Quarterly Holdings Report
for
Fidelity® Fund
September 30, 2025
FID-NPRT1-1125
1.808776.121
Common Stocks - 97.4%
 
  
Shares
Value ($)
 
BELGIUM - 0.5%
 
  
  
Health Care - 0.5%
  
  
  
Pharmaceuticals - 0.5%
  
  
  
UCB SA
 
175,600
48,448,347
BRAZIL - 0.6%
 
  
  
Materials - 0.6%
  
  
  
Metals & Mining - 0.6%
  
  
  
Wheaton Precious Metals Corp
 
490,300
54,867,660
CANADA - 1.3%
 
  
  
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Alimentation Couche-Tard Inc
 
194,500
10,376,967
Energy - 0.5%
  
  
  
Oil, Gas & Consumable Fuels - 0.5%
  
  
  
Cameco Corp (United States)
 
483,100
40,512,766
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Xenon Pharmaceuticals Inc (a)
  
78,900
3,167,835
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
Constellation Software Inc/Canada
 
2,300
6,243,698
Materials - 0.6%
  
  
  
Metals & Mining - 0.6%
  
  
  
Franco-Nevada Corp
 
234,500
52,195,922
TOTAL CANADA
  
  
112,497,188
CHINA - 0.7%
 
  
  
Consumer Discretionary - 0.7%
  
  
  
Automobiles - 0.4%
  
  
  
BYD Co Ltd H Shares
 
2,442,000
34,516,884
Broadline Retail - 0.3%
  
  
  
PDD Holdings Inc Class A ADR (a)
  
228,700
30,227,279
TOTAL CHINA
  
  
64,744,163
GRAND CAYMAN (UK OVERSEAS TER) - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
Bullish
 
15,200
966,871
INDIA - 0.5%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Eternal Ltd (a)
  
2,777,500
10,176,226
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Reliance Industries Ltd
 
465,200
7,142,262
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
HDFC Bank Ltd/Gandhinagar ADR
 
682,700
23,321,032
Industrials - 0.0%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
Delhivery Ltd (a)
  
446,100
2,259,823
TOTAL INDIA
  
  
42,899,343
ITALY - 0.8%
 
  
  
Consumer Discretionary - 0.6%
  
  
  
Textiles, Apparel & Luxury Goods - 0.6%
  
  
  
Brunello Cucinelli SpA
 
513,200
56,034,589
Industrials - 0.2%
  
  
  
Passenger Airlines - 0.2%
  
  
  
Ryanair Holdings PLC ADR
 
273,100
16,446,082
TOTAL ITALY
  
  
72,480,671
JAPAN - 0.7%
 
  
  
Industrials - 0.6%
  
  
  
Industrial Conglomerates - 0.6%
  
  
  
Hitachi Ltd
 
2,060,800
54,596,916
Information Technology - 0.1%
  
  
  
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
Advantest Corp
 
71,300
7,054,619
TOTAL JAPAN
  
  
61,651,535
NETHERLANDS - 1.4%
 
  
  
Health Care - 0.6%
  
  
  
Biotechnology - 0.6%
  
  
  
Argenx SE ADR (a)
  
75,200
55,464,512
Information Technology - 0.8%
  
  
  
Semiconductors & Semiconductor Equipment - 0.8%
  
  
  
ASM International NV
 
13,800
8,275,925
ASML Holding NV
 
25,600
24,964,789
BE Semiconductor Industries NV
 
7,426
1,105,941
NXP Semiconductors NV
 
156,977
35,748,373
 
  
  
70,095,028
TOTAL NETHERLANDS
  
  
125,559,540
TAIWAN - 2.1%
 
  
  
Information Technology - 2.1%
  
  
  
Semiconductors & Semiconductor Equipment - 2.1%
  
  
  
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
670,100
187,152,229
UNITED KINGDOM - 0.6%
 
  
  
Financials - 0.2%
  
  
  
Insurance - 0.2%
  
  
  
Hiscox Ltd
 
997,500
18,365,652
Health Care - 0.4%
  
  
  
Pharmaceuticals - 0.4%
  
  
  
Astrazeneca PLC
 
244,000
37,381,072
TOTAL UNITED KINGDOM
  
  
55,746,724
UNITED STATES - 88.2%
 
  
  
Communication Services - 19.1%
  
  
  
Entertainment - 3.0%
  
  
  
Netflix Inc (a)
  
187,200
224,437,824
Spotify Technology SA (a)
  
61,800
43,136,400
 
  
  
267,574,224
Interactive Media & Services - 16.0%
  
  
  
Alphabet Inc Class A
 
3,624,370
881,084,347
Meta Platforms Inc Class A
 
757,601
556,367,022
 
  
  
1,437,451,369
Media - 0.0%
  
  
  
Magnite Inc (a)
  
209,600
4,565,088
Wireless Telecommunication Services - 0.1%
  
  
  
T-Mobile US Inc
 
39,400
9,431,572
TOTAL COMMUNICATION SERVICES
  
  
1,719,022,253
 
  
  
  
Consumer Discretionary - 10.3%
  
  
  
Broadline Retail - 5.4%
  
  
  
Amazon.com Inc (a)
  
2,194,430
481,830,995
Diversified Consumer Services - 0.1%
  
  
  
Duolingo Inc Class A (a)
  
47,100
15,158,664
Hotels, Restaurants & Leisure - 1.8%
  
  
  
Airbnb Inc Class A (a)
  
36,800
4,468,256
Chipotle Mexican Grill Inc (a)
  
809,300
31,716,467
DraftKings Inc Class A (a)
  
644,400
24,100,560
Hilton Worldwide Holdings Inc
 
344,400
89,351,136
Viking Holdings Ltd (a)
  
181,300
11,269,608
 
  
  
160,906,027
Household Durables - 1.0%
  
  
  
DR Horton Inc
 
190,800
32,334,876
PulteGroup Inc
 
265,700
35,106,941
Somnigroup International Inc
 
253,100
21,343,923
 
  
  
88,785,740
Specialty Retail - 2.0%
  
  
  
O'Reilly Automotive Inc (a)
  
616,600
66,475,646
TJX Cos Inc/The
 
639,600
92,447,784
Warby Parker Inc Class A (a)
  
738,000
20,354,040
 
  
  
179,277,470
TOTAL CONSUMER DISCRETIONARY
  
  
925,958,896
 
  
  
  
Consumer Staples - 0.7%
  
  
  
Beverages - 0.7%
  
  
  
Coca-Cola Co/The
 
882,100
58,500,872
Energy - 2.0%
  
  
  
Oil, Gas & Consumable Fuels - 2.0%
  
  
  
Antero Resources Corp (a)
  
599,200
20,109,152
Centrus Energy Corp Class A (a)(b)
  
59,400
18,418,158
Cheniere Energy Inc
 
243,800
57,288,124
Exxon Mobil Corp
 
751,700
84,754,175
 
  
  
180,569,609
Financials - 8.0%
  
  
  
Banks - 3.3%
  
  
  
Bank of America Corp
 
1,642,800
84,752,052
Wells Fargo & Co
 
2,449,800
205,342,236
 
  
  
290,094,288
Capital Markets - 0.4%
  
  
  
Blue Owl Capital Inc Class A
 
1,270,300
21,506,179
Charles Schwab Corp/The
 
193,600
18,482,992
 
  
  
39,989,171
Financial Services - 2.3%
  
  
  
Apollo Global Management Inc
 
321,800
42,886,286
Mastercard Inc Class A
 
233,600
132,874,016
Toast Inc Class A (a)
  
944,900
34,498,299
 
  
  
210,258,601
Insurance - 2.0%
  
  
  
Arthur J Gallagher & Co
 
278,200
86,169,668
Chubb Ltd
 
316,500
89,332,125
 
  
  
175,501,793
TOTAL FINANCIALS
  
  
715,843,853
 
  
  
  
Health Care - 8.2%
  
  
  
Biotechnology - 1.8%
  
  
  
Alnylam Pharmaceuticals Inc (a)
  
193,000
88,008,000
Celldex Therapeutics Inc (a)
  
89,000
2,302,430
Cytokinetics Inc (a)
  
46,700
2,566,632
Gilead Sciences Inc
 
438,600
48,684,600
Insmed Inc (a)
  
78,700
11,333,587
Legend Biotech Corp ADR (a)
  
246,548
8,039,930
Soleno Therapeutics Inc (a)
  
48,500
3,278,600
 
  
  
164,213,779
Health Care Equipment & Supplies - 2.3%
  
  
  
Artivion Inc (a)
  
293,700
12,435,258
Boston Scientific Corp (a)
  
1,371,300
133,880,019
TransMedics Group Inc (a)(b)
  
510,800
57,311,760
 
  
  
203,627,037
Health Care Providers & Services - 0.1%
  
  
  
Tenet Healthcare Corp (a)
  
66,900
13,583,376
Health Care Technology - 0.8%
  
  
  
Doximity Inc Class A (a)
  
977,072
71,472,817
HeartFlow Inc
 
17,300
582,318
 
  
  
72,055,135
Life Sciences Tools & Services - 0.8%
  
  
  
Thermo Fisher Scientific Inc
 
152,700
74,062,554
Pharmaceuticals - 2.4%
  
  
  
Eli Lilly & Co
 
279,200
213,029,600
TOTAL HEALTH CARE
  
  
740,571,481
 
  
  
  
Industrials - 10.1%
  
  
  
Aerospace & Defense - 2.8%
  
  
  
Anduril Industries Inc Class B (c)(d)
  
1,799
73,543
Anduril Industries Inc Class C (c)(d)
  
1
41
ATI Inc (a)
  
62,500
5,083,750
Boeing Co (a)
  
270,500
58,382,015
Firefly Aerospace Inc (a)
  
27,100
794,572
Howmet Aerospace Inc
 
514,600
100,979,958
Karman Holdings Inc
 
17,400
1,256,280
StandardAero Inc (a)
  
41,800
1,140,722
TransDigm Group Inc
 
62,400
82,244,448
 
  
  
249,955,329
Building Products - 1.4%
  
  
  
Builders FirstSource Inc (a)
  
254,100
30,809,625
Tecnoglass Inc
 
466,300
31,200,133
Trane Technologies PLC
 
153,700
64,855,252
 
  
  
126,865,010
Construction & Engineering - 1.5%
  
  
  
Bowman Consulting Group Ltd (a)
  
92,224
3,906,609
EMCOR Group Inc
 
80,380
52,210,025
Quanta Services Inc
 
192,854
79,922,555
 
  
  
136,039,189
Electrical Equipment - 1.8%
  
  
  
Eaton Corp PLC
 
158,900
59,468,325
GE Vernova Inc
 
173,100
106,439,190
 
  
  
165,907,515
Machinery - 1.6%
  
  
  
Parker-Hannifin Corp
 
152,100
115,314,615
Westinghouse Air Brake Technologies Corp
 
123,900
24,838,233
 
  
  
140,152,848
Passenger Airlines - 0.1%
  
  
  
Alaska Air Group Inc (a)
  
221,200
11,011,336
Professional Services - 0.4%
  
  
  
KBR Inc
 
722,400
34,162,296
Trading Companies & Distributors - 0.5%
  
  
  
FTAI Aviation Ltd
 
56,900
9,494,334
WW Grainger Inc
 
36,300
34,592,448
 
  
  
44,086,782
TOTAL INDUSTRIALS
  
  
908,180,305
 
  
  
  
Information Technology - 25.7%
  
  
  
Communications Equipment - 0.0%
  
  
  
Ciena Corp (a)
  
10,500
1,529,535
Semiconductors & Semiconductor Equipment - 12.0%
  
  
  
Aehr Test Systems (a)
  
100,000
3,011,000
Astera Labs Inc (a)
  
92,400
18,091,920
Broadcom Inc
 
136,500
45,032,715
Marvell Technology Inc
 
658,400
55,351,688
Micron Technology Inc
 
538,200
90,051,624
NVIDIA Corp
 
4,569,700
852,614,627
 
  
  
1,064,153,574
Software - 9.2%
  
  
  
Agilysys Inc (a)
  
39,200
4,125,800
AppLovin Corp Class A (a)
  
19,600
14,083,384
Cadence Design Systems Inc (a)
  
237,600
83,459,376
Circle Internet Group Inc Class A (b)
  
13,300
1,763,314
Figma Inc Class A (b)
  
21,200
1,099,644
Microsoft Corp
 
1,369,240
709,197,858
OpenAI Global LLC rights (a)(c)(d)
  
2,486,039
5,146,101
SailPoint Inc (b)
  
44,800
989,184
ServiceTitan Inc Class A (a)
  
3,900
393,236
Weave Communications Inc (a)
  
843,607
5,635,295
 
  
  
825,893,192
Technology Hardware, Storage & Peripherals - 4.5%
  
  
  
Apple Inc
 
1,603,800
408,375,594
TOTAL INFORMATION TECHNOLOGY
  
  
2,299,951,895
 
  
  
  
Materials - 1.4%
  
  
  
Chemicals - 0.5%
  
  
  
Corteva Inc
 
692,700
46,847,301
Construction Materials - 0.4%
  
  
  
James Hardie Industries PLC (a)
  
680,268
13,067,948
Martin Marietta Materials Inc
 
33,500
21,114,380
 
  
  
34,182,328
Metals & Mining - 0.5%
  
  
  
Freeport-McMoRan Inc
 
1,156,900
45,373,618
TOTAL MATERIALS
  
  
126,403,247
 
  
  
  
Real Estate - 0.8%
  
  
  
Health Care REITs - 0.6%
  
  
  
Welltower Inc
 
307,300
54,742,422
Real Estate Management & Development - 0.2%
  
  
  
CBRE Group Inc Class A (a)
  
109,500
17,252,820
TOTAL REAL ESTATE
  
  
71,995,242
 
  
  
  
Utilities - 1.9%
  
  
  
Electric Utilities - 1.0%
  
  
  
Constellation Energy Corp
 
236,900
77,956,683
NRG Energy Inc
 
54,600
8,842,470
 
  
  
86,799,153
Independent Power and Renewable Electricity Producers - 0.9%
  
  
  
Vistra Corp
 
426,300
83,520,696
TOTAL UTILITIES
  
  
170,319,849
 
  
  
  
TOTAL UNITED STATES
  
  
7,917,317,502
 
TOTAL COMMON STOCKS
 (Cost $4,382,694,480)
  
  
  
8,744,331,773
 
  
  
  
Convertible Preferred Stocks - 0.0%
 
  
Shares
Value ($)
 
UNITED STATES - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Anduril Industries Inc Series G (c)(d)
  (Cost $711,360)
  
17,400
711,312
 
  
  
  
Money Market Funds - 3.3%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
  
4.21
237,420,844
237,468,328
Fidelity Securities Lending Cash Central Fund (e)(f)
  
4.19
63,884,279
63,890,667
 
TOTAL MONEY MARKET FUNDS
 (Cost $301,358,764)
  
  
  
301,358,995
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.7%
 (Cost $4,684,764,604)
 
  
 
9,046,402,080
NET OTHER ASSETS (LIABILITIES) - (0.7)%  
(66,861,621)
NET ASSETS - 100.0%
8,979,540,459
 
  
Legend
 
(a)
Non-income producing.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,930,997 or 0.1% of net assets.
 
(d)
Level 3 security.
 
(e)
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.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Anduril Industries Inc Class B
6/16/2025
73,548
 
  
  
Anduril Industries Inc Class C
6/16/2025
41
 
  
  
Anduril Industries Inc Series G
4/17/2025
711,360
 
  
  
OpenAI Global LLC rights
9/30/2024
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
95,235,248
460,038,055
317,805,193
2,195,714
218
-
237,468,328
237,420,844
0.4%
Fidelity Securities Lending Cash Central Fund
80,332,269
109,786,219
126,227,821
34,851
-
-
63,890,667
63,884,279
0.2%
Total
175,567,517
569,824,274
444,033,014
2,230,565
218
-
301,358,995
  
  
 
  
  
  
  
  
  
  
  
  
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.
 
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.
 
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.