Quarterly Holdings Report
for
Fidelity® Fund
March 31, 2025
FID-NPRT3-0525
1.799854.121
Common Stocks - 98.9%
 
  
Shares
Value ($)
 
BELGIUM - 0.3%
 
  
  
Health Care - 0.3%
  
  
  
Pharmaceuticals - 0.3%
  
  
  
UCB SA
 
112,000
19,709,936
BRAZIL - 0.4%
 
  
  
Materials - 0.4%
  
  
  
Metals & Mining - 0.4%
  
  
  
Wheaton Precious Metals Corp
 
405,500
31,466,721
CANADA - 0.8%
 
  
  
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Alimentation Couche-Tard Inc
 
194,500
9,592,207
Energy - 0.3%
  
  
  
Oil, Gas & Consumable Fuels - 0.3%
  
  
  
Cameco Corp (United States) (a)
  
483,100
19,884,396
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Xenon Pharmaceuticals Inc (b)
  
78,900
2,647,095
Materials - 0.4%
  
  
  
Metals & Mining - 0.4%
  
  
  
Franco-Nevada Corp
 
192,700
30,307,349
TOTAL CANADA
  
  
62,431,047
CHINA - 1.3%
 
  
  
Consumer Discretionary - 0.8%
  
  
  
Automobiles - 0.4%
  
  
  
BYD Co Ltd H Shares
 
591,000
29,926,188
Broadline Retail - 0.4%
  
  
  
PDD Holdings Inc Class A ADR (b)
  
228,700
27,066,645
TOTAL CONSUMER DISCRETIONARY
  
  
56,992,833
 
  
  
  
Information Technology - 0.5%
  
  
  
Semiconductors & Semiconductor Equipment - 0.5%
  
  
  
NXP Semiconductors NV
 
193,177
36,715,221
TOTAL CHINA
  
  
93,708,054
FRANCE - 0.1%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
LVMH Moet Hennessy Louis Vuitton SE
 
11,900
7,369,416
INDIA - 0.7%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Zomato Ltd (b)
  
2,777,500
6,525,554
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Reliance Industries Ltd
 
465,200
6,917,294
Financials - 0.5%
  
  
  
Banks - 0.5%
  
  
  
HDFC Bank Ltd/Gandhinagar ADR
 
604,500
40,162,980
Industrials - 0.0%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
Delhivery Ltd (b)
  
446,100
1,326,257
TOTAL INDIA
  
  
54,932,085
ISRAEL - 0.1%
 
  
  
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
Cellebrite DI Ltd (b)
  
427,500
8,306,325
ITALY - 0.9%
 
  
  
Consumer Discretionary - 0.8%
  
  
  
Textiles, Apparel & Luxury Goods - 0.8%
  
  
  
Brunello Cucinelli SpA
 
513,200
58,599,885
Industrials - 0.1%
  
  
  
Passenger Airlines - 0.1%
  
  
  
Ryanair Holdings PLC ADR
 
273,100
11,571,247
TOTAL ITALY
  
  
70,171,132
JAPAN - 0.5%
 
  
  
Industrials - 0.4%
  
  
  
Industrial Conglomerates - 0.4%
  
  
  
Hitachi Ltd
 
1,211,800
28,452,343
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Advantest Corp
 
71,300
3,178,304
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
Shin-Etsu Chemical Co Ltd
 
296,600
8,463,531
TOTAL JAPAN
  
  
40,094,178
NETHERLANDS - 1.2%
 
  
  
Health Care - 0.6%
  
  
  
Biotechnology - 0.6%
  
  
  
Argenx SE ADR (b)
  
75,200
44,508,248
Industrials - 0.2%
  
  
  
Professional Services - 0.2%
  
  
  
Wolters Kluwer NV
 
76,400
11,858,855
Information Technology - 0.4%
  
  
  
Semiconductors & Semiconductor Equipment - 0.4%
  
  
  
ASM International NV
 
13,800
6,198,574
ASML Holding NV
 
36,200
23,956,210
BE Semiconductor Industries NV
 
7,426
764,591
 
  
  
30,919,375
TOTAL NETHERLANDS
  
  
87,286,478
TAIWAN - 1.3%
 
  
  
Information Technology - 1.3%
  
  
  
Semiconductors & Semiconductor Equipment - 1.3%
  
  
  
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
580,200
96,313,200
UNITED KINGDOM - 0.9%
 
  
  
Financials - 0.2%
  
  
  
Insurance - 0.2%
  
  
  
Hiscox Ltd
 
997,500
15,153,003
Health Care - 0.5%
  
  
  
Pharmaceuticals - 0.5%
  
  
  
Astrazeneca PLC
 
244,000
35,830,142
Industrials - 0.2%
  
  
  
Professional Services - 0.2%
  
  
  
RELX PLC
 
275,600
13,843,578
TOTAL UNITED KINGDOM
  
  
64,826,723
UNITED STATES - 90.4%
 
  
  
Communication Services - 16.6%
  
  
  
Entertainment - 2.4%
  
  
  
Netflix Inc (b)
  
187,200
174,569,616
Interactive Media & Services - 14.1%
  
  
  
Alphabet Inc Class A
 
3,961,270
612,570,793
Meta Platforms Inc Class A
 
757,601
436,650,912
 
  
  
1,049,221,705
Media - 0.0%
  
  
  
Magnite Inc (b)
  
209,600
2,391,536
Wireless Telecommunication Services - 0.1%
  
  
  
T-Mobile US Inc
 
39,400
10,508,374
TOTAL COMMUNICATION SERVICES
  
  
1,236,691,231
 
  
  
  
Consumer Discretionary - 11.6%
  
  
  
Broadline Retail - 5.6%
  
  
  
Amazon.com Inc (b)
  
2,194,430
417,512,252
Hotels, Restaurants & Leisure - 1.9%
  
  
  
Chipotle Mexican Grill Inc (b)
  
809,300
40,634,953
DraftKings Inc Class A (b)
  
644,400
21,400,524
Hilton Worldwide Holdings Inc
 
344,400
78,368,220
 
  
  
140,403,697
Household Durables - 1.0%
  
  
  
DR Horton Inc
 
190,800
24,256,404
PulteGroup Inc
 
418,500
43,021,800
TopBuild Corp (b)
  
21,200
6,464,940
 
  
  
73,743,144
Specialty Retail - 2.8%
  
  
  
Floor & Decor Holdings Inc Class A (b)
  
45,800
3,685,526
Lowe's Cos Inc
 
315,800
73,654,034
O'Reilly Automotive Inc (b)
  
33,000
47,275,140
TJX Cos Inc/The
 
639,600
77,903,280
Ulta Beauty Inc (b)
  
20,700
7,587,378
 
  
  
210,105,358
Textiles, Apparel & Luxury Goods - 0.3%
  
  
  
Levi Strauss & Co Class A
 
220,800
3,442,272
Lululemon Athletica Inc (b)
  
21,400
6,057,484
Samsonite Group SA (c)(d)
  
4,979,700
11,810,516
 
  
  
21,310,272
TOTAL CONSUMER DISCRETIONARY
  
  
863,074,723
 
  
  
  
Consumer Staples - 1.4%
  
  
  
Beverages - 1.2%
  
  
  
Coca-Cola Co/The
 
1,258,000
90,097,960
Food Products - 0.1%
  
  
  
Freshpet Inc (b)
  
81,600
6,786,672
Personal Care Products - 0.1%
  
  
  
elf Beauty Inc (a)(b)
  
112,000
7,032,480
TOTAL CONSUMER STAPLES
  
  
103,917,112
 
  
  
  
Energy - 2.2%
  
  
  
Oil, Gas & Consumable Fuels - 2.2%
  
  
  
Antero Resources Corp (b)
  
599,200
24,231,648
Centrus Energy Corp Class A (a)(b)
  
107,700
6,700,017
Cheniere Energy Inc
 
194,800
45,076,720
Exxon Mobil Corp
 
751,700
89,399,681
 
  
  
165,408,066
Financials - 9.8%
  
  
  
Banks - 3.3%
  
  
  
Bank of America Corp
 
1,642,800
68,554,044
Wells Fargo & Co
 
2,449,800
175,871,142
 
  
  
244,425,186
Capital Markets - 0.4%
  
  
  
Blue Owl Capital Inc Class A
 
1,629,400
32,653,176
Charles Schwab Corp/The
 
103,200
8,078,496
 
  
  
40,731,672
Financial Services - 3.5%
  
  
  
Apollo Global Management Inc
 
373,500
51,147,090
Fiserv Inc (b)
  
327,800
72,388,074
Mastercard Inc Class A
 
204,800
112,254,976
Toast Inc Class A (b)
  
667,600
22,144,292
 
  
  
257,934,432
Insurance - 2.6%
  
  
  
Arthur J Gallagher & Co
 
278,200
96,045,768
Chubb Ltd
 
316,500
95,579,835
 
  
  
191,625,603
TOTAL FINANCIALS
  
  
734,716,893
 
  
  
  
Health Care - 10.9%
  
  
  
Biotechnology - 1.7%
  
  
  
Alnylam Pharmaceuticals Inc (b)
  
193,000
52,113,860
Celldex Therapeutics Inc (b)
  
89,000
1,615,350
Cytokinetics Inc (b)
  
46,700
1,876,873
Dyne Therapeutics Inc (b)
  
107,713
1,126,678
Keros Therapeutics Inc (b)
  
89,400
910,986
Legend Biotech Corp ADR (b)
  
246,548
8,365,374
Regeneron Pharmaceuticals Inc
 
101,400
64,310,922
 
  
  
130,320,043
Health Care Equipment & Supplies - 2.5%
  
  
  
Artivion Inc (b)
  
293,700
7,219,146
Boston Scientific Corp (b)
  
1,371,300
138,336,744
TransMedics Group Inc (a)(b)
  
646,000
43,462,880
 
  
  
189,018,770
Health Care Providers & Services - 1.3%
  
  
  
GeneDx Holdings Corp Class A (b)
  
42,600
3,772,869
Tenet Healthcare Corp (b)
  
66,900
8,998,050
UnitedHealth Group Inc
 
168,100
88,042,375
 
  
  
100,813,294
Health Care Technology - 1.0%
  
  
  
Doximity Inc Class A (b)
  
1,245,172
72,257,331
Life Sciences Tools & Services - 1.3%
  
  
  
Danaher Corp
 
129,000
26,445,000
Thermo Fisher Scientific Inc
 
134,700
67,026,720
 
  
  
93,471,720
Pharmaceuticals - 3.1%
  
  
  
Eli Lilly & Co
 
279,200
230,594,072
TOTAL HEALTH CARE
  
  
816,475,230
 
  
  
  
Industrials - 9.3%
  
  
  
Aerospace & Defense - 2.0%
  
  
  
BWX Technologies Inc
 
124,300
12,262,195
Howmet Aerospace Inc
 
466,800
60,557,964
Karman Holdings Inc (a)
  
17,400
581,508
Standardaero Inc
 
41,800
1,113,552
TransDigm Group Inc
 
56,200
77,740,898
 
  
  
152,256,117
Building Products - 2.0%
  
  
  
AZEK Co Inc/The Class A (b)
  
657,900
32,164,731
Builders FirstSource Inc (b)
  
254,100
31,747,254
Tecnoglass Inc
 
466,300
33,363,765
Trane Technologies PLC
 
153,700
51,784,604
 
  
  
149,060,354
Construction & Engineering - 0.9%
  
  
  
Bowman Consulting Group Ltd (b)
  
70,722
1,543,861
EMCOR Group Inc
 
66,280
24,499,076
Quanta Services Inc
 
169,754
43,148,072
 
  
  
69,191,009
Electrical Equipment - 1.2%
  
  
  
Eaton Corp PLC
 
158,900
43,193,787
GE Vernova Inc
 
102,900
31,413,312
Vertiv Holdings Co Class A
 
236,600
17,082,520
 
  
  
91,689,619
Machinery - 2.0%
  
  
  
Chart Industries Inc (b)
  
183,700
26,518,932
Deere & Co
 
17,200
8,072,820
Parker-Hannifin Corp
 
152,100
92,453,985
Westinghouse Air Brake Technologies Corp
 
123,900
22,469,265
 
  
  
149,515,002
Passenger Airlines - 0.2%
  
  
  
Alaska Air Group Inc (b)
  
246,500
12,132,730
Professional Services - 0.4%
  
  
  
CACI International Inc (b)
  
18,500
6,788,020
KBR Inc
 
506,400
25,223,784
 
  
  
32,011,804
Trading Companies & Distributors - 0.6%
  
  
  
FTAI Aviation Ltd
 
56,900
6,317,607
WW Grainger Inc
 
36,300
35,858,229
 
  
  
42,175,836
TOTAL INDUSTRIALS
  
  
698,032,471
 
  
  
  
Information Technology - 25.0%
  
  
  
Communications Equipment - 0.0%
  
  
  
Ciena Corp (b)
  
10,500
634,515
IT Services - 0.2%
  
  
  
Gartner Inc (b)
  
43,800
18,384,612
Semiconductors & Semiconductor Equipment - 10.4%
  
  
  
Aehr Test Systems (b)
  
100,000
729,000
Applied Materials Inc
 
259,500
37,658,640
Astera Labs Inc (b)
  
92,400
5,513,508
Broadcom Inc
 
239,500
40,099,485
Lam Research Corp
 
432,000
31,406,400
Marvell Technology Inc
 
797,800
49,120,546
Micron Technology Inc
 
743,900
64,637,471
NVIDIA Corp
 
4,964,800
538,085,024
 
  
  
767,250,074
Software - 9.1%
  
  
  
Adobe Inc (b)
  
129,400
49,628,782
Agilysys Inc (b)
  
39,200
2,843,568
Cadence Design Systems Inc (b)
  
237,600
60,428,808
Microsoft Corp
 
1,445,140
542,491,105
OpenAI Global LLC rights (b)(e)(f)
  
2,486,039
3,629,617
SailPoint Inc
 
44,800
840,000
ServiceTitan Inc Class A (a)(b)
  
3,900
370,929
Weave Communications Inc (b)
  
1,550,800
17,198,372
 
  
  
677,431,181
Technology Hardware, Storage & Peripherals - 5.3%
  
  
  
Apple Inc
 
1,792,700
398,212,451
TOTAL INFORMATION TECHNOLOGY
  
  
1,861,912,833
 
  
  
  
Materials - 1.4%
  
  
  
Chemicals - 0.6%
  
  
  
Corteva Inc
 
462,800
29,124,004
Sherwin-Williams Co/The
 
39,200
13,688,248
 
  
  
42,812,252
Construction Materials - 0.2%
  
  
  
Martin Marietta Materials Inc
 
33,500
16,017,355
Metals & Mining - 0.6%
  
  
  
ATI Inc (b)
  
62,500
3,251,875
Freeport-McMoRan Inc
 
1,156,900
43,800,234
 
  
  
47,052,109
TOTAL MATERIALS
  
  
105,881,716
 
  
  
  
Real Estate - 0.5%
  
  
  
Health Care REITs - 0.5%
  
  
  
Welltower Inc
 
254,200
38,945,982
Utilities - 1.7%
  
  
  
Electric Utilities - 0.6%
  
  
  
Constellation Energy Corp
 
236,900
47,766,147
Independent Power and Renewable Electricity Producers - 1.1%
  
  
  
Vistra Corp
 
679,100
79,753,504
TOTAL UTILITIES
  
  
127,519,651
 
  
  
  
TOTAL UNITED STATES
  
  
6,752,575,908
 
TOTAL COMMON STOCKS
 (Cost $4,738,410,603)
  
  
  
7,389,191,203
 
  
  
  
Money Market Funds - 1.8%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
  
4.32
100,674,284
100,694,419
Fidelity Securities Lending Cash Central Fund (g)(h)
  
4.32
31,361,429
31,364,565
 
TOTAL MONEY MARKET FUNDS
 (Cost $132,058,753)
  
  
  
132,058,984
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.7%
 (Cost $4,870,469,356)
 
  
 
7,521,250,187
NET OTHER ASSETS (LIABILITIES) - (0.7)%  
(50,850,383)
NET ASSETS - 100.0%
7,470,399,804
 
  
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(c)
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 $11,810,516 or 0.2% of net assets.
 
(d)
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 $11,810,516 or 0.2% of net assets.
 
(e)
Level 3 security
 
(f)
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 $3,629,617 or 0.0% of net assets.
 
(g)
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.
 
(h)
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 ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
76,967,087
3,502,977,086
3,479,249,754
3,752,794
1,596
(1,596)
100,694,419
100,674,284
0.2%
Fidelity Securities Lending Cash Central Fund
9,384,150
197,770,587
175,790,172
16,496
-
-
31,364,565
31,361,429
0.1%
Total
86,351,237
3,700,747,673
3,655,039,926
3,769,290
1,596
(1,596)
132,058,984
132,035,713
  
 
  
  
  
  
  
  
  
  
  
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.
 
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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