NPORT-EX 2 QTLY_3_20230930.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Fund
September 30, 2023
FID-NPRT1-1123
1.808776.119
Common Stocks - 98.3%
 
 
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 11.6%
 
 
 
Entertainment - 0.2%
 
 
 
Activision Blizzard, Inc.
 
157,800
14,775
Interactive Media & Services - 11.4%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (a)
 
4,194,200
548,853
 Class C (a)
 
430,000
56,696
Meta Platforms, Inc. Class A (a)
 
312,700
93,876
 
 
 
699,425
TOTAL COMMUNICATION SERVICES
 
 
714,200
CONSUMER DISCRETIONARY - 8.0%
 
 
 
Broadline Retail - 2.3%
 
 
 
Amazon.com, Inc. (a)
 
1,123,000
142,756
Hotels, Restaurants & Leisure - 0.1%
 
 
 
Airbnb, Inc. Class A (a)
 
20,400
2,799
Household Durables - 1.3%
 
 
 
Lennar Corp. Class A
 
86,700
9,730
NVR, Inc. (a)
 
2,570
15,326
PulteGroup, Inc.
 
488,280
36,157
TopBuild Corp. (a)
 
81,400
20,480
 
 
 
81,693
Specialty Retail - 4.3%
 
 
 
AutoZone, Inc. (a)
 
24,600
62,484
Lowe's Companies, Inc.
 
243,400
50,588
O'Reilly Automotive, Inc. (a)
 
66,400
60,348
The Home Depot, Inc.
 
300,200
90,708
 
 
 
264,128
TOTAL CONSUMER DISCRETIONARY
 
 
491,376
CONSUMER STAPLES - 4.4%
 
 
 
Consumer Staples Distribution & Retail - 2.3%
 
 
 
Costco Wholesale Corp.
 
240,300
135,760
Walmart, Inc.
 
45,700
7,309
 
 
 
143,069
Household Products - 2.1%
 
 
 
Kimberly-Clark Corp.
 
323,300
39,071
Procter & Gamble Co.
 
615,000
89,704
 
 
 
128,775
TOTAL CONSUMER STAPLES
 
 
271,844
ENERGY - 3.2%
 
 
 
Oil, Gas & Consumable Fuels - 3.2%
 
 
 
Cheniere Energy, Inc.
 
80,000
13,277
Chevron Corp.
 
396,400
66,841
Exxon Mobil Corp.
 
510,000
59,966
Marathon Petroleum Corp.
 
316,000
47,823
Occidental Petroleum Corp.
 
150,000
9,732
 
 
 
197,639
FINANCIALS - 10.3%
 
 
 
Banks - 1.7%
 
 
 
JPMorgan Chase & Co.
 
730,000
105,865
Capital Markets - 3.7%
 
 
 
Ameriprise Financial, Inc.
 
121,521
40,063
Morgan Stanley
 
595,300
48,618
MSCI, Inc.
 
186,559
95,720
S&P Global, Inc.
 
111,000
40,561
T. Rowe Price Group, Inc.
 
17,900
1,877
 
 
 
226,839
Financial Services - 3.7%
 
 
 
Adyen BV (a)(b)
 
2,400
1,779
Apollo Global Management, Inc.
 
287,679
25,822
MasterCard, Inc. Class A
 
232,300
91,970
Visa, Inc. Class A
 
470,000
108,105
 
 
 
227,676
Insurance - 1.2%
 
 
 
Arthur J. Gallagher & Co.
 
303,600
69,200
Progressive Corp.
 
57,200
7,968
 
 
 
77,168
TOTAL FINANCIALS
 
 
637,548
HEALTH CARE - 16.0%
 
 
 
Biotechnology - 2.3%
 
 
 
Gilead Sciences, Inc.
 
222,300
16,659
Regeneron Pharmaceuticals, Inc. (a)
 
91,200
75,054
Vertex Pharmaceuticals, Inc. (a)
 
145,042
50,437
 
 
 
142,150
Health Care Equipment & Supplies - 2.0%
 
 
 
Boston Scientific Corp. (a)
 
186,000
9,821
DexCom, Inc. (a)
 
329,000
30,696
Edwards Lifesciences Corp. (a)
 
336,300
23,299
Intuitive Surgical, Inc. (a)
 
70,100
20,490
ResMed, Inc.
 
256,300
37,899
 
 
 
122,205
Health Care Providers & Services - 4.9%
 
 
 
Cardinal Health, Inc.
 
455,428
39,540
Centene Corp. (a)
 
574,100
39,544
McKesson Corp.
 
114,300
49,703
Molina Healthcare, Inc. (a)
 
20,500
6,722
UnitedHealth Group, Inc.
 
330,198
166,483
 
 
 
301,992
Life Sciences Tools & Services - 2.9%
 
 
 
Danaher Corp.
 
350,500
86,959
Mettler-Toledo International, Inc. (a)
 
6,400
7,092
Thermo Fisher Scientific, Inc.
 
168,500
85,290
 
 
 
179,341
Pharmaceuticals - 3.9%
 
 
 
Eli Lilly & Co.
 
296,400
159,205
Merck & Co., Inc.
 
544,900
56,097
Zoetis, Inc. Class A
 
126,400
21,991
 
 
 
237,293
TOTAL HEALTH CARE
 
 
982,981
INDUSTRIALS - 6.0%
 
 
 
Aerospace & Defense - 1.0%
 
 
 
Howmet Aerospace, Inc.
 
671,300
31,048
TransDigm Group, Inc. (a)
 
38,800
32,713
 
 
 
63,761
Building Products - 0.6%
 
 
 
Carrier Global Corp.
 
720,000
39,744
Commercial Services & Supplies - 0.2%
 
 
 
Copart, Inc.
 
260,000
11,203
Construction & Engineering - 0.2%
 
 
 
Quanta Services, Inc.
 
63,815
11,938
Electrical Equipment - 1.1%
 
 
 
AMETEK, Inc.
 
65,400
9,664
Eaton Corp. PLC
 
251,900
53,725
Vertiv Holdings Co.
 
155,200
5,773
 
 
 
69,162
Ground Transportation - 0.7%
 
 
 
Old Dominion Freight Lines, Inc.
 
99,800
40,832
Machinery - 1.8%
 
 
 
Otis Worldwide Corp.
 
339,700
27,281
PACCAR, Inc.
 
260,000
22,105
Parker Hannifin Corp.
 
150,800
58,740
 
 
 
108,126
Trading Companies & Distributors - 0.4%
 
 
 
W.W. Grainger, Inc.
 
34,500
23,868
TOTAL INDUSTRIALS
 
 
368,634
INFORMATION TECHNOLOGY - 37.7%
 
 
 
Communications Equipment - 0.1%
 
 
 
Arista Networks, Inc. (a)
 
14,790
2,720
Electronic Equipment, Instruments & Components - 0.8%
 
 
 
Amphenol Corp. Class A
 
610,000
51,234
IT Services - 0.5%
 
 
 
Accenture PLC Class A
 
107,400
32,984
Semiconductors & Semiconductor Equipment - 10.9%
 
 
 
Analog Devices, Inc.
 
285,400
49,971
Arm Holdings Ltd. ADR (c)
 
56,500
3,024
ASML Holding NV (depository receipt)
 
74,200
43,679
Broadcom, Inc.
 
137,000
113,789
KLA Corp.
 
170,000
77,972
Lam Research Corp.
 
106,100
66,500
Monolithic Power Systems, Inc.
 
56,200
25,964
NVIDIA Corp.
 
514,500
223,802
NXP Semiconductors NV
 
27,777
5,553
ON Semiconductor Corp. (a)
 
659,000
61,254
 
 
 
671,508
Software - 15.7%
 
 
 
Adobe, Inc. (a)
 
95,000
48,441
Autodesk, Inc. (a)
 
85,589
17,709
Cadence Design Systems, Inc. (a)
 
262,500
61,504
Fortinet, Inc. (a)
 
1,173,000
68,832
Microsoft Corp.
 
2,083,000
657,705
Roper Technologies, Inc.
 
66,000
31,962
Salesforce, Inc. (a)
 
294,500
59,719
Synopsys, Inc. (a)
 
50,000
22,949
 
 
 
968,821
Technology Hardware, Storage & Peripherals - 9.7%
 
 
 
Apple, Inc.
 
3,489,900
597,506
TOTAL INFORMATION TECHNOLOGY
 
 
2,324,773
MATERIALS - 0.3%
 
 
 
Metals & Mining - 0.3%
 
 
 
Steel Dynamics, Inc.
 
200,000
21,444
UTILITIES - 0.8%
 
 
 
Electric Utilities - 0.8%
 
 
 
NextEra Energy, Inc.
 
805,000
46,118
 
TOTAL COMMON STOCKS
 (Cost $2,706,437)
 
 
 
6,056,557
 
 
 
 
Money Market Funds - 1.7%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 5.39% (d)
 
104,776,641
104,798
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
 
3,200,380
3,201
 
TOTAL MONEY MARKET FUNDS
 (Cost $107,997)
 
 
107,999
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $2,814,434)
 
 
 
6,164,556
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(2,256)
NET ASSETS - 100.0%
6,162,300
 
 
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,779,000 or 0.0% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(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.
 
(e)
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 (Amounts in thousands)
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 5.39%
155,558
324,244
375,004
1,417
-
-
104,798
0.2%
Fidelity Securities Lending Cash Central Fund 5.39%
-
45,131
41,930
12
-
-
3,201
0.0%
Total
155,558
369,375
416,934
1,429
-
-
107,999
 
 
 
 
 
 
 
 
 
 
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.
 
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