Quarterly Holdings Report
for
Fidelity Advisor® Diversified Stock Fund
June 30, 2025
ADESI-NPRT3-0825
1.804792.121
Common Stocks - 99.1%
 
 
Shares
Value ($)
 
AUSTRALIA - 0.2%
 
 
 
Information Technology - 0.2%
 
 
 
Software - 0.2%
 
 
 
Canva Inc Class A (a)(b)(c)
 
4,833
6,253,563
BRAZIL - 0.9%
 
 
 
Consumer Discretionary - 0.5%
 
 
 
Broadline Retail - 0.5%
 
 
 
MercadoLibre Inc (c)
 
6,700
17,511,321
Materials - 0.4%
 
 
 
Metals & Mining - 0.4%
 
 
 
Wheaton Precious Metals Corp
 
153,400
13,795,017
TOTAL BRAZIL
 
 
31,306,338
CANADA - 1.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Specialty Retail - 0.0%
 
 
 
Aritzia Inc Subordinate Voting Shares (c)
 
25,000
1,295,208
Energy - 0.0%
 
 
 
Oil, Gas & Consumable Fuels - 0.0%
 
 
 
South Bow Corp
 
72,400
1,879,449
Information Technology - 0.2%
 
 
 
IT Services - 0.2%
 
 
 
Shopify Inc Class A (United States) (c)
 
47,700
5,502,195
Materials - 0.8%
 
 
 
Chemicals - 0.2%
 
 
 
Nutrien Ltd (United States) (d)
 
140,200
8,165,248
Metals & Mining - 0.6%
 
 
 
Agnico Eagle Mines Ltd/CA (United States)
 
121,600
14,461,888
Franco-Nevada Corp
 
26,700
4,383,565
Orla Mining Ltd (c)
 
60,000
602,754
 
 
 
19,448,207
TOTAL MATERIALS
 
 
27,613,455
 
 
 
 
TOTAL CANADA
 
 
36,290,307
CHINA - 0.5%
 
 
 
Communication Services - 0.2%
 
 
 
Interactive Media & Services - 0.2%
 
 
 
Tencent Holdings Ltd
 
90,800
5,850,754
Consumer Discretionary - 0.3%
 
 
 
Broadline Retail - 0.1%
 
 
 
Alibaba Group Holding Ltd ADR
 
34,300
3,889,963
Hotels, Restaurants & Leisure - 0.2%
 
 
 
Trip.com Group Ltd ADR
 
113,700
6,667,368
TOTAL CONSUMER DISCRETIONARY
 
 
10,557,331
 
 
 
 
TOTAL CHINA
 
 
16,408,085
FINLAND - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Textiles, Apparel & Luxury Goods - 0.0%
 
 
 
Amer Sports Inc (c)
 
80,800
3,131,807
FRANCE - 0.4%
 
 
 
Health Care - 0.3%
 
 
 
Health Care Equipment & Supplies - 0.3%
 
 
 
EssilorLuxottica SA
 
40,700
11,165,824
Industrials - 0.1%
 
 
 
Construction & Engineering - 0.1%
 
 
 
Vinci SA
 
16,000
2,359,526
TOTAL FRANCE
 
 
13,525,350
GERMANY - 0.7%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Specialty Retail - 0.0%
 
 
 
Auto1 Group SE (c)(e)(f)
 
49,300
1,588,876
Information Technology - 0.7%
 
 
 
Software - 0.7%
 
 
 
SAP SE ADR
 
83,000
25,240,300
TOTAL GERMANY
 
 
26,829,176
ITALY - 0.8%
 
 
 
Consumer Discretionary - 0.7%
 
 
 
Textiles, Apparel & Luxury Goods - 0.7%
 
 
 
Brunello Cucinelli SpA
 
208,600
25,358,342
Financials - 0.1%
 
 
 
Banks - 0.1%
 
 
 
Intesa Sanpaolo SpA
 
570,400
3,285,738
TOTAL ITALY
 
 
28,644,080
NETHERLANDS - 0.6%
 
 
 
Health Care - 0.6%
 
 
 
Biotechnology - 0.6%
 
 
 
Argenx SE ADR (c)
 
39,600
21,828,312
Information Technology - 0.0%
 
 
 
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
NXP Semiconductors NV
 
4,400
961,356
TOTAL NETHERLANDS
 
 
22,789,668
TAIWAN - 1.2%
 
 
 
Information Technology - 1.2%
 
 
 
Semiconductors & Semiconductor Equipment - 1.2%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
192,200
43,531,378
UNITED KINGDOM - 0.5%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Hotels, Restaurants & Leisure - 0.1%
 
 
 
Compass Group PLC
 
95,505
3,234,946
Financials - 0.4%
 
 
 
Banks - 0.1%
 
 
 
Starling Bank Ltd (a)
 
879,300
2,920,870
Capital Markets - 0.3%
 
 
 
3i Group PLC
 
5,000
282,961
London Stock Exchange Group PLC
 
66,600
9,740,065
 
 
 
10,023,026
TOTAL FINANCIALS
 
 
12,943,896
 
 
 
 
Industrials - 0.0%
 
 
 
Professional Services - 0.0%
 
 
 
RELX PLC
 
22,900
1,241,127
TOTAL UNITED KINGDOM
 
 
17,419,969
UNITED STATES - 92.3%
 
 
 
Communication Services - 9.9%
 
 
 
Entertainment - 3.1%
 
 
 
Live Nation Entertainment Inc (c)
 
88,700
13,418,536
Netflix Inc (c)
 
42,800
57,314,764
ROBLOX Corp Class A (c)
 
72,000
7,574,400
Spotify Technology SA (c)
 
38,200
29,312,388
Walt Disney Co/The
 
35,300
4,377,553
 
 
 
111,997,641
Interactive Media & Services - 6.6%
 
 
 
Alphabet Inc Class A
 
87,900
15,490,617
Alphabet Inc Class C
 
490,160
86,949,482
Meta Platforms Inc Class A
 
179,731
132,657,654
Reddit Inc Class A (c)
 
21,200
3,192,084
Reddit Inc Class B (c)
 
3,500
526,995
 
 
 
238,816,832
Media - 0.0%
 
 
 
EchoStar Corp (b)
 
44,158
1,223,177
Magnite Inc (c)
 
10,000
241,200
 
 
 
1,464,377
Wireless Telecommunication Services - 0.2%
 
 
 
T-Mobile US Inc
 
25,000
5,956,500
TOTAL COMMUNICATION SERVICES
 
 
358,235,350
 
 
 
 
Consumer Discretionary - 8.5%
 
 
 
Automobiles - 0.1%
 
 
 
Tesla Inc (c)
 
25,500
8,100,330
Broadline Retail - 4.8%
 
 
 
Amazon.com Inc (c)
 
788,700
173,032,893
Diversified Consumer Services - 0.1%
 
 
 
Service Corp International/US
 
73,600
5,991,039
Hotels, Restaurants & Leisure - 1.0%
 
 
 
Airbnb Inc Class A (c)
 
52,400
6,934,616
Booking Holdings Inc
 
700
4,052,468
Cava Group Inc (c)
 
31,900
2,686,937
Domino's Pizza Inc
 
7,400
3,334,440
Hilton Worldwide Holdings Inc
 
20,484
5,455,709
Marriott International Inc/MD Class A1
 
1,500
409,815
Royal Caribbean Cruises Ltd
 
4,000
1,252,560
Starbucks Corp
 
94,900
8,695,687
Wyndham Hotels & Resorts Inc
 
33,900
2,753,019
 
 
 
35,575,251
Household Durables - 0.6%
 
 
 
SharkNinja Inc (c)
 
23,800
2,355,962
Somnigroup International Inc
 
197,732
13,455,663
Toll Brothers Inc
 
40,700
4,645,091
 
 
 
20,456,716
Specialty Retail - 1.6%
 
 
 
AutoZone Inc (c)
 
2,450
9,094,964
Group 1 Automotive Inc
 
2,800
1,222,788
Home Depot Inc/The
 
7,000
2,566,480
Lowe's Cos Inc
 
157,666
34,981,355
Revolve Group Inc Class A (c)
 
17,100
342,855
TJX Cos Inc/The
 
69,740
8,612,193
Williams-Sonoma Inc
 
4,400
718,828
 
 
 
57,539,463
Textiles, Apparel & Luxury Goods - 0.3%
 
 
 
NIKE Inc Class B
 
104,300
7,409,472
Ralph Lauren Corp Class A
 
5,600
1,535,968
Tory Burch LLC Class A (a)(b)(c)(g)
 
28,846
1,063,253
 
 
 
10,008,693
TOTAL CONSUMER DISCRETIONARY
 
 
310,704,385
 
 
 
 
Consumer Staples - 4.0%
 
 
 
Beverages - 0.0%
 
 
 
Constellation Brands Inc Class A
 
17,500
2,846,900
Consumer Staples Distribution & Retail - 2.1%
 
 
 
Albertsons Cos Inc Class A
 
101,600
2,185,416
Costco Wholesale Corp
 
23,000
22,768,620
Dollar General Corp
 
89,400
10,225,572
Dollar Tree Inc (c)
 
35,000
3,466,400
Kroger Co/The
 
118,600
8,507,178
Performance Food Group Co (c)
 
24,300
2,125,521
Walmart Inc
 
280,600
27,437,068
 
 
 
76,715,775
Personal Care Products - 0.4%
 
 
 
BellRing Brands Inc (c)
 
4,200
243,306
Estee Lauder Cos Inc/The Class A
 
168,300
13,598,640
 
 
 
13,841,946
Tobacco - 1.5%
 
 
 
Philip Morris International Inc
 
290,300
52,872,339
TOTAL CONSUMER STAPLES
 
 
146,276,960
 
 
 
 
Energy - 2.6%
 
 
 
Energy Equipment & Services - 0.8%
 
 
 
Baker Hughes Co Class A
 
771,400
29,575,476
Oil, Gas & Consumable Fuels - 1.8%
 
 
 
Antero Resources Corp (c)
 
218,300
8,793,124
Cheniere Energy Inc
 
13,900
3,384,928
Energy Transfer LP
 
1,130,900
20,503,217
Exxon Mobil Corp
 
119,300
12,860,540
Range Resources Corp
 
326,300
13,270,621
Shell PLC
 
223,900
7,811,771
 
 
 
66,624,201
TOTAL ENERGY
 
 
96,199,677
 
 
 
 
Financials - 12.5%
 
 
 
Banks - 2.0%
 
 
 
Bank of America Corp
 
50,000
2,366,000
First Horizon Corp
 
440,100
9,330,120
JPMorgan Chase & Co
 
77,700
22,526,007
M&T Bank Corp
 
15,000
2,909,850
US Bancorp
 
86,500
3,914,125
Wells Fargo & Co
 
374,900
30,036,988
 
 
 
71,083,090
Capital Markets - 5.0%
 
 
 
Bank of New York Mellon Corp/The
 
288,300
26,267,013
Blackstone Inc
 
65,800
9,842,364
Cboe Global Markets Inc
 
122,000
28,451,621
Charles Schwab Corp/The
 
311,800
28,448,632
CME Group Inc Class A
 
26,100
7,193,682
Coinbase Global Inc Class A (c)
 
15,400
5,397,546
Goldman Sachs Group Inc/The
 
1,100
778,525
Intercontinental Exchange Inc
 
55,400
10,164,238
KKR & Co Inc Class A
 
81,300
10,815,339
LPL Financial Holdings Inc
 
3,600
1,349,892
Moody's Corp
 
10,300
5,166,377
Morgan Stanley
 
163,600
23,044,696
MSCI Inc
 
2,700
1,557,198
Northern Trust Corp
 
62,400
7,911,696
State Street Corp
 
132,200
14,058,148
 
 
 
180,446,967
Consumer Finance - 0.4%
 
 
 
Capital One Financial Corp
 
79,800
16,978,248
Financial Services - 3.5%
 
 
 
Affirm Holdings Inc Class A (c)
 
21,500
1,486,510
Apollo Global Management Inc
 
110,200
15,634,074
Berkshire Hathaway Inc Class B (c)
 
7,045
3,422,250
Mastercard Inc Class A
 
100,859
56,676,706
Visa Inc Class A
 
137,800
48,925,890
 
 
 
126,145,430
Insurance - 1.6%
 
 
 
Arthur J Gallagher & Co
 
73,054
23,386,046
Chubb Ltd
 
71,300
20,657,036
Marsh & McLennan Cos Inc
 
56,700
12,396,888
 
 
 
56,439,970
TOTAL FINANCIALS
 
 
451,093,705
 
 
 
 
Health Care - 7.7%
 
 
 
Biotechnology - 2.4%
 
 
 
Alnylam Pharmaceuticals Inc (c)
 
65,600
21,391,504
Blueprint Medicines Corp (c)
 
3,000
384,540
Exact Sciences Corp (c)
 
78,513
4,172,181
Gilead Sciences Inc
 
437,600
48,516,712
Legend Biotech Corp ADR (c)
 
218,784
7,764,644
Madrigal Pharmaceuticals Inc (c)(d)
 
700
211,848
Nuvalent Inc Class A (c)
 
31,800
2,426,340
Scholar Rock Holding Corp (c)
 
19,200
680,064
 
 
 
85,547,833
Health Care Equipment & Supplies - 2.5%
 
 
 
Abbott Laboratories
 
129,100
17,558,891
Boston Scientific Corp (c)
 
303,637
32,613,650
Glaukos Corp (c)
 
61,400
6,342,006
Insulet Corp (c)
 
70,900
22,275,362
Intuitive Surgical Inc (c)
 
4,200
2,282,322
Penumbra Inc (c)
 
3,400
872,542
Stryker Corp
 
21,549
8,525,431
 
 
 
90,470,204
Health Care Providers & Services - 1.5%
 
 
 
CVS Health Corp
 
236,700
16,327,566
McKesson Corp
 
19,600
14,362,488
Molina Healthcare Inc (c)
 
54,100
16,116,390
UnitedHealth Group Inc
 
22,808
7,115,412
 
 
 
53,921,856
Health Care Technology - 0.3%
 
 
 
Doximity Inc Class A (c)
 
132,000
8,096,880
Veeva Systems Inc Class A (c)
 
21,500
6,191,570
 
 
 
14,288,450
Life Sciences Tools & Services - 0.0%
 
 
 
Bruker Corp
 
17,700
729,240
Pharmaceuticals - 1.0%
 
 
 
Eli Lilly & Co
 
45,538
35,498,237
TOTAL HEALTH CARE
 
 
280,455,820
 
 
 
 
Industrials - 10.2%
 
 
 
Aerospace & Defense - 2.2%
 
 
 
Boeing Co (c)
 
198,220
41,533,037
BWX Technologies Inc
 
4,000
576,240
GE Aerospace
 
24,400
6,280,316
Howmet Aerospace Inc
 
110,900
20,641,817
Karman Holdings Inc (d)
 
7,600
382,812
StandardAero Inc
 
54,800
1,734,420
TransDigm Group Inc
 
5,100
7,755,264
Woodward Inc
 
11,300
2,769,517
 
 
 
81,673,423
Air Freight & Logistics - 0.0%
 
 
 
CH Robinson Worldwide Inc
 
11,900
1,141,804
Building Products - 1.6%
 
 
 
Carrier Global Corp
 
291,000
21,298,290
Trane Technologies PLC
 
85,949
37,594,952
 
 
 
58,893,242
Commercial Services & Supplies - 0.4%
 
 
 
ACV Auctions Inc Class A (c)
 
46,300
750,986
Cintas Corp
 
18,040
4,020,575
GFL Environmental Inc Subordinate Voting Shares (United States)
 
171,800
8,669,028
 
 
 
13,440,589
Construction & Engineering - 0.4%
 
 
 
Dycom Industries Inc (c)
 
24,200
5,914,238
EMCOR Group Inc
 
12,800
6,846,592
 
 
 
12,760,830
Electrical Equipment - 1.4%
 
 
 
Eaton Corp PLC
 
28,200
10,067,118
GE Vernova Inc
 
77,100
40,797,465
 
 
 
50,864,583
Ground Transportation - 0.6%
 
 
 
Norfolk Southern Corp
 
28,000
7,167,160
Uber Technologies Inc (c)
 
150,100
14,004,330
 
 
 
21,171,490
Industrial Conglomerates - 0.5%
 
 
 
3M Co
 
123,300
18,771,192
Machinery - 2.6%
 
 
 
Allison Transmission Holdings Inc
 
38,500
3,657,115
Cummins Inc
 
8,400
2,751,000
Deere & Co
 
98,300
49,984,567
Dover Corp
 
42,900
7,860,567
Parker-Hannifin Corp
 
12,500
8,730,875
Pentair PLC
 
5,000
513,300
Westinghouse Air Brake Technologies Corp
 
90,300
18,904,305
 
 
 
92,401,729
Professional Services - 0.2%
 
 
 
Paycom Software Inc
 
35,400
8,191,560
Trading Companies & Distributors - 0.3%
 
 
 
Applied Industrial Technologies Inc
 
8,400
1,952,580
Ferguson Enterprises Inc
 
7,700
1,676,675
WW Grainger Inc
 
8,300
8,633,992
 
 
 
12,263,247
TOTAL INDUSTRIALS
 
 
371,573,689
 
 
 
 
Information Technology - 30.8%
 
 
 
Communications Equipment - 0.3%
 
 
 
Cisco Systems Inc
 
161,500
11,204,870
Electronic Equipment, Instruments & Components - 1.2%
 
 
 
Amphenol Corp Class A
 
322,500
31,846,875
Flex Ltd (c)
 
109,300
5,456,256
Jabil Inc
 
21,400
4,667,340
 
 
 
41,970,471
IT Services - 1.4%
 
 
 
CoreWeave Inc Class A (h)
 
83,240
13,573,115
CoreWeave Inc Class A (a)(h)
 
5,404
881,179
IBM Corporation
 
72,700
21,430,506
Okta Inc Class A (c)
 
65,109
6,508,947
Snowflake Inc Class A (c)
 
28,400
6,355,068
X.Ai Holdings Corp Class A (a)(b)
 
63,487
2,321,084
 
 
 
51,069,899
Semiconductors & Semiconductor Equipment - 12.8%
 
 
 
Advanced Micro Devices Inc (c)
 
101,100
14,346,090
Analog Devices Inc
 
52,900
12,591,258
Broadcom Inc
 
315,800
87,050,270
Intel Corp
 
243,400
5,452,160
Lam Research Corp
 
700
68,138
Marvell Technology Inc
 
205,448
15,901,675
Micron Technology Inc
 
115,800
14,272,350
NVIDIA Corp
 
2,001,000
316,137,991
 
 
 
465,819,932
Software - 10.2%
 
 
 
Applied Intuition Inc Class A (a)(b)
 
6,266
854,620
Autodesk Inc (c)
 
44,200
13,682,994
Fair Isaac Corp (c)
 
1,950
3,564,522
Microsoft Corp
 
577,113
287,061,777
Monday.com Ltd (c)
 
16,720
5,258,106
Oracle Corp
 
121,500
26,563,545
Palantir Technologies Inc Class A (c)
 
51,900
7,075,008
Palo Alto Networks Inc (c)
 
17,000
3,478,880
Pegasystems Inc
 
50,000
2,706,500
Roper Technologies Inc
 
10,300
5,838,452
Servicenow Inc (c)
 
1,500
1,542,120
Zoom Communications Inc Class A (c)
 
111,700
8,710,366
Zscaler Inc (c)
 
15,400
4,834,676
 
 
 
371,171,566
Technology Hardware, Storage & Peripherals - 4.9%
 
 
 
Apple Inc
 
860,255
176,498,518
TOTAL INFORMATION TECHNOLOGY
 
 
1,117,735,256
 
 
 
 
Materials - 2.6%
 
 
 
Chemicals - 1.5%
 
 
 
CF Industries Holdings Inc
 
181,900
16,734,800
Corteva Inc
 
259,600
19,347,988
Ecolab Inc
 
4,000
1,077,760
Linde PLC
 
13,190
6,188,484
Sherwin-Williams Co/The
 
34,266
11,765,574
 
 
 
55,114,606
Construction Materials - 0.4%
 
 
 
Martin Marietta Materials Inc
 
19,900
10,924,304
Vulcan Materials Co
 
10,000
2,608,200
 
 
 
13,532,504
Containers & Packaging - 0.2%
 
 
 
International Paper Co
 
14,000
655,620
Smurfit WestRock PLC
 
116,900
5,044,235
 
 
 
5,699,855
Metals & Mining - 0.4%
 
 
 
Freeport-McMoRan Inc
 
153,600
6,658,560
Newmont Corp
 
159,700
9,304,122
 
 
 
15,962,682
Paper & Forest Products - 0.1%
 
 
 
Louisiana-Pacific Corp
 
56,200
4,832,638
TOTAL MATERIALS
 
 
95,142,285
 
 
 
 
Real Estate - 2.3%
 
 
 
Health Care REITs - 0.8%
 
 
 
Ventas Inc
 
456,600
28,834,290
Office REITs - 0.0%
 
 
 
Douglas Emmett Inc
 
30,000
451,200
Real Estate Management & Development - 0.5%
 
 
 
Zillow Group Inc Class C (c)
 
233,900
16,384,695
Residential REITs - 0.0%
 
 
 
Camden Property Trust
 
17,300
1,949,537
Specialized REITs - 1.0%
 
 
 
American Tower Corp
 
53,900
11,912,978
Public Storage Operating Co
 
87,400
25,644,908
 
 
 
37,557,886
TOTAL REAL ESTATE
 
 
85,177,608
 
 
 
 
Utilities - 1.2%
 
 
 
Electric Utilities - 0.8%
 
 
 
Edison International
 
15,500
799,800
Evergy Inc
 
16,000
1,102,880
Eversource Energy
 
26,900
1,711,378
Exelon Corp
 
266,400
11,567,088
NRG Energy Inc
 
78,800
12,653,704
 
 
 
27,834,850
Independent Power and Renewable Electricity Producers - 0.3%
 
 
 
Vistra Corp
 
56,400
10,930,884
Multi-Utilities - 0.1%
 
 
 
Ameren Corp
 
20,000
1,920,799
Sempra
 
37,100
2,811,067
 
 
 
4,731,866
TOTAL UTILITIES
 
 
43,497,600
 
 
 
 
TOTAL UNITED STATES
 
 
3,356,092,335
 
TOTAL COMMON STOCKS
 (Cost $2,239,658,234)
 
 
 
3,602,222,056
 
 
 
 
Convertible Preferred Stocks - 0.4%
 
 
Shares
Value ($)
 
CHINA - 0.1%
 
 
 
Communication Services - 0.1%
 
 
 
Interactive Media & Services - 0.1%
 
 
 
ByteDance Ltd Series E1 (a)(b)(c)
 
17,226
3,777,317
UNITED STATES - 0.3%
 
 
 
Industrials - 0.0%
 
 
 
Aerospace & Defense - 0.0%
 
 
 
Anduril Industries Inc Series G (a)(b)
 
30,000
1,226,400
Information Technology - 0.3%
 
 
 
IT Services - 0.0%
 
 
 
Yanka Industries Inc Series E (a)(b)(c)
 
165,574
443,738
Yanka Industries Inc Series F (a)(b)(c)
 
265,105
1,139,952
 
 
 
1,583,690
Software - 0.3%
 
 
 
Applied Intuition Inc Series A2 (a)(b)
 
8,157
1,112,533
Applied Intuition Inc Series B2 (a)(b)
 
3,934
536,558
Evozyne Inc Series A (a)(b)(c)
 
20,000
287,600
MOLOCO Inc Series A (a)(b)(c)
 
100,208
6,701,912
 
 
 
8,638,603
TOTAL INFORMATION TECHNOLOGY
 
 
10,222,293
 
 
 
 
TOTAL UNITED STATES
 
 
11,448,693
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $20,748,360)
 
 
 
15,226,010
 
 
 
 
Money Market Funds - 0.7%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (i)
 
4.32
23,365,662
23,370,335
Fidelity Securities Lending Cash Central Fund (i)(j)
 
4.32
3,199,971
3,200,291
 
TOTAL MONEY MARKET FUNDS
 (Cost $26,570,626)
 
 
 
26,570,626
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
 (Cost $2,286,977,220)
 
 
 
3,644,018,692
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(7,539,803)
NET ASSETS - 100.0%
3,636,478,889
 
 
Legend
 
(a)
Level 3 security
 
(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 $26,941,707 or 0.7% of net assets.
 
(c)
Non-income producing
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,588,876 or 0.0% of net assets.
 
(f)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,588,876 or 0.0% of net assets.
 
(g)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
 
(h)
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $14,454,294 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
(i)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(j)
Investment made with cash collateral received from securities on loan.
 
 
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Anduril Industries Inc Series G
4/17/25
1,226,484
 
 
 
Applied Intuition Inc Class A
7/02/24
374,048
 
 
 
Applied Intuition Inc Series A2
7/02/24
486,931
 
 
 
Applied Intuition Inc Series B2
7/02/24
234,840
 
 
 
ByteDance Ltd Series E1
11/18/20
1,887,525
 
 
 
Canva Inc Class A
3/18/24 - 5/03/24
5,155,173
 
 
 
EchoStar Corp
9/30/24
1,238,190
 
 
 
Evozyne Inc Series A
4/09/21
449,400
 
 
 
MOLOCO Inc Series A
6/26/23
6,012,480
 
 
 
Tory Burch LLC Class A
5/14/15
2,428,662
 
 
 
X.Ai Holdings Corp Class A
10/25/22
2,287,000
 
 
 
Yanka Industries Inc Series E
5/15/20
2,000,001
 
 
 
Yanka Industries Inc Series F
4/08/21
8,450,699
 
 
 
 
Additional information on each lock-up restriction is as follows:
Security
Restriction Expiration Date
CoreWeave Inc Class A
9/24/2025
 
 
CoreWeave Inc Class A
9/24/2025
 
 
 
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 ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
50,455,982
489,634,351
516,719,998
1,778,545
-
-
23,370,335
23,365,662
0.0%
Fidelity Securities Lending Cash Central Fund
15,967,950
171,957,903
184,725,562
7,126
-
-
3,200,291
3,199,971
0.0%
Total
66,423,932
661,592,254
701,445,560
1,785,671
-
-
26,570,626
 
 
 
 
 
 
 
 
 
 
 
 
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 income 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.
 
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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