Quarterly Holdings Report
for
Fidelity® OTC Portfolio
April 30, 2021
Schedule of Investments April 30, 2021 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 98.6% | |||
| Shares | Value (000s) | ||
| COMMUNICATION SERVICES - 23.8% | |||
| Entertainment - 1.7% | |||
| Activision Blizzard, Inc. | 1,220,801 | $111,325 | |
| Electronic Arts, Inc. | 2,350 | 334 | |
| Live Nation Entertainment, Inc. (a) | 1,633,075 | 133,716 | |
| NetEase, Inc. ADR | 14,767 | 1,655 | |
| Netflix, Inc. (a) | 111,438 | 57,220 | |
| Spotify Technology SA (a) | 56,796 | 14,319 | |
| Take-Two Interactive Software, Inc.(a) | 11,628 | 2,039 | |
| The Walt Disney Co. (a) | 857,661 | 159,542 | |
| 480,150 | |||
| Interactive Media & Services - 22.0% | |||
| Alphabet, Inc.: | |||
| Class A (a) | 1,044,705 | 2,458,713 | |
| Class C (a) | 320,374 | 772,140 | |
| Facebook, Inc. Class A (a) | 4,378,277 | 1,423,290 | |
| IAC (a) | 175,220 | 44,413 | |
| Match Group, Inc. (a) | 1,541,498 | 239,903 | |
| Snap, Inc. Class A (a) | 3,583,493 | 221,532 | |
| Tencent Holdings Ltd. | 181,936 | 14,513 | |
| Tencent Holdings Ltd. sponsored ADR (b) | 4,319,933 | 344,126 | |
| Twitter, Inc. (a) | 9,745,162 | 538,128 | |
| Yandex NV Series A (a) | 2,833,642 | 185,745 | |
| 6,242,503 | |||
| Wireless Telecommunication Services - 0.1% | |||
| T-Mobile U.S., Inc. | 63,100 | 8,337 | |
| TOTAL COMMUNICATION SERVICES | 6,730,990 | ||
| CONSUMER DISCRETIONARY - 16.7% | |||
| Hotels, Restaurants & Leisure - 4.3% | |||
| Airbnb, Inc. Class A (b) | 169,633 | 29,297 | |
| Caesars Entertainment, Inc. (a) | 1,581,833 | 154,767 | |
| Expedia, Inc. (a) | 765,105 | 134,834 | |
| Las Vegas Sands Corp. (a) | 193,080 | 11,828 | |
| Marriott International, Inc. Class A | 3,685,896 | 547,429 | |
| Penn National Gaming, Inc. (a) | 449,346 | 40,046 | |
| Starbucks Corp. | 1,090,496 | 124,851 | |
| The Booking Holdings, Inc. (a) | 57,636 | 142,135 | |
| Wynn Resorts Ltd. (a) | 123,207 | 15,820 | |
| 1,201,007 | |||
| Household Durables - 0.8% | |||
| Lennar Corp. Class A | 2,233,577 | 231,399 | |
| Internet & Direct Marketing Retail - 8.1% | |||
| Alibaba Group Holding Ltd. sponsored ADR (a) | 659,466 | 152,304 | |
| Amazon.com, Inc. (a) | 553,673 | 1,919,817 | |
| ContextLogic, Inc. (b) | 148,557 | 2,060 | |
| Deliveroo Holdings PLC (a)(c) | 1,939,794 | 7,180 | |
| Deliveroo Holdings PLC | 20,066,000 | 66,842 | |
| MercadoLibre, Inc. (a) | 67,985 | 106,803 | |
| Porch Group, Inc. Class A (a) | 1,369,479 | 18,228 | |
| thredUP, Inc. (a) | 87,568 | 1,504 | |
| Zomato Pvt Ltd. (d)(e) | 7,745,200 | 6,088 | |
| 2,280,826 | |||
| Multiline Retail - 0.1% | |||
| Dollar Tree, Inc. (a) | 290,736 | 33,406 | |
| Specialty Retail - 1.5% | |||
| Auto1 Group SE (c) | 162,008 | 9,154 | |
| Five Below, Inc. (a) | 1,052,502 | 211,837 | |
| Lowe's Companies, Inc. | 1,079,101 | 211,774 | |
| 432,765 | |||
| Textiles, Apparel & Luxury Goods - 1.9% | |||
| Kontoor Brands, Inc. | 5,886 | 370 | |
| lululemon athletica, Inc. (a) | 1,010,290 | 338,720 | |
| LVMH Moet Hennessy Louis Vuitton SE | 264,487 | 199,251 | |
| 538,341 | |||
| TOTAL CONSUMER DISCRETIONARY | 4,717,744 | ||
| CONSUMER STAPLES - 1.5% | |||
| Beverages - 1.3% | |||
| Diageo PLC | 3,843,670 | 172,548 | |
| Monster Beverage Corp. (a) | 1,837,717 | 178,350 | |
| PepsiCo, Inc. | 133,112 | 19,189 | |
| 370,087 | |||
| Food & Staples Retailing - 0.2% | |||
| Costco Wholesale Corp. | 122,166 | 45,457 | |
| TOTAL CONSUMER STAPLES | 415,544 | ||
| ENERGY - 2.0% | |||
| Oil, Gas & Consumable Fuels - 2.0% | |||
| Cenovus Energy, Inc. (Canada) | 167,175 | 1,302 | |
| EOG Resources, Inc. | 13,863 | 1,021 | |
| Reliance Industries Ltd. | 998,144 | 14,476 | |
| Reliance Industries Ltd. | 16,524,273 | 445,043 | |
| Reliance Industries Ltd. sponsored GDR (c) | 1,799,837 | 97,371 | |
| 559,213 | |||
| FINANCIALS - 3.5% | |||
| Banks - 2.7% | |||
| Fifth Third Bancorp | 4,237,100 | 171,772 | |
| Huntington Bancshares, Inc. | 17,857,040 | 273,570 | |
| PacWest Bancorp | 860,442 | 37,352 | |
| Signature Bank | 1,046,991 | 263,329 | |
| Wintrust Financial Corp. | 327,807 | 25,274 | |
| 771,297 | |||
| Capital Markets - 0.7% | |||
| Coinbase Global, Inc. (a) | 192,283 | 57,231 | |
| London Stock Exchange Group PLC | 220,981 | 22,584 | |
| S&P Global, Inc. | 336,234 | 131,262 | |
| 211,077 | |||
| Diversified Financial Services - 0.1% | |||
| Ant International Co. Ltd. Class C (a)(d)(e) | 6,818,398 | 19,637 | |
| TOTAL FINANCIALS | 1,002,011 | ||
| HEALTH CARE - 6.4% | |||
| Biotechnology - 2.0% | |||
| Alnylam Pharmaceuticals, Inc. (a) | 590,252 | 83,013 | |
| Amgen, Inc. | 155,187 | 37,189 | |
| Arcutis Biotherapeutics, Inc. (a) | 554,400 | 18,572 | |
| Ascendis Pharma A/S sponsored ADR (a) | 266,333 | 38,610 | |
| ChemoCentryx, Inc. (a) | 297,372 | 14,372 | |
| GenSight Biologics SA (a)(b) | 214,641 | 2,267 | |
| Ionis Pharmaceuticals, Inc. (a) | 32,040 | 1,372 | |
| Neurocrine Biosciences, Inc. (a) | 671,648 | 63,464 | |
| Regeneron Pharmaceuticals, Inc. (a) | 486,536 | 234,170 | |
| Sarepta Therapeutics, Inc. (a) | 110,699 | 7,842 | |
| Trevena, Inc. (a) | 451,157 | 776 | |
| Vertex Pharmaceuticals, Inc. (a) | 47,015 | 10,259 | |
| Xencor, Inc. (a) | 1,150,164 | 48,951 | |
| 560,857 | |||
| Health Care Equipment & Supplies - 1.5% | |||
| DexCom, Inc. (a) | 427,843 | 165,190 | |
| Insulet Corp. (a) | 684,234 | 202,000 | |
| Intuitive Surgical, Inc. (a) | 52,639 | 45,533 | |
| Neuronetics, Inc. (a) | 39,030 | 410 | |
| Outset Medical, Inc. | 40,458 | 2,424 | |
| Pulmonx Corp. | 26,399 | 1,241 | |
| Tandem Diabetes Care, Inc. (a) | 193,809 | 17,811 | |
| 434,609 | |||
| Health Care Providers & Services - 0.9% | |||
| Cigna Corp. | 75,843 | 18,886 | |
| Guardant Health, Inc. (a) | 824,280 | 131,044 | |
| Humana, Inc. | 254,229 | 113,193 | |
| 263,123 | |||
| Health Care Technology - 0.0% | |||
| Castlight Health, Inc. Class B (a) | 46,600 | 89 | |
| Certara, Inc. | 225,623 | 7,177 | |
| 7,266 | |||
| Life Sciences Tools & Services - 1.7% | |||
| 10X Genomics, Inc. (a) | 559,305 | 110,631 | |
| Bruker Corp. | 2,315,880 | 158,684 | |
| Maravai LifeSciences Holdings, Inc. | 453,737 | 17,655 | |
| Nanostring Technologies, Inc. (a) | 1,938,156 | 154,413 | |
| Seer, Inc. (b) | 425,765 | 21,684 | |
| 463,067 | |||
| Pharmaceuticals - 0.3% | |||
| AstraZeneca PLC sponsored ADR (b) | 1,524,114 | 80,885 | |
| Elanco Animal Health, Inc. (a) | 89,736 | 2,846 | |
| TherapeuticsMD, Inc. (a) | 345,899 | 419 | |
| 84,150 | |||
| TOTAL HEALTH CARE | 1,813,072 | ||
| INDUSTRIALS - 3.2% | |||
| Aerospace & Defense - 0.3% | |||
| Space Exploration Technologies Corp.: | |||
| Class A (a)(d)(e) | 203,488 | 85,463 | |
| Class C (a)(d)(e) | 7,092 | 2,979 | |
| 88,442 | |||
| Airlines - 0.4% | |||
| Copa Holdings SA Class A (a) | 1,287,485 | 111,367 | |
| Wheels Up Partners LLC Series B (a)(d)(f) | 1,760,377 | 6,883 | |
| 118,250 | |||
| Commercial Services & Supplies - 0.1% | |||
| Copart, Inc. (a) | 298,998 | 37,228 | |
| Electrical Equipment - 0.0% | |||
| Array Technologies, Inc. | 186,224 | 5,244 | |
| Professional Services - 0.8% | |||
| Verisk Analytics, Inc. | 1,221,510 | 229,888 | |
| Road & Rail - 1.6% | |||
| CSX Corp. | 399,182 | 40,218 | |
| Lyft, Inc. (a) | 3,057,814 | 170,198 | |
| Uber Technologies, Inc. (a) | 4,193,788 | 229,694 | |
| 440,110 | |||
| TOTAL INDUSTRIALS | 919,162 | ||
| INFORMATION TECHNOLOGY - 41.0% | |||
| Communications Equipment - 0.3% | |||
| Cisco Systems, Inc. | 2,063,501 | 105,053 | |
| IT Services - 3.0% | |||
| Gartner, Inc. (a) | 1,152,401 | 225,732 | |
| MasterCard, Inc. Class A | 544,228 | 207,928 | |
| MongoDB, Inc. Class A (a) | 247,107 | 73,504 | |
| PayPal Holdings, Inc. (a) | 867,627 | 227,570 | |
| Square, Inc. (a) | 415,520 | 101,728 | |
| Twilio, Inc. Class A (a) | 35,202 | 12,947 | |
| Visa, Inc. Class A | 46,413 | 10,840 | |
| 860,249 | |||
| Semiconductors & Semiconductor Equipment - 10.4% | |||
| Analog Devices, Inc. | 448,071 | 68,627 | |
| Applied Materials, Inc. | 1,379,140 | 183,026 | |
| ASML Holding NV | 419,853 | 272,107 | |
| Intel Corp. | 96,389 | 5,545 | |
| Lam Research Corp. | 372,818 | 231,315 | |
| Marvell Technology, Inc. | 9,860,755 | 445,805 | |
| Micron Technology, Inc. (a) | 2,608,485 | 224,512 | |
| NVIDIA Corp. | 1,175,696 | 705,864 | |
| NXP Semiconductors NV | 2,529,981 | 487,047 | |
| Qualcomm, Inc. | 936,639 | 130,005 | |
| Skyworks Solutions, Inc. | 94,254 | 17,091 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1,474,467 | 172,129 | |
| 2,943,073 | |||
| Software - 16.4% | |||
| Adobe, Inc. (a) | 639,921 | 325,297 | |
| ANSYS, Inc. (a) | 187,165 | 68,439 | |
| Aspen Technology, Inc. (a) | 1,206,392 | 157,844 | |
| Atom Tickets LLC (a)(d)(e)(f) | 516,103 | 335 | |
| Autodesk, Inc. (a) | 385,506 | 112,533 | |
| Cadence Design Systems, Inc. (a) | 1,142,936 | 150,605 | |
| Dropbox, Inc. Class A (a) | 194,533 | 4,999 | |
| Duck Creek Technologies, Inc. (a) | 24,988 | 1,039 | |
| Dynatrace, Inc. (a) | 9,240 | 481 | |
| Elastic NV (a) | 1,235,483 | 149,024 | |
| Epic Games, Inc. (d)(e) | 77,600 | 68,676 | |
| HIVE Blockchain Technologies Ltd. (a)(b) | 2,538,386 | 9,768 | |
| Intuit, Inc. | 459,606 | 189,431 | |
| Manhattan Associates, Inc. (a) | 761,267 | 104,476 | |
| Microsoft Corp. | 11,207,970 | 2,826,426 | |
| NICE Systems Ltd. sponsored ADR (a) | 229,080 | 55,261 | |
| Salesforce.com, Inc. (a) | 969,620 | 223,323 | |
| Synopsys, Inc. (a) | 715,094 | 176,671 | |
| Workday, Inc. Class A (a) | 71,051 | 17,550 | |
| 4,642,178 | |||
| Technology Hardware, Storage & Peripherals - 10.9% | |||
| Apple, Inc. | 22,350,470 | 2,938,190 | |
| Samsung Electronics Co. Ltd. | 1,702,570 | 124,083 | |
| Western Digital Corp. | 288,249 | 20,359 | |
| 3,082,632 | |||
| TOTAL INFORMATION TECHNOLOGY | 11,633,185 | ||
| MATERIALS - 0.4% | |||
| Paper & Forest Products - 0.4% | |||
| Suzano Papel e Celulose SA (a) | 8,933,800 | 112,938 | |
| REAL ESTATE - 0.1% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
| Equinix, Inc. | 45,139 | 32,534 | |
| TOTAL COMMON STOCKS | |||
| (Cost $12,912,479) | 27,936,393 | ||
| Preferred Stocks - 0.9% | |||
| Convertible Preferred Stocks - 0.8% | |||
| COMMUNICATION SERVICES - 0.0% | |||
| Diversified Telecommunication Services - 0.0% | |||
| Starry, Inc. Series B (a)(d)(e) | 1,811,120 | 3,043 | |
| CONSUMER DISCRETIONARY - 0.4% | |||
| Internet & Direct Marketing Retail - 0.4% | |||
| One Kings Lane, Inc. Series E (Escrow) (a)(d)(e) | 648,635 | 259 | |
| Reddit, Inc.: | |||
| Series B (a)(d)(e) | 1,337,584 | 56,813 | |
| Series C (a)(d)(e) | 300,673 | 12,771 | |
| Series D (a)(d)(e) | 929,200 | 39,467 | |
| The Honest Co., Inc. Series D (a)(d) | 150,536 | 2,291 | |
| 111,601 | |||
| INDUSTRIALS - 0.2% | |||
| Aerospace & Defense - 0.2% | |||
| Space Exploration Technologies Corp.: | |||
| Series G (a)(d)(e) | 62,037 | 26,055 | |
| Series H (a)(d)(e) | 65,670 | 27,581 | |
| 53,636 | |||
| Professional Services - 0.0% | |||
| YourPeople, Inc. Series C (a)(d)(e) | 335,546 | 64 | |
| TOTAL INDUSTRIALS | 53,700 | ||
| INFORMATION TECHNOLOGY - 0.2% | |||
| IT Services - 0.1% | |||
| AppNexus, Inc.: | |||
| Series E (Escrow) (a)(d)(e) | 1,416,796 | 44 | |
| Series F (Escrow) (a)(d)(e) | 90,913 | 25 | |
| ByteDance Ltd. Series E1 (d)(e) | 174,336 | 19,103 | |
| 19,172 | |||
| Semiconductors & Semiconductor Equipment - 0.0% | |||
| Tenstorrent, Inc. Series C1 (d)(e) | 41,000 | 2,438 | |
| Software - 0.1% | |||
| Jet.Com, Inc. Series B1 (Escrow) (a)(d)(e) | 4,896,249 | 0 | |
| Stripe, Inc. Series H (d)(e) | 39,000 | 1,565 | |
| Taboola.com Ltd. Series E (a)(d) | 1,918,392 | 45,005 | |
| 46,570 | |||
| TOTAL INFORMATION TECHNOLOGY | 68,180 | ||
| REAL ESTATE - 0.0% | |||
| Real Estate Management & Development - 0.0% | |||
| WeWork Companies, Inc.: | |||
| Series E (a)(d) | 190,230 | 1,830 | |
| Series F (a)(d) | 14,513 | 140 | |
| 1,970 | |||
| TOTAL CONVERTIBLE PREFERRED STOCKS | 238,494 | ||
| 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 | 19,854 | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | 28,779 | ||
| TOTAL PREFERRED STOCKS | |||
| (Cost $136,445) | 267,273 | ||
| Principal Amount (000s) | Value (000s) | ||
| Preferred Securities - 0.0% | |||
| INFORMATION TECHNOLOGY - 0.0% | |||
| Semiconductors & Semiconductor Equipment - 0.0% | |||
| Tenstorrent, Inc. 0% (d)(e)(g) | |||
| (Cost $2,280) | 2,280 | 2,280 | |
| Shares | Value (000s) | ||
| Money Market Funds - 1.1% | |||
| Fidelity Cash Central Fund 0.04% (h) | 73,532,816 | 73,548 | |
| Fidelity Securities Lending Cash Central Fund 0.04% (h)(i) | 225,148,161 | 225,171 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $298,719) | 298,719 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.6% | |||
| (Cost $13,349,923) | 28,504,665 | ||
| NET OTHER ASSETS (LIABILITIES) - (0.6)% | (157,344) | ||
| NET ASSETS - 100% | $28,347,321 |
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 $113,705,000 or 0.4% 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 $459,614,000 or 1.6% 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) Security is perpetual in nature with no stated maturity date.
(h) 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.
(i) 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) |
| 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 | $3,000 |
| ByteDance Ltd. Series E1 | 11/18/20 | $19,103 |
| Castle Creek Pharmaceutical Holdings, Inc. Series A4 | 9/29/16 | $10,011 |
| Epic Games, Inc. | 7/13/20 - 3/29/21 | $61,546 |
| 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 |
| 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 |
| Stripe, Inc. Series H | 3/15/21 | $1,565 |
| Taboola.com Ltd. Series E | 12/22/14 | $20,000 |
| Tenstorrent, Inc. Series C1 | 4/23/21 | $2,438 |
| Tenstorrent, Inc. 0% | 4/23/21 | $2,280 |
| 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 | $6,257 |
| WeWork Companies, Inc. Series F | 12/1/16 | $728 |
| Wheels Up Partners LLC Series B | 9/18/15 | $5,000 |
| YourPeople, Inc. Series C | 5/1/15 | $5,000 |
| Zomato Pvt Ltd. | 12/9/20 - 2/5/21 | $4,733 |
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 | $30 |
| Fidelity Securities Lending Cash Central Fund | 478 |
| Total | $508 |
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 | $7,086 | $6,291 | $-- | $3,593 | $80,540 | $-- |
| Total | $69,485 | $7,086 | $6,291 | $-- | $3,593 | $80,540 | $-- |
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. 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 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 vendors or from brokers who make markets in such securities. Corporate bonds 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.
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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