Consolidated Quarterly Holdings Report
for
Fidelity Advisor® Series Growth Opportunities Fund
August 31, 2026
AXS3-NPRT3-1026
1.967936.112
Common Stocks - 96.9%
 
  
Shares
Value ($)
 
BELGIUM - 0.5%
 
  
  
Health Care - 0.5%
  
  
  
Biotechnology - 0.5%
  
  
  
Argenx SE ADR (b)
  
4,927
5,082,989
CANADA - 1.0%
 
  
  
Information Technology - 1.0%
  
  
  
Electronic Equipment, Instruments & Components - 0.6%
  
  
  
Celestica Inc (United States) (b)
  
23,200
6,946,080
IT Services - 0.4%
  
  
  
Shopify Inc Class A (United States) (b)
  
29,400
4,332,678
Software - 0.0%
  
  
  
Taalas Inc warrants (b)(c)(d)
  
7,526
31,233
TOTAL CANADA
  
  
11,309,991
DENMARK - 0.2%
 
  
  
Health Care - 0.2%
  
  
  
Biotechnology - 0.2%
  
  
  
Ascendis Pharma A/S (b)
  
8,116
2,134,833
FINLAND - 0.3%
 
  
  
Information Technology - 0.3%
  
  
  
Communications Equipment - 0.3%
  
  
  
Nokia Oyj ADR
 
344,400
3,492,216
FRANCE - 0.3%
 
  
  
Industrials - 0.3%
  
  
  
Aerospace & Defense - 0.3%
  
  
  
Safran SA
 
7,245
2,831,637
GERMANY - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Financial Services - 0.0%
  
  
  
Trade Republic Bank GmbH (c)(d)(g)
  
2,000
262,115
ISRAEL - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Xsight Labs Ltd warrants 7/24/2032 (b)(c)(d)
  
10,416
84,786
KOREA (SOUTH) - 0.3%
 
  
  
Information Technology - 0.3%
  
  
  
Semiconductors & Semiconductor Equipment - 0.2%
  
  
  
SK Hynix Inc ADR
 
11,300
1,859,754
Technology Hardware, Storage & Peripherals - 0.1%
  
  
  
Samsung Electronics Co Ltd
 
7,070
1,344,411
TOTAL KOREA (SOUTH)
  
  
3,204,165
SINGAPORE - 1.0%
 
  
  
Consumer Discretionary - 1.0%
  
  
  
Broadline Retail - 1.0%
  
  
  
Sea Ltd Class A ADR (b)
  
98,840
11,216,363
TAIWAN - 4.0%
 
  
  
Information Technology - 4.0%
  
  
  
Semiconductors & Semiconductor Equipment - 4.0%
  
  
  
MediaTek Inc
 
18,000
2,228,296
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
98,000
40,701,360
 
  
  
  
TOTAL TAIWAN
  
  
42,929,656
THAILAND - 0.2%
 
  
  
Information Technology - 0.2%
  
  
  
Electronic Equipment, Instruments & Components - 0.2%
  
  
  
Fabrinet (b)
  
5,000
2,064,650
UNITED KINGDOM - 0.8%
 
  
  
Financials - 0.3%
  
  
  
Banks - 0.1%
  
  
  
Starling Bank Ltd (b)(c)(d)
  
244,400
801,412
Financial Services - 0.2%
  
  
  
Revolut Group Holdings Ltd (b)(c)(d)
  
1,206
2,326,302
TOTAL FINANCIALS
  
  
3,127,714
Industrials - 0.5%
  
  
  
Aerospace & Defense - 0.5%
  
  
  
Rolls-Royce Holdings PLC ADR
 
255,900
5,197,329
TOTAL UNITED KINGDOM
  
  
8,325,043
UNITED STATES - 88.3%
 
  
  
Communication Services - 20.7%
  
  
  
Diversified Telecommunication Services - 3.1%
  
  
  
Space Exploration Technologies Corp (e)
  
7,987
1,090,269
Space Exploration Technologies Corp - 180 Day Lockup Final Release (e)
  
48,182
6,923,272
Space Exploration Technologies Corp - October 24, 2026 Lockup Release (e)
  
23,126
3,322,975
Space Exploration Technologies Corp - October 9, 2026 Lockup Release (e)
  
23,126
3,322,975
Space Exploration Technologies Corp - Q3 2026 Earnings Release Lockup (e)
  
92,507
12,627,714
Space Exploration Technologies Corp - September 24, 2026 Lockup Release (e)
  
23,126
3,322,975
Space Exploration Technologies Corp - September 9, 2026 Lockup Release (e)
  
23,126
3,322,975
Space Exploration Technologies Corp Class A
 
2
287
 
  
  
33,933,442
Entertainment - 0.1%
  
  
  
ROBLOX Corp Class A (b)
  
19,500
805,155
Spotify Technology SA (b)
  
100
54,362
 
  
  
859,517
Interactive Media & Services - 15.1%
  
  
  
Alphabet Inc Class A
 
177,144
60,113,817
Alphabet Inc Class C
 
176,104
59,067,043
Epic Games Inc (b)(c)(d)
  
2,200
810,414
Meta Platforms Inc Class A
 
77,289
44,235,586
 
  
  
164,226,860
Media - 2.4%
  
  
  
AppLovin Corp Class A (b)
  
58,348
18,208,077
Fox Corp Class A (f)
  
109,300
7,361,355
 
  
  
25,569,432
TOTAL COMMUNICATION SERVICES
  
  
224,589,251
Consumer Discretionary - 6.4%
  
  
  
Automobiles - 0.2%
  
  
  
Rad Power Bikes Inc (b)(c)(d)
  
13,874
0
Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d)
  
18,888
0
Tesla Inc (b)
  
5,860
2,156,187
 
  
  
2,156,187
Broadline Retail - 3.7%
  
  
  
Amazon.com Inc (b)
  
151,480
39,349,960
Hotels, Restaurants & Leisure - 0.3%
  
  
  
Hilton Worldwide Holdings Inc
 
9,900
3,131,172
Specialty Retail - 2.2%
  
  
  
Carvana Co Class A (b)
  
325,900
23,940,614
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Bombas LLC (c)(d)
  
174,908
409,285
TOTAL CONSUMER DISCRETIONARY
  
  
68,987,218
Consumer Staples - 0.6%
  
  
  
Tobacco - 0.6%
  
  
  
JUUL Labs Inc Class A (b)(c)(d)
  
836,067
1,739,019
JUUL Labs Inc Class B (b)(c)(d)
  
709
1,475
Philip Morris International Inc
 
24,500
4,588,850
TOTAL CONSUMER STAPLES
  
  
6,329,344
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
ExxonMobil Holdings Corp
 
8,200
1,319,790
Financials - 2.2%
  
  
  
Capital Markets - 0.0%
  
  
  
Bank of New York Mellon Corp/The
 
800
129,024
Financial Services - 2.2%
  
  
  
Affirm Holdings Inc Class A (b)
  
53,600
3,990,520
Visa Inc Class A
 
51,626
19,585,356
 
  
  
23,575,876
TOTAL FINANCIALS
  
  
23,704,900
Health Care - 4.4%
  
  
  
Biotechnology - 1.3%
  
  
  
Alnylam Pharmaceuticals Inc (b)
  
15,363
3,697,720
Insmed Inc (b)
  
50,300
6,127,547
Natera Inc (b)
  
700
225,372
Revolution Medicines Inc (b)
  
800
164,456
Spyre Therapeutics Inc (b)
  
1,700
151,861
Vaxcyte Inc (b)
  
41,502
2,520,831
Viking Therapeutics Inc (b)(f)
  
35,478
1,162,969
 
  
  
14,050,756
Health Care Equipment & Supplies - 0.0%
  
  
  
Blink Health LLC Class A1 (b)(c)(d)
  
2,573
96,873
Health Care Providers & Services - 0.0%
  
  
  
Guardant Health Inc (b)
  
1,300
206,726
McKesson Corp
 
100
88,532
 
  
  
295,258
Life Sciences Tools & Services - 0.0%
  
  
  
Illumina Inc (b)
  
600
128,178
Pharmaceuticals - 3.1%
  
  
  
Eli Lilly & Co
 
28,000
32,388,440
Structure Therapeutics Inc ADR (b)
  
24,500
1,124,795
 
  
  
33,513,235
TOTAL HEALTH CARE
  
  
48,084,300
Industrials - 3.2%
  
  
  
Aerospace & Defense - 1.2%
  
  
  
Anduril Industries Inc Class B (b)(c)(d)
  
600
44,100
Axon Enterprise Inc (b)
  
10,100
5,722,256
Beta Technologies Inc Class A (b)
  
109,365
2,198,237
GE Aerospace
 
11,900
3,994,949
Relativity Space Inc (b)(c)(d)
  
504
539
 
  
  
11,960,081
Construction & Engineering - 0.3%
  
  
  
Comfort Systems USA Inc
 
1,900
2,936,678
Electrical Equipment - 0.3%
  
  
  
Empower Semiconductor Inc (c)(d)
  
3,200
352
GE Vernova Inc
 
3,600
3,234,708
 
  
  
3,235,060
Ground Transportation - 0.1%
  
  
  
Neutron Holdings Inc (d)(e)
  
31,617
1,276,694
Machinery - 0.3%
  
  
  
Caterpillar Inc
 
4,600
3,668,362
Passenger Airlines - 1.0%
  
  
  
Delta Air Lines Inc
 
63,700
4,968,600
United Airlines Holdings Inc (b)
  
57,900
6,252,621
 
  
  
11,221,221
TOTAL INDUSTRIALS
  
  
34,298,096
Information Technology - 49.7%
  
  
  
Communications Equipment - 1.4%
  
  
  
Arista Networks Inc (b)
  
33,400
6,536,046
Ciena Corp (b)
  
11,900
4,555,320
Lumentum Holdings Inc (b)
  
4,200
3,841,992
 
  
  
14,933,358
Electronic Equipment, Instruments & Components - 2.7%
  
  
  
Amphenol Corp Class A
 
13,900
2,203,845
Coherent Corp (b)
  
13,100
3,639,573
Corning Inc
 
43,600
6,484,628
Flex Ltd (b)
  
158,593
17,326,285
 
  
  
29,654,331
IT Services - 0.9%
  
  
  
Cloudflare Inc Class A (b)
  
13,100
3,996,941
MongoDB Inc Class A (b)
  
8,100
3,672,297
Snowflake Inc (b)
  
4,400
1,458,292
Twilio Inc Class A (b)
  
3,100
730,452
 
  
  
9,857,982
Semiconductors & Semiconductor Equipment - 27.3%
  
  
  
Advanced Micro Devices Inc (b)
  
56,200
26,454,464
Astera Labs Inc (b)
  
23,500
6,979,030
Broadcom Inc
 
52,500
19,442,850
Cerebras Systems Inc B - 180 Day Lockup Final Release (e)
  
8,664
1,596,255
Cerebras Systems Inc B - Lockup Released
 
15,475
2,851,114
Cerebras Systems Inc B - October 14, 2026 Lockup Release (e)
  
3,587
660,869
Cerebras Systems Inc B - October 28, 2026 Lockup Release (e)
  
3,587
660,869
Cerebras Systems Inc B - September 16, 2026 Lockup Release (e)
  
2,700
497,448
Cerebras Systems Inc B - September 2, 2026 Lockup Release (e)
  
2,700
497,448
Cerebras Systems Inc B - September 30, 2026 Lockup Release (e)
  
3,587
660,869
Cerebras Systems Inc Class A (b)
  
71,700
13,210,008
Credo Technology Group Holding Ltd (b)
  
17,500
3,958,325
Intel Corp (b)
  
86,700
7,760,517
Lam Research Corp
 
10,500
3,165,645
Micron Technology Inc
 
42,600
40,841,898
NVIDIA Corp
 
756,960
167,121,629
 
  
  
296,359,238
Software - 7.5%
  
  
  
Atlassian Corp Class A (b)
  
7,300
1,417,441
Cadence Design Systems Inc (b)
  
1,300
440,414
Canva Inc Class A (b)(c)(d)
  
310
464,172
Celestial AI Inc (Milestone 1) rights (b)(c)(d)
  
7,959
32,632
Celestial AI Inc (Milestone 2) rights (b)(c)(d)
  
7,959
18,147
Celestial AI Inc (Milestone 3) rights (b)(c)(d)
  
7,959
3,899
Celestial AI Inc escrow shares (c)(d)
  
7,959
0
Datadog Inc Class A (b)
  
4,500
1,066,680
Microsoft Corp
 
134,583
68,272,611
OpenAI Group Pbc Class A (c)(d)
  
200
137,538
Palantir Technologies Inc Class A (b)
  
45,600
8,498,928
Palo Alto Networks Inc (b)
  
2,000
764,260
 
  
  
81,116,722
Technology Hardware, Storage & Peripherals - 9.9%
  
  
  
Apple Inc
 
179,103
56,748,786
Dell Technologies Inc Class C
 
13,500
6,156,135
Sandisk Corp (b)
  
5,900
9,243,530
Seagate Technology Holdings PLC
 
16,900
13,999,622
Western Digital Corp
 
47,100
21,220,905
 
  
  
107,368,978
TOTAL INFORMATION TECHNOLOGY
  
  
539,290,609
Utilities - 1.1%
  
  
  
Electric Utilities - 0.9%
  
  
  
NRG Energy Inc
 
86,300
9,503,356
Independent Power and Renewable Electricity Producers - 0.2%
  
  
  
Vistra Corp
 
14,600
2,005,602
TOTAL UTILITIES
  
  
11,508,958
TOTAL UNITED STATES
  
  
958,112,466
 
TOTAL COMMON STOCKS
 (Cost $531,950,245)
  
  
  
1,051,050,910
 
  
  
  
Convertible Corporate Bonds - 0.0%
 
  
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Financial Services - 0.0%
  
  
  
Tenstorrent Holdings Inc 15% 12/31/2026 (c)(d)
  (Cost $65,100)
  
65,100
76,167
 
  
  
  
Convertible Preferred Stocks - 2.7%
 
  
Shares
Value ($)
 
CANADA - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Taalas Inc Series B (b)(c)(d)
  
600
91,506
CHINA - 0.1%
 
  
  
Communication Services - 0.1%
  
  
  
Interactive Media & Services - 0.1%
  
  
  
Bytedance Ltd Series E1 (b)(c)(d)
  
4,644
1,534,703
INDIA - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Specialty Retail - 0.0%
  
  
  
Valuedrive Technologies Pvt Ltd Series A (c)(d)
  
11
15,599
Valuedrive Technologies Pvt Ltd Series B (c)(d)
  
20
28,363
Valuedrive Technologies Pvt Ltd Series C (c)(d)
  
1
1,418
Valuedrive Technologies Pvt Ltd Series G (c)(d)
  
135,080
53,213
Valuedrive Technologies Pvt Ltd Series S2 (c)(d)
  
4
5,673
 
  
  
  
TOTAL INDIA
  
  
104,266
ISRAEL - 0.1%
 
  
  
Industrials - 0.0%
  
  
  
Electrical Equipment - 0.0%
  
  
  
Element Labs Inc Series A (b)(c)(d)
  
5,100
119,748
Element Labs Inc Series B (b)(c)(d)
  
4,317
104,169
Element Labs Inc Series C (c)(d)
  
500
13,820
TOTAL INDUSTRIALS
  
  
237,737
Information Technology - 0.1%
  
  
  
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
Xsight Labs Ltd Series D (b)(c)(d)
  
17,400
224,460
Xsight Labs Ltd Series F (b)(c)(d)
  
34,719
363,161
Xsight Labs Ltd Series G (c)(d)
  
3,300
55,440
TOTAL INFORMATION TECHNOLOGY
  
  
643,061
TOTAL ISRAEL
  
  
880,798
UNITED KINGDOM - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Nscale Limited Series B (c)(d)
  
6,000
132,300
UNITED STATES - 2.5%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Automobiles - 0.1%
  
  
  
Rad Power Bikes Inc Series A (b)(c)(d)
  
1,809
0
Rad Power Bikes Inc Series C (b)(c)(d)
  
7,117
0
Rad Power Bikes Inc Series D (b)(c)(d)
  
12,697
0
Waymo LLC Series A2 (b)(c)(d)
  
2,896
488,642
Waymo LLC Series C2 (b)(c)(d)
  
4,115
676,177
TOTAL CONSUMER DISCRETIONARY
  
  
1,164,819
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
GoBrands Inc Series G (b)(c)(d)
  
2,400
138,455
Tobacco - 0.0%
  
  
  
JUUL Labs Inc Series C (b)(c)(d)
  
70,175
145,964
JUUL Labs Inc Series D (b)(c)(d)
  
938
1,951
 
  
  
147,915
TOTAL CONSUMER STAPLES
  
  
286,370
Financials - 0.1%
  
  
  
Financial Services - 0.1%
  
  
  
Sunday Robotics, Inc Series B (c)(d)
  
600
39,072
Tenstorrent Holdings Inc Series C1 (b)(c)(d)
  
2,264
192,372
Tenstorrent Holdings Inc Series D1 (b)(c)(d)
  
4,112
365,434
TOTAL FINANCIALS
  
  
596,878
Health Care - 0.4%
  
  
  
Health Care Equipment & Supplies - 0.1%
  
  
  
Blink Health LLC Series C (b)(c)(d)
  
15,631
588,507
Blink Health LLC Series D (b)(c)(d)
  
2,983
112,310
 
  
  
700,817
Health Care Technology - 0.3%
  
  
  
Aledade Inc Series E1 (b)(c)(d)
  
5,837
226,359
Oura Inc Series D (c)(d)
  
12,183
879,978
Oura Inc Series E (c)(d)
  
36,231
2,616,965
 
  
  
3,723,302
TOTAL HEALTH CARE
  
  
4,424,119
Industrials - 0.3%
  
  
  
Aerospace & Defense - 0.2%
  
  
  
Anduril Industries Inc Series F (b)(c)(d)
  
22,366
1,643,901
Anduril Industries Inc Series G (b)(c)(d)
  
5,600
411,600
 
  
  
2,055,501
Air Freight & Logistics - 0.1%
  
  
  
Zipline International Inc Series G (b)(c)(d)
  
8,269
596,278
Zipline International Inc Series H (c)(d)
  
7,200
519,192
 
  
  
1,115,470
TOTAL INDUSTRIALS
  
  
3,170,971
Information Technology - 1.5%
  
  
  
Communications Equipment - 0.0%
  
  
  
Astranis Space Technologies Corp Series E (c)(d)
  
7,400
141,784
Electronic Equipment, Instruments & Components - 0.2%
  
  
  
Cellink Corp Series D (b)(c)(d)
  
12,100
157,663
Vast Data Ltd Series A (b)(c)(d)
  
2,512
159,236
Vast Data Ltd Series A1 (b)(c)(d)
  
6,183
391,940
Vast Data Ltd Series A2 (b)(c)(d)
  
7,112
450,830
Vast Data Ltd Series B (b)(c)(d)
  
5,659
358,724
Vast Data Ltd Series C (b)(c)(d)
  
165
10,459
Vast Data Ltd Series E (b)(c)(d)
  
5,408
342,813
 
  
  
1,871,665
IT Services - 0.0%
  
  
  
Gupshup Inc (b)(c)(d)
  
17,900
119,393
Yanka Industries Inc Series E (b)(c)(d)
  
19,716
27,800
Yanka Industries Inc Series F (b)(c)(d)
  
13,160
31,452
 
  
  
178,645
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
SiMa Technologies Inc Series B (b)(c)(d)
  
40,700
322,751
SiMa Technologies Inc Series B1 (b)(c)(d)
  
5,810
49,327
SiMa Technologies Inc Series C (c)(d)
  
11,368
104,358
 
  
  
476,436
Software - 1.3%
  
  
  
Anthropic PBC Series D-1 (b)(c)(d)
  
2,890
2,376,534
Anthropic PBC Series E (b)(c)(d)
  
1,200
933,036
Anthropic PBC Series F (b)(c)(d)
  
3,300
2,565,849
Crusoe Energy Systems LLC Series D (b)(c)(d)
  
11,055
2,276,999
Crusoe Energy Systems LLC Series E (c)(d)
  
1,656
341,086
Databricks Inc Series G (b)(c)(d)
  
4,206
1,064,118
Density AI Inc (c)(d)
  
23,200
468,640
Lyte AI Inc Series B (b)(c)(d)
  
12,300
378,594
MOLOCO Inc Series A (b)(c)(d)
  
11,676
947,391
OpenAI Group Pbc Series A-2 (c)(d)
  
883
607,230
OpenAI Group Pbc Series A-3 (c)(d)
  
537
369,290
Physical Intelligence Inc Series B (c)(d)
  
300
138,959
Runway AI Inc Series D (b)(c)(d)
  
29,650
456,017
 
  
  
12,923,743
TOTAL INFORMATION TECHNOLOGY
  
  
15,592,273
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
Diamond Foundry Inc Series C (b)(c)(d)
  
23,194
788,828
TOTAL UNITED STATES
  
  
26,024,258
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $13,296,801)
  
  
  
28,767,831
 
  
  
  
Domestic Equity Funds - 0.2%
 
  
Shares
Value ($)
 
iShares Russell 1000 Growth ETF
 (Cost $2,658,359)
  
21,700
2,662,807
 
  
  
  
Preferred Securities - 0.0%
 
  
Principal
Amount (a)
 
Value ($)
 
CANADA - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Taalas Inc 0% (c)(d)(h)
  
37,274
38,329
UNITED STATES - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobiles - 0.0%
  
  
  
Rad Power Bikes Inc 8% 12/31/2199 (c)(d)
  
18,888
6,092
 
TOTAL PREFERRED SECURITIES
 (Cost $56,161)
  
  
  
44,421
 
  
  
  
Money Market Funds - 0.3%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (i)
  
3.69
2,683,702
2,684,239
Fidelity Securities Lending Cash Central Fund (i)(j)
  
3.72
1,045,371
1,045,475
 
TOTAL MONEY MARKET FUNDS
 (Cost $3,729,714)
  
  
  
3,729,714
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $551,756,380)
 
  
 
1,086,331,850
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(1,331,317)
NET ASSETS - 100.0%
1,085,000,533
 
  
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
Level 3 security.
 
(d)
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 $37,429,406 or 3.4% of net assets.
 
(e)
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 $39,783,607 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
(f)
Security or a portion of the security is on loan at period end.
 
(g)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
 
(h)
Security is perpetual in nature with no stated maturity date.
 
(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.
 
At period end, the value of non-cash collateral for securities on loan amounted to $0.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Aledade Inc Series E1
5/20/2022
290,767
 
  
  
Anduril Industries Inc Class B
6/16/2025
24,530
 
  
  
Anduril Industries Inc Series F
8/7/2024
486,161
 
  
  
Anduril Industries Inc Series G
4/17/2025
228,943
 
  
  
Anthropic PBC Series D-1
5/31/2024
86,713
 
  
  
Anthropic PBC Series E
2/14/2025
67,304
 
  
  
Anthropic PBC Series F
8/18/2025
465,193
 
  
  
Astranis Space Technologies Corp Series E
2/10/2026
142,329
 
  
  
Blink Health LLC Class A1
12/30/2020 - 6/17/2024
76,056
 
  
  
Blink Health LLC Series C
11/7/2019 - 7/14/2021
596,729
 
  
  
Blink Health LLC Series D
6/17/2024 - 6/25/2024
125,286
 
  
  
Bombas LLC
2/16/2021 - 11/12/2021
830,400
 
  
  
Bytedance Ltd Series E1
11/18/2020
508,862
 
  
  
Canva Inc Class A
12/23/2024 - 11/12/2025
464,181
 
  
  
Celestial AI Inc (Milestone 1) rights
2/25/2025
16,569
 
  
  
Celestial AI Inc (Milestone 2) rights
2/25/2025
12,732
 
  
  
Celestial AI Inc (Milestone 3) rights
2/25/2025
3,716
 
  
  
Celestial AI Inc escrow shares
2/25/2025
0
 
  
  
Cellink Corp Series D
1/20/2022
251,969
 
  
  
Crusoe Energy Systems LLC Series D
12/10/2024
322,495
 
  
  
Crusoe Energy Systems LLC Series E
10/8/2025
139,117
 
  
  
Databricks Inc Series G
2/1/2021
248,670
 
  
  
Density AI Inc
12/5/2025
34,568
 
  
  
Diamond Foundry Inc Series C
3/15/2021
556,656
 
  
  
Element Labs Inc Series A
2/11/2025
18,812
 
  
  
Element Labs Inc Series B
6/27/2025
37,899
 
  
  
Element Labs Inc Series C
4/16/2026
13,870
 
  
  
Empower Semiconductor Inc
7/7/2026
352
 
  
  
Epic Games Inc
7/13/2020 - 3/29/2021
1,730,000
 
  
  
GoBrands Inc Series G
3/2/2021
599,322
 
  
  
Gupshup Inc
6/8/2021
409,287
 
  
  
JUUL Labs Inc Class A
2/23/2024
848,583
 
  
  
JUUL Labs Inc Class B
11/21/2017
0
 
  
  
JUUL Labs Inc Series C
5/22/2015
0
 
  
  
JUUL Labs Inc Series D
6/25/2018
0
 
  
  
Lyte AI Inc Series B
8/13/2024
156,039
 
  
  
MOLOCO Inc Series A
6/26/2023
700,560
 
  
  
Neutron Holdings Inc
7/3/2018 - 4/27/2026
807,133
 
  
  
Nscale Limited Series B
9/25/2025
37,988
 
  
  
OpenAI Group Pbc Class A
9/3/2025
86,000
 
  
  
OpenAI Group Pbc Series A-2
9/30/2024
166,062
 
  
  
OpenAI Group Pbc Series A-3
8/4/2025
164,900
 
  
  
Oura Inc Series D
12/18/2024
312,981
 
  
  
Oura Inc Series E
9/24/2025
1,940,895
 
  
  
Physical Intelligence Inc Series B
10/24/2025
81,468
 
  
  
Rad Power Bikes Inc
1/21/2021
66,926
 
  
  
Rad Power Bikes Inc 8% 12/31/2199
10/6/2023
18,887
 
  
  
Rad Power Bikes Inc Series A
1/21/2021
8,726
 
  
  
Rad Power Bikes Inc Series C
1/21/2021
34,331
 
  
  
Rad Power Bikes Inc Series D
9/17/2021
121,686
 
  
  
Rad Power Bikes Inc warrants 10/6/2033
10/6/2023
0
 
  
  
Relativity Space Inc
5/27/2021
828,069
 
  
  
Revolut Group Holdings Ltd
12/27/2024 - 1/28/2026
1,102,987
 
  
  
Runway AI Inc Series D
9/6/2024
321,459
 
  
  
SiMa Technologies Inc Series B
5/10/2021
208,685
 
  
  
SiMa Technologies Inc Series B1
4/25/2022 - 10/17/2022
41,198
 
  
  
SiMa Technologies Inc Series C
4/8/2024 - 7/3/2026
51,719
 
  
  
Starling Bank Ltd
6/18/2021 - 4/5/2022
468,193
 
  
  
Sunday Robotics, Inc Series B
2/3/2026
37,407
 
  
  
Taalas Inc 0%
12/23/2025
37,274
 
  
  
Taalas Inc Series B
2/19/2025
32,948
 
  
  
Taalas Inc warrants
12/23/2025
7,526
 
  
  
Tenstorrent Holdings Inc 15% 12/31/2026
2/25/2026
65,100
 
  
  
Tenstorrent Holdings Inc Series C1
4/23/2021
134,645
 
  
  
Tenstorrent Holdings Inc Series D1
7/16/2024 - 1/15/2025
324,135
 
  
  
Trade Republic Bank GmbH
12/16/2025
273,939
 
  
  
Valuedrive Technologies Pvt Ltd Series A
2/12/2026
13,218
 
  
  
Valuedrive Technologies Pvt Ltd Series B
2/12/2026
25,114
 
  
  
Valuedrive Technologies Pvt Ltd Series C
2/12/2026
1,201
 
  
  
Valuedrive Technologies Pvt Ltd Series G
2/12/2026
51,230
 
  
  
Valuedrive Technologies Pvt Ltd Series S2
2/12/2026
4,806
 
  
  
Vast Data Ltd Series A
11/28/2023
27,632
 
  
  
Vast Data Ltd Series A1
11/28/2023
68,013
 
  
  
Vast Data Ltd Series A2
11/28/2023
78,232
 
  
  
Vast Data Ltd Series B
11/28/2023
62,249
 
  
  
Vast Data Ltd Series C
11/28/2023
1,815
 
  
  
Vast Data Ltd Series E
11/28/2023
118,976
 
  
  
Waymo LLC Series A2
5/8/2020
248,671
 
  
  
Waymo LLC Series C2
10/18/2024
321,799
 
  
  
Xsight Labs Ltd Series D
2/16/2021
139,130
 
  
  
Xsight Labs Ltd Series F
1/11/2024 - 12/30/2024
160,749
 
  
  
Xsight Labs Ltd Series G
5/7/2026 - 7/10/2026
55,572
 
  
  
Xsight Labs Ltd warrants 7/24/2032
1/11/2024 - 12/30/2024
0
 
  
  
Yanka Industries Inc Series E
5/15/2020
238,154
 
  
  
Yanka Industries Inc Series F
4/8/2021
419,499
 
  
  
Zipline International Inc Series G
6/7/2024
346,854
 
  
  
Zipline International Inc Series H
12/3/2025
405,103
 
  
  
Additional information on each lock-up restriction is as follows:
Security
Restriction Expiration Date
Cerebras Systems Inc B - 180 Day Lockup Final Release
11/9/2026
 
  
Cerebras Systems Inc B - October 14, 2026 Lockup Release
10/14/2026
 
  
Cerebras Systems Inc B - October 28, 2026 Lockup Release
10/28/2026
 
  
Cerebras Systems Inc B - September 16, 2026 Lockup Release
9/16/2026
 
  
Cerebras Systems Inc B - September 2, 2026 Lockup Release
9/2/2026
 
  
Cerebras Systems Inc B - September 30, 2026 Lockup Release
9/30/2026
 
  
Neutron Holdings Inc
12/30/2026
 
  
Space Exploration Technologies Corp
12/8/2026
 
  
Space Exploration Technologies Corp - 180 Day Lockup Final Release
12/8/2026
 
  
Space Exploration Technologies Corp - October 24, 2026 Lockup Release
10/24/2026
 
  
Space Exploration Technologies Corp - October 9, 2026 Lockup Release
10/9/2026
 
  
Space Exploration Technologies Corp - Q3 2026 Earnings Release Lockup
11/9/2026
 
  
Space Exploration Technologies Corp - September 24, 2026 Lockup Release
9/24/2026
 
  
Space Exploration Technologies Corp - September 9, 2026 Lockup Release
9/9/2026
 
  
 
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
2,418,910
142,870,451
142,605,961
57,847
839
-
2,684,239
2,683,702
Fidelity Securities Lending Cash Central Fund
1,435,821
94,226,170
94,615,870
21,615
(646)
-
1,045,475
1,045,371
 
3,854,731
237,096,621
237,221,831
79,462
193
-
3,729,714
  
 
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.
 
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. Convertible Corporate Bonds and 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.
 
Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last 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 but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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 consolidated 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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