Quarterly Holdings Report
for
Fidelity® Mega Cap Stock Fund
September 30, 2025
GII-NPRT1-1125
1.808770.121
Common Stocks - 92.0%
 
 
Shares
Value ($)
 
AUSTRALIA - 0.1%
 
 
 
Energy - 0.1%
 
 
 
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Santos Ltd
 
1,380,241
6,146,546
CANADA - 1.5%
 
 
 
Energy - 1.5%
 
 
 
Oil, Gas & Consumable Fuels - 1.5%
 
 
 
Imperial Oil Ltd (a)
 
851,105
77,172,480
DENMARK - 0.5%
 
 
 
Health Care - 0.5%
 
 
 
Pharmaceuticals - 0.5%
 
 
 
Novo Nordisk A/S Class B ADR
 
424,110
23,533,864
FRANCE - 0.6%
 
 
 
Industrials - 0.6%
 
 
 
Aerospace & Defense - 0.6%
 
 
 
Airbus SE
 
135,100
31,549,361
GERMANY - 0.7%
 
 
 
Information Technology - 0.7%
 
 
 
Software - 0.7%
 
 
 
SAP SE ADR
 
131,700
35,191,557
IRELAND - 0.1%
 
 
 
Information Technology - 0.1%
 
 
 
IT Services - 0.1%
 
 
 
Accenture PLC Class A
 
11,900
2,934,539
NETHERLANDS - 0.6%
 
 
 
Communication Services - 0.2%
 
 
 
Entertainment - 0.2%
 
 
 
Universal Music Group NV
 
419,199
12,113,787
Information Technology - 0.4%
 
 
 
Semiconductors & Semiconductor Equipment - 0.4%
 
 
 
ASML Holding NV depository receipt
 
17,436
16,879,617
TOTAL NETHERLANDS
 
 
28,993,404
TAIWAN - 1.1%
 
 
 
Information Technology - 1.1%
 
 
 
Semiconductors & Semiconductor Equipment - 1.1%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
203,600
56,863,444
UNITED KINGDOM - 1.1%
 
 
 
Consumer Staples - 1.1%
 
 
 
Beverages - 0.4%
 
 
 
Diageo PLC
 
929,662
22,244,661
Tobacco - 0.7%
 
 
 
British American Tobacco PLC ADR
 
654,900
34,762,092
TOTAL UNITED KINGDOM
 
 
57,006,753
UNITED STATES - 84.7%
 
 
 
Communication Services - 9.9%
 
 
 
Entertainment - 0.4%
 
 
 
Walt Disney Co/The
 
174,899
20,025,935
Interactive Media & Services - 8.9%
 
 
 
Alphabet Inc Class A
 
600,000
145,860,000
Alphabet Inc Class C
 
502,400
122,359,520
Meta Platforms Inc Class A
 
241,900
177,646,522
 
 
 
445,866,042
Media - 0.6%
 
 
 
Comcast Corp Class A
 
989,997
31,105,706
TOTAL COMMUNICATION SERVICES
 
 
496,997,683
 
 
 
 
Consumer Discretionary - 3.2%
 
 
 
Broadline Retail - 1.6%
 
 
 
Amazon.com Inc (b)
 
366,300
80,428,492
Hotels, Restaurants & Leisure - 0.6%
 
 
 
Booking Holdings Inc
 
2,038
11,003,712
Marriott International Inc/MD Class A1
 
19,000
4,948,360
Starbucks Corp
 
147,200
12,453,120
 
 
 
28,405,192
Specialty Retail - 0.8%
 
 
 
Home Depot Inc/The
 
28,200
11,426,358
Lowe's Cos Inc
 
110,611
27,797,650
 
 
 
39,224,008
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
Lululemon Athletica Inc (b)
 
7,200
1,281,096
NIKE Inc Class B
 
129,000
8,995,170
 
 
 
10,276,266
TOTAL CONSUMER DISCRETIONARY
 
 
158,333,958
 
 
 
 
Consumer Staples - 3.2%
 
 
 
Beverages - 1.3%
 
 
 
Coca-Cola Co/The
 
412,100
27,330,472
Keurig Dr Pepper Inc
 
1,030,600
26,290,606
Monster Beverage Corp (b)
 
32,100
2,160,651
PepsiCo Inc
 
19,100
2,682,404
 
 
 
58,464,133
Consumer Staples Distribution & Retail - 0.4%
 
 
 
Target Corp
 
200,910
18,021,627
Walmart Inc
 
38,000
3,916,280
 
 
 
21,937,907
Food Products - 0.0%
 
 
 
Mondelez International Inc
 
25,900
1,617,973
Household Products - 0.1%
 
 
 
Procter & Gamble Co/The
 
42,220
6,487,103
Personal Care Products - 0.7%
 
 
 
Estee Lauder Cos Inc/The Class A
 
162,900
14,354,748
Kenvue Inc
 
1,319,957
21,422,902
 
 
 
35,777,650
Tobacco - 0.7%
 
 
 
Philip Morris International Inc
 
212,400
34,451,280
TOTAL CONSUMER STAPLES
 
 
158,736,046
 
 
 
 
Energy - 6.8%
 
 
 
Oil, Gas & Consumable Fuels - 6.8%
 
 
 
Chevron Corp
 
148,100
22,998,449
ConocoPhillips
 
232,005
21,945,353
Exxon Mobil Corp
 
1,635,609
184,414,915
Shell PLC ADR
 
1,564,013
111,873,850
 
 
 
341,232,567
Financials - 13.3%
 
 
 
Banks - 10.2%
 
 
 
Bank of America Corp
 
2,926,674
150,987,112
JPMorgan Chase & Co
 
165,730
52,276,214
PNC Financial Services Group Inc/The
 
156,831
31,512,053
Truist Financial Corp
 
265,600
12,143,232
US Bancorp
 
389,712
18,834,781
Wells Fargo & Co
 
2,898,476
242,950,258
 
 
 
508,703,650
Capital Markets - 0.6%
 
 
 
Charles Schwab Corp/The
 
165,200
15,771,644
CME Group Inc Class A
 
9,200
2,485,748
KKR & Co Inc Class A
 
71,214
9,254,259
 
 
 
27,511,651
Consumer Finance - 0.0%
 
 
 
American Express Co
 
13,500
4,484,160
Financial Services - 2.2%
 
 
 
Apollo Global Management Inc
 
115,000
15,326,050
Fiserv Inc (b)
 
26,600
3,429,538
Mastercard Inc Class A
 
38,052
21,644,358
PayPal Holdings Inc (b)
 
60,000
4,023,600
Visa Inc Class A
 
188,888
64,482,586
 
 
 
108,906,132
Insurance - 0.3%
 
 
 
Arthur J Gallagher & Co
 
54,200
16,787,908
TOTAL FINANCIALS
 
 
666,393,501
 
 
 
 
Health Care - 7.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Gilead Sciences Inc
 
19,700
2,186,700
Health Care Equipment & Supplies - 1.1%
 
 
 
Abbott Laboratories
 
119,400
15,992,436
Boston Scientific Corp (b)
 
395,717
38,633,851
 
 
 
54,626,287
Health Care Providers & Services - 2.3%
 
 
 
Cigna Group/The
 
61,662
17,774,072
Humana Inc
 
54,700
14,231,298
UnitedHealth Group Inc
 
246,203
85,013,896
 
 
 
117,019,266
Life Sciences Tools & Services - 1.0%
 
 
 
Danaher Corp
 
145,810
28,908,291
Thermo Fisher Scientific Inc
 
44,400
21,534,888
 
 
 
50,443,179
Pharmaceuticals - 2.6%
 
 
 
Eli Lilly & Co
 
30,100
22,966,300
GSK PLC ADR
 
1,018,266
43,948,361
Haleon PLC ADR
 
2,407,833
21,598,262
Johnson & Johnson
 
101,314
18,785,642
Merck & Co Inc
 
196,500
16,492,244
 
 
 
123,790,809
TOTAL HEALTH CARE
 
 
348,066,241
 
 
 
 
Industrials - 14.7%
 
 
 
Aerospace & Defense - 9.5%
 
 
 
Boeing Co (b)
 
991,280
213,947,962
GE Aerospace
 
759,884
228,588,306
General Dynamics Corp
 
17,300
5,899,300
RTX Corp
 
39,500
6,609,535
Spirit AeroSystems Holdings Inc Class A (b)
 
344,534
13,299,012
 
 
 
468,344,115
Air Freight & Logistics - 0.8%
 
 
 
United Parcel Service Inc Class B
 
504,979
42,180,896
Electrical Equipment - 3.9%
 
 
 
Emerson Electric Co
 
55,000
7,214,900
GE Vernova Inc (c)
 
306,678
188,576,302
 
 
 
195,791,202
Industrial Conglomerates - 0.0%
 
 
 
Honeywell International Inc
 
8,600
1,810,300
Machinery - 0.5%
 
 
 
Caterpillar Inc
 
41,100
19,610,865
Deere & Co
 
17,080
7,810,001
 
 
 
27,420,866
TOTAL INDUSTRIALS
 
 
735,547,379
 
 
 
 
Information Technology - 25.2%
 
 
 
IT Services - 0.0%
 
 
 
Kyndryl Holdings Inc (b)
 
220
6,607
Semiconductors & Semiconductor Equipment - 13.3%
 
 
 
Applied Materials Inc
 
130,674
26,754,195
Broadcom Inc
 
402,805
132,889,398
Lam Research Corp
 
206,000
27,583,400
Marvell Technology Inc
 
250,965
21,098,627
Micron Technology Inc
 
235,200
39,353,664
NVIDIA Corp
 
2,204,650
411,343,597
 
 
 
659,022,881
Software - 8.3%
 
 
 
Adobe Inc (b)
 
57,400
20,247,850
Autodesk Inc (b)
 
29,100
9,244,197
Intuit Inc
 
8,200
5,599,862
Microsoft Corp
 
705,676
365,504,884
Salesforce Inc
 
17,300
4,100,100
Synopsys Inc (b)
 
19,600
9,670,444
 
 
 
414,367,337
Technology Hardware, Storage & Peripherals - 3.6%
 
 
 
Apple Inc
 
703,522
179,137,807
TOTAL INFORMATION TECHNOLOGY
 
 
1,252,534,632
 
 
 
 
Materials - 0.1%
 
 
 
Chemicals - 0.1%
 
 
 
Air Products and Chemicals Inc
 
14,600
3,981,712
Linde PLC
 
6,700
3,182,499
 
 
 
7,164,211
Real Estate - 0.5%
 
 
 
Industrial REITs - 0.1%
 
 
 
Prologis Inc
 
22,800
2,611,056
Specialized REITs - 0.4%
 
 
 
American Tower Corp
 
75,510
14,522,083
Crown Castle Inc
 
60,500
5,837,645
 
 
 
20,359,728
TOTAL REAL ESTATE
 
 
22,970,784
 
 
 
 
Utilities - 0.8%
 
 
 
Electric Utilities - 0.7%
 
 
 
Duke Energy Corp
 
15,200
1,881,000
NextEra Energy Inc
 
37,900
2,861,071
Southern Co/The
 
306,800
29,075,436
 
 
 
33,817,507
Multi-Utilities - 0.1%
 
 
 
Sempra
 
81,400
7,324,372
TOTAL UTILITIES
 
 
41,141,879
 
 
 
 
TOTAL UNITED STATES
 
 
4,229,118,881
ZAMBIA - 1.0%
 
 
 
Materials - 1.0%
 
 
 
Metals & Mining - 1.0%
 
 
 
First Quantum Minerals Ltd (b)
 
2,194,915
49,648,577
 
TOTAL COMMON STOCKS
 (Cost $2,646,117,706)
 
 
 
4,598,159,406
 
 
 
 
Money Market Funds - 8.4%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (d)
 
4.21
338,156,895
338,224,526
Fidelity Securities Lending Cash Central Fund (d)(e)
 
4.19
82,335,691
82,343,925
 
TOTAL MONEY MARKET FUNDS
 (Cost $420,568,451)
 
 
 
420,568,451
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.4%
 (Cost $3,066,686,157)
 
 
 
5,018,727,857
NET OTHER ASSETS (LIABILITIES) - (0.4)%  
(21,916,630)
NET ASSETS - 100.0%
4,996,811,227
 
 
 Written Options
 
Counterparty
Number
of Contracts
Notional
Amount ($)
Exercise
Price ($)
Expiration
Date
Value ($)
Call Options
 
 
 
 
 
 
GE Vernova Inc
Chicago Board Options Exchange
100
6,149,000
700.00
11/21/2025
(184,500)
GE Vernova Inc
Chicago Board Options Exchange
92
5,657,080
730.00
11/21/2025
(115,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
(299,500)
TOTAL WRITTEN OPTIONS
 
 
 
 
 
(299,500)
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing.
 
(c)
Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $11,806,080.
 
(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
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
281,679,974
206,535,244
149,990,820
3,460,439
128
-
338,224,526
338,156,895
0.6%
Fidelity Securities Lending Cash Central Fund
48,867,560
117,150,794
83,674,429
35,848
-
-
82,343,925
82,335,691
0.3%
Total
330,547,534
323,686,038
233,665,249
3,496,287
128
-
420,568,451
 
 
 
 
 
 
 
 
 
 
 
 
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.
 
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.
 
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.