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0.01000000 0.000000000099 Long EC CORP US N 3 N N N NORFOLK SOUTHERN CORP 54930036C8MWP850MI84 NORFOLK SOUTHERN CORP 655844108 6000.00000000 NS USD 1381920.00000000 0.013728005211 Long EC CORP US N 1 N N N MASTERCARD INC AR5L2ODV9HN37376R084 MASTERCARD INC CL A 57636Q104 223900.00000000 NS USD 101023680.00000000 1.003570109349 Long EC CORP US N 1 N N N DELTA AIRLINES INC Q2CCMS6R0AS67HJMBN42 DELTA AIR INC 247361702 84900.00000000 NS USD 4250943.00000000 0.042228904464 Long EC CORP US N 1 N N N ZOOM VIDEO COMMUNICATIONS INC 549300T9GCHU0ODOM055 ZOOM VIDEO COMMUNICATIONS INC CL A 98980L101 143400.00000000 NS USD 8761740.00000000 0.087039200808 Long EC CORP US N 1 N N N UNIVERSAL MUSIC GROUP NV 724500GJBUL3D9TW9Y18 UNIVERSAL MUSIC GROUP NV N/A 317839.00000000 NS 9395778.57000000 0.093337745436 Long EC CORP NL N 1 N N N BLINK HEALTH LLC N/A BLINK HEALTH INC A-1 PP N/A 6283.00000000 NS USD 258859.60000000 0.002571513501 Long EC CORP US Y 3 N N N DATABRICKS INC N/A DATABRICKS INC SER I PC PP N/A 1191.00000000 NS USD 93648.33000000 0.000930303318 Long EP CORP US Y 3 N N N RAD POWER BIKES INC N/A RAD POWER BIKES INC SER A PC PP N/A 14368.00000000 NS USD 6752.96000000 0.000067083962 Long EP CORP US Y 3 N N N WAYFAIR INC 54930027N9ZAVYFDHK53 WAYFAIR INC 94419L101 280720.00000000 NS USD 14078108.00000000 0.139852046421 Long EC CORP US N 1 N N N AIRBNB INC 549300HMUDNO0RY56D37 AIRBNB INC CLASS A 009066101 398500.00000000 NS USD 63190145.00000000 0.627731446008 Long EC CORP US N 1 N N N DECKERS OUTDOOR CORP 5493008LG4W3I6K8J118 DECKERS OUTDOOR CORP 243537107 96016.00000000 NS USD 78586215.52000000 0.780676143482 Long EC CORP US N 1 N N N FIRST SOLAR INC 549300NPYMLM4NHTOF27 FIRST SOLAR INC 336433107 20400.00000000 NS USD 3596520.00000000 0.035727860732 Long EC CORP US N 1 N N N ZILLOW GROUP INC 2549002XEELQDIR6FU05 ZILLOW GROUP INC CL C 98954M200 158700.00000000 NS USD 6755859.00000000 0.067112761635 Long EC CORP US N 1 N N N PEPSICO INC FJSUNZKFNQ5YPJ5OT455 PEPSICO INC 713448108 47400.00000000 NS USD 8338134.00000000 0.082831095146 Long EC CORP US N 1 N N N INSPIRE MEDICAL SYSTEMS INC 549300XQQCQ7HCJKTW25 INSPIRE MEDICAL SYSTEMS INC 457730109 41000.00000000 NS USD 9908060.00000000 0.098426753585 Long EC CORP US N 1 N N N CAMECO CORP N4BHALMXL3GMZKCUON55 CAMECO CORP 13321L108 243400.00000000 NS 11105185.78000000 0.110319011419 Long EC CORP CA N 1 N N N UNITEDHEALTH GROUP INC 549300GHBMY8T5GXDE41 UNITEDHEALTH GROUP INC 91324P102 308400.00000000 NS USD 149173080.00000000 1.481886664667 Long EC CORP US N 1 N N N RELIANCE INDUSTRIES LTD 5493003UOETFYRONLG31 RELIANCE INDS GDR 759470107 24800.00000000 NS USD 1753360.00000000 0.017417893378 Long EC CORP IN N 1 N N N VIKING THERAPEUTICS INC 529900IVC72YPFA25M37 VIKING THERAPEUTICS INC 92686J106 124500.00000000 NS USD 9907710.00000000 0.098423276682 Long EC CORP US N 1 N N N APOGEE THERAPEUTICS INC N/A APOGEE THERAPEUTICS INC 03770N101 51300.00000000 NS USD 2580390.00000000 0.025633616538 Long EC CORP US N 1 N N N COREWEAVE INC N/A COREWEAVE INC P/P N/A 26920.00000000 NS USD 10504453.20000000 0.104351328783 Long EC CORP US Y 3 N N N KENVUE INC 5493008HSF8L4M2LIJ82 KENVUE INC 49177J102 357100.00000000 NS USD 6720622.00000000 0.066762716973 Long EC CORP US N 1 N N N XSIGHT LABS LTD N/A XSIGHT LABS LTD WT 01/11/34 PP N/A 15421.00000000 NS USD 28374.64000000 0.000281873918 Long EC CORP IL Y 3 N N N STRIPE INC 549300CLHGIPTCYHQ143 STRIPE INC SER I PC PP N/A 135124.00000000 NS USD 3513224.00000000 0.034900397548 Long EP CORP US Y 3 N N N NEW ORIENTAL EDUCATION and TECHNOLOGY GROUP INC 529900NHZVBZQZ8EKN29 NEW ORIENTAL ED and TECH GR INC - ADR 647581206 85322.00000000 NS USD 6578326.20000000 0.065349149267 Long EC CORP KY N 1 N N N GOBRANDS INC N/A GOBRANDS INC SER G PC PP N/A 19600.00000000 NS USD 727160.00000000 0.007223613718 Long EP CORP US Y 3 N N N HILTON WORLDWIDE HOLDINGS INC 549300HVGPK36ICB0B89 HILTON WORLDWIDE HOLDINGS INC 43300A203 6600.00000000 NS USD 1302048.00000000 0.012934556073 Long EC CORP US N 1 N N N ZOMATO LTD 335800T4VOF9ETHF8W59 ZOMATO LTD N/A 1173800.00000000 NS 2708274.63000000 0.026904023557 Long EC CORP IN N 2 N N N AGBIOME LLC N/A AGBIOME LLC PC SER C P/P N/A 266499.00000000 NS USD 2.66000000 0.000000026424 Long EP CORP US Y 3 N N N BIRD GLOBAL INC N/A BIRD RIDES CVR VWAP STAGE 2 11/04/2026 (NON-TRADABLE) N/A 549.00000000 NS USD 0.01000000 0.000000000099 Long EC CORP US N 3 N N N VISTRA CORP 549300KP43CPCUJOOG15 VISTRA CORP 92840M102 23000.00000000 NS USD 1744320.00000000 0.017328089940 Long EC CORP US N 1 N N N ANT INTERNATIONAL CO LTD N/A ANT INTERNATIONAL CO LTD CLASS C PP N/A 784278.00000000 NS USD 1388172.06000000 0.013790113229 Long EC CORP KY Y 3 N N N OLLIES BARGAIN OUTLET HLDGS INC 529900YO5DSQCPEFDZ05 OLLIES BARGAIN OUTLET HOLDINGS INC 681116109 121900.00000000 NS USD 8915766.00000000 0.088569296421 Long EC CORP US N 1 N N N ARISTA NETWORKS INC 635400H1WKBLOQERUU95 ARISTA NETWORKS INC 040413106 21600.00000000 NS USD 5541696.00000000 0.055051255910 Long EC CORP US N 1 N N N AMERICAN EXPRESS CO R4PP93JZOLY261QX3811 AMERICAN EXPRESS CO 025816109 149200.00000000 NS USD 34917276.00000000 0.346868521256 Long EC CORP US N 1 N N N PATANJALI FOODS LTD 335800EXLHZBCGE81H10 PATANJALI FOODS LTD (DEMAT) N/A 203300.00000000 NS 3670477.91000000 0.036462559248 Long EC CORP IN N 2 N N N CASTLE CREEK BIOSCIENCES INC N/A CASTLE CREEK BIOSCIENCES INC A-4 PREF PP N/A 9636.00000000 NS USD 1963045.92000000 0.019500915118 Long EP CORP US Y 3 N N N MASIMO CORP 549300Q4A8JK0PIYCU29 MASIMO CORP 574795100 22300.00000000 NS USD 2997343.00000000 0.029775631240 Long EC CORP US N 1 N N N LINDE PLC 5299003QR1WT0EF88V51 LINDE PLC N/A 12900.00000000 NS USD 5688384.00000000 0.056508455769 Long EC CORP IE N 1 N N N ALPHABET INC 5493006MHB84DD0ZWV18 ALPHABET INC CL A 02079K305 4075060.00000000 NS USD 663338266.80000000 6.589608069595 Long EC CORP US N 1 N N N UBER TECHNOLOGIES INC 549300B2FTG34FILDR98 UBER TECHNOLOGIES INC 90353T100 2821275.00000000 NS USD 186965894.25000000 1.857320807726 Long EC CORP US N 1 N N N CHENIERE ENERGY INC MIHC87W9WTYSYZWV1J40 CHENIERE ENERGY INC 16411R208 21700.00000000 NS USD 3424694.00000000 0.034020939764 Long EC CORP US N 1 N N N NEUTRON HOLDINGS INC 549300W1F8PO8BQFD775 NEUTRON HOLDINGS INC CONV 4% 06/12/2027 PP N/A 115200.00000000 PA USD 140163.84000000 0.001392388796 Long DBT CORP US Y 3 2027-06-12 Fixed 0.04000000 N N N Y Y NEUTRON HOLDINGS INC NEUTRON HOLDINGS INC PP USD XXXX N N N CASTLE CREEK BIOSCIENCES INC N/A CASTLE CREEK BIOSCIENCES INC SER B PC PERP PP N/A 1069.00000000 NS USD 209791.25000000 0.002084068088 Long EP CORP US Y 3 N N N FANATICS INC N/A FANATICS HOLDINGS INC CLASS A PP N/A 159285.00000000 NS USD 11006593.50000000 0.109339594858 Long EC CORP US Y 3 N N N DELIVEROO PLC 984500F6537F74DDEE77 DELIVEROO HOLDINGS PLC CL A N/A 24700.00000000 NS 41295.88000000 0.000410233628 Long EC CORP GB N 1 N N N WALT DISNEY CO 549300GZKULIZ0WOW665 DISNEY (WALT) CO 254687106 59800.00000000 NS USD 6643780.00000000 0.065999367881 Long EC CORP US N 1 N N N RALPH LAUREN CORP HO1QNWM0IXBZ0QSMMO20 RALPH LAUREN CORP 751212101 18400.00000000 NS USD 3010976.00000000 0.029911061580 Long EC CORP US N 1 N N N SEA LTD 529900OM6JLLW44YKI15 SEA LTD ADR 81141R100 456675.00000000 NS USD 28857293.25000000 0.286668600296 Long EC CORP KY N 1 N N N 2024-05-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_2611_20240430.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Series Blue Chip Growth Fund
April 30, 2024
XS1-NPRT3-0624
1.967990.110
Common Stocks - 98.6%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 17.1%
 
 
 
Diversified Telecommunication Services - 0.1%
 
 
 
Indus Towers Ltd. (a)
 
1,227,200
5,192,363
Entertainment - 2.7%
 
 
 
Netflix, Inc. (a)
 
358,424
197,362,591
Roblox Corp. (a)
 
327,300
11,638,788
Sea Ltd. ADR (a)
 
456,675
28,857,293
Sphere Entertainment Co. (a)(b)
 
55,000
2,137,300
Spotify Technology SA (a)
 
14,000
3,926,160
Take-Two Interactive Software, Inc. (a)
 
23,100
3,298,911
The Walt Disney Co.
 
59,800
6,643,780
TKO Group Holdings, Inc.
 
48,200
4,563,094
Universal Music Group NV
 
317,839
9,395,779
 
 
 
267,823,696
Interactive Media & Services - 14.1%
 
 
 
Alphabet, Inc. Class A
 
4,075,060
663,338,267
Epic Games, Inc. (a)(c)(d)
 
1,076
645,600
Meta Platforms, Inc. Class A
 
1,245,710
535,867,071
Reddit, Inc. Class B (l)
 
134,285
5,967,625
Snap, Inc. Class A (a)
 
14,774,300
222,353,215
 
 
 
1,428,171,778
Media - 0.0%
 
 
 
The Trade Desk, Inc. (a)
 
38,300
3,173,155
Wireless Telecommunication Services - 0.2%
 
 
 
T-Mobile U.S., Inc.
 
38,300
6,287,711
Vodafone Idea Ltd. (l)
 
38,583,699
6,053,563
Vodafone Idea Ltd. (l)
 
38,583,699
6,053,563
Vodafone Idea Ltd. (a)
 
3,913,126
614,915
 
 
 
19,009,752
TOTAL COMMUNICATION SERVICES
 
 
1,723,370,744
CONSUMER DISCRETIONARY - 20.4%
 
 
 
Automobiles - 1.0%
 
 
 
General Motors Co.
 
32,600
1,451,678
Neutron Holdings, Inc. (a)(c)(d)
 
691,699
20,474
Rad Power Bikes, Inc. (a)(c)(d)
 
110,210
51,799
Rad Power Bikes, Inc. warrants 10/6/33 (a)(c)(d)
 
74,246
187,100
Rivian Automotive, Inc. (a)(b)
 
1,367,795
12,173,376
Tesla, Inc. (a)
 
463,005
84,859,556
 
 
 
98,743,983
Broadline Retail - 8.8%
 
 
 
Amazon.com, Inc. (a)
 
4,794,400
839,020,000
Dollarama, Inc.
 
34,100
2,844,618
Lenskart Solutions Pvt Ltd. (c)(d)
 
185,209
5,104,010
Ollie's Bargain Outlet Holdings, Inc. (a)
 
121,900
8,915,766
PDD Holdings, Inc. ADR (a)
 
244,800
30,644,064
 
 
 
886,528,458
Diversified Consumer Services - 0.1%
 
 
 
Duolingo, Inc. (a)
 
12,900
2,912,175
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
 
85,322
6,578,326
 
 
 
9,490,501
Hotels, Restaurants & Leisure - 2.6%
 
 
 
Airbnb, Inc. Class A (a)
 
398,500
63,190,145
Caesars Entertainment, Inc. (a)
 
366,947
13,144,042
Cava Group, Inc.
 
31,000
2,230,140
Chipotle Mexican Grill, Inc. (a)
 
14,642
46,262,863
Deliveroo PLC Class A (a)(e)
 
24,700
41,296
Doordash, Inc. (a)
 
47,700
6,165,702
Draftkings Holdings, Inc. (a)
 
270,200
11,229,512
Flutter Entertainment PLC (a)
 
38,900
7,254,669
Hilton Worldwide Holdings, Inc.
 
6,600
1,302,048
Light & Wonder, Inc. Class A (a)
 
54,300
4,846,818
Marriott International, Inc. Class A
 
71,800
16,954,134
McDonald's Corp.
 
37,100
10,129,784
Penn Entertainment, Inc. (a)
 
609,243
10,076,879
Restaurant Brands International, Inc.
 
80,900
6,137,505
Royal Caribbean Cruises Ltd. (a)
 
16,600
2,317,858
Starbucks Corp.
 
325,600
28,812,344
Sweetgreen, Inc. Class A (a)
 
1,119,181
25,147,997
Yum! Brands, Inc.
 
20,400
2,881,500
Zomato Ltd. (a)
 
1,173,800
2,708,275
 
 
 
260,833,511
Household Durables - 0.2%
 
 
 
D.R. Horton, Inc.
 
38,500
5,485,865
Garmin Ltd.
 
25,300
3,655,091
SharkNinja, Inc.
 
161,100
10,355,508
TopBuild Corp. (a)
 
10,700
4,329,969
 
 
 
23,826,433
Specialty Retail - 3.7%
 
 
 
Abercrombie & Fitch Co. Class A (a)
 
345,925
42,036,806
American Eagle Outfitters, Inc.
 
1,712,586
41,547,336
Aritzia, Inc. (a)
 
285,800
7,399,057
Beyond, Inc. (a)(b)
 
140,100
2,820,213
Dick's Sporting Goods, Inc.
 
134,200
26,966,148
Fanatics, Inc. Class A (a)(c)(d)
 
159,285
11,006,594
Five Below, Inc. (a)
 
129,184
18,904,787
Floor & Decor Holdings, Inc. Class A (a)
 
4,200
463,386
Foot Locker, Inc. (b)
 
105,400
2,197,590
Gap, Inc.
 
182,200
3,738,744
Lowe's Companies, Inc.
 
410,806
93,659,660
RH (a)
 
176,404
43,580,608
The Home Depot, Inc.
 
6,900
2,306,118
TJX Companies, Inc.
 
495,100
46,583,959
Warby Parker, Inc. (a)
 
816,879
9,590,159
Wayfair LLC Class A (a)
 
280,720
14,078,108
Williams-Sonoma, Inc.
 
18,100
5,190,718
 
 
 
372,069,991
Textiles, Apparel & Luxury Goods - 4.0%
 
 
 
adidas AG
 
28,000
6,765,194
Compagnie Financiere Richemont SA Series A
 
39,340
5,437,851
Crocs, Inc. (a)
 
170,084
21,153,347
Deckers Outdoor Corp. (a)
 
96,016
78,586,216
Hermes International SCA
 
3,601
8,650,564
lululemon athletica, Inc. (a)
 
464,574
167,525,384
LVMH Moet Hennessy Louis Vuitton SE
 
25,461
20,914,591
NIKE, Inc. Class B
 
553,613
51,076,335
On Holding AG (a)
 
288,600
9,163,050
Prada SpA
 
168,100
1,370,908
PVH Corp.
 
269,900
29,365,120
Ralph Lauren Corp.
 
18,400
3,010,976
Tapestry, Inc.
 
77,800
3,105,776
Tory Burch LLC (a)(c)(d)(f)
 
106,817
4,333,566
 
 
 
410,458,878
TOTAL CONSUMER DISCRETIONARY
 
 
2,061,951,755
CONSUMER STAPLES - 2.0%
 
 
 
Beverages - 0.5%
 
 
 
Celsius Holdings, Inc. (a)
 
575,145
40,990,584
Constellation Brands, Inc. Class A (sub. vtg.)
 
7,500
1,900,950
PepsiCo, Inc.
 
47,400
8,338,134
 
 
 
51,229,668
Consumer Staples Distribution & Retail - 0.7%
 
 
 
Costco Wholesale Corp.
 
6,100
4,409,690
Dollar Tree, Inc. (a)
 
62,300
7,366,975
Maplebear, Inc. (NASDAQ)
 
45,265
1,544,894
Target Corp.
 
126,800
20,412,264
Walmart, Inc.
 
514,700
30,547,445
 
 
 
64,281,268
Food Products - 0.2%
 
 
 
Lamb Weston Holdings, Inc.
 
128,300
10,692,522
Patanjali Foods Ltd.
 
203,300
3,670,478
The Hershey Co.
 
19,900
3,859,008
The Real Good Food Co., Inc. (a)(b)
 
49,300
13,952
Tyson Foods, Inc. Class A
 
67,900
4,118,135
 
 
 
22,354,095
Household Products - 0.3%
 
 
 
Procter & Gamble Co.
 
187,100
30,534,720
The Clorox Co.
 
10,900
1,611,783
 
 
 
32,146,503
Personal Care Products - 0.2%
 
 
 
Estee Lauder Companies, Inc. Class A
 
95,300
13,981,463
Kenvue, Inc.
 
303,000
5,702,460
Oddity Tech Ltd.
 
63,724
2,073,579
 
 
 
21,757,502
Tobacco - 0.1%
 
 
 
JUUL Labs, Inc.:
 
 
 
 Class A (a)(c)(d)(g)
 
4,827,462
5,165,384
 Class B (a)(c)(d)
 
2,450
2,622
Philip Morris International, Inc.
 
61,300
5,819,822
 
 
 
10,987,828
TOTAL CONSUMER STAPLES
 
 
202,756,864
ENERGY - 1.5%
 
 
 
Energy Equipment & Services - 0.0%
 
 
 
Secure Energy Services, Inc.
 
319,400
2,705,266
Oil, Gas & Consumable Fuels - 1.5%
 
 
 
Cameco Corp.
 
243,400
11,105,186
Cheniere Energy, Inc.
 
21,700
3,424,694
Diamondback Energy, Inc.
 
161,000
32,381,930
EOG Resources, Inc.
 
213,500
28,209,755
Exxon Mobil Corp.
 
188,400
22,282,068
Marathon Petroleum Corp.
 
10,200
1,853,544
Occidental Petroleum Corp.
 
282,300
18,671,322
Phillips 66 Co.
 
12,900
1,847,409
Reliance Industries Ltd.
 
607,249
21,310,966
Reliance Industries Ltd. GDR (e)
 
24,800
1,753,360
Valero Energy Corp.
 
12,200
1,950,414
 
 
 
144,790,648
TOTAL ENERGY
 
 
147,495,914
FINANCIALS - 2.9%
 
 
 
Banks - 0.1%
 
 
 
Citigroup, Inc.
 
191,600
11,750,828
Capital Markets - 0.6%
 
 
 
Blue Owl Capital, Inc. Class A
 
182,600
3,449,314
Coinbase Global, Inc. (a)
 
163,500
33,342,555
CVC Capital Partners PLC
 
159,700
2,897,341
Goldman Sachs Group, Inc.
 
26,600
11,350,486
KKR & Co. LP
 
36,400
3,387,748
Morgan Stanley
 
94,700
8,602,548
 
 
 
63,029,992
Consumer Finance - 0.4%
 
 
 
American Express Co.
 
149,200
34,917,276
Financial Services - 1.6%
 
 
 
Ant International Co. Ltd. Class C (a)(c)(d)
 
784,278
1,388,172
Apollo Global Management, Inc.
 
32,300
3,500,674
Berkshire Hathaway, Inc. Class B (a)
 
7,300
2,896,129
Block, Inc. Class A (a)
 
392,500
28,652,500
Jio Financial Services Ltd.
 
726,649
3,271,278
MasterCard, Inc. Class A
 
223,900
101,023,680
Visa, Inc. Class A
 
88,500
23,771,985
 
 
 
164,504,418
Insurance - 0.2%
 
 
 
Progressive Corp.
 
97,600
20,325,200
TOTAL FINANCIALS
 
 
294,527,714
HEALTH CARE - 8.4%
 
 
 
Biotechnology - 1.2%
 
 
 
Alnylam Pharmaceuticals, Inc. (a)
 
30,481
4,387,740
Apogee Therapeutics, Inc.
 
51,300
2,580,390
Arcellx, Inc. (a)
 
15,400
770,308
Ascendis Pharma A/S sponsored ADR (a)
 
138,396
19,159,542
Cibus, Inc. (a)
 
32,171
548,516
Janux Therapeutics, Inc. (a)
 
21,800
1,242,600
Legend Biotech Corp. ADR (a)
 
81,700
3,573,558
Moderna, Inc. (a)
 
61,600
6,795,096
Moonlake Immunotherapeutics (a)(b)
 
81,300
3,325,983
Regeneron Pharmaceuticals, Inc. (a)
 
74,300
66,176,038
Viking Therapeutics, Inc. (a)
 
124,500
9,907,710
 
 
 
118,467,481
Health Care Equipment & Supplies - 1.3%
 
 
 
Blink Health LLC Series A1 (a)(c)(d)
 
6,283
258,860
Boston Scientific Corp. (a)
 
665,000
47,793,550
DexCom, Inc. (a)
 
350,860
44,696,055
Glaukos Corp. (a)
 
33,700
3,235,200
Inspire Medical Systems, Inc. (a)
 
41,000
9,908,060
Intuitive Surgical, Inc. (a)
 
19,200
7,115,904
Masimo Corp. (a)
 
22,300
2,997,343
Stryker Corp.
 
47,800
16,084,700
TransMedics Group, Inc. (a)
 
18,800
1,769,644
 
 
 
133,859,316
Health Care Providers & Services - 1.5%
 
 
 
McKesson Corp.
 
3,800
2,041,398
Surgery Partners, Inc. (a)
 
44,900
1,120,255
UnitedHealth Group, Inc.
 
308,400
149,173,080
 
 
 
152,334,733
Health Care Technology - 0.0%
 
 
 
MultiPlan Corp. warrants (a)(c)
 
24,206
0
Life Sciences Tools & Services - 0.4%
 
 
 
Danaher Corp.
 
111,100
27,399,482
Thermo Fisher Scientific, Inc.
 
19,000
10,805,680
 
 
 
38,205,162
Pharmaceuticals - 4.0%
 
 
 
Eli Lilly & Co.
 
357,579
279,304,957
Galderma Group AG
 
34,400
2,563,394
GSK PLC sponsored ADR
 
87,100
3,609,424
Merck & Co., Inc.
 
119,100
15,390,102
Novo Nordisk A/S:
 
 
 
 Series B
 
57,400
7,361,109
 Series B sponsored ADR
 
352,000
45,165,120
UCB SA
 
15,200
2,020,380
Zoetis, Inc. Class A
 
288,579
45,953,320
 
 
 
401,367,806
TOTAL HEALTH CARE
 
 
844,234,498
INDUSTRIALS - 4.6%
 
 
 
Aerospace & Defense - 1.1%
 
 
 
General Electric Co.
 
114,300
18,496,026
Howmet Aerospace, Inc.
 
163,900
10,940,325
L3Harris Technologies, Inc.
 
26,700
5,715,135
Loar Holdings, Inc.
 
10,100
528,432
Northrop Grumman Corp.
 
9,600
4,656,288
Space Exploration Technologies Corp.:
 
 
 
 Class A (a)(c)(d)
 
227,030
22,021,910
 Class C (a)(c)(d)
 
6,860
665,420
Spirit AeroSystems Holdings, Inc. Class A (a)
 
110,900
3,548,800
The Boeing Co. (a)
 
224,700
37,713,648
TransDigm Group, Inc.
 
5,400
6,739,362
 
 
 
111,025,346
Air Freight & Logistics - 0.1%
 
 
 
FedEx Corp.
 
36,500
9,554,970
Building Products - 0.1%
 
 
 
Builders FirstSource, Inc. (a)
 
20,700
3,784,374
The AZEK Co., Inc. (a)
 
38,700
1,766,268
Trane Technologies PLC
 
3,200
1,015,488
 
 
 
6,566,130
Commercial Services & Supplies - 0.1%
 
 
 
ACV Auctions, Inc. Class A (a)
 
381,800
6,662,410
Construction & Engineering - 0.1%
 
 
 
Comfort Systems U.S.A., Inc.
 
9,500
2,939,395
EMCOR Group, Inc.
 
17,200
6,143,324
Larsen & Toubro Ltd.
 
82,900
3,562,519
Sterling Construction Co., Inc. (a)
 
10,100
1,026,160
 
 
 
13,671,398
Electrical Equipment - 0.3%
 
 
 
Acuity Brands, Inc.
 
16,600
4,121,780
Eaton Corp. PLC
 
56,000
17,822,560
GE Vernova LLC
 
41,600
6,394,336
Nextracker, Inc. Class A (a)
 
34,600
1,480,534
 
 
 
29,819,210
Ground Transportation - 2.5%
 
 
 
Bird Global, Inc.:
 
 
 
 Stage 1 rights (a)(d)
 
549
0
 Stage 2 rights (a)(d)
 
549
0
 Stage 3 rights (a)(d)
 
549
0
Lyft, Inc. (a)
 
4,066,489
63,599,888
Norfolk Southern Corp.
 
6,000
1,381,920
Uber Technologies, Inc. (a)
 
2,821,275
186,965,894
 
 
 
251,947,702
Passenger Airlines - 0.0%
 
 
 
Delta Air Lines, Inc.
 
84,900
4,250,943
Trading Companies & Distributors - 0.3%
 
 
 
Ferguson PLC
 
25,400
5,331,460
FTAI Aviation Ltd.
 
330,600
23,211,426
Watsco, Inc.
 
5,800
2,596,776
 
 
 
31,139,662
TOTAL INDUSTRIALS
 
 
464,637,771
INFORMATION TECHNOLOGY - 41.2%
 
 
 
Communications Equipment - 0.1%
 
 
 
Arista Networks, Inc. (a)
 
21,600
5,541,696
Ciena Corp. (a)
 
129,200
5,972,916
 
 
 
11,514,612
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Corning, Inc.
 
32,200
1,074,836
IT Services - 0.7%
 
 
 
MongoDB, Inc. Class A (a)
 
37,880
13,833,018
Okta, Inc. (a)
 
329,600
30,646,208
Shopify, Inc. Class A (a)
 
148,200
10,404,627
Snowflake, Inc. (a)
 
67,800
10,522,560
 
 
 
65,406,413
Semiconductors & Semiconductor Equipment - 21.4%
 
 
 
Advanced Micro Devices, Inc. (a)
 
219,019
34,688,229
Applied Materials, Inc.
 
23,100
4,588,815
ASML Holding NV (depository receipt)
 
21,300
18,583,611
Astera Labs, Inc.
 
77,000
6,526,520
Broadcom, Inc.
 
19,600
25,485,292
Enphase Energy, Inc. (a)
 
20,200
2,196,952
First Solar, Inc. (a)
 
20,400
3,596,520
GlobalFoundries, Inc. (a)
 
926,960
45,309,805
Impinj, Inc. (a)
 
49,400
7,873,372
Lam Research Corp.
 
8,700
7,781,367
Marvell Technology, Inc.
 
5,397,895
355,775,259
Micron Technology, Inc.
 
252,500
28,522,400
Monolithic Power Systems, Inc.
 
36,500
24,430,545
NVIDIA Corp.
 
1,481,596
1,280,128,577
NXP Semiconductors NV
 
692,035
177,292,447
ON Semiconductor Corp. (a)
 
764,100
53,609,256
Synaptics, Inc. (a)
 
11,200
1,007,552
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
459,900
63,162,666
Teradyne, Inc.
 
198,100
23,042,992
Xsight Labs Ltd. warrants 1/11/34 (a)(c)(d)
 
15,421
28,375
 
 
 
2,163,630,552
Software - 11.7%
 
 
 
Adobe, Inc. (a)
 
19,600
9,071,468
AppLovin Corp. (a)
 
67,000
4,728,190
Atom Tickets LLC (a)(c)(d)(f)
 
344,068
3
Bill Holdings, Inc. (a)
 
134,600
8,393,656
Cadence Design Systems, Inc. (a)
 
3,400
937,142
CoreWeave, Inc. (c)(d)
 
26,920
10,504,453
Datadog, Inc. Class A (a)
 
108,700
13,641,850
HubSpot, Inc. (a)
 
54,892
33,202,524
Intuit, Inc.
 
47,900
29,967,198
Microsoft Corp.
 
2,379,200
926,293,936
Oracle Corp.
 
85,800
9,759,750
Palantir Technologies, Inc. (a)
 
137,600
3,023,072
PTC, Inc. (a)
 
5,400
958,176
Rubrik, Inc.
 
26,400
845,328
Salesforce, Inc.
 
320,770
86,267,884
ServiceNow, Inc. (a)
 
37,323
25,877,156
Stripe, Inc. Class B (a)(c)(d)
 
19,900
517,400
Synopsys, Inc. (a)
 
12,800
6,791,552
Tanium, Inc. Class B (a)(c)(d)
 
151,000
1,253,300
Zoom Video Communications, Inc. Class A (a)
 
143,400
8,761,740
 
 
 
1,180,795,778
Technology Hardware, Storage & Peripherals - 7.3%
 
 
 
Apple, Inc.
 
4,167,436
709,839,374
Dell Technologies, Inc.
 
152,800
19,044,992
Western Digital Corp. (a)
 
136,900
9,696,627
 
 
 
738,580,993
TOTAL INFORMATION TECHNOLOGY
 
 
4,161,003,184
MATERIALS - 0.3%
 
 
 
Chemicals - 0.1%
 
 
 
Linde PLC
 
12,900
5,688,384
Sherwin-Williams Co.
 
9,700
2,906,217
 
 
 
8,594,601
Construction Materials - 0.1%
 
 
 
CRH PLC
 
38,400
2,972,928
Grasim Industries Ltd.
 
100,100
2,885,377
 
 
 
5,858,305
Metals & Mining - 0.1%
 
 
 
ATI, Inc. (a)
 
122,000
7,283,400
Carpenter Technology Corp.
 
94,800
8,124,360
 
 
 
15,407,760
TOTAL MATERIALS
 
 
29,860,666
REAL ESTATE - 0.2%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.1%
 
 
 
Welltower, Inc.
 
136,200
12,977,136
Real Estate Management & Development - 0.1%
 
 
 
Zillow Group, Inc. Class C (a)
 
158,700
6,755,859
TOTAL REAL ESTATE
 
 
19,732,995
UTILITIES - 0.0%
 
 
 
Independent Power and Renewable Electricity Producers - 0.0%
 
 
 
Vistra Corp.
 
23,000
1,744,320
 
TOTAL COMMON STOCKS
 (Cost $4,470,114,367)
 
 
 
9,951,316,425
 
 
 
 
Preferred Stocks - 1.1%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 1.1%
 
 
 
COMMUNICATION SERVICES - 0.1%
 
 
 
Interactive Media & Services - 0.1%
 
 
 
ByteDance Ltd. Series E1 (a)(c)(d)
 
37,119
8,554,816
 
 
 
 
CONSUMER DISCRETIONARY - 0.1%
 
 
 
Automobiles - 0.0%
 
 
 
Rad Power Bikes, Inc.:
 
 
 
  Series A(a)(c)(d)
 
14,368
6,753
  Series C(a)(c)(d)
 
56,537
44,664
 
 
 
51,417
Hotels, Restaurants & Leisure - 0.1%
 
 
 
MOD Super Fast Pizza Holdings LLC Series 3 (a)(c)(d)(f)
 
32,826
4,075,775
 
 
 
 
TOTAL CONSUMER DISCRETIONARY
 
 
4,127,192
 
 
 
 
CONSUMER STAPLES - 0.0%
 
 
 
Consumer Staples Distribution & Retail - 0.0%
 
 
 
GoBrands, Inc. Series G (a)(c)(d)
 
19,600
727,160
 
 
 
 
Food Products - 0.0%
 
 
 
AgBiome LLC Series C (a)(c)(d)
 
266,499
3
 
 
 
 
Tobacco - 0.0%
 
 
 
JUUL Labs, Inc.:
 
 
 
  Series C(a)(c)(d)
 
660,029
706,231
  Series D(a)(c)(d)
 
5,110
5,468
 
 
 
711,699
TOTAL CONSUMER STAPLES
 
 
1,438,862
 
 
 
 
FINANCIALS - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Akeana Series C (c)(d)
 
65,000
824,200
 
 
 
 
HEALTH CARE - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Castle Creek Biosciences, Inc.:
 
 
 
  Series B(a)(c)(d)
 
1,069
209,791
  Series D2(a)(c)(d)
 
642
120,157
 
 
 
329,948
Health Care Equipment & Supplies - 0.0%
 
 
 
Blink Health LLC Series C (a)(c)(d)
 
27,197
1,120,516
 
 
 
 
TOTAL HEALTH CARE
 
 
1,450,464
 
 
 
 
INDUSTRIALS - 0.7%
 
 
 
Aerospace & Defense - 0.7%
 
 
 
Space Exploration Technologies Corp.:
 
 
 
  Series G(a)(c)(d)
 
43,447
42,143,590
  Series H(a)(c)(d)
 
6,348
6,157,560
  Series J(c)(d)
 
5,376
5,214,720
  Series N(a)(c)(d)
 
12,799
12,415,030
 
 
 
65,930,900
Construction & Engineering - 0.0%
 
 
 
Beta Technologies, Inc. Series A (a)(c)(d)
 
12,033
1,335,543
 
 
 
 
TOTAL INDUSTRIALS
 
 
67,266,443
 
 
 
 
INFORMATION TECHNOLOGY - 0.2%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Enevate Corp. Series E (a)(c)(d)
 
1,441,706
1,138,948
 
 
 
 
Semiconductors & Semiconductor Equipment - 0.1%
 
 
 
Retym, Inc. Series C (c)(d)
 
168,905
1,369,820
Xsight Labs Ltd.:
 
 
 
  Series D(a)(c)(d)
 
140,500
720,765
  Series D1(c)(d)
 
51,402
379,861
 
 
 
2,470,446
Software - 0.1%
 
 
 
Bolt Technology OU Series E (a)(c)(d)
 
18,160
2,230,097
Databricks, Inc.:
 
 
 
  Series G(a)(c)(d)
 
51,900
4,080,897
  Series I(c)(d)
 
1,191
93,648
Dataminr, Inc. Series D (a)(c)(d)
 
115,901
1,300,409
Moloco, Inc. Series A (c)(d)
 
19,537
871,741
Stripe, Inc.:
 
 
 
  Series H(a)(c)(d)
 
8,700
226,200
  Series I(a)(c)(d)
 
135,124
3,513,224
 
 
 
12,316,216
Technology Hardware, Storage & Peripherals - 0.0%
 
 
 
Lightmatter, Inc.:
 
 
 
  Series C(c)(d)
 
77,697
1,654,946
  Series C2(c)(d)
 
12,204
308,883
 
 
 
1,963,829
TOTAL INFORMATION TECHNOLOGY
 
 
17,889,439
 
 
 
 
MATERIALS - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Diamond Foundry, Inc. Series C (a)(c)(d)
 
125,000
2,790,000
 
 
 
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
104,341,416
Nonconvertible Preferred Stocks - 0.0%
 
 
 
CONSUMER DISCRETIONARY - 0.0%
 
 
 
Automobiles - 0.0%
 
 
 
Neutron Holdings, Inc. Series 1C (a)(c)(d)
 
12,405,800
367,212
Waymo LLC Series A2 (a)(c)(d)
 
15,200
926,744
 
 
 
1,293,956
HEALTH CARE - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Castle Creek Biosciences, Inc. Series A4 (a)(c)(d)
 
9,636
1,963,046
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
3,257,002
 
TOTAL PREFERRED STOCKS
 (Cost $61,059,338)
 
 
 
107,598,418
 
 
 
 
Corporate Bonds - 0.0%
 
 
Principal
Amount (h)
 
Value ($)
 
Convertible Bonds - 0.0%
 
 
 
CONSUMER DISCRETIONARY - 0.0%
 
 
 
Automobiles - 0.0%
 
 
 
Neutron Holdings, Inc.:
 
 
 
  4% 5/22/27(c)(d)
 
433,800
527,804
  4% 6/12/27(c)(d)
 
115,200
140,164
 
 
 
667,968
Nonconvertible Bonds - 0.0%
 
 
 
FINANCIALS - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Ant International Co. Ltd. 3.55% 8/14/24 (c)(d)
 
1,081,153
1,082,558
 
 
 
 
 
TOTAL CORPORATE BONDS
 (Cost $1,630,153)
 
 
 
1,750,526
 
 
 
 
Preferred Securities - 0.0%
 
 
Principal
Amount (h)
 
Value ($)
 
CONSUMER DISCRETIONARY - 0.0%
 
 
 
Automobiles - 0.0%
 
 
 
Rad Power Bikes, Inc. 8% 12/31/25 (c)(d)
 
74,246
137,682
INFORMATION TECHNOLOGY - 0.0%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Enevate Corp. 6% (c)(d)(i)
 
74,970
79,138
 
TOTAL PREFERRED SECURITIES
 (Cost $149,216)
 
 
 
216,820
 
 
 
 
Money Market Funds - 0.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (j)
 
25,620,413
25,625,538
Fidelity Securities Lending Cash Central Fund 5.39% (j)(k)
 
6,751,664
6,752,339
 
TOTAL MONEY MARKET FUNDS
 (Cost $32,377,877)
 
 
32,377,877
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $4,565,330,951)
 
 
 
10,093,260,066
NET OTHER ASSETS (LIABILITIES) - 0.0%  
4,216,653
NET ASSETS - 100.0%
10,097,476,719
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $172,720,806 or 1.7% of net assets.
 
(d)
Level 3 security
 
(e)
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 $1,794,656 or 0.0% of net assets.
 
(f)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
 
(g)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(h)
Amount is stated in United States dollars unless otherwise noted.
 
(i)
Security is perpetual in nature with no stated maturity date.
 
(j)
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.
 
(k)
Investment made with cash collateral received from securities on loan.
 
(l)
Equity security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. As of period end, the total fair value of unadjusted equity securities subject to contractual sale restrictions is $18,074,751 and all restrictions are set to expire on or before  September 30, 2024.  Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
AgBiome LLC Series C
6/29/18
1,687,925
 
 
 
Akeana Series C
1/23/24
829,452
 
 
 
Ant International Co. Ltd. Class C
5/16/18
2,989,179
 
 
 
Ant International Co. Ltd. 3.55% 8/14/24
8/14/23
1,081,153
 
 
 
Atom Tickets LLC
8/15/17
1,999,998
 
 
 
Beta Technologies, Inc. Series A
4/09/21
881,658
 
 
 
Blink Health LLC Series A1
12/30/20
170,206
 
 
 
Blink Health LLC Series C
11/07/19 - 1/21/21
1,038,273
 
 
 
Bolt Technology OU Series E
1/03/22
4,717,904
 
 
 
ByteDance Ltd. Series E1
11/18/20
4,067,284
 
 
 
Castle Creek Biosciences, Inc. Series A4
9/29/16
3,185,523
 
 
 
Castle Creek Biosciences, Inc. Series B
10/09/18
440,268
 
 
 
Castle Creek Biosciences, Inc. Series D2
6/28/21
110,200
 
 
 
CoreWeave, Inc.
11/29/23
8,341,431
 
 
 
Databricks, Inc. Series G
2/01/21
3,068,465
 
 
 
Databricks, Inc. Series I
9/14/23
87,539
 
 
 
Dataminr, Inc. Series D
3/06/15
1,477,738
 
 
 
Diamond Foundry, Inc. Series C
3/15/21
3,000,000
 
 
 
Enevate Corp. Series E
1/29/21
1,598,398
 
 
 
Enevate Corp. 6%
11/02/23
74,970
 
 
 
Epic Games, Inc.
7/30/20
618,700
 
 
 
Fanatics, Inc. Class A
8/13/20
2,754,038
 
 
 
GoBrands, Inc. Series G
3/02/21
4,894,459
 
 
 
JUUL Labs, Inc. Class A
2/23/24
5,152,785
 
 
 
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
 
 
 
Lenskart Solutions Pvt Ltd.
4/30/24
5,104,010
 
 
 
Lightmatter, Inc. Series C
5/19/23
1,278,644
 
 
 
Lightmatter, Inc. Series C2
12/18/23
317,326
 
 
 
MOD Super Fast Pizza Holdings LLC Series 3
11/03/16 - 5/15/19
4,548,740
 
 
 
Moloco, Inc. Series A
6/26/23
1,172,220
 
 
 
MultiPlan Corp. warrants
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
 
 
 
Rad Power Bikes, Inc.
1/21/21
531,635
 
 
 
Rad Power Bikes, Inc. warrants 10/6/33
10/06/23
0
 
 
 
Rad Power Bikes, Inc. Series A
1/21/21
69,309
 
 
 
Rad Power Bikes, Inc. Series C
1/21/21
272,725
 
 
 
Rad Power Bikes, Inc. 8% 12/31/25
10/06/23
74,246
 
 
 
Retym, Inc. Series C
5/17/23 - 6/20/23
1,314,384
 
 
 
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 - 9/07/23
3,949,239
 
 
 
Space Exploration Technologies Corp. Series H
8/04/17
856,980
 
 
 
Space Exploration Technologies Corp. Series J
9/07/23
4,354,560
 
 
 
Space Exploration Technologies Corp. Series N
8/04/20
3,455,730
 
 
 
Stripe, Inc. Class B
5/18/21
798,555
 
 
 
Stripe, Inc. Series H
3/15/21
349,088
 
 
 
Stripe, Inc. Series I
3/20/23 - 5/12/23
2,720,605
 
 
 
Tanium, Inc. Class B
4/21/17
749,609
 
 
 
Tory Burch LLC
5/14/15
7,600,030
 
 
 
Waymo LLC Series A2
5/08/20
1,305,181
 
 
 
Xsight Labs Ltd. warrants 1/11/34
1/11/24
0
 
 
 
Xsight Labs Ltd. Series D
2/16/21
1,123,438
 
 
 
Xsight Labs Ltd. Series D1
1/11/24
411,010
 
 
 
 
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 5.39%
5,676,177
693,281,175
673,331,598
1,316,635
(216)
-
25,625,538
0.1%
Fidelity Securities Lending Cash Central Fund 5.39%
97,203,814
649,555,763
740,007,238
146,116
-
-
6,752,339
0.0%
Total
102,879,991
1,342,836,938
1,413,338,836
1,462,751
(216)
-
32,377,877
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
 
Amounts in the dividend income column 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. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
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 service 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 services or from brokers who make markets in such securities. Corporate Bonds and Preferred Securities are valued by pricing services 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 services. 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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