Liberty Media Corp-Liberty Formula One Class C (b)
8,600
759,896
Liberty Media Corp-Liberty Live Class A (b)
12,132
869,743
Live Nation Entertainment Inc (b)
274,500
37,949,625
Marcus Corp/The
295,300
6,685,592
Netflix Inc (b)
96,000
85,133,760
ROBLOX Corp Class A (b)
290,600
14,567,778
Roku Inc Class A (b)
110,900
7,655,427
Spotify Technology SA (b)
29,100
13,879,536
Take-Two Interactive Software Inc (b)
198,300
37,355,754
TKO Group Holdings Inc Class A (b)
243,735
33,625,681
Walt Disney Co/The
718,371
84,387,041
Warner Bros Discovery Inc (b)
13,798
144,603
Warner Music Group Corp Class A (a)
335,600
10,913,712
333,928,148
Interactive Media & Services - 52.8%
Alphabet Inc Class A
2,403,000
405,986,850
Angi Inc Class A (a)(b)
1,410,123
2,622,829
Bumble Inc Class A (a)(b)
1,270,600
11,041,514
Match Group Inc (b)
466,270
15,265,680
Meta Platforms Inc Class A
711,700
408,743,544
Pinterest Inc Class A (b)
355,400
10,775,728
Reddit Inc Class A
138,300
19,457,427
Snap Inc Class A (b)
2,414,200
28,511,702
902,405,274
Media - 8.2%
Altice USA Inc Class A (a)(b)
890,615
2,146,382
Charter Communications Inc Class A (b)
23,200
9,209,588
Comcast Corp Class A
783,300
33,830,727
Liberty Broadband Corp Class A (b)
463,223
39,221,091
Paramount Global Class B (a)
338,500
3,672,725
Trade Desk Inc (The) Class A (b)
402,500
51,741,376
139,821,889
TOTAL COMMUNICATION SERVICES
1,498,325,080
Consumer Discretionary - 2.6%
Broadline Retail - 2.6%
Amazon.com Inc (b)
211,200
43,906,368
Financials - 1.0%
Capital Markets - 1.0%
Coinbase Global Inc Class A (b)
58,100
17,209,220
Information Technology - 0.7%
IT Services - 0.0%
X Holdings Corp Class A (b)(c)(d)
17,240
508,407
Software - 0.7%
AppLovin Corp Class A (b)
29,100
9,799,425
OpenAI Global LLC rights (b)(c)(d)
919,400
919,400
10,718,825
TOTAL INFORMATION TECHNOLOGY
11,227,232
TOTAL UNITED STATES
1,570,667,900
TOTAL COMMON STOCKS
(Cost $976,870,931)
1,640,402,803
Convertible Preferred Stocks - 0.1%
Shares
Value ($)
UNITED STATES - 0.1%
Consumer Discretionary - 0.1%
Automobiles - 0.1%
Waymo LLC (c)(d)
(Cost $1,660,526)
21,234
1,650,944
Money Market Funds - 1.8%
Yield (%)
Shares
Value ($)
Fidelity Cash Central Fund (e)
4.64
18,326,973
18,330,638
Fidelity Securities Lending Cash Central Fund (e)(f)
4.64
13,241,895
13,243,219
TOTAL MONEY MARKET FUNDS
(Cost $31,573,857)
31,573,857
TOTAL INVESTMENT IN SECURITIES - 97.8%
(Cost $1,010,105,314)
1,673,627,604
NET OTHER ASSETS (LIABILITIES) - 2.2%
37,852,159
NET ASSETS - 100.0%
1,711,479,763
Legend
(a)
Security or a portion of the security is on loan at period end.
(b)
Non-income producing
(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 $3,078,752 or 0.2% of net assets.
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f)
Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
GCI Liberty, Inc. Class A (Escrow)
5/23/23
0
OpenAI Global LLC rights
9/30/24
919,400
Waymo LLC
10/18/24
1,660,526
X Holdings Corp Class A
10/27/21
1,266,192
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
52,326,536
354,441,256
388,441,779
499,989
4,625
-
18,330,638
0.0%
Fidelity Securities Lending Cash Central Fund
24,398,716
216,157,790
227,313,287
26,216
-
-
13,243,219
0.1%
Total
76,725,252
570,599,046
615,755,066
526,205
4,625
-
31,573,857
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.
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.
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