NPORT-EX 2 QTLY_93_20210430.htm

Quarterly Holdings Report
for

Fidelity® OTC Portfolio

April 30, 2021







OTC-QTLY-0621
1.800345.117





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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