Quarterly Holdings Report
for
Fidelity® Growth Discovery Fund
March 31, 2025
CII-NPRT3-0525
1.799853.121
Common Stocks - 97.9%
 
 
Shares
Value ($)
 
BELGIUM - 0.6%
 
 
 
Health Care - 0.6%
 
 
 
Biotechnology - 0.1%
 
 
 
Galapagos NV ADR (b)
 
229,554
5,766,396
Pharmaceuticals - 0.5%
 
 
 
UCB SA
 
171,000
30,092,850
TOTAL BELGIUM
 
 
35,859,246
BRAZIL - 1.4%
 
 
 
Consumer Discretionary - 1.1%
 
 
 
Broadline Retail - 1.1%
 
 
 
MercadoLibre Inc (b)
 
31,141
60,752,043
Materials - 0.3%
 
 
 
Metals & Mining - 0.3%
 
 
 
Vale SA ADR
 
1,899,100
18,953,018
TOTAL BRAZIL
 
 
79,705,061
CANADA - 1.2%
 
 
 
Information Technology - 1.2%
 
 
 
IT Services - 1.2%
 
 
 
Shopify Inc Class A (United States) (b)
 
684,800
65,384,704
CHINA - 4.6%
 
 
 
Communication Services - 1.2%
 
 
 
Interactive Media & Services - 1.2%
 
 
 
Tencent Holdings Ltd
 
1,095,400
69,991,628
Consumer Discretionary - 3.4%
 
 
 
Automobiles - 1.1%
 
 
 
BYD Co Ltd H Shares
 
1,223,372
61,947,311
Broadline Retail - 0.7%
 
 
 
PDD Holdings Inc Class A ADR (b)
 
313,300
37,079,055
Hotels, Restaurants & Leisure - 1.6%
 
 
 
Meituan B Shares (b)(c)(d)
 
1,768,200
35,580,551
Trip.com Group Ltd ADR
 
828,712
52,689,509
 
 
 
88,270,060
TOTAL CONSUMER DISCRETIONARY
 
 
187,296,426
 
 
 
 
TOTAL CHINA
 
 
257,288,054
DENMARK - 0.0%
 
 
 
Health Care - 0.0%
 
 
 
Life Sciences Tools & Services - 0.0%
 
 
 
Chemometec A/S
 
84,960
6,090,339
GERMANY - 0.4%
 
 
 
Health Care - 0.4%
 
 
 
Biotechnology - 0.4%
 
 
 
BioNTech SE ADR (b)
 
228,683
20,823,874
ISRAEL - 1.2%
 
 
 
Health Care - 0.4%
 
 
 
Biotechnology - 0.0%
 
 
 
Gamida Cell Ltd (e)
 
993,684
10
Gamida Cell Ltd warrants 4/21/2028 (b)(e)(f)
 
182,600
2
 
 
 
12
Pharmaceuticals - 0.4%
 
 
 
Teva Pharmaceutical Industries Ltd ADR (b)
 
1,630,673
25,063,444
TOTAL HEALTH CARE
 
 
25,063,456
 
 
 
 
Information Technology - 0.8%
 
 
 
IT Services - 0.8%
 
 
 
Wix.com Ltd (b)
 
250,300
40,894,014
TOTAL ISRAEL
 
 
65,957,470
JAPAN - 0.4%
 
 
 
Health Care - 0.4%
 
 
 
Pharmaceuticals - 0.4%
 
 
 
Chugai Pharmaceutical Co Ltd
 
478,793
21,934,255
NETHERLANDS - 0.4%
 
 
 
Information Technology - 0.4%
 
 
 
Semiconductors & Semiconductor Equipment - 0.4%
 
 
 
BE Semiconductor Industries NV
 
235,363
24,233,301
TAIWAN - 2.7%
 
 
 
Information Technology - 2.7%
 
 
 
Semiconductors & Semiconductor Equipment - 2.7%
 
 
 
eMemory Technology Inc
 
73,757
5,176,871
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
885,601
147,009,766
 
 
 
 
TOTAL TAIWAN
 
 
152,186,637
UNITED KINGDOM - 0.6%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Leisure Products - 0.2%
 
 
 
Games Workshop Group PLC
 
66,300
11,981,459
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Immunocore Holdings PLC ADR (b)
 
94,567
2,805,803
Industrials - 0.4%
 
 
 
Professional Services - 0.4%
 
 
 
RELX PLC ADR
 
339,571
17,117,774
TOTAL UNITED KINGDOM
 
 
31,905,036
UNITED STATES - 84.4%
 
 
 
Communication Services - 8.0%
 
 
 
Entertainment - 1.3%
 
 
 
Live Nation Entertainment Inc (b)
 
226,034
29,515,520
ROBLOX Corp Class A (b)
 
749,500
43,688,355
 
 
 
73,203,875
Interactive Media & Services - 6.7%
 
 
 
Alphabet Inc Class A
 
1,654,668
255,877,860
Epic Games Inc (b)(e)(g)
 
2,244
1,434,656
Meta Platforms Inc Class A
 
205,836
118,635,637
 
 
 
375,948,153
TOTAL COMMUNICATION SERVICES
 
 
449,152,028
 
 
 
 
Consumer Discretionary - 15.3%
 
 
 
Broadline Retail - 10.6%
 
 
 
Amazon.com Inc (b)
 
3,123,712
594,317,445
Savers Value Village Inc (b)(f)
 
645,502
4,453,964
 
 
 
598,771,409
Diversified Consumer Services - 0.2%
 
 
 
Duolingo Inc Class A (b)
 
30,511
9,474,885
Hotels, Restaurants & Leisure - 1.9%
 
 
 
Airbnb Inc Class A (b)
 
560,077
66,906,799
Carnival Corp (b)
 
535,500
10,458,315
Kura Sushi USA Inc Class A (b)(f)
 
118,541
6,069,299
Starbucks Corp
 
250,500
24,571,545
 
 
 
108,005,958
Household Durables - 0.3%
 
 
 
Blu Homes Inc (b)(e)(g)
 
3,320,224
1,029
TopBuild Corp (b)
 
56,759
17,308,657
 
 
 
17,309,686
Specialty Retail - 2.3%
 
 
 
Floor & Decor Holdings Inc Class A (b)
 
137,302
11,048,692
Lowe's Cos Inc
 
501,907
117,059,770
 
 
 
128,108,462
TOTAL CONSUMER DISCRETIONARY
 
 
861,670,400
 
 
 
 
Consumer Staples - 1.8%
 
 
 
Beverages - 0.7%
 
 
 
Constellation Brands Inc Class A
 
228,700
41,971,024
Personal Care Products - 1.1%
 
 
 
Estee Lauder Cos Inc/The Class A
 
916,400
60,482,400
TOTAL CONSUMER STAPLES
 
 
102,453,424
 
 
 
 
Energy - 1.8%
 
 
 
Oil, Gas & Consumable Fuels - 1.8%
 
 
 
Cheniere Energy Inc
 
288,779
66,823,461
Range Resources Corp
 
817,302
32,634,868
 
 
 
99,458,329
Financials - 10.9%
 
 
 
Banks - 0.4%
 
 
 
Huntington Bancshares Inc/OH
 
764,900
11,481,149
M&T Bank Corp
 
63,200
11,297,000
 
 
 
22,778,149
Capital Markets - 1.4%
 
 
 
Intercontinental Exchange Inc
 
369,451
63,730,298
Morgan Stanley
 
120,600
14,070,402
 
 
 
77,800,700
Consumer Finance - 0.9%
 
 
 
Capital One Financial Corp
 
293,246
52,579,008
Financial Services - 6.2%
 
 
 
Mastercard Inc Class A
 
276,744
151,688,921
Rocket Cos Inc Class A (f)
 
882,646
10,653,537
Toast Inc Class A (b)
 
1,203,967
39,935,585
Visa Inc Class A
 
417,112
146,181,072
 
 
 
348,459,115
Insurance - 2.0%
 
 
 
Arthur J Gallagher & Co
 
326,929
112,868,968
TOTAL FINANCIALS
 
 
614,485,940
 
 
 
 
Health Care - 14.0%
 
 
 
Biotechnology - 3.7%
 
 
 
Adamas Pharmaceuticals Inc rights (b)(e)
 
678,800
6,788
Adamas Pharmaceuticals Inc rights (b)(e)
 
678,800
7
Alnylam Pharmaceuticals Inc (b)
 
221,049
59,687,651
Arcellx Inc (b)
 
28,491
1,869,010
Beam Therapeutics Inc (b)(f)
 
302,162
5,901,224
Biogen Inc (b)
 
121,200
16,585,008
Blueprint Medicines Corp (b)(f)
 
20,114
1,780,290
Cytokinetics Inc (b)
 
111,099
4,465,069
Exact Sciences Corp (b)
 
1,097,219
47,498,611
Gilead Sciences Inc
 
483,782
54,207,773
Hookipa Pharma Inc (b)
 
45,078
48,684
Janux Therapeutics Inc (b)
 
54,327
1,466,829
Krystal Biotech Inc (b)
 
17,152
3,092,506
Moderna Inc (b)
 
212,647
6,028,542
Seres Therapeutics Inc (b)
 
159,614
111,746
Synlogic Inc (b)
 
29,260
36,282
Vor BioPharma Inc (b)
 
244,770
175,622
XOMA Royalty Corp (b)
 
145,367
2,897,164
 
 
 
205,858,806
Health Care Equipment & Supplies - 4.2%
 
 
 
Align Technology Inc (b)
 
157,913
25,086,059
Boston Scientific Corp (b)
 
1,779,378
179,503,653
Ceribell Inc
 
59,300
1,139,153
Glaukos Corp (b)
 
129,341
12,729,741
Penumbra Inc (b)
 
65,392
17,486,475
Pulmonx Corp (b)
 
101,816
685,221
RxSight Inc (b)
 
27,759
700,915
 
 
 
237,331,217
Health Care Providers & Services - 0.7%
 
 
 
HealthEquity Inc (b)
 
472,483
41,753,323
Health Care Technology - 0.3%
 
 
 
Veeva Systems Inc Class A (b)
 
73,500
17,024,805
Life Sciences Tools & Services - 1.1%
 
 
 
10X Genomics Inc Class A (b)
 
274,716
2,398,271
Bio-Techne Corp
 
147,315
8,637,078
Bruker Corp
 
247,391
10,326,100
Codexis Inc (b)
 
578,974
1,557,440
Danaher Corp
 
109,817
22,512,485
MaxCyte Inc (United States) (b)(f)
 
494,035
1,348,716
Thermo Fisher Scientific Inc
 
26,900
13,385,440
 
 
 
60,165,530
Pharmaceuticals - 4.0%
 
 
 
Aclaris Therapeutics Inc (b)
 
88,595
135,550
Eli Lilly & Co
 
195,856
161,759,430
Royalty Pharma PLC Class A
 
2,037,000
63,411,810
Zevra Therapeutics Inc (b)(f)
 
358,870
2,687,936
 
 
 
227,994,726
TOTAL HEALTH CARE
 
 
790,128,407
 
 
 
 
Industrials - 7.6%
 
 
 
Aerospace & Defense - 1.2%
 
 
 
GE Aerospace
 
348,477
69,747,672
Loar Holdings Inc (f)
 
5,267
372,113
 
 
 
70,119,785
Building Products - 0.0%
 
 
 
Simpson Manufacturing Co Inc
 
16,199
2,544,539
Electrical Equipment - 1.0%
 
 
 
GE Vernova Inc
 
186,907
57,058,969
Ground Transportation - 0.3%
 
 
 
Uber Technologies Inc (b)
 
209,890
15,292,585
Machinery - 2.4%
 
 
 
Deere & Co
 
160,579
75,367,754
Ingersoll Rand Inc
 
344,793
27,593,784
Westinghouse Air Brake Technologies Corp
 
161,161
29,226,547
 
 
 
132,188,085
Professional Services - 2.2%
 
 
 
Equifax Inc
 
385,107
93,796,661
KBR Inc
 
193,555
9,640,975
UL Solutions Inc Class A (f)
 
372,166
20,990,162
 
 
 
124,427,798
Trading Companies & Distributors - 0.5%
 
 
 
Ferguson Enterprises Inc (United Kingdom)
 
169,718
26,768,377
TOTAL INDUSTRIALS
 
 
428,400,138
 
 
 
 
Information Technology - 22.6%
 
 
 
Electronic Equipment, Instruments & Components - 0.7%
 
 
 
Flex Ltd (b)
 
547,982
18,127,244
Jabil Inc
 
145,059
19,738,178
 
 
 
37,865,422
Semiconductors & Semiconductor Equipment - 9.9%
 
 
 
Astera Labs Inc (b)
 
9,640
575,219
NVIDIA Corp
 
4,999,994
541,899,350
SiTime Corp (b)
 
94,490
14,444,686
 
 
 
556,919,255
Software - 7.2%
 
 
 
Appfolio Inc Class A (b)
 
12,700
2,792,730
Asapp Inc warrants 8/28/2028 (b)(e)(g)
 
1,014,955
1,106,301
Docusign Inc (b)(f)
 
253,500
20,634,900
HubSpot Inc (b)
 
98,457
56,247,500
Microsoft Corp
 
763,100
286,460,109
Monday.com Ltd (b)
 
60,400
14,686,864
Nutanix Inc Class A (b)
 
143,196
9,996,513
OpenAI Global LLC rights (b)(e)(g)
 
3,433,000
5,012,180
SailPoint Inc (f)
 
34,800
652,500
Zeta Global Holdings Corp Class A (b)(f)
 
606,206
8,220,153
 
 
 
405,809,750
Technology Hardware, Storage & Peripherals - 4.8%
 
 
 
Apple Inc
 
1,225,244
272,163,450
TOTAL INFORMATION TECHNOLOGY
 
 
1,272,757,877
 
 
 
 
Materials - 1.6%
 
 
 
Construction Materials - 0.4%
 
 
 
Eagle Materials Inc
 
11,529
2,558,631
Martin Marietta Materials Inc
 
47,545
22,732,691
 
 
 
25,291,322
Containers & Packaging - 0.7%
 
 
 
International Paper Co
 
726,866
38,778,301
Metals & Mining - 0.5%
 
 
 
Carpenter Technology Corp
 
155,400
28,155,372
TOTAL MATERIALS
 
 
92,224,995
 
 
 
 
Real Estate - 0.8%
 
 
 
Real Estate Management & Development - 0.8%
 
 
 
Zillow Group Inc Class A (b)
 
98,600
6,592,395
Zillow Group Inc Class C (b)(f)
 
591,060
40,523,074
 
 
 
47,115,469
TOTAL UNITED STATES
 
 
4,757,847,007
 
TOTAL COMMON STOCKS
 (Cost $4,251,679,423)
 
 
 
5,519,214,984
 
 
 
 
Convertible Corporate Bonds - 0.0%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.0%
 
 
 
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Illuminated Holdings Inc 15% (e)(g)(h)
  (Cost $809,600)
 
809,600
791,708
 
 
 
 
Convertible Preferred Stocks - 0.3%
 
 
Shares
Value ($)
 
AUSTRALIA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Canva Inc Series A (b)(e)(g)
 
423
548,200
Canva Inc Series A2 (b)(e)(g)
 
77
99,790
 
 
 
 
TOTAL AUSTRALIA
 
 
647,990
UNITED STATES - 0.3%
 
 
 
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Akeana Series C (b)(e)(g)
 
30,000
379,200
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
ElevateBio LLC Series C (b)(e)(g)
 
75,700
196,063
Industrials - 0.1%
 
 
 
Aerospace & Defense - 0.1%
 
 
 
Anduril Industries Inc Series F (e)(g)
 
114,642
4,692,297
Information Technology - 0.2%
 
 
 
Software - 0.2%
 
 
 
Asapp Inc Series C (b)(e)(g)
 
250,763
426,297
Asapp Inc Series D (b)(e)(g)
 
1,768,998
2,494,287
xAI Corp Series C (e)(g)
 
204,100
6,153,615
 
 
 
9,074,199
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Illuminated Holdings Inc Series C2 (b)(e)(g)
 
50,974
658,074
Illuminated Holdings Inc Series C3 (b)(e)(g)
 
63,718
822,600
Illuminated Holdings Inc Series C4 (b)(e)(g)
 
18,303
236,292
Illuminated Holdings Inc Series C5 (b)(e)(g)
 
36,887
476,211
 
 
 
2,193,177
TOTAL UNITED STATES
 
 
16,534,936
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $22,068,019)
 
 
 
17,182,926
 
 
 
 
Preferred Securities - 0.0%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.0%
 
 
 
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Illuminated Holdings Inc 15% (e)(g)(h)
  (Cost $1,098,800)
 
1,098,800
1,266,807
 
 
 
 
Money Market Funds - 2.7%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (i)
 
4.32
94,325,289
94,344,155
Fidelity Securities Lending Cash Central Fund (i)(j)
 
4.32
57,704,810
57,710,580
 
TOTAL MONEY MARKET FUNDS
 (Cost $152,054,735)
 
 
 
152,054,735
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.9%
 (Cost $4,427,710,577)
 
 
 
5,690,511,160
NET OTHER ASSETS (LIABILITIES) - (0.9)%  
(53,015,609)
NET ASSETS - 100.0%
5,637,495,551
 
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(c)
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 $35,580,551 or 0.6% of net assets.
 
(d)
Security is 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 $35,580,551 or 0.6% of net assets.
 
(e)
Level 3 security
 
(f)
Security or a portion of the security is on loan at period end.
 
(g)
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 $26,795,607 or 0.5% of net assets.
 
(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 $605,904.
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Akeana Series C
1/23/24
382,824
 
 
 
Anduril Industries Inc Series F
8/07/24
2,491,927
 
 
 
Asapp Inc Series C
4/30/21
1,654,309
 
 
 
Asapp Inc Series D
8/29/23
6,830,986
 
 
 
Asapp Inc warrants 8/28/2028
8/29/23
1
 
 
 
Blu Homes Inc
5/21/20
5,743
 
 
 
Canva Inc Series A
9/22/23
451,198
 
 
 
Canva Inc Series A2
9/22/23
82,133
 
 
 
ElevateBio LLC Series C
3/09/21
317,562
 
 
 
Epic Games Inc
3/29/21
1,985,940
 
 
 
Illuminated Holdings Inc 15%
6/14/23
809,600
 
 
 
Illuminated Holdings Inc 15%
9/27/23
1,098,800
 
 
 
Illuminated Holdings Inc Series C2
7/07/20
1,274,350
 
 
 
Illuminated Holdings Inc Series C3
7/07/20
1,911,540
 
 
 
Illuminated Holdings Inc Series C4
1/08/21
658,908
 
 
 
Illuminated Holdings Inc Series C5
6/16/21
1,593,518
 
 
 
OpenAI Global LLC rights
9/30/24
3,433,000
 
 
 
xAI Corp Series C
11/22/24
4,418,765
 
 
 
 
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
40,419,537
1,953,520,638
1,899,596,020
2,941,199
-
-
94,344,155
94,325,289
0.2%
Fidelity Securities Lending Cash Central Fund
54,951,080
439,000,117
436,240,617
70,427
-
-
57,710,580
57,704,810
0.2%
Total
95,370,617
2,392,520,755
2,335,836,637
3,011,626
-
-
152,054,735
 
 
 
 
 
 
 
 
 
 
 
 
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.
 
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.
 
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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