Consolidated Quarterly Holdings Report
for
Fidelity® Growth Company Fund
February 28, 2026
GCF-NPRT1-0426
1.797941.122
Common Stocks - 96.3%
 
 
Shares
Value ($)
 
BELGIUM - 0.1%
 
 
 
Health Care - 0.1%
 
 
 
Pharmaceuticals - 0.1%
 
 
 
AgomAb Therapeutics NV (f)
 
958,312
15,352,161
AgomAb Therapeutics NV ADR (b)
 
507,877
8,136,189
UCB SA
 
321,829
95,942,915
 
 
 
 
TOTAL BELGIUM
 
 
119,431,265
CANADA - 0.7%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Textiles, Apparel & Luxury Goods - 0.0%
 
 
 
Canada Goose Holdings Inc Subordinate Voting Shares (c)
 
1,245,388
15,338,527
Energy - 0.1%
 
 
 
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Cameco Corp (United States)
 
672,908
79,672,307
Information Technology - 0.1%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Celestica Inc (United States) (c)
 
43,608
12,106,889
IT Services - 0.1%
 
 
 
Shopify Inc Class A (c)
 
780,430
94,214,588
Software - 0.0%
 
 
 
Taalas Inc warrants (c)(d)(e)
 
1,768,822
2,140,274
TOTAL INFORMATION TECHNOLOGY
 
 
108,461,751
Materials - 0.5%
 
 
 
Metals & Mining - 0.5%
 
 
 
Agnico Eagle Mines Ltd/CA (United States)
 
413,757
104,101,261
Barrick Mining Corp (b)
 
2,448,224
124,219,482
Franco-Nevada Corp (United States)
 
147,823
41,480,612
Kinross Gold Corp (United States)
 
765,720
28,323,983
Novagold Resources Inc (United States) (c)
 
3,695,300
49,221,396
TOTAL MATERIALS
 
 
347,346,734
TOTAL CANADA
 
 
550,819,319
CHINA - 0.3%
 
 
 
Consumer Discretionary - 0.3%
 
 
 
Broadline Retail - 0.1%
 
 
 
Alibaba Group Holding Ltd ADR (b)
 
602,806
86,870,373
Hotels, Restaurants & Leisure - 0.2%
 
 
 
Atour Lifestyle Holdings Ltd ADR
 
1,604,333
63,002,157
Luckin Coffee Inc ADR (c)
 
1,652,901
57,818,477
 
 
 
120,820,634
TOTAL CONSUMER DISCRETIONARY
 
 
207,691,007
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Ant International Co Ltd Class C (d)(e)
 
1,755,314
2,826,055
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Zai Lab Ltd ADR (b)(c)
 
332,190
6,384,692
TOTAL CHINA
 
 
216,901,754
DENMARK - 0.1%
 
 
 
Health Care - 0.1%
 
 
 
Biotechnology - 0.1%
 
 
 
Ascendis Pharma A/S ADR (c)
 
54,161
12,646,594
Galecto Inc (c)
 
1,758,674
52,021,577
Zealand Pharma A/S (c)
 
771,096
44,361,554
 
 
 
109,029,725
Pharmaceuticals - 0.0%
 
 
 
Novo Nordisk A/S Class B ADR
 
20,422
764,804
TOTAL DENMARK
 
 
109,794,529
FINLAND - 0.3%
 
 
 
Information Technology - 0.3%
 
 
 
Communications Equipment - 0.3%
 
 
 
Nokia Oyj ADR
 
36,543,066
282,112,470
FRANCE - 0.1%
 
 
 
Health Care - 0.1%
 
 
 
Biotechnology - 0.1%
 
 
 
Abivax SA ADR (c)
 
343,880
41,705,766
Health Care Technology - 0.0%
 
 
 
DNA Script SAS (c)(d)(e)
 
1,769
24,895
DNA Script SAS (c)(d)(e)
 
463
6,505
 
 
 
31,400
TOTAL FRANCE
 
 
41,737,166
GERMANY - 0.1%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Textiles, Apparel & Luxury Goods - 0.0%
 
 
 
Adidas AG
 
2,529
469,218
Birkenstock Holding Plc (c)
 
72,004
2,998,967
TOTAL CONSUMER DISCRETIONARY
 
 
3,468,185
Health Care - 0.1%
 
 
 
Biotechnology - 0.1%
 
 
 
BioNTech SE ADR (c)
 
570,401
62,875,303
Tubulis GmbH (d)(e)(g)
 
7,200
2,584,414
TOTAL HEALTH CARE
 
 
65,459,717
TOTAL GERMANY
 
 
68,927,902
INDIA - 0.3%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Broadline Retail - 0.1%
 
 
 
Meesho (f)
 
33,305,674
58,544,830
Meesho
 
187,290
329,219
 
 
 
58,874,049
Hotels, Restaurants & Leisure - 0.1%
 
 
 
Eternal Ltd (c)
 
9,483,800
25,663,996
MakeMyTrip Ltd (b)(c)
 
433,416
24,475,002
 
 
 
50,138,998
Specialty Retail - 0.0%
 
 
 
Lenskart Solutions Ltd (c)
 
688,388
4,064,512
TOTAL CONSUMER DISCRETIONARY
 
 
113,077,559
Energy - 0.0%
 
 
 
Oil, Gas & Consumable Fuels - 0.0%
 
 
 
Reliance Industries Ltd
 
1,524,376
23,345,394
Financials - 0.1%
 
 
 
Banks - 0.1%
 
 
 
HDFC Bank Ltd ADR
 
1,693,525
53,938,772
Financial Services - 0.0%
 
 
 
Jio Financial Services Ltd
 
2,318,738
6,506,539
Pine Labs Ltd (f)
 
3,440,279
7,189,596
 
 
 
13,696,135
TOTAL FINANCIALS
 
 
67,634,907
Industrials - 0.0%
 
 
 
Air Freight & Logistics - 0.0%
 
 
 
Delhivery Ltd (c)
 
2,269,100
10,804,881
TOTAL INDIA
 
 
214,862,741
IRELAND - 0.1%
 
 
 
Health Care - 0.1%
 
 
 
Biotechnology - 0.0%
 
 
 
Prothena Corp PLC (c)
 
2,294,229
19,890,965
Pharmaceuticals - 0.1%
 
 
 
GH Research PLC (c)
 
1,556,899
23,119,951
TOTAL IRELAND
 
 
43,010,916
ISRAEL - 0.0%
 
 
 
Consumer Staples - 0.0%
 
 
 
Personal Care Products - 0.0%
 
 
 
Oddity Tech Ltd Class A (b)(c)
 
744,938
8,767,920
Information Technology - 0.0%
 
 
 
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
Xsight Labs Ltd warrants 7/24/2032 (c)(d)(e)
 
391,041
543,547
TOTAL ISRAEL
 
 
9,311,467
ITALY - 0.0%
 
 
 
Industrials - 0.0%
 
 
 
Passenger Airlines - 0.0%
 
 
 
Ryanair Holdings PLC ADR
 
54,266
3,662,412
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Bending Spoons SpA Class C (d)(e)
 
55,200
4,937,481
TOTAL ITALY
 
 
8,599,893
JAPAN - 0.3%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Broadline Retail - 0.0%
 
 
 
Rakuten Group Inc (c)
 
447,378
2,372,322
Industrials - 0.1%
 
 
 
Machinery - 0.1%
 
 
 
Mitsubishi Heavy Industries Ltd
 
1,992,204
63,507,271
Information Technology - 0.2%
 
 
 
Semiconductors & Semiconductor Equipment - 0.2%
 
 
 
Allegro MicroSystems Inc (c)
 
611,886
22,315,482
Kioxia Holdings Corp (c)
 
1,250,851
169,887,938
TOTAL INFORMATION TECHNOLOGY
 
 
192,203,420
TOTAL JAPAN
 
 
258,083,013
KOREA (SOUTH) - 0.1%
 
 
 
Information Technology - 0.1%
 
 
 
Technology Hardware, Storage & Peripherals - 0.1%
 
 
 
Samsung Electronics Co Ltd
 
323,515
48,636,880
MEXICO - 0.0%
 
 
 
Consumer Staples - 0.0%
 
 
 
Consumer Staples Distribution & Retail - 0.0%
 
 
 
BBB Foods Inc Class A (c)
 
971,121
35,397,360
NETHERLANDS - 0.6%
 
 
 
Health Care - 0.6%
 
 
 
Biotechnology - 0.6%
 
 
 
Argenx SE ADR (c)
 
609,066
467,104,897
Pharmaceuticals - 0.0%
 
 
 
Pharvaris NV (c)
 
1,256,990
35,685,946
TOTAL HEALTH CARE
 
 
502,790,843
Information Technology - 0.0%
 
 
 
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
ASML Holding NV depository receipt
 
10,932
15,857,522
TOTAL NETHERLANDS
 
 
518,648,365
POLAND - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Specialty Retail - 0.0%
 
 
 
Modivo SA (b)(c)
 
544,703
16,905,969
RUSSIA - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Broadline Retail - 0.0%
 
 
 
Ozon Holdings PLC ADR (b)(c)(d)
 
100
0
SWITZERLAND - 0.5%
 
 
 
Consumer Discretionary - 0.4%
 
 
 
Textiles, Apparel & Luxury Goods - 0.4%
 
 
 
On Holding AG Class A (c)
 
7,328,305
340,619,616
Health Care - 0.1%
 
 
 
Biotechnology - 0.1%
 
 
 
CRISPR Therapeutics AG (b)(c)
 
593,059
35,666,569
Idorsia Ltd (c)
 
4,668,892
23,774,094
 
 
 
59,440,663
Pharmaceuticals - 0.0%
 
 
 
Galderma Group AG
 
267,485
50,477,100
TOTAL HEALTH CARE
 
 
109,917,763
Information Technology - 0.0%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
TE Connectivity PLC
 
11,506
2,648,106
TOTAL SWITZERLAND
 
 
453,185,485
TAIWAN - 0.3%
 
 
 
Information Technology - 0.3%
 
 
 
Semiconductors & Semiconductor Equipment - 0.3%
 
 
 
Silicon Motion Technology Corp ADR
 
143,916
18,598,264
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
550,384
206,162,839
 
 
 
 
TOTAL TAIWAN
 
 
224,761,103
UNITED KINGDOM - 0.1%
 
 
 
Consumer Staples - 0.0%
 
 
 
Personal Care Products - 0.0%
 
 
 
Unilever PLC ADR
 
10,500
774,374
Tobacco - 0.0%
 
 
 
British American Tobacco PLC ADR
 
313,100
19,615,715
TOTAL CONSUMER STAPLES
 
 
20,390,089
Financials - 0.0%
 
 
 
Capital Markets - 0.0%
 
 
 
3i Group PLC
 
210,638
9,410,437
Financial Services - 0.0%
 
 
 
Revolut Group Holdings Ltd (c)(d)(e)
 
13,544
19,003,316
TOTAL FINANCIALS
 
 
28,413,753
Health Care - 0.1%
 
 
 
Biotechnology - 0.1%
 
 
 
Immunocore Holdings PLC ADR (c)
 
1,179,792
38,107,282
TOTAL UNITED KINGDOM
 
 
86,911,124
UNITED STATES - 92.3%
 
 
 
Communication Services - 12.6%
 
 
 
Diversified Telecommunication Services - 0.1%
 
 
 
Cogent Communications Holdings Inc
 
235,039
4,409,332
Comcast Corp Class A
 
296,190
9,170,042
Lumen Technologies Inc (c)
 
7,986,504
56,784,043
 
 
 
70,363,417
Entertainment - 1.5%
 
 
 
Netflix Inc (c)
 
9,982,316
960,698,092
ROBLOX Corp Class A (c)
 
2,499,609
171,623,154
Roku Inc Class A (c)
 
364,481
35,868,575
Spotify Technology SA (c)
 
80,127
41,260,597
Walt Disney Co/The
 
18,524
1,964,285
 
 
 
1,211,414,703
Interactive Media & Services - 10.8%
 
 
 
Alphabet Inc Class A
 
11,460,800
3,573,019,009
Alphabet Inc Class C
 
7,535,991
2,346,933,677
Epic Games Inc (c)(d)(e)
 
51,800
26,439,238
Meta Platforms Inc Class A
 
4,422,772
2,866,752,355
Reddit Inc Class A (c)
 
181,317
26,437,832
Reddit Inc Class B (c)
 
289,383
42,194,935
Snap Inc Class A (c)
 
688,994
3,589,659
 
 
 
8,885,366,705
Media - 0.0%
 
 
 
Trade Desk Inc (The) Class A (c)
 
72,279
1,721,686
Versant Media Group Inc Class A
 
11,847
394,742
 
 
 
2,116,428
Wireless Telecommunication Services - 0.2%
 
 
 
T-Mobile US Inc
 
855,615
185,745,460
TOTAL COMMUNICATION SERVICES
 
 
10,355,006,713
Consumer Discretionary - 11.0%
 
 
 
Automobiles - 1.9%
 
 
 
Neutron Holdings Inc (c)(d)(e)
 
1,546,251
141,327
Rad Power Bikes Inc (c)(d)(e)
 
1,182,568
12
Rad Power Bikes Inc warrants 10/6/2033 (c)(d)(e)
 
985,838
10
Rivian Automotive Inc Class A (b)(c)
 
1,278,248
19,595,542
Tesla Inc (c)
 
3,809,987
1,533,557,867
 
 
 
1,553,294,758
Broadline Retail - 5.2%
 
 
 
Amazon.com Inc (c)
 
18,852,605
3,959,047,050
Ollie's Bargain Outlet Holdings Inc (c)
 
2,251,735
241,160,819
 
 
 
4,200,207,869
Hotels, Restaurants & Leisure - 0.9%
 
 
 
Airbnb Inc Class A (c)
 
240,854
32,541,784
Black Rock Coffee Bar Inc Class A
 
310,878
4,147,113
Booking Holdings Inc
 
47,269
200,389,836
Brinker International Inc (c)
 
745,287
110,451,533
Cava Group Inc (c)
 
158,269
13,052,444
Chipotle Mexican Grill Inc (c)
 
1,982,003
73,770,152
DoorDash Inc Class A (c)
 
238,512
42,090,213
Dutch Bros Inc Class A (c)
 
170,094
9,118,739
Expedia Group Inc Class A
 
17,799
3,839,066
Hyatt Hotels Corp Class A (b)
 
23,500
3,795,250
Marriott International Inc/MD Class A1
 
352,129
120,333,043
McDonald's Corp
 
31,364
10,697,006
Shake Shack Inc Class A (c)
 
71,032
6,819,782
Starbucks Corp
 
769,501
75,426,488
Viking Holdings Ltd (c)
 
262,994
20,518,792
Wingstop Inc
 
76,844
19,941,786
Yum! Brands Inc
 
57,800
9,719,648
 
 
 
756,652,675
Household Durables - 0.4%
 
 
 
DR Horton Inc
 
121,522
19,490,913
Garmin Ltd
 
428,585
108,359,146
Lennar Corp Class A
 
202,024
23,103,465
SharkNinja Inc (c)
 
978,876
120,274,494
Somnigroup International Inc
 
723,437
64,754,846
Toll Brothers Inc
 
159,351
25,056,351
 
 
 
361,039,215
Leisure Products - 0.0%
 
 
 
Peloton Interactive Inc Class A (b)(c)
 
787,260
3,164,785
Specialty Retail - 2.0%
 
 
 
Carvana Co Class A (c)
 
281,864
94,187,674
Dick's Sporting Goods Inc
 
509,211
103,690,636
Fanatics Inc Class A (c)(d)(e)
 
730,532
63,797,360
Floor & Decor Holdings Inc Class A (c)
 
220,789
15,254,312
Home Depot Inc/The
 
1,138,046
433,276,873
Lowe's Cos Inc
 
398,083
105,320,819
Revolve Group Inc Class A (c)
 
1,984,060
49,918,950
RH (c)
 
67,791
11,233,646
Ross Stores Inc
 
188,654
38,794,809
TJX Cos Inc/The
 
2,716,245
439,108,167
Wayfair Inc Class A (c)
 
4,295,076
327,843,151
 
 
 
1,682,426,397
Textiles, Apparel & Luxury Goods - 0.6%
 
 
 
Deckers Outdoor Corp (c)
 
1,970,684
231,102,113
Lululemon Athletica Inc (c)
 
650,641
120,479,194
NIKE Inc Class B
 
1,069,765
66,517,988
Tory Burch LLC Class A (c)(d)(e)(g)
 
950,844
36,198,631
Tory Burch LLC Class B (c)(d)(e)(g)
 
324,840
12,366,651
VF Corp
 
624,334
12,124,566
 
 
 
478,789,143
TOTAL CONSUMER DISCRETIONARY
 
 
9,035,574,842
Consumer Staples - 2.4%
 
 
 
Beverages - 0.8%
 
 
 
Celsius Holdings Inc (c)
 
320,979
17,207,684
Coca-Cola Co/The
 
5,532,698
451,246,849
Constellation Brands Inc Class A
 
1,198
189,116
Keurig Dr Pepper Inc
 
2,180,510
66,025,843
Monster Beverage Corp (c)
 
697,348
59,483,784
PepsiCo Inc
 
310,878
52,768,432
 
 
 
646,921,708
Consumer Staples Distribution & Retail - 0.6%
 
 
 
Costco Wholesale Corp
 
375,779
379,833,656
Kroger Co/The
 
550,175
37,543,942
Maplebear Inc (c)
 
134,818
5,057,023
Sprouts Farmers Market Inc (c)
 
214,037
15,810,913
Target Corp
 
214,348
24,390,659
Walmart Inc
 
443,123
56,697,588
 
 
 
519,333,781
Food Products - 0.1%
 
 
 
Bunge Global SA
 
216,249
26,090,442
Hershey Co/The
 
104,925
24,791,679
Mondelez International Inc
 
391,151
24,087,078
 
 
 
74,969,199
Household Products - 0.1%
 
 
 
Church & Dwight Co Inc
 
125,401
13,149,549
Clorox Co/The
 
34,971
4,446,912
Colgate-Palmolive Co
 
356,239
35,317,534
Procter & Gamble Co/The
 
278,863
46,625,894
 
 
 
99,539,889
Personal Care Products - 0.0%
 
 
 
Beauty Health Co/The (c)
 
2,560,817
2,663,250
Beauty Health Co/The Class A (b)(c)
 
3,771,377
3,922,232
Kenvue Inc
 
726,899
13,898,309
 
 
 
20,483,791
Tobacco - 0.8%
 
 
 
JUUL Labs Inc Class A (c)(d)(e)
 
11,552,032
22,873,023
Philip Morris International Inc
 
3,315,924
619,514,081
 
 
 
642,387,104
TOTAL CONSUMER STAPLES
 
 
2,003,635,472
Energy - 0.3%
 
 
 
Energy Equipment & Services - 0.1%
 
 
 
Baker Hughes Co Class A
 
590,091
38,509,339
Halliburton Co
 
473,162
17,033,832
 
 
 
55,543,171
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
EOG Resources Inc
 
31,811
3,947,109
EQT Corp
 
804,209
49,394,517
Exxon Mobil Corp
 
71,200
10,858,000
Range Resources Corp
 
1,607,980
66,377,414
Valero Energy Corp
 
194,066
39,713,666
 
 
 
170,290,706
TOTAL ENERGY
 
 
225,833,877
Financials - 3.1%
 
 
 
Banks - 0.5%
 
 
 
Bank of America Corp
 
2,893,321
144,174,186
JPMorgan Chase & Co
 
463,945
139,322,684
US Bancorp
 
328,143
17,936,296
Wells Fargo & Co
 
1,318,234
107,370,159
 
 
 
408,803,325
Capital Markets - 0.5%
 
 
 
Blackrock Inc
 
97,384
103,541,590
Coinbase Global Inc Class A (c)
 
9,944
1,748,652
Goldman Sachs Group Inc/The
 
121,867
104,753,217
Robinhood Markets Inc Class A (c)
 
2,865,865
217,375,861
 
 
 
427,419,320
Consumer Finance - 0.1%
 
 
 
American Express Co
 
202,235
62,470,392
Figure Technology Solutions Inc Class A (b)
 
153,504
3,880,581
 
 
 
66,350,973
Financial Services - 2.0%
 
 
 
Apollo Global Management Inc
 
356,811
37,322,431
Block Inc Class A (c)
 
139,567
8,890,418
Mastercard Inc Class A
 
1,266,689
655,144,218
PayPal Holdings Inc
 
476,400
22,014,444
Perceptive Capital Solutions Corp (d)(e)(h)
 
246,993
2,469,929
Toast Inc Class A (c)
 
1,842,656
50,322,935
Visa Inc Class A
 
2,747,005
879,426,181
 
 
 
1,655,590,556
TOTAL FINANCIALS
 
 
2,558,164,174
Health Care - 10.5%
 
 
 
Biotechnology - 6.2%
 
 
 
AbbVie Inc
 
450,420
104,533,474
Absci Corp (b)(c)
 
6,910,182
18,933,899
Akouos Inc (b)(c)(d)
 
1,254,446
238,345
Alnylam Pharmaceuticals Inc (c)
 
1,300,974
433,120,264
Amgen Inc
 
416,999
161,862,332
Antares Therapeutics Inc (d)
 
159,408
130,714
Apogee Therapeutics Inc (c)
 
1,698,393
118,887,510
ArriVent Biopharma Inc (c)
 
324,040
7,443,199
Arrowhead Pharmaceuticals Inc (c)
 
2,012,271
127,316,386
aTyr Pharma Inc (b)(c)
 
4,228,832
4,058,833
Beam Therapeutics Inc (c)
 
3,220,520
91,655,999
BeOne Medicines Ltd ADR (c)
 
624,896
198,085,783
Biogen Inc (c)
 
120,535
23,121,024
Biohaven Ltd (c)
 
161,179
1,856,782
Biomea Fusion Inc (c)
 
2,711,793
3,715,156
Biomea Fusion Inc warrants 12/20/2026 (c)
 
801,300
31,145
Boundless Bio Inc (c)
 
900,270
1,044,313
CAMP4 Therapeutics Corp (e)
 
422,196
1,895,660
CAMP4 Therapeutics Corp (c)
 
400,071
1,796,319
Candel Therapeutics Inc (c)
 
1,736,572
9,117,003
Caris Life Sciences Inc (c)
 
1,235,594
24,884,863
Cartesian Therapeutics Inc (c)
 
319,342
2,423,806
Cibus Inc Class A (c)
 
2,603,922
9,608,472
Crescent Biopharma Inc (c)(e)
 
646,839
7,820,284
Crescent Biopharma Inc (c)
 
292,679
3,538,489
Day One Biopharmaceuticals Inc (c)
 
772,697
8,190,588
Denali Therapeutics Inc (c)
 
1,454,450
30,805,251
Deverra Therapeutics (c)(d)(e)
 
59,780
0
Dianthus Therapeutics Inc (c)
 
1,184,217
65,356,936
Disc Medicine Inc (c)
 
54,692
3,643,581
Dyne Therapeutics Inc (c)
 
1,754,205
27,400,682
Eikon Therapeutics Inc (c)
 
436,200
6,010,836
Foghorn Therapeutics Inc (c)
 
1,836,447
10,431,019
Generate Biomedicines Inc (f)
 
1,035,398
13,097,785
Generate Biomedicines Inc
 
342,600
5,481,600
Ideaya Biosciences Inc (c)
 
4,166,928
134,175,082
Immuneering Corp (c)
 
2,845,687
14,199,978
Immunome Inc (b)(c)
 
4,507,411
98,532,004
Immunovant Inc (c)
 
5,035,631
139,638,048
Insmed Inc (c)
 
513,121
76,624,359
Ionis Pharmaceuticals Inc (c)
 
8,169,635
662,965,880
Jade Biosciences Inc
 
1,009,957
14,977,662
Krystal Biotech Inc (c)
 
775,525
213,765,711
Kymera Therapeutics Inc (c)
 
2,064,507
188,592,714
Moderna Inc (c)
 
4,862,597
260,489,321
Natera Inc (c)
 
9,400
1,955,576
Nurix Therapeutics Inc (c)
 
646,065
10,317,658
Nuvalent Inc Class A (c)
 
1,452,784
148,111,329
Odyssey Therapeutics Inc warrants (c)(d)
 
769,024
899,758
ORIC Pharmaceuticals Inc (b)(c)
 
718,374
9,662,130
Oruka Therapeutics Inc (c)
 
407,426
14,019,529
Oruka Therapeutics Inc (c)(e)
 
344,066
11,839,311
Praxis Precision Medicines Inc (c)
 
107,513
36,205,003
Recursion Pharmaceuticals Inc Class A (b)(c)
 
1,109,988
4,073,656
Regeneron Pharmaceuticals Inc
 
107,434
83,977,935
Revolution Medicines Inc (c)
 
2,511,042
256,176,505
Roivant Sciences Ltd (c)
 
21,793,965
630,717,347
Sana Biotechnology Inc (b)(c)
 
10,508,590
44,241,164
Scholar Rock Holding Corp (c)
 
3,889,510
172,188,608
Sigilon Therapeutics Inc rights (c)(d)
 
28,234
247,895
Spyre Therapeutics Inc (c)
 
2,268,205
97,555,497
Summit Therapeutics Inc (b)(c)
 
2,386,237
39,587,672
Taysha Gene Therapies Inc (c)
 
4,176,103
18,917,747
Tectonic Therapeutic Inc (b)(c)
 
702,455
16,472,570
UNITY Biotechnology Inc warrants 8/22/2027 (c)(d)
 
1,883,637
18
Upstream Bio Inc (c)
 
254,057
1,951,158
Vaxcyte Inc (c)
 
657,933
40,620,783
Vera Therapeutics Inc Class A (c)
 
872,624
35,594,333
Vertex Pharmaceuticals Inc (c)
 
181,265
90,057,890
 
 
 
5,096,890,163
Health Care Equipment & Supplies - 0.6%
 
 
 
Abbott Laboratories
 
109,329
12,720,429
Blink Health LLC Class A1 (c)(d)(e)
 
250,304
8,718,088
Boston Scientific Corp (c)
 
359,994
27,665,539
Ceribell Inc (c)
 
247,845
4,627,266
Dexcom Inc (c)
 
350,296
25,722,235
GE HealthCare Technologies Inc
 
287,335
24,213,720
Intuitive Surgical Inc (c)
 
517,149
260,389,694
Medical Microinstruments Inc/Italy warrants 2/16/2031 (c)(d)(e)
 
11,774
148,941
Medline Inc Class A
 
1,051,120
49,938,711
Novocure Ltd (c)
 
5,535,017
75,663,682
PROCEPT BioRobotics Corp (b)(c)
 
695,417
15,779,012
Saluda Medical Inc (e)(f)
 
327,633
2,424,865
Saluda Medical Inc depository receipt
 
1,992,511
1,474,689
Saluda Medical Inc warrants (c)(e)(f)
 
1
0
 
 
 
509,486,871
Health Care Providers & Services - 0.3%
 
 
 
Alignment Healthcare Inc (c)
 
1,455,019
27,965,465
Blue Marlin Therapeutics, Inc. (d)
 
895
55,937
Cardinal Health Inc
 
155,552
35,657,185
Conformal Medical Inc (d)(e)
 
1,240,316
86,823
Conformal Medical Inc (d)(e)
 
1,240,316
24,806
Conformal Medical Inc (d)(e)
 
1,240,316
12,403
Conformal Medical Inc (d)(e)
 
1,240,316
12
CVS Health Corp
 
335,128
26,776,727
Guardant Health Inc (c)
 
33,300
3,126,870
HCA Healthcare Inc
 
119,595
63,349,472
McKesson Corp
 
97,759
96,524,304
Omada Health Inc
 
1,008,543
12,384,908
Scorpion Therapeutics Inc (d)(e)
 
2,530,180
860,261
Scorpion Therapeutics Inc (d)(e)
 
2,530,180
25
Scorpion Therapeutics Inc rights (c)(d)(e)
 
2,530,180
2,074,748
 
 
 
268,899,946
Health Care Technology - 0.0%
 
 
 
HeartFlow Inc (b)
 
502,004
11,626,413
Prognomiq Inc (c)(d)(e)
 
183,441
31,184
Wugen Inc warrants 8/22/2035 (c)(d)(e)
 
134,529
230,045
 
 
 
11,887,642
Life Sciences Tools & Services - 0.2%
 
 
 
10X Genomics Inc Class A (c)
 
143,225
3,301,336
Danaher Corp
 
189,289
39,871,835
Repligen Corp (c)
 
19,900
2,561,727
Thermo Fisher Scientific Inc
 
196,136
102,208,431
 
 
 
147,943,329
Pharmaceuticals - 3.2%
 
 
 
Adimab LLC (c)(d)(e)(g)
 
3,162,765
33,493,681
Adimab LLC (c)(d)(e)(g)
 
3,162,765
14,864,996
Amylyx Pharmaceuticals Inc (c)
 
341,806
5,185,197
Atea Pharmaceuticals Inc (c)
 
2,574,648
12,049,353
Bristol-Myers Squibb Co
 
316,967
19,769,232
Crinetics Pharmaceuticals Inc (c)
 
558,717
22,963,269
Eli Lilly & Co
 
1,885,240
1,983,253,628
Harmony Biosciences Holdings Inc (c)
 
1,007,798
28,762,555
LENZ Therapeutics Inc (b)(c)
 
1,228,633
16,574,259
Lexicon Pharmaceuticals Inc (c)
 
14,340,900
21,081,123
Maze Therapeutics Inc (c)
 
95,238
4,341,900
Nektar Therapeutics (c)
 
1,175,797
81,106,477
Nuvation Bio Inc Class A (c)
 
16,933,576
100,077,434
Ocular Therapeutix Inc (c)
 
9,407,032
84,098,866
Optinose Inc (d)
 
364,134
4
Optinose Inc warrants 11/23/2027 (c)(d)
 
694,735
7
Pfizer Inc
 
79,348
2,193,972
Pfizer Inc rights (c)(d)
 
3,876,351
21,048,586
Rapport Therapeutics Inc (c)
 
1,995,667
57,934,213
Roche Holding AG non-voting shares
 
33,720
16,047,397
Roche Holding AG rights (c)(d)
 
3,405,875
5,687,811
Sienna Biopharmaceuticals Inc (c)(d)
 
1,339,097
13
Skyhawk Therapeutics Inc (c)(d)(e)
 
685,380
38,045,444
Skyhawk Therapeutics Inc rights 5/23/2028 (c)(d)
 
481,725
5
Structure Therapeutics Inc ADR (c)
 
230,777
14,534,335
Tarsus Pharmaceuticals Inc (c)
 
228,960
17,291,059
Trevi Therapeutics Inc (c)
 
393,400
4,689,328
VeraDermics Inc (b)
 
590,162
27,058,928
WaVe Life Sciences Ltd (c)
 
1,661,909
23,150,392
 
 
 
2,655,303,464
TOTAL HEALTH CARE
 
 
8,690,411,415
Industrials - 4.2%
 
 
 
Aerospace & Defense - 2.1%
 
 
 
Anduril Industries Inc Class B (d)(e)
 
4,798
304,865
Anduril Industries Inc Class C (d)(e)
 
2
127
Beta Technologies Inc (f)
 
1,308,267
24,595,420
Beta Technologies Inc Class A (c)
 
917,026
17,240,088
Boeing Co (c)
 
548,300
124,754,699
GE Aerospace
 
860,610
294,552,379
Lockheed Martin Corp
 
22,400
14,740,992
Space Exploration Technologies Corp (c)(d)(e)
 
2,303,798
1,213,156,989
 
 
 
1,689,345,559
Air Freight & Logistics - 0.0%
 
 
 
United Parcel Service Inc Class B
 
229,933
26,663,031
Construction & Engineering - 0.2%
 
 
 
Comfort Systems USA Inc
 
46,999
67,178,961
Fluor Corp (c)
 
395,003
20,662,607
Quanta Services Inc
 
123,916
69,774,621
 
 
 
157,616,189
Electrical Equipment - 0.5%
 
 
 
Eaton Corp PLC
 
127,765
48,029,419
Emerson Electric Co
 
155,036
23,371,677
GE Vernova Inc
 
285,457
249,375,235
Vertiv Holdings Co Class A
 
319,933
81,547,722
 
 
 
402,324,053
Ground Transportation - 0.3%
 
 
 
Avis Budget Group Inc (b)(c)
 
85,041
8,283,844
Old Dominion Freight Line Inc
 
134,068
27,222,507
Uber Technologies Inc (c)
 
2,828,556
213,329,694
Union Pacific Corp
 
8,900
2,358,322
 
 
 
251,194,367
Industrial Conglomerates - 0.1%
 
 
 
3M Co
 
129,807
21,459,693
Honeywell International Inc
 
212,452
51,751,183
 
 
 
73,210,876
Machinery - 0.3%
 
 
 
Caterpillar Inc
 
231,751
172,151,595
Deere & Co
 
77,456
48,774,818
Illinois Tool Works Inc
 
131,845
38,318,112
 
 
 
259,244,525
Passenger Airlines - 0.7%
 
 
 
Alaska Air Group Inc (c)
 
666,385
34,385,466
Delta Air Lines Inc
 
2,125,579
139,650,540
JetBlue Airways Corp (c)
 
1,327,900
7,356,566
Southwest Airlines Co
 
2,884,234
142,077,367
United Airlines Holdings Inc (c)
 
2,524,709
268,376,567
Wheels Up Experience Inc Class A rights (c)(d)
 
80,889
1
Wheels Up Experience Inc Stage 1 rights (c)(d)
 
80,889
1
Wheels Up Experience Inc Stage 3 rights (c)(d)
 
80,890
0
 
 
 
591,846,508
Trading Companies & Distributors - 0.0%
 
 
 
EquipmentShare.com Inc Class A (b)(c)
 
244,100
7,083,782
TOTAL INDUSTRIALS
 
 
3,458,528,890
Information Technology - 47.7%
 
 
 
Communications Equipment - 3.7%
 
 
 
Arista Networks Inc (c)
 
968,298
129,267,783
Ciena Corp (c)
 
6,827,273
2,380,670,095
Lumentum Holdings Inc (c)
 
736,018
515,882,376
 
 
 
3,025,820,254
Electronic Equipment, Instruments & Components - 1.2%
 
 
 
Coherent Corp (c)
 
1,777,303
460,197,065
Corning Inc
 
3,677,328
552,996,585
 
 
 
1,013,193,650
IT Services - 0.7%
 
 
 
Akamai Technologies Inc (c)
 
330,585
32,526,258
Cloudflare Inc Class A (c)
 
2,428,613
418,182,872
CoreWeave Inc Class A (b)(c)
 
352,326
28,031,057
Fastly Inc Class A (c)
 
1,231,400
23,544,368
IBM Corporation
 
123,858
29,751,930
Kyndryl Holdings Inc (c)
 
438,966
5,412,451
MongoDB Inc Class A (c)
 
17,777
5,839,211
Okta Inc Class A (c)
 
344,711
24,991,548
Snowflake Inc (c)
 
177,246
29,849,999
 
 
 
598,129,694
Semiconductors & Semiconductor Equipment - 20.3%
 
 
 
Advanced Micro Devices Inc (c)
 
883,655
176,916,568
Applied Materials Inc
 
343,469
127,873,509
ARM Holdings PLC ADR (c)
 
78,747
10,036,305
Astera Labs Inc (c)
 
2,442,695
290,265,447
Broadcom Inc
 
4,615,815
1,474,983,683
Cirrus Logic Inc (c)
 
29,378
4,145,822
First Solar Inc (c)
 
35,559
7,012,235
GlobalFoundries Inc (c)
 
732,472
34,829,044
Impinj Inc (c)
 
942,247
115,576,017
Intel Corp (c)
 
577,620
26,345,248
KLA Corp
 
175,667
267,813,125
Lam Research Corp
 
644,697
150,788,181
Marvell Technology Inc
 
2,893,280
236,352,043
Micron Technology Inc
 
145,526
60,010,557
Monolithic Power Systems Inc
 
70,709
80,802,003
NVIDIA Corp
 
73,008,315
12,936,343,335
ON Semiconductor Corp (c)
 
815,083
54,186,718
QUALCOMM Inc
 
374,249
53,278,088
Silicon Laboratories Inc (c)
 
458,742
93,826,501
SiTime Corp (c)
 
928,620
369,479,326
Teradyne Inc
 
477,200
152,718,316
Texas Instruments Inc
 
225,487
47,828,048
 
 
 
16,771,410,119
Software - 9.3%
 
 
 
Adobe Inc (c)
 
161,020
42,253,258
AppLovin Corp Class A (c)
 
1,304,109
566,987,470
Asapp Inc warrants 8/28/2028 (c)(d)(e)
 
1,007,060
503,530
Atlassian Corp Class A (c)
 
22,353
1,679,381
Autodesk Inc (c)
 
192,722
47,384,558
Canva Inc Class A (c)(d)(e)
 
9,474
12,759,488
Celestial AI Inc (d)(e)
 
1,325,820
39,775
Celestial AI Inc (d)(e)
 
1,325,820
13
Celestial AI Inc rights (c)(d)(e)
 
1,325,820
3,619,489
Celestial AI Inc rights (c)(d)(e)
 
1,325,820
2,784,222
Celestial AI Inc rights (c)(d)(e)
 
1,325,820
808,750
Circle Internet Group Inc Class A
 
157,702
13,158,655
Crowdstrike Holdings Inc Class A (c)
 
361,444
134,449,939
Datadog Inc Class A (c)
 
374,010
41,874,160
Figma Inc Class A
 
359,180
10,556,300
HubSpot Inc (c)
 
81,697
21,609,673
Intuit Inc
 
251,087
102,702,116
Microsoft Corp
 
12,754,995
5,009,396,736
Monday.com Ltd (c)
 
4,995
362,836
Netskope Inc Class A (b)(c)
 
213,079
2,301,253
Nutanix Inc Class A (c)(i)
 
13,833,610
529,550,591
OpenAI Group Pbc Class A (d)(e)
 
18,000
12,490,200
Oracle Corp
 
3,885,116
564,895,866
Palantir Technologies Inc Class A (c)
 
585,115
80,271,927
Palo Alto Networks Inc (c)
 
104,863
15,616,198
Rubrik Inc Class A (c)
 
769,657
39,991,378
Salesforce Inc
 
127,226
24,782,353
Servicenow Inc (c)
 
1,347,379
145,530,406
Stripe LLC Class B (c)(d)(e)
 
205,500
12,946,500
Workday Inc Class A (c)
 
138,333
18,503,422
Zoom Communications Inc Class A (c)
 
1,489,739
110,151,302
Zscaler Inc (c)
 
492,799
72,436,525
 
 
 
7,642,398,270
Technology Hardware, Storage & Peripherals - 12.5%
 
 
 
Apple Inc
 
23,804,905
6,288,779,803
Pure Storage Inc Class A (c)
 
16,297,923
1,046,652,615
Sandisk Corp/DE (c)
 
4,456,332
2,831,375,100
Western Digital Corp
 
519,231
145,228,911
 
 
 
10,312,036,429
TOTAL INFORMATION TECHNOLOGY
 
 
39,362,988,416
Materials - 0.4%
 
 
 
Chemicals - 0.1%
 
 
 
Corteva Inc
 
359,974
28,841,117
Farmers Business Network Inc (c)(d)
 
158,470
61,803
Farmers Business Network Inc warrants 9/27/2033 (c)(d)(e)
 
739,310
458,373
Mosaic Co/The
 
459,023
12,779,200
Solstice Advanced Materials Inc
 
45,512
3,573,147
 
 
 
45,713,640
Construction Materials - 0.0%
 
 
 
James Hardie Industries PLC (c)
 
435,832
10,612,509
Containers & Packaging - 0.0%
 
 
 
Avery Dennison Corp
 
32,000
6,283,200
Smurfit Westrock PLC
 
28,000
1,316,280
 
 
 
7,599,480
Metals & Mining - 0.3%
 
 
 
Freeport-McMoRan Inc
 
3,681,403
250,629,916
TOTAL MATERIALS
 
 
314,555,545
Real Estate - 0.1%
 
 
 
Health Care REITs - 0.0%
 
 
 
Welltower Inc
 
178,913
37,056,461
Real Estate Management & Development - 0.0%
 
 
 
CBRE Group Inc Class A (c)
 
203,168
29,999,787
Zillow Group Inc Class C (c)
 
111,222
4,962,725
 
 
 
34,962,512
Specialized REITs - 0.1%
 
 
 
American Tower Corp
 
218,015
41,828,358
Equinix Inc
 
14,144
13,779,933
 
 
 
55,608,291
TOTAL REAL ESTATE
 
 
127,627,264
TOTAL UNITED STATES
 
 
76,132,326,608
 
TOTAL COMMON STOCKS
 (Cost $26,027,620,664)
 
 
 
79,440,365,329
 
 
 
 
Convertible Corporate Bonds - 0.1%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.1%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Automobiles - 0.1%
 
 
 
Neutron Holdings Inc 4% 5/22/2027 (d)(e)
 
3,596,400
15,410,934
Neutron Holdings Inc 4% 6/12/2027 (d)(e)
 
742,912
3,183,452
Neutron Holdings Inc 8% 10/29/2026 (d)(e)(k)
 
9,317,396
16,148,912
TOTAL CONSUMER DISCRETIONARY
 
 
34,743,298
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Tenstorrent Holdings Inc 15% 12/31/2026 (d)(e)
 
5,437,296
5,435,121
Health Care - 0.0%
 
 
 
Health Care Equipment & Supplies - 0.0%
 
 
 
Kardium Inc/US 10% 12/31/2026 (d)(e)
 
2,202,380
2,536,701
Health Care Technology - 0.0%
 
 
 
Wugen Inc 0% 12/31/2199 (d)(e)(j)
 
2,085,443
2,174,491
Pharmaceuticals - 0.0%
 
 
 
Galvanize Therapeutics 10% 2/28/2027 (d)(e)
 
1,438,534
1,879,733
TOTAL HEALTH CARE
 
 
6,590,925
Information Technology - 0.0%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Enevate Corp 10% 5/12/2199 (d)(e)
 
63,175
15,219
Software - 0.0%
 
 
 
Evozyne Inc 6% 9/13/2028 pay-in-kind (d)(e)
 
4,417,528
5,228,144
TOTAL INFORMATION TECHNOLOGY
 
 
5,243,363
Materials - 0.0%
 
 
 
Chemicals - 0.0%
 
 
 
Farmers Business Network Inc 15% 12/31/2199 (d)(e)
 
977,737
466,869
TOTAL UNITED STATES
 
 
52,479,576
 
TOTAL CONVERTIBLE CORPORATE BONDS
 (Cost $30,949,016)
 
 
 
52,479,576
 
 
 
 
Convertible Preferred Stocks - 3.5%
 
 
Shares
Value ($)
 
CANADA - 0.0%
 
 
 
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Deep Genomics Inc Series C (c)(d)(e)
 
682,293
7,900,953
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Taalas Inc Series B (c)(d)(e)
 
95,900
7,063,994
TOTAL CANADA
 
 
14,964,947
CHINA - 0.1%
 
 
 
Communication Services - 0.1%
 
 
 
Interactive Media & Services - 0.1%
 
 
 
Bytedance Ltd Series E1 (c)(d)(e)
 
403,450
99,026,803
ESTONIA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Bolt Technology OU Series E (c)(d)(e)
 
72,621
14,336,105
FINLAND - 0.2%
 
 
 
Health Care - 0.2%
 
 
 
Health Care Technology - 0.2%
 
 
 
Oura Health Oy Series D (c)(d)(e)
 
864,427
52,626,315
Oura Health Oy Series E (d)(e)
 
1,920,845
116,941,044
 
 
 
 
TOTAL FINLAND
 
 
169,567,359
FRANCE - 0.0%
 
 
 
Health Care - 0.0%
 
 
 
Health Care Technology - 0.0%
 
 
 
DNA Script SAS Series B (c)(d)(e)
 
22
398
DNA Script SAS Series C (c)(d)(e)
 
10,882
1,911,367
 
 
 
 
TOTAL FRANCE
 
 
1,911,765
INDIA - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Specialty Retail - 0.0%
 
 
 
Valuedrive Technologies Pvt Ltd Series A (e)
 
330
434,126
Valuedrive Technologies Pvt Ltd Series B (e)
 
663
872,199
Valuedrive Technologies Pvt Ltd Series G (d)(e)
 
4,246,500
1,763,135
 
 
 
 
TOTAL INDIA
 
 
3,069,460
ISRAEL - 0.0%
 
 
 
Health Care - 0.0%
 
 
 
Health Care Equipment & Supplies - 0.0%
 
 
 
InSightec Ltd Series G (c)(d)(e)
 
6,623,267
4,967,450
Industrials - 0.0%
 
 
 
Electrical Equipment - 0.0%
 
 
 
Element Labs Inc Series A (c)(d)(e)
 
530,700
4,579,942
Element Labs Inc Series B (d)(e)
 
286,800
2,733,204
TOTAL INDUSTRIALS
 
 
7,313,146
Information Technology - 0.0%
 
 
 
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
Xsight Labs Ltd Series D (c)(d)(e)
 
787,863
1,181,794
Xsight Labs Ltd Series F (d)(e)
 
1,303,469
5,474,570
TOTAL INFORMATION TECHNOLOGY
 
 
6,656,364
TOTAL ISRAEL
 
 
18,936,960
UNITED KINGDOM - 0.0%
 
 
 
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Quell Therapeutics Ltd Series B (c)(d)(e)
 
3,870,630
8,902,449
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
NScale Global Holdings Ltd Series B (d)(e)
 
17,700
22,839,195
TOTAL UNITED KINGDOM
 
 
31,741,644
UNITED STATES - 3.2%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Automobiles - 0.0%
 
 
 
Neutron Holdings Inc Series 1D (c)(d)(e)
 
17,893,728
1,635,487
Rad Power Bikes Inc Series A (c)(d)(e)
 
154,174
1
Rad Power Bikes Inc Series C (c)(d)(e)
 
606,658
6
Rad Power Bikes Inc Series D (c)(d)(e)
 
1,071,300
11
Waymo LLC Series A2 (c)(d)(e)
 
44,767
7,553,536
Waymo LLC Series C2 (c)(d)(e)
 
33,554
5,513,593
 
 
 
14,702,634
Hotels, Restaurants & Leisure - 0.0%
 
 
 
Discord Inc Series I (c)(d)(e)
 
70,000
1,718,360
Textiles, Apparel & Luxury Goods - 0.0%
 
 
 
Laronde Inc Series B (c)(d)(e)
 
344,496
7,341,210
TOTAL CONSUMER DISCRETIONARY
 
 
23,762,204
Consumer Staples - 0.0%
 
 
 
Consumer Staples Distribution & Retail - 0.0%
 
 
 
GoBrands Inc Series G (c)(d)(e)
 
125,688
4,994,841
GoBrands Inc Series H (c)(d)(e)
 
104,311
5,322,991
 
 
 
10,317,832
Food Products - 0.0%
 
 
 
AgBiome LLC Series C (c)(d)(e)
 
1,060,308
11
AgBiome LLC Series D (c)(d)(e)
 
852,431
8,524
 
 
 
8,535
Tobacco - 0.0%
 
 
 
JUUL Labs Inc Series E (c)(d)(e)
 
22,033
43,625
TOTAL CONSUMER STAPLES
 
 
10,369,992
Financials - 0.1%
 
 
 
Financial Services - 0.1%
 
 
 
Akeana Series C (c)(d)(e)
 
372,100
4,606,598
Paragon Biosciences Emalex Capital Inc Series B (c)(d)(e)
 
416,094
3,819,743
Paragon Biosciences Emalex Capital Inc Series C (c)(d)(e)
 
559,977
5,218,986
Paragon Biosciences Emalex Capital Inc Series D-3 (d)(e)
 
239,944
2,466,624
Paragon Biosciences Emalex Capital Inc Series D1 (c)(d)(e)
 
836,878
7,833,178
Paragon Biosciences Emalex Capital Inc Series D2 (c)(d)(e)
 
138,091
1,209,677
Tenstorrent Holdings Inc Series C1 (c)(d)(e)
 
178,216
10,839,097
Tenstorrent Holdings Inc Series D1 (c)(d)(e)
 
179,036
11,606,904
Tenstorrent Holdings Inc Series D2 (c)(d)(e)
 
47,252
2,945,690
TOTAL FINANCIALS
 
 
50,546,497
Health Care - 0.4%
 
 
 
Biotechnology - 0.3%
 
 
 
Altos Labs Inc Series B (c)(d)(e)
 
485,428
12,145,409
Altos Labs Inc Series C (c)(d)(e)
 
108,056
2,703,561
Ankyra Therapeutics Series B (c)(d)(e)
 
1,356,730
7,516,284
Asimov Inc Series B (c)(d)(e)
 
82,174
2,122,554
Bright Peak Therapeutics Inc. Series B (c)(d)(e)
 
1,272,915
1,451,123
Bright Peak Therapeutics Inc. Series C (c)(d)(e)
 
2,299,209
2,046,296
Cardurion Pharmaceuticals Inc Series B (c)(d)(e)
 
1,181,602
6,286,123
Castle Creek Biosciences Inc Series B (c)(d)(e)
 
16,803
3,644,403
Castle Creek Biosciences Inc Series C (c)(d)(e)
 
13,100
3,342,858
Castle Creek Biosciences Inc Series D1 (c)(d)(e)
 
19,720
4,433,056
Castle Creek Biosciences Inc Series D2 (c)(d)(e)
 
6,341
1,271,814
CELLANOME Inc Series B (c)(d)(e)
 
1,040,007
7,748,052
City Therapeutics Inc Series A (c)(d)(e)
 
800,961
8,265,918
Cleerly Inc Series C (c)(d)(e)
 
983,054
12,307,836
Element Biosciences Inc Series B (c)(d)(e)
 
1,096,312
7,860,557
Element Biosciences Inc Series C (c)(d)(e)
 
480,109
5,367,619
Element Biosciences Inc Series D (c)(d)(e)
 
224,866
1,693,241
Element Biosciences Inc Series D1 (c)(d)(e)
 
224,866
1,693,241
ElevateBio LLC Series C (c)(d)(e)
 
1,534,100
3,114,223
Genesis Therapeutics Inc Series D (c)(d)(e)
 
1,654,854
8,671,435
Intarcia Therapeutics Inc (c)(d)(e)
 
1,051,411
10
Intarcia Therapeutics Inc Series DD (c)(d)(e)
 
1,543,687
15
Kardigan Inc Series B (d)(e)
 
405,310
8,661,475
LifeMine Therapeutics Inc Series C (c)(d)(e)
 
7,794,524
9,197,538
National Resilience LLC Series B (c)(d)(e)
 
1,277,345
5,071,060
National Resilience LLC Series C (c)(d)(e)
 
379,000
2,778,070
Neurona Therapeutics Inc Series F (d)(e)
 
3,297,200
7,748,420
Odyssey Therapeutics Inc Series B (c)(d)(e)
 
1,298,749
1,779,286
Odyssey Therapeutics Inc Series C (c)(d)(e)
 
990,319
1,317,124
Odyssey Therapeutics Inc Series D (d)(e)
 
2,563,416
3,742,588
Parabilis Medicines Inc Series D (c)(d)(e)
 
883,504
6,529,095
Parabilis Medicines Inc Series E (c)(d)(e)
 
491,048
2,676,211
Parabilis Medicines Inc Series F (d)(e)
 
1,705,600
10,523,552
Sonoma Biotherapeutics Inc Series B (c)(d)(e)
 
2,497,760
4,021,394
Sonoma Biotherapeutics Inc Series B1 (c)(d)(e)
 
1,332,116
2,624,268
T-Knife Therapeutics Inc Series B (c)(d)(e)
 
995,165
696,616
Treeline Biosciences Series A (c)(d)(e)
 
1,347,260
11,384,347
Treeline Biosciences Series A1 (c)(d)(e)
 
464,216
4,015,468
Triveni Bio Inc Series B (c)(d)(e)
 
4,766,021
5,433,264
 
 
 
191,885,404
Health Care Equipment & Supplies - 0.1%
 
 
 
Blink Health LLC Series C (c)(d)(e)
 
927,374
32,300,436
Blink Health LLC Series D (c)(d)(e)
 
241,612
8,415,346
Kardium Inc/US Series D-6 (d)(e)
 
8,237,435
7,578,440
Kardium Inc/US Series D-6 (d)(e)
 
5,899,008
6,783,859
Kardium Inc/US Series D-7 (d)(e)
 
8,754,573
4,990,107
Kardium Inc/US Series D-7 (d)(e)
 
1,916,096
1,092,175
Kardium Inc/US Series D-7 (d)(e)
 
398,649
227,230
Medical Microinstruments Inc/Italy Series C (c)(d)(e)
 
212,985
7,141,387
 
 
 
68,528,980
Health Care Providers & Services - 0.0%
 
 
 
Freenome Holdings Inc Series C (c)(d)(e)
 
900,884
2,936,882
Freenome Holdings Inc Series D (c)(d)(e)
 
502,404
1,637,837
 
 
 
4,574,719
Health Care Technology - 0.0%
 
 
 
Aledade Inc Series B1 (c)(d)(e)
 
101,470
2,743,749
Aledade Inc Series E1 (c)(d)(e)
 
66,006
1,784,802
Candid Therapeutics Series B (c)(d)(e)
 
3,627,103
4,388,795
Wugen Inc Series B (c)(d)(e)
 
493,529
764,970
Wugen Inc Series C (d)(e)
 
2,090,300
3,595,316
 
 
 
13,277,632
Pharmaceuticals - 0.0%
 
 
 
Galvanize Therapeutics Series B (c)(d)(e)
 
4,342,265
3,126,431
Galvanize Therapeutics Series C-1 (d)(e)
 
4,790,283
2,155,627
Kartos Therapeutics Inc Series C (c)(d)(e)
 
1,226,990
7,141,082
Kartos Therapeutics Inc Series D (c)(d)(e)
 
411,901
2,397,264
Mentari Therapeutics Inc Series A (d)(e)
 
2,005,263
3,108,157
Mirador Therapeutics Inc Series A (c)(d)(e)
 
2,678,245
9,534,552
Mirador Therapeutics Inc Series B (d)(e)
 
2,942,219
10,650,833
 
 
 
38,113,946
TOTAL HEALTH CARE
 
 
316,380,681
Industrials - 1.5%
 
 
 
Aerospace & Defense - 1.5%
 
 
 
Anduril Industries Inc Series F (c)(d)(e)
 
287,246
18,251,611
Anduril Industries Inc Series G (d)(e)
 
45,100
2,865,654
Space Exploration Technologies Corp Series G (c)(d)(e)
 
216,276
1,138,887,789
 
 
 
1,160,005,054
Air Freight & Logistics - 0.0%
 
 
 
Zipline International Inc Series G (c)(d)(e)
 
180,063
10,130,344
Zipline International Inc Series H (d)(e)
 
307,800
17,316,828
 
 
 
27,447,172
Electrical Equipment - 0.0%
 
 
 
Empower Semiconductor Inc Series D (d)(e)
 
1,061,500
6,613,145
TOTAL INDUSTRIALS
 
 
1,194,065,371
Information Technology - 1.1%
 
 
 
Electronic Equipment, Instruments & Components - 0.6%
 
 
 
Cerebras Systems Inc Series G (d)(e)
 
2,570,200
228,799,204
Enevate Corp Series E (c)(d)(e)
 
4,067,736
244,064
Menlo Microsystems Inc Series C (c)(d)(e)
 
4,423,488
2,432,918
Vast Data Ltd Series A (c)(d)(e)
 
318,221
18,845,048
Vast Data Ltd Series A1 (c)(d)(e)
 
783,248
46,383,947
Vast Data Ltd Series A2 (c)(d)(e)
 
900,985
53,356,332
Vast Data Ltd Series B (c)(d)(e)
 
716,925
42,456,299
Vast Data Ltd Series C (c)(d)(e)
 
20,899
1,237,638
Vast Data Ltd Series E (c)(d)(e)
 
685,070
40,569,845
 
 
 
434,325,295
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
Alif Semiconductor Series C (c)(d)(e)
 
190,608
5,472,356
Alif Semiconductor Series D (d)(e)
 
251,500
7,643,085
Danger Devices Inc Series B (d)(e)
 
3,437,900
3,128,489
Retym Inc Series C (c)(d)(e)
 
666,292
6,956,088
Retym Inc Series D (c)(d)(e)
 
165,291
1,819,854
SiMa Technologies Inc Series B (c)(d)(e)
 
1,596,216
10,439,253
SiMa Technologies Inc Series B1 (c)(d)(e)
 
106,922
811,538
 
 
 
36,270,663
Software - 0.4%
 
 
 
Anthropic PBC Series D (c)(d)(e)
 
235,150
64,365,258
Anthropic PBC Series E (c)(d)(e)
 
45,100
11,687,214
Anthropic PBC Series F (d)(e)
 
66,600
17,258,724
Asapp Inc Series D (c)(d)(e)
 
1,755,238
1,298,876
Canva Inc Series A2 (c)(d)(e)
 
611
822,888
Canvas Inc Series A (c)(d)(e)
 
3,369
4,537,336
Crusoe Energy Systems LLC Series D (c)(d)(e)
 
259,289
28,003,212
Crusoe Energy Systems LLC Series E (d)(e)
 
22,214
2,399,112
Databricks Inc Series G (c)(d)(e)
 
250,296
44,978,191
Databricks Inc Series H (c)(d)(e)
 
273,171
49,088,829
Databricks Inc Series J (c)(d)(e)
 
130,663
23,480,141
Databricks Inc Series K (d)(e)
 
8,900
1,599,330
Databricks Inc Series L (d)(e)
 
23,700
4,258,890
Dataminr Inc Series D, 8% (c)(d)(e)
 
1,773,901
10,253,148
Density Ai Inc (d)(e)
 
2,475,400
3,688,346
Evozyne Inc Series A (c)(d)(e)
 
444,700
7,319,762
Evozyne Inc Series B (c)(d)(e)
 
247,942
4,202,617
Lyte Ai Inc Series B (c)(d)(e)
 
673,357
7,184,719
OpenAI Group Pbc Series A-3 (d)(e)
 
22,979
15,945,128
Physical Intelligence Inc Series B (d)(e)
 
41,700
11,321,133
Skyryse Inc Series B (c)(d)(e)
 
568,445
14,870,521
Skyryse Inc Series C (d)(e)
 
296,604
8,017,206
Skyryse Inc Series C-1 (d)(e)
 
53,976
1,415,251
Stripe LLC Series H (c)(d)(e)
 
88,200
5,556,600
 
 
 
343,552,432
Technology Hardware, Storage & Peripherals - 0.1%
 
 
 
Lightmatter Inc Series C1 (c)(d)(e)
 
407,933
22,244,586
Lightmatter Inc Series C2 (c)(d)(e)
 
64,075
3,590,122
Lightmatter Inc Series D (c)(d)(e)
 
426,443
30,584,493
 
 
 
56,419,201
TOTAL INFORMATION TECHNOLOGY
 
 
870,567,591
Materials - 0.1%
 
 
 
Chemicals - 0.0%
 
 
 
Farmers Business Network Inc Series G (c)(d)(e)
 
28,363
11,062
Manus Bio Inc Series One-5 (d)(e)
 
736,380
2,452,145
Manus Bio Inc Series One-6 (d)(e)
 
914,609
3,045,648
 
 
 
5,508,855
Metals & Mining - 0.1%
 
 
 
Diamond Foundry Inc Series C (c)(d)(e)
 
1,704,625
52,894,514
TOTAL MATERIALS
 
 
58,403,369
Utilities - 0.0%
 
 
 
Independent Power and Renewable Electricity Producers - 0.0%
 
 
 
Redwood Materials Series C (c)(d)(e)
 
80,057
3,821,921
Redwood Materials Series D (c)(d)(e)
 
18,751
895,173
Redwood Materials Series E (d)(e)
 
5,091
243,043
TOTAL UTILITIES
 
 
4,960,137
TOTAL UNITED STATES
 
 
2,529,055,842
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $1,425,839,041)
 
 
 
2,882,610,885
 
 
 
 
Non-Convertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
UNITED STATES - 0.0%
 
 
 
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Castle Creek Biosciences Inc Series A4 (c)(d)(e)
 
46,864
10,579,548
Pharmaceuticals - 0.0%
 
 
 
Faraday Pharmaceuticals Inc Series B (c)(d)(e)
 
641,437
6
TOTAL UNITED STATES
 
 
10,579,554
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $16,351,603)
 
 
 
10,579,554
 
 
 
 
Preferred Securities - 0.0%
 
 
Principal
Amount (a)
 
Value ($)
 
CANADA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Taalas Inc 0% (d)(e)(l)
 
8,759,878
8,716,079
UNITED STATES - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Automobiles - 0.0%
 
 
 
Rad Power Bikes Inc 8% 12/31/2199 (d)(e)
 
985,838
223,128
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Intarcia Therapeutics Inc 6% (d)(e)(m)
 
13,681,944
1
Information Technology - 0.0%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Enevate Corp 6% (d)(e)(l)
 
238,231
19,003
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
SiMa Technologies Inc 10% 12/31/2027 (d)(e)
 
1,817,084
2,413,370
SiMa Technologies Inc 7.5% 12/31/2027 (d)(e)
 
1,452,300
1,759,268
 
 
 
4,172,638
TOTAL INFORMATION TECHNOLOGY
 
 
4,191,641
TOTAL UNITED STATES
 
 
4,414,770
 
TOTAL PREFERRED SECURITIES
 (Cost $26,935,275)
 
 
 
13,130,849
 
 
 
 
Money Market Funds - 0.6%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (n)
 
3.70
99,368,313
99,388,187
Fidelity Securities Lending Cash Central Fund (n)(o)
 
3.69
388,065,926
388,104,733
 
TOTAL MONEY MARKET FUNDS
 (Cost $487,488,797)
 
 
 
487,492,920
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.5%
 (Cost $28,015,184,396)
 
 
 
82,886,659,113
NET OTHER ASSETS (LIABILITIES) - (0.5)%  
(421,831,811)
NET ASSETS - 100.0%
82,464,827,302
 
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Non-income producing.
 
(d)
Level 3 security.
 
(e)
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 $4,537,597,431 or 5.5% of net assets.
 
(f)
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $121,204,657 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
(g)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
 
(h)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(i)
Affiliated company.
 
(j)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(k)
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
 
(l)
Security is perpetual in nature with no stated maturity date.
 
(m)
Non-income producing - Security is in default.
 
(n)
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.
 
(o)
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 $5,130,718.
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Adimab LLC
9/17/2014 - 6/5/2015
35,731,000
 
 
 
Adimab LLC
9/17/2014 - 6/5/2015
12,138,000
 
 
 
AgBiome LLC Series C
6/29/2018
6,715,673
 
 
 
AgBiome LLC Series D
9/3/2021
4,751,176
 
 
 
Akeana Series C
1/23/2024
4,748,294
 
 
 
Aledade Inc Series B1
5/7/2021
3,885,358
 
 
 
Aledade Inc Series E1
5/20/2022
3,288,049
 
 
 
Alif Semiconductor Series C
3/8/2022
3,869,064
 
 
 
Alif Semiconductor Series D
4/11/2025
6,794,801
 
 
 
Altos Labs Inc Series B
7/22/2022
9,295,170
 
 
 
Altos Labs Inc Series C
3/15/2024
2,703,820
 
 
 
Anduril Industries Inc Class B
6/16/2025
196,156
 
 
 
Anduril Industries Inc Class C
6/16/2025
81
 
 
 
Anduril Industries Inc Series F
8/7/2024
6,243,752
 
 
 
Anduril Industries Inc Series G
4/17/2025
1,843,814
 
 
 
Ankyra Therapeutics Series B
8/26/2021
7,640,832
 
 
 
Ant International Co Ltd Class C
5/16/2018
6,690,161
 
 
 
Anthropic PBC Series D
5/31/2024
7,055,558
 
 
 
Anthropic PBC Series E
2/14/2025
2,529,501
 
 
 
Anthropic PBC Series F
8/18/2025
9,388,442
 
 
 
Asapp Inc Series D
8/29/2023
6,777,852
 
 
 
Asapp Inc warrants 8/28/2028
8/29/2023
0
 
 
 
Asimov Inc Series B
10/29/2021
7,615,944
 
 
 
Bending Spoons SpA Class C
10/9/2025
4,870,281
 
 
 
Blink Health LLC Class A1
12/30/2020 - 6/17/2024
7,280,990
 
 
 
Blink Health LLC Series C
11/7/2019 - 7/14/2021
35,403,430
 
 
 
Blink Health LLC Series D
6/17/2024 - 6/25/2024
10,147,704
 
 
 
Bolt Technology OU Series E
1/3/2022
18,866,682
 
 
 
Bright Peak Therapeutics Inc. Series B
5/14/2021
4,972,006
 
 
 
Bright Peak Therapeutics Inc. Series C
5/7/2024
2,606,153
 
 
 
Bytedance Ltd Series E1
11/18/2020
44,207,703
 
 
 
CAMP4 Therapeutics Corp
9/9/2025
645,960
 
 
 
Candid Therapeutics Series B
8/27/2024
4,352,523
 
 
 
Canva Inc Class A
3/18/2024 - 11/12/2025
12,944,994
 
 
 
Canva Inc Series A2
9/22/2023
651,730
 
 
 
Canvas Inc Series A
9/22/2023
3,593,581
 
 
 
Cardurion Pharmaceuticals Inc Series B
7/10/2024
5,787,014
 
 
 
Castle Creek Biosciences Inc Series A4
9/29/2016
15,508,325
 
 
 
Castle Creek Biosciences Inc Series B
10/9/2018
6,920,316
 
 
 
Castle Creek Biosciences Inc Series C
12/9/2019
5,395,235
 
 
 
Castle Creek Biosciences Inc Series D1
4/19/2022
4,240,392
 
 
 
Castle Creek Biosciences Inc Series D2
6/28/2021
1,087,099
 
 
 
Celestial AI Inc
2/25/2025
0
 
 
 
Celestial AI Inc
2/25/2025
34,084
 
 
 
Celestial AI Inc rights
2/25/2025
2,120,090
 
 
 
Celestial AI Inc rights
2/25/2025
2,759,160
 
 
 
Celestial AI Inc rights
2/25/2025
618,782
 
 
 
CELLANOME Inc Series B
1/8/2024
7,789,652
 
 
 
Cerebras Systems Inc Series G
9/19/2025
93,124,515
 
 
 
City Therapeutics Inc Series A
4/17/2024
8,033,238
 
 
 
Cleerly Inc Series C
7/8/2022
11,580,966
 
 
 
Conformal Medical Inc
2/18/2026
86,823
 
 
 
Conformal Medical Inc
2/18/2026
12
 
 
 
Conformal Medical Inc
2/18/2026
12,403
 
 
 
Conformal Medical Inc
2/18/2026
24,806
 
 
 
Crescent Biopharma Inc
10/28/2024 - 12/4/2025
8,636,837
 
 
 
Crusoe Energy Systems LLC Series D
12/10/2024
7,563,938
 
 
 
Crusoe Energy Systems LLC Series E
10/8/2025
1,866,159
 
 
 
Danger Devices Inc Series B
3/5/2025
3,095,829
 
 
 
Databricks Inc Series G
2/1/2021
14,798,159
 
 
 
Databricks Inc Series H
8/31/2021
20,073,734
 
 
 
Databricks Inc Series J
12/17/2024
12,086,328
 
 
 
Databricks Inc Series K
9/8/2025
1,334,999
 
 
 
Databricks Inc Series L
12/18/2025
4,503,000
 
 
 
Dataminr Inc Series D, 8%
2/18/2015 - 3/6/2015
22,617,238
 
 
 
Deep Genomics Inc Series C
7/21/2021
9,894,067
 
 
 
Density Ai Inc
12/5/2025
3,688,309
 
 
 
Deverra Therapeutics
5/1/2018
0
 
 
 
Diamond Foundry Inc Series C
3/15/2021
40,911,000
 
 
 
Discord Inc Series I
9/15/2021
3,854,371
 
 
 
DNA Script SAS
12/17/2021
370,744
 
 
 
DNA Script SAS
12/17/2021
1,416,515
 
 
 
DNA Script SAS Series B
12/17/2021
17,616
 
 
 
DNA Script SAS Series C
10/1/2021
9,465,708
 
 
 
Element Biosciences Inc Series B
12/13/2019
5,745,333
 
 
 
Element Biosciences Inc Series C
6/21/2021
9,869,457
 
 
 
Element Biosciences Inc Series D
6/28/2024
1,763,691
 
 
 
Element Biosciences Inc Series D1
6/28/2024
1,763,691
 
 
 
Element Labs Inc Series A
2/11/2025
1,957,538
 
 
 
Element Labs Inc Series B
6/27/2025
2,517,789
 
 
 
ElevateBio LLC Series C
3/9/2021
6,435,550
 
 
 
Empower Semiconductor Inc Series D
6/27/2025
8,519,386
 
 
 
Enevate Corp 10% 5/12/2199
11/12/2024
63,175
 
 
 
Enevate Corp 6%
11/2/2023 - 10/31/2025
238,231
 
 
 
Enevate Corp Series E
1/29/2021
4,509,838
 
 
 
Epic Games Inc
7/13/2020 - 7/30/2020
29,785,000
 
 
 
Evozyne Inc 6% 9/13/2028 pay-in-kind
9/14/2023 - 12/31/2025
4,417,528
 
 
 
Evozyne Inc Series A
4/9/2021
9,992,409
 
 
 
Evozyne Inc Series B
9/14/2023
3,840,622
 
 
 
Fanatics Inc Class A
8/13/2020 - 10/24/2022
21,635,851
 
 
 
Faraday Pharmaceuticals Inc Series B
12/30/2019
843,278
 
 
 
Farmers Business Network Inc 15% 12/31/2199
9/29/2023 - 9/25/2025
977,737
 
 
 
Farmers Business Network Inc Series G
9/15/2021
1,762,981
 
 
 
Farmers Business Network Inc warrants 9/27/2033
9/29/2023
0
 
 
 
Freenome Holdings Inc Series C
8/14/2020
5,957,816
 
 
 
Freenome Holdings Inc Series D
11/22/2021
3,789,282
 
 
 
Galvanize Therapeutics 10% 2/28/2027
7/7/2025
1,838,015
 
 
 
Galvanize Therapeutics Series B
3/29/2022
7,517,698
 
 
 
Galvanize Therapeutics Series C-1
7/7/2025
2,107,725
 
 
 
Genesis Therapeutics Inc Series D
8/10/2023
8,452,332
 
 
 
GoBrands Inc Series G
3/2/2021
31,386,468
 
 
 
GoBrands Inc Series H
7/22/2021
40,523,841
 
 
 
InSightec Ltd Series G
6/17/2024
5,880,136
 
 
 
Intarcia Therapeutics Inc
11/14/2012
14,330,731
 
 
 
Intarcia Therapeutics Inc 6%
2/26/2019
13,681,944
 
 
 
Intarcia Therapeutics Inc Series DD
3/17/2014
49,999,990
 
 
 
JUUL Labs Inc Class A
7/6/2018 - 11/4/2025
16,300,063
 
 
 
JUUL Labs Inc Series E
7/6/2018
649,610
 
 
 
Kardigan Inc Series B
10/9/2025
8,659,481
 
 
 
Kardium Inc/US 10% 12/31/2026
5/31/2024 - 12/31/2025
2,473,113
 
 
 
Kardium Inc/US Series D-6
12/30/2020
5,992,448
 
 
 
Kardium Inc/US Series D-6
12/30/2020
8,367,917
 
 
 
Kardium Inc/US Series D-7
5/31/2024 - 6/30/2025
3,943,195
 
 
 
Kardium Inc/US Series D-7
8/6/2024
62,017
 
 
 
Kardium Inc/US Series D-7
8/6/2024
930,130
 
 
 
Kartos Therapeutics Inc Series C
8/22/2023
6,936,175
 
 
 
Kartos Therapeutics Inc Series D
2/26/2025
2,328,476
 
 
 
Laronde Inc Series B
8/13/2021
9,645,888
 
 
 
LifeMine Therapeutics Inc Series C
2/15/2022
15,874,250
 
 
 
Lightmatter Inc Series C1
5/19/2023
6,713,272
 
 
 
Lightmatter Inc Series C2
12/18/2023
1,666,065
 
 
 
Lightmatter Inc Series D
10/11/2024
34,213,735
 
 
 
Lyte Ai Inc Series B
8/13/2024
8,542,274
 
 
 
Manus Bio Inc Series One-5
11/13/2020
7,724,091
 
 
 
Manus Bio Inc Series One-6
3/30/2021
9,593,583
 
 
 
Medical Microinstruments Inc/Italy Series C
2/16/2024
7,099,578
 
 
 
Medical Microinstruments Inc/Italy warrants 2/16/2031
2/16/2024
0
 
 
 
Menlo Microsystems Inc Series C
2/9/2022
5,863,333
 
 
 
Mentari Therapeutics Inc Series A
9/18/2025
2,751,822
 
 
 
Mirador Therapeutics Inc Series A
3/19/2024
8,034,735
 
 
 
Mirador Therapeutics Inc Series B
7/31/2025
9,709,323
 
 
 
National Resilience LLC Series B
12/1/2020
17,448,533
 
 
 
National Resilience LLC Series C
6/28/2021
16,831,390
 
 
 
Neurona Therapeutics Inc Series F
3/28/2025
6,792,232
 
 
 
Neutron Holdings Inc
2/4/2021
15,464
 
 
 
Neutron Holdings Inc 4% 5/22/2027
6/4/2020
3,596,400
 
 
 
Neutron Holdings Inc 4% 6/12/2027
6/12/2020
742,912
 
 
 
Neutron Holdings Inc 8% 10/29/2026
10/29/2021 - 10/29/2025
9,317,397
 
 
 
Neutron Holdings Inc Series 1D
1/25/2019
4,339,229
 
 
 
NScale Global Holdings Ltd Series B
9/25/2025
6,723,876
 
 
 
Odyssey Therapeutics Inc Series B
9/30/2022
8,202,691
 
 
 
Odyssey Therapeutics Inc Series C
10/25/2023
4,951,595
 
 
 
Odyssey Therapeutics Inc Series D
6/16/2025
3,857,864
 
 
 
OpenAI Group Pbc Class A
9/3/2025
7,740,000
 
 
 
OpenAI Group Pbc Series A-3
8/4/2025
7,051,600
 
 
 
Oruka Therapeutics Inc
9/17/2025
5,160,990
 
 
 
Oura Health Oy Series D
12/18/2024
22,207,129
 
 
 
Oura Health Oy Series E
9/24/2025
102,899,667
 
 
 
Parabilis Medicines Inc Series D
11/17/2022
9,509,242
 
 
 
Parabilis Medicines Inc Series E
2/29/2024
3,058,296
 
 
 
Parabilis Medicines Inc Series F
1/6/2026
10,514,001
 
 
 
Paragon Biosciences Emalex Capital Inc Series B
9/18/2019
4,239,998
 
 
 
Paragon Biosciences Emalex Capital Inc Series C
2/26/2021
5,991,754
 
 
 
Paragon Biosciences Emalex Capital Inc Series D-3
5/6/2025
3,318,426
 
 
 
Paragon Biosciences Emalex Capital Inc Series D1
10/21/2022 - 3/13/2025
9,063,389
 
 
 
Paragon Biosciences Emalex Capital Inc Series D2
5/18/2022
1,190,282
 
 
 
Perceptive Capital Solutions Corp
12/5/2025
2,469,930
 
 
 
Physical Intelligence Inc Series B
10/24/2025
11,324,023
 
 
 
Prognomiq Inc
8/20/2020 - 2/16/2022
3,655,328
 
 
 
Quell Therapeutics Ltd Series B
11/24/2021
7,315,491
 
 
 
Rad Power Bikes Inc
1/21/2021
5,704,519
 
 
 
Rad Power Bikes Inc 8% 12/31/2199
10/6/2023
985,838
 
 
 
Rad Power Bikes Inc Series A
1/21/2021
743,711
 
 
 
Rad Power Bikes Inc Series C
1/21/2021
2,926,421
 
 
 
Rad Power Bikes Inc Series D
9/17/2021
10,267,125
 
 
 
Rad Power Bikes Inc warrants 10/6/2033
10/6/2023
0
 
 
 
Redwood Materials Series C
5/28/2021
3,794,980
 
 
 
Redwood Materials Series D
6/2/2023
895,095
 
 
 
Redwood Materials Series E
10/20/2025
243,022
 
 
 
Retym Inc Series C
5/17/2023 - 6/20/2023
5,184,951
 
 
 
Retym Inc Series D
1/29/2025
1,749,936
 
 
 
Revolut Group Holdings Ltd
12/27/2024 - 1/28/2026
15,454,253
 
 
 
Saluda Medical Inc
1/20/2022 - 10/30/2025
15,689,220
 
 
 
Saluda Medical Inc warrants
1/20/2022
0
 
 
 
Scorpion Therapeutics Inc
3/5/2025
834,959
 
 
 
Scorpion Therapeutics Inc
3/5/2025
0
 
 
 
Scorpion Therapeutics Inc rights
3/5/2025
1,391,599
 
 
 
SiMa Technologies Inc 10% 12/31/2027
4/8/2024 - 1/5/2026
1,817,084
 
 
 
SiMa Technologies Inc 7.5% 12/31/2027
7/18/2025
1,452,300
 
 
 
SiMa Technologies Inc Series B
5/10/2021
8,184,438
 
 
 
SiMa Technologies Inc Series B1
4/25/2022
758,173
 
 
 
Skyhawk Therapeutics Inc
12/19/2019 - 5/21/2021
22,650,905
 
 
 
Skyryse Inc Series B
10/21/2021
14,029,206
 
 
 
Skyryse Inc Series C
9/16/2025 - 11/21/2025
8,015,486
 
 
 
Skyryse Inc Series C-1
8/13/2024
1,093,997
 
 
 
Sonoma Biotherapeutics Inc Series B
7/26/2021
4,936,323
 
 
 
Sonoma Biotherapeutics Inc Series B1
7/26/2021
3,949,058
 
 
 
Space Exploration Technologies Corp
10/16/2015 - 12/19/2025
110,580,208
 
 
 
Space Exploration Technologies Corp Series G
1/20/2015
16,752,739
 
 
 
Stripe LLC Class B
5/18/2021
8,246,382
 
 
 
Stripe LLC Series H
3/15/2021
3,539,025
 
 
 
T-Knife Therapeutics Inc Series B
6/30/2021
5,740,908
 
 
 
Taalas Inc 0%
12/23/2025
8,759,878
 
 
 
Taalas Inc Series B
2/19/2025
5,266,195
 
 
 
Taalas Inc warrants
12/23/2025
1,768,822
 
 
 
Tenstorrent Holdings Inc 15% 12/31/2026
2/25/2026
5,437,296
 
 
 
Tenstorrent Holdings Inc Series C1
4/23/2021
10,595,741
 
 
 
Tenstorrent Holdings Inc Series D1
7/16/2024 - 1/15/2025
14,112,772
 
 
 
Tenstorrent Holdings Inc Series D2
7/17/2024
3,590,207
 
 
 
Tory Burch LLC Class A
5/14/2015
67,505,000
 
 
 
Tory Burch LLC Class B
12/31/2012
17,505,000
 
 
 
Treeline Biosciences Series A
7/30/2021 - 10/27/2022
10,545,678
 
 
 
Treeline Biosciences Series A1
10/27/2022
3,997,039
 
 
 
Triveni Bio Inc Series B
9/19/2024
4,987,164
 
 
 
Tubulis GmbH
12/11/2025
2,568,070
 
 
 
Valuedrive Technologies Pvt Ltd Series A
2/12/2026
436,197
 
 
 
Valuedrive Technologies Pvt Ltd Series B
2/12/2026
876,359
 
 
 
Valuedrive Technologies Pvt Ltd Series G
2/12/2026
1,771,543
 
 
 
Vast Data Ltd Series A
11/28/2023
3,500,431
 
 
 
Vast Data Ltd Series A1
11/28/2023
8,615,728
 
 
 
Vast Data Ltd Series A2
11/28/2023
9,910,835
 
 
 
Vast Data Ltd Series B
11/28/2023
7,886,175
 
 
 
Vast Data Ltd Series C
11/28/2023
229,889
 
 
 
Vast Data Ltd Series E
11/28/2023
15,071,540
 
 
 
Waymo LLC Series A2
5/8/2020
3,844,017
 
 
 
Waymo LLC Series C2
10/18/2024
2,623,966
 
 
 
Wugen Inc 0% 12/31/2199
6/14/2024
2,085,443
 
 
 
Wugen Inc Series B
7/9/2021
3,827,268
 
 
 
Wugen Inc Series C
8/22/2025 - 2/17/2026
3,705,872
 
 
 
Wugen Inc warrants 8/22/2035
8/22/2025
0
 
 
 
Xsight Labs Ltd Series D
2/16/2021
6,299,754
 
 
 
Xsight Labs Ltd Series F
1/11/2024 - 12/30/2024
6,035,057
 
 
 
Xsight Labs Ltd warrants 7/24/2032
1/11/2024 - 12/30/2024
0
 
 
 
Zipline International Inc Series G
6/7/2024
7,552,977
 
 
 
Zipline International Inc Series H
12/3/2025
17,318,139
 
 
 
 
Additional information on each lock-up restriction is as follows:
Security
Restriction Expiration Date
AgomAb Therapeutics NV
8/5/2026
 
 
Beta Technologies Inc
5/4/2026
 
 
Generate Biomedicines Inc
8/26/2026
 
 
Meesho
6/9/2026
 
 
Pine Labs Ltd
5/13/2026
 
 
Saluda Medical Inc
3/31/2027
 
 
Saluda Medical Inc warrants
3/31/2027
 
 
 
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
270,128,286
1,308,186,351
1,478,912,865
1,707,274
(13,585)
-
99,388,187
99,368,313
0.2%
Fidelity Securities Lending Cash Central Fund
230,381,208
981,481,039
823,757,679
848,683
165
-
388,104,733
388,065,926
1.1%
Total
500,509,494
2,289,667,390
2,302,670,544
2,555,957
(13,420)
-
487,492,920
 
 
 
 
 
 
 
 
 
 
 
 
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.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
Beauty Health Co/The
4,269,381
-
-
-
-
1,632,869
-
-
Beauty Health Co/The Class A
5,613,103
-
431,505
-
(3,086,596)
(1,411,770)
-
-
Ionis Pharmaceuticals Inc
674,716,759
4,861,209
3,682,308
-
2,813,704
(15,743,484)
-
-
Nutanix Inc Class A
642,510,057
22,940,613
3,838,288
-
1,957,463
(134,019,254)
529,550,591
13,833,610
Total
1,327,109,300
27,801,822
7,952,101
-
1,684,571
(149,541,639)
529,550,591
 
 
 
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.
 
Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
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 Corporate 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 consolidated 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.