NPORT-EX 2 QTLY_2611_20211031.htm US_QtlyFinancialStatementsCoverMaster
Quarterly Holdings Report
for
Fidelity® Series Blue Chip Growth Fund
October 31, 2021
XS1-NPRT1-1221
1.967991.107
Common Stocks - 97.2%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 14.6%
 
 
 
Entertainment - 2.9%
 
 
 
Endeavor Group Holdings, Inc. (a)(b)
 
97,900
2,631,552
Endeavor Group Holdings, Inc. (c)
 
320,752
8,621,814
Endeavor Group Holdings, Inc. Class A (d)
 
92,536
2,487,368
Netflix, Inc. (a)
 
143,824
99,283,145
Roblox Corp. (a)(b)
 
75,400
6,335,108
Roku, Inc. Class A (a)
 
25,955
7,913,680
Sea Ltd. ADR (a)
 
177,531
60,994,326
Universal Music Group NV
 
21,000
609,692
 
 
 
188,876,685
Interactive Media & Services - 11.4%
 
 
 
Alphabet, Inc. Class A (a)
 
137,213
406,276,716
Bumble, Inc.
 
48,000
2,520,960
Cars.com, Inc. (a)
 
47,800
622,356
fuboTV, Inc. (a)
 
22,100
658,801
Kuaishou Technology Class B (c)
 
269,200
3,581,030
Match Group, Inc. (a)
 
58,163
8,769,817
Meta Platforms, Inc. Class A (a)
 
745,710
241,289,385
Snap, Inc. Class A (a)
 
1,003,600
52,769,288
Tencent Holdings Ltd.
 
261,700
15,919,157
Yandex NV Series A (a)
 
19,400
1,607,096
Zoominfo Technologies, Inc. (a)
 
46,100
3,098,842
 
 
 
737,113,448
Media - 0.2%
 
 
 
Criteo SA sponsored ADR (a)
 
180,600
5,967,024
DISH Network Corp. Class A (a)
 
183,600
7,540,452
 
 
 
13,507,476
Wireless Telecommunication Services - 0.1%
 
 
 
T-Mobile U.S., Inc. (a)
 
38,634
4,444,069
TOTAL COMMUNICATION SERVICES
 
 
943,941,678
CONSUMER DISCRETIONARY - 30.6%
 
 
 
Automobiles - 4.4%
 
 
 
Arrival SA (d)
 
49
810
Ford Motor Co.
 
368,600
6,295,688
General Motors Co. (a)
 
181,600
9,884,488
Hyundai Motor Co.
 
6,600
1,174,396
Kia Corp.
 
20,030
1,454,144
Li Auto, Inc. Class A (a)
 
75,800
1,278,190
Neutron Holdings, Inc. (a)(d)(e)
 
691,699
89,921
NIO, Inc. sponsored ADR (a)
 
79,000
3,113,390
Rad Power Bikes, Inc. (d)(e)
 
110,210
1,056,231
Tesla, Inc. (a)
 
217,035
241,776,990
XPeng, Inc.:
 
 
 
 ADR (a)
 
339,400
15,826,222
 Class A
 
58,300
1,352,777
 
 
 
283,303,247
Diversified Consumer Services - 0.2%
 
 
 
Duolingo, Inc. (a)
 
5,700
990,033
FSN E-Commerce Ventures Private Ltd. (a)(d)
 
818,460
10,441,630
Mister Car Wash, Inc.
 
100,400
1,841,336
 
 
 
13,272,999
Hotels, Restaurants & Leisure - 3.9%
 
 
 
Airbnb, Inc. Class A
 
338,900
57,836,674
Caesars Entertainment, Inc. (a)
 
325,273
35,604,383
Chipotle Mexican Grill, Inc. (a)
 
12,342
21,956,788
Churchill Downs, Inc.
 
32,252
7,417,960
DraftKings, Inc. Class A (a)(b)
 
64,300
2,995,737
Dutch Bros, Inc. (b)
 
48,400
3,690,016
Evolution AB (c)
 
32,900
5,321,924
Expedia, Inc. (a)
 
61,784
10,157,907
F45 Training Holdings, Inc.
 
32,200
442,106
First Watch Restaurant Group, Inc. (b)
 
34,300
740,194
Flutter Entertainment PLC (a)
 
5,800
1,094,991
Hilton Worldwide Holdings, Inc. (a)
 
84,000
12,091,800
Marriott International, Inc. Class A (a)
 
103,400
16,546,068
MGM Resorts International
 
122,000
5,753,520
Penn National Gaming, Inc. (a)
 
936,243
67,034,999
Rush Street Interactive, Inc. (a)
 
31,600
636,108
Vail Resorts, Inc.
 
10,476
3,611,182
 
 
 
252,932,357
Household Durables - 0.6%
 
 
 
D.R. Horton, Inc.
 
41,500
3,704,705
Lennar Corp. Class A
 
40,260
4,023,182
Sonos, Inc. (a)
 
65,300
2,130,086
Tempur Sealy International, Inc.
 
167,500
7,448,725
Toll Brothers, Inc.
 
42,200
2,539,174
TRI Pointe Homes, Inc. (a)
 
98,000
2,370,620
Tupperware Brands Corp. (a)(b)
 
647,700
14,404,848
 
 
 
36,621,340
Internet & Direct Marketing Retail - 8.0%
 
 
 
Amazon.com, Inc. (a)
 
121,480
409,682,796
BHG Group AB (a)
 
88,600
1,019,808
Cazoo Group Ltd.
 
562,851
4,711,063
Chewy, Inc. (a)(b)
 
114,800
8,701,840
Coupang, Inc. Class A (a)(b)
 
78,600
2,339,136
Deliveroo PLC Class A (a)(c)
 
1,028,600
3,804,987
Delivery Hero AG (a)(c)
 
23,800
2,959,002
eBay, Inc.
 
228,700
17,545,864
Etsy, Inc. (a)
 
32,800
8,222,632
Farfetch Ltd. Class A (a)
 
700
27,447
Global-e Online Ltd. (a)
 
74,600
4,316,356
Overstock.com, Inc. (a)(b)
 
27,700
2,637,871
The Original BARK Co. (d)
 
240,617
1,770,941
The Original BARK Co. Class A (a)(b)
 
163,700
1,204,832
thredUP, Inc. (a)(b)
 
48,400
1,047,376
Vivid Seats, Inc. Class A (b)
 
147,600
1,992,600
Wayfair LLC Class A (a)
 
166,588
41,497,071
Zomato Ltd. (d)
 
3,149,000
4,697,663
 
 
 
518,179,285
Leisure Products - 0.1%
 
 
 
Peloton Interactive, Inc. Class A (a)
 
56,252
5,143,683
Multiline Retail - 0.2%
 
 
 
Dollar Tree, Inc. (a)
 
27,100
2,920,296
Kohl's Corp.
 
67,600
3,280,628
Ollie's Bargain Outlet Holdings, Inc. (a)
 
65,700
4,445,262
Target Corp.
 
24,400
6,334,728
 
 
 
16,980,914
Specialty Retail - 6.2%
 
 
 
American Eagle Outfitters, Inc. (b)
 
992,200
23,554,828
Aritzia, Inc. (a)
 
229,800
9,050,139
Auto1 Group SE (c)
 
35,700
1,403,153
Bath & Body Works, Inc.
 
117,400
8,111,166
Boot Barn Holdings, Inc. (a)
 
24,100
2,518,209
Burlington Stores, Inc. (a)
 
37,903
10,472,220
Carvana Co. Class A (a)
 
147,831
44,819,403
Citi Trends, Inc. (a)(b)
 
35,500
2,746,280
Dick's Sporting Goods, Inc.
 
107,900
13,402,259
Fanatics, Inc. Class A (d)(e)
 
159,285
7,545,330
Five Below, Inc. (a)
 
56,184
11,085,103
Floor & Decor Holdings, Inc. Class A (a)
 
82,940
11,273,205
Gap, Inc.
 
126,300
2,865,747
JD Sports Fashion PLC
 
158,900
2,365,993
Lowe's Companies, Inc.
 
410,306
95,937,749
RH (a)(b)
 
173,704
114,580,370
Signet Jewelers Ltd. (b)
 
71,400
6,367,452
The Children's Place, Inc. (a)(b)
 
58,100
4,815,909
The Home Depot, Inc.
 
21,300
7,918,062
TJX Companies, Inc.
 
81,400
5,330,886
Victoria's Secret & Co. (a)
 
299,027
15,091,893
Volta, Inc. (a)
 
118,803
967,056
Warby Parker, Inc. (a)(b)
 
13,200
712,800
 
 
 
402,935,212
Textiles, Apparel & Luxury Goods - 7.0%
 
 
 
Allbirds, Inc. (a)(d)
 
40,405
509,103
Capri Holdings Ltd. (a)
 
587,800
31,294,472
Crocs, Inc. (a)
 
200,784
32,416,577
Deckers Outdoor Corp. (a)
 
44,195
17,470,725
Dr. Martens Ltd. (a)
 
277,800
1,402,116
Hermes International SCA
 
1,401
2,219,602
Levi Strauss & Co. Class A (b)
 
36,200
947,716
lululemon athletica, Inc. (a)
 
568,374
264,867,968
LVMH Moet Hennessy Louis Vuitton SE
 
7,661
6,007,156
Moncler SpA
 
60,623
4,353,381
NIKE, Inc. Class B
 
288,613
48,282,069
On Holding AG
 
49,800
1,701,168
Puma AG
 
30,200
3,745,972
PVH Corp.
 
181,420
19,834,649
Samsonite International SA (a)(c)
 
1,161,000
2,500,914
Tapestry, Inc.
 
270,600
10,547,988
Tory Burch LLC (a)(d)(e)(f)
 
106,817
8,117,024
Under Armour, Inc. Class A (sub. vtg.) (a)
 
97,700
2,145,492
 
 
 
458,364,092
TOTAL CONSUMER DISCRETIONARY
 
 
1,987,733,129
CONSUMER STAPLES - 0.5%
 
 
 
Beverages - 0.2%
 
 
 
Celsius Holdings, Inc. (a)(b)
 
116,600
11,254,232
Food & Staples Retailing - 0.0%
 
 
 
Blink Health, Inc. Series A1 (d)(e)
 
6,283
239,885
Costco Wholesale Corp.
 
4,200
2,064,468
Sweetgreen, Inc. warrants 1/21/26 (a)(d)(e)
 
41,359
163,368
Zur Rose Group AG (a)
 
3,920
1,391,437
 
 
 
3,859,158
Food Products - 0.0%
 
 
 
AppHarvest, Inc. (d)
 
144,569
870,305
Sovos Brands, Inc.
 
34,800
562,368
 
 
 
1,432,673
Personal Products - 0.2%
 
 
 
Olaplex Holdings, Inc.
 
119,600
3,338,036
The Beauty Health Co. (a)
 
31,500
865,305
The Honest Co., Inc.
 
841,111
7,619,204
 
 
 
11,822,545
Tobacco - 0.1%
 
 
 
Altria Group, Inc.
 
91,900
4,053,709
JUUL Labs, Inc. Class B (a)(d)(e)
 
2,450
124,289
Swedish Match Co. AB
 
278,000
2,446,581
 
 
 
6,624,579
TOTAL CONSUMER STAPLES
 
 
34,993,187
ENERGY - 1.7%
 
 
 
Energy Equipment & Services - 0.0%
 
 
 
Fluence Energy, Inc.
 
43,400
1,543,738
Oil, Gas & Consumable Fuels - 1.7%
 
 
 
Canadian Natural Resources Ltd.
 
24,200
1,028,539
Cenovus Energy, Inc. (Canada)
 
196,700
2,352,262
Cheniere Energy, Inc.
 
29,300
3,029,620
Coterra Energy, Inc.
 
32,400
690,768
Devon Energy Corp.
 
79,000
3,166,320
Diamondback Energy, Inc.
 
81,400
8,725,266
EOG Resources, Inc.
 
107,000
9,893,220
Hess Corp.
 
156,700
12,938,719
Phillips 66 Co.
 
60,700
4,539,146
Pioneer Natural Resources Co.
 
30,400
5,684,192
Range Resources Corp. (a)
 
236,000
5,503,520
Reliance Industries Ltd.
 
70,728
1,795,164
Reliance Industries Ltd.
 
1,088,421
36,828,867
Reliance Industries Ltd. sponsored GDR (c)
 
65,700
4,467,600
Tourmaline Oil Corp.
 
36,800
1,330,045
Valero Energy Corp.
 
57,300
4,431,009
 
 
 
106,404,257
TOTAL ENERGY
 
 
107,947,995
FINANCIALS - 1.6%
 
 
 
Banks - 0.5%
 
 
 
Bancorp, Inc., Delaware (a)
 
10,700
326,885
Bank of America Corp.
 
147,100
7,028,438
Kotak Mahindra Bank Ltd. (a)
 
118,376
3,207,784
Silvergate Capital Corp. (a)
 
9,000
1,409,580
Wells Fargo & Co.
 
386,100
19,752,876
 
 
 
31,725,563
Capital Markets - 0.5%
 
 
 
Charles Schwab Corp.
 
43,100
3,535,493
Coinbase Global, Inc. (a)
 
21,100
6,739,762
ESS Tech, Inc. (d)
 
178,663
2,894,341
Goldman Sachs Group, Inc.
 
22,600
9,341,710
Morgan Stanley
 
90,500
9,301,590
Switchback II Corp. Class A (a)(b)
 
300,700
3,016,021
 
 
 
34,828,917
Consumer Finance - 0.4%
 
 
 
American Express Co.
 
67,400
11,712,772
LendingClub Corp. (a)
 
264,600
12,161,016
 
 
 
23,873,788
Diversified Financial Services - 0.2%
 
 
 
Ant International Co. Ltd. Class C (a)(d)(e)
 
1,568,556
3,372,395
WeWork, Inc. (a)(b)
 
380,300
3,882,863
WeWork, Inc. (d)
 
441,635
4,058,184
 
 
 
11,313,442
Insurance - 0.0%
 
 
 
Goosehead Insurance (b)
 
8,300
1,197,690
TOTAL FINANCIALS
 
 
102,939,400
HEALTH CARE - 7.6%
 
 
 
Biotechnology - 2.3%
 
 
 
Adagio Theraputics, Inc.
 
119,000
3,479,560
ADC Therapeutics SA (a)
 
67,500
1,956,825
Allakos, Inc. (a)
 
30,730
3,090,823
Alnylam Pharmaceuticals, Inc. (a)
 
102,481
16,351,868
Annexon, Inc. (a)
 
75,200
1,226,512
Arcutis Biotherapeutics, Inc. (a)
 
88,800
1,880,784
Argenx SE ADR (a)
 
13,837
4,178,221
Ascendis Pharma A/S sponsored ADR (a)
 
145,496
22,058,649
Avidity Biosciences, Inc. (a)
 
36,700
825,750
BioAtla, Inc.
 
16,100
470,603
Bolt Biotherapeutics, Inc.
 
33,100
433,279
Century Therapeutics, Inc.
 
34,200
768,474
Cerevel Therapeutics Holdings (a)
 
74,700
3,036,555
Cibus Corp. Series C (a)(d)(e)(f)
 
1,376,662
2,422,925
Connect Biopharma Holdings Ltd. ADR (a)
 
51,500
815,760
CytomX Therapeutics, Inc. (a)(c)
 
137,854
817,474
Day One Biopharmaceuticals, Inc. (a)(b)
 
74,900
1,830,556
Erasca, Inc.
 
37,200
735,816
Generation Bio Co. (a)
 
163,122
3,419,037
Graphite Bio, Inc.
 
39,000
496,860
Horizon Therapeutics PLC (a)
 
131,799
15,804,018
Imago BioSciences, Inc.
 
23,800
633,556
Immunocore Holdings PLC ADR
 
22,050
849,366
Instil Bio, Inc. (a)
 
68,800
1,401,456
Intellia Therapeutics, Inc. (a)
 
9,000
1,196,820
Janux Therapeutics, Inc.
 
33,500
815,725
Karuna Therapeutics, Inc. (a)
 
40,000
5,615,200
Moderna, Inc. (a)
 
58,800
20,298,348
Monte Rosa Therapeutics, Inc.
 
34,300
804,335
Natera, Inc. (a)
 
10,700
1,225,899
Nuvalent, Inc. Class A (a)
 
23,700
578,991
Passage Bio, Inc. (a)
 
41,600
362,752
Prelude Therapeutics, Inc. (a)
 
33,900
595,962
Recursion Pharmaceuticals, Inc. (a)(b)
 
65,200
1,248,580
Regeneron Pharmaceuticals, Inc. (a)
 
10,100
6,463,394
Relay Therapeutics, Inc. (a)
 
40,500
1,346,625
Revolution Medicines, Inc. (a)
 
74,000
2,177,820
Seagen, Inc. (a)
 
4,500
793,485
Shattuck Labs, Inc.
 
24,800
478,640
Taysha Gene Therapies, Inc. (a)
 
23,300
364,412
Tenaya Therapeutics, Inc. (a)
 
41,000
1,054,110
TG Therapeutics, Inc. (a)
 
25,800
805,476
Turning Point Therapeutics, Inc. (a)
 
50,549
2,101,827
Twist Bioscience Corp. (a)
 
4,900
582,120
Tyra Biosciences, Inc.
 
28,200
631,398
Vaxcyte, Inc. (a)
 
45,500
1,064,700
Verve Therapeutics, Inc.
 
59,000
2,737,010
Xencor, Inc. (a)
 
84,618
3,347,488
Zai Lab Ltd. ADR (a)
 
24,064
2,512,282
 
 
 
148,188,126
Health Care Equipment & Supplies - 2.6%
 
 
 
Axonics Modulation Technologies, Inc. (a)
 
65,320
4,791,222
Boston Scientific Corp. (a)
 
101,300
4,369,069
CryoPort, Inc. (a)
 
16,700
1,361,718
Danaher Corp.
 
51,200
15,962,624
DexCom, Inc. (a)
 
59,715
37,214,985
Figs, Inc. Class A (a)(b)
 
66,600
2,238,426
InMode Ltd. (a)
 
93,800
8,886,612
Insulet Corp. (a)
 
94,198
29,203,264
Intuitive Surgical, Inc. (a)
 
81,738
29,518,044
Outset Medical, Inc. (a)
 
32,300
1,720,621
Shockwave Medical, Inc. (a)(b)
 
126,633
27,061,472
Sight Sciences, Inc.
 
22,600
609,522
Tandem Diabetes Care, Inc. (a)
 
49,417
6,737,020
The Cooper Companies, Inc.
 
3,200
1,334,144
 
 
 
171,008,743
Health Care Providers & Services - 0.5%
 
 
 
1Life Healthcare, Inc. (a)
 
84,959
1,840,212
agilon health, Inc. (a)
 
82,200
2,013,900
Alignment Healthcare, Inc. (a)
 
145,747
2,894,535
Cano Health, Inc. (a)
 
139,600
1,534,204
Guardant Health, Inc. (a)
 
53,180
6,210,892
Humana, Inc.
 
4,409
2,042,072
LifeStance Health Group, Inc.
 
51,400
615,772
Oak Street Health, Inc. (a)
 
17,100
807,633
Owens & Minor, Inc.
 
50,800
1,822,704
Surgery Partners, Inc. (a)
 
41,100
1,690,854
UnitedHealth Group, Inc.
 
27,100
12,478,737
 
 
 
33,951,515
Health Care Technology - 0.1%
 
 
 
Certara, Inc.
 
50,700
2,094,417
Definitive Healthcare Corp.
 
10,000
401,400
Doximity, Inc. (b)
 
25,300
1,757,844
GoodRx Holdings, Inc. (a)(b)
 
68,900
3,072,940
Medlive Technology Co. Ltd.
 
242,000
1,195,226
MultiPlan Corp. warrants 12/31/99 (a)(d)
 
24,206
12,603
 
 
 
8,534,430
Life Sciences Tools & Services - 0.7%
 
 
 
10X Genomics, Inc. (a)
 
48,533
7,826,917
23andMe Holding Co. Class B
 
447,532
4,927,551
Absci Corp.
 
72,000
1,056,240
Avantor, Inc. (a)
 
163,500
6,602,130
Bio-Rad Laboratories, Inc. Class A (a)
 
5,200
4,132,336
Eurofins Scientific SA
 
17,000
2,003,325
Joinn Laboratories China Co. Ltd. (H Shares) (c)
 
27,440
355,145
Maravai LifeSciences Holdings, Inc.
 
177,200
7,493,788
Nanostring Technologies, Inc. (a)
 
56,100
2,709,630
Olink Holding AB ADR (a)
 
77,300
2,485,968
Seer, Inc.
 
18,500
683,020
Stevanato Group SpA
 
26,400
677,688
Thermo Fisher Scientific, Inc.
 
3,500
2,215,745
 
 
 
43,169,483
Pharmaceuticals - 1.4%
 
 
 
Antengene Corp. (c)
 
809,300
1,073,450
Arvinas Holding Co. LLC (a)
 
7,700
666,666
Chiasma, Inc. warrants 12/16/24 (a)(e)
 
23,784
0
DICE Therapeutics, Inc.
 
11,500
369,150
Eli Lilly & Co.
 
142,879
36,399,854
GH Research PLC
 
32,300
817,513
Intra-Cellular Therapies, Inc. (a)
 
101,800
4,384,526
Longboard Pharmaceuticals, Inc. (a)
 
59,031
439,781
Nuvation Bio, Inc. (d)
 
142,573
1,307,394
OptiNose, Inc. (a)(b)
 
287,079
760,759
Pharvaris BV
 
27,600
489,624
Zoetis, Inc. Class A
 
186,779
40,381,620
 
 
 
87,090,337
TOTAL HEALTH CARE
 
 
491,942,634
INDUSTRIALS - 5.5%
 
 
 
Aerospace & Defense - 0.3%
 
 
 
Airbus Group NV (a)
 
30,000
3,848,461
Axon Enterprise, Inc. (a)
 
9,888
1,779,444
Howmet Aerospace, Inc.
 
141,300
4,195,197
Space Exploration Technologies Corp.:
 
 
 
 Class A (a)(d)(e)
 
22,703
9,535,033
 Class C (a)(d)(e)
 
686
288,113
 
 
 
19,646,248
Building Products - 0.2%
 
 
 
Builders FirstSource, Inc. (a)
 
109,841
6,400,435
Carrier Global Corp.
 
78,000
4,073,940
The AZEK Co., Inc. (a)
 
58,800
2,157,372
 
 
 
12,631,747
Commercial Services & Supplies - 0.2%
 
 
 
ACV Auctions, Inc. Class A (a)(b)
 
412,634
8,033,984
Driven Brands Holdings, Inc.
 
40,400
1,311,788
Li-Cycle Holdings Corp. (a)
 
154,700
2,001,818
 
 
 
11,347,590
Construction & Engineering - 0.0%
 
 
 
Dycom Industries, Inc. (a)
 
41,607
3,304,428
Electrical Equipment - 0.4%
 
 
 
Acuity Brands, Inc.
 
80,300
16,496,029
Array Technologies, Inc.
 
186,400
3,979,640
Contemporary Amperex Technology Co. Ltd.
 
7,700
768,371
Generac Holdings, Inc. (a)
 
1,900
947,264
Sunrun, Inc. (a)
 
107,795
6,217,616
 
 
 
28,408,920
Industrial Conglomerates - 0.2%
 
 
 
General Electric Co.
 
99,550
10,439,809
Machinery - 0.2%
 
 
 
AutoStore Holdings Ltd.
 
793,700
3,128,143
Deere & Co.
 
14,200
4,860,802
Proterra, Inc. Class A (a)
 
189,500
2,124,295
 
 
 
10,113,240
Professional Services - 0.2%
 
 
 
First Advantage Corp.
 
69,888
1,306,906
KBR, Inc.
 
56,900
2,414,836
Otonomo Technologies Ltd. (d)
 
7,057
34,156
Recruit Holdings Co. Ltd.
 
41,200
2,740,584
Sterling Check Corp.
 
52,100
1,117,545
Upwork, Inc. (a)
 
83,000
3,910,960
YourPeople, Inc. (a)(e)
 
761,041
6,241
 
 
 
11,531,228
Road & Rail - 3.8%
 
 
 
Avis Budget Group, Inc. (a)
 
55,500
9,618,705
Lyft, Inc. (a)(b)
 
2,886,007
132,381,141
TuSimple Holdings, Inc. (a)(b)
 
107,500
4,205,400
Uber Technologies, Inc. (a)
 
2,351,375
103,037,253
 
 
 
249,242,499
TOTAL INDUSTRIALS
 
 
356,665,709
INFORMATION TECHNOLOGY - 33.9%
 
 
 
Electronic Equipment & Components - 0.0%
 
 
 
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
437,000
1,679,260
IT Services - 3.6%
 
 
 
Adyen BV (a)(c)
 
600
1,810,386
Affirm Holdings, Inc. (b)
 
15,500
2,518,750
Cloudflare, Inc. (a)
 
48,180
9,381,610
Cyxtera Technologies, Inc. (d)
 
129,511
1,287,339
Digitalocean Holdings, Inc. (a)(b)
 
244,100
23,821,719
Dlocal Ltd.
 
84,600
4,103,946
Endava PLC ADR (a)
 
40,924
6,484,817
Flywire Corp. (a)
 
29,900
1,418,456
Globant SA (a)
 
3,700
1,181,003
Marqeta, Inc. Class A (b)
 
27,500
841,500
MongoDB, Inc. Class A (a)
 
15,380
8,017,440
Payfare, Inc. (a)
 
103,000
742,372
PayPal Holdings, Inc. (a)
 
304,762
70,884,594
Remitly Global, Inc.
 
10,300
315,386
Shopify, Inc. Class A (a)
 
19,814
28,930,425
Snowflake Computing, Inc. (a)
 
15,424
5,457,628
Square, Inc. (a)
 
131,100
33,364,950
TaskUs, Inc.
 
76,200
4,411,980
TDCX, Inc. ADR
 
49,039
1,406,439
Thoughtworks Holding, Inc. (b)
 
57,900
1,672,731
Toast, Inc. (b)
 
15,100
803,622
Twilio, Inc. Class A (a)
 
79,670
23,212,651
 
 
 
232,069,744
Semiconductors & Semiconductor Equipment - 9.9%
 
 
 
Advanced Micro Devices, Inc. (a)
 
5,300
637,219
ASML Holding NV
 
5,800
4,714,704
Cirrus Logic, Inc. (a)
 
91,900
7,426,439
Enphase Energy, Inc. (a)
 
28,200
6,531,966
GlobalFoundries, Inc.
 
110,200
5,371,148
Marvell Technology, Inc.
 
2,539,579
173,961,162
NVIDIA Corp.
 
1,255,596
321,018,229
NXP Semiconductors NV
 
404,235
81,194,642
ON Semiconductor Corp. (a)
 
123,700
5,946,259
Silergy Corp.
 
10,000
1,644,820
SiTime Corp. (a)
 
6,500
1,721,785
Synaptics, Inc. (a)
 
33,400
6,498,638
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
50,400
5,730,480
Teradyne, Inc.
 
116,000
16,035,840
Wolfspeed, Inc. (a)
 
28,800
3,459,168
 
 
 
641,892,499
Software - 12.5%
 
 
 
Adobe, Inc. (a)
 
105,671
68,724,192
Amplitude, Inc. (a)
 
55,700
4,137,953
AppLovin Corp. (a)(b)
 
90,700
8,911,275
Atlassian Corp. PLC (a)
 
17,200
7,879,836
Atom Tickets LLC (a)(d)(e)(f)
 
344,068
203,000
Avalara, Inc. (a)
 
17,600
3,161,664
AvidXchange Holdings, Inc.
 
25,000
555,750
Bill.Com Holdings, Inc. (a)
 
8,200
2,413,342
Cadence Design Systems, Inc. (a)
 
37,500
6,491,625
Cipher Mining, Inc. (d)
 
363,446
2,856,686
Clearwater Analytics Holdings, Inc.
 
23,600
530,528
Confluent, Inc. (b)
 
45,000
3,057,750
Copperleaf Technologies, Inc.
 
29,800
623,402
Coupa Software, Inc. (a)
 
30,914
7,039,118
Crowdstrike Holdings, Inc. (a)(b)
 
20,700
5,833,260
Datadog, Inc. Class A (a)
 
5,500
918,775
DocuSign, Inc. (a)
 
49,000
13,636,210
DoubleVerify Holdings, Inc. (a)
 
101,600
4,016,248
DoubleVerify Holdings, Inc. (c)
 
220,931
8,733,402
EngageSmart, Inc.
 
21,100
707,483
Epic Games, Inc. (a)(d)(e)
 
1,076
912,997
ForgeRock, Inc.
 
18,100
534,312
Fortinet, Inc. (a)
 
4,200
1,412,628
Freshworks, Inc. (b)
 
68,700
3,452,175
GitLab, Inc.
 
5,300
594,660
HubSpot, Inc. (a)
 
25,592
20,735,406
Intuit, Inc.
 
31,600
19,781,284
IonQ, Inc. (d)
 
168,100
2,528,224
Lightspeed Commerce, Inc. (Canada) (a)
 
136,283
13,283,628
Microsoft Corp.
 
1,216,700
403,482,054
Monday.com Ltd.
 
4,100
1,524,503
Palo Alto Networks, Inc. (a)
 
1,400
712,726
Procore Technologies, Inc. (a)(b)
 
6,100
557,845
Riskified Ltd. (a)
 
21,600
417,744
Riskified Ltd.:
 
 
 
 Class A
 
96,275
1,768,861
 Class B
 
192,550
3,537,721
Salesforce.com, Inc. (a)
 
368,470
110,426,774
SentinelOne, Inc. (b)
 
90,200
5,989,280
ServiceNow, Inc. (a)
 
9,323
6,505,216
Similarweb Ltd. (a)
 
52,700
1,013,948
Sinch AB (a)(c)
 
32,000
606,800
Stripe, Inc. Class B (a)(d)(e)
 
19,900
798,488
Stronghold Digital Mining, Inc. Class A
 
40,400
1,109,384
Taboola.com Ltd.
 
783,089
6,985,545
Tanium, Inc. Class B (a)(d)(e)
 
151,000
1,919,210
Telos Corp.
 
51,400
1,331,774
Teradata Corp. (a)
 
26,700
1,510,152
The Trade Desk, Inc. (a)
 
65,950
4,940,315
UiPath, Inc. Class A (a)(b)
 
99,800
5,014,950
Volue A/S
 
322,584
2,256,740
Workday, Inc. Class A (a)
 
39,800
11,541,204
Zoom Video Communications, Inc. Class A (a)
 
102,800
28,234,020
 
 
 
815,852,067
Technology Hardware, Storage & Peripherals - 7.9%
 
 
 
Apple, Inc.
 
3,411,036
510,973,187
TOTAL INFORMATION TECHNOLOGY
 
 
2,202,466,757
MATERIALS - 1.1%
 
 
 
Chemicals - 0.7%
 
 
 
Albemarle Corp. U.S.
 
15,200
3,807,144
CF Industries Holdings, Inc.
 
112,900
6,412,720
Corbion NV
 
1,000
47,512
Corteva, Inc.
 
71,800
3,098,170
Nutrien Ltd.
 
212,100
14,824,378
Olin Corp.
 
53,800
3,065,524
The Chemours Co. LLC
 
110,007
3,082,396
The Mosaic Co.
 
193,400
8,039,638
 
 
 
42,377,482
Construction Materials - 0.0%
 
 
 
Eagle Materials, Inc.
 
22,000
3,263,920
Metals & Mining - 0.3%
 
 
 
Freeport-McMoRan, Inc.
 
555,200
20,942,144
Gatos Silver, Inc.
 
159,000
1,923,900
 
 
 
22,866,044
Paper & Forest Products - 0.1%
 
 
 
West Fraser Timber Co. Ltd.
 
43,100
3,450,856
TOTAL MATERIALS
 
 
71,958,302
REAL ESTATE - 0.1%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.1%
 
 
 
Lamar Advertising Co. Class A
 
11,500
1,301,800
Simon Property Group, Inc.
 
25,100
3,679,158
 
 
 
4,980,958
Real Estate Management & Development - 0.0%
 
 
 
Opendoor Technologies, Inc. (a)(b)
 
87,800
2,081,738
TOTAL REAL ESTATE
 
 
7,062,696
UTILITIES - 0.0%
 
 
 
Independent Power and Renewable Electricity Producers - 0.0%
 
 
 
Brookfield Renewable Corp.
 
24,900
1,031,330
 
TOTAL COMMON STOCKS
 (Cost $2,325,678,158)
 
 
 
6,308,682,817
 
 
 
 
Preferred Stocks - 2.8%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 2.6%
 
 
 
COMMUNICATION SERVICES - 0.0%
 
 
 
Diversified Telecommunication Services - 0.0%
 
 
 
Starry, Inc.:
 
 
 
  Series C(a)(d)
 
1,477,502
2,259,913
  Series D(a)(d)
 
402,931
616,303
 
 
 
2,876,216
CONSUMER DISCRETIONARY - 1.0%
 
 
 
Automobiles - 0.6%
 
 
 
Bird Rides, Inc. (d)
 
251,219
2,969,577
Rad Power Bikes, Inc.:
 
 
 
  Series A(d)(e)
 
14,368
137,700
  Series C(d)(e)
 
56,537
541,839
Rivian Automotive, Inc.:
 
 
 
  Series E(a)(d)
 
399,926
24,423,481
  Series F(d)
 
119,569
7,302,079
 
 
 
35,374,676
Hotels, Restaurants & Leisure - 0.1%
 
 
 
MOD Super Fast Pizza Holdings LLC Series 3 (a)(d)(e)(f)
 
32,826
6,583,583
 
 
 
 
Internet & Direct Marketing Retail - 0.3%
 
 
 
GoBrands, Inc. Series G (d)(e)
 
19,600
7,614,404
Instacart, Inc.:
 
 
 
  Series H(d)(e)
 
31,105
3,606,625
  Series I(d)(e)
 
13,960
1,618,662
Reddit, Inc.:
 
 
 
  Series B(a)(d)(e)
 
129,280
7,988,780
  Series E(d)(e)
 
5,005
309,281
 
 
 
21,137,752
Textiles, Apparel & Luxury Goods - 0.0%
 
 
 
Allbirds, Inc.:
 
 
 
  Series A(a)(d)
 
15,945
200,907
  Series B(a)(d)
 
2,800
35,280
  Series C(a)(d)
 
26,775
337,365
  Series Seed(a)(d)
 
8,575
108,045
 
 
 
681,597
TOTAL CONSUMER DISCRETIONARY
 
 
63,777,608
 
 
 
 
CONSUMER STAPLES - 0.7%
 
 
 
Food & Staples Retailing - 0.2%
 
 
 
Blink Health, Inc. Series C (a)(d)(e)
 
27,197
1,038,381
Sweetgreen, Inc.:
 
 
 
  Series H(a)(d)(e)
 
725,140
9,535,591
  Series J(d)(e)
 
41,359
543,871
 
 
 
11,117,843
Food Products - 0.0%
 
 
 
AgBiome LLC Series C (a)(d)(e)
 
266,499
1,579,750
 
 
 
 
Tobacco - 0.5%
 
 
 
JUUL Labs, Inc.:
 
 
 
  Series C(a)(d)(e)
 
660,029
33,483,271
  Series D(a)(d)(e)
 
5,110
259,230
 
 
 
33,742,501
TOTAL CONSUMER STAPLES
 
 
46,440,094
 
 
 
 
HEALTH CARE - 0.0%
 
 
 
Pharmaceuticals - 0.0%
 
 
 
Castle Creek Pharmaceutical Holdings, Inc. Series B (a)(d)(e)
 
1,069
700,398
 
 
 
 
INDUSTRIALS - 0.4%
 
 
 
Aerospace & Defense - 0.4%
 
 
 
Space Exploration Technologies Corp.:
 
 
 
  Series G(a)(d)(e)
 
42,650
17,912,574
  Series H(a)(d)(e)
 
6,348
2,666,097
  Series N(a)(d)(e)
 
12,799
5,375,452
 
 
 
25,954,123
Construction & Engineering - 0.0%
 
 
 
Beta Technologies, Inc. Series A (d)(e)
 
12,033
881,658
 
 
 
 
Transportation Infrastructure - 0.0%
 
 
 
Delhivery Private Ltd. Series H (d)(e)
 
2,947
1,401,845
 
 
 
 
TOTAL INDUSTRIALS
 
 
28,237,626
 
 
 
 
INFORMATION TECHNOLOGY - 0.4%
 
 
 
Communications Equipment - 0.0%
 
 
 
Xsight Labs Ltd. Series D (d)(e)
 
140,500
1,123,438
 
 
 
 
Electronic Equipment & Components - 0.0%
 
 
 
Enevate Corp. Series E (d)(e)
 
1,441,706
1,598,396
 
 
 
 
IT Services - 0.1%
 
 
 
AppNexus, Inc. Series E (Escrow) (a)(d)(e)
 
307,049
9,617
ByteDance Ltd. Series E1 (d)(e)
 
37,119
4,614,634
 
 
 
4,624,251
Software - 0.3%
 
 
 
Databricks, Inc. Series G (d)(e)
 
17,300
3,813,827
Dataminr, Inc. Series D (a)(d)(e)
 
115,901
5,050,966
Delphix Corp. Series D (a)(d)(e)
 
242,876
1,551,978
Jet.Com, Inc. Series B1 (Escrow) (a)(d)(e)
 
922,232
9
Malwarebytes Corp. Series B (a)(d)(e)
 
329,349
7,644,190
Nuvia, Inc. Series B (a)(d)
 
181,697
148,486
Stripe, Inc. Series H (d)(e)
 
8,700
349,088
 
 
 
18,558,544
TOTAL INFORMATION TECHNOLOGY
 
 
25,904,629
 
 
 
 
MATERIALS - 0.1%
 
 
 
Metals & Mining - 0.1%
 
 
 
Diamond Foundry, Inc. Series C (d)(e)
 
125,000
2,883,750
 
 
 
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
170,820,321
Nonconvertible Preferred Stocks - 0.2%
 
 
 
CONSUMER DISCRETIONARY - 0.1%
 
 
 
Automobiles - 0.1%
 
 
 
Neutron Holdings, Inc. Series 1C (a)(d)(e)
 
12,405,800
1,612,754
Waymo LLC Series A2 (a)(d)(e)
 
15,200
1,394,174
 
 
 
3,006,928
HEALTH CARE - 0.1%
 
 
 
Pharmaceuticals - 0.1%
 
 
 
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (a)(d)(e)
 
9,636
6,313,411
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
9,320,339
 
TOTAL PREFERRED STOCKS
 (Cost $80,461,021)
 
 
 
180,140,660
 
 
 
 
Convertible Bonds - 0.0%
 
 
Principal
Amount (g)
 
Value ($)
 
CONSUMER DISCRETIONARY - 0.0%
 
 
 
Automobiles - 0.0%
 
 
 
Neutron Holdings, Inc.:
 
 
 
 4% 5/22/27 (d)(e)
 
433,800
433,800
 4% 6/12/27 (d)(e)
 
115,200
115,200
 
 
 
549,000
HEALTH CARE - 0.0%
 
 
 
Pharmaceuticals - 0.0%
 
 
 
Castle Creek Pharmaceutical Holdings, Inc. 0.13% (d)(e)(h)
 
110,200
110,200
 
TOTAL CONVERTIBLE BONDS
 (Cost $659,200)
 
 
 
659,200
 
 
 
 
Preferred Securities - 0.0%
 
 
Principal
Amount (g)
 
Value ($)
 
INFORMATION TECHNOLOGY - 0.0%
 
 
 
Electronic Equipment & Components - 0.0%
 
 
 
Enevate Corp. 0% 1/29/23 (d)(e)
 
  (Cost $613,815)
 
 
613,815
613,815
 
 
 
 
Money Market Funds - 1.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 0.06% (i)
 
13,160,161
13,162,793
Fidelity Securities Lending Cash Central Fund 0.06% (i)(j)
 
105,942,709
105,953,303
 
TOTAL MONEY MARKET FUNDS
 (Cost $119,116,096)
 
 
119,116,096
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.8%
 (Cost $2,526,528,290)
 
 
 
6,609,212,588
NET OTHER ASSETS (LIABILITIES) - (1.8)%  
(117,022,018)
NET ASSETS - 100.0%
6,492,190,570
 
 
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 $46,057,081 or 0.7% 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 $253,958,631 or 3.9% 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)
Amount is stated in United States dollars unless otherwise noted.
 
(h)
Security is perpetual in nature with no stated maturity date.
 
(i)
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.
 
(j)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
AgBiome LLC Series C
6/29/18
1,687,925
Allbirds, Inc.
10/09/18
443,128
Allbirds, Inc. Series A
10/09/18
174,871
Allbirds, Inc. Series B
10/09/18
30,708
Allbirds, Inc. Series C
10/09/18
293,646
Allbirds, Inc. Series Seed
10/09/18
94,043
Ant International Co. Ltd. Class C
5/16/18
5,978,358
AppHarvest, Inc.
1/29/21
1,445,690
AppNexus, Inc. Series E (Escrow)
8/01/14
0
Arrival SA
3/24/21
490
Atom Tickets LLC
8/15/17
2,113,119
Beta Technologies, Inc. Series A
4/09/21
881,658
Bird Rides, Inc.
2/12/21
1,315,830
Blink Health, Inc. Series A1
12/30/20
170,206
Blink Health, Inc. Series C
11/07/19 - 1/21/21
1,038,273
ByteDance Ltd. Series E1
11/18/20
4,067,284
Castle Creek Pharmaceutical Holdings, Inc. Series A4
9/29/16
3,185,523
Castle Creek Pharmaceutical Holdings, Inc. Series B
10/09/18
440,268
Castle Creek Pharmaceutical Holdings, Inc. 0.13%
6/28/21
110,200
Cibus Corp. Series C
2/16/18 - 6/23/21
2,467,432
Cipher Mining, Inc.
3/04/21
3,634,460
Cyxtera Technologies, Inc.
2/21/21
1,295,110
Databricks, Inc. Series G
2/01/21
3,068,465
Dataminr, Inc. Series D
3/06/15
1,477,738
Delhivery Private Ltd. Series H
5/20/21
1,438,501
Delphix Corp. Series D
7/10/15
2,185,884
Diamond Foundry, Inc. Series C
3/15/21
3,000,000
Endeavor Group Holdings, Inc. Class A
3/29/21
2,220,864
Enevate Corp. Series E
1/29/21
1,598,398
Enevate Corp. 0% 1/29/23
1/29/21
613,815
Epic Games, Inc.
7/30/20
618,700
ESS Tech, Inc.
5/06/21
1,786,630
Fanatics, Inc. Class A
8/13/20
2,754,038
FSN E-Commerce Ventures Private Ltd.
10/07/20 - 10/26/20
2,246,418
GoBrands, Inc. Series G
3/02/21
4,894,459
Instacart, Inc. Series H
11/13/20
1,866,300
Instacart, Inc. Series I
2/26/21
1,745,000
IonQ, Inc.
3/07/21
1,681,000
Jet.Com, Inc. Series B1 (Escrow)
3/19/18
0
JUUL Labs, Inc. Class B
11/21/17
0
JUUL Labs, Inc. Series C
5/22/15 - 7/06/18
0
JUUL Labs, Inc. Series D
6/25/18 - 7/06/18
0
Malwarebytes Corp. Series B
12/21/15
3,416,996
MOD Super Fast Pizza Holdings LLC Series 3
11/03/16 - 5/15/19
4,656,507
MultiPlan Corp. warrants 12/31/99
10/08/20
0
Neutron Holdings, Inc.
2/04/21
6,918
Neutron Holdings, Inc. Series 1C
7/03/18
2,268,276
Neutron Holdings, Inc. 4% 5/22/27
6/04/20
433,800
Neutron Holdings, Inc. 4% 6/12/27
6/12/20
115,200
Nuvation Bio, Inc.
2/10/21
1,425,730
Nuvia, Inc. Series B
3/16/21
148,486
Otonomo Technologies Ltd.
1/31/21
70,570
Rad Power Bikes, Inc.
1/21/21
531,635
Rad Power Bikes, Inc. Series A
1/21/21
69,309
Rad Power Bikes, Inc. Series C
1/21/21
272,725
Reddit, Inc. Series B
7/26/17
1,835,324
Reddit, Inc. Series E
5/18/21
212,583
Rivian Automotive, Inc. Series E
7/10/20
6,194,854
Rivian Automotive, Inc. Series F
1/19/21
4,406,118
Space Exploration Technologies Corp. Class A
4/06/17 - 9/11/17
2,534,625
Space Exploration Technologies Corp. Class C
9/11/17
92,610
Space Exploration Technologies Corp. Series G
1/20/15
3,303,669
Space Exploration Technologies Corp. Series H
8/04/17
856,980
Space Exploration Technologies Corp. Series N
8/04/20
3,455,730
Starry, Inc. Series C
12/08/17
1,362,257
Starry, Inc. Series D
7/30/20
576,191
Stripe, Inc. Class B
5/18/21
798,555
Stripe, Inc. Series H
3/15/21
349,088
Sweetgreen, Inc. warrants 1/21/26
1/21/21
0
Sweetgreen, Inc. Series H
11/09/18
9,455,826
Sweetgreen, Inc. Series J
1/21/21
707,239
Tanium, Inc. Class B
4/21/17
749,609
The Original BARK Co.
12/17/20 - 8/13/21
2,351,569
Tory Burch LLC
5/14/15
7,612,368
Waymo LLC Series A2
5/08/20
1,305,181
WeWork, Inc.
3/25/21
4,416,350
Xsight Labs Ltd. Series D
2/16/21
1,123,438
Zomato Ltd.
12/09/20 - 2/10/21
2,199,578
 
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 0.06%
52,071,809
186,604,024
225,513,040
3,007
-
-
13,162,793
0.0%
Fidelity Securities Lending Cash Central Fund 0.06%
80,352,964
250,018,747
224,418,408
110,600
-
-
105,953,303
0.3%
Total
132,424,773
436,622,771
449,931,448
113,607
-
-
119,116,096
 
 
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 inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
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)
 
Valuation techniques used to value 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 any 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, and 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. Convertible Bonds and Preferred Securities 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 any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure 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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