Quarterly Holdings Report
for
Fidelity® U.S. Equity Central Fund
March 31, 2023
USE-NPRT3-0523
1.9900196.102
Common Stocks - 98.5% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 8.2% | |||
Diversified Telecommunication Services - 0.1% | |||
AT&T, Inc. | 89,800 | 1,728,650 | |
Liberty Global PLC Class C (a) | 643,918 | 13,123,049 | |
14,851,699 | |||
Entertainment - 2.0% | |||
Activision Blizzard, Inc. | 460,525 | 39,416,335 | |
Cinemark Holdings, Inc. (a)(b) | 476,400 | 7,045,956 | |
Electronic Arts, Inc. (b) | 366,896 | 44,192,623 | |
Endeavor Group Holdings, Inc. (a) | 270,800 | 6,480,244 | |
Lions Gate Entertainment Corp.: | |||
Class A (a)(b) | 89,400 | 989,658 | |
Class B (a) | 509,126 | 5,284,728 | |
Marcus Corp. (b) | 360,100 | 5,761,600 | |
Netflix, Inc. (a) | 311,805 | 107,722,391 | |
Take-Two Interactive Software, Inc. (a)(b) | 156,960 | 18,725,328 | |
The Walt Disney Co. (a) | 481,020 | 48,164,533 | |
Warner Bros Discovery, Inc. | 116,388 | 1,757,459 | |
Warner Music Group Corp. Class A | 201,500 | 6,724,055 | |
World Wrestling Entertainment, Inc. Class A (b) | 185,712 | 16,948,077 | |
309,212,987 | |||
Interactive Media & Services - 5.1% | |||
Alphabet, Inc. Class A (a) | 5,285,800 | 548,296,034 | |
Angi, Inc. (a) | 1,196,532 | 2,716,128 | |
IAC, Inc. (a) | 15,000 | 774,000 | |
Meta Platforms, Inc. Class A (a) | 1,098,625 | 232,842,583 | |
Shutterstock, Inc. | 7,700 | 559,020 | |
Snap, Inc. Class A (a) | 1,099,500 | 12,325,395 | |
Zoominfo Technologies, Inc. (a) | 123,000 | 3,039,330 | |
800,552,490 | |||
Media - 0.6% | |||
Advantage Solutions, Inc. Class A (a) | 1,121,500 | 1,771,970 | |
Altice U.S.A., Inc. Class A (a) | 715,600 | 2,447,352 | |
Comcast Corp. Class A | 1,278,982 | 48,486,208 | |
DISH Network Corp. Class A (a) | 77,263 | 720,864 | |
Liberty Broadband Corp.: | |||
Class A (a) | 319,731 | 26,256,310 | |
Class C (a) | 263,200 | 21,503,440 | |
S4 Capital PLC (a) | 692,100 | 1,388,237 | |
TechTarget, Inc. (a) | 25,500 | 921,060 | |
103,495,441 | |||
Wireless Telecommunication Services - 0.4% | |||
T-Mobile U.S., Inc. (a) | 415,338 | 60,157,556 | |
TOTAL COMMUNICATION SERVICES | 1,288,270,173 | ||
CONSUMER DISCRETIONARY - 10.0% | |||
Auto Components - 0.2% | |||
Adient PLC (a) | 273,645 | 11,208,499 | |
Aptiv PLC (a) | 139,400 | 15,639,286 | |
26,847,785 | |||
Automobiles - 1.2% | |||
Ferrari NV | 42,691 | 11,566,700 | |
Tesla, Inc. (a) | 881,410 | 182,857,319 | |
194,424,019 | |||
Broadline Retail - 3.0% | |||
Amazon.com, Inc. (a) | 4,092,768 | 422,742,007 | |
eBay, Inc. | 849,316 | 37,684,151 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 226,559 | 13,126,828 | |
473,552,986 | |||
Hotels, Restaurants & Leisure - 2.4% | |||
ARAMARK Holdings Corp. | 653,294 | 23,387,925 | |
Booking Holdings, Inc. (a) | 29,423 | 78,041,859 | |
Caesars Entertainment, Inc. (a) | 434,458 | 21,205,895 | |
Churchill Downs, Inc. | 158,482 | 40,737,798 | |
Domino's Pizza, Inc. | 85,719 | 28,276,127 | |
Hilton Worldwide Holdings, Inc. | 297,903 | 41,965,596 | |
Marriott International, Inc. Class A | 270,976 | 44,992,855 | |
McDonald's Corp. | 104,490 | 29,216,449 | |
Penn Entertainment, Inc. (a) | 270,500 | 8,023,030 | |
Planet Fitness, Inc. (a) | 185,407 | 14,400,562 | |
Yum! Brands, Inc. | 315,900 | 41,724,072 | |
371,972,168 | |||
Household Durables - 0.2% | |||
D.R. Horton, Inc. | 137,320 | 13,414,791 | |
Helen of Troy Ltd. (a) | 33,800 | 3,216,746 | |
Mohawk Industries, Inc. (a) | 105,357 | 10,558,879 | |
Newell Brands, Inc. | 16,300 | 202,772 | |
Tupperware Brands Corp. (a) | 44,609 | 111,523 | |
27,504,711 | |||
Specialty Retail - 1.8% | |||
Fast Retailing Co. Ltd. | 41,200 | 9,019,196 | |
Five Below, Inc. (a) | 114,929 | 23,671,926 | |
Lowe's Companies, Inc. | 535,861 | 107,156,124 | |
The Home Depot, Inc. | 173,634 | 51,242,866 | |
TJX Companies, Inc. | 1,286,876 | 100,839,603 | |
291,929,715 | |||
Textiles, Apparel & Luxury Goods - 1.2% | |||
Capri Holdings Ltd. (a) | 681,336 | 32,022,792 | |
lululemon athletica, Inc. (a) | 125,967 | 45,875,922 | |
LVMH Moet Hennessy Louis Vuitton SE | 13,491 | 12,383,505 | |
NIKE, Inc. Class B | 348,810 | 42,778,058 | |
PVH Corp. | 366,821 | 32,705,760 | |
Tapestry, Inc. | 626,761 | 27,019,667 | |
192,785,704 | |||
TOTAL CONSUMER DISCRETIONARY | 1,579,017,088 | ||
CONSUMER STAPLES - 7.1% | |||
Beverages - 2.3% | |||
Boston Beer Co., Inc. Class A (a) | 93,950 | 30,881,365 | |
Brown-Forman Corp. Class B (non-vtg.) | 10,800 | 694,116 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 191,566 | 43,272,844 | |
Diageo PLC | 213,583 | 9,532,140 | |
Keurig Dr. Pepper, Inc. | 1,260,201 | 44,459,891 | |
Monster Beverage Corp. | 680,156 | 36,735,226 | |
PepsiCo, Inc. | 240,800 | 43,897,840 | |
Primo Water Corp. | 260,400 | 3,997,140 | |
The Coca-Cola Co. | 2,421,491 | 150,205,087 | |
The Vita Coco Co., Inc. (a) | 5,800 | 113,796 | |
363,789,445 | |||
Food & Staples Retailing - 1.7% | |||
Albertsons Companies, Inc. | 330,500 | 6,867,790 | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 321,700 | 16,174,262 | |
Costco Wholesale Corp. | 16,800 | 8,347,416 | |
Dollar General Corp. | 191,769 | 40,359,704 | |
Dollar Tree, Inc. (a) | 87,700 | 12,589,335 | |
Grocery Outlet Holding Corp. (a) | 21,600 | 610,416 | |
Kroger Co. | 40,100 | 1,979,737 | |
Performance Food Group Co. (a) | 587,602 | 35,455,905 | |
Sysco Corp. | 151,400 | 11,692,622 | |
Target Corp. (b) | 165,700 | 27,444,891 | |
U.S. Foods Holding Corp. (a) | 249,208 | 9,205,744 | |
United Natural Foods, Inc. (a) | 3,700 | 97,495 | |
Walgreens Boots Alliance, Inc. | 3,300 | 114,114 | |
Walmart, Inc. | 624,400 | 92,067,780 | |
263,007,211 | |||
Food Products - 0.9% | |||
Archer Daniels Midland Co. | 52,500 | 4,182,150 | |
Bunge Ltd. | 160,200 | 15,302,304 | |
Conagra Brands, Inc. | 189,000 | 7,098,840 | |
Darling Ingredients, Inc. (a) | 105,926 | 6,186,078 | |
Freshpet, Inc. (a) | 148,500 | 9,829,215 | |
Ingredion, Inc. | 6,500 | 661,245 | |
Laird Superfood, Inc. (a) | 119,100 | 96,507 | |
McCormick & Co., Inc. (non-vtg.) | 43,500 | 3,619,635 | |
Mondelez International, Inc. | 810,112 | 56,481,009 | |
Nomad Foods Ltd. (a) | 1,092,700 | 20,477,198 | |
Pilgrim's Pride Corp. (a) | 8,700 | 201,666 | |
The Hain Celestial Group, Inc. (a) | 57,800 | 991,270 | |
The Kraft Heinz Co. | 7,000 | 270,690 | |
The Real Good Food Co. LLC: | |||
Class B (c) | 156,156 | 2 | |
Class B unit (d) | 156,156 | 658,978 | |
The Simply Good Foods Co. (a) | 50,800 | 2,020,316 | |
TreeHouse Foods, Inc. (a) | 146,003 | 7,362,931 | |
Tyson Foods, Inc. Class A | 175,400 | 10,404,728 | |
145,844,762 | |||
Household Products - 1.4% | |||
Church & Dwight Co., Inc. | 3,600 | 318,276 | |
Colgate-Palmolive Co. | 67,200 | 5,050,080 | |
Energizer Holdings, Inc. | 579,415 | 20,105,701 | |
Kimberly-Clark Corp. | 122,900 | 16,495,638 | |
Procter & Gamble Co. | 1,079,093 | 160,450,338 | |
Reynolds Consumer Products, Inc. | 257,326 | 7,076,465 | |
Spectrum Brands Holdings, Inc. | 141,900 | 9,396,618 | |
The Clorox Co. | 37,700 | 5,965,648 | |
224,858,764 | |||
Personal Products - 0.1% | |||
Estee Lauder Companies, Inc. Class A | 4,900 | 1,207,654 | |
Herbalife Nutrition Ltd. (a)(b) | 415,113 | 6,683,319 | |
Olaplex Holdings, Inc. (a) | 1,640,000 | 7,002,800 | |
The Beauty Health Co. (a) | 44,000 | 555,720 | |
The Beauty Health Co. (a)(e) | 600,000 | 7,578,000 | |
23,027,493 | |||
Tobacco - 0.7% | |||
Altria Group, Inc. | 1,052,267 | 46,952,154 | |
Philip Morris International, Inc. | 573,353 | 55,758,579 | |
102,710,733 | |||
TOTAL CONSUMER STAPLES | 1,123,238,408 | ||
ENERGY - 4.6% | |||
Energy Equipment & Services - 0.6% | |||
Diamond Offshore Drilling, Inc. (a) | 161,600 | 1,945,664 | |
Expro Group Holdings NV (a) | 1,257,000 | 23,078,520 | |
Noble Corp. PLC | 22,900 | 903,863 | |
Schlumberger Ltd. | 711,300 | 34,924,830 | |
TechnipFMC PLC (a) | 369,800 | 5,047,770 | |
Valaris Ltd. (a) | 52,500 | 3,415,650 | |
Weatherford International PLC (a) | 483,100 | 28,671,985 | |
97,988,282 | |||
Oil, Gas & Consumable Fuels - 4.0% | |||
Africa Oil Corp. | 5,494,200 | 12,317,740 | |
Canadian Natural Resources Ltd. | 649,059 | 35,917,960 | |
CVR Energy, Inc. (b) | 55,500 | 1,819,290 | |
Delek U.S. Holdings, Inc. | 56,900 | 1,305,855 | |
Eco Atlantic Oil & Gas Ltd. (a) | 4,614,500 | 1,177,952 | |
Exxon Mobil Corp. | 2,773,738 | 304,168,109 | |
Hess Corp. | 424,875 | 56,227,958 | |
Imperial Oil Ltd. | 1,057,500 | 53,778,746 | |
Kosmos Energy Ltd. (a) | 3,085,073 | 22,952,943 | |
MEG Energy Corp. (a) | 2,518,050 | 40,449,031 | |
PBF Energy, Inc. Class A | 85,000 | 3,685,600 | |
Phillips 66 Co. | 399,959 | 40,547,843 | |
Tourmaline Oil Corp. | 138,800 | 5,784,104 | |
Valero Energy Corp. | 293,186 | 40,928,766 | |
621,061,897 | |||
TOTAL ENERGY | 719,050,179 | ||
FINANCIALS - 11.9% | |||
Banks - 4.9% | |||
AIB Group PLC | 1,245,700 | 5,055,298 | |
Bank of America Corp. | 5,667,754 | 162,097,764 | |
Bank of Ireland Group PLC | 2,953,100 | 29,861,387 | |
BNP Paribas SA (b) | 507,703 | 30,318,798 | |
Citigroup, Inc. | 1,520,039 | 71,274,629 | |
Comerica, Inc. | 100,940 | 4,382,815 | |
DNB Bank ASA | 791,600 | 14,166,272 | |
JPMorgan Chase & Co. | 423,169 | 55,143,152 | |
KBC Group NV | 201,600 | 13,839,608 | |
KeyCorp | 1,517,800 | 19,002,856 | |
M&T Bank Corp. | 192,049 | 22,963,299 | |
NatWest Group PLC | 5,194,506 | 16,949,828 | |
Piraeus Financial Holdings SA (a) | 3,343,502 | 7,242,991 | |
Popular, Inc. | 58,602 | 3,364,341 | |
Starling Bank Ltd. Series D (a)(c)(e) | 4,618,325 | 16,350,866 | |
Sumitomo Mitsui Financial Group, Inc. | 383,100 | 15,330,733 | |
Truist Financial Corp. | 1,032,300 | 35,201,430 | |
U.S. Bancorp | 1,717,016 | 61,898,427 | |
UniCredit SpA | 1,583,037 | 29,836,871 | |
Wells Fargo & Co. | 4,021,871 | 150,337,538 | |
Zions Bancorp NA | 332,800 | 9,960,704 | |
774,579,607 | |||
Capital Markets - 1.3% | |||
Bank of New York Mellon Corp. | 1,059,175 | 48,128,912 | |
BlackRock, Inc. Class A | 20,716 | 13,861,490 | |
Brookfield Corp. Class A | 430,339 | 14,024,748 | |
Cboe Global Markets, Inc. | 127,930 | 17,173,323 | |
Intercontinental Exchange, Inc. | 152,473 | 15,901,409 | |
Patria Investments Ltd. | 898,838 | 13,302,802 | |
State Street Corp. | 463,300 | 35,067,177 | |
StepStone Group, Inc. Class A | 350,772 | 8,513,236 | |
UBS Group AG | 1,197,000 | 25,543,980 | |
Virtu Financial, Inc. Class A | 434,424 | 8,210,614 | |
199,727,691 | |||
Consumer Finance - 0.2% | |||
Capital One Financial Corp. | 153,435 | 14,754,310 | |
NerdWallet, Inc. (a) | 193,200 | 3,125,976 | |
OneMain Holdings, Inc. | 569,304 | 21,109,792 | |
38,990,078 | |||
Diversified Financial Services - 0.4% | |||
Ant International Co. Ltd. Class C (a)(c)(e) | 5,601,170 | 8,625,802 | |
Apollo Global Management, Inc. | 586,062 | 37,015,676 | |
Jumo World Ltd. (a)(c) | 998 | 942,771 | |
Voya Financial, Inc. (b) | 264,400 | 18,894,024 | |
65,478,273 | |||
Financial Services - 2.2% | |||
Block, Inc. Class A (a) | 379,100 | 26,025,215 | |
Essent Group Ltd. | 593,733 | 23,779,007 | |
Global Payments, Inc. | 295,300 | 31,077,372 | |
MasterCard, Inc. Class A | 192,800 | 70,065,448 | |
MGIC Investment Corp. | 912,619 | 12,247,347 | |
Mr. Cooper Group, Inc. (a) | 20 | 819 | |
PayPal Holdings, Inc. (a) | 534,452 | 40,586,285 | |
Repay Holdings Corp. (a) | 656,444 | 4,312,837 | |
Shift4 Payments, Inc. (a) | 196,617 | 14,903,569 | |
UWM Holdings Corp. Class A (b) | 1,392,303 | 6,836,208 | |
Visa, Inc. Class A | 430,800 | 97,128,168 | |
Worldline SA (a)(d) | 321,965 | 13,656,079 | |
340,618,354 | |||
Insurance - 2.9% | |||
Arthur J. Gallagher & Co. | 121,958 | 23,331,785 | |
Beazley PLC | 2,233,367 | 16,461,612 | |
Chubb Ltd. | 376,167 | 73,044,108 | |
Direct Line Insurance Group PLC | 4,660,228 | 7,904,679 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 26,901 | 17,890,807 | |
Globe Life, Inc. | 216,505 | 23,819,880 | |
Hartford Financial Services Group, Inc. | 578,133 | 40,290,089 | |
Marsh & McLennan Companies, Inc. | 247,139 | 41,161,000 | |
Progressive Corp. | 397,423 | 56,855,334 | |
Prudential PLC | 902,288 | 12,353,800 | |
Reinsurance Group of America, Inc. | 147,600 | 19,595,376 | |
The Travelers Companies, Inc. | 559,117 | 95,838,245 | |
Unum Group | 668,981 | 26,464,888 | |
455,011,603 | |||
TOTAL FINANCIALS | 1,874,405,606 | ||
HEALTH CARE - 13.5% | |||
Biotechnology - 2.5% | |||
Akero Therapeutics, Inc. (a) | 128,000 | 4,897,280 | |
Alnylam Pharmaceuticals, Inc. (a) | 65,000 | 13,020,800 | |
Ambrx Biopharma, Inc. ADR (a) | 148,700 | 1,326,404 | |
Arcellx, Inc. (a) | 100,000 | 3,081,000 | |
Arcutis Biotherapeutics, Inc. (a) | 300,000 | 3,300,000 | |
Argenx SE ADR (a) | 130,000 | 48,435,400 | |
Ascendis Pharma A/S sponsored ADR (a) | 240,000 | 25,732,800 | |
Beam Therapeutics, Inc. (a) | 100,000 | 3,062,000 | |
Blueprint Medicines Corp. (a) | 250,000 | 11,247,500 | |
Caris Life Sciences, Inc. (c)(e) | 227,063 | 1,271,553 | |
Celldex Therapeutics, Inc. (a) | 200,000 | 7,196,000 | |
Cerevel Therapeutics Holdings (a) | 415,000 | 10,121,850 | |
Cytokinetics, Inc. (a) | 385,000 | 13,548,150 | |
Exact Sciences Corp. (a) | 80,000 | 5,424,800 | |
Generation Bio Co. (a) | 240,000 | 1,032,000 | |
Janux Therapeutics, Inc. (a) | 160,000 | 1,936,000 | |
Karuna Therapeutics, Inc. (a) | 75,000 | 13,623,000 | |
Keros Therapeutics, Inc. (a) | 160,000 | 6,832,000 | |
Legend Biotech Corp. ADR (a) | 500,000 | 24,110,000 | |
Nuvalent, Inc. Class A (a) | 165,000 | 4,304,850 | |
Poseida Therapeutics, Inc. (a) | 800,000 | 2,464,000 | |
PTC Therapeutics, Inc. (a) | 170,000 | 8,234,800 | |
Regeneron Pharmaceuticals, Inc. (a) | 94,000 | 77,236,980 | |
Relay Therapeutics, Inc. (a) | 210,000 | 3,458,700 | |
Repligen Corp. (a) | 112,000 | 18,856,320 | |
Sarepta Therapeutics, Inc. (a) | 90,000 | 12,404,700 | |
Scholar Rock Holding Corp. (a) | 60,000 | 480,000 | |
Shattuck Labs, Inc. (a) | 280,000 | 823,200 | |
uniQure B.V. (a) | 180,000 | 3,625,200 | |
Vaxcyte, Inc. (a) | 280,000 | 10,494,400 | |
Vertex Pharmaceuticals, Inc. (a) | 61,800 | 19,471,326 | |
Xencor, Inc. (a) | 360,000 | 10,040,400 | |
Xenon Pharmaceuticals, Inc. (a) | 165,000 | 5,905,350 | |
Zai Lab Ltd. (a) | 1,750,000 | 5,832,022 | |
Zentalis Pharmaceuticals, Inc. (a) | 340,000 | 5,848,000 | |
388,678,785 | |||
Health Care Equipment & Supplies - 3.1% | |||
Baxter International, Inc. | 100,000 | 4,056,000 | |
Boston Scientific Corp. (a) | 2,800,000 | 140,084,000 | |
Inspire Medical Systems, Inc. (a) | 28,000 | 6,553,960 | |
Insulet Corp. (a) | 194,000 | 61,878,240 | |
Intuitive Surgical, Inc. (a) | 38,500 | 9,835,595 | |
iRhythm Technologies, Inc. (a) | 134,000 | 16,620,020 | |
Masimo Corp. (a) | 276,000 | 50,933,040 | |
Nevro Corp. (a) | 208,000 | 7,519,200 | |
Novocure Ltd. (a) | 142,000 | 8,539,880 | |
Outset Medical, Inc. (a) | 240,000 | 4,416,000 | |
Penumbra, Inc. (a) | 378,000 | 105,344,820 | |
PROCEPT BioRobotics Corp. (a) | 170,000 | 4,828,000 | |
ResMed, Inc. | 160,000 | 35,038,400 | |
Stryker Corp. | 100,000 | 28,547,000 | |
Tandem Diabetes Care, Inc. (a) | 330,000 | 13,401,300 | |
497,595,455 | |||
Health Care Providers & Services - 3.4% | |||
Acadia Healthcare Co., Inc. (a) | 240,000 | 17,340,000 | |
agilon health, Inc. (a) | 2,400,000 | 57,000,000 | |
Alignment Healthcare, Inc. (a) | 1,000,000 | 6,360,000 | |
Centene Corp. (a) | 900,000 | 56,889,000 | |
Cigna Group | 220,000 | 56,216,600 | |
CVS Health Corp. | 180,000 | 13,375,800 | |
Humana, Inc. | 136,000 | 66,022,560 | |
LifeStance Health Group, Inc. (a) | 1,280,000 | 9,510,400 | |
Molina Healthcare, Inc. (a) | 50,000 | 13,374,500 | |
Surgery Partners, Inc. (a) | 1,000,000 | 34,470,000 | |
The Oncology Institute, Inc. (a)(e) | 761,936 | 516,516 | |
UnitedHealth Group, Inc. | 428,000 | 202,268,520 | |
533,343,896 | |||
Health Care Technology - 0.3% | |||
Doximity, Inc. (a)(b) | 218,000 | 7,058,840 | |
Evolent Health, Inc. (a) | 60,000 | 1,947,000 | |
Evolent Health, Inc. (e) | 500,000 | 15,413,750 | |
Medlive Technology Co. Ltd. (d) | 800,000 | 1,106,766 | |
Phreesia, Inc. (a) | 280,000 | 9,041,200 | |
Veeva Systems, Inc. Class A (a) | 90,000 | 16,541,100 | |
51,108,656 | |||
Life Sciences Tools & Services - 2.2% | |||
10X Genomics, Inc. (a) | 200,000 | 11,158,000 | |
Bruker Corp. | 300,000 | 23,652,000 | |
Danaher Corp. | 385,000 | 97,035,400 | |
Eden Biologics, Inc. (a)(c) | 1,008,062 | 0 | |
IQVIA Holdings, Inc. (a) | 190,000 | 37,789,100 | |
Lonza Group AG | 18,500 | 11,136,994 | |
Olink Holding AB ADR (a) | 375,000 | 8,448,750 | |
Sartorius Stedim Biotech | 16,000 | 4,893,264 | |
Thermo Fisher Scientific, Inc. | 232,500 | 134,006,025 | |
West Pharmaceutical Services, Inc. | 60,000 | 20,788,200 | |
348,907,733 | |||
Pharmaceuticals - 2.0% | |||
Arvinas Holding Co. LLC (a) | 210,000 | 5,737,200 | |
AstraZeneca PLC (United Kingdom) | 385,000 | 53,343,424 | |
Chime Biologics Wuhan Co. Ltd. (a)(c) | 1,008,062 | 525,029 | |
Eli Lilly & Co. | 325,000 | 111,611,500 | |
Enliven Therapeutics, Inc. (a) | 100,000 | 2,190,000 | |
Merck & Co., Inc. | 385,000 | 40,960,150 | |
Novo Nordisk A/S Series B | 140,000 | 22,234,994 | |
Pharvaris BV (a) | 208,000 | 1,626,560 | |
Royalty Pharma PLC | 1,470,000 | 52,964,100 | |
UCB SA | 150,000 | 13,410,927 | |
Ventyx Biosciences, Inc. (a) | 180,000 | 6,030,000 | |
Verona Pharma PLC ADR (a) | 150,000 | 3,012,000 | |
313,645,884 | |||
TOTAL HEALTH CARE | 2,133,280,409 | ||
INDUSTRIALS - 9.5% | |||
Aerospace & Defense - 2.1% | |||
Axon Enterprise, Inc. (a) | 67,100 | 15,087,435 | |
HEICO Corp. Class A | 94,761 | 12,878,020 | |
Howmet Aerospace, Inc. | 494,400 | 20,947,728 | |
L3Harris Technologies, Inc. | 172,610 | 33,872,986 | |
Lockheed Martin Corp. | 153,800 | 72,705,874 | |
Northrop Grumman Corp. | 59,500 | 27,472,340 | |
Raytheon Technologies Corp. | 596,198 | 58,385,670 | |
The Boeing Co. (a) | 430,200 | 91,387,386 | |
332,737,439 | |||
Air Freight & Logistics - 0.0% | |||
Air Transport Services Group, Inc. (a) | 337,100 | 7,021,793 | |
Airlines - 0.3% | |||
Delta Air Lines, Inc. (a) | 1,128,500 | 39,407,220 | |
JetBlue Airways Corp. (a) | 1,974,400 | 14,373,632 | |
53,780,852 | |||
Building Products - 0.7% | |||
Carlisle Companies, Inc. | 161,778 | 36,573,152 | |
Trane Technologies PLC | 375,710 | 69,123,126 | |
105,696,278 | |||
Commercial Services & Supplies - 0.7% | |||
Cintas Corp. | 120,928 | 55,950,967 | |
The GEO Group, Inc. (a) | 467,200 | 3,686,208 | |
Waste Connections, Inc. (United States) | 366,172 | 50,923,540 | |
110,560,715 | |||
Construction & Engineering - 0.4% | |||
Willscot Mobile Mini Holdings (a) | 1,491,600 | 69,926,208 | |
Electrical Equipment - 0.9% | |||
AMETEK, Inc. | 682,732 | 99,221,442 | |
Eaton Corp. PLC | 88,900 | 15,232,126 | |
Nextracker, Inc. Class A | 65,400 | 2,371,404 | |
Regal Rexnord Corp. | 147,900 | 20,813,967 | |
137,638,939 | |||
Ground Transportation - 0.4% | |||
Landstar System, Inc. (b) | 253,585 | 45,457,647 | |
Old Dominion Freight Lines, Inc. | 75,483 | 25,727,626 | |
71,185,273 | |||
Industrial Conglomerates - 0.2% | |||
Honeywell International, Inc. | 125,613 | 24,007,157 | |
Machinery - 2.6% | |||
AGCO Corp. | 288,000 | 38,937,600 | |
Caterpillar, Inc. | 405,983 | 92,905,150 | |
Chart Industries, Inc. (a) | 102,700 | 12,878,580 | |
Deere & Co. (b) | 163,600 | 67,547,168 | |
Flowserve Corp. | 1,192,200 | 40,534,800 | |
Fortive Corp. | 1,300,394 | 88,647,859 | |
IDEX Corp. | 189,471 | 43,773,485 | |
ITT, Inc. | 257,800 | 22,248,140 | |
407,472,782 | |||
Marine - 0.1% | |||
Eagle Bulk Shipping, Inc. (b) | 113,500 | 5,164,250 | |
Genco Shipping & Trading Ltd. (b) | 240,100 | 3,759,966 | |
8,924,216 | |||
Professional Services - 0.2% | |||
ExlService Holdings, Inc. (a) | 34,666 | 5,609,999 | |
TransUnion Holding Co., Inc. (b) | 316,695 | 19,679,427 | |
25,289,426 | |||
Road & Rail - 0.7% | |||
CSX Corp. (b) | 2,047,878 | 61,313,467 | |
Union Pacific Corp. | 229,816 | 46,252,768 | |
107,566,235 | |||
Trading Companies & Distributors - 0.0% | |||
Air Lease Corp. Class A | 121,500 | 4,783,455 | |
Transportation - 0.2% | |||
Uber Technologies, Inc. (a) | 1,040,612 | 32,987,400 | |
TOTAL INDUSTRIALS | 1,499,578,168 | ||
INFORMATION TECHNOLOGY - 25.1% | |||
Communications Equipment - 0.2% | |||
Cisco Systems, Inc. | 710,900 | 37,162,298 | |
Lumine Group, Inc. | 33,574 | 365,426 | |
37,527,724 | |||
Electronic Equipment & Components - 0.5% | |||
Cognex Corp. | 205,522 | 10,183,615 | |
Corning, Inc. | 924,777 | 32,626,133 | |
TE Connectivity Ltd. | 247,541 | 32,465,002 | |
Trimble, Inc. (a) | 102,453 | 5,370,586 | |
80,645,336 | |||
IT Services - 2.1% | |||
Akamai Technologies, Inc. (a) | 363,705 | 28,478,102 | |
Capgemini SA | 378,917 | 70,167,234 | |
Cognizant Technology Solutions Corp. Class A | 1,229,877 | 74,936,406 | |
Cyxtera Technologies, Inc. Class A (a) | 973,794 | 297,397 | |
DXC Technology Co. (a) | 165,783 | 4,237,413 | |
Gartner, Inc. (a) | 26,935 | 8,774,615 | |
GoDaddy, Inc. (a) | 502,000 | 39,015,440 | |
MongoDB, Inc. Class A (a) | 230,500 | 53,734,160 | |
Snowflake, Inc. (a)(b) | 83,600 | 12,898,644 | |
Thoughtworks Holding, Inc. (a) | 75,500 | 555,680 | |
Twilio, Inc. Class A (a) | 466,568 | 31,087,426 | |
Wix.com Ltd. (a) | 88,300 | 8,812,340 | |
X Holdings Corp. Class A (c) | 31,890 | 1,165,261 | |
334,160,118 | |||
Semiconductors & Semiconductor Equipment - 3.2% | |||
Advanced Micro Devices, Inc. (a) | 457,571 | 44,846,534 | |
Analog Devices, Inc. | 807,661 | 159,286,902 | |
Intel Corp. | 1,023,400 | 33,434,478 | |
Lam Research Corp. | 15,800 | 8,375,896 | |
Marvell Technology, Inc. | 338,244 | 14,645,965 | |
Microchip Technology, Inc. | 598,604 | 50,151,043 | |
Micron Technology, Inc. | 1,507,011 | 90,933,044 | |
NVIDIA Corp. | 238,400 | 66,220,368 | |
onsemi (a) | 182,500 | 15,023,400 | |
Skyworks Solutions, Inc. | 150,763 | 17,787,019 | |
500,704,649 | |||
Software - 12.0% | |||
Adobe, Inc. (a) | 418,349 | 161,219,154 | |
Alteryx, Inc. Class A (a) | 93,500 | 5,501,540 | |
Aspen Technology, Inc. | 60,990 | 13,958,781 | |
Autodesk, Inc. (a) | 334,832 | 69,698,629 | |
Blackbaud, Inc. (a) | 230,000 | 15,939,000 | |
Ceridian HCM Holding, Inc. (a) | 356,600 | 26,110,252 | |
Constellation Software, Inc. | 9,990 | 18,781,865 | |
Elastic NV (a) | 420,200 | 24,329,580 | |
Five9, Inc. (a) | 218,900 | 15,824,281 | |
Gen Digital, Inc. | 1,416,110 | 24,300,448 | |
HubSpot, Inc. (a) | 94,304 | 40,432,840 | |
Microsoft Corp. | 3,647,959 | 1,051,706,580 | |
Momentive Global, Inc. (a) | 329,600 | 3,071,872 | |
New Relic, Inc. (a) | 107,800 | 8,116,262 | |
Palo Alto Networks, Inc. (a) | 339,790 | 67,869,655 | |
PTC, Inc. (a) | 286,557 | 36,745,204 | |
Roper Technologies, Inc. | 27,100 | 11,942,699 | |
Salesforce, Inc. (a) | 938,938 | 187,581,034 | |
Tenable Holdings, Inc. (a) | 658,400 | 31,280,584 | |
Workday, Inc. Class A (a) | 293,289 | 60,575,910 | |
Workiva, Inc. (a) | 67,100 | 6,871,711 | |
Zoom Video Communications, Inc. Class A (a) | 88,700 | 6,549,608 | |
1,888,407,489 | |||
Technology Hardware, Storage & Peripherals - 7.1% | |||
Apple, Inc. | 6,707,332 | 1,106,039,039 | |
Western Digital Corp. (a) | 329,014 | 12,393,957 | |
1,118,432,996 | |||
TOTAL INFORMATION TECHNOLOGY | 3,959,878,312 | ||
MATERIALS - 3.0% | |||
Chemicals - 1.9% | |||
Air Products & Chemicals, Inc. | 103,789 | 29,809,239 | |
Ashland, Inc. | 75,800 | 7,785,418 | |
Cabot Corp. | 149,400 | 11,450,016 | |
Celanese Corp. Class A | 156,800 | 17,073,952 | |
CF Industries Holdings, Inc. | 6,800 | 492,932 | |
Chemtrade Logistics Income Fund | 870,980 | 5,058,966 | |
Corteva, Inc. | 430,800 | 25,981,548 | |
Dow, Inc. | 88,900 | 4,873,498 | |
DuPont de Nemours, Inc. | 245,507 | 17,620,037 | |
Eastman Chemical Co. | 29,700 | 2,504,898 | |
Element Solutions, Inc. | 165,100 | 3,188,081 | |
Huntsman Corp. | 111,100 | 3,039,696 | |
Linde PLC | 231,000 | 82,106,640 | |
LyondellBasell Industries NV Class A | 241,600 | 22,683,824 | |
Olin Corp. | 223,584 | 12,408,912 | |
Orion Engineered Carbons SA | 81,600 | 2,128,944 | |
RPM International, Inc. | 23,600 | 2,058,864 | |
The Chemours Co. LLC | 408,400 | 12,227,496 | |
Tronox Holdings PLC | 772,700 | 11,111,426 | |
Valvoline, Inc. | 575,971 | 20,124,427 | |
Westlake Corp. | 59,200 | 6,866,016 | |
300,594,830 | |||
Construction Materials - 0.1% | |||
Martin Marietta Materials, Inc. | 26,222 | 9,310,383 | |
Vulcan Materials Co. | 56,000 | 9,607,360 | |
18,917,743 | |||
Containers & Packaging - 0.2% | |||
Aptargroup, Inc. | 112,100 | 13,249,099 | |
Avery Dennison Corp. | 43,600 | 7,801,348 | |
Crown Holdings, Inc. | 80,095 | 6,624,657 | |
Greif, Inc. Class A | 152,100 | 9,638,577 | |
37,313,681 | |||
Metals & Mining - 0.8% | |||
Alcoa Corp. | 174,000 | 7,405,440 | |
Commercial Metals Co. | 142,456 | 6,966,098 | |
First Quantum Minerals Ltd. | 1,172,680 | 26,959,059 | |
Freeport-McMoRan, Inc. | 913,300 | 37,363,103 | |
Glencore PLC | 1,166,400 | 6,711,721 | |
Horizonte Minerals PLC (a) | 1,493,200 | 2,505,136 | |
Major Drilling Group International, Inc. (a) | 299,400 | 2,354,881 | |
Newmont Corp. | 156,600 | 7,676,532 | |
Reliance Steel & Aluminum Co. | 43,800 | 11,245,212 | |
Steel Dynamics, Inc. | 45,600 | 5,155,536 | |
Wheaton Precious Metals Corp. | 76,600 | 3,689,156 | |
118,031,874 | |||
TOTAL MATERIALS | 474,858,128 | ||
REAL ESTATE - 3.0% | |||
Equity Real Estate Investment Trusts (REITs) - 2.9% | |||
Alexandria Real Estate Equities, Inc. | 104,300 | 13,099,037 | |
American Tower Corp. | 170,204 | 34,779,485 | |
Crown Castle International Corp. | 326,700 | 43,725,528 | |
CubeSmart | 772,115 | 35,687,155 | |
Digital Realty Trust, Inc. | 47,700 | 4,689,387 | |
EastGroup Properties, Inc. | 60,500 | 10,001,860 | |
Equinix, Inc. | 56,500 | 40,738,760 | |
Equity Lifestyle Properties, Inc. | 246,900 | 16,574,397 | |
Essex Property Trust, Inc. | 85,059 | 17,789,239 | |
Four Corners Property Trust, Inc. | 554,703 | 14,899,323 | |
Host Hotels & Resorts, Inc. | 249,300 | 4,110,957 | |
Invitation Homes, Inc. | 502,551 | 15,694,668 | |
Lamar Advertising Co. Class A | 137,000 | 13,684,930 | |
Mid-America Apartment Communities, Inc. | 147,200 | 22,233,088 | |
Outfront Media, Inc. | 79,800 | 1,295,154 | |
Prologis (REIT), Inc. | 448,651 | 55,978,185 | |
Public Storage | 22,200 | 6,707,508 | |
Ryman Hospitality Properties, Inc. | 144,200 | 12,939,066 | |
SITE Centers Corp. | 770,900 | 9,466,652 | |
Spirit Realty Capital, Inc. | 218,000 | 8,685,120 | |
Terreno Realty Corp. | 123,900 | 8,003,940 | |
UDR, Inc. | 237,800 | 9,764,068 | |
Urban Edge Properties | 624,200 | 9,400,452 | |
Ventas, Inc. | 555,800 | 24,093,930 | |
VICI Properties, Inc. | 181,700 | 5,927,054 | |
Welltower, Inc. | 233,300 | 16,725,277 | |
456,694,220 | |||
Real Estate Management & Development - 0.1% | |||
CBRE Group, Inc. (a) | 306,800 | 22,338,108 | |
Doma Holdings, Inc. Class A (a)(b) | 4,239,040 | 1,727,409 | |
WeWork, Inc. (a)(b) | 1,326,300 | 1,030,933 | |
25,096,450 | |||
TOTAL REAL ESTATE | 481,790,670 | ||
UTILITIES - 2.6% | |||
Electric Utilities - 1.8% | |||
Constellation Energy Corp. | 393,681 | 30,903,959 | |
Edison International | 359,082 | 25,347,598 | |
Entergy Corp. | 113,800 | 12,260,812 | |
Exelon Corp. | 207,595 | 8,696,155 | |
FirstEnergy Corp. | 154,879 | 6,204,453 | |
NextEra Energy, Inc. | 973,417 | 75,030,982 | |
PG&E Corp. (a) | 2,084,506 | 33,706,462 | |
Pinnacle West Capital Corp. | 112,400 | 8,906,576 | |
PPL Corp. | 678,700 | 18,861,073 | |
Southern Co. | 841,955 | 58,583,229 | |
278,501,299 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
Clearway Energy, Inc. Class A | 44,888 | 1,347,987 | |
Energy Harbor Corp. (a) | 72,800 | 5,692,960 | |
Vistra Corp. | 467,978 | 11,231,472 | |
18,272,419 | |||
Multi-Utilities - 0.6% | |||
Dominion Energy, Inc. | 490,213 | 27,407,809 | |
NiSource, Inc. | 642,002 | 17,950,376 | |
Public Service Enterprise Group, Inc. | 321,436 | 20,073,678 | |
Sempra Energy | 216,788 | 32,769,674 | |
98,201,537 | |||
Water Utilities - 0.1% | |||
American Water Works Co., Inc. | 135,000 | 19,776,150 | |
TOTAL UTILITIES | 414,751,405 | ||
TOTAL COMMON STOCKS (Cost $10,860,214,806) | 15,548,118,546 | ||
Preferred Stocks - 0.4% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.3% | |||
COMMUNICATION SERVICES - 0.1% | |||
Interactive Media & Services - 0.1% | |||
Reddit, Inc. Series F (a)(c)(e) | 236,672 | 9,017,203 | |
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Circle Internet Financial Ltd. Series F (c)(e) | 160,054 | 4,563,140 | |
HEALTH CARE - 0.2% | |||
Biotechnology - 0.1% | |||
Asimov, Inc. Series B (a)(c)(e) | 35,044 | 1,784,791 | |
Caris Life Sciences, Inc. Series D (a)(c)(e) | 1,077,331 | 6,033,054 | |
Cleerly, Inc. Series C (c)(e) | 411,426 | 4,826,027 | |
Element Biosciences, Inc. Series C (a)(c)(e) | 195,016 | 3,007,147 | |
ElevateBio LLC Series C (a)(c)(e) | 626,000 | 1,852,960 | |
Inscripta, Inc. Series E (a)(c)(e) | 423,474 | 1,791,295 | |
19,295,274 | |||
Health Care Providers & Services - 0.0% | |||
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(e) | 416,172 | 3,691,446 | |
Health Care Technology - 0.1% | |||
Aledade, Inc.: | |||
Series B1(a)(c)(e) | 67,586 | 3,794,954 | |
Series E1(c)(e) | 14,822 | 832,255 | |
Omada Health, Inc. Series E (a)(c)(e) | 597,550 | 1,936,062 | |
Wugen, Inc. Series B (a)(c)(e) | 155,150 | 724,551 | |
7,287,822 | |||
Pharmaceuticals - 0.0% | |||
Aristea Therapeutics, Inc. Series B (a)(c)(e) | 391,809 | 2,158,868 | |
Galvanize Therapeutics Series B (c)(e) | 1,112,588 | 1,891,400 | |
4,050,268 | |||
TOTAL HEALTH CARE | 34,324,810 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 47,905,153 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
FINANCIALS - 0.1% | |||
Diversified Financial Services - 0.0% | |||
Thriveworks TopCo LLC Series B (a)(c)(e)(f) | 141,317 | 2,163,563 | |
Financial Services - 0.1% | |||
Circle Internet Financial Ltd. Series E (c)(e) | 388,096 | 11,064,617 | |
TOTAL FINANCIALS | 13,228,180 | ||
TOTAL PREFERRED STOCKS (Cost $77,051,619) | 61,133,333 | ||
Convertible Bonds - 0.0% | |||
Principal Amount (g) | Value ($) | ||
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Affirm Holdings, Inc. 0% 11/15/26 (Cost $6,692,650) | 10,273,000 | 6,600,403 | |
Money Market Funds - 1.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.86% (h) | 114,122,704 | 114,145,528 | |
Fidelity Securities Lending Cash Central Fund 4.87% (h)(i) | 76,581,932 | 76,589,591 | |
TOTAL MONEY MARKET FUNDS (Cost $190,735,118) | 190,735,119 | ||
TOTAL INVESTMENT IN SECURITIES - 100.1% (Cost $11,134,694,193) | 15,806,587,401 |
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (23,317,249) |
NET ASSETS - 100.0% | 15,783,270,152 |
Legend
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(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 $15,421,823 or 0.1% of net assets. |
(e) | 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 $110,889,820 or 0.7% of net assets. |
(f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Aledade, Inc. Series B1 | 5/07/21 | 2,587,915 |
Aledade, Inc. Series E1 | 5/20/22 | 738,349 |
Ant International Co. Ltd. Class C | 5/16/18 | 21,348,159 |
Aristea Therapeutics, Inc. Series B | 10/06/20 | 2,160,317 |
Asimov, Inc. Series B | 10/29/21 | 3,247,902 |
Caris Life Sciences, Inc. | 10/06/22 | 1,271,553 |
Caris Life Sciences, Inc. Series D | 5/11/21 | 8,726,381 |
Circle Internet Financial Ltd. Series E | 5/11/21 | 6,298,800 |
Circle Internet Financial Ltd. Series F | 5/09/22 | 6,744,676 |
Cleerly, Inc. Series C | 7/08/22 | 4,846,845 |
dMed Biopharmaceutical Co. Ltd. Series C | 12/01/20 | 5,910,953 |
Element Biosciences, Inc. Series C | 6/21/21 | 4,008,885 |
ElevateBio LLC Series C | 3/09/21 | 2,626,070 |
Evolent Health, Inc. | 3/28/23 | 14,500,000 |
Galvanize Therapeutics Series B | 3/29/22 | 1,926,207 |
Inscripta, Inc. Series E | 3/30/21 | 3,739,275 |
Omada Health, Inc. Series E | 12/22/21 | 3,582,432 |
Reddit, Inc. Series F | 8/11/21 | 14,625,004 |
Starling Bank Ltd. Series D | 6/18/21 | 8,257,037 |
The Beauty Health Co. | 12/08/20 | 6,000,000 |
The Oncology Institute, Inc. | 6/28/21 | 7,619,360 |
Thriveworks TopCo LLC Series B | 7/23/21 - 2/25/22 | 4,078,434 |
Wugen, Inc. Series B | 7/09/21 | 1,203,173 |
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 4.86% | 149,637,573 | 2,940,614,103 | 2,976,106,148 | 3,549,834 | - | - | 114,145,528 | 0.3% |
Fidelity Securities Lending Cash Central Fund 4.87% | 130,631,814 | 572,282,494 | 626,324,717 | 455,404 | - | - | 76,589,591 | 0.2% |
Total | 280,269,387 | 3,512,896,597 | 3,602,430,865 | 4,005,238 | - | - | 190,735,119 | |
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 Directors (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.
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. Convertible Bonds 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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