Quarterly Holdings Report
for
Fidelity Advisor® New Insights Fund
March 31, 2024
ANIF-NPRT1-0524
1.799846.120
| Common Stocks - 97.3% | |||
| Shares | Value ($) (000s) | ||
| COMMUNICATION SERVICES - 19.3% | |||
| Entertainment - 2.4% | |||
| Capcom Co. Ltd. | 40,000 | 747 | |
| Liberty Media Corp. Liberty Formula One Class C | 323,276 | 21,207 | |
| Liberty Media Corp. Liberty Live Class C | 17,816 | 781 | |
| Live Nation Entertainment, Inc. (a) | 24,000 | 2,538 | |
| Netflix, Inc. (a) | 660,590 | 401,196 | |
| Sea Ltd. ADR (a) | 176,780 | 9,495 | |
| The Walt Disney Co. | 157,300 | 19,247 | |
| Universal Music Group NV | 942,580 | 28,325 | |
| Warner Bros Discovery, Inc. (a) | 128,700 | 1,124 | |
| 484,660 | |||
| Interactive Media & Services - 16.6% | |||
| Alphabet, Inc. Class A (a) | 7,282,020 | 1,099,075 | |
| Bumble, Inc. (a) | 93,284 | 1,059 | |
| Epic Games, Inc. (a)(b)(c) | 23,900 | 14,340 | |
| Match Group, Inc. (a) | 77,400 | 2,808 | |
| Meta Platforms, Inc. Class A | 4,689,816 | 2,277,289 | |
| Reddit, Inc.: | |||
| Class A | 54,000 | 2,663 | |
| Class B | 157,749 | 7,780 | |
| Shutterstock, Inc. (d) | 45,555 | 2,087 | |
| 3,407,101 | |||
| Wireless Telecommunication Services - 0.3% | |||
| T-Mobile U.S., Inc. | 417,000 | 68,063 | |
TOTAL COMMUNICATION SERVICES | 3,959,824 | ||
| CONSUMER DISCRETIONARY - 11.1% | |||
| Automobiles - 0.2% | |||
| BYD Co. Ltd. (H Shares) | 201,500 | 5,159 | |
| General Motors Co. | 82,840 | 3,757 | |
| Hyundai Motor Co. Ltd. | 99,857 | 17,534 | |
| Li Auto, Inc. ADR (a) | 89,800 | 2,719 | |
| Rad Power Bikes, Inc. (a)(b)(c) | 474,452 | 223 | |
| Rad Power Bikes, Inc. warrants 10/6/33 (a)(b)(c) | 488,383 | 1,231 | |
| Tesla, Inc. (a) | 39,652 | 6,970 | |
| Toyota Motor Corp. | 222,002 | 5,611 | |
| 43,204 | |||
| Broadline Retail - 5.4% | |||
| Amazon.com, Inc. (a) | 5,907,300 | 1,065,559 | |
| Coupang, Inc. Class A (a) | 872,665 | 15,525 | |
| Dollarama, Inc. | 63,672 | 4,851 | |
| Kohl's Corp. (d) | 114,200 | 3,329 | |
| MercadoLibre, Inc. (a) | 8,800 | 13,305 | |
| Pan Pacific International Holdings Ltd. | 52,300 | 1,384 | |
| 1,103,953 | |||
| Diversified Consumer Services - 0.0% | |||
| Duolingo, Inc. (a) | 39,465 | 8,705 | |
| Hotels, Restaurants & Leisure - 1.5% | |||
| Airbnb, Inc. Class A (a) | 381,696 | 62,965 | |
| Booking Holdings, Inc. | 7,200 | 26,121 | |
| Cava Group, Inc. (d) | 143,400 | 10,045 | |
| Chipotle Mexican Grill, Inc. (a) | 12,827 | 37,285 | |
| Deliveroo PLC Class A (a)(e) | 1,945,220 | 2,904 | |
| Domino's Pizza, Inc. | 5,200 | 2,584 | |
| Doordash, Inc. (a) | 15,000 | 2,066 | |
| Evolution AB (e) | 21,000 | 2,610 | |
| Flutter Entertainment PLC (a) | 11,200 | 2,232 | |
| Hilton Worldwide Holdings, Inc. | 572,268 | 122,070 | |
| Light & Wonder, Inc. Class A (a) | 34,800 | 3,553 | |
| Marriott International, Inc. Class A | 16,100 | 4,062 | |
| McDonald's Corp. | 23,200 | 6,541 | |
| Red Rock Resorts, Inc. | 28,851 | 1,726 | |
| Restaurant Brands International, Inc. | 104,300 | 8,283 | |
| Starbucks Corp. | 800 | 73 | |
| Yum China Holdings, Inc. | 26,600 | 1,058 | |
| Zomato Ltd. (a) | 2,766,561 | 6,042 | |
| 302,220 | |||
| Household Durables - 0.5% | |||
| Blu Investments LLC (a)(b)(c) | 98,215,581 | 30 | |
| D.R. Horton, Inc. | 190,375 | 31,326 | |
| Garmin Ltd. | 13,141 | 1,956 | |
| Lennar Corp. Class A | 351,068 | 60,377 | |
| 93,689 | |||
| Specialty Retail - 2.5% | |||
| Abercrombie & Fitch Co. Class A (a) | 44,600 | 5,590 | |
| Academy Sports & Outdoors, Inc. | 169,406 | 11,442 | |
| Auto1 Group SE (a)(d)(e) | 51,600 | 244 | |
| AutoZone, Inc. (a) | 400 | 1,261 | |
| Dick's Sporting Goods, Inc. | 123,445 | 27,758 | |
| Fanatics, Inc. Class A (a)(b)(c) | 372,921 | 27,585 | |
| Fast Retailing Co. Ltd. | 20,900 | 6,475 | |
| Floor & Decor Holdings, Inc. Class A (a)(d) | 127,700 | 16,552 | |
| FSN E-Commerce Ventures Ltd. (a) | 10,674 | 21 | |
| Gap, Inc. | 287,079 | 7,909 | |
| Industria de Diseno Textil SA | 26,100 | 1,314 | |
| Lowe's Companies, Inc. | 387,500 | 98,708 | |
| O'Reilly Automotive, Inc. (a) | 60,071 | 67,813 | |
| Ross Stores, Inc. | 40,300 | 5,914 | |
| The Home Depot, Inc. | 148,613 | 57,008 | |
| TJX Companies, Inc. | 967,703 | 98,144 | |
| Wayfair LLC Class A (a) | 84,161 | 5,713 | |
| Williams-Sonoma, Inc. | 243,432 | 77,297 | |
| 516,748 | |||
| Textiles, Apparel & Luxury Goods - 1.0% | |||
| adidas AG | 11,800 | 2,635 | |
| Asics Corp. | 27,600 | 1,296 | |
| Bolt Threads, Inc. (b)(c) | 195,249 | 269 | |
| Brunello Cucinelli SpA | 753,200 | 86,135 | |
| Canva, Inc. Class A (b)(c) | 11,950 | 12,747 | |
| China Hongxing Sports Ltd. (a)(c) | 5,977,800 | 0 | |
| Crocs, Inc. (a) | 9,100 | 1,309 | |
| Deckers Outdoor Corp. (a) | 20,982 | 19,750 | |
| lululemon athletica, Inc. (a) | 7,544 | 2,947 | |
| LVMH Moet Hennessy Louis Vuitton SE | 15,400 | 13,857 | |
| On Holding AG (a) | 597,100 | 21,125 | |
| Ralph Lauren Corp. | 82,900 | 15,565 | |
| Samsonite International SA (a)(e) | 4,331,100 | 16,379 | |
| Tapestry, Inc. | 444,929 | 21,125 | |
| 215,139 | |||
TOTAL CONSUMER DISCRETIONARY | 2,283,658 | ||
| CONSUMER STAPLES - 1.8% | |||
| Beverages - 0.5% | |||
| Anheuser-Busch InBev SA NV ADR (d) | 17,100 | 1,039 | |
| Constellation Brands, Inc. Class A (sub. vtg.) | 4,600 | 1,250 | |
| Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 25,300 | 3,296 | |
| Kweichow Moutai Co. Ltd. (A Shares) | 4,200 | 989 | |
| The Coca-Cola Co. | 1,671,718 | 102,276 | |
| 108,850 | |||
| Consumer Staples Distribution & Retail - 1.0% | |||
| Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 364,700 | 20,815 | |
| BJ's Wholesale Club Holdings, Inc. (a) | 107,200 | 8,110 | |
| Casey's General Stores, Inc. | 32,700 | 10,413 | |
| Costco Wholesale Corp. | 181,300 | 132,826 | |
| Dollar Tree, Inc. (a) | 132,300 | 17,616 | |
| Maplebear, Inc. (NASDAQ) | 16,100 | 600 | |
| Performance Food Group Co. (a) | 15,900 | 1,187 | |
| Walmart, Inc. | 165,300 | 9,946 | |
| 201,513 | |||
| Food Products - 0.1% | |||
| Bowery Farming, Inc. warrants (a)(b)(c) | 383,862 | 787 | |
| Mondelez International, Inc. | 238,200 | 16,674 | |
| 17,461 | |||
| Household Products - 0.1% | |||
| Procter & Gamble Co. | 189,100 | 30,681 | |
| Personal Care Products - 0.1% | |||
| L'Oreal SA | 29,812 | 14,118 | |
| Oddity Tech Ltd. | 32,500 | 1,412 | |
| 15,530 | |||
TOTAL CONSUMER STAPLES | 374,035 | ||
| ENERGY - 2.8% | |||
| Energy Equipment & Services - 0.0% | |||
| Noble Corp. PLC | 4,432 | 215 | |
| Patterson-UTI Energy, Inc. | 456,388 | 5,449 | |
| Schlumberger Ltd. | 35,400 | 1,940 | |
| TechnipFMC PLC | 57,200 | 1,436 | |
| 9,040 | |||
| Oil, Gas & Consumable Fuels - 2.8% | |||
| Antero Resources Corp. (a) | 542,400 | 15,730 | |
| Cameco Corp. | 207,400 | 8,985 | |
| Canadian Natural Resources Ltd. | 1,007,988 | 76,893 | |
| Cenovus Energy, Inc. | 687,700 | 13,747 | |
| Cheniere Energy, Inc. | 621,317 | 100,206 | |
| ConocoPhillips Co. | 58,911 | 7,498 | |
| Diamondback Energy, Inc. | 26,443 | 5,240 | |
| EOG Resources, Inc. | 76,716 | 9,807 | |
| Exxon Mobil Corp. | 1,451,807 | 168,758 | |
| GoviEx Uranium, Inc. (a)(d) | 642,355 | 55 | |
| GoviEx Uranium, Inc. (a)(e) | 23,200 | 2 | |
| GoviEx Uranium, Inc. Class A (a)(e) | 2,625,135 | 223 | |
| Hess Corp. | 414,997 | 63,345 | |
| Marathon Petroleum Corp. | 114,400 | 23,052 | |
| Occidental Petroleum Corp. | 375,761 | 24,421 | |
| Ovintiv, Inc. | 122,600 | 6,363 | |
| Phillips 66 Co. | 24,600 | 4,018 | |
| PrairieSky Royalty Ltd. | 107,200 | 2,100 | |
| Reliance Industries Ltd. | 277,931 | 9,906 | |
| Sable Offshore Corp. (b) | 460,290 | 5,045 | |
| Valero Energy Corp. | 108,500 | 18,520 | |
| 563,914 | |||
TOTAL ENERGY | 572,954 | ||
| FINANCIALS - 13.1% | |||
| Banks - 2.9% | |||
| AIB Group PLC | 1,046,200 | 5,309 | |
| Banco Santander SA (Spain) | 1,348,100 | 6,585 | |
| Bank of America Corp. | 3,082,365 | 116,883 | |
| Bank of Ireland Group PLC | 357,600 | 3,649 | |
| Citigroup, Inc. | 255,600 | 16,164 | |
| East West Bancorp, Inc. | 15,400 | 1,218 | |
| First Citizens Bancshares, Inc. | 5,800 | 9,483 | |
| HDFC Bank Ltd. sponsored ADR | 643,371 | 36,009 | |
| JPMorgan Chase & Co. | 695,359 | 139,280 | |
| Nu Holdings Ltd. (a) | 1,298,766 | 15,494 | |
| Royal Bank of Canada | 203,760 | 20,551 | |
| Starling Bank Ltd. Series D (a)(b)(c) | 3,787,848 | 15,920 | |
| Wells Fargo & Co. | 3,627,716 | 210,262 | |
| 596,807 | |||
| Capital Markets - 0.5% | |||
| Blackstone, Inc. | 36,200 | 4,756 | |
| Brookfield Asset Management Ltd.: | |||
| Class A | 5,622 | 236 | |
| Class A | 235,300 | 9,887 | |
| Brookfield Corp. (Canada) Class A | 37,400 | 1,565 | |
| CME Group, Inc. | 18,800 | 4,047 | |
| Coinbase Global, Inc. (a) | 40,100 | 10,631 | |
| Goldman Sachs Group, Inc. | 12,000 | 5,012 | |
| KKR & Co. LP | 53,400 | 5,371 | |
| London Stock Exchange Group PLC | 60,900 | 7,287 | |
| Moody's Corp. | 2,800 | 1,100 | |
| Morgan Stanley | 72,953 | 6,869 | |
| MSCI, Inc. | 51,219 | 28,706 | |
| Raymond James Financial, Inc. | 3,500 | 449 | |
| TulCo LLC (a)(b)(c)(f) | 17,377 | 13,234 | |
| UBS Group AG | 372,170 | 11,448 | |
| 110,598 | |||
| Consumer Finance - 0.3% | |||
| American Express Co. | 213,508 | 48,614 | |
| Capital One Financial Corp. | 30,600 | 4,556 | |
| Discover Financial Services | 25,600 | 3,356 | |
| 56,526 | |||
| Financial Services - 7.2% | |||
| Berkshire Hathaway, Inc. Class A (a) | 1,586 | 1,006,222 | |
| Block, Inc. Class A (a) | 32,167 | 2,721 | |
| Fiserv, Inc. (a) | 106,000 | 16,941 | |
| Jio Financial Services Ltd. | 224,200 | 951 | |
| MasterCard, Inc. Class A | 537,700 | 258,940 | |
| PayPal Holdings, Inc. (a) | 74,100 | 4,964 | |
| Remitly Global, Inc. (a) | 310,800 | 6,446 | |
| Visa, Inc. Class A | 687,100 | 191,756 | |
| 1,488,941 | |||
| Insurance - 2.2% | |||
| American International Group, Inc. | 531,226 | 41,526 | |
| Arthur J. Gallagher & Co. | 293,700 | 73,437 | |
| Chubb Ltd. | 451,707 | 117,051 | |
| Fairfax Financial Holdings Ltd. (sub. vtg.) | 49,167 | 52,998 | |
| Hiscox Ltd. | 2,665,843 | 41,722 | |
| Intact Financial Corp. | 145,412 | 23,621 | |
| Marsh & McLennan Companies, Inc. | 93,637 | 19,287 | |
| Progressive Corp. | 253,010 | 52,328 | |
| The Travelers Companies, Inc. | 97,538 | 22,447 | |
| 444,417 | |||
TOTAL FINANCIALS | 2,697,289 | ||
| HEALTH CARE - 11.2% | |||
| Biotechnology - 3.2% | |||
| Alnylam Pharmaceuticals, Inc. (a) | 57,884 | 8,651 | |
| Apogee Therapeutics, Inc. | 39,200 | 2,605 | |
| Argenx SE ADR (a) | 63,732 | 25,093 | |
| Ascendis Pharma A/S sponsored ADR (a) | 29,200 | 4,414 | |
| BioNTech SE ADR (a) | 18,000 | 1,661 | |
| Celldex Therapeutics, Inc. (a) | 160,200 | 6,724 | |
| Cytokinetics, Inc. (a) | 42,200 | 2,959 | |
| Denali Therapeutics, Inc. (a) | 69,800 | 1,432 | |
| Galapagos NV sponsored ADR (a) | 166,337 | 5,356 | |
| Gilead Sciences, Inc. | 233,100 | 17,075 | |
| Intarcia Therapeutics, Inc. warrants 12/31/24 (a)(b)(c) | 26,062 | 0 | |
| Janux Therapeutics, Inc. (a) | 45,900 | 1,728 | |
| Keros Therapeutics, Inc. (a) | 68,700 | 4,548 | |
| Legend Biotech Corp. ADR (a) | 245,500 | 13,770 | |
| Light Sciences Oncology, Inc. (a)(c) | 2,708,254 | 0 | |
| Moderna, Inc. (a) | 48,800 | 5,200 | |
| Moonlake Immunotherapeutics (a) | 51,500 | 2,587 | |
| Neurocrine Biosciences, Inc. (a) | 8,700 | 1,200 | |
| Recursion Pharmaceuticals, Inc. (a)(d) | 231,911 | 2,312 | |
| Regeneron Pharmaceuticals, Inc. (a) | 372,099 | 358,142 | |
| Sarepta Therapeutics, Inc. (a) | 6,100 | 790 | |
| Vaxcyte, Inc. (a) | 69,300 | 4,734 | |
| Vertex Pharmaceuticals, Inc. (a) | 427,246 | 178,593 | |
| Viking Therapeutics, Inc. (a) | 25,900 | 2,124 | |
| Xenon Pharmaceuticals, Inc. (a) | 78,500 | 3,379 | |
| 655,077 | |||
| Health Care Equipment & Supplies - 1.3% | |||
| Alcon, Inc. | 72,700 | 6,055 | |
| Boston Scientific Corp. (a) | 1,764,708 | 120,865 | |
| DexCom, Inc. (a) | 37,400 | 5,187 | |
| EssilorLuxottica SA | 11,100 | 2,511 | |
| I-Pulse, Inc. (a)(b)(c) | 58,562 | 158 | |
| Intuitive Surgical, Inc. (a) | 201,951 | 80,597 | |
| Shockwave Medical, Inc. (a) | 5,100 | 1,661 | |
| Straumann Holding AG | 16,995 | 2,714 | |
| Stryker Corp. | 59,900 | 21,436 | |
| The Cooper Companies, Inc. | 36,800 | 3,734 | |
| TransMedics Group, Inc. (a) | 209,200 | 15,468 | |
| 260,386 | |||
| Health Care Providers & Services - 1.9% | |||
| Cencora, Inc. | 25,620 | 6,225 | |
| Centene Corp. (a) | 574,000 | 45,048 | |
| Cigna Group | 198,700 | 72,166 | |
| Molina Healthcare, Inc. (a) | 2,300 | 945 | |
| UnitedHealth Group, Inc. | 539,908 | 267,092 | |
| 391,476 | |||
| Life Sciences Tools & Services - 0.7% | |||
| Danaher Corp. | 408,289 | 101,958 | |
| IQVIA Holdings, Inc. (a) | 8,100 | 2,048 | |
| Mettler-Toledo International, Inc. (a) | 554 | 738 | |
| Olink Holding AB ADR (a) | 162,700 | 3,825 | |
| Thermo Fisher Scientific, Inc. | 53,032 | 30,823 | |
| Veterinary Emergency Group LLC Class A (a)(b)(c)(f) | 184,081 | 10,242 | |
| 149,634 | |||
| Pharmaceuticals - 4.1% | |||
| AstraZeneca PLC (United Kingdom) | 270,800 | 36,380 | |
| Eli Lilly & Co. | 798,683 | 621,343 | |
| Euroapi SASU (a) | 23,468 | 71 | |
| Intra-Cellular Therapies, Inc. (a) | 93,317 | 6,458 | |
| Merck & Co., Inc. | 797,192 | 105,189 | |
| Novo Nordisk A/S Series B | 111,000 | 14,238 | |
| Roche Holding AG (participation certificate) | 49,763 | 12,705 | |
| Royalty Pharma PLC | 891,950 | 27,089 | |
| Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | 649,420 | 9,163 | |
| UCB SA | 15,667 | 1,934 | |
| 834,570 | |||
TOTAL HEALTH CARE | 2,291,143 | ||
| INDUSTRIALS - 8.3% | |||
| Aerospace & Defense - 2.6% | |||
| Axon Enterprise, Inc. (a) | 16,700 | 5,225 | |
| BWX Technologies, Inc. | 47,900 | 4,915 | |
| General Dynamics Corp. | 8,100 | 2,288 | |
| Howmet Aerospace, Inc. | 237,500 | 16,252 | |
| Northrop Grumman Corp. | 187,786 | 89,886 | |
| Relativity Space, Inc. warrants (a)(b)(c) | 9,464 | 148 | |
| Rolls-Royce Holdings PLC (a) | 513,500 | 2,763 | |
| Space Exploration Technologies Corp.: | |||
| Class A (a)(b)(c) | 2,573,450 | 249,625 | |
| Class C (a)(b)(c) | 45,460 | 4,410 | |
| The Boeing Co. (a) | 164,700 | 31,785 | |
| TransDigm Group, Inc. | 94,962 | 116,955 | |
| Woodward, Inc. | 80,700 | 12,437 | |
| 536,689 | |||
| Air Freight & Logistics - 0.1% | |||
| Delhivery Private Ltd. (a) | 444,255 | 2,374 | |
| GXO Logistics, Inc. (a) | 416,470 | 22,389 | |
| Zipline International, Inc. (a)(b)(c) | 74,930 | 2,691 | |
| 27,454 | |||
| Building Products - 0.3% | |||
| Carrier Global Corp. | 103,300 | 6,005 | |
| Masco Corp. | 11,741 | 926 | |
| The AZEK Co., Inc. (a) | 24,600 | 1,235 | |
| Trane Technologies PLC | 137,600 | 41,308 | |
| 49,474 | |||
| Commercial Services & Supplies - 0.4% | |||
| Cintas Corp. | 43,412 | 29,825 | |
| Clean Harbors, Inc. (a) | 74,944 | 15,087 | |
| Clean TeQ Water Pty Ltd. (a) | 3,189 | 1 | |
| GFL Environmental, Inc. | 322,000 | 11,104 | |
| Republic Services, Inc. | 40,500 | 7,753 | |
| Veralto Corp. | 194,562 | 17,250 | |
| Waste Connections, Inc. (United States) | 14,800 | 2,546 | |
| 83,566 | |||
| Construction & Engineering - 0.0% | |||
| Bowman Consulting Group Ltd. (a) | 231,800 | 8,064 | |
| Electrical Equipment - 1.1% | |||
| Eaton Corp. PLC | 406,100 | 126,979 | |
| Fuji Electric Co. Ltd. | 5,600 | 376 | |
| GE Vernova LLC | 10,500 | 1,436 | |
| Generac Holdings, Inc. (a) | 27,700 | 3,494 | |
| Hubbell, Inc. Class B | 79,300 | 32,913 | |
| Nextracker, Inc. Class A (a) | 138,900 | 7,816 | |
| nVent Electric PLC | 94,825 | 7,150 | |
| Regal Rexnord Corp. | 80,500 | 14,498 | |
| Vertiv Holdings Co. | 286,600 | 23,407 | |
| 218,069 | |||
| Ground Transportation - 0.8% | |||
| Canadian Pacific Kansas City Ltd. | 819,064 | 72,216 | |
| Old Dominion Freight Lines, Inc. | 111,200 | 24,387 | |
| RXO, Inc. (a) | 428,170 | 9,364 | |
| Uber Technologies, Inc. (a) | 701,100 | 53,978 | |
| 159,945 | |||
| Industrial Conglomerates - 0.8% | |||
| 3M Co. | 59,800 | 6,343 | |
| General Electric Co. | 825,303 | 144,865 | |
| Hitachi Ltd. | 178,000 | 16,266 | |
| 167,474 | |||
| Machinery - 1.0% | |||
| Caterpillar, Inc. | 55,400 | 20,300 | |
| Chart Industries, Inc. (a) | 182,800 | 30,111 | |
| Deere & Co. | 20,198 | 8,296 | |
| Energy Recovery, Inc. (a) | 156,000 | 2,463 | |
| Fortive Corp. | 78,800 | 6,778 | |
| Indutrade AB | 42,800 | 1,167 | |
| Ingersoll Rand, Inc. | 155,500 | 14,765 | |
| Mitsubishi Heavy Industries Ltd. | 140,200 | 1,271 | |
| PACCAR, Inc. | 463,642 | 57,441 | |
| Parker Hannifin Corp. | 113,900 | 63,304 | |
| 205,896 | |||
| Passenger Airlines - 0.2% | |||
| Copa Holdings SA Class A | 12,900 | 1,344 | |
| Ryanair Holdings PLC sponsored ADR | 264,800 | 38,552 | |
| 39,896 | |||
| Professional Services - 0.6% | |||
| CACI International, Inc. Class A (a) | 81,000 | 30,685 | |
| Equifax, Inc. | 4,500 | 1,204 | |
| KBR, Inc. | 336,600 | 21,428 | |
| RELX PLC (London Stock Exchange) | 291,300 | 12,562 | |
| Science Applications International Corp. | 78,900 | 10,288 | |
| Thomson Reuters Corp. | 58,898 | 9,166 | |
| Verisk Analytics, Inc. | 66,900 | 15,770 | |
| Wolters Kluwer NV | 71,900 | 11,263 | |
| 112,366 | |||
| Trading Companies & Distributors - 0.4% | |||
| Fastenal Co. | 34,500 | 2,661 | |
| Ferguson PLC | 17,900 | 3,910 | |
| Itochu Corp. | 27,400 | 1,177 | |
| Mitsui & Co. Ltd. | 28,300 | 1,323 | |
| United Rentals, Inc. | 27,800 | 20,047 | |
| W.W. Grainger, Inc. | 58,400 | 59,410 | |
| 88,528 | |||
TOTAL INDUSTRIALS | 1,697,421 | ||
| INFORMATION TECHNOLOGY - 26.1% | |||
| Communications Equipment - 0.4% | |||
| Arista Networks, Inc. (a) | 303,053 | 87,879 | |
| Motorola Solutions, Inc. | 14,300 | 5,076 | |
| 92,955 | |||
| Electronic Equipment, Instruments & Components - 1.1% | |||
| Amphenol Corp. Class A | 1,918,738 | 221,326 | |
| CDW Corp. | 45,979 | 11,761 | |
| E Ink Holdings, Inc. | 165,000 | 1,170 | |
| 234,257 | |||
| IT Services - 0.7% | |||
| Accenture PLC Class A | 172,611 | 59,829 | |
| ASAC II LP (a)(b)(c) | 9,408,021 | 1,581 | |
| Cloudflare, Inc. (a) | 93,570 | 9,060 | |
| Gartner, Inc. (a) | 60,300 | 28,743 | |
| MongoDB, Inc. Class A (a) | 16,700 | 5,989 | |
| Okta, Inc. (a) | 11,500 | 1,203 | |
| Shopify, Inc. Class A (a) | 343,708 | 26,516 | |
| X Holdings Corp. Class A (b)(c) | 97,100 | 2,607 | |
| 135,528 | |||
| Semiconductors & Semiconductor Equipment - 10.4% | |||
| Advanced Micro Devices, Inc. (a) | 996,834 | 179,919 | |
| Advantest Corp. | 84,000 | 3,732 | |
| AEHR Test Systems (a)(d) | 87,709 | 1,088 | |
| Analog Devices, Inc. | 51,805 | 10,247 | |
| Applied Materials, Inc. | 350,100 | 72,201 | |
| Arm Holdings Ltd. ADR | 48,500 | 6,062 | |
| ASM International NV (Netherlands) | 13,600 | 8,303 | |
| ASML Holding NV: | |||
| (depository receipt) | 12,200 | 11,840 | |
| (Netherlands) | 32,900 | 31,895 | |
| Astera Labs, Inc. | 40,300 | 2,990 | |
| BE Semiconductor Industries NV | 50,000 | 7,654 | |
| Broadcom, Inc. | 41,400 | 54,872 | |
| KLA Corp. | 1,800 | 1,257 | |
| Lam Research Corp. | 46,800 | 45,469 | |
| Lattice Semiconductor Corp. (a) | 28,505 | 2,230 | |
| Marvell Technology, Inc. | 762,400 | 54,039 | |
| Monolithic Power Systems, Inc. | 56,532 | 38,296 | |
| NVIDIA Corp. | 1,590,786 | 1,437,371 | |
| NXP Semiconductors NV | 192,713 | 47,749 | |
| ON Semiconductor Corp. (a) | 69,700 | 5,126 | |
| Qualcomm, Inc. | 160,500 | 27,173 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 620,800 | 84,460 | |
| 2,133,973 | |||
| Software - 10.8% | |||
| Adobe, Inc. (a) | 287,000 | 144,820 | |
| Agilysys, Inc. (a) | 36,800 | 3,101 | |
| ANSYS, Inc. (a) | 3,700 | 1,284 | |
| Autodesk, Inc. (a) | 42,631 | 11,102 | |
| Cadence Design Systems, Inc. (a) | 249,657 | 77,713 | |
| Check Point Software Technologies Ltd. (a) | 46,023 | 7,548 | |
| Clear Secure, Inc. (d) | 306,000 | 6,509 | |
| Confluent, Inc. (a) | 33,700 | 1,029 | |
| CoreWeave, Inc. (b)(c) | 41,335 | 16,129 | |
| Crowdstrike Holdings, Inc. (a) | 35,900 | 11,509 | |
| Datadog, Inc. Class A (a) | 47,300 | 5,846 | |
| Dynatrace, Inc. (a) | 30,000 | 1,393 | |
| Fair Isaac Corp. (a) | 300 | 375 | |
| HashiCorp, Inc. (a) | 7,000 | 189 | |
| HubSpot, Inc. (a) | 8,756 | 5,486 | |
| Intuit, Inc. | 79,362 | 51,585 | |
| JFrog Ltd. (a) | 10,800 | 478 | |
| Klaviyo, Inc. Class A (d) | 15,800 | 403 | |
| Magic Leap, Inc.: | |||
| Class A (a)(b)(c) | 30,863 | 7 | |
| warrants (a)(b)(c) | 46,794 | 11 | |
| Microsoft Corp. | 3,658,115 | 1,539,042 | |
| Palo Alto Networks, Inc. (a) | 67,200 | 19,094 | |
| Roper Technologies, Inc. | 6,000 | 3,365 | |
| Salesforce, Inc. | 603,893 | 181,880 | |
| Samsara, Inc. (a) | 211,865 | 8,006 | |
| ServiceNow, Inc. (a) | 49,699 | 37,891 | |
| Stripe, Inc. Class B (a)(b)(c) | 83,200 | 2,077 | |
| Synopsys, Inc. (a) | 85,600 | 48,920 | |
| Tanium, Inc. Class B (a)(b)(c) | 1,259,978 | 11,214 | |
| Varonis Systems, Inc. (a) | 9,200 | 434 | |
| Volue A/S (a) | 365,396 | 1,010 | |
| Workday, Inc. Class A (a) | 15,800 | 4,309 | |
| Zoom Video Communications, Inc. Class A (a) | 71,300 | 4,661 | |
| Zscaler, Inc. (a) | 6,200 | 1,194 | |
| 2,209,614 | |||
| Technology Hardware, Storage & Peripherals - 2.7% | |||
| Apple, Inc. | 2,796,310 | 479,511 | |
| Dell Technologies, Inc. | 133,375 | 15,219 | |
| Samsung Electronics Co. Ltd. | 1,104,180 | 66,101 | |
| 560,831 | |||
TOTAL INFORMATION TECHNOLOGY | 5,367,158 | ||
| MATERIALS - 2.8% | |||
| Chemicals - 0.6% | |||
| CF Industries Holdings, Inc. | 91,800 | 7,639 | |
| Corteva, Inc. | 465,900 | 26,868 | |
| Linde PLC | 19,300 | 8,961 | |
| Sherwin-Williams Co. | 172,969 | 60,077 | |
| Shin-Etsu Chemical Co. Ltd. | 268,200 | 11,764 | |
| Westlake Corp. | 86,587 | 13,230 | |
| 128,539 | |||
| Construction Materials - 0.2% | |||
| CRH PLC | 98,300 | 8,479 | |
| Martin Marietta Materials, Inc. | 40,000 | 24,558 | |
| Vulcan Materials Co. | 38,300 | 10,453 | |
| 43,490 | |||
| Metals & Mining - 2.0% | |||
| ATI, Inc. (a) | 26,500 | 1,356 | |
| B2Gold Corp. | 12,805,079 | 33,560 | |
| Franco-Nevada Corp. | 364,736 | 43,460 | |
| Freeport-McMoRan, Inc. | 1,555,000 | 73,116 | |
| Ivanhoe Electric, Inc. (a) | 384,197 | 3,765 | |
| Ivanhoe Mines Ltd. (a)(d) | 8,141,518 | 97,130 | |
| Lundin Gold, Inc. | 59,300 | 834 | |
| Newmont Corp. | 115,500 | 4,140 | |
| Novagold Resources, Inc. (a) | 3,059,092 | 9,146 | |
| Nucor Corp. | 288,825 | 57,158 | |
| Orla Mining Ltd. (a) | 1,816,503 | 6,880 | |
| Steel Dynamics, Inc. | 288,796 | 42,808 | |
| Wheaton Precious Metals Corp. | 542,000 | 25,528 | |
| 398,881 | |||
TOTAL MATERIALS | 570,910 | ||
| REAL ESTATE - 0.0% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.0% | |||
| Gaming & Leisure Properties | 4,888 | 225 | |
| Prologis, Inc. | 18,500 | 2,409 | |
| 2,634 | |||
| UTILITIES - 0.8% | |||
| Electric Utilities - 0.8% | |||
| Constellation Energy Corp. | 556,124 | 102,800 | |
| Kansai Electric Power Co., Inc. | 86,000 | 1,227 | |
| NextEra Energy, Inc. | 159,700 | 10,206 | |
| NRG Energy, Inc. | 31,500 | 2,132 | |
| PG&E Corp. | 1,678,300 | 28,128 | |
| Southern Co. | 316,300 | 22,691 | |
| 167,184 | |||
| Independent Power and Renewable Electricity Producers - 0.0% | |||
| Vistra Corp. | 72,400 | 5,043 | |
TOTAL UTILITIES | 172,227 | ||
| TOTAL COMMON STOCKS (Cost $6,851,452) | 19,989,253 | ||
| Preferred Stocks - 1.8% | |||
| Shares | Value ($) (000s) | ||
| Convertible Preferred Stocks - 1.7% | |||
| COMMUNICATION SERVICES - 0.2% | |||
| Interactive Media & Services - 0.2% | |||
| ByteDance Ltd. Series E1 (a)(b)(c) | 130,945 | 30,179 | |
| CONSUMER DISCRETIONARY - 0.0% | |||
| Automobiles - 0.0% | |||
| Rad Power Bikes, Inc.: | |||
| Series A(a)(b)(c) | 61,855 | 29 | |
| Series C(a)(b)(c) | 243,394 | 192 | |
| Series D(a)(b)(c) | 411,659 | 473 | |
| 694 | |||
| Hotels, Restaurants & Leisure - 0.0% | |||
| Discord, Inc. Series I (a)(b)(c) | 2,800 | 704 | |
| Textiles, Apparel & Luxury Goods - 0.0% | |||
| Canva, Inc.: | |||
| Series A(b)(c) | 2,032 | 2,167 | |
| Series A2(b)(c) | 368 | 393 | |
| 2,560 | |||
TOTAL CONSUMER DISCRETIONARY | 3,958 | ||
| CONSUMER STAPLES - 0.0% | |||
| Consumer Staples Distribution & Retail - 0.0% | |||
| GoBrands, Inc.: | |||
| Series G(a)(b)(c) | 8,102 | 325 | |
| Series H(a)(b)(c) | 10,223 | 521 | |
| 846 | |||
| Food Products - 0.0% | |||
| Bowery Farming, Inc.: | |||
| Series C1(a)(b)(c) | 82,543 | 600 | |
| Series D1(b)(c) | 383,862 | 1,612 | |
| 2,212 | |||
TOTAL CONSUMER STAPLES | 3,058 | ||
| FINANCIALS - 0.0% | |||
| Financial Services - 0.0% | |||
| Akeana Series C (b)(c) | 125,700 | 1,600 | |
| Circle Internet Financial Ltd. Series F (a)(b)(c) | 68,639 | 2,053 | |
| Tenstorrent Holdings, Inc. Series C1 (b)(c) | 70,912 | 4,292 | |
| 7,945 | |||
| HEALTH CARE - 0.1% | |||
| Biotechnology - 0.0% | |||
| ElevateBio LLC Series C (a)(b)(c) | 594,600 | 2,063 | |
| Intarcia Therapeutics, Inc. Series CC (a)(b)(c) | 516,522 | 0 | |
| 2,063 | |||
| Health Care Providers & Services - 0.1% | |||
| Lyra Health, Inc.: | |||
| Series E(a)(b)(c) | 270,000 | 4,369 | |
| Series F(a)(b)(c) | 10,070 | 163 | |
| Somatus, Inc. Series E (a)(b)(c) | 2,206 | 2,440 | |
| 6,972 | |||
TOTAL HEALTH CARE | 9,035 | ||
| INDUSTRIALS - 1.3% | |||
| Aerospace & Defense - 1.2% | |||
| Relativity Space, Inc.: | |||
| Series E(a)(b)(c) | 308,359 | 6,627 | |
| Series F(b)(c) | 94,642 | 2,029 | |
| Space Exploration Technologies Corp.: | |||
| Series G(a)(b)(c) | 145,254 | 140,896 | |
| Series H(a)(b)(c) | 42,094 | 40,831 | |
| Series N(a)(b)(c) | 66,208 | 64,222 | |
| 254,605 | |||
| Air Freight & Logistics - 0.1% | |||
| Zipline International, Inc.: | |||
| Series E(a)(b)(c) | 208,789 | 7,498 | |
| Series F(b)(c) | 79,020 | 2,838 | |
| 10,336 | |||
| Construction & Engineering - 0.0% | |||
| Beta Technologies, Inc. Series B, 6.00% (a)(b)(c) | 52,096 | 6,497 | |
TOTAL INDUSTRIALS | 271,438 | ||
| INFORMATION TECHNOLOGY - 0.1% | |||
| Software - 0.1% | |||
| Moloco, Inc. Series A (b)(c) | 39,638 | 1,772 | |
| Nuro, Inc.: | |||
| Series C(a)(b)(c) | 491,080 | 1,866 | |
| Series D(a)(b)(c) | 94,265 | 449 | |
| Stripe, Inc.: | |||
| Series H(a)(b)(c) | 34,900 | 871 | |
| Series I(b)(c) | 611,900 | 15,273 | |
| 20,231 | |||
| TOTAL CONVERTIBLE PREFERRED STOCKS | 345,844 | ||
| Nonconvertible Preferred Stocks - 0.1% | |||
| FINANCIALS - 0.1% | |||
| Financial Services - 0.1% | |||
| Circle Internet Financial Ltd. Series E (a)(b)(c) | 615,508 | 18,410 | |
| INFORMATION TECHNOLOGY - 0.0% | |||
| Software - 0.0% | |||
| Magic Leap, Inc. Series AA (a)(b)(c) | 325,855 | 688 | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | 19,098 | ||
| TOTAL PREFERRED STOCKS (Cost $160,711) | 364,942 | ||
| Preferred Securities - 0.0% | |||
Principal Amount (g) (000s) | Value ($) (000s) | ||
| CONSUMER DISCRETIONARY - 0.0% | |||
| Automobiles - 0.0% | |||
| Rad Power Bikes, Inc. 8% 12/31/25 (b)(c) | 488 | 912 | |
| HEALTH CARE - 0.0% | |||
| Biotechnology - 0.0% | |||
| Intarcia Therapeutics, Inc. 6% (b)(c)(h)(i) | 2,280 | 0 | |
| TOTAL PREFERRED SECURITIES (Cost $2,768) | 912 | ||
| Money Market Funds - 1.6% | |||
| Shares | Value ($) (000s) | ||
| Fidelity Cash Central Fund 5.39% (j) | 201,188,156 | 201,228 | |
| Fidelity Securities Lending Cash Central Fund 5.39% (j)(k) | 124,197,745 | 124,210 | |
| TOTAL MONEY MARKET FUNDS (Cost $325,438) | 325,438 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $7,340,369) | 20,680,545 |
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (144,387) |
| NET ASSETS - 100.0% | 20,536,158 |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (a) | Non-income producing |
| (b) | 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 $758,165,000 or 3.7% of net assets. |
| (c) | Level 3 security |
| (d) | Security or a portion of the security is on loan at period end. |
| (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 $22,362,000 or 0.1% of net assets. |
| (f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
| (g) | Amount is stated in United States dollars unless otherwise noted. |
| (h) | Non-income producing - Security is in default. |
| (i) | Security is perpetual in nature with no stated maturity date. |
| (j) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (k) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: | ||
| Security | Acquisition Date | Acquisition Cost ($) (000s) |
| Akeana Series C | 1/23/24 | 1,604 |
| ASAC II LP | 10/10/13 | 725 |
| Beta Technologies, Inc. Series B, 6.00% | 4/04/22 | 5,375 |
| Blu Investments LLC | 5/21/20 | 170 |
| Bolt Threads, Inc. | 12/13/17 - 2/07/20 | 30,904 |
| Bowery Farming, Inc. Series C1 | 5/18/21 | 4,973 |
| Bowery Farming, Inc. Series D1 | 10/25/23 | 3,627 |
| Bowery Farming, Inc. warrants | 10/25/23 | 0 |
| ByteDance Ltd. Series E1 | 11/18/20 | 14,348 |
| Canva, Inc. Class A | 3/18/24 | 12,747 |
| Canva, Inc. Series A | 9/22/23 | 2,167 |
| Canva, Inc. Series A2 | 9/22/23 | 393 |
| Circle Internet Financial Ltd. Series E | 5/11/21 | 9,990 |
| Circle Internet Financial Ltd. Series F | 5/09/22 | 2,892 |
| CoreWeave, Inc. | 11/29/23 | 12,808 |
| Discord, Inc. Series I | 9/15/21 | 1,542 |
| ElevateBio LLC Series C | 3/09/21 | 2,494 |
| Epic Games, Inc. | 7/13/20 - 7/30/20 | 13,744 |
| Fanatics, Inc. Class A | 8/13/20 - 12/15/21 | 12,264 |
| GoBrands, Inc. Series G | 3/02/21 | 2,023 |
| GoBrands, Inc. Series H | 7/22/21 | 3,972 |
| I-Pulse, Inc. | 3/18/10 | 81 |
| Intarcia Therapeutics, Inc. warrants 12/31/24 | 1/03/20 | 0 |
| Intarcia Therapeutics, Inc. Series CC | 11/14/12 | 7,040 |
| Intarcia Therapeutics, Inc. 6% | 1/03/20 | 2,280 |
| Lyra Health, Inc. Series E | 1/14/21 | 2,472 |
| Lyra Health, Inc. Series F | 6/04/21 | 158 |
| Magic Leap, Inc. Class A | 10/06/17 | 15,000 |
| Magic Leap, Inc. Series AA | 7/07/20 | 5,624 |
| Magic Leap, Inc. warrants | 7/07/20 | 0 |
| Moloco, Inc. Series A | 6/26/23 | 2,378 |
| Nuro, Inc. Series C | 10/30/20 | 6,411 |
| Nuro, Inc. Series D | 10/29/21 | 1,965 |
| Rad Power Bikes, Inc. | 1/21/21 | 2,289 |
| Rad Power Bikes, Inc. warrants 10/6/33 | 10/06/23 | 0 |
| Rad Power Bikes, Inc. Series A | 1/21/21 | 298 |
| Rad Power Bikes, Inc. Series C | 1/21/21 | 1,175 |
| Rad Power Bikes, Inc. Series D | 9/17/21 | 3,945 |
| Rad Power Bikes, Inc. 8% 12/31/25 | 10/06/23 | 488 |
| Relativity Space, Inc. Series E | 5/27/21 | 7,041 |
| Relativity Space, Inc. Series F | 11/14/23 | 2,145 |
| Relativity Space, Inc. warrants | 11/14/23 | 0 |
| Sable Offshore Corp. | 1/16/24 | 4,603 |
| Somatus, Inc. Series E | 1/31/22 | 1,925 |
| Space Exploration Technologies Corp. Class A | 10/16/15 - 2/16/21 | 29,629 |
| Space Exploration Technologies Corp. Class C | 9/11/17 | 614 |
| Space Exploration Technologies Corp. Series G | 1/20/15 | 11,251 |
| Space Exploration Technologies Corp. Series H | 8/04/17 | 5,682 |
| Space Exploration Technologies Corp. Series N | 8/04/20 | 17,876 |
| Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 7,252 |
| Stripe, Inc. Class B | 5/18/21 | 3,338 |
| Stripe, Inc. Series H | 3/15/21 | 1,400 |
| Stripe, Inc. Series I | 3/20/23 - 5/12/23 | 12,320 |
| Tanium, Inc. Class B | 4/21/17 - 9/18/20 | 9,907 |
| Tenstorrent Holdings, Inc. Series C1 | 4/23/21 | 4,216 |
| TulCo LLC | 8/24/17 | 5,878 |
| Veterinary Emergency Group LLC Class A | 9/16/21 - 11/13/23 | 7,049 |
| X Holdings Corp. Class A | 10/25/22 | 9,710 |
| Zipline International, Inc. | 10/12/21 | 2,697 |
| Zipline International, Inc. Series E | 12/21/20 | 6,813 |
| Zipline International, Inc. Series F | 4/11/23 | 3,176 |
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 (Amounts in thousands) | 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% | 230,569 | 742,247 | 771,588 | 3,172 | - | - | 201,228 | 0.4% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 61,315 | 255,411 | 192,516 | 102 | - | - | 124,210 | 0.4% |
| Total | 291,884 | 997,658 | 964,104 | 3,274 | - | - | 325,438 | |
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. 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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