Common Stocks - 98.4% |
| | Shares | Value ($) |
COMMUNICATION SERVICES - 10.5% | | | |
Entertainment - 5.0% | | | |
Live Nation Entertainment, Inc. (a) | | 264,100 | 27,933,857 |
Netflix, Inc. (a) | | 332,597 | 201,996,136 |
Universal Music Group NV | | 5,892,295 | 177,065,545 |
Warner Music Group Corp. Class A | | 2,882,098 | 95,166,876 |
| | | 502,162,414 |
Interactive Media & Services - 5.5% | | | |
Alphabet, Inc. Class A (a) | | 2,972,576 | 448,650,896 |
Epic Games, Inc. (a)(b)(c) | | 5,869 | 3,521,400 |
Meta Platforms, Inc. Class A | | 216,000 | 104,885,280 |
| | | 557,057,576 |
TOTAL COMMUNICATION SERVICES | | | 1,059,219,990 |
CONSUMER DISCRETIONARY - 10.2% | | | |
Automobiles - 0.3% | | | |
BYD Co. Ltd. (H Shares) | | 1,072,000 | 27,448,621 |
Broadline Retail - 6.5% | | | |
Amazon.com, Inc. (a) | | 2,898,180 | 522,773,708 |
MercadoLibre, Inc. (a) | | 56,482 | 85,398,525 |
PDD Holdings, Inc. ADR (a) | | 328,500 | 38,188,125 |
Savers Value Village, Inc. (d) | | 733,300 | 14,138,024 |
| | | 660,498,382 |
Hotels, Restaurants & Leisure - 2.6% | | | |
Airbnb, Inc. Class A (a) | | 825,000 | 136,092,000 |
Domino's Pizza, Inc. | | 114,600 | 56,942,448 |
Flutter Entertainment PLC (a) | | 322,607 | 64,293,473 |
Kura Sushi U.S.A., Inc. Class A (a) | | 112,000 | 12,897,920 |
| | | 270,225,841 |
Household Durables - 0.0% | | | |
Blu Investments LLC (a)(b)(c) | | 14,533,890 | 4,506 |
Textiles, Apparel & Luxury Goods - 0.8% | | | |
LVMH Moet Hennessy Louis Vuitton SE | | 44,758 | 40,273,103 |
Samsonite International SA (a)(e) | | 9,979,200 | 37,739,631 |
| | | 78,012,734 |
TOTAL CONSUMER DISCRETIONARY | | | 1,036,190,084 |
CONSUMER STAPLES - 1.1% | | | |
Beverages - 0.7% | | | |
Monster Beverage Corp. (a) | | 1,288,991 | 76,411,386 |
Personal Care Products - 0.4% | | | |
Estee Lauder Companies, Inc. Class A | | 244,000 | 37,612,600 |
TOTAL CONSUMER STAPLES | | | 114,023,986 |
ENERGY - 2.3% | | | |
Energy Equipment & Services - 0.0% | | | |
Schlumberger Ltd. | | 114,800 | 6,292,188 |
Oil, Gas & Consumable Fuels - 2.3% | | | |
Cheniere Energy, Inc. | | 525,426 | 84,740,705 |
Range Resources Corp. | | 1,343,300 | 46,249,819 |
Reliance Industries Ltd. | | 2,783,543 | 99,207,296 |
| | | 230,197,820 |
TOTAL ENERGY | | | 236,490,008 |
FINANCIALS - 6.2% | | | |
Capital Markets - 0.2% | | | |
Ares Management Corp. | | 155,600 | 20,691,688 |
Consumer Finance - 0.3% | | | |
Capital One Financial Corp. | | 216,900 | 32,294,241 |
Financial Services - 4.8% | | | |
Apollo Global Management, Inc. | | 87,900 | 9,884,355 |
Corebridge Financial, Inc. (d) | | 849,900 | 24,417,627 |
Fiserv, Inc. (a) | | 134,000 | 21,415,880 |
Global Payments, Inc. | | 483,200 | 64,584,512 |
MasterCard, Inc. Class A | | 364,250 | 175,411,873 |
Rocket Companies, Inc. (a)(d) | | 1,504,054 | 21,883,986 |
Visa, Inc. Class A | | 599,400 | 167,280,552 |
| | | 484,878,785 |
Insurance - 0.9% | | | |
Arthur J. Gallagher & Co. | | 294,601 | 73,662,034 |
BRP Group, Inc. (a) | | 733,968 | 21,241,034 |
| | | 94,903,068 |
TOTAL FINANCIALS | | | 632,767,782 |
HEALTH CARE - 13.9% | | | |
Biotechnology - 3.0% | | | |
Adamas Pharmaceuticals, Inc.: | | | |
rights (a)(c) | | 1,781,700 | 391,974 |
rights (a)(c) | | 1,781,700 | 124,719 |
Alnylam Pharmaceuticals, Inc. (a) | | 292,424 | 43,702,767 |
Arcellx, Inc. (a) | | 69,057 | 4,802,914 |
Arrowhead Pharmaceuticals, Inc. (a) | | 272,100 | 7,782,060 |
Beam Therapeutics, Inc. (a) | | 63,170 | 2,087,137 |
Blueprint Medicines Corp. (a) | | 46,600 | 4,420,476 |
Cytokinetics, Inc. (a) | | 207,931 | 14,578,042 |
Exact Sciences Corp. (a) | | 159,600 | 11,021,976 |
Galapagos NV sponsored ADR (a) | | 431,800 | 13,903,960 |
Gamida Cell Ltd. (a)(d) | | 2,212,268 | 79,863 |
Gamida Cell Ltd. warrants 4/21/28 (a) | | 441,000 | 6 |
Hookipa Pharma, Inc. (a) | | 1,014,485 | 722,313 |
Immunocore Holdings PLC ADR (a) | | 183,853 | 11,950,445 |
Insmed, Inc. (a) | | 996,187 | 27,026,553 |
Janux Therapeutics, Inc. (a) | | 22,700 | 854,655 |
Krystal Biotech, Inc. (a) | | 36,000 | 6,405,480 |
Legend Biotech Corp. ADR (a) | | 203,000 | 11,386,270 |
Regeneron Pharmaceuticals, Inc. (a) | | 99,731 | 95,990,090 |
Repligen Corp. (a) | | 183,000 | 33,657,360 |
Sarepta Therapeutics, Inc. (a) | | 62,900 | 8,143,034 |
Seres Therapeutics, Inc. (a) | | 405,600 | 313,975 |
Synlogic, Inc. (a) | | 76,833 | 137,531 |
Vor Biopharma, Inc. (a) | | 618,395 | 1,465,596 |
XOMA Corp. (a) | | 292,812 | 7,042,129 |
| | | 307,991,325 |
Health Care Equipment & Supplies - 4.0% | | | |
Align Technology, Inc. (a) | | 80,600 | 26,430,352 |
Boston Scientific Corp. (a) | | 3,505,600 | 240,098,544 |
Glaukos Corp. (a) | | 217,100 | 20,470,359 |
Hologic, Inc. (a) | | 250,500 | 19,528,980 |
Inspire Medical Systems, Inc. (a) | | 67,300 | 14,455,367 |
Lantheus Holdings, Inc. (a) | | 104,600 | 6,510,304 |
Masimo Corp. (a) | | 396,200 | 58,181,970 |
Penumbra, Inc. (a) | | 54,401 | 12,141,215 |
Pulmonx Corp. (a) | | 211,900 | 1,964,313 |
RxSight, Inc. (a) | | 58,000 | 2,991,640 |
| | | 402,773,044 |
Health Care Providers & Services - 0.9% | | | |
HealthEquity, Inc. (a) | | 1,127,296 | 92,021,172 |
Health Care Technology - 0.1% | | | |
Evolent Health, Inc. Class A (a) | | 329,600 | 10,807,584 |
Life Sciences Tools & Services - 2.9% | | | |
Agilent Technologies, Inc. | | 123,800 | 18,014,138 |
Bio-Techne Corp. | | 259,400 | 18,259,166 |
Bruker Corp. | | 524,520 | 49,273,409 |
Chemometec A/S | | 131,200 | 8,042,199 |
Codexis, Inc. (a) | | 1,141,000 | 3,982,090 |
Danaher Corp. | | 324,450 | 81,021,654 |
MaxCyte, Inc. (a) | | 1,227,700 | 5,144,063 |
Sartorius Stedim Biotech | | 126,059 | 35,944,470 |
Thermo Fisher Scientific, Inc. | | 123,700 | 71,895,677 |
| | | 291,576,866 |
Pharmaceuticals - 3.0% | | | |
Aclaris Therapeutics, Inc. (a) | | 134,507 | 166,789 |
Chugai Pharmaceutical Co. Ltd. | | 452,400 | 17,288,644 |
Eli Lilly & Co. | | 337,887 | 262,862,571 |
Teva Pharmaceutical Industries Ltd. sponsored ADR (a) | | 1,717,100 | 24,228,281 |
| | | 304,546,285 |
TOTAL HEALTH CARE | | | 1,409,716,276 |
INDUSTRIALS - 15.0% | | | |
Electrical Equipment - 1.7% | | | |
Eaton Corp. PLC | | 442,964 | 138,505,984 |
HD Hyundai Electric Co. Ltd. | | 111,240 | 14,727,935 |
Nextracker, Inc. Class A (a) | | 394,698 | 22,209,656 |
| | | 175,443,575 |
Ground Transportation - 4.8% | | | |
Uber Technologies, Inc. (a) | | 6,320,478 | 486,613,601 |
Industrial Conglomerates - 1.8% | | | |
General Electric Co. | | 1,047,700 | 183,902,781 |
Machinery - 2.3% | | | |
Chart Industries, Inc. (a) | | 76,800 | 12,650,496 |
Energy Recovery, Inc. (a) | | 330,800 | 5,223,332 |
Ingersoll Rand, Inc. | | 1,205,415 | 114,454,154 |
Parker Hannifin Corp. | | 128,400 | 71,363,436 |
Westinghouse Air Brake Tech Co. | | 196,897 | 28,683,955 |
| | | 232,375,373 |
Passenger Airlines - 0.6% | | | |
Ryanair Holdings PLC sponsored ADR | | 380,500 | 55,396,995 |
Professional Services - 2.8% | | | |
Equifax, Inc. | | 525,712 | 140,638,474 |
KBR, Inc. | | 1,464,955 | 93,259,035 |
RELX PLC sponsored ADR | | 321,200 | 13,904,748 |
TransUnion | | 477,500 | 38,104,500 |
| | | 285,906,757 |
Trading Companies & Distributors - 1.0% | | | |
Ferguson PLC | | 437,045 | 95,567,531 |
TOTAL INDUSTRIALS | | | 1,515,206,613 |
INFORMATION TECHNOLOGY - 39.1% | | | |
Electronic Equipment, Instruments & Components - 1.3% | | | |
Flex Ltd. (a) | | 2,463,982 | 70,494,525 |
Jabil, Inc. | | 449,500 | 60,210,525 |
| | | 130,705,050 |
IT Services - 1.4% | | | |
Gartner, Inc. (a) | | 83,700 | 39,897,279 |
MongoDB, Inc. Class A (a) | | 284,264 | 101,948,441 |
| | | 141,845,720 |
Semiconductors & Semiconductor Equipment - 16.7% | | | |
Allegro MicroSystems LLC (a) | | 1,278,541 | 34,469,465 |
ASML Holding NV (depository receipt) | | 146,338 | 142,016,639 |
Astera Labs, Inc. | | 18,300 | 1,357,677 |
BE Semiconductor Industries NV | | 490,000 | 75,013,519 |
eMemory Technology, Inc. | | 34,000 | 2,549,841 |
KLA Corp. | | 97,316 | 67,982,038 |
Marvell Technology, Inc. | | 296,392 | 21,008,265 |
Micron Technology, Inc. | | 515,600 | 60,784,084 |
Monolithic Power Systems, Inc. | | 48,500 | 32,854,870 |
NVIDIA Corp. | | 1,011,864 | 914,279,836 |
NXP Semiconductors NV | | 329,824 | 81,720,492 |
SiTime Corp. (a) | | 340,100 | 31,707,523 |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 1,301,804 | 177,110,434 |
Universal Display Corp. | | 285,574 | 48,104,940 |
| | | 1,690,959,623 |
Software - 16.3% | | | |
ASAPP, Inc. warrants 8/28/28 (a)(b)(c) | | 2,365,967 | 5,560,022 |
HubSpot, Inc. (a) | | 112,100 | 70,237,376 |
Manhattan Associates, Inc. (a) | | 271,106 | 67,838,854 |
Microsoft Corp. | | 3,299,288 | 1,388,076,450 |
Monday.com Ltd. (a) | | 111,100 | 25,094,157 |
NICE Ltd. sponsored ADR (a) | | 213,400 | 55,616,308 |
ServiceNow, Inc. (a) | | 48,300 | 36,823,920 |
Volue A/S (a) | | 1,137,735 | 3,143,928 |
| | | 1,652,391,015 |
Technology Hardware, Storage & Peripherals - 3.4% | | | |
Apple, Inc. | | 2,012,332 | 345,074,691 |
TOTAL INFORMATION TECHNOLOGY | | | 3,960,976,099 |
MATERIALS - 0.1% | | | |
Chemicals - 0.1% | | | |
Aspen Aerogels, Inc. (a)(d) | | 564,802 | 9,940,515 |
TOTAL COMMON STOCKS (Cost $5,090,226,139) | | | 9,974,531,353 |
| | | |
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
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.
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 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)
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Convertible Bonds and Preferred Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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.