Quarterly Holdings Report
for
Fidelity® Mega Cap Stock Fund
March 31, 2025
GII-NPRT3-0525
1.799848.121
Common Stocks - 96.2%
 
 
Shares
Value ($)
 
CANADA - 1.3%
 
 
 
Energy - 1.3%
 
 
 
Oil, Gas & Consumable Fuels - 1.3%
 
 
 
Imperial Oil Ltd (b)
 
612,800
44,265,703
DENMARK - 0.3%
 
 
 
Health Care - 0.3%
 
 
 
Pharmaceuticals - 0.3%
 
 
 
Novo Nordisk A/S Class B ADR
 
177,210
12,305,462
FRANCE - 0.6%
 
 
 
Industrials - 0.6%
 
 
 
Aerospace & Defense - 0.6%
 
 
 
Airbus SE
 
128,500
22,627,011
GERMANY - 1.1%
 
 
 
Information Technology - 1.1%
 
 
 
Software - 1.1%
 
 
 
SAP SE ADR
 
138,800
37,259,472
NETHERLANDS - 0.7%
 
 
 
Communication Services - 0.4%
 
 
 
Entertainment - 0.4%
 
 
 
Universal Music Group NV
 
479,399
13,237,646
Information Technology - 0.3%
 
 
 
Semiconductors & Semiconductor Equipment - 0.3%
 
 
 
ASML Holding NV depository receipt
 
16,336
10,824,724
TOTAL NETHERLANDS
 
 
24,062,370
SWITZERLAND - 0.0%
 
 
 
Health Care - 0.0%
 
 
 
Pharmaceuticals - 0.0%
 
 
 
Galderma Group AG
 
7,100
750,929
TAIWAN - 0.9%
 
 
 
Information Technology - 0.9%
 
 
 
Semiconductors & Semiconductor Equipment - 0.9%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
182,200
30,245,200
UNITED KINGDOM - 0.9%
 
 
 
Consumer Staples - 0.9%
 
 
 
Beverages - 0.6%
 
 
 
Diageo PLC
 
752,062
19,653,370
Tobacco - 0.3%
 
 
 
British American Tobacco PLC ADR
 
267,900
11,083,023
TOTAL UNITED KINGDOM
 
 
30,736,393
UNITED STATES - 89.5%
 
 
 
Communication Services - 10.3%
 
 
 
Entertainment - 0.5%
 
 
 
Walt Disney Co/The
 
198,999
19,641,201
Interactive Media & Services - 8.7%
 
 
 
Alphabet Inc Class A
 
585,800
90,588,113
Alphabet Inc Class C
 
507,800
79,333,594
Meta Platforms Inc Class A
 
228,100
131,467,716
 
 
 
301,389,423
Media - 1.1%
 
 
 
Comcast Corp Class A
 
989,997
36,530,889
TOTAL COMMUNICATION SERVICES
 
 
357,561,513
 
 
 
 
Consumer Discretionary - 3.2%
 
 
 
Broadline Retail - 0.5%
 
 
 
Amazon.com Inc (c)
 
99,800
18,987,948
Hotels, Restaurants & Leisure - 1.9%
 
 
 
Booking Holdings Inc (g)
 
9,448
43,526,086
Marriott International Inc/MD Class A1
 
30,300
7,217,460
Starbucks Corp
 
127,700
12,526,093
 
 
 
63,269,639
Specialty Retail - 0.6%
 
 
 
Lowe's Cos Inc
 
89,811
20,946,620
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
Lululemon Athletica Inc (c)
 
7,200
2,038,031
NIKE Inc Class B
 
76,300
4,843,524
 
 
 
6,881,555
TOTAL CONSUMER DISCRETIONARY
 
 
110,085,762
 
 
 
 
Consumer Staples - 3.8%
 
 
 
Beverages - 1.4%
 
 
 
Coca-Cola Co/The
 
374,100
26,793,042
Keurig Dr Pepper Inc
 
506,200
17,322,164
Monster Beverage Corp (c)
 
46,900
2,744,588
PepsiCo Inc
 
9,600
1,439,424
 
 
 
48,299,218
Consumer Staples Distribution & Retail - 0.7%
 
 
 
Target Corp
 
78,910
8,235,048
Walmart Inc
 
169,100
14,845,289
 
 
 
23,080,337
Food Products - 0.0%
 
 
 
Mondelez International Inc
 
25,900
1,757,315
Household Products - 0.1%
 
 
 
Procter & Gamble Co/The
 
18,210
3,103,348
Personal Care Products - 0.9%
 
 
 
Estee Lauder Cos Inc/The Class A
 
140,200
9,253,200
Kenvue Inc
 
971,057
23,285,947
 
 
 
32,539,147
Tobacco - 0.7%
 
 
 
Philip Morris International Inc
 
153,100
24,301,563
TOTAL CONSUMER STAPLES
 
 
133,080,928
 
 
 
 
Energy - 7.9%
 
 
 
Oil, Gas & Consumable Fuels - 7.9%
 
 
 
Exxon Mobil Corp
 
1,439,179
171,161,558
Shell PLC ADR
 
1,406,313
103,054,617
 
 
 
274,216,175
Financials - 16.2%
 
 
 
Banks - 12.6%
 
 
 
Bank of America Corp
 
2,705,551
112,902,643
JPMorgan Chase & Co
 
236,030
57,898,159
PNC Financial Services Group Inc/The
 
149,531
26,283,064
Truist Financial Corp
 
216,400
8,904,860
US Bancorp
 
469,512
19,822,797
Wells Fargo & Co
 
2,959,576
212,467,961
 
 
 
438,279,484
Capital Markets - 0.6%
 
 
 
Charles Schwab Corp/The
 
165,200
12,931,856
CME Group Inc Class A
 
9,200
2,440,668
KKR & Co Inc Class A
 
47,900
5,537,719
 
 
 
20,910,243
Consumer Finance - 0.1%
 
 
 
American Express Co
 
13,500
3,632,175
Financial Services - 2.9%
 
 
 
Apollo Global Management Inc
 
31,800
4,354,692
Fiserv Inc (c)
 
26,600
5,874,078
Mastercard Inc Class A
 
38,052
20,857,062
PayPal Holdings Inc (c)
 
60,000
3,915,000
Visa Inc Class A
 
190,088
66,618,241
 
 
 
101,619,073
TOTAL FINANCIALS
 
 
564,440,975
 
 
 
 
Health Care - 9.6%
 
 
 
Biotechnology - 0.0%
 
 
 
Gilead Sciences Inc
 
19,700
2,207,385
Health Care Equipment & Supplies - 2.0%
 
 
 
Abbott Laboratories
 
110,500
14,657,825
Boston Scientific Corp (c)
 
553,119
55,798,645
 
 
 
70,456,470
Health Care Providers & Services - 2.9%
 
 
 
Cigna Group/The
 
68,562
22,556,898
Humana Inc
 
50,200
13,282,920
UnitedHealth Group Inc
 
124,803
65,365,571
 
 
 
101,205,389
Life Sciences Tools & Services - 1.1%
 
 
 
Danaher Corp
 
129,410
26,529,050
Thermo Fisher Scientific Inc
 
20,200
10,051,520
 
 
 
36,580,570
Pharmaceuticals - 3.6%
 
 
 
Bristol-Myers Squibb Co
 
132,299
8,068,915
Eli Lilly & Co
 
35,300
29,154,623
GSK PLC ADR
 
809,066
31,343,217
Haleon PLC ADR
 
1,983,733
20,412,613
Johnson & Johnson
 
112,514
18,659,322
Merck & Co Inc
 
182,300
16,363,248
 
 
 
124,001,938
TOTAL HEALTH CARE
 
 
334,451,752
 
 
 
 
Industrials - 14.6%
 
 
 
Aerospace & Defense - 9.2%
 
 
 
Boeing Co (c)
 
801,270
136,656,599
GE Aerospace (g)
 
859,704
172,069,756
RTX Corp
 
36,700
4,861,281
Spirit AeroSystems Holdings Inc Class A (c)
 
152,800
5,265,488
 
 
 
318,853,124
Air Freight & Logistics - 1.1%
 
 
 
United Parcel Service Inc Class B
 
358,579
39,440,104
Electrical Equipment - 3.0%
 
 
 
GE Vernova Inc
 
329,978
100,735,684
Rockwell Automation Inc
 
19,700
5,090,086
 
 
 
105,825,770
Industrial Conglomerates - 0.1%
 
 
 
Honeywell International Inc
 
8,600
1,821,050
Machinery - 1.2%
 
 
 
Caterpillar Inc
 
52,400
17,281,520
Deere & Co
 
53,280
25,006,968
 
 
 
42,288,488
TOTAL INDUSTRIALS
 
 
508,228,536
 
 
 
 
Information Technology - 21.8%
 
 
 
IT Services - 0.0%
 
 
 
Kyndryl Holdings Inc (c)
 
220
6,908
Semiconductors & Semiconductor Equipment - 9.6%
 
 
 
Applied Materials Inc
 
130,674
18,963,411
Broadcom Inc
 
382,005
63,959,097
Lam Research Corp
 
206,000
14,976,200
Marvell Technology Inc
 
222,865
13,721,798
Micron Technology Inc
 
238,800
20,749,332
NVIDIA Corp
 
1,842,000
199,635,960
 
 
 
332,005,798
Software - 8.7%
 
 
 
Adobe Inc (c)
 
79,710
30,571,176
Autodesk Inc (c)
 
27,600
7,225,680
Intuit Inc
 
9,400
5,771,506
Microsoft Corp
 
638,676
239,752,584
Oracle Corp
 
112,600
15,742,606
Salesforce Inc
 
17,300
4,642,628
 
 
 
303,706,180
Technology Hardware, Storage & Peripherals - 3.5%
 
 
 
Apple Inc
 
543,842
120,803,623
TOTAL INFORMATION TECHNOLOGY
 
 
756,522,509
 
 
 
 
Materials - 0.2%
 
 
 
Chemicals - 0.2%
 
 
 
Air Products and Chemicals Inc
 
16,100
4,748,212
Linde PLC
 
6,700
3,119,788
 
 
 
7,868,000
Real Estate - 0.8%
 
 
 
Industrial REITs - 0.1%
 
 
 
Prologis Inc
 
22,800
2,548,812
Specialized REITs - 0.7%
 
 
 
American Tower Corp
 
75,510
16,430,976
Crown Castle Inc
 
92,000
9,589,160
 
 
 
26,020,136
TOTAL REAL ESTATE
 
 
28,568,948
 
 
 
 
Utilities - 1.1%
 
 
 
Electric Utilities - 1.0%
 
 
 
Duke Energy Corp
 
15,200
1,853,944
NextEra Energy Inc
 
37,900
2,686,731
Southern Co/The
 
313,200
28,798,740
 
 
 
33,339,415
Multi-Utilities - 0.1%
 
 
 
Sempra
 
56,200
4,010,432
TOTAL UTILITIES
 
 
37,349,847
 
 
 
 
TOTAL UNITED STATES
 
 
3,112,374,945
ZAMBIA - 0.9%
 
 
 
Materials - 0.9%
 
 
 
Metals & Mining - 0.9%
 
 
 
First Quantum Minerals Ltd (c)
 
2,312,715
31,097,624
 
TOTAL COMMON STOCKS
 (Cost $2,161,178,407)
 
 
 
3,345,725,109
 
 
 
 
U.S. Treasury Obligations - 0.5%
 
 
Yield (%) (d)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 5/22/2025 (g)
 
4.22
515,000
511,918
US Treasury Bills 0% 6/26/2025 (g)
 
4.23
18,738,000
18,550,219
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $19,062,396)
 
 
 
19,062,137
 
 
 
 
 
Money Market Funds - 6.4%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
 
4.32
177,436,218
177,471,705
Fidelity Securities Lending Cash Central Fund (e)(f)
 
4.32
44,755,764
44,760,240
 
TOTAL MONEY MARKET FUNDS
 (Cost $222,231,945)
 
 
 
222,231,945
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.1%
 (Cost $2,402,472,748)
 
 
 
3,587,019,191
NET OTHER ASSETS (LIABILITIES) - (3.1)%  
(108,932,414)
NET ASSETS - 100.0%
3,478,086,777
 
 
 Written Options
 
Counterparty
Number
of Contracts
Notional
Amount ($)
Exercise
Price ($)
Expiration
Date
Value ($)
Call Options
 
 
 
 
 
 
Booking Holdings Inc
Chicago Board Options Exchange
14
6,449,674
5,500.00
06/20/25
(57,820)
Eli Lilly & Co
Chicago Board Options Exchange
70
5,781,370
1,000.00
05/16/25
(44,275)
GE Aerospace
Chicago Board Options Exchange
400
8,006,000
230.00
06/20/25
(118,600)
GE Aerospace
Chicago Board Options Exchange
400
8,006,000
240.00
06/20/25
(64,400)
 
 
 
 
 
 
 
 
 
 
 
 
 
(285,095)
Put Options
 
 
 
 
 
 
Amazon.com Inc
Chicago Board Options Exchange
600
11,415,600
170.00
06/20/25
(277,500)
GE Vernova Inc
Chicago Board Options Exchange
19
580,032
260.00
05/16/25
(16,815)
GE Vernova Inc
Chicago Board Options Exchange
300
9,158,400
260.00
06/20/25
(409,500)
 
 
 
 
 
 
 
 
 
 
 
 
 
(703,815)
TOTAL WRITTEN OPTIONS
 
 
 
 
 
(988,910)
 
 
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)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
(g)
Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $31,542,434.
 
 
 
 
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
186,553,102
424,004,165
433,085,562
7,098,334
-
-
177,471,705
177,436,218
0.3%
Fidelity Securities Lending Cash Central Fund
2,072,600
123,844,356
81,156,716
21,765
-
-
44,760,240
44,755,764
0.2%
Total
188,625,702
547,848,521
514,242,278
7,120,099
-
-
222,231,945
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
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. U.S. Treasury Obligations 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.
 
Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 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.
 
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.  
 
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
 
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.  
 
Options: Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.
 
The Fund used exchange-traded options to manage its exposure to the stock market.
 
Open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions." Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.
 
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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