NPORT-EX 2 QTLY_93_20201031.htm

Quarterly Holdings Report
for

Fidelity® OTC Portfolio

October 31, 2020







OTC-QTLY-1220
1.809071.117





Schedule of Investments October 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 20.0%   
Entertainment - 1.8%   
Activision Blizzard, Inc. 2,748,619 $208,153 
Electronic Arts, Inc. (a) 2,445 293 
NetEase, Inc. ADR 15,368 1,334 
Netflix, Inc. (a) 40,479 19,257 
Take-Two Interactive Software, Inc. (a) 458,695 71,061 
The Walt Disney Co. 907,745 110,064 
Zynga, Inc. (a) 2,194,530 19,729 
  429,891 
Interactive Media & Services - 17.2%   
Alphabet, Inc.:   
Class A (a) 844,191 1,364,306 
Class C (a) 342,748 555,598 
Eventbrite, Inc. (a) 23,725 219 
Facebook, Inc. Class A (a) 4,641,364 1,221,189 
InterActiveCorp (a) 182,349 22,013 
Match Group, Inc. (a)(b) 1,578,931 184,388 
Tencent Holdings Ltd. sponsored ADR (b) 4,500,736 343,586 
Twitter, Inc. (a) 5,866,974 242,658 
Yandex NV Series A (a) 2,638,848 151,918 
  4,085,875 
Media - 0.6%   
Charter Communications, Inc. Class A (a) 234,139 141,378 
Wireless Telecommunication Services - 0.4%   
T-Mobile U.S., Inc. 768,866 84,245 
TOTAL COMMUNICATION SERVICES  4,741,389 
CONSUMER DISCRETIONARY - 21.9%   
Automobiles - 2.7%   
Tesla, Inc. (a) 1,669,767 647,936 
Hotels, Restaurants & Leisure - 3.1%   
Caesars Entertainment, Inc. (a) 37,042 1,660 
Extended Stay America, Inc. unit 5,345,285 60,669 
Hilton Worldwide Holdings, Inc. 1,409,738 123,789 
Marriott International, Inc. Class A 2,188,981 203,313 
Starbucks Corp. 3,971,485 345,360 
  734,791 
Household Durables - 0.8%   
Lennar Corp. Class A 2,643,260 185,636 
Internet & Direct Marketing Retail - 11.6%   
Alibaba Group Holding Ltd. sponsored ADR (a) 705,889 215,077 
Amazon.com, Inc. (a) 732,781 2,224,833 
Expedia, Inc. 796,226 74,965 
MercadoLibre, Inc. (a) 110,150 133,728 
The Booking Holdings, Inc. (a) 59,979 97,316 
  2,745,919 
Multiline Retail - 0.5%   
Dollar Tree, Inc. (a) 1,350,471 121,975 
Specialty Retail - 1.5%   
Five Below, Inc. (a) 1,167,156 155,629 
Lowe's Companies, Inc. 1,171,889 185,276 
The Home Depot, Inc. 89,623 23,903 
  364,808 
Textiles, Apparel & Luxury Goods - 1.7%   
Kontoor Brands, Inc. (b) 6,126 202 
lululemon athletica, Inc. (a) 1,051,383 335,696 
LVMH Moet Hennessy Louis Vuitton SE 138,312 64,833 
  400,731 
TOTAL CONSUMER DISCRETIONARY  5,201,796 
CONSUMER STAPLES - 2.1%   
Beverages - 1.5%   
Diageo PLC 3,430,732 110,874 
Kweichow Moutai Co. Ltd. (A Shares) 113,175 28,308 
Monster Beverage Corp. (a) 2,003,014 153,371 
PepsiCo, Inc. 407,227 54,279 
  346,832 
Food & Staples Retailing - 0.5%   
Costco Wholesale Corp. 327,932 117,275 
Food Products - 0.1%   
Lamb Weston Holdings, Inc. 167,831 10,649 
Mondelez International, Inc. 329,480 17,502 
  28,151 
TOTAL CONSUMER STAPLES  492,258 
ENERGY - 2.3%   
Oil, Gas & Consumable Fuels - 2.3%   
Cenovus Energy, Inc. (Canada) 173,976 569 
Centennial Resource Development, Inc. Class A (a)(b) 935,752 580 
EOG Resources, Inc. 14,426 494 
Reliance Industries Ltd. 14,972,173 412,636 
Reliance Industries Ltd. 998,144 15,813 
Reliance Industries Ltd. sponsored GDR (c) 1,873,044 102,830 
  532,922 
FINANCIALS - 2.7%   
Banks - 1.2%   
Huntington Bancshares, Inc. 16,183,387 168,955 
PacWest Bancorp 2,140,241 41,178 
Signature Bank 835,496 67,458 
  277,591 
Capital Markets - 0.8%   
London Stock Exchange Group PLC 740,241 79,796 
S&P Global, Inc. 349,910 112,926 
  192,722 
Consumer Finance - 0.5%   
Capital One Financial Corp. 1,595,931 116,631 
Diversified Financial Services - 0.2%   
Ant International Co. Ltd. Class C (a)(d)(e) 6,818,398 59,807 
TOTAL FINANCIALS  646,751 
HEALTH CARE - 6.2%   
Biotechnology - 2.6%   
Alnylam Pharmaceuticals, Inc. (a) 254,056 31,241 
Amgen, Inc. 510,014 110,642 
Arcutis Biotherapeutics, Inc. (a) 481,771 8,585 
Ascendis Pharma A/S sponsored ADR (a) 153,979 25,152 
ChemoCentryx, Inc. (a) 274,928 13,197 
Chimerix, Inc. (a) 48,210 129 
GenSight Biologics SA (a)(b) 223,371 904 
Global Blood Therapeutics, Inc. (a) 1,265,799 66,935 
Ionis Pharmaceuticals, Inc. (a) 33,343 1,565 
Neurocrine Biosciences, Inc. (a) 698,967 68,967 
Regeneron Pharmaceuticals, Inc. (a) 291,162 158,264 
Sarepta Therapeutics, Inc. (a) 115,200 15,657 
Trevena, Inc. (a)(b) 469,508 1,230 
Vertex Pharmaceuticals, Inc. (a) 357,054 74,396 
Xencor, Inc. (a) 1,196,946 45,939 
  622,803 
Health Care Equipment & Supplies - 1.7%   
DexCom, Inc. (a) 372,546 119,058 
Insulet Corp. (a) 675,335 150,093 
Intuitive Surgical, Inc. (a) 132,493 88,383 
Masimo Corp. (a) 67,382 15,081 
Neuronetics, Inc. (a) 40,616 201 
Outset Medical, Inc. 42,104 1,957 
Pulmonx Corp. 27,472 1,155 
Tandem Diabetes Care, Inc. (a) 201,691 21,984 
  397,912 
Health Care Providers & Services - 0.5%   
Cigna Corp. 147,456 24,621 
Humana, Inc. 237,869 94,976 
  119,597 
Health Care Technology - 0.0%   
Castlight Health, Inc. Class B (a) 48,496 43 
Life Sciences Tools & Services - 1.1%   
10X Genomics, Inc. (a) 503,139 68,880 
Bruker Corp. 2,410,076 102,525 
Nanostring Technologies, Inc. (a) 1,916,188 70,228 
Sartorius Stedim Biotech 33,100 12,552 
  254,185 
Pharmaceuticals - 0.3%   
AstraZeneca PLC:   
(United Kingdom) 112,431 11,289 
sponsored ADR 1,361,244 68,280 
Elanco Animal Health, Inc. (a) 93,386 2,896 
TherapeuticsMD, Inc. (a)(b) 359,969 439 
  82,904 
TOTAL HEALTH CARE  1,477,444 
INDUSTRIALS - 2.5%   
Aerospace & Defense - 0.2%   
Space Exploration Technologies Corp.:   
Class A (a)(d)(e) 203,488 54,942 
Class C (a)(d)(e) 7,092 1,915 
  56,857 
Airlines - 0.1%   
Copa Holdings SA Class A 408,871 20,149 
Wheels Up Partners Holdings LLC Series B (a)(d)(e)(f) 1,760,377 5,985 
  26,134 
Commercial Services & Supplies - 0.3%   
Copart, Inc. (a) 311,159 34,340 
Waste Connection, Inc. (United States) 359,384 35,694 
  70,034 
Industrial Conglomerates - 0.0%   
Roper Technologies, Inc. 28,484 10,577 
Professional Services - 0.5%   
Verisk Analytics, Inc. 620,691 110,464 
Road & Rail - 1.4%   
CSX Corp. 1,032,857 81,534 
Lyft, Inc. (a) 2,486,124 56,758 
Rumo SA (a) 10,313,900 32,966 
Uber Technologies, Inc. (a) 4,588,603 153,305 
  324,563 
TOTAL INDUSTRIALS  598,629 
INFORMATION TECHNOLOGY - 39.7%   
IT Services - 2.6%   
Fidelity National Information Services, Inc. 239,306 29,815 
Gartner, Inc. (a) 1,271,295 152,683 
MasterCard, Inc. Class A 598,656 172,796 
PayPal Holdings, Inc. (a) 1,054,792 196,328 
Reply SpA 256,900 27,616 
Shopify, Inc. Class A (a) 33,745 31,109 
Visa, Inc. Class A 48,301 8,777 
  619,124 
Semiconductors & Semiconductor Equipment - 9.6%   
Advanced Micro Devices, Inc. (a) 1,480,288 111,451 
Analog Devices, Inc. 466,295 55,270 
Applied Materials, Inc. 484,822 28,716 
Array Technologies, Inc. 193,799 7,141 
ASML Holding NV 335,527 121,196 
Lam Research Corp. 212,193 72,587 
Marvell Technology Group Ltd. 6,929,192 259,914 
Micron Technology, Inc. (a) 2,873,178 144,636 
NVIDIA Corp. 1,250,762 627,082 
NXP Semiconductors NV 2,524,755 341,145 
Qualcomm, Inc. 2,827,152 348,757 
Skyworks Solutions, Inc. 98,088 13,859 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 1,582,306 132,708 
  2,264,462 
Software - 16.1%   
Adobe, Inc. (a) 694,690 310,596 
ANSYS, Inc. (a) 116,618 35,495 
Aspen Technology, Inc. (a) 1,317,989 144,728 
Atom Tickets LLC (a)(d)(e)(f) 516,103 681 
Autodesk, Inc. (a) 401,186 94,495 
Dropbox, Inc. Class A (a) 202,445 3,697 
Duck Creek Technologies, Inc. (a) 26,003 1,128 
Dynatrace, Inc. (a) 283,458 10,009 
Elastic NV (a) 1,669,277 169,281 
Epic Games, Inc. (d)(e) 23,000 13,225 
Five9, Inc. (a) 214,677 32,571 
Globant SA (a) 124,658 22,514 
HIVE Blockchain Technologies Ltd. (a)(b) 2,641,635 1,011 
Intuit, Inc. 368,365 115,917 
Manhattan Associates, Inc. (a) 929,531 79,475 
Microsoft Corp. 11,648,441 2,358,460 
Netcompany Group A/S (a)(c) 62,339 5,179 
NICE Systems Ltd. sponsored ADR (a) 291,398 66,515 
Ping Identity Holding Corp. (a)(b) 2,773,032 76,785 
Salesforce.com, Inc. (a) 1,057,866 245,711 
Workday, Inc. Class A (a) 128,689 27,040 
  3,814,513 
Technology Hardware, Storage & Peripherals - 11.4%   
Apple, Inc. 24,021,867 2,615,021 
Samsung Electronics Co. Ltd. 1,702,570 85,393 
Western Digital Corp. 299,973 11,318 
  2,711,732 
TOTAL INFORMATION TECHNOLOGY  9,409,831 
MATERIALS - 0.8%   
Chemicals - 0.4%   
LG Chemical Ltd. 95,450 51,933 
Livent Corp. (a)(b) 3,961,483 42,586 
  94,519 
Paper & Forest Products - 0.4%   
Suzano Papel e Celulose SA (a) 10,190,000 88,884 
TOTAL MATERIALS  183,403 
REAL ESTATE - 0.6%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
Equinix, Inc. 46,976 34,351 
Real Estate Management & Development - 0.5%   
KE Holdings, Inc. ADR (a) 1,598,717 111,511 
TOTAL REAL ESTATE  145,862 
TOTAL COMMON STOCKS   
(Cost $12,071,042)  23,430,285 
Preferred Stocks - 1.4%   
Convertible Preferred Stocks - 1.3%   
COMMUNICATION SERVICES - 0.0%   
Diversified Telecommunication Services - 0.0%   
Starry, Inc. Series B (a)(d)(e) 1,811,120 2,590 
CONSUMER DISCRETIONARY - 0.6%   
Internet & Direct Marketing Retail - 0.6%   
One Kings Lane, Inc. Series E (Escrow) (a)(d)(e) 648,635 259 
Reddit, Inc.:   
Series B (a)(d)(e) 1,337,584 69,287 
Series C (a)(d)(e) 300,673 15,575 
Series D (a)(d)(e) 929,200 48,133 
The Honest Co., Inc. Series D (a)(d)(e) 75,268 3,444 
  136,698 
CONSUMER STAPLES - 0.2%   
Food & Staples Retailing - 0.2%   
Roofoods Ltd. Series F (a)(d)(e) 93,930 38,645 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(d)(e) 62,037 16,750 
Series H (a)(d)(e) 65,670 17,731 
  34,481 
Professional Services - 0.0%   
YourPeople, Inc. Series C (a)(d)(e) 335,546 792 
TOTAL INDUSTRIALS  35,273 
INFORMATION TECHNOLOGY - 0.4%   
IT Services - 0.0%   
AppNexus, Inc.:   
Series E (Escrow) (a)(d)(e) 1,416,796 44 
Series F (Escrow) (a)(d)(e) 90,913 25 
  69 
Software - 0.4%   
Dataminr, Inc. Series D (a)(d)(e) 821,446 9,036 
Jet.Com, Inc. Series B1 (Escrow) (a)(d)(e) 4,896,249 0 
Taboola.Com Ltd. Series E (a)(d)(e) 1,918,392 83,258 
  92,294 
TOTAL INFORMATION TECHNOLOGY  92,363 
REAL ESTATE - 0.0%   
Real Estate Management & Development - 0.0%   
WeWork Companies, Inc.:   
Series E (a)(d)(e) 269,091 1,924 
Series F (a)(d)(e) 14,513 104 
  2,028 
TOTAL CONVERTIBLE PREFERRED STOCKS  307,597 
Nonconvertible Preferred Stocks - 0.1%   
CONSUMER DISCRETIONARY - 0.0%   
Automobiles - 0.0%   
Waymo LLC Series A2 (d)(e) 103,940 8,925 
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (a)(d)(e) 30,303 14,615 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  23,540 
TOTAL PREFERRED STOCKS   
(Cost $159,616)  331,137 
Money Market Funds - 0.1%   
Fidelity Cash Central Fund 0.10% (g)   
(Cost $12,628) 12,625,023 12,628 
TOTAL INVESTMENT IN SECURITIES - 100.3%   
(Cost $12,243,286)  23,774,050 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (70,228) 
NET ASSETS - 100%  $23,703,822 

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) 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 $108,009,000 or 0.5% of net assets.

 (d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $467,692,000 or 2.0% of net assets.

 (e) Level 3 security

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

 (g) 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 (000s) 
Ant International Co. Ltd. Class C 5/16/18 $38,251 
AppNexus, Inc. Series E (Escrow) 8/1/14 - 9/17/14 $0 
AppNexus, Inc. Series F (Escrow) 8/23/16 $40 
Atom Tickets LLC 8/15/17 $3,098 
Castle Creek Pharmaceutical Holdings, Inc. Series A4 9/29/16 $10,011 
Dataminr, Inc. Series D 2/18/15 - 3/6/15 $10,473 
Epic Games, Inc. 7/13/20 - 7/30/20 $13,225 
Jet.Com, Inc. Series B1 (Escrow) 3/19/18 $0 
One Kings Lane, Inc. Series E (Escrow) 1/29/14 $401 
Reddit, Inc. Series B 7/26/17 $18,989 
Reddit, Inc. Series C 7/24/17 $4,743 
Reddit, Inc. Series D 2/4/19 $20,151 
Roofoods Ltd. Series F 9/12/17 $33,211 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $21,156 
Space Exploration Technologies Corp. Class C 9/11/17 $957 
Space Exploration Technologies Corp. Series G 1/20/15 $4,805 
Space Exploration Technologies Corp. Series H 8/4/17 $8,865 
Starry, Inc. Series B 12/1/16 $980 
Taboola.Com Ltd. Series E 12/22/14 $20,000 
The Honest Co., Inc. Series D 8/3/15 $3,444 
Waymo LLC Series A2 5/8/20 $8,925 
WeWork Companies, Inc. Series E 6/23/15 $8,850 
WeWork Companies, Inc. Series F 12/1/16 $728 
Wheels Up Partners Holdings LLC Series B 9/18/15 $5,053 
YourPeople, Inc. Series C 5/1/15 $5,000 

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 $6 
Fidelity Securities Lending Cash Central Fund 116 
Total $122 

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.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

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 
Nanostring Technologies, Inc. $69,485 $227 $585 $-- $156 $944 $-- 
Total $69,485 $227 $585 $-- $156 $944 $-- 

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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