Quarterly Holdings Report
for
Fidelity® Fund
September 30, 2024
FID-NPRT1-1124
1.808776.120
Common Stocks - 97.2%
 
  
Shares
Value ($)
 
BELGIUM - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
UCB SA
 
4,900
883,618
BRAZIL - 0.3%
 
  
  
Materials - 0.3%
  
  
  
Metals & Mining - 0.3%
  
  
  
Wheaton Precious Metals Corp
 
405,500
24,765,648
CANADA - 1.2%
 
  
  
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Alimentation Couche-Tard Inc
 
194,500
10,752,904
Energy - 0.8%
  
  
  
Oil, Gas & Consumable Fuels - 0.8%
  
  
  
Canadian Natural Resources Ltd
 
1,368,700
45,449,604
Cenovus Energy Inc (United States)
 
852,700
14,265,671
 
  
  
59,715,275
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Xenon Pharmaceuticals Inc (a)
  
53,000
2,086,610
Materials - 0.3%
  
  
  
Metals & Mining - 0.3%
  
  
  
Franco-Nevada Corp
 
192,700
23,934,154
TOTAL CANADA
  
  
96,488,943
CHINA - 0.2%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Broadline Retail - 0.1%
  
  
  
PDD Holdings Inc Class A ADR (a)
  
41,600
5,608,096
Information Technology - 0.1%
  
  
  
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
NXP Semiconductors NV
 
44,777
10,746,928
TOTAL CHINA
  
  
16,355,024
FRANCE - 0.2%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
LVMH Moet Hennessy Louis Vuitton SE
 
16,600
12,730,143
INDIA - 0.6%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Zomato Ltd (a)
  
2,454,700
8,007,275
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Reliance Industries Ltd
 
232,600
8,198,642
Financials - 0.5%
  
  
  
Banks - 0.5%
  
  
  
HDFC Bank Ltd ADR
 
604,500
37,817,520
TOTAL INDIA
  
  
54,023,437
ITALY - 0.3%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
Brunello Cucinelli SpA
 
121,376
13,071,863
Industrials - 0.1%
  
  
  
Passenger Airlines - 0.1%
  
  
  
Ryanair Holdings PLC ADR
 
246,500
11,136,870
TOTAL ITALY
  
  
24,208,733
JAPAN - 0.4%
 
  
  
Industrials - 0.3%
  
  
  
Industrial Conglomerates - 0.3%
  
  
  
Hitachi Ltd
 
814,600
21,601,024
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
Shin-Etsu Chemical Co Ltd
 
296,600
12,395,032
TOTAL JAPAN
  
  
33,996,056
KOREA (SOUTH) - 0.7%
 
  
  
Information Technology - 0.7%
  
  
  
Technology Hardware, Storage & Peripherals - 0.7%
  
  
  
Samsung Electronics Co Ltd
 
1,289,820
60,140,358
NETHERLANDS - 1.0%
 
  
  
Health Care - 0.4%
  
  
  
Biotechnology - 0.4%
  
  
  
Argenx SE ADR (a)
  
66,000
35,777,280
Industrials - 0.1%
  
  
  
Professional Services - 0.1%
  
  
  
Wolters Kluwer NV (a)
  
76,400
12,867,257
Information Technology - 0.5%
  
  
  
Semiconductors & Semiconductor Equipment - 0.5%
  
  
  
ASM International NV
 
13,800
9,054,050
ASML Holding NV
 
36,200
30,113,355
 
  
  
39,167,405
TOTAL NETHERLANDS
  
  
87,811,942
TAIWAN - 1.2%
 
  
  
Information Technology - 1.2%
  
  
  
Semiconductors & Semiconductor Equipment - 1.2%
  
  
  
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
580,200
100,763,334
UNITED KINGDOM - 0.7%
 
  
  
Financials - 0.0%
  
  
  
Insurance - 0.0%
  
  
  
Hiscox Ltd
 
359,977
5,515,368
Health Care - 0.5%
  
  
  
Pharmaceuticals - 0.5%
  
  
  
Astrazeneca PLC
 
244,000
38,011,891
Industrials - 0.2%
  
  
  
Professional Services - 0.2%
  
  
  
RELX PLC
 
275,600
13,012,819
TOTAL UNITED KINGDOM
  
  
56,540,078
UNITED STATES - 90.4%
 
  
  
Communication Services - 14.9%
  
  
  
Entertainment - 1.5%
  
  
  
Netflix Inc (a)
  
174,500
123,767,615
Interactive Media & Services - 13.0%
  
  
  
Alphabet Inc Class A
 
3,961,270
656,976,630
Meta Platforms Inc Class A
 
757,601
433,681,116
 
  
  
1,090,657,746
Wireless Telecommunication Services - 0.4%
  
  
  
T-Mobile US Inc
 
172,800
35,659,008
TOTAL COMMUNICATION SERVICES
  
  
1,250,084,369
 
  
  
  
Consumer Discretionary - 12.4%
  
  
  
Broadline Retail - 4.9%
  
  
  
Amazon.com Inc (a)
  
2,194,430
408,888,142
Hotels, Restaurants & Leisure - 1.6%
  
  
  
Chipotle Mexican Grill Inc
 
809,300
46,631,866
Hilton Worldwide Holdings Inc
 
376,400
86,760,200
 
  
  
133,392,066
Household Durables - 1.2%
  
  
  
DR Horton Inc
 
190,800
36,398,916
PulteGroup Inc
 
418,500
60,067,305
 
  
  
96,466,221
Specialty Retail - 3.9%
  
  
  
Floor & Decor Holdings Inc Class A (a)
  
132,900
16,502,193
Home Depot Inc/The
 
110,900
44,936,680
Lowe's Cos Inc
 
395,500
107,121,175
Murphy USA Inc
 
89,001
43,865,923
O'Reilly Automotive Inc (a)
  
33,000
38,002,800
TJX Cos Inc/The
 
573,900
67,456,206
Ulta Beauty Inc (a)
  
20,700
8,054,784
 
  
  
325,939,761
Textiles, Apparel & Luxury Goods - 0.8%
  
  
  
Crocs Inc (a)
  
410,000
59,372,100
Samsonite International SA (b)(c)
  
4,979,700
13,708,211
 
  
  
73,080,311
TOTAL CONSUMER DISCRETIONARY
  
  
1,037,766,501
 
  
  
  
Consumer Staples - 1.4%
  
  
  
Beverages - 1.2%
  
  
  
Coca-Cola Co/The
 
1,373,000
98,663,780
Household Products - 0.2%
  
  
  
Procter & Gamble Co/The
 
92,100
15,951,720
TOTAL CONSUMER STAPLES
  
  
114,615,500
 
  
  
  
Energy - 2.2%
  
  
  
Oil, Gas & Consumable Fuels - 2.2%
  
  
  
Antero Resources Corp (a)
  
599,200
17,167,080
Cheniere Energy Inc
 
240,700
43,287,488
Exxon Mobil Corp
 
1,054,200
123,573,324
 
  
  
184,027,892
Financials - 8.8%
  
  
  
Banks - 3.0%
  
  
  
Bank of America Corp
 
1,642,800
65,186,304
Wells Fargo & Co
 
3,283,600
185,490,564
 
  
  
250,676,868
Capital Markets - 0.3%
  
  
  
MSCI Inc
 
44,659
26,033,071
Financial Services - 3.6%
  
  
  
Apollo Global Management Inc
 
373,500
46,653,885
Fiserv Inc (a)
  
157,200
28,240,980
Mastercard Inc Class A
 
466,000
230,110,800
 
  
  
305,005,665
Insurance - 1.9%
  
  
  
Arthur J Gallagher & Co
 
254,200
71,524,254
Chubb Ltd
 
288,900
83,315,871
 
  
  
154,840,125
TOTAL FINANCIALS
  
  
736,555,729
 
  
  
  
Health Care - 11.9%
  
  
  
Biotechnology - 2.2%
  
  
  
Alnylam Pharmaceuticals Inc (a)
  
102,700
28,245,581
Celldex Therapeutics Inc (a)
  
40,000
1,359,600
Cytokinetics Inc (a)
  
46,700
2,465,760
Dyne Therapeutics Inc (a)
  
107,713
3,869,051
Keros Therapeutics Inc (a)
  
25,000
1,451,750
Legend Biotech Corp ADR (a)
  
188,748
9,197,690
Regeneron Pharmaceuticals Inc (a)
  
101,400
106,595,736
Vertex Pharmaceuticals Inc (a)
  
70,742
32,900,689
 
  
  
186,085,857
Health Care Equipment & Supplies - 1.3%
  
  
  
Boston Scientific Corp (a)
  
1,163,800
97,526,440
TransMedics Group Inc (a)
  
90,300
14,177,100
 
  
  
111,703,540
Health Care Providers & Services - 2.8%
  
  
  
Cencora Inc
 
47,221
10,628,503
Cigna Group/The
 
125,200
43,374,288
HCA Healthcare Inc
 
54,700
22,231,721
UnitedHealth Group Inc
 
271,900
158,974,492
 
  
  
235,209,004
Health Care Technology - 0.6%
  
  
  
Doximity Inc Class A (a)
  
1,245,172
54,252,144
Life Sciences Tools & Services - 1.7%
  
  
  
Danaher Corp
 
207,900
57,800,358
Thermo Fisher Scientific Inc
 
135,800
84,001,806
 
  
  
141,802,164
Pharmaceuticals - 3.3%
  
  
  
Eli Lilly & Co
 
279,200
247,354,448
Merck & Co Inc
 
152,400
17,306,544
 
  
  
264,660,992
TOTAL HEALTH CARE
  
  
993,713,701
 
  
  
  
Industrials - 7.4%
  
  
  
Aerospace & Defense - 1.4%
  
  
  
BWX Technologies Inc
 
46,800
5,087,160
Howmet Aerospace Inc
 
330,300
33,112,575
TransDigm Group Inc
 
56,200
80,204,706
 
  
  
118,404,441
Building Products - 1.3%
  
  
  
Builders FirstSource Inc (a)
  
245,900
47,670,174
Trane Technologies PLC
 
151,400
58,853,722
 
  
  
106,523,896
Construction & Engineering - 0.9%
  
  
  
Bowman Consulting Group Ltd (a)
  
6,460
155,557
EMCOR Group Inc
 
58,680
25,263,500
Quanta Services Inc
 
169,754
50,612,155
 
  
  
76,031,212
Electrical Equipment - 1.0%
  
  
  
Eaton Corp PLC
 
123,100
40,800,264
GE Vernova Inc
 
82,400
21,010,352
Vertiv Holdings Co Class A
 
236,600
23,539,334
 
  
  
85,349,950
Ground Transportation - 0.5%
  
  
  
Uber Technologies Inc (a)
  
539,600
40,556,336
Machinery - 1.6%
  
  
  
Chart Industries Inc (a)(d)
  
179,400
22,270,716
Parker-Hannifin Corp
 
152,100
96,099,823
Westinghouse Air Brake Technologies Corp
 
80,800
14,687,016
 
  
  
133,057,555
Professional Services - 0.2%
  
  
  
CACI International Inc (a)
  
42,200
21,292,432
KBR Inc
 
3,917
255,114
 
  
  
21,547,546
Trading Companies & Distributors - 0.5%
  
  
  
WW Grainger Inc
 
36,300
37,708,803
TOTAL INDUSTRIALS
  
  
619,179,739
 
  
  
  
Information Technology - 28.5%
  
  
  
IT Services - 0.3%
  
  
  
Gartner Inc (a)
  
43,800
22,196,088
Semiconductors & Semiconductor Equipment - 9.5%
  
  
  
Advanced Micro Devices Inc
 
346,000
56,771,680
Aehr Test Systems (a)
  
100,000
1,285,000
Applied Materials Inc
 
259,500
52,431,975
ARM Holdings PLC ADR (d)
  
32,600
4,662,126
Astera Labs Inc (a)
  
45,500
2,383,745
Lam Research Corp
 
43,200
35,254,656
Marvell Technology Inc
 
85,900
6,195,108
Monolithic Power Systems Inc
 
22,100
20,431,450
NVIDIA Corp
 
5,088,000
617,886,720
 
  
  
797,302,460
Software - 13.2%
  
  
  
Adobe Inc (a)
  
277,000
143,425,060
Agilysys Inc (a)
  
39,200
4,271,624
Cadence Design Systems Inc (a)
  
237,600
64,396,728
Intuit Inc
 
51,700
32,105,700
Microsoft Corp
 
1,823,140
784,497,142
OpenAI Global LLC rights (a)(e)(f)
  
2,486,039
2,486,039
Salesforce Inc
 
258,200
70,671,922
 
  
  
1,101,854,215
Technology Hardware, Storage & Peripherals - 5.5%
  
  
  
Apple Inc
 
1,966,600
458,217,800
TOTAL INFORMATION TECHNOLOGY
  
  
2,379,570,563
 
  
  
  
Materials - 1.6%
  
  
  
Chemicals - 0.7%
  
  
  
Corteva Inc
 
462,800
27,208,012
Sherwin-Williams Co/The
 
86,500
33,014,455
 
  
  
60,222,467
Construction Materials - 0.2%
  
  
  
Martin Marietta Materials Inc
 
33,500
18,031,375
Metals & Mining - 0.7%
  
  
  
ATI Inc (a)
  
33,000
2,208,030
Freeport-McMoRan Inc
 
1,050,700
52,450,944
 
  
  
54,658,974
TOTAL MATERIALS
  
  
132,912,816
 
  
  
  
Utilities - 1.3%
  
  
  
Electric Utilities - 0.6%
  
  
  
Constellation Energy Corp
 
195,600
50,859,912
Independent Power and Renewable Electricity Producers - 0.7%
  
  
  
Vistra Corp
 
487,400
57,776,396
TOTAL UTILITIES
  
  
108,636,308
 
  
  
  
TOTAL UNITED STATES
  
  
7,557,063,118
 
TOTAL COMMON STOCKS
 (Cost $4,731,067,374)
  
  
  
8,125,770,432
 
  
  
  
Money Market Funds - 4.8%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (h)
  
4.89
382,036,688
382,113,095
Fidelity Securities Lending Cash Central Fund (h)(i)
  
4.89
23,868,988
23,871,375
 
TOTAL MONEY MARKET FUNDS
 (Cost $405,983,941)
  
  
  
405,984,470
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 102.0%
 (Cost $5,137,051,315)
 
  
 
8,531,754,902
NET OTHER ASSETS (LIABILITIES) - (2.0)% (g)
(168,133,619)
NET ASSETS - 100.0%
8,363,621,283
 
  
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Equity Contracts
  
  
  
  
  
CME E-mini S&P 500 Index Contracts (United States)
285
Dec 2024
82,853,063
312,375
312,375
 
  
  
  
  
  
The notional amount of futures purchased as a percentage of Net Assets is 1.0%

Legend
 
(a)
Non-income producing
 
(b)
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 $13,708,211 or 0.1% of net assets.
 
(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 $13,708,211 or 0.1% of net assets.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
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 $2,486,039 or 0.0% of net assets.
 
(f)
Level 3 security
 
(g)
Includes $6,175,800 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.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
OpenAI Global LLC rights
9/30/24
2,486,039
 
  
  
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund
76,967,087
2,595,150,877
2,290,004,869
1,650,303
1,298
(1,298)
382,113,095
0.8%
Fidelity Securities Lending Cash Central Fund
9,384,150
29,595,074
15,107,849
2,167
-
-
23,871,375
0.1%
Total
86,351,237
2,624,745,951
2,305,112,718
1,652,470
1,298
(1,298)
405,984,470
  
 
  
  
  
  
  
  
  
  
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 payments received for lending certain types of securities.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.  
 
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
 
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.  
 
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
 
The Fund used futures contracts to manage its exposure to the stock market.
 
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
 
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
 
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
 
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.