NPORT-EX 2 QTLY_1799_20201031.htm

Quarterly Holdings Report
for

Fidelity® Series Small Cap Opportunities Fund

October 31, 2020







SMO-QTLY-1220
1.858552.114





Schedule of Investments October 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%   
 Shares Value 
COMMUNICATION SERVICES - 2.0%   
Diversified Telecommunication Services - 0.7%   
Bandwidth, Inc. (a)(b) 131,609 $21,104,161 
Cogent Communications Group, Inc. 243,131 13,566,710 
Iridium Communications, Inc. (a) 14,000 369,740 
  35,040,611 
Media - 1.3%   
4Imprint Group PLC (a) 263,898 7,076,913 
Nexstar Broadcasting Group, Inc. Class A 126,561 10,428,626 
TechTarget, Inc. (a) 329,585 14,435,823 
Tegna, Inc. 1,561,142 18,780,538 
The New York Times Co. Class A (b) 258,830 10,265,198 
  60,987,098 
TOTAL COMMUNICATION SERVICES  96,027,709 
CONSUMER DISCRETIONARY - 13.0%   
Auto Components - 0.6%   
Fox Factory Holding Corp. (a) 321,200 27,006,496 
Hotels, Restaurants & Leisure - 4.5%   
Boyd Gaming Corp. 934,993 29,657,978 
Brinker International, Inc. 408,000 17,764,320 
Caesars Entertainment, Inc. (a) 738,000 33,077,160 
Churchill Downs, Inc. 242,700 36,198,705 
Dunkin' Brands Group, Inc. 188,900 18,835,219 
Extended Stay America, Inc. unit 1,125,000 12,768,750 
Marriott Vacations Worldwide Corp. 291,700 28,178,220 
Texas Roadhouse, Inc. Class A 160,300 11,225,809 
Wendy's Co. 543,300 11,871,105 
Wingstop, Inc. 175,900 20,462,447 
  220,039,713 
Household Durables - 2.3%   
M.D.C. Holdings, Inc. 613,900 26,716,928 
Skyline Champion Corp. (a) 608,898 15,618,234 
Taylor Morrison Home Corp. (a) 1,252,700 27,058,320 
Tempur Sealy International, Inc. (a) 156,000 13,884,000 
TopBuild Corp. (a) 205,389 31,467,649 
  114,745,131 
Internet & Direct Marketing Retail - 0.5%   
1-800-FLOWERS.com, Inc. Class A (a) 636,200 12,615,846 
Overstock.com, Inc. (a)(b) 187,500 10,518,750 
  23,134,596 
Leisure Products - 1.0%   
Brunswick Corp. 252,700 16,099,517 
Clarus Corp. 713,487 11,066,183 
YETI Holdings, Inc. (a) 444,100 21,974,068 
  49,139,768 
Specialty Retail - 2.0%   
Dick's Sporting Goods, Inc. (b) 334,400 18,943,760 
Lithia Motors, Inc. Class A (sub. vtg.) 143,100 32,851,467 
Murphy U.S.A., Inc. 137,800 16,851,562 
National Vision Holdings, Inc. (a) 539,200 21,745,936 
Williams-Sonoma, Inc. 99,200 9,048,032 
  99,440,757 
Textiles, Apparel & Luxury Goods - 2.1%   
Crocs, Inc. (a) 667,700 34,940,741 
Deckers Outdoor Corp. (a) 149,400 37,853,478 
G-III Apparel Group Ltd. (a)(b) 1,370,900 18,479,732 
Oxford Industries, Inc. (b) 317,100 13,055,007 
  104,328,958 
TOTAL CONSUMER DISCRETIONARY  637,835,419 
CONSUMER STAPLES - 3.7%   
Food & Staples Retailing - 1.2%   
BJ's Wholesale Club Holdings, Inc. (a) 742,800 28,441,812 
Casey's General Stores, Inc. 104,500 17,615,565 
Grocery Outlet Holding Corp. (a)(b) 296,100 13,034,322 
  59,091,699 
Food Products - 1.7%   
Darling Ingredients, Inc. (a) 404,500 17,393,500 
Freshpet, Inc. (a) 245,400 28,098,300 
Nomad Foods Ltd. (a) 713,400 17,299,950 
The Simply Good Foods Co. (a) 919,900 17,294,120 
  80,085,870 
Household Products - 0.5%   
Central Garden & Pet Co. (a) 347,500 13,538,600 
Reynolds Consumer Products, Inc. 425,700 12,021,768 
  25,560,368 
Personal Products - 0.3%   
BellRing Brands, Inc. Class A (a) 784,500 14,348,505 
TOTAL CONSUMER STAPLES  179,086,442 
ENERGY - 1.4%   
Energy Equipment & Services - 0.3%   
Liberty Oilfield Services, Inc. Class A (b) 2,193,554 14,652,941 
Oil, Gas & Consumable Fuels - 1.1%   
Diamondback Energy, Inc. 305,493 7,930,598 
EQT Corp. 1,018,100 15,414,034 
Murphy Oil Corp. 1,356,700 10,473,724 
Northern Oil & Gas, Inc. (a)(b) 1,755,646 6,495,890 
Parsley Energy, Inc. Class A 1,323,400 13,247,234 
  53,561,480 
TOTAL ENERGY  68,214,421 
FINANCIALS - 15.4%   
Banks - 7.4%   
Camden National Corp. 392,324 12,542,598 
City Holding Co. 269,678 16,296,642 
Community Bank System, Inc. 346,300 20,081,937 
ConnectOne Bancorp, Inc. 1,637,647 25,268,893 
First Bancorp, Puerto Rico 4,454,294 28,908,368 
First Interstate Bancsystem, Inc. 771,138 27,221,171 
First Merchants Corp. 750,470 19,594,772 
Glacier Bancorp, Inc. 979,319 35,059,620 
Heartland Financial U.S.A., Inc. 678,317 22,343,762 
Preferred Bank, Los Angeles 512,101 17,324,377 
Signature Bank 259,700 20,968,178 
Synovus Financial Corp. 1,169,200 30,399,200 
Trico Bancshares 721,243 20,865,560 
United Community Bank, Inc. 1,565,681 32,785,360 
Western Alliance Bancorp. 749,300 30,871,160 
  360,531,598 
Capital Markets - 4.0%   
AllianceBernstein Holding LP 809,952 23,537,205 
Cohen & Steers, Inc. 334,900 18,858,219 
Focus Financial Partners, Inc. Class A (a) 557,926 20,369,878 
Hamilton Lane, Inc. Class A 366,898 25,572,791 
Houlihan Lokey 439,178 27,536,461 
Lazard Ltd. Class A 752,100 25,323,207 
LPL Financial 233,300 18,647,669 
Morningstar, Inc. 52,138 9,926,032 
PJT Partners, Inc. 372,241 25,185,826 
  194,957,288 
Consumer Finance - 0.3%   
Green Dot Corp. Class A (a) 329,017 17,543,186 
Diversified Financial Services - 0.5%   
Cannae Holdings, Inc. (a) 666,997 24,665,549 
Insurance - 1.6%   
First American Financial Corp. 502,300 22,397,557 
Old Republic International Corp. 1,115,800 18,165,224 
Primerica, Inc. 195,000 21,496,800 
White Mountains Insurance Group Ltd. 17,592 15,979,341 
  78,038,922 
Mortgage Real Estate Investment Trusts - 0.4%   
Hannon Armstrong Sustainable Infrastructure Capital, Inc. 501,800 21,000,330 
Thrifts & Mortgage Finance - 1.2%   
Essent Group Ltd. 752,700 29,995,095 
NMI Holdings, Inc. (a) 1,335,408 28,697,918 
  58,693,013 
TOTAL FINANCIALS  755,429,886 
HEALTH CARE - 21.2%   
Biotechnology - 12.4%   
Abcam PLC ADR 998,275 18,967,225 
Acceleron Pharma, Inc. (a) 95,800 10,018,764 
ADC Therapeutics SA (a) 432,710 12,414,450 
Agios Pharmaceuticals, Inc. (a) 447,545 17,933,128 
Aprea Therapeutics, Inc. 374,700 8,172,207 
Arcutis Biotherapeutics, Inc. (a) 671,500 11,966,130 
Argenx SE ADR (a) 126,600 31,413,258 
Ascendis Pharma A/S sponsored ADR (a) 155,748 25,441,436 
ChemoCentryx, Inc. (a) 359,000 17,232,000 
Crinetics Pharmaceuticals, Inc. (a) 594,928 7,186,730 
FibroGen, Inc. (a) 496,700 19,063,346 
Global Blood Therapeutics, Inc. (a) 265,500 14,039,640 
Insmed, Inc. (a) 936,000 30,831,840 
Intercept Pharmaceuticals, Inc. (a) 148,598 4,129,538 
Keros Therapeutics, Inc. 295,804 16,446,702 
Kura Oncology, Inc. (a) 791,038 24,719,938 
Mirati Therapeutics, Inc. (a) 211,000 45,816,540 
Morphic Holding, Inc. (a) 479,962 12,915,777 
Neurocrine Biosciences, Inc. (a) 240,200 23,700,534 
Novavax, Inc. (a)(b) 212,300 17,134,733 
Passage Bio, Inc. 712,745 11,981,243 
Poseida Therapeutics, Inc. (a)(b) 115,100 1,324,801 
Prelude Therapeutics, Inc. (b) 115,457 4,067,550 
Prelude Therapeutics, Inc. 339,707 10,771,090 
Protagonist Therapeutics, Inc. (a) 1,045,923 19,820,241 
PTC Therapeutics, Inc. (a) 472,600 24,664,994 
Revolution Medicines, Inc. 548,142 16,548,407 
Sage Therapeutics, Inc. (a) 134,775 9,889,790 
Sarepta Therapeutics, Inc. (a) 164,800 22,397,968 
Shattuck Labs, Inc. 65,700 1,698,345 
Stoke Therapeutics, Inc. (a) 176,717 6,784,166 
Taysha Gene Therapies, Inc. 27,400 569,920 
TG Therapeutics, Inc. (a) 980,200 24,769,654 
Turning Point Therapeutics, Inc. (a) 336,700 31,040,373 
Vaxcyte, Inc. 272,672 10,189,753 
Viela Bio, Inc. 537,982 17,167,006 
Xenon Pharmaceuticals, Inc. (a)(b) 1,038,759 10,096,737 
Zentalis Pharmaceuticals, Inc. 203,826 8,069,471 
Zymeworks, Inc. (a) 145,400 5,688,048 
  607,083,473 
Health Care Equipment & Supplies - 2.1%   
Axonics Modulation Technologies, Inc. (a) 228,400 10,709,676 
Haemonetics Corp. (a) 261,700 26,455,253 
Integer Holdings Corp. (a) 424,500 24,812,025 
Masimo Corp. (a) 49,447 11,067,228 
Nevro Corp. (a) 195,100 29,110,871 
  102,155,053 
Health Care Providers & Services - 2.2%   
Chemed Corp. 38,400 18,367,488 
LHC Group, Inc. (a) 157,500 34,106,625 
Molina Healthcare, Inc. (a) 205,700 38,356,879 
R1 RCM, Inc. (a) 931,900 16,699,648 
  107,530,640 
Health Care Technology - 1.7%   
HMS Holdings Corp. (a) 637,600 16,972,912 
Inovalon Holdings, Inc. Class A (a) 557,212 10,581,456 
Inspire Medical Systems, Inc. (a) 269,743 32,215,406 
Phreesia, Inc. (a) 687,100 25,402,087 
  85,171,861 
Life Sciences Tools & Services - 2.0%   
Bio-Rad Laboratories, Inc. Class A (a) 59,100 34,657,422 
Bruker Corp. 557,400 23,711,796 
Syneos Health, Inc. (a) 700,100 37,161,308 
  95,530,526 
Pharmaceuticals - 0.8%   
Arvinas Holding Co. LLC (a) 790,700 16,533,537 
Graybug Vision, Inc. 336,105 4,423,142 
IMARA, Inc. 315,398 4,986,442 
Theravance Biopharma, Inc. (a) 683,172 12,918,783 
  38,861,904 
TOTAL HEALTH CARE  1,036,333,457 
INDUSTRIALS - 15.0%   
Aerospace & Defense - 0.4%   
Kaman Corp. 472,843 18,752,953 
Air Freight & Logistics - 0.7%   
Air Transport Services Group, Inc. (a) 1,180,669 33,105,959 
Building Products - 2.9%   
A.O. Smith Corp. 328,700 16,990,503 
Builders FirstSource, Inc. (a) 1,270,100 38,484,030 
Fortune Brands Home & Security, Inc. 257,300 20,807,851 
Jeld-Wen Holding, Inc. (a) 1,342,700 28,236,981 
Simpson Manufacturing Co. Ltd. 394,985 35,043,069 
  139,562,434 
Commercial Services & Supplies - 1.1%   
MSA Safety, Inc. 166,900 22,017,448 
Tetra Tech, Inc. 318,816 32,171,723 
  54,189,171 
Construction & Engineering - 2.5%   
Comfort Systems U.S.A., Inc. 709,130 32,478,154 
Construction Partners, Inc. Class A (a)(b) 914,102 18,629,399 
Dycom Industries, Inc. (a) 432,056 28,057,717 
EMCOR Group, Inc. 386,498 26,355,299 
Jacobs Engineering Group, Inc. 198,173 18,826,435 
  124,347,004 
Electrical Equipment - 1.3%   
Atkore International Group, Inc. (a) 1,064,681 22,028,250 
Bloom Energy Corp. Class A (a) 923,400 11,671,776 
Generac Holdings, Inc. (a) 150,573 31,642,916 
  65,342,942 
Machinery - 3.3%   
ESCO Technologies, Inc. 392,878 32,879,960 
Federal Signal Corp. 776,421 22,267,754 
ITT, Inc. 502,585 30,411,418 
Kadant, Inc. 192,400 22,149,088 
SPX Corp. (a) 418,300 17,731,737 
SPX Flow, Inc. (a) 822,407 34,828,936 
  160,268,893 
Professional Services - 1.2%   
ASGN, Inc. (a) 448,600 29,912,648 
TriNet Group, Inc. (a) 443,600 30,572,912 
  60,485,560 
Road & Rail - 0.9%   
Landstar System, Inc. 118,129 14,730,686 
Saia, Inc. (a) 205,000 30,270,300 
  45,000,986 
Trading Companies & Distributors - 0.7%   
Rush Enterprises, Inc. Class A 536,264 19,219,702 
Univar, Inc. (a) 990,954 16,439,927 
  35,659,629 
TOTAL INDUSTRIALS  736,715,531 
INFORMATION TECHNOLOGY - 13.6%   
Electronic Equipment & Components - 1.5%   
Fabrinet (a) 392,874 23,580,297 
II-VI, Inc. (a)(b) 549,900 25,003,953 
Insight Enterprises, Inc. (a) 493,700 26,338,895 
TTM Technologies, Inc. (a) 103,200 1,224,984 
  76,148,129 
IT Services - 3.3%   
CACI International, Inc. Class A (a) 68,171 14,215,699 
Endava PLC ADR (a) 479,506 30,640,433 
EPAM Systems, Inc. (a) 42,348 13,083,415 
ExlService Holdings, Inc. (a) 300,784 22,781,380 
ManTech International Corp. Class A 310,744 20,161,071 
Shift4 Payments, Inc. 721,900 36,751,929 
WNS Holdings Ltd. sponsored ADR (a) 436,603 25,165,797 
  162,799,724 
Semiconductors & Semiconductor Equipment - 3.8%   
Advanced Energy Industries, Inc. (a) 413,099 27,871,790 
Array Technologies, Inc. (b) 473,600 17,452,160 
CMC Materials, Inc. 244,300 34,737,017 
Entegris, Inc. 368,513 27,553,717 
MKS Instruments, Inc. 185,900 20,149,701 
Semtech Corp. (a) 491,800 26,994,902 
Synaptics, Inc. (a) 405,500 31,089,685 
  185,848,972 
Software - 5.0%   
Altair Engineering, Inc. Class A (a)(b) 399,900 17,207,697 
Cerence, Inc. (a)(b) 388,100 21,182,498 
Digital Turbine, Inc. (a) 716,017 20,521,047 
Duck Creek Technologies, Inc. (a)(b) 525,900 22,808,283 
Everbridge, Inc. (a)(b) 135,300 14,164,557 
Five9, Inc. (a) 202,700 30,753,644 
Manhattan Associates, Inc. (a) 239,300 20,460,150 
Model N, Inc. (a) 579,100 20,401,693 
Pegasystems, Inc. 123,400 14,299,592 
Ping Identity Holding Corp. (a)(b) 553,500 15,326,415 
Tenable Holdings, Inc. (a) 754,400 25,732,584 
Workiva, Inc. (a) 366,100 20,248,991 
  243,107,151 
TOTAL INFORMATION TECHNOLOGY  667,903,976 
MATERIALS - 4.0%   
Chemicals - 1.3%   
Chase Corp. 202,794 19,297,877 
Innospec, Inc. 358,600 23,717,804 
Tronox Holdings PLC 2,259,900 22,079,223 
  65,094,904 
Construction Materials - 0.5%   
Eagle Materials, Inc. 282,600 24,091,650 
Containers & Packaging - 0.4%   
O-I Glass, Inc. 1,905,400 17,967,922 
Metals & Mining - 1.1%   
B2Gold Corp. 4,774,200 30,709,971 
Commercial Metals Co. 1,219,300 25,178,545 
  55,888,516 
Paper & Forest Products - 0.7%   
Louisiana-Pacific Corp. 1,107,300 31,646,634 
TOTAL MATERIALS  194,689,626 
REAL ESTATE - 6.3%   
Equity Real Estate Investment Trusts (REITs) - 5.8%   
CoreSite Realty Corp. 207,400 24,755,264 
CubeSmart 690,900 23,442,237 
Essential Properties Realty Trust, Inc. 734,600 12,135,592 
Four Corners Property Trust, Inc. 1,161,800 29,440,012 
Highwoods Properties, Inc. (SBI) 713,392 21,237,680 
Lexington Corporate Properties Trust 2,839,300 28,194,249 
Potlatch Corp. 739,400 30,722,070 
Rexford Industrial Realty, Inc. 562,000 26,110,520 
RLJ Lodging Trust 2,913,700 23,834,066 
Sunstone Hotel Investors, Inc. 3,877,100 28,768,082 
Terreno Realty Corp. 624,000 35,118,720 
  283,758,492 
Real Estate Management & Development - 0.5%   
Cushman & Wakefield PLC (a) 2,142,700 25,112,444 
TOTAL REAL ESTATE  308,870,936 
UTILITIES - 3.2%   
Electric Utilities - 1.2%   
Allete, Inc. 353,800 18,249,004 
IDACORP, Inc. 167,800 14,721,094 
PNM Resources, Inc. 483,662 24,183,100 
  57,153,198 
Gas Utilities - 0.8%   
Brookfield Infrastructure Corp. A Shares (b) 424,900 23,144,303 
Spire, Inc. 321,608 18,022,912 
  41,167,215 
Independent Power and Renewable Electricity Producers - 0.8%   
Clearway Energy, Inc. Class C 886,000 24,949,760 
Vistra Corp. 801,751 13,926,415 
  38,876,175 
Multi-Utilities - 0.4%   
Algonquin Power & Utilities Corp. (b) 1,349,100 20,438,865 
TOTAL UTILITIES  157,635,453 
TOTAL COMMON STOCKS   
(Cost $4,091,353,274)  4,838,742,856 
Convertible Preferred Stocks - 0.1%   
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Aristea Therapeutics, Inc. Series B (c)(d)   
(Cost $3,064,801) 555,852 3,064,801 
 Principal Amount Value 
U.S. Treasury Obligations - 0.0%   
U.S. Treasury Bills, yield at date of purchase 0.09% to 0.1% 12/17/20 to 1/28/21 (e)   
(Cost $1,779,762) 1,780,000 1,779,795 
 Shares Value 
Money Market Funds - 3.4%   
Fidelity Cash Central Fund 0.10% (f) 56,782,268 $56,793,624 
Fidelity Securities Lending Cash Central Fund 0.11% (f)(g)(g) 112,294,633 112,305,863 
TOTAL MONEY MARKET FUNDS   
(Cost $169,099,134)  169,099,487 
TOTAL INVESTMENT IN SECURITIES - 102.3%   
(Cost $4,265,296,971)  5,012,686,939 
NET OTHER ASSETS (LIABILITIES) - (2.3)%  (113,215,666) 
NET ASSETS - 100%  $4,899,471,273 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME E-mini Russell 2000 Index Contracts (United States) 191 Dec. 2020 $14,676,440 $(891,720) $(891,720) 

The notional amount of futures purchased as a percentage of Net Assets is 0.3%

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 $3,064,801 or 0.1% of net assets.

 (d) Level 3 security

 (e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,319,847.

 (f) 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.

 (g) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Aristea Therapeutics, Inc. Series B 10/6/20 $3,064,801 

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 $17,861 
Fidelity Securities Lending Cash Central Fund 112,596 
Total $130,457 

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. U.S. government and government agency obligations are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 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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