Quarterly Holdings Report
for
Fidelity® Series Small Cap Opportunities Fund
October 31, 2022
SMO-NPRT1-1222
1.858552.116
Common Stocks - 98.4% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 1.8% | |||
Interactive Media & Services - 0.3% | |||
Ziff Davis, Inc. (a) | 173,300 | 13,411,687 | |
Media - 1.4% | |||
Nexstar Broadcasting Group, Inc. Class A | 173,200 | 29,669,160 | |
TechTarget, Inc. (a) | 319,529 | 20,625,597 | |
Thryv Holdings, Inc. (a)(b) | 697,500 | 14,270,850 | |
64,565,607 | |||
Wireless Telecommunication Services - 0.1% | |||
Gogo, Inc. (a) | 371,100 | 5,277,042 | |
TOTAL COMMUNICATION SERVICES | 83,254,336 | ||
CONSUMER DISCRETIONARY - 11.6% | |||
Auto Components - 2.0% | |||
Adient PLC (a) | 880,500 | 30,799,890 | |
Fox Factory Holding Corp. (a) | 275,079 | 24,165,690 | |
Gentherm, Inc. (a) | 119,300 | 6,969,506 | |
LCI Industries (b) | 150,700 | 15,990,777 | |
Patrick Industries, Inc. | 298,000 | 13,621,580 | |
91,547,443 | |||
Diversified Consumer Services - 0.2% | |||
Laureate Education, Inc. Class A | 860,920 | 10,882,029 | |
Hotels, Restaurants & Leisure - 2.2% | |||
Brinker International, Inc. (a) | 567,725 | 18,956,338 | |
Churchill Downs, Inc. | 200,000 | 41,582,000 | |
Everi Holdings, Inc. (a) | 727,800 | 13,813,644 | |
Hilton Grand Vacations, Inc. (a) | 419,300 | 16,453,332 | |
Jack in the Box, Inc. | 125,700 | 11,090,511 | |
Lindblad Expeditions Holdings (a) | 550 | 4,615 | |
Ruth's Hospitality Group, Inc. | 50 | 1,039 | |
101,901,479 | |||
Household Durables - 1.3% | |||
M.D.C. Holdings, Inc. (b) | 404,050 | 12,307,363 | |
Skyline Champion Corp. (a) | 594,798 | 34,623,192 | |
Tempur Sealy International, Inc. | 525,600 | 14,133,384 | |
61,063,939 | |||
Internet & Direct Marketing Retail - 0.3% | |||
Vivid Seats, Inc. Class A (b) | 1,464,316 | 12,007,391 | |
Leisure Products - 0.5% | |||
Acushnet Holdings Corp. (b) | 286,600 | 13,346,962 | |
Clarus Corp. (b) | 967,014 | 11,710,540 | |
25,057,502 | |||
Specialty Retail - 3.3% | |||
Academy Sports & Outdoors, Inc. (b) | 1,391,872 | 61,284,124 | |
Dick's Sporting Goods, Inc. (b) | 196,950 | 22,405,032 | |
Murphy U.S.A., Inc. (b) | 200,591 | 63,087,875 | |
Rent-A-Center, Inc. | 363,752 | 7,584,229 | |
154,361,260 | |||
Textiles, Apparel & Luxury Goods - 1.8% | |||
Capri Holdings Ltd. (a) | 366,300 | 16,732,584 | |
Crocs, Inc. (a) | 424,400 | 30,026,300 | |
Deckers Outdoor Corp. (a) | 43,700 | 15,291,941 | |
Kontoor Brands, Inc. (b) | 586,000 | 20,920,200 | |
82,971,025 | |||
TOTAL CONSUMER DISCRETIONARY | 539,792,068 | ||
CONSUMER STAPLES - 4.0% | |||
Beverages - 0.5% | |||
Primo Water Corp. | 1,583,700 | 23,106,183 | |
Food & Staples Retailing - 1.9% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 576,517 | 44,622,416 | |
Performance Food Group Co. (a) | 549,400 | 28,590,776 | |
Sprouts Farmers Market LLC (a) | 430,400 | 12,696,800 | |
85,909,992 | |||
Food Products - 1.3% | |||
Darling Ingredients, Inc. (a) | 204,150 | 16,021,692 | |
Nomad Foods Ltd. (a) | 1,981,978 | 30,522,461 | |
The Simply Good Foods Co. (a) | 418,300 | 16,020,890 | |
62,565,043 | |||
Personal Products - 0.3% | |||
BellRing Brands, Inc. (a) | 511,733 | 12,394,173 | |
TOTAL CONSUMER STAPLES | 183,975,391 | ||
ENERGY - 8.6% | |||
Energy Equipment & Services - 1.6% | |||
Liberty Oilfield Services, Inc. Class A | 2,940,654 | 49,726,459 | |
TechnipFMC PLC (a) | 2,250,100 | 23,828,559 | |
73,555,018 | |||
Oil, Gas & Consumable Fuels - 7.0% | |||
Antero Resources Corp. (a) | 1,996,726 | 73,199,975 | |
Denbury, Inc. (a) | 868,900 | 79,426,150 | |
Enviva, Inc. (b) | 221,260 | 13,240,198 | |
HF Sinclair Corp. | 1,063,790 | 65,072,034 | |
Magnolia Oil & Gas Corp. Class A | 1,127,900 | 28,964,472 | |
Northern Oil & Gas, Inc. | 1,931,645 | 65,946,360 | |
325,849,189 | |||
TOTAL ENERGY | 399,404,207 | ||
FINANCIALS - 16.2% | |||
Banks - 9.3% | |||
Ameris Bancorp | 50 | 2,576 | |
East West Bancorp, Inc. | 290,900 | 20,819,713 | |
First Bancorp, Puerto Rico (b) | 2,837,400 | 44,802,546 | |
Glacier Bancorp, Inc. (b) | 435,750 | 24,959,760 | |
Independent Bank Group, Inc. | 342,300 | 21,595,707 | |
Metropolitan Bank Holding Corp. (a) | 205,900 | 13,589,400 | |
PacWest Bancorp | 1,326,500 | 32,976,790 | |
Pathward Financial, Inc. | 793,602 | 33,355,092 | |
Pinnacle Financial Partners, Inc. | 247,900 | 20,573,221 | |
Preferred Bank, Los Angeles | 274,750 | 21,120,033 | |
ServisFirst Bancshares, Inc. | 261,042 | 19,664,294 | |
Synovus Financial Corp. | 1,172,795 | 46,735,881 | |
Trico Bancshares | 775,208 | 44,892,295 | |
United Community Bank, Inc. | 1,447,800 | 55,740,300 | |
Webster Financial Corp. | 370,171 | 20,085,478 | |
Western Alliance Bancorp. | 164,650 | 11,059,541 | |
431,972,627 | |||
Capital Markets - 2.7% | |||
Focus Financial Partners, Inc. Class A (a) | 498,752 | 17,351,582 | |
Houlihan Lokey | 212,350 | 18,967,102 | |
Lazard Ltd. Class A | 944,840 | 35,629,916 | |
LPL Financial | 71,250 | 18,215,063 | |
TMX Group Ltd. | 366,664 | 35,252,065 | |
125,415,728 | |||
Consumer Finance - 0.7% | |||
FirstCash Holdings, Inc. | 319,324 | 31,437,448 | |
Insurance - 1.8% | |||
Assurant, Inc. | 124,480 | 16,911,853 | |
Primerica, Inc. | 267,700 | 38,736,190 | |
Selective Insurance Group, Inc. | 270,957 | 26,575,463 | |
82,223,506 | |||
Thrifts & Mortgage Finance - 1.7% | |||
Essent Group Ltd. | 1,122,800 | 44,440,424 | |
Walker & Dunlop, Inc. | 383,216 | 34,474,111 | |
78,914,535 | |||
TOTAL FINANCIALS | 749,963,844 | ||
HEALTH CARE - 15.0% | |||
Biotechnology - 7.7% | |||
ADC Therapeutics SA (a) | 341,410 | 1,515,860 | |
ALX Oncology Holdings, Inc. (a) | 337,600 | 4,098,464 | |
Arcutis Biotherapeutics, Inc. (a) | 566,870 | 10,022,262 | |
Argenx SE ADR (a) | 62,100 | 24,090,453 | |
Ascendis Pharma A/S sponsored ADR (a) | 105,248 | 12,103,520 | |
Blueprint Medicines Corp. (a) | 427,000 | 22,135,680 | |
Celldex Therapeutics, Inc. (a) | 337,200 | 11,845,836 | |
Cerevel Therapeutics Holdings (a) | 563,300 | 15,749,868 | |
Cytokinetics, Inc. (a) | 634,300 | 27,693,538 | |
Day One Biopharmaceuticals, Inc. (a) | 769,400 | 16,265,116 | |
Erasca, Inc. (a) | 1,165,000 | 9,518,050 | |
Exelixis, Inc. (a) | 789,600 | 13,091,568 | |
Imago BioSciences, Inc. (a)(b) | 603,597 | 10,261,149 | |
Instil Bio, Inc. (a)(b) | 1,159,864 | 3,827,551 | |
Janux Therapeutics, Inc. (a) | 659,500 | 11,923,760 | |
Keros Therapeutics, Inc. (a) | 443,900 | 22,345,926 | |
Mirati Therapeutics, Inc. (a) | 156,900 | 10,562,508 | |
Morphic Holding, Inc. (a) | 308,662 | 8,645,623 | |
PTC Therapeutics, Inc. (a) | 355,300 | 13,437,446 | |
Relay Therapeutics, Inc. (a)(b) | 480,300 | 10,672,266 | |
Scholar Rock Holding Corp. warrants 12/31/25 (a)(c) | 18,825 | 88,890 | |
Tango Therapeutics, Inc. (a) | 1,398,900 | 11,247,156 | |
Tyra Biosciences, Inc. (a) | 1,030,200 | 7,128,984 | |
Vaxcyte, Inc. (a) | 345,772 | 15,079,117 | |
Vera Therapeutics, Inc. (a) | 554,680 | 10,339,235 | |
Verve Therapeutics, Inc. (a)(b) | 645,536 | 24,336,707 | |
Xenon Pharmaceuticals, Inc. (a) | 480,030 | 17,554,697 | |
Zentalis Pharmaceuticals, Inc. (a) | 442,982 | 11,114,418 | |
356,695,648 | |||
Health Care Equipment & Supplies - 1.8% | |||
Envista Holdings Corp. (a) | 509,200 | 16,808,692 | |
Figs, Inc. Class A (a)(b) | 1,476,200 | 10,894,356 | |
Globus Medical, Inc. (a) | 99,800 | 6,686,600 | |
Inspire Medical Systems, Inc. (a) | 71,543 | 13,947,308 | |
Integer Holdings Corp. (a) | 105,781 | 6,593,330 | |
Omnicell, Inc. (a) | 105,400 | 8,149,528 | |
TransMedics Group, Inc. (a) | 424,184 | 20,454,152 | |
83,533,966 | |||
Health Care Providers & Services - 3.2% | |||
Acadia Healthcare Co., Inc. (a) | 433,400 | 35,235,420 | |
agilon health, Inc. (a) | 924,500 | 18,351,325 | |
Molina Healthcare, Inc. (a) | 112,800 | 40,479,408 | |
Owens & Minor, Inc. | 580,040 | 9,860,680 | |
R1 Rcm, Inc. (a) | 1,017,800 | 17,974,348 | |
Surgery Partners, Inc. (a) | 396,100 | 10,769,959 | |
Tenet Healthcare Corp. (a) | 205,900 | 9,133,724 | |
The Oncology Institute, Inc. (a)(c) | 1,126,158 | 5,112,757 | |
146,917,621 | |||
Health Care Technology - 0.6% | |||
Evolent Health, Inc. (a) | 869,160 | 27,647,980 | |
Life Sciences Tools & Services - 0.4% | |||
Olink Holding AB ADR (a) | 590,195 | 10,818,274 | |
Syneos Health, Inc. (a) | 199,500 | 10,050,810 | |
20,869,084 | |||
Pharmaceuticals - 1.3% | |||
Arvinas Holding Co. LLC (a) | 331,800 | 16,493,778 | |
DICE Therapeutics, Inc. (a) | 304,900 | 10,826,999 | |
Edgewise Therapeutics, Inc. (a) | 1,271,900 | 12,095,769 | |
Enliven Therapeutics, Inc. (d) | 895,300 | 3,577,619 | |
Fulcrum Therapeutics, Inc. (a) | 737,000 | 4,097,720 | |
Theseus Pharmaceuticals, Inc. | 347,281 | 1,868,372 | |
Ventyx Biosciences, Inc. (b) | 346,300 | 11,209,731 | |
60,169,988 | |||
TOTAL HEALTH CARE | 695,834,287 | ||
INDUSTRIALS - 16.4% | |||
Building Products - 1.6% | |||
Builders FirstSource, Inc. (a) | 468,249 | 28,872,233 | |
Masonite International Corp. (a) | 268,034 | 19,172,472 | |
Simpson Manufacturing Co. Ltd. | 313,999 | 26,840,635 | |
74,885,340 | |||
Commercial Services & Supplies - 0.7% | |||
Casella Waste Systems, Inc. Class A (a) | 260,332 | 21,297,761 | |
The Brink's Co. | 215,500 | 12,850,265 | |
34,148,026 | |||
Construction & Engineering - 4.1% | |||
Comfort Systems U.S.A., Inc. | 267,222 | 32,943,128 | |
Construction Partners, Inc. Class A (a) | 666,588 | 20,757,550 | |
Dycom Industries, Inc. (a) | 226,610 | 26,780,770 | |
EMCOR Group, Inc. | 313,660 | 44,257,426 | |
Granite Construction, Inc. | 527,900 | 17,806,067 | |
IES Holdings, Inc. (a) | 629,318 | 20,792,667 | |
NV5 Global, Inc. (a) | 182,897 | 26,510,920 | |
189,848,528 | |||
Electrical Equipment - 1.5% | |||
Atkore, Inc. (a) | 565,024 | 53,846,787 | |
Regal Rexnord Corp. | 72,400 | 9,161,496 | |
Thermon Group Holdings, Inc. (a) | 303,446 | 5,389,201 | |
68,397,484 | |||
Machinery - 3.3% | |||
Federal Signal Corp. | 903,528 | 42,149,581 | |
ITT, Inc. | 211,100 | 16,125,929 | |
Kadant, Inc. | 106,456 | 18,943,845 | |
Oshkosh Corp. | 159,300 | 14,018,400 | |
SPX Technologies, Inc. (a) | 780,044 | 51,358,097 | |
Timken Co. | 162,700 | 11,598,883 | |
154,194,735 | |||
Professional Services - 2.8% | |||
ASGN, Inc. (a) | 491,592 | 41,677,170 | |
CACI International, Inc. Class A (a) | 72,300 | 21,981,369 | |
CRA International, Inc. | 165,074 | 16,959,703 | |
KBR, Inc. | 426,600 | 21,231,882 | |
TriNet Group, Inc. (a) | 395,086 | 25,672,688 | |
127,522,812 | |||
Trading Companies & Distributors - 2.4% | |||
Beacon Roofing Supply, Inc. (a) | 381,957 | 21,523,277 | |
Finning International, Inc. | 562,350 | 11,958,219 | |
GMS, Inc. (a) | 314,900 | 14,863,280 | |
Rush Enterprises, Inc. Class A | 842,201 | 42,017,408 | |
Univar Solutions, Inc. (a) | 866,854 | 22,087,440 | |
112,449,624 | |||
TOTAL INDUSTRIALS | 761,446,549 | ||
INFORMATION TECHNOLOGY - 11.9% | |||
Communications Equipment - 0.5% | |||
Extreme Networks, Inc. (a) | 1,216,600 | 21,825,804 | |
Electronic Equipment & Components - 3.3% | |||
Advanced Energy Industries, Inc. | 500,599 | 39,372,111 | |
Fabrinet (a) | 386,556 | 44,222,006 | |
Insight Enterprises, Inc. (a) | 344,100 | 32,520,891 | |
Napco Security Technologies, Inc. | 613,000 | 17,421,460 | |
TD SYNNEX Corp. | 193,600 | 17,716,336 | |
151,252,804 | |||
IT Services - 3.7% | |||
Cyxtera Technologies, Inc. Class A (a) | 1,409,994 | 3,412,185 | |
Endava PLC ADR (a) | 257,903 | 19,662,525 | |
ExlService Holdings, Inc. (a) | 412,576 | 75,026,946 | |
Perficient, Inc. (a) | 322,552 | 21,601,307 | |
WNS Holdings Ltd. sponsored ADR (a) | 626,890 | 53,962,691 | |
173,665,654 | |||
Semiconductors & Semiconductor Equipment - 1.5% | |||
FormFactor, Inc. (a) | 317,800 | 6,422,738 | |
MACOM Technology Solutions Holdings, Inc. (a) | 448,100 | 25,931,547 | |
Onto Innovation, Inc. (a) | 298,092 | 19,924,469 | |
SiTime Corp. (a) | 69,170 | 6,212,158 | |
Synaptics, Inc. (a) | 133,200 | 11,801,520 | |
70,292,432 | |||
Software - 2.7% | |||
Five9, Inc. (a) | 115,300 | 6,947,978 | |
Intapp, Inc. (a) | 562,918 | 12,643,138 | |
Manhattan Associates, Inc. (a) | 80,500 | 9,794,435 | |
NCR Corp. (a) | 339,900 | 7,226,274 | |
Qualys, Inc. (a) | 149,000 | 21,241,440 | |
Rapid7, Inc. (a) | 457,910 | 20,729,586 | |
SPS Commerce, Inc. (a) | 117,150 | 14,821,818 | |
Tenable Holdings, Inc. (a) | 815,300 | 33,133,792 | |
126,538,461 | |||
Technology Hardware, Storage & Peripherals - 0.2% | |||
Avid Technology, Inc. (a) | 387,448 | 10,650,946 | |
TOTAL INFORMATION TECHNOLOGY | 554,226,101 | ||
MATERIALS - 5.2% | |||
Chemicals - 1.1% | |||
Element Solutions, Inc. | 1,199,817 | 20,636,852 | |
Huntsman Corp. | 731,200 | 19,566,912 | |
Tronox Holdings PLC | 999,647 | 11,995,764 | |
52,199,528 | |||
Construction Materials - 0.8% | |||
Eagle Materials, Inc. | 293,100 | 35,849,061 | |
Containers & Packaging - 0.4% | |||
O-I Glass, Inc. (a) | 1,039,000 | 16,946,090 | |
Metals & Mining - 2.3% | |||
Arconic Corp. (a) | 515,300 | 10,697,628 | |
Commercial Metals Co. | 1,552,330 | 70,631,015 | |
Constellium NV (a) | 1,278,900 | 14,093,478 | |
Yamana Gold, Inc. | 2,219,000 | 9,719,220 | |
105,141,341 | |||
Paper & Forest Products - 0.6% | |||
Louisiana-Pacific Corp. | 303,800 | 17,210,270 | |
Sylvamo Corp. | 245,400 | 11,820,918 | |
29,031,188 | |||
TOTAL MATERIALS | 239,167,208 | ||
REAL ESTATE - 5.4% | |||
Equity Real Estate Investment Trusts (REITs) - 4.6% | |||
EastGroup Properties, Inc. | 169,700 | 26,590,293 | |
Elme Communities (SBI) | 1,544,200 | 29,478,778 | |
Equity Commonwealth | 447,000 | 11,693,520 | |
Essential Properties Realty Trust, Inc. | 949,600 | 20,435,392 | |
Lamar Advertising Co. Class A | 136,600 | 12,598,618 | |
LXP Industrial Trust (REIT) | 3,499,899 | 33,879,022 | |
Sunstone Hotel Investors, Inc. | 2,074,200 | 23,127,330 | |
Terreno Realty Corp. | 995,900 | 56,905,726 | |
214,708,679 | |||
Real Estate Management & Development - 0.8% | |||
Cushman & Wakefield PLC (a) | 1,028,200 | 11,875,710 | |
Jones Lang LaSalle, Inc. (a) | 144,600 | 23,004,414 | |
34,880,124 | |||
TOTAL REAL ESTATE | 249,588,803 | ||
UTILITIES - 2.3% | |||
Electric Utilities - 0.4% | |||
IDACORP, Inc. | 165,600 | 17,338,320 | |
Gas Utilities - 1.6% | |||
Brookfield Infrastructure Corp. A Shares | 1,263,900 | 54,499,368 | |
ONE Gas, Inc. | 241,700 | 18,726,916 | |
73,226,284 | |||
Independent Power and Renewable Electricity Producers - 0.3% | |||
Clearway Energy, Inc. Class C | 466,852 | 16,218,438 | |
TOTAL UTILITIES | 106,783,042 | ||
TOTAL COMMON STOCKS (Cost $3,869,449,195) | 4,563,435,836 | ||
Convertible Preferred Stocks - 0.2% | |||
Shares | Value ($) | ||
HEALTH CARE - 0.2% | |||
Biotechnology - 0.1% | |||
Dianthus Therapeutics, Inc. Series A (c)(e) | 1,102,127 | 4,114,130 | |
ValenzaBio, Inc. Series A (a)(c)(e) | 383,419 | 2,273,675 | |
6,387,805 | |||
Pharmaceuticals - 0.1% | |||
Aristea Therapeutics, Inc. Series B (a)(c)(e) | 733,075 | 5,747,308 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $12,244,945) | 12,135,113 | ||
Money Market Funds - 5.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.10% (f) | 120,020,744 | 120,044,748 | |
Fidelity Securities Lending Cash Central Fund 3.10% (f)(g) | 134,902,696 | 134,916,187 | |
TOTAL MONEY MARKET FUNDS (Cost $254,960,934) | 254,960,935 | ||
TOTAL INVESTMENT IN SECURITIES - 104.1% (Cost $4,136,655,074) | 4,830,531,884 |
NET OTHER ASSETS (LIABILITIES) - (4.1)% (h) | (191,727,924) |
NET ASSETS - 100.0% | 4,638,803,960 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Russell 2000 Index Contracts (United States) | 230 | Dec 2022 | 21,309,500 | 1,137,074 | 1,137,074 |
The notional amount of futures purchased as a percentage of Net Assets is 0.5% |
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 $17,336,760 or 0.4% of net assets. |
(d) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(e) | Level 3 security |
(f) | 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. |
(g) | Investment made with cash collateral received from securities on loan. |
(h) | Includes $2,574,000 of cash collateral to cover margin requirements for futures contracts. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Aristea Therapeutics, Inc. Series B | 10/06/20 - 7/27/21 | 4,041,955 |
Dianthus Therapeutics, Inc. Series A | 4/06/22 | 4,790,395 |
Scholar Rock Holding Corp. warrants 12/31/25 | 6/17/22 | 0 |
The Oncology Institute, Inc. | 6/28/21 | 11,261,580 |
ValenzaBio, Inc. Series A | 3/25/21 | 3,412,594 |
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 3.10% | 56,163,679 | 478,731,669 | 414,850,600 | 409,494 | - | - | 120,044,748 | 0.2% |
Fidelity Securities Lending Cash Central Fund 3.10% | 83,308,212 | 496,512,373 | 444,904,398 | 131,895 | - | - | 134,916,187 | 0.4% |
Total | 139,471,891 | 975,244,042 | 859,754,998 | 541,389 | - | - | 254,960,935 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
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.
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
The Fund used futures contracts to manage its exposure to the stock market.
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
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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