Quarterly Holdings Report
for
Fidelity® Fund
March 31, 2026
FID-NPRT3-0526
1.799854.122
Common Stocks - 98.7%
 
  
Shares
Value ($)
 
BELGIUM - 0.5%
 
  
  
Health Care - 0.5%
  
  
  
Pharmaceuticals - 0.5%
  
  
  
UCB SA
 
136,900
41,247,524
CANADA - 1.6%
 
  
  
Energy - 1.6%
  
  
  
Oil, Gas & Consumable Fuels - 1.6%
  
  
  
Imperial Oil Ltd
 
983,508
128,822,509
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Xenon Pharmaceuticals Inc (a)
  
63,900
3,715,785
TOTAL CANADA
  
  
132,538,294
NETHERLANDS - 0.3%
 
  
  
Health Care - 0.3%
  
  
  
Biotechnology - 0.3%
  
  
  
Argenx SE ADR (a)
  
27,000
19,716,750
Newamsterdam Pharma Co NV (a)
  
243,800
7,804,038
 
  
  
  
TOTAL NETHERLANDS
  
  
27,520,788
UNITED KINGDOM - 0.2%
 
  
  
Industrials - 0.2%
  
  
  
Aerospace & Defense - 0.2%
  
  
  
Rolls-Royce Holdings PLC
 
1,167,500
17,737,156
UNITED STATES - 96.1%
 
  
  
Communication Services - 13.5%
  
  
  
Entertainment - 2.1%
  
  
  
Netflix Inc (a)
  
1,204,000
115,764,600
Walt Disney Co/The
 
679,500
65,490,210
 
  
  
181,254,810
Interactive Media & Services - 11.4%
  
  
  
Alphabet Inc Class A
 
2,668,054
767,225,608
Meta Platforms Inc Class A
 
323,601
185,141,840
 
  
  
952,367,448
TOTAL COMMUNICATION SERVICES
  
  
1,133,622,258
Consumer Discretionary - 13.1%
  
  
  
Automobiles - 0.7%
  
  
  
General Motors Co
 
777,297
57,908,627
Broadline Retail - 5.5%
  
  
  
Amazon.com Inc (a)
  
2,194,430
457,033,936
Hotels, Restaurants & Leisure - 3.0%
  
  
  
Booking Holdings Inc
 
14,400
60,628,608
Carnival Corp
 
1,715,200
44,389,376
Expedia Group Inc Class A
 
179,700
41,490,933
Viking Holdings Ltd (a)
  
1,444,900
106,171,252
 
  
  
252,680,169
Household Durables - 1.0%
  
  
  
PulteGroup Inc
 
380,800
44,785,888
Somnigroup International Inc
 
554,200
40,966,464
 
  
  
85,752,352
Specialty Retail - 2.9%
  
  
  
Lowe's Cos Inc
 
400,000
94,512,000
Ross Stores Inc
 
328,900
71,249,607
TJX Cos Inc/The
 
476,300
76,065,110
 
  
  
241,826,717
TOTAL CONSUMER DISCRETIONARY
  
  
1,095,201,801
Consumer Staples - 5.1%
  
  
  
Beverages - 3.8%
  
  
  
Coca-Cola Co/The
 
3,800,900
289,058,445
Keurig Dr Pepper Inc
 
1,166,000
30,700,780
 
  
  
319,759,225
Household Products - 0.9%
  
  
  
Procter & Gamble Co/The
 
494,400
71,411,136
Personal Care Products - 0.4%
  
  
  
Kenvue Inc
 
1,890,049
32,584,445
TOTAL CONSUMER STAPLES
  
  
423,754,806
Energy - 2.7%
  
  
  
Oil, Gas & Consumable Fuels - 2.7%
  
  
  
Exxon Mobil Corp
 
1,013,085
171,880,001
Shell PLC ADR
 
600,900
55,883,700
TOTAL ENERGY
  
  
227,763,701
Financials - 15.4%
  
  
  
Banks - 10.2%
  
  
  
Bank of America Corp
 
4,421,600
215,553,001
Citigroup Inc
 
1,184,900
134,379,509
KeyCorp
 
4,435,300
88,927,765
M&T Bank Corp
 
521,900
107,887,168
US Bancorp
 
2,068,425
107,578,784
Wells Fargo & Co
 
2,511,100
199,908,671
 
  
  
854,234,898
Financial Services - 3.0%
  
  
  
Mastercard Inc Class A
 
510,508
255,080,427
Insurance - 2.2%
  
  
  
Arthur J Gallagher & Co
 
822,000
178,028,760
Reinsurance Group of America Inc
 
26,940
5,500,070
 
  
  
183,528,830
TOTAL FINANCIALS
  
  
1,292,844,155
Health Care - 10.7%
  
  
  
Biotechnology - 4.0%
  
  
  
AbbVie Inc
 
365,500
79,492,595
Alnylam Pharmaceuticals Inc (a)
  
48,700
16,113,369
Biogen Inc (a)
  
178,000
32,632,740
Cogent Biosciences Inc (a)
  
476,900
18,355,881
Gilead Sciences Inc
 
899,500
125,363,315
Insmed Inc (a)
  
107,400
17,562,048
Kiniksa Pharmaceuticals International Plc Class A (a)
  
187,400
9,023,310
Kymera Therapeutics Inc (a)
  
52,700
4,389,383
Moderna Inc (a)
  
313,900
15,946,120
Soleno Therapeutics Inc (a)
  
48,500
1,623,780
Tyra Biosciences Inc (a)
  
248,500
9,517,550
Vaxcyte Inc (a)
  
92,300
5,363,553
 
  
  
335,383,644
Health Care Equipment & Supplies - 2.4%
  
  
  
Boston Scientific Corp (a)
  
1,565,100
98,210,025
Edwards Lifesciences Corp (a)
  
692,700
55,471,416
Medline Inc Class A
 
1,143,600
50,890,200
 
  
  
204,571,641
Health Care Providers & Services - 1.7%
  
  
  
Cencora Inc
 
111,300
34,963,782
CVS Health Corp
 
1,465,000
105,216,300
 
  
  
140,180,082
Life Sciences Tools & Services - 1.1%
  
  
  
Danaher Corp
 
169,900
32,213,040
Thermo Fisher Scientific Inc
 
123,700
60,802,261
 
  
  
93,015,301
Pharmaceuticals - 1.5%
  
  
  
Eli Lilly & Co
 
123,300
113,407,641
MBX Biosciences Inc (a)
  
321,100
9,584,835
 
  
  
122,992,476
TOTAL HEALTH CARE
  
  
896,143,144
Industrials - 8.3%
  
  
  
Aerospace & Defense - 3.4%
  
  
  
Anduril Industries Inc Class B (b)(c)
  
1,799
114,668
Anduril Industries Inc Class C (b)(c)
  
1
64
Boeing Co (a)
  
923,834
183,870,681
GE Aerospace
 
226,400
64,245,528
Howmet Aerospace Inc
 
159,100
36,666,186
 
  
  
284,897,127
Air Freight & Logistics - 0.9%
  
  
  
FedEx Corp
 
215,700
76,828,026
Building Products - 0.4%
  
  
  
Trane Technologies PLC
 
77,100
32,130,654
Construction & Engineering - 0.0%
  
  
  
Bowman Consulting Group Ltd (a)
  
82,524
2,346,983
Machinery - 2.3%
  
  
  
Parker-Hannifin Corp
 
148,600
133,032,664
Westinghouse Air Brake Technologies Corp
 
248,700
62,152,617
 
  
  
195,185,281
Passenger Airlines - 0.8%
  
  
  
Delta Air Lines Inc
 
539,100
35,839,368
United Airlines Holdings Inc (a)
  
332,900
30,650,103
 
  
  
66,489,471
Professional Services - 0.5%
  
  
  
Leidos Holdings Inc
 
251,000
39,035,520
TOTAL INDUSTRIALS
  
  
696,913,062
Information Technology - 24.2%
  
  
  
IT Services - 1.9%
  
  
  
IBM Corporation
 
465,500
112,832,545
Twilio Inc Class A (a)
  
387,700
48,780,414
 
  
  
161,612,959
Semiconductors & Semiconductor Equipment - 10.8%
  
  
  
Broadcom Inc
 
327,700
101,426,427
NVIDIA Corp
 
4,569,700
796,955,680
 
  
  
898,382,107
Software - 7.2%
  
  
  
Autodesk Inc (a)
  
326,000
78,044,400
Microsoft Corp
 
1,369,240
506,851,571
PTC Inc (a)
  
146,600
20,889,034
 
  
  
605,785,005
Technology Hardware, Storage & Peripherals - 4.3%
  
  
  
Apple Inc
 
1,420,600
360,534,074
TOTAL INFORMATION TECHNOLOGY
  
  
2,026,314,145
Materials - 1.1%
  
  
  
Chemicals - 1.1%
  
  
  
Corteva Inc
 
665,000
55,667,150
Mosaic Co/The
 
1,533,500
39,104,250
TOTAL MATERIALS
  
  
94,771,400
Real Estate - 1.1%
  
  
  
Residential REITs - 0.5%
  
  
  
Camden Property Trust
 
441,200
43,087,592
Retail REITs - 0.6%
  
  
  
Macerich Co/The
 
2,488,700
47,036,430
TOTAL REAL ESTATE
  
  
90,124,022
Utilities - 0.9%
  
  
  
Electric Utilities - 0.4%
  
  
  
Exelon Corp
 
717,300
35,162,045
Multi-Utilities - 0.5%
  
  
  
Sempra
 
391,600
38,051,772
TOTAL UTILITIES
  
  
73,213,817
TOTAL UNITED STATES
  
  
8,050,666,311
 
TOTAL COMMON STOCKS
 (Cost $5,350,831,076)
  
  
  
8,269,710,073
 
  
  
  
Convertible Preferred Stocks - 0.1%
 
  
Shares
Value ($)
 
UNITED STATES - 0.1%
 
  
  
Industrials - 0.0%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Anduril Industries Inc Series G (b)(c)
  
17,400
1,109,076
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
OpenAI Group Pbc Series A-2 (b)(c)
  
13,233
9,100,202
TOTAL UNITED STATES
  
  
10,209,278
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $3,197,400)
  
  
  
10,209,278
 
  
  
  
Money Market Funds - 1.3%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (d)
 (Cost $112,063,589)
  
3.69
112,041,389
112,063,797
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $5,466,092,065)
 
  
 
8,391,983,148
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(4,444,515)
NET ASSETS - 100.0%
8,387,538,633
 
  
Legend
 
(a)
Non-income producing.
 
(b)
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 $10,324,010 or 0.1% of net assets.
 
(c)
Level 3 security.
 
(d)
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.
 
 
 
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
711,361
 
  
  
OpenAI Group Pbc Series A-2
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
1,929,705,805
1,912,873,770
4,018,408
(3,462)
(24)
112,063,797
112,041,389
0.2%
Fidelity Securities Lending Cash Central Fund
80,332,269
390,753,117
471,095,334
97,208
9,948
-
-
-
0.0%
Total
175,567,517
2,320,458,922
2,383,969,104
4,115,616
6,486
(24)
112,063,797
  
  
 
  
  
  
  
  
  
  
  
  
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.
 
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