Quarterly Holdings Report
for
Fidelity® Focused Stock Fund
July 31, 2022
TQG-NPRT3-0922
1.804874.118
Common Stocks - 99.3%
 
  
Shares
Value ($)
 
COMMUNICATION SERVICES - 5.5%
 
  
  
Interactive Media & Services - 5.5%
  
  
  
Alphabet, Inc. Class A (a)
  
1,412,000
164,243,840
CONSUMER DISCRETIONARY - 7.1%
 
  
  
Internet & Direct Marketing Retail - 3.6%
  
  
  
Amazon.com, Inc. (a)
  
800,000
107,960,000
Textiles, Apparel & Luxury Goods - 3.5%
  
  
  
Deckers Outdoor Corp. (a)
  
66,227
20,742,959
lululemon athletica, Inc. (a)
  
50,100
15,556,551
LVMH Moet Hennessy Louis Vuitton SE
 
99,000
68,741,127
 
  
  
105,040,637
TOTAL CONSUMER DISCRETIONARY
  
  
213,000,637
CONSUMER STAPLES - 7.7%
 
  
  
Beverages - 3.6%
  
  
  
The Coca-Cola Co.
 
1,686,000
108,190,620
Personal Products - 4.1%
  
  
  
Estee Lauder Companies, Inc. Class A
 
455,000
124,260,500
TOTAL CONSUMER STAPLES
  
  
232,451,120
ENERGY - 10.7%
 
  
  
Energy Equipment & Services - 0.4%
  
  
  
Schlumberger Ltd.
 
300,000
11,109,000
Oil, Gas & Consumable Fuels - 10.3%
  
  
  
Pioneer Natural Resources Co.
 
614,000
145,487,300
PrairieSky Royalty Ltd. (b)
  
2,705,000
39,691,500
Range Resources Corp. (a)
  
3,786,000
125,203,020
 
  
  
310,381,820
TOTAL ENERGY
  
  
321,490,820
FINANCIALS - 10.5%
 
  
  
Banks - 1.1%
  
  
  
First Republic Bank
 
186,000
30,264,060
SVB Financial Group (a)
  
11,000
4,439,050
 
  
  
34,703,110
Capital Markets - 5.9%
  
  
  
MSCI, Inc.
 
132,000
63,536,880
S&P Global, Inc.
 
302,294
113,943,677
 
  
  
177,480,557
Insurance - 3.5%
  
  
  
Progressive Corp.
 
262,000
30,145,720
The Travelers Companies, Inc.
 
470,000
74,589,000
 
  
  
104,734,720
TOTAL FINANCIALS
  
  
316,918,387
HEALTH CARE - 17.7%
 
  
  
Biotechnology - 0.9%
  
  
  
Vertex Pharmaceuticals, Inc. (a)
  
99,000
27,760,590
Health Care Providers & Services - 9.7%
  
  
  
Humana, Inc.
 
195,000
93,990,000
UnitedHealth Group, Inc.
 
362,000
196,327,080
 
  
  
290,317,080
Life Sciences Tools & Services - 1.8%
  
  
  
Danaher Corp.
 
92,000
26,815,240
Thermo Fisher Scientific, Inc.
 
43,000
25,731,630
 
  
  
52,546,870
Pharmaceuticals - 5.3%
  
  
  
Eli Lilly & Co.
 
310,000
102,203,900
Royalty Pharma PLC
 
1,341,900
58,359,231
 
  
  
160,563,131
TOTAL HEALTH CARE
  
  
531,187,671
INDUSTRIALS - 2.5%
 
  
  
Aerospace & Defense - 2.5%
  
  
  
Northrop Grumman Corp.
 
155,000
74,229,500
INFORMATION TECHNOLOGY - 29.8%
 
  
  
IT Services - 11.6%
  
  
  
Accenture PLC Class A
 
6,000
1,837,560
MasterCard, Inc. Class A
 
496,000
175,479,840
Visa, Inc. Class A
 
800,000
169,688,000
 
  
  
347,005,400
Semiconductors & Semiconductor Equipment - 3.2%
  
  
  
Marvell Technology, Inc.
 
120,181
6,691,678
NVIDIA Corp.
 
500,000
90,815,000
 
  
  
97,506,678
Software - 9.4%
  
  
  
Adobe, Inc. (a)
  
41,000
16,814,920
Microsoft Corp.
 
682,000
191,464,680
Oracle Corp.
 
944,000
73,480,960
 
  
  
281,760,560
Technology Hardware, Storage & Peripherals - 5.6%
  
  
  
Apple, Inc.
 
1,039,000
168,847,890
TOTAL INFORMATION TECHNOLOGY
  
  
895,120,528
MATERIALS - 2.4%
 
  
  
Containers & Packaging - 2.4%
  
  
  
Crown Holdings, Inc.
 
728,000
74,023,040
REAL ESTATE - 2.2%
 
  
  
Equity Real Estate Investment Trusts (REITs) - 2.2%
  
  
  
American Tower Corp.
 
110,000
29,791,300
Welltower, Inc.
 
436,000
37,644,240
 
  
  
67,435,540
UTILITIES - 3.2%
 
  
  
Electric Utilities - 3.2%
  
  
  
Constellation Energy Corp.
 
1,440,000
95,184,000
 
TOTAL COMMON STOCKS
 (Cost $2,423,761,949)
  
  
  
2,985,285,083
 
  
  
  
Money Market Funds - 0.8%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 2.01% (c)
  
21,050,910
21,055,120
Fidelity Securities Lending Cash Central Fund 2.01% (c)(d)
  
2,128,574
2,128,786
 
TOTAL MONEY MARKET FUNDS
 (Cost $23,183,906)
  
  
23,183,906
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $2,446,945,855)
 
  
 
3,008,468,989
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(3,434,804)
NET ASSETS - 100.0%
3,005,034,185
 
  
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
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.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
 
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 2.01%
6,535,025
1,336,103,350
1,321,583,255
255,081
-
-
21,055,120
0.0%
Fidelity Securities Lending Cash Central Fund 2.01%
44,138,069
661,652,278
703,661,561
272,642
-
-
2,128,786
0.0%
Total
50,673,094
1,997,755,628
2,025,244,816
527,723
-
-
23,183,906
  
 
  
  
  
  
  
  
  
  
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
 
Amount 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.   
 
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 vendor 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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