Quarterly Holdings Report
for
Fidelity® Stock Selector Small Cap Fund
July 31, 2026
SCS-NPRT3-0926
1.804877.122
Common Stocks - 98.4%
 
  
Shares
Value ($)
 
CANADA - 3.4%
 
  
  
Energy - 0.9%
  
  
  
Energy Equipment & Services - 0.5%
  
  
  
CES Energy Solutions Corp
 
3,128,400
36,464,712
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
Teekay Tankers Ltd Class A
 
387,000
30,716,190
TOTAL ENERGY
  
  
67,180,902
Financials - 0.6%
  
  
  
Capital Markets - 0.6%
  
  
  
TMX Group Ltd
 
1,207,001
44,117,938
Health Care - 0.5%
  
  
  
Biotechnology - 0.5%
  
  
  
Xenon Pharmaceuticals Inc (b)
  
617,185
38,678,984
Industrials - 0.1%
  
  
  
Electrical Equipment - 0.1%
  
  
  
Electrovaya Inc (United States) (b)
  
986,128
8,105,972
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
Major Drilling Group International Inc (b)
  
766,272
7,608,878
Real Estate - 0.4%
  
  
  
Real Estate Management & Development - 0.4%
  
  
  
Colliers International Group Inc Subordinate Voting Shares
 
285,232
28,046,067
Utilities - 0.8%
  
  
  
Gas Utilities - 0.8%
  
  
  
Brookfield Infrastructure Corp (United States) (a)
  
1,312,709
55,527,591
TOTAL CANADA
  
  
249,266,332
CHILE - 0.4%
 
  
  
Materials - 0.4%
  
  
  
Metals & Mining - 0.4%
  
  
  
Lundin Mining Corp
 
1,180,997
29,241,649
DENMARK - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Ascendis Pharma A/S (b)
  
32,406
7,904,147
GRAND CAYMAN (UK OVERSEAS TER) - 0.2%
 
  
  
Financials - 0.2%
  
  
  
Insurance - 0.2%
  
  
  
Accelerant Holdings Class A (b)
  
1,161,606
13,799,879
GUATEMALA - 0.3%
 
  
  
Communication Services - 0.3%
  
  
  
Wireless Telecommunication Services - 0.3%
  
  
  
Millicom International Cellular SA (a)
  
253,751
24,228,145
ISRAEL - 0.3%
 
  
  
Information Technology - 0.3%
  
  
  
Software - 0.3%
  
  
  
Cellebrite DI Ltd (b)
  
1,301,013
19,189,942
JAPAN - 0.3%
 
  
  
Information Technology - 0.3%
  
  
  
Semiconductors & Semiconductor Equipment - 0.3%
  
  
  
Allegro MicroSystems Inc (b)
  
582,065
24,155,698
NETHERLANDS - 0.7%
 
  
  
Health Care - 0.7%
  
  
  
Biotechnology - 0.7%
  
  
  
Argenx SE ADR (b)
  
44,011
37,577,472
Newamsterdam Pharma Co NV (b)
  
471,600
13,105,764
 
  
  
  
TOTAL NETHERLANDS
  
  
50,683,236
PUERTO RICO - 1.2%
 
  
  
Financials - 1.2%
  
  
  
Banks - 1.2%
  
  
  
First BanCorp/Puerto Rico
 
3,039,613
87,936,004
SWITZERLAND - 0.7%
 
  
  
Consumer Discretionary - 0.7%
  
  
  
Automobile Components - 0.7%
  
  
  
Garrett Motion Inc
 
1,556,427
48,482,701
TAIWAN - 0.5%
 
  
  
Information Technology - 0.5%
  
  
  
Semiconductors & Semiconductor Equipment - 0.5%
  
  
  
Silicon Motion Technology Corp ADR
 
140,200
35,554,720
THAILAND - 0.9%
 
  
  
Energy - 0.4%
  
  
  
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
BKV Corp (a)(b)
  
1,062,900
25,998,534
Information Technology - 0.5%
  
  
  
Electronic Equipment, Instruments & Components - 0.5%
  
  
  
Fabrinet (b)
  
86,624
37,716,956
TOTAL THAILAND
  
  
63,715,490
UNITED KINGDOM - 0.7%
 
  
  
Communication Services - 0.2%
  
  
  
Media - 0.2%
  
  
  
4imprint Group PLC
 
264,300
14,668,741
Consumer Discretionary - 0.2%
  
  
  
Leisure Products - 0.2%
  
  
  
Games Workshop Group PLC
 
65,854
16,969,904
Energy - 0.3%
  
  
  
Energy Equipment & Services - 0.3%
  
  
  
TechnipFMC PLC
 
238,400
17,083,744
TOTAL UNITED KINGDOM
  
  
48,722,389
UNITED STATES - 88.8%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
Anterix Inc (a)(b)
  
27,507
2,558,701
Csquare Inc
 
680,800
13,588,768
TOTAL COMMUNICATION SERVICES
  
  
16,147,469
Consumer Discretionary - 10.0%
  
  
  
Automobile Components - 1.6%
  
  
  
Dorman Products Inc (a)(b)
  
258,778
34,458,878
Patrick Industries Inc (a)
  
504,950
41,683,623
Phinia Inc
 
602,701
44,352,767
 
  
  
120,495,268
Distributors - 0.1%
  
  
  
GigaCloud Technology Inc Class A (a)(b)
  
348,500
15,243,390
Diversified Consumer Services - 0.9%
  
  
  
Laureate Education Inc (b)
  
1,714,697
65,690,042
Hotels, Restaurants & Leisure - 0.7%
  
  
  
Brinker International Inc (b)
  
101,300
21,647,810
Lindblad Expeditions Holdings Inc (b)
  
458,280
13,555,922
Pursuit Attractions and Hospitality Inc (b)
  
253,900
12,829,567
 
  
  
48,033,299
Household Durables - 2.6%
  
  
  
Champion Homes Inc (b)
  
297,284
23,666,779
Green Brick Partners Inc (b)
  
818,748
57,910,046
Installed Building Products Inc (a)
  
260,772
58,136,510
Lovesac Co/The (b)
  
356,966
5,743,583
SharkNinja Inc (b)
  
296,762
48,007,189
 
  
  
193,464,107
Leisure Products - 0.4%
  
  
  
Acushnet Holdings Corp (a)
  
261,481
26,480,181
Specialty Retail - 2.0%
  
  
  
Academy Sports & Outdoors Inc
 
621,800
29,504,410
Boot Barn Holdings Inc (a)(b)
  
342,418
51,016,858
Group 1 Automotive Inc
 
62,900
18,037,833
Murphy USA Inc
 
61,211
37,201,597
Warby Parker Inc Class A (a)(b)
  
377,600
10,078,144
 
  
  
145,838,842
Textiles, Apparel & Luxury Goods - 1.7%
  
  
  
Crocs Inc (b)
  
275,988
35,329,224
Kontoor Brands Inc
 
728,377
60,994,290
Steven Madden Ltd
 
596,453
27,484,554
 
  
  
123,808,068
TOTAL CONSUMER DISCRETIONARY
  
  
739,053,197
Consumer Staples - 1.6%
  
  
  
Beverages - 0.4%
  
  
  
Vita Coco Co Inc/The (b)
  
418,294
27,582,306
Consumer Staples Distribution & Retail - 0.5%
  
  
  
Performance Food Group Co (b)
  
164,800
18,851,472
Sprouts Farmers Market Inc (b)
  
213,300
18,591,228
 
  
  
37,442,700
Food Products - 0.7%
  
  
  
Darling Ingredients Inc (b)
  
452,427
27,435,173
Post Holdings Inc (a)(b)
  
238,765
21,825,509
 
  
  
49,260,682
TOTAL CONSUMER STAPLES
  
  
114,285,688
Energy - 5.1%
  
  
  
Energy Equipment & Services - 2.5%
  
  
  
Cactus Inc Class A
 
300,024
19,504,560
National Energy Services Reunited Corp (b)
  
1,330,776
35,877,721
Noble Corp PLC
 
701,900
29,760,560
Select Water Solutions Inc Class A
 
2,049,525
37,957,203
Weatherford International PLC
 
687,200
60,329,288
 
  
  
183,429,332
Oil, Gas & Consumable Fuels - 2.6%
  
  
  
Chord Energy Corp
 
397,086
55,742,933
Core Natural Resources Inc
 
193,941
15,484,249
Northern Oil & Gas Inc (a)
  
723,792
15,308,201
PBF Energy Inc Class A
 
1,481,590
107,089,325
 
  
  
193,624,708
TOTAL ENERGY
  
  
377,054,040
Financials - 15.6%
  
  
  
Banks - 7.5%
  
  
  
Axos Financial Inc (b)
  
379,017
38,436,114
Central BanCo Inc
 
494,000
16,203,200
Columbia Financial Inc (a)
  
1,439,840
15,564,670
Community Financial System Inc
 
821,455
53,238,499
Connectone Bancorp  Inc
 
459,024
15,120,250
CVB Financial Corp
 
1,403,400
31,394,058
East West Bancorp Inc
 
215,074
28,174,694
First Bancorp/Southern Pines NC
 
412,600
25,940,162
First Hawaiian Inc
 
1,006,500
27,970,635
First Horizon Corp
 
827,579
21,219,126
Glacier Bancorp Inc (a)
  
391,100
19,277,319
Nbt Bancorp Inc
 
552,834
29,106,710
Pathward Financial Inc
 
686,100
60,541,464
Pinnacle Financial Partners Inc
 
358,685
37,744,423
SOUTHSTATE BANK CORP
 
678,836
71,338,875
TriCo Bancshares
 
592,965
34,119,206
Western Alliance Bancorp
 
290,640
23,393,614
 
  
  
548,783,019
Capital Markets - 2.2%
  
  
  
Houlihan Lokey Inc Class A
 
155,552
19,520,220
Lazard Inc
 
721,902
30,594,207
PJT Partners Inc Class A (a)
  
194,200
32,685,802
Stifel Financial Corp
 
787,417
65,284,744
WisdomTree Inc
 
749,700
14,521,689
 
  
  
162,606,662
Consumer Finance - 1.8%
  
  
  
FirstCash Holdings Inc (a)
  
471,039
96,096,666
SLM Corp
 
1,334,258
34,684,037
 
  
  
130,780,703
Financial Services - 1.6%
  
  
  
Essent Group Ltd
 
893,214
58,916,396
PennyMac Financial Services Inc (a)
  
347,962
26,239,814
WEX Inc (b)
  
217,600
40,682,496
 
  
  
125,838,706
Insurance - 2.5%
  
  
  
First American Financial Corp
 
230,894
17,314,741
Genworth Financial Inc Class A (b)
  
6,684,129
65,704,988
Globe Life Inc
 
88,200
16,074,450
Oscar Health Inc Class A (b)
  
471,700
14,726,474
Primerica Inc
 
124,200
39,739,032
Selective Insurance Group Inc
 
283,870
26,908,037
 
  
  
180,467,722
TOTAL FINANCIALS
  
  
1,148,476,812
Health Care - 19.2%
  
  
  
Biotechnology - 9.2%
  
  
  
Annexon Inc (b)
  
2,192,900
11,172,826
Avalo Therapeutics Inc (a)(b)
  
1,285,100
23,453,075
Caris Life Sciences Inc (b)
  
280,156
4,390,045
Celldex Therapeutics Inc (b)
  
33,590
1,278,435
Climb Bio Inc (b)
  
1,526,300
18,162,970
Cogent Biosciences Inc (b)
  
1,356,774
52,819,212
Damora Therapeutics Inc (b)
  
403,200
11,688,768
Dianthus Therapeutics Inc (a)(b)
  
300,718
32,152,769
Disc Medicine Inc (b)
  
235,200
18,110,400
Hemab Therapeutics Holdings Inc (a)
  
422,153
20,073,375
Insmed Inc (b)
  
232,650
22,939,290
Jade Biosciences Inc (b)
  
908,146
17,935,884
Kiniksa Pharmaceuticals International Plc Class A (b)
  
363,600
27,030,024
Korsana Biosciences (c)(d)(e)(f)
  
295,100
917,760
Kymera Therapeutics Inc (b)
  
314,000
32,467,600
MapLight Therapeutics Inc (a)
  
368,530
4,798,261
Olema Pharmaceuticals Inc (b)
  
888,994
10,178,981
Oruka Therapeutics Inc (b)
  
344,956
33,291,704
Praxis Precision Medicines Inc (b)
  
123,800
38,109,354
Relay Therapeutics Inc (b)
  
1,782,315
33,560,991
Spyre Therapeutics Inc (b)
  
383,335
37,693,331
Stoke Therapeutics Inc (b)
  
377,901
10,906,223
Twist Bioscience Corp (a)(b)
  
406,700
37,233,385
Tyra Biosciences Inc (b)
  
389,800
12,426,824
Upstream Bio Inc (b)
  
1,317,646
8,314,346
Vaxcyte Inc (b)
  
863,311
46,687,859
Veracyte Inc (b)
  
704,300
32,623,176
Viking Therapeutics Inc (a)(b)
  
586,000
18,599,640
Viridian Therapeutics Inc (b)
  
1,089,196
20,607,588
Vor BioPharma Inc (b)
  
687,398
14,538,468
Zenas Biopharma Inc (b)
  
662,841
20,839,721
 
  
  
675,002,285
Health Care Equipment & Supplies - 2.6%
  
  
  
Artivion Inc (b)
  
142,647
3,827,219
Axogen Inc (b)
  
557,800
23,544,738
Ceribell Inc (b)
  
1,002,889
17,741,106
Glaukos Corp (b)
  
212,391
35,409,828
Kestra Medical Technologies Ltd (b)
  
633,962
14,473,352
Lantheus Holdings Inc (b)
  
325,000
32,383,000
LivaNova PLC (b)
  
599,200
48,019,889
TransMedics Group Inc (b)
  
174,412
13,344,262
 
  
  
188,743,394
Health Care Providers & Services - 3.5%
  
  
  
BrightSpring Health Services Inc (b)
  
1,001,300
59,787,624
Brookdale Senior Living Inc (b)
  
2,829,724
41,313,970
Ensign Group Inc/The
 
262,910
46,840,046
Guardant Health Inc (b)
  
179,900
29,142,001
Guardian Pharmacy Services Inc Class A (b)
  
570,825
22,564,712
HealthEquity Inc (a)(b)
  
160,200
16,117,722
Hims & Hers Health Inc Class A (a)(b)
  
647,700
17,986,629
LifeStance Health Group Inc (b)
  
563,557
5,906,077
Privia Health Group Inc (b)
  
768,103
18,180,998
 
  
  
257,839,779
Health Care Technology - 0.4%
  
  
  
Waystar Holding Corp (b)
  
1,306,158
27,572,995
Life Sciences Tools & Services - 0.5%
  
  
  
10X Genomics Inc Class A (b)
  
604,400
28,569,988
Charles River Laboratories International Inc (b)
  
32,300
7,510,073
 
  
  
36,080,061
Pharmaceuticals - 3.0%
  
  
  
Alumis Inc (b)
  
1,170,000
33,052,500
Amylyx Pharmaceuticals Inc (b)
  
1,257,800
25,545,918
Definium Therapeutics Inc (b)
  
560,300
24,384,256
Elanco Animal Health Inc (b)
  
1,308,700
34,510,419
Enliven Therapeutics Inc (b)
  
579,691
31,772,864
Enliven Therapeutics Inc (b)(c)
  
120,720
6,616,663
MBX Biosciences Inc (b)
  
674,700
44,482,971
Structure Therapeutics Inc ADR (b)
  
452,735
21,749,389
 
  
  
222,114,980
TOTAL HEALTH CARE
  
  
1,407,353,494
Industrials - 17.2%
  
  
  
Aerospace & Defense - 0.4%
  
  
  
Ducommun Inc (b)
  
91,153
16,318,210
Hawkeye 360 Inc (a)
  
591,509
12,539,991
 
  
  
28,858,201
Air Freight & Logistics - 0.6%
  
  
  
GXO Logistics Inc (b)
  
824,482
41,356,017
Building Products - 2.7%
  
  
  
AZZ Inc
 
215,800
31,230,576
Louisiana-Pacific Corp
 
830,103
60,124,360
Resideo Technologies Inc (b)
  
685,000
23,495,500
Simpson Manufacturing Co Inc
 
371,566
69,757,801
Tecnoglass Holdings Inc
 
362,440
15,744,394
 
  
  
200,352,631
Commercial Services & Supplies - 1.3%
  
  
  
Brink's Co/The
 
507,064
60,061,731
HNI Corp
 
334,856
15,071,869
Vestis Corp (b)
  
1,669,959
24,147,607
 
  
  
99,281,207
Construction & Engineering - 4.0%
  
  
  
Cardinal Infrastructure Group Inc Class A (a)
  
628,795
38,916,123
Construction Partners Inc Class A (b)
  
462,545
47,804,026
Granite Construction Inc
 
336,797
40,742,333
IES Holdings Inc (b)
  
162,419
120,927,442
Primoris Services Corp
 
307,496
25,955,737
Sterling Infrastructure Inc (b)
  
9,100
5,430,607
WillScot Holdings Corp
 
326,900
7,937,132
 
  
  
287,713,400
Electrical Equipment - 0.3%
  
  
  
Nextpower Inc Class A (b)
  
270,947
24,350,006
Machinery - 3.5%
  
  
  
Atmus Filtration Technologies Inc
 
520,377
26,867,065
Blue Bird Corp (b)
  
404,800
30,113,072
CECO Environmental Corp (b)
  
590,566
38,912,394
Federal Signal Corp
 
241,000
30,112,950
Kadant Inc (a)
  
46,860
14,409,450
SPX Technologies Inc (b)
  
194,978
42,821,068
Terex Corp
 
1,116,594
70,166,767
 
  
  
253,402,766
Passenger Airlines - 0.8%
  
  
  
SkyWest Inc (b)
  
583,441
62,410,684
Professional Services - 1.4%
  
  
  
Amentum Holdings Inc (b)
  
953,033
21,157,333
CRA International Inc
 
123,400
22,092,302
ExlService Holdings Inc (b)
  
595,960
20,220,923
First Advantage Corp (a)(b)
  
1,012,308
20,084,190
KBR Inc
 
585,300
21,427,833
 
  
  
104,982,581
Trading Companies & Distributors - 2.2%
  
  
  
Herc Holdings Inc
 
445,341
66,863,498
Rush Enterprises Inc Class A
 
812,213
64,806,475
Xometry Inc Class A (b)
  
346,700
29,719,124
 
  
  
161,389,097
TOTAL INDUSTRIALS
  
  
1,264,096,590
Information Technology - 9.6%
  
  
  
Electronic Equipment, Instruments & Components - 4.8%
  
  
  
Advanced Energy Industries Inc
 
149,091
43,164,826
Bel Fuse Inc Class B
 
111,887
30,429,907
Belden Inc
 
497,031
61,656,696
ePlus Inc
 
267,149
24,687,239
OSI Systems Inc (b)
  
154,902
34,293,754
Sanmina Corp (b)
  
494,154
91,695,216
TD SYNNEX Corp
 
224,504
57,405,673
TTM Technologies Inc (b)
  
74,000
8,542,560
 
  
  
351,875,871
IT Services - 0.0%
  
  
  
Boost Run Inc Class A
 
410,151
8,219,426
Semiconductors & Semiconductor Equipment - 2.6%
  
  
  
Axcelis Technologies Inc (b)
  
358,207
46,703,029
Diodes Inc (b)
  
163,700
13,475,784
MACOM Technology Solutions Holdings Inc (b)
  
114,719
28,844,945
MKS Inc
 
102,131
30,378,866
Onto Innovation Inc (b)
  
50,810
13,138,450
Penguin Solutions Inc (b)
  
212,077
11,161,612
Veeco Instruments Inc (b)
  
900,667
45,033,350
 
  
  
188,736,036
Software - 2.2%
  
  
  
Agilysys Inc (a)(b)
  
174,800
18,381,968
Braze Inc Class A (b)
  
648,755
16,166,975
Intapp Inc (b)
  
578,948
18,925,810
InterDigital Inc (a)
  
146,910
44,781,841
Manhattan Associates Inc (b)
  
96,400
18,447,104
Riot Platforms Inc (b)
  
1,573,100
31,729,427
Varonis Systems Inc (b)
  
288,953
11,543,672
 
  
  
159,976,797
TOTAL INFORMATION TECHNOLOGY
  
  
708,808,130
Materials - 4.2%
  
  
  
Chemicals - 2.0%
  
  
  
Ecovyst Inc (b)
  
1,815,284
21,892,325
Element Solutions Inc
 
898,900
33,016,597
Minerals Technologies Inc
 
661,942
50,466,458
Perimeter Solutions Inc (b)
  
671,200
20,545,432
Scotts Miracle-Gro Co/The
 
303,700
19,947,016
 
  
  
145,867,828
Construction Materials - 1.0%
  
  
  
Eagle Materials Inc
 
305,415
62,591,750
Suncrete Inc Class A
 
748,818
12,647,536
 
  
  
75,239,286
Metals & Mining - 1.2%
  
  
  
Century Aluminum Co (b)
  
311,000
13,923,470
Commercial Metals Co
 
923,415
63,457,079
Constellium SE (b)
  
474,700
13,187,166
 
  
  
90,567,715
TOTAL MATERIALS
  
  
311,674,829
Real Estate - 4.6%
  
  
  
Diversified REITs - 0.7%
  
  
  
Essential Properties Realty Trust Inc (a)
  
1,561,402
48,856,269
Health Care REITs - 1.7%
  
  
  
American Healthcare REIT Inc (a)
  
1,154,513
64,190,923
CareTrust REIT Inc
 
1,351,235
56,670,796
 
  
  
120,861,719
Industrial REITs - 0.9%
  
  
  
Americold Realty Trust Inc
 
3,121,700
43,984,753
Terreno Realty Corp
 
336,610
24,118,107
 
  
  
68,102,860
Real Estate Management & Development - 0.6%
  
  
  
Jones Lang LaSalle Inc (b)
  
131,300
46,615,439
Retail REITs - 0.2%
  
  
  
Acadia Realty Trust
 
780,300
17,533,340
Specialized REITs - 0.5%
  
  
  
Outfront Media Inc
 
1,071,390
34,145,199
TOTAL REAL ESTATE
  
  
336,114,826
Utilities - 1.5%
  
  
  
Gas Utilities - 1.5%
  
  
  
Southwest Gas Holdings Inc
 
721,331
64,486,992
UGI Corp
 
1,315,078
47,500,617
TOTAL UTILITIES
  
  
111,987,609
TOTAL UNITED STATES
  
  
6,535,052,684
 
TOTAL COMMON STOCKS
 (Cost $5,302,102,374)
  
  
  
7,237,933,016
 
  
  
  
Money Market Funds - 6.8%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (h)
  
3.69
202,295,748
202,336,207
Fidelity Securities Lending Cash Central Fund (h)(i)
  
3.72
295,917,564
295,947,156
 
TOTAL MONEY MARKET FUNDS
 (Cost $498,276,716)
  
  
  
498,283,363
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 105.2%
 (Cost $5,800,379,090)
 
  
 
7,736,216,379
NET OTHER ASSETS (LIABILITIES) - (5.2)% (g)
(380,344,000)
NET ASSETS - 100.0%
7,355,872,379
 
  
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value and Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
CME E-Mini Russell 2000 Index Contracts (United States)
242
9/2026
35,549,800
(68,778)

Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing.
 
(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 $7,534,423 or 0.1% of net assets.
 
(d)
Affiliated company.
 
(e)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(f)
Level 3 security.
 
(g)
Includes $3,103,600 of cash collateral to cover margin requirements for futures contracts.
 
(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.
 
At period end, the value of non-cash collateral for securities on loan amounted to $153,431,304.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Enliven Therapeutics Inc
3/19/2024
1,690,080
 
  
  
Korsana Biosciences
4/1/2026
694,488
 
  
  
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
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
Fidelity Cash Central Fund
110,843,854
1,817,573,222
1,726,080,673
4,411,913
(6,619)
6,423
202,336,207
202,295,748
Fidelity Securities Lending Cash Central Fund
102,948,032
1,382,756,416
1,189,753,131
304,569
(4,161)
-
295,947,156
295,917,564
 
213,791,886
3,200,329,638
2,915,833,804
4,716,482
(10,780)
6,423
498,283,363
  
 
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.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
Korsana Biosciences
-
694,488
-
-
-
223,272
917,760
295,100
Total
-
694,488
-
-
-
223,272
917,760
  
 
 
 
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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