Quarterly Holdings Report
for
Fidelity® Focused Stock Fund
July 31, 2026
TQG-NPRT3-0926
1.804874.122
Common Stocks - 99.1%
 
  
Shares
Value ($)
 
CANADA - 2.4%
 
  
  
Energy - 2.4%
  
  
  
Oil, Gas & Consumable Fuels - 2.4%
  
  
  
PrairieSky Royalty Ltd
 
4,883,532
120,777,583
TAIWAN - 4.9%
 
  
  
Information Technology - 4.9%
  
  
  
Semiconductors & Semiconductor Equipment - 4.9%
  
  
  
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
624,000
252,252,000
UNITED STATES - 91.8%
 
  
  
Communication Services - 8.8%
  
  
  
Interactive Media & Services - 8.8%
  
  
  
Alphabet Inc Class A
 
1,028,000
366,101,640
Meta Platforms Inc Class A
 
153,000
85,176,630
TOTAL COMMUNICATION SERVICES
  
  
451,278,270
Consumer Discretionary - 12.9%
  
  
  
Automobiles - 1.3%
  
  
  
Tesla Inc (a)
  
225,000
70,022,250
Broadline Retail - 5.7%
  
  
  
Amazon.com Inc (a)
  
1,066,338
289,596,074
Hotels, Restaurants & Leisure - 0.3%
  
  
  
Viking Holdings Ltd (a)
  
175,000
18,261,250
Household Durables - 2.8%
  
  
  
Garmin Ltd
 
70,000
20,564,600
Leggett & Platt Inc
 
1,000,240
9,802,352
Somnigroup International Inc
 
1,683,000
109,950,390
 
  
  
140,317,342
Textiles, Apparel & Luxury Goods - 2.8%
  
  
  
Ralph Lauren Corp Class A
 
373,000
141,866,820
TOTAL CONSUMER DISCRETIONARY
  
  
660,063,736
Financials - 12.2%
  
  
  
Banks - 4.0%
  
  
  
Citigroup Inc
 
1,540,000
203,973,000
Capital Markets - 5.5%
  
  
  
Bank of New York Mellon Corp/The
 
902,909
141,151,764
Robinhood Markets Inc Class A (a)
  
1,585,000
137,197,600
 
  
  
278,349,364
Insurance - 2.7%
  
  
  
Chubb Ltd
 
405,000
142,025,400
TOTAL FINANCIALS
  
  
624,347,764
Health Care - 11.8%
  
  
  
Health Care Providers & Services - 4.0%
  
  
  
UnitedHealth Group Inc
 
491,000
203,470,400
Pharmaceuticals - 7.8%
  
  
  
Eli Lilly & Co
 
254,500
292,379,780
Johnson & Johnson
 
409,000
104,847,150
 
  
  
397,226,930
TOTAL HEALTH CARE
  
  
600,697,330
Industrials - 14.9%
  
  
  
Aerospace & Defense - 2.0%
  
  
  
Boeing Co (a)
  
466,000
100,721,240
Building Products - 1.0%
  
  
  
Modine Manufacturing Co (a)
  
256,000
51,471,360
Ground Transportation - 1.2%
  
  
  
Old Dominion Freight Line Inc
 
299,000
63,429,860
Machinery - 7.8%
  
  
  
Cummins Inc
 
372,000
235,922,400
PACCAR Inc
 
1,215,000
161,206,200
 
  
  
397,128,600
Passenger Airlines - 0.5%
  
  
  
United Airlines Holdings Inc (a)
  
205,000
24,872,650
Trading Companies & Distributors - 2.4%
  
  
  
WW Grainger Inc
 
88,000
121,635,360
TOTAL INDUSTRIALS
  
  
759,259,070
Information Technology - 28.6%
  
  
  
Communications Equipment - 0.3%
  
  
  
Ciena Corp (a)
  
45,000
16,967,250
Electronic Equipment, Instruments & Components - 4.8%
  
  
  
Corning Inc
 
56,000
7,742,000
Flex Ltd (a)
  
2,074,000
235,917,500
 
  
  
243,659,500
Semiconductors & Semiconductor Equipment - 9.7%
  
  
  
Cerebras Systems Inc Class A (a)(b)
  
259,000
51,465,890
Intel Corp (a)
  
557,000
50,241,400
NVIDIA Corp
 
1,962,000
393,871,500
 
  
  
495,578,790
Technology Hardware, Storage & Peripherals - 13.8%
  
  
  
Apple Inc
 
794,405
245,399,649
Dell Technologies Inc Class C
 
143,000
57,967,910
Seagate Technology Holdings PLC
 
209,000
178,931,170
Western Digital Corp
 
396,000
215,756,640
 
  
  
698,055,369
TOTAL INFORMATION TECHNOLOGY
  
  
1,454,260,909
Materials - 2.6%
  
  
  
Metals & Mining - 2.6%
  
  
  
Steel Dynamics Inc
 
521,000
130,906,460
TOTAL UNITED STATES
  
  
4,680,813,539
 
TOTAL COMMON STOCKS
 (Cost $3,494,643,990)
  
  
  
5,053,843,122
 
  
  
  
Convertible Preferred Stocks - 0.1%
 
  
Shares
Value ($)
 
UNITED STATES - 0.1%
 
  
  
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
Anthropic PBC Series H (c)(d)
  (Cost $6,773,609)
  
11,500
6,773,615
 
  
  
  
Money Market Funds - 1.9%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
  
3.69
74,129,471
74,144,297
Fidelity Securities Lending Cash Central Fund (e)(f)
  
3.72
23,043,896
23,046,200
 
TOTAL MONEY MARKET FUNDS
 (Cost $97,184,209)
  
  
  
97,190,497
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.1%
 (Cost $3,598,601,808)
 
  
 
5,157,807,234
NET OTHER ASSETS (LIABILITIES) - (1.1)%  
(56,531,771)
NET ASSETS - 100.0%
5,101,275,463
 
  
 
Legend
 
(a)
Non-income producing.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Level 3 security.
 
(d)
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 $6,773,615 or 0.1% of net assets.
 
(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.
 
At period end, the value of non-cash collateral for securities on loan amounted to $12,310,844.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Anthropic PBC Series H
5/28/2026
6,773,609
 
  
  
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
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
Fidelity Cash Central Fund
55,864,376
1,607,973,112
1,589,695,866
1,431,218
(3,613)
6,288
74,144,297
74,129,471
Fidelity Securities Lending Cash Central Fund
19,169,550
699,248,334
695,371,684
49,652
-
-
23,046,200
23,043,896
 
75,033,926
2,307,221,446
2,285,067,550
1,480,870
(3,613)
6,288
97,190,497
  
 
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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