NPORT-EX 2 QTLY_2927_20220430.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity Flex® Funds
Fidelity Flex® Large Cap Growth Fund
April 30, 2022
ZLG-NPRT3-0622
1.9881572.105
Common Stocks - 97.6%
 
  
Shares
Value ($)
 
COMMUNICATION SERVICES - 13.9%
 
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Starry Group Holdings, Inc. (a)
  
501
4,041
Starry, Inc.
 
3,359
25,666
 
  
  
29,707
Entertainment - 1.0%
  
  
  
Bilibili, Inc. ADR (b)
  
5,311
129,270
Endeavor Group Holdings, Inc. (b)
  
1,882
42,816
Netflix, Inc. (b)
  
2,039
388,144
Sea Ltd. ADR (b)
  
2,759
228,335
Universal Music Group NV
 
1,124
26,084
 
  
  
814,649
Interactive Media & Services - 12.9%
  
  
  
Alphabet, Inc. Class A (b)
  
2,786
6,358,181
Meta Platforms, Inc. Class A (b)
  
17,862
3,580,795
Snap, Inc. Class A (b)
  
28,366
807,296
Zoominfo Technologies, Inc. (b)
  
863
40,906
 
  
  
10,787,178
TOTAL COMMUNICATION SERVICES
  
  
11,631,534
CONSUMER DISCRETIONARY - 27.5%
 
  
  
Automobiles - 5.1%
  
  
  
Neutron Holdings, Inc. (a)(b)(c)
  
9,174
313
Rad Power Bikes, Inc. (a)(b)(c)
  
1,815
13,014
Rivian Automotive, Inc.
 
305
9,223
Rivian Automotive, Inc.
 
6,096
182,500
Tesla, Inc. (b)
  
4,558
3,968,924
XPeng, Inc. ADR (b)
  
3,315
81,582
 
  
  
4,255,556
Hotels, Restaurants & Leisure - 3.8%
  
  
  
Airbnb, Inc. Class A (b)
  
6,459
989,583
Booking Holdings, Inc. (b)
  
91
201,138
Caesars Entertainment, Inc. (b)
  
3,972
263,264
Chipotle Mexican Grill, Inc. (b)
  
178
259,099
Dutch Bros, Inc.
 
831
39,697
Expedia, Inc. (b)
  
768
134,208
Hilton Worldwide Holdings, Inc.
 
1,802
279,833
Marriott International, Inc. Class A
 
2,316
411,136
MGM Resorts International
 
1,269
52,080
Penn National Gaming, Inc. (b)
  
11,371
415,837
Sonder Holdings, Inc.
 
775
3,306
Sonder Holdings, Inc.:
  
  
  
 rights (b)(c)
  
23
49
 rights (b)(c)
  
22
37
 rights (b)(c)
  
22
30
 rights (b)(c)
  
22
24
 rights (b)(c)
  
21
18
 rights (b)(c)
  
21
15
Sweetgreen, Inc.
 
3,497
89,698
Sweetgreen, Inc. Class A
 
923
24,921
 
  
  
3,163,973
Household Durables - 0.0%
  
  
  
D.R. Horton, Inc.
 
119
8,281
Lennar Corp. Class A
 
113
8,643
 
  
  
16,924
Internet & Direct Marketing Retail - 9.5%
  
  
  
Alibaba Group Holding Ltd. sponsored ADR (b)
  
1,622
157,480
Amazon.com, Inc. (b)
  
2,660
6,611,776
BARK, Inc. (a)
  
2,983
9,217
Deliveroo PLC Class A (b)(d)
  
7,974
11,021
FSN E-Commerce Ventures Private Ltd. (a)(b)
  
30,000
564,475
JD.com, Inc.:
  
  
  
 Class A
 
119
3,710
 sponsored ADR
 
2,891
178,259
Pinduoduo, Inc. ADR (b)
  
4,284
184,598
Wayfair LLC Class A (b)
  
2,045
157,342
Zomato Ltd. (a)(b)
  
46,900
41,769
 
  
  
7,919,647
Multiline Retail - 1.0%
  
  
  
Dollar Tree, Inc. (b)
  
3,411
554,117
Nordstrom, Inc.
 
2,843
73,065
Ollie's Bargain Outlet Holdings, Inc. (b)
  
1,964
94,370
Target Corp.
 
323
73,854
 
  
  
795,406
Specialty Retail - 4.1%
  
  
  
American Eagle Outfitters, Inc. (e)
  
20,868
315,315
Aritzia, Inc. (b)
  
642
22,863
Burlington Stores, Inc. (b)
  
1,278
260,150
Carvana Co. Class A (b)
  
3,554
205,990
Dick's Sporting Goods, Inc.
 
734
70,772
Fanatics, Inc. Class A (a)(c)
  
3,099
210,236
Five Below, Inc. (b)
  
1,673
262,828
Floor & Decor Holdings, Inc. Class A (b)
  
1,252
99,809
JD Sports Fashion PLC
 
13,783
22,710
Lowe's Companies, Inc.
 
4,545
898,683
RH (b)
  
960
322,675
TJX Companies, Inc.
 
6,121
375,095
Victoria's Secret & Co. (b)
  
4,082
192,344
Warby Parker, Inc. (b)(e)
  
7,641
177,959
 
  
  
3,437,429
Textiles, Apparel & Luxury Goods - 4.0%
  
  
  
Capri Holdings Ltd. (b)
  
9,427
449,668
Crocs, Inc. (b)
  
3,647
242,270
Deckers Outdoor Corp. (b)
  
2,004
532,563
Hermes International SCA
 
20
24,661
lululemon athletica, Inc. (b)
  
3,655
1,296,173
LVMH Moet Hennessy Louis Vuitton SE
 
155
100,306
Moncler SpA
 
990
51,573
NIKE, Inc. Class B
 
4,370
544,939
On Holding AG
 
3,741
93,413
PVH Corp.
 
615
44,760
 
  
  
3,380,326
TOTAL CONSUMER DISCRETIONARY
  
  
22,969,261
CONSUMER STAPLES - 1.0%
 
  
  
Beverages - 0.5%
  
  
  
Boston Beer Co., Inc. Class A (b)
  
243
91,125
Celsius Holdings, Inc. (b)
  
5,482
285,064
The Coca-Cola Co.
 
161
10,402
 
  
  
386,591
Food & Staples Retailing - 0.4%
  
  
  
Albertsons Companies, Inc.
 
1,898
59,369
BJ's Wholesale Club Holdings, Inc. (b)
  
1,156
74,389
Blink Health LLC Series A1 (a)(b)(c)
  
99
3,209
Performance Food Group Co. (b)
  
965
47,526
Sysco Corp.
 
776
66,332
U.S. Foods Holding Corp. (b)
  
964
36,266
 
  
  
287,091
Food Products - 0.0%
  
  
  
Sovos Brands, Inc.
 
565
8,532
The Real Good Food Co., Inc.
 
500
3,580
The Real Good Food Co., Inc. Class A
 
2,969
21,045
 
  
  
33,157
Household Products - 0.1%
  
  
  
Procter & Gamble Co.
 
556
89,266
Tobacco - 0.0%
  
  
  
JUUL Labs, Inc. Class A (a)(b)(c)
  
217
8,693
TOTAL CONSUMER STAPLES
  
  
804,798
ENERGY - 3.5%
 
  
  
Energy Equipment & Services - 0.2%
  
  
  
Halliburton Co.
 
2,766
98,525
U.S. Silica Holdings, Inc. (b)
  
1,435
26,662
 
  
  
125,187
Oil, Gas & Consumable Fuels - 3.3%
  
  
  
Antero Resources Corp. (b)
  
271
9,539
Cenovus Energy, Inc. (Canada)
 
3,090
57,126
Cheniere Energy, Inc.
 
517
70,214
Denbury, Inc. (b)
  
1,640
104,927
Devon Energy Corp.
 
2,686
156,245
Diamondback Energy, Inc.
 
2,326
293,611
EOG Resources, Inc.
 
2,302
268,782
EQT Corp.
 
149
5,923
Equinor ASA
 
761
25,721
Exxon Mobil Corp.
 
1,363
116,196
Hess Corp.
 
3,226
332,504
Imperial Oil Ltd.
 
176
8,861
Marathon Oil Corp.
 
3,646
90,858
Occidental Petroleum Corp.
 
1,374
75,694
Phillips 66 Co.
 
1,516
131,528
Pioneer Natural Resources Co.
 
1,148
266,876
Reliance Industries Ltd.
 
14,440
522,564
Reliance Industries Ltd. sponsored GDR (d)
  
697
49,842
Valero Energy Corp.
 
1,755
195,647
 
  
  
2,782,658
TOTAL ENERGY
  
  
2,907,845
FINANCIALS - 0.8%
 
  
  
Banks - 0.2%
  
  
  
Kotak Mahindra Bank Ltd. (b)
  
733
16,978
Wells Fargo & Co.
 
3,729
162,696
 
  
  
179,674
Consumer Finance - 0.6%
  
  
  
American Express Co.
 
2,600
454,246
Diversified Financial Services - 0.0%
  
  
  
Ant International Co. Ltd. Class C (a)(b)(c)
  
3,606
5,878
Berkshire Hathaway, Inc. Class B (b)
  
87
28,086
 
  
  
33,964
Thrifts & Mortgage Finance - 0.0%
  
  
  
Housing Development Finance Corp. Ltd.
 
365
10,518
TOTAL FINANCIALS
  
  
678,402
HEALTH CARE - 4.0%
 
  
  
Biotechnology - 0.9%
  
  
  
ADC Therapeutics SA (b)
  
696
8,192
Alnylam Pharmaceuticals, Inc. (b)
  
837
111,681
Arcutis Biotherapeutics, Inc. (b)
  
691
13,951
Argenx SE ADR (b)
  
108
31,031
Ascendis Pharma A/S sponsored ADR (b)
  
382
34,865
Avidity Biosciences, Inc. (b)
  
300
4,290
BioNTech SE ADR (b)
  
252
34,973
Cerevel Therapeutics Holdings (b)
  
999
29,251
Day One Biopharmaceuticals, Inc. (b)
  
1,448
12,337
Erasca, Inc.
 
756
5,504
Generation Bio Co. (b)
  
1,151
7,286
Horizon Therapeutics PLC (b)
  
1,504
148,234
Instil Bio, Inc. (b)
  
1,340
9,474
Karuna Therapeutics, Inc. (b)
  
173
19,283
Regeneron Pharmaceuticals, Inc. (b)
  
186
122,594
Relay Therapeutics, Inc. (b)
  
546
13,011
Vertex Pharmaceuticals, Inc. (b)
  
324
88,523
Verve Therapeutics, Inc.
 
1,100
16,412
Xencor, Inc. (b)
  
200
4,996
 
  
  
715,888
Health Care Equipment & Supplies - 0.8%
  
  
  
Axonics Modulation Technologies, Inc. (b)
  
1,021
52,908
Boston Scientific Corp. (b)
  
849
35,751
DexCom, Inc. (b)
  
636
259,857
Il Makiage Ltd. (a)(c)
  
24
20,660
Insulet Corp. (b)
  
526
125,709
Intuitive Surgical, Inc. (b)
  
152
36,374
Outset Medical, Inc. (b)
  
559
19,498
Shockwave Medical, Inc. (b)
  
515
77,832
Tandem Diabetes Care, Inc. (b)
  
769
74,193
 
  
  
702,782
Health Care Providers & Services - 0.8%
  
  
  
agilon health, Inc. (b)
  
1,117
19,849
Alignment Healthcare, Inc. (b)
  
1,793
17,231
AmerisourceBergen Corp.
 
97
14,675
Anthem, Inc.
 
35
17,568
Centene Corp. (b)
  
509
41,000
Guardant Health, Inc. (b)
  
1,525
94,093
LifeStance Health Group, Inc.
 
4,605
31,176
McKesson Corp.
 
67
20,744
Surgery Partners, Inc. (b)
  
903
46,197
UnitedHealth Group, Inc.
 
762
387,515
 
  
  
690,048
Health Care Technology - 0.0%
  
  
  
Certara, Inc. (b)
  
800
14,680
MultiPlan Corp. warrants (a)(b)
  
212
107
 
  
  
14,787
Life Sciences Tools & Services - 0.3%
  
  
  
Danaher Corp.
 
574
144,149
ICON PLC (b)
  
212
47,957
Olink Holding AB ADR (b)
  
1,504
21,778
Seer, Inc. (b)
  
924
6,727
Thermo Fisher Scientific, Inc.
 
98
54,186
 
  
  
274,797
Pharmaceuticals - 1.2%
  
  
  
Eli Lilly & Co.
 
1,870
546,283
Intra-Cellular Therapies, Inc. (b)
  
180
9,110
Nuvation Bio, Inc. (b)
  
1,450
6,757
Roche Holding AG (participation certificate)
 
67
24,845
Zoetis, Inc. Class A
 
2,248
398,458
 
  
  
985,453
TOTAL HEALTH CARE
  
  
3,383,755
INDUSTRIALS - 5.0%
 
  
  
Aerospace & Defense - 0.5%
  
  
  
Airbus Group NV
 
452
49,481
General Dynamics Corp.
 
76
17,976
Howmet Aerospace, Inc.
 
1,684
57,458
L3Harris Technologies, Inc.
 
107
24,852
Lockheed Martin Corp.
 
84
36,298
Northrop Grumman Corp.
 
82
36,031
Raytheon Technologies Corp.
 
98
9,301
Space Exploration Technologies Corp. Class A (a)(b)(c)
  
1,000
56,000
The Boeing Co. (b)
  
901
134,105
 
  
  
421,502
Airlines - 0.3%
  
  
  
Alaska Air Group, Inc. (b)
  
739
40,194
Delta Air Lines, Inc. (b)
  
2,622
112,825
Ryanair Holdings PLC sponsored ADR (b)
  
1,150
100,418
Southwest Airlines Co. (b)
  
583
27,238
 
  
  
280,675
Commercial Services & Supplies - 0.1%
  
  
  
ACV Auctions, Inc. Class A (b)
  
3,097
41,345
Construction & Engineering - 0.0%
  
  
  
Fluor Corp. (b)
  
1,204
29,799
Electrical Equipment - 0.4%
  
  
  
Acuity Brands, Inc.
 
1,407
242,679
Generac Holdings, Inc. (b)
  
481
105,522
 
  
  
348,201
Industrial Conglomerates - 0.2%
  
  
  
General Electric Co.
 
2,061
153,648
Machinery - 0.2%
  
  
  
Caterpillar, Inc.
 
43
9,053
Deere & Co.
 
443
167,255
 
  
  
176,308
Road & Rail - 3.2%
  
  
  
Avis Budget Group, Inc. (b)
  
905
242,241
Bird Global, Inc. (a)
  
4,242
7,636
Bird Global, Inc.
 
11,663
20,783
Bird Global, Inc.:
  
  
  
 rights (b)(c)
  
452
181
 rights (b)(c)
  
452
90
 rights (b)(c)
  
452
41
 Class A (b)
  
8,020
14,436
Hertz Global Holdings, Inc.
 
4,937
99,036
Lyft, Inc. (b)
  
44,288
1,443,789
Uber Technologies, Inc. (b)
  
26,791
843,381
 
  
  
2,671,614
Transportation Infrastructure - 0.1%
  
  
  
Delhivery Private Ltd. (a)(c)
  
5,700
34,385
TOTAL INDUSTRIALS
  
  
4,157,477
INFORMATION TECHNOLOGY - 40.3%
 
  
  
Communications Equipment - 0.2%
  
  
  
Arista Networks, Inc. (b)
  
1,227
141,804
Electronic Equipment & Components - 0.0%
  
  
  
II-VI, Inc. (b)
  
365
22,342
IT Services - 2.2%
  
  
  
Block, Inc. Class A (b)
  
1,161
115,566
Flywire Corp. (b)
  
2,149
65,566
MasterCard, Inc. Class A
 
2,242
814,698
MongoDB, Inc. Class A (b)
  
257
91,217
Okta, Inc. (b)
  
1,933
230,626
PayPal Holdings, Inc. (b)
  
102
8,969
Shift4 Payments, Inc. (b)
  
1,755
92,067
Twilio, Inc. Class A (b)
  
3,355
375,156
Visa, Inc. Class A
 
486
103,581
 
  
  
1,897,446
Semiconductors & Semiconductor Equipment - 11.2%
  
  
  
Advanced Micro Devices, Inc. (b)
  
4,129
353,112
ASML Holding NV
 
95
53,558
Cirrus Logic, Inc. (b)
  
1,357
102,861
GlobalFoundries, Inc.
 
4,567
238,808
Lam Research Corp.
 
153
71,261
Marvell Technology, Inc.
 
34,701
2,015,434
NVIDIA Corp.
 
26,757
4,962,621
NXP Semiconductors NV
 
5,707
975,326
onsemi (b)
  
3,363
175,246
Synaptics, Inc. (b)
  
267
39,633
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
1,213
112,724
Teradyne, Inc.
 
1,959
206,596
Wolfspeed, Inc. (b)
  
464
42,553
 
  
  
9,349,733
Software - 12.4%
  
  
  
Atlassian Corp. PLC (b)
  
330
74,194
Cadence Design Systems, Inc. (b)
  
400
60,340
Confluent, Inc.
 
1,486
46,423
Coupa Software, Inc. (b)
  
1,276
110,119
Crowdstrike Holdings, Inc. (b)
  
980
194,785
Datadog, Inc. Class A (b)
  
398
48,070
DoubleVerify Holdings, Inc. (b)
  
350
7,613
EngageSmart, Inc.
 
2,843
59,362
Epic Games, Inc. (a)(b)(c)
  
9
8,370
HashiCorp, Inc. (e)
  
567
26,694
HubSpot, Inc. (b)
  
443
168,087
Intuit, Inc.
 
979
409,956
Microsoft Corp.
 
29,481
8,181,567
Qualtrics International, Inc. (b)
  
1,827
33,873
Riskified Ltd. Class A (d)
  
125
654
Salesforce.com, Inc. (b)
  
3,658
643,589
Samsara, Inc.
 
1,858
22,928
ServiceNow, Inc. (b)
  
226
108,051
Stripe, Inc. Class B (a)(b)(c)
  
400
12,820
Tanium, Inc. Class B (a)(b)(c)
  
131
1,546
Zoom Video Communications, Inc. Class A (b)
  
1,851
184,304
 
  
  
10,403,345
Technology Hardware, Storage & Peripherals - 14.3%
  
  
  
Apple, Inc.
 
75,739
11,940,254
TOTAL INFORMATION TECHNOLOGY
  
  
33,754,924
MATERIALS - 1.4%
 
  
  
Chemicals - 1.0%
  
  
  
Cabot Corp.
 
764
50,309
CF Industries Holdings, Inc.
 
1,653
160,060
Corteva, Inc.
 
21
1,211
Nutrien Ltd.
 
3,582
351,996
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR
 
235
17,343
The Mosaic Co.
 
3,815
238,132
 
  
  
819,051
Metals & Mining - 0.4%
  
  
  
ArcelorMittal SA Class A unit GDR
 
2,576
75,322
Freeport-McMoRan, Inc.
 
6,237
252,910
Glencore Xstrata PLC
 
1,414
8,713
 
  
  
336,945
TOTAL MATERIALS
  
  
1,155,996
REAL ESTATE - 0.1%
 
  
  
Real Estate Management & Development - 0.1%
  
  
  
WeWork, Inc. (b)
  
15,231
106,769
UTILITIES - 0.1%
 
  
  
Electric Utilities - 0.1%
  
  
  
ORSTED A/S (d)
  
176
19,471
PG&E Corp. (b)
  
1,476
18,671
Southern Co.
 
287
21,063
 
  
  
59,205
Multi-Utilities - 0.0%
  
  
  
Sempra Energy
 
186
30,013
TOTAL UTILITIES
  
  
89,218
 
TOTAL COMMON STOCKS
 (Cost $58,354,514)
  
  
  
81,639,979
 
  
  
  
Preferred Stocks - 2.0%
 
  
Shares
Value ($)
 
Convertible Preferred Stocks - 1.8%
 
  
  
COMMUNICATION SERVICES - 0.1%
  
  
  
Interactive Media & Services - 0.1%
  
  
  
Reddit, Inc.:
  
  
  
  Series E(a)(c)
  
103
4,084
  Series F(a)(c)
  
1,044
41,395
 
  
  
45,479
CONSUMER DISCRETIONARY - 0.4%
  
  
  
Automobiles - 0.0%
  
  
  
Rad Power Bikes, Inc.:
  
  
  
  Series A(a)(b)(c)
  
237
1,699
  Series C(a)(b)(c)
  
931
6,675
  Series D(a)(c)
  
2,100
15,057
 
  
  
23,431
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Discord, Inc. Series I (a)(c)
  
17
9,361
 
  
  
  
Internet & Direct Marketing Retail - 0.3%
  
  
  
GoBrands, Inc.:
  
  
  
  Series G(a)(b)(c)
  
400
134,836
  Series H(a)(c)
  
235
79,216
Instacart, Inc.:
  
  
  
  Series H(a)(b)(c)
  
461
29,896
  Series I(a)(b)(c)
  
272
17,639
 
  
  
261,587
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Algolia SAS Series D (a)(c)
  
624
18,249
CelLink Corp. Series D (a)(c)
  
1,546
32,194
 
  
  
50,443
TOTAL CONSUMER DISCRETIONARY
  
  
344,822
 
  
  
  
CONSUMER STAPLES - 0.0%
  
  
  
Food & Staples Retailing - 0.0%
  
  
  
Blink Health LLC Series C (a)(b)(c)
  
241
7,811
 
  
  
  
Food Products - 0.0%
  
  
  
AgBiome LLC Series C (a)(b)(c)
  
557
3,286
Bowery Farming, Inc. Series C1 (a)(c)
  
378
16,670
 
  
  
19,956
Tobacco - 0.0%
  
  
  
JUUL Labs, Inc. Series E (a)(b)(c)
  
127
5,088
 
  
  
  
TOTAL CONSUMER STAPLES
  
  
32,855
 
  
  
  
INDUSTRIALS - 0.3%
  
  
  
Aerospace & Defense - 0.3%
  
  
  
ABL Space Systems:
  
  
  
  Series B(a)(b)(c)
  
629
42,770
  Series B2(a)(c)
  
331
22,507
Relativity Space, Inc. Series E (a)(c)
  
5,798
123,729
Space Exploration Technologies Corp. Series N (a)(b)(c)
  
126
70,560
 
  
  
259,566
Construction & Engineering - 0.0%
  
  
  
Beta Technologies, Inc. Series A (a)(c)
  
231
23,832
 
  
  
  
TOTAL INDUSTRIALS
  
  
283,398
 
  
  
  
INFORMATION TECHNOLOGY - 0.7%
  
  
  
Communications Equipment - 0.1%
  
  
  
Meesho Series F (a)(c)
  
1,300
99,674
Xsight Labs Ltd. Series D (a)(b)(c)
  
2,700
20,196
 
  
  
119,870
Electronic Equipment & Components - 0.1%
  
  
  
Enevate Corp. Series E (a)(b)(c)
  
24,030
26,642
Menlo Micro, Inc. Series C (a)(c)
  
9,500
9,999
 
  
  
36,641
IT Services - 0.1%
  
  
  
ByteDance Ltd. Series E1 (a)(b)(c)
  
544
69,670
Yanka Industries, Inc. Series F (a)(c)
  
1,183
24,689
 
  
  
94,359
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
Astera Labs, Inc. Series C (a)(c)
  
3,700
11,211
GaN Systems, Inc.:
  
  
  
  Series F1(a)(c)
  
1,539
10,327
  Series F2(a)(c)
  
813
5,455
SiMa.ai Series B (a)(c)
  
6,600
46,800
 
  
  
73,793
Software - 0.3%
  
  
  
Bolt Technology OU Series E (a)(c)
  
395
95,842
Databricks, Inc.:
  
  
  
  Series G(a)(b)(c)
  
284
47,527
  Series H(a)(c)
  
217
36,315
Mountain Digital, Inc. Series D (a)(c)
  
1,221
28,041
Nuvia, Inc. Series B (a)(b)
  
2,764
2,259
Skyryse, Inc. Series B (a)(c)
  
1,300
32,084
Stripe, Inc. Series H (a)(b)(c)
  
200
6,410
Tenstorrent, Inc. Series C1 (a)(c)
  
200
11,256
 
  
  
259,734
TOTAL INFORMATION TECHNOLOGY
  
  
584,397
 
  
  
  
MATERIALS - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Diamond Foundry, Inc. Series C (a)(b)(c)
  
5,192
146,311
 
  
  
  
UTILITIES - 0.1%
  
  
  
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
Redwood Materials Series C (a)(c)
  
799
37,875
 
  
  
  
TOTAL CONVERTIBLE PREFERRED STOCKS
  
  
1,475,137
Nonconvertible Preferred Stocks - 0.2%
 
  
  
CONSUMER DISCRETIONARY - 0.2%
  
  
  
Automobiles - 0.0%
  
  
  
Neutron Holdings, Inc.:
  
  
  
  Series 1C(a)(b)(c)
  
26,100
890
  Series 1D(a)(b)(c)
  
58,561
1,997
Waymo LLC Series A2 (a)(b)(c)
  
127
11,649
 
  
  
14,536
Internet & Direct Marketing Retail - 0.2%
  
  
  
Circle Internet Financial Ltd. Series E (a)
  
2,926
133,766
 
  
  
  
TOTAL CONSUMER DISCRETIONARY
  
  
148,302
 
  
  
  
INFORMATION TECHNOLOGY - 0.0%
  
  
  
IT Services - 0.0%
  
  
  
Gupshup, Inc. (a)(c)
  
1,661
31,592
 
  
  
  
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  
  
179,894
 
TOTAL PREFERRED STOCKS
 (Cost $1,565,247)
  
  
  
1,655,031
 
  
  
  
Convertible Bonds - 0.1%
 
  
Principal
Amount (f)
 
Value ($)
 
CONSUMER DISCRETIONARY - 0.1%
 
  
  
Automobiles - 0.1%
  
  
  
Neutron Holdings, Inc.:
  
  
  
 0% 10/27/25 (a)(c)(g)
  
46,400
44,437
 4% 5/22/27 (a)(c)
  
5,000
6,855
 4% 6/12/27 (a)(c)
  
3,170
4,346
 
  
  
55,638
FINANCIALS - 0.0%
 
  
  
Diversified Financial Services - 0.0%
  
  
  
ZKH Group Ltd. 8% 12/23/22 (a)(c)
  
26,509
26,509
 
TOTAL CONVERTIBLE BONDS
 (Cost $81,079)
  
  
  
82,147
 
  
  
  
Preferred Securities - 0.0%
 
  
Principal
Amount (f)
 
Value ($)
 
INFORMATION TECHNOLOGY - 0.0%
 
  
  
Electronic Equipment & Components - 0.0%
  
  
  
Enevate Corp. 0% 1/29/23 (a)(c)
  
10,231
10,231
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
GaN Systems, Inc. 0% (a)(c)(h)
  
36,074
36,074
Software - 0.0%
  
  
  
Tenstorrent, Inc. 0% (a)(c)(h)
  
10,000
10,000
 
TOTAL PREFERRED SECURITIES
 (Cost $56,305)
  
  
  
56,305
 
  
  
  
Money Market Funds - 1.2%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 0.32% (i)
  
463,584
463,676
Fidelity Securities Lending Cash Central Fund 0.32% (i)(j)
  
520,933
520,985
 
TOTAL MONEY MARKET FUNDS
 (Cost $984,661)
  
  
984,661
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.9%
 (Cost $61,041,806)
 
  
 
84,418,123
NET OTHER ASSETS (LIABILITIES) - (0.9)%  
(763,286)
NET ASSETS - 100.0%
83,654,837
 
  
Legend
 
(a)
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 $2,795,852 or 3.3% of net assets.
 
(b)
Non-income producing
 
(c)
Level 3 security
 
(d)
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 $80,988 or 0.1% of net assets.
 
(e)
Security or a portion of the security is on loan at period end.
 
(f)
Amount is stated in United States dollars unless otherwise noted.
 
(g)
Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.
 
(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 ($)
 
ABL Space Systems Series B
3/24/21
28,327
ABL Space Systems Series B2
10/22/21
22,507
AgBiome LLC Series C
6/29/18
3,528
Algolia SAS Series D
7/23/21
18,249
Ant International Co. Ltd. Class C
5/16/18
13,745
Astera Labs, Inc. Series C
8/24/21
12,439
BARK, Inc.
12/17/20
29,830
Beta Technologies, Inc. Series A
4/09/21
16,925
Bird Global, Inc.
5/11/21
42,420
Blink Health LLC Series A1
12/30/20
2,682
Blink Health LLC Series C
11/07/19 - 7/14/21
9,200
Bolt Technology OU Series E
1/03/22
102,620
Bowery Farming, Inc. Series C1
5/18/21
22,774
ByteDance Ltd. Series E1
11/18/20
59,608
CelLink Corp. Series D
1/20/22
32,194
Circle Internet Financial Ltd. Series E
5/11/21
47,500
Databricks, Inc. Series G
2/01/21
50,372
Databricks, Inc. Series H
8/31/21
47,838
Delhivery Private Ltd.
5/20/21
27,823
Diamond Foundry, Inc. Series C
3/15/21
124,608
Discord, Inc. Series I
9/15/21
9,361
Enevate Corp. Series E
1/29/21
26,642
Enevate Corp. 0% 1/29/23
1/29/21
10,231
Epic Games, Inc.
7/30/20
5,175
Fanatics, Inc. Class A
8/13/20 - 12/15/21
121,928
FSN E-Commerce Ventures Private Ltd.
10/07/20
82,628
GaN Systems, Inc. Series F1
11/30/21
13,051
GaN Systems, Inc. Series F2
11/30/21
6,894
GaN Systems, Inc. 0%
11/30/21
36,074
GoBrands, Inc. Series G
3/02/21
99,887
GoBrands, Inc. Series H
7/22/21
91,295
Gupshup, Inc.
6/08/21
37,979
Il Makiage Ltd.
1/06/22
20,660
Instacart, Inc. Series H
11/13/20
27,660
Instacart, Inc. Series I
2/26/21
34,000
JUUL Labs, Inc. Class A
12/20/17 - 7/06/18
5,804
JUUL Labs, Inc. Series E
12/20/17 - 7/06/18
3,263
Meesho Series F
9/21/21
99,674
Menlo Micro, Inc. Series C
2/09/22
12,592
Mountain Digital, Inc. Series D
11/05/21
28,041
MultiPlan Corp. warrants
10/08/20
0
Neutron Holdings, Inc.
2/04/21
92
Neutron Holdings, Inc. Series 1C
7/03/18
4,772
Neutron Holdings, Inc. Series 1D
1/25/19
14,201
Neutron Holdings, Inc. 0% 10/27/25
10/29/21
46,400
Neutron Holdings, Inc. 4% 5/22/27
6/04/20
5,000
Neutron Holdings, Inc. 4% 6/12/27
6/12/20
3,170
Nuvia, Inc. Series B
3/16/21
2,259
Rad Power Bikes, Inc.
1/21/21
8,755
Rad Power Bikes, Inc. Series A
1/21/21
1,143
Rad Power Bikes, Inc. Series C
1/21/21
4,491
Rad Power Bikes, Inc. Series D
9/17/21
20,126
Reddit, Inc. Series E
5/18/21
4,375
Reddit, Inc. Series F
8/11/21
64,513
Redwood Materials Series C
5/28/21
37,875
Relativity Space, Inc. Series E
5/27/21
132,398
SiMa.ai Series B
5/10/21
33,841
Skyryse, Inc. Series B
10/21/21
32,084
Space Exploration Technologies Corp. Class A
2/16/21
41,999
Space Exploration Technologies Corp. Series N
8/04/20
34,020
Starry Group Holdings, Inc.
10/06/21
3,758
Stripe, Inc. Class B
5/18/21
16,051
Stripe, Inc. Series H
3/15/21
8,025
Tanium, Inc. Class B
4/21/17
650
Tenstorrent, Inc. Series C1
4/23/21
11,891
Tenstorrent, Inc. 0%
4/23/21
10,000
Waymo LLC Series A2
5/08/20
10,905
Xsight Labs Ltd. Series D
2/16/21
21,589
Yanka Industries, Inc. Series F
4/08/21
37,710
ZKH Group Ltd. 8% 12/23/22
2/24/22
26,509
Zomato Ltd.
12/09/20 - 2/10/21
33,690
 
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 0.32%
2,415,701
11,267,637
13,219,662
300
-
-
463,676
0.0%
Fidelity Securities Lending Cash Central Fund 0.32%
353,805
8,284,787
8,117,607
6,690
-
-
520,985
0.0%
Total
2,769,506
19,552,424
21,337,269
6,990
-
-
984,661
  
 
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 - Unadjusted 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.
 
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.