12,492 
Tapestry, Inc. 396 12,779 
Tufin Software Technologies Ltd. 572 12,824 
Under Armour, Inc. Class C (non-vtg.) (a) 1,480 30,666 
VF Corp. 76 7,175 
  759,508 
TOTAL CONSUMER DISCRETIONARY  5,613,862 
CONSUMER STAPLES - 4.2%   
Beverages - 0.4%   
Fever-Tree Drinks PLC 1,056 43,294 
Keurig Dr. Pepper, Inc. 1,236 35,931 
Pernod Ricard SA 8 1,394 
  80,619 
Food & Staples Retailing - 1.0%   
BJ's Wholesale Club Holdings, Inc. 1,988 56,360 
Costco Wholesale Corp. 746 183,165 
Kroger Co. 473 12,194 
  251,719 
Food Products - 0.1%   
Darling International, Inc. (a) 292 6,369 
Nestle SA (Reg. S) 19 1,829 
Nomad Foods Ltd. (a) 210 4,368 
The a2 Milk Co. Ltd. (a) 406 4,547 
  17,113 
Household Products - 0.0%   
MTG Co. Ltd. 100 1,775 
Personal Products - 0.4%   
Coty, Inc. Class A 3,486 37,719 
Estee Lauder Companies, Inc. Class A 356 61,164 
  98,883 
Tobacco - 2.3%   
Altria Group, Inc. 9,374 509,289 
JUUL Labs, Inc. Class A (c)(d) 217 59,350 
  568,639 
TOTAL CONSUMER STAPLES  1,018,748 
ENERGY - 1.0%   
Oil, Gas & Consumable Fuels - 1.0%   
Berry Petroleum Corp. 360 4,090 
Continental Resources, Inc. (a) 567 26,076 
Diamondback Energy, Inc. 215 22,874 
EOG Resources, Inc. 94 9,029 
Hess Corp. 263 16,864 
PDC Energy, Inc. (a) 159 6,915 
Pioneer Natural Resources Co. 51 8,489 
Reliance Industries Ltd. 4,619 92,371 
Valero Energy Corp. 95 8,613 
Whiting Petroleum Corp. (a) 1,729 47,357 
  242,678 
FINANCIALS - 1.9%   
Banks - 0.9%   
Bank of America Corp. 5,097 155,866 
Coastal Financial Corp. of Washington (a) 400 6,380 
HDFC Bank Ltd. sponsored ADR 21 2,408 
ICICI Bank Ltd. sponsored ADR 338 3,870 
IndusInd Bank Ltd. 95 2,191 
JPMorgan Chase & Co. 432 50,134 
Kotak Mahindra Bank Ltd. 515 10,253 
  231,102 
Capital Markets - 0.1%   
Edelweiss Financial Services Ltd. 619 1,322 
TD Ameritrade Holding Corp. 495 26,027 
Tradeweb Markets, Inc. Class A 200 8,050 
  35,399 
Diversified Financial Services - 0.5%   
Berkshire Hathaway, Inc. Class B (a) 568 123,091 
GDS Holdings Ltd. ADR (a) 168 6,574 
  129,665 
Insurance - 0.2%   
eHealth, Inc. (a) 637 38,691 
Thrifts & Mortgage Finance - 0.2%   
Housing Development Finance Corp. Ltd. 365 10,455 
LendingTree, Inc. (a) 71 27,322 
  37,777 
TOTAL FINANCIALS  472,634 
HEALTH CARE - 10.4%   
Biotechnology - 3.9%   
ACADIA Pharmaceuticals, Inc. (a) 144 3,463 
Acceleron Pharma, Inc. (a) 186 7,576 
Agios Pharmaceuticals, Inc. (a) 39 2,181 
Aimmune Therapeutics, Inc. (a) 302 6,082 
Alexion Pharmaceuticals, Inc. (a) 1,832 249,390 
Allakos, Inc. (a) 251 9,842 
Allogene Therapeutics, Inc. 188 5,631 
Alnylam Pharmaceuticals, Inc. (a) 558 49,852 
AnaptysBio, Inc. (a) 98 7,127 
Arena Pharmaceuticals, Inc. (a) 212 9,699 
Argenx SE ADR (a) 33 4,226 
Array BioPharma, Inc. (a) 300 6,783 
Ascendis Pharma A/S sponsored ADR (a) 271 30,184 
Atara Biotherapeutics, Inc. (a) 107 3,595 
BeiGene Ltd. 331 3,190 
BeiGene Ltd. ADR (a) 79 9,814 
bluebird bio, Inc. (a) 194 27,515 
Blueprint Medicines Corp. (a) 89 6,729 
CareDx, Inc. (a) 183 4,979 
Cellectis SA sponsored ADR (a) 40 790 
Coherus BioSciences, Inc. (a) 288 4,585 
Crinetics Pharmaceuticals, Inc. (a) 261 6,773 
Deciphera Pharmaceuticals, Inc. (a) 33 759 
Denali Therapeutics, Inc. (a) 507 12,406 
Editas Medicine, Inc. (a) 238 5,891 
Epizyme, Inc. (a) 139 1,725 
Exact Sciences Corp. (a) 111 10,955 
FibroGen, Inc. (a) 327 15,281 
Global Blood Therapeutics, Inc. (a) 543 30,082 
Heron Therapeutics, Inc. (a) 113 2,450 
Immunomedics, Inc. (a) 628 10,061 
Intellia Therapeutics, Inc. (a) 317 4,875 
Intercept Pharmaceuticals, Inc. (a) 143 12,324 
Ironwood Pharmaceuticals, Inc. Class A (a) 524 6,230 
Liquidia Technologies, Inc. 1,396 13,276 
Mirati Therapeutics, Inc. (a) 132 7,853 
Moderna, Inc. 148 3,852 
Natera, Inc. (a) 510 9,746 
Neurocrine Biosciences, Inc. (a) 409 29,546 
Portola Pharmaceuticals, Inc. (a) 199 7,025 
Principia Biopharma, Inc. 201 6,012 
Regeneron Pharmaceuticals, Inc. (a) 250 85,785 
Rubius Therapeutics, Inc. 66 1,154 
Sage Therapeutics, Inc. (a) 407 68,470 
Sarepta Therapeutics, Inc. (a) 399 46,659 
Scholar Rock Holding Corp. 89 1,894 
Synthorx, Inc. 155 2,372 
Ultragenyx Pharmaceutical, Inc. (a) 71 4,686 
Vertex Pharmaceuticals, Inc. (a) 478 80,772 
Xencor, Inc. (a) 200 6,142 
Zai Lab Ltd. ADR (a) 255 6,796 
  955,085 
Health Care Equipment & Supplies - 3.3%   
Alcon, Inc. (a) 375 21,825 
Align Technology, Inc. (a) 152 49,351 
Atricure, Inc. (a) 108 3,242 
Axonics Modulation Technologies, Inc. (a) 188 3,798 
Becton, Dickinson & Co. 176 42,370 
Boston Scientific Corp. (a) 7,020 260,582 
Danaher Corp. 379 50,195 
DexCom, Inc. (a) 137 16,587 
Edwards Lifesciences Corp. (a) 20 3,521 
Establishment Labs Holdings, Inc. (a) 472 11,861 
Glaukos Corp. (a) 56 4,039 
Insulet Corp. (a) 222 19,148 
Intuitive Surgical, Inc. (a) 434 221,613 
iRhythm Technologies, Inc. (a) 363 27,701 
Novocure Ltd. (a) 79 3,482 
Quanterix Corp. (a) 83 1,886 
Shockwave Medical, Inc. (a) 788 33,577 
Tandem Diabetes Care, Inc. (a) 420 25,792 
ViewRay, Inc. (a) 307 2,137 
Wright Medical Group NV (a) 176 5,204 
  807,911 
Health Care Providers & Services - 2.2%   
Anthem, Inc. 30 7,891 
Guardant Health, Inc. 319 20,898 
HCA Holdings, Inc. 564 71,758 
Humana, Inc. 568 145,073 
Notre Dame Intermedica Participacoes SA 663 5,938 
OptiNose, Inc. (a) 764 7,609 
UnitedHealth Group, Inc. 1,204 280,616 
  539,783 
Health Care Technology - 0.0%   
Teladoc Health, Inc. (a) 49 2,787 
Life Sciences Tools & Services - 0.1%   
IQVIA Holdings, Inc. (a) 30 4,167 
Thermo Fisher Scientific, Inc. 62 17,202 
  21,369 
Pharmaceuticals - 0.9%   
Akcea Therapeutics, Inc. (a) 417 10,463 
AstraZeneca PLC sponsored ADR 1,181 44,476 
Bristol-Myers Squibb Co. 1,740 80,788 
Cyclerion Therapeutics, Inc. (a) 52 792 
Dova Pharmaceuticals, Inc. (a) 96 883 
Horizon Pharma PLC (a) 152 3,881 
InflaRx NV (a) 172 7,927 
Jazz Pharmaceuticals PLC (a) 244 31,664 
MyoKardia, Inc. (a) 53 2,543 
Nektar Therapeutics (a) 664 21,261 
The Medicines Company (a) 248 7,924 
TherapeuticsMD, Inc. (a) 551 2,369 
Theravance Biopharma, Inc. (a) 20 477 
Turning Point Therapeutics, Inc. 482 16,774 
Zogenix, Inc. (a) 59 2,300 
  234,522 
TOTAL HEALTH CARE  2,561,457 
INDUSTRIALS - 4.1%   
Aerospace & Defense - 1.5%   
Elbit Systems Ltd. 27 3,772 
General Dynamics Corp. 40 7,149 
Lockheed Martin Corp. 21 7,000 
Northrop Grumman Corp. 16 4,639 
The Boeing Co. 862 325,569 
United Technologies Corp. 90 12,835 
  360,964 
Air Freight & Logistics - 0.1%   
United Parcel Service, Inc. Class B 186 19,757 
Airlines - 0.3%   
JetBlue Airways Corp. (a) 282 5,231 
Spirit Airlines, Inc. (a) 1,266 68,845 
United Continental Holdings, Inc. (a) 11 977 
  75,053 
Building Products - 0.0%   
Masco Corp. 97 3,789 
Commercial Services & Supplies - 0.1%   
HomeServe PLC 586 8,291 
Tomra Systems ASA 354 10,660 
  18,951 
Construction & Engineering - 0.1%   
Dycom Industries, Inc. (a) 265 13,141 
MasTec, Inc. (a) 402 20,361 
  33,502 
Electrical Equipment - 0.1%   
Fortive Corp. 368 31,773 
Industrial Conglomerates - 0.5%   
General Electric Co. 5,037 51,226 
Honeywell International, Inc. 365 63,375 
  114,601 
Machinery - 0.5%   
Deere & Co. 500 82,815 
Rational AG 8 5,402 
Xylem, Inc. 373 31,108 
  119,325 
Professional Services - 0.0%   
51job, Inc. sponsored ADR (a) 27 2,493 
Road & Rail - 0.9%   
Knight-Swift Transportation Holdings, Inc. Class A 1,725 57,529 
Lyft, Inc. 100 5,980 
Lyft, Inc. 2,805 150,965 
  214,474 
TOTAL INDUSTRIALS  994,682 
INFORMATION TECHNOLOGY - 36.3%   
Communications Equipment - 0.5%   
Acacia Communications, Inc. (a) 79 4,573 
Arista Networks, Inc. (a) 247 77,136 
Nokia Corp. sponsored ADR 2,436 12,862 
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR 1,754 17,365 
  111,936 
Electronic Equipment & Components - 0.2%   
Corning, Inc. 939 29,907 
IPG Photonics Corp. (a) 53 9,261 
Keysight Technologies, Inc. (a) 26 2,263 
Zebra Technologies Corp. Class A (a) 52 10,979 
  52,410 
Internet Software & Services - 0.0%   
HUYA, Inc. ADR 84 2,007 
IT Services - 6.5%   
Akamai Technologies, Inc. (a) 766 61,326 
Elastic NV 239 20,446 
Endava PLC ADR (a) 331 10,946 
GoDaddy, Inc. (a) 367 29,911 
Keywords Studios PLC 63 1,279 
MasterCard, Inc. Class A 1,760 447,462 
Netcompany Group A/S (b) 318 11,342 
Okta, Inc. (a) 308 32,041 
PayPal Holdings, Inc. (a) 2,400 270,648 
Shopify, Inc. Class A (a) 151 36,716 
Square, Inc. (a) 253 18,423 
Total System Services, Inc. 32 3,272 
Twilio, Inc. Class A (a) 54 7,406 
Visa, Inc. Class A 3,716 611,022 
Wix.com Ltd. (a) 296 39,711 
  1,601,951 
Semiconductors & Semiconductor Equipment - 11.0%   
Advanced Micro Devices, Inc. (a) 1,795 49,596 
Analog Devices, Inc. 297 34,523 
Applied Materials, Inc. 521 22,960 
ASML Holding NV 49 10,232 
Broadcom, Inc. 1,661 528,862 
First Solar, Inc. (a) 80 4,922 
Inphi Corp. (a) 600 27,396 
Lam Research Corp. 460 95,418 
Marvell Technology Group Ltd. 20,711 518,189 
Microchip Technology, Inc. 51 5,094 
Micron Technology, Inc. (a) 3,355 141,111 
Monolithic Power Systems, Inc. 327 50,917 
NVIDIA Corp. 2,960 535,760 
NXP Semiconductors NV 3,036 320,662 
Qualcomm, Inc. 3,616 311,446 
Universal Display Corp. 111 17,716 
Xilinx, Inc. 196 23,547 
  2,698,351 
Software - 11.6%   
Adobe, Inc. (a) 957 276,812 
Altair Engineering, Inc. Class A (a) 312 12,305 
Atlassian Corp. PLC (a) 64 7,050 
Bilibili, Inc. ADR (a) 320 5,696 
Blue Prism Group PLC (a) 314 7,575 
Coupa Software, Inc. (a) 35 3,617 
DocuSign, Inc. 488 27,655 
Dropbox, Inc. Class A (a) 673 16,408 
Five9, Inc. (a) 118 6,262 
HubSpot, Inc. (a) 130 23,984 
Intuit, Inc. 195 48,957 
Lightspeed POS, Inc. (a) 500 9,327 
Microsoft Corp. 9,425 1,230,905 
Nutanix, Inc. Class A (a) 56 2,419 
Paycom Software, Inc. (a) 363 73,518 
Pivotal Software, Inc. 499 10,828 
RingCentral, Inc. (a) 402 46,781 
Salesforce.com, Inc. (a) 4,510 745,729 
ServiceNow, Inc. (a) 122 33,124 
Smartsheet, Inc. 201 8,508 
Splunk, Inc. (a) 74 10,215 
SurveyMonkey 782 13,998 
Synopsys, Inc. (a) 21 2,543 
Tanium, Inc. Class B (a)(c)(d) 131 1,139 
Tenable Holdings, Inc. 279 10,016 
The Trade Desk, Inc. (a) 339 75,082 
Workday, Inc. Class A (a) 433 89,038 
Zendesk, Inc. (a) 251 22,033 
Zoom Video Communications, Inc. Class A 334 24,205 
Zuora, Inc. 531 11,735 
  2,857,464 
Technology Hardware, Storage & Peripherals - 6.5%   
Apple, Inc. 7,925 1,590,310 
Western Digital Corp. 341 17,432 
  1,607,742 
TOTAL INFORMATION TECHNOLOGY  8,931,861 
MATERIALS - 0.5%   
Chemicals - 0.5%   
CF Industries Holdings, Inc. 744 33,316 
DowDuPont, Inc. 291 11,189 
LG Chemical Ltd. 12 3,722 
Nutrien Ltd. 326 17,681 
Sherwin-Williams Co. 4 1,819 
The Chemours Co. LLC 1,555 55,996 
  123,723 
Construction Materials - 0.0%   
Vulcan Materials Co. 58 7,314 
TOTAL MATERIALS  131,037 
REAL ESTATE - 0.1%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
Ant International Co. Ltd. Class C (c)(d) 2,450 15,068 
Crown Castle International Corp. 51 6,415 
  21,483 
UTILITIES - 0.1%   
Electric Utilities - 0.1%   
DONG Energy A/S (b) 31 2,373 
Vistra Energy Corp. 306 8,339 
  10,712 
TOTAL COMMON STOCKS   
(Cost $19,572,001)  24,375,781 
Preferred Stocks - 0.6%   
Convertible Preferred Stocks - 0.6%   
CONSUMER DISCRETIONARY - 0.1%   
Hotels, Restaurants & Leisure - 0.1%   
Neutron Holdings, Inc.:   
Series C (c)(d) 26,100 6,329 
Series D (c)(d) 58,561 14,201 
Topgolf International, Inc. Series F (a)(c)(d) 217 2,793 
  23,323 
Internet & Direct Marketing Retail - 0.0%   
The Honest Co., Inc. Series E (a)(c)(d) 282 5,527 
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc.:   
Series A (c)(d) 17 943 
Series B (c)(d) 3 166 
Series C (c)(d) 28 1,554 
  2,663 
TOTAL CONSUMER DISCRETIONARY  31,513 
CONSUMER STAPLES - 0.3%   
Food & Staples Retailing - 0.2%   
Roofoods Ltd. Series F (a)(c)(d) 17 9,322 
Sweetgreen, Inc. Series H (c)(d) 1,969 25,676 
  34,998 
Food Products - 0.0%   
Agbiome LLC Series C (c)(d) 557 3,186 
Tobacco - 0.1%   
JUUL Labs, Inc. Series E (c)(d) 127 34,735 
TOTAL CONSUMER STAPLES  72,919 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
23andMe, Inc. Series F (a)(c)(d) 339 4,356 
Generation Bio Series B (a)(c)(d) 200 1,818 
  6,174 
INFORMATION TECHNOLOGY - 0.2%   
Internet Software & Services - 0.1%   
ContextLogic, Inc. Series G (a)(c)(d) 67 11,328 
Starry, Inc.:   
Series C (a)(c)(d) 3,181 4,549 
Series D (c)(d) 3,368 4,816 
  20,693 
Software - 0.1%   
Bird Rides, Inc. Series C(c)(d) 1,434 16,843 
Cloudflare, Inc. Series D, 8.00% (a)(c)(d) 300 3,774 
Compass, Inc. Series E (a)(c)(d) 28 3,320 
  23,937 
TOTAL INFORMATION TECHNOLOGY  44,630 
TOTAL CONVERTIBLE PREFERRED STOCKS  155,236 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc. (c)(d) 9 499 
TOTAL PREFERRED STOCKS   
(Cost $114,440)  155,735 
Money Market Funds - 0.3%   
Fidelity Cash Central Fund, 2.49% (e)   
(Cost $72,681) 72,666 72,681 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $19,759,122)  24,604,197 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (27,459) 
NET ASSETS - 100%  $24,576,738 

Legend

 (a) Non-income producing

 (b) 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 $23,311 or 0.1% of net assets.

 (c) Restricted securities - 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 $233,678 or 1.0% of net assets.

 (d) Level 3 security

 (e) 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.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. Series F 8/31/17 $4,707 
Agbiome LLC Series C 6/29/18 $3,528 
Allbirds, Inc. 10/9/18 $2,358 
Allbirds, Inc. 10/9/18 $494 
Allbirds, Inc. Series A 10/9/18 $932 
Allbirds, Inc. Series B 10/9/18 $165 
Allbirds, Inc. Series C 10/9/18 $1,535 
Ant International Co. Ltd. Class C 5/16/18 $13,745 
Bird Rides, Inc. Series C  12/21/18 $16,843 
Cloudflare, Inc. Series D, 8.00% 9/10/18 $3,300 
Compass, Inc. Series E 11/3/17 $1,889 
ContextLogic, Inc. Series G 10/24/17 $9,014 
Generation Bio Series B 2/21/18 $1,829 
JUUL Labs, Inc. Class A 12/20/17 - 7/6/18 $5,804 
JUUL Labs, Inc. Series E 12/20/17 - 7/6/18 $3,263 
Neutron Holdings, Inc. Series C 7/3/18 $4,772 
Neutron Holdings, Inc. Series D 1/25/19 $14,201 
Roofoods Ltd. Series F 9/12/17 $6,011 
Starry, Inc. Series C 12/8/17 $2,933 
Starry, Inc. Series D 3/6/19 $4,816 
Sweetgreen, Inc. Series H 11/9/18 $25,676 
Tanium, Inc. Class B 4/21/17 $650 
The Honest Co., Inc. Series E 9/28/17 $5,529 
Topgolf International, Inc. Series F 11/10/17 $3,002 

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 
Fidelity Cash Central Fund $5,581 
Total $5,581 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

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

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

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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