NPORT-EX 2 QTLY_3_20230331.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Fund
March 31, 2023
FID-NPRT3-0523
1.799854.119
Common Stocks - 98.2%
 
  
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 9.8%
 
  
  
Entertainment - 0.4%
  
  
  
Activision Blizzard, Inc.
 
261,000
22,339
Interactive Media & Services - 8.8%
  
  
  
Alphabet, Inc.:
  
  
  
 Class A (a)
  
4,194,200
435,064
 Class C (a)
  
430,000
44,720
Meta Platforms, Inc. Class A (a)
  
179,600
38,064
 
  
  
517,848
Media - 0.6%
  
  
  
Comcast Corp. Class A
 
1,000,000
37,910
TOTAL COMMUNICATION SERVICES
  
  
578,097
CONSUMER DISCRETIONARY - 7.0%
 
  
  
Broadline Retail - 2.0%
  
  
  
Amazon.com, Inc. (a)
  
1,116,000
115,272
Distributors - 0.2%
  
  
  
Genuine Parts Co.
 
72,794
12,179
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Airbnb, Inc. Class A (a)
  
20,400
2,538
Household Durables - 0.2%
  
  
  
NVR, Inc. (a)
  
2,520
14,042
Specialty Retail - 4.6%
  
  
  
AutoZone, Inc. (a)
  
24,100
59,241
Lowe's Companies, Inc.
 
243,400
48,673
O'Reilly Automotive, Inc. (a)
  
66,000
56,033
The Home Depot, Inc.
 
339,700
100,252
Tractor Supply Co.
 
16,100
3,784
 
  
  
267,983
TOTAL CONSUMER DISCRETIONARY
  
  
412,014
CONSUMER STAPLES - 5.8%
 
  
  
Beverages - 0.5%
  
  
  
Keurig Dr. Pepper, Inc.
 
875,700
30,895
Food & Staples Retailing - 3.0%
  
  
  
Costco Wholesale Corp.
 
250,000
124,218
Dollar General Corp.
 
208,000
43,776
Walmart, Inc.
 
45,700
6,738
 
  
  
174,732
Food Products - 0.2%
  
  
  
Lamb Weston Holdings, Inc.
 
125,600
13,128
Household Products - 1.5%
  
  
  
Procter & Gamble Co.
 
600,000
89,214
Personal Products - 0.6%
  
  
  
Estee Lauder Companies, Inc. Class A
 
138,700
34,184
TOTAL CONSUMER STAPLES
  
  
342,153
ENERGY - 5.5%
 
  
  
Oil, Gas & Consumable Fuels - 5.5%
  
  
  
Cheniere Energy, Inc.
 
194,900
30,716
Chevron Corp.
 
285,800
46,631
Exxon Mobil Corp.
 
724,300
79,427
Marathon Petroleum Corp.
 
524,000
70,651
Occidental Petroleum Corp.
 
580,000
36,209
PDC Energy, Inc.
 
455,800
29,253
Valero Energy Corp.
 
213,544
29,811
 
  
  
322,698
FINANCIALS - 12.9%
 
  
  
Banks - 3.1%
  
  
  
Bank of America Corp.
 
2,242,500
64,136
JPMorgan Chase & Co.
 
730,000
95,126
Wells Fargo & Co.
 
557,500
20,839
 
  
  
180,101
Capital Markets - 4.1%
  
  
  
Ameriprise Financial, Inc.
 
85,100
26,083
Bank of New York Mellon Corp.
 
732,300
33,276
Morgan Stanley
 
401,000
35,208
MSCI, Inc.
 
186,559
104,415
Raymond James Financial, Inc.
 
25,141
2,345
S&P Global, Inc.
 
111,000
38,269
T. Rowe Price Group, Inc.
 
28,100
3,172
 
  
  
242,768
Financial Services - 4.0%
  
  
  
Adyen BV (a)(b)
  
2,400
3,824
MasterCard, Inc. Class A
 
232,300
84,420
PayPal Holdings, Inc. (a)
  
546,400
41,494
Visa, Inc. Class A
 
473,000
106,643
 
  
  
236,381
Insurance - 1.7%
  
  
  
Arthur J. Gallagher & Co.
 
303,600
58,082
Everest Re Group Ltd.
 
62,202
22,270
Globe Life, Inc.
 
98,200
10,804
Progressive Corp.
 
57,200
8,183
 
  
  
99,339
TOTAL FINANCIALS
  
  
758,589
HEALTH CARE - 13.9%
 
  
  
Biotechnology - 2.5%
  
  
  
Gilead Sciences, Inc.
 
425,000
35,262
Regeneron Pharmaceuticals, Inc. (a)
  
80,100
65,816
Vertex Pharmaceuticals, Inc. (a)
  
145,042
45,698
 
  
  
146,776
Health Care Equipment & Supplies - 1.1%
  
  
  
Edwards Lifesciences Corp. (a)
  
336,300
27,822
Intuitive Surgical, Inc. (a)
  
70,100
17,908
ResMed, Inc.
 
93,900
20,563
 
  
  
66,293
Health Care Providers & Services - 3.5%
  
  
  
McKesson Corp.
 
120,600
42,940
Molina Healthcare, Inc. (a)
  
19,743
5,281
UnitedHealth Group, Inc.
 
330,000
155,955
 
  
  
204,176
Health Care Technology - 0.1%
  
  
  
Doximity, Inc. (a)(c)
  
144,000
4,663
Life Sciences Tools & Services - 3.5%
  
  
  
Charles River Laboratories International, Inc. (a)
  
12,900
2,603
Danaher Corp.
 
405,000
102,076
Mettler-Toledo International, Inc. (a)
  
7,200
11,018
Thermo Fisher Scientific, Inc.
 
162,000
93,372
 
  
  
209,069
Pharmaceuticals - 3.2%
  
  
  
Eli Lilly & Co.
 
293,000
100,622
Merck & Co., Inc.
 
641,600
68,260
Zoetis, Inc. Class A
 
127,900
21,288
 
  
  
190,170
TOTAL HEALTH CARE
  
  
821,147
INDUSTRIALS - 5.0%
 
  
  
Aerospace & Defense - 0.2%
  
  
  
Textron, Inc.
 
130,600
9,224
Building Products - 1.5%
  
  
  
Carrier Global Corp.
 
874,600
40,013
Trane Technologies PLC
 
250,000
45,995
 
  
  
86,008
Commercial Services & Supplies - 0.2%
  
  
  
Copart, Inc. (a)
  
130,000
9,777
Construction & Engineering - 0.2%
  
  
  
Quanta Services, Inc.
 
63,600
10,598
Electrical Equipment - 0.2%
  
  
  
AMETEK, Inc.
 
94,151
13,683
Ground Transportation - 0.5%
  
  
  
Old Dominion Freight Lines, Inc.
 
93,000
31,698
Machinery - 1.9%
  
  
  
Deere & Co.
 
62,100
25,640
Otis Worldwide Corp.
 
339,700
28,671
PACCAR, Inc.
 
301,800
22,092
Parker Hannifin Corp.
 
112,800
37,913
 
  
  
114,316
Trading Companies & Distributors - 0.3%
  
  
  
W.W. Grainger, Inc.
 
30,300
20,871
TOTAL INDUSTRIALS
  
  
296,175
INFORMATION TECHNOLOGY - 36.6%
 
  
  
Communications Equipment - 1.2%
  
  
  
Arista Networks, Inc. (a)
  
48,900
8,208
Cisco Systems, Inc.
 
1,232,900
64,450
 
  
  
72,658
Electronic Equipment & Components - 0.9%
  
  
  
Amphenol Corp. Class A
 
610,000
49,849
IT Services - 0.7%
  
  
  
Accenture PLC Class A
 
107,400
30,696
Snowflake, Inc. (a)
  
73,700
11,371
 
  
  
42,067
Semiconductors & Semiconductor Equipment - 7.1%
  
  
  
Analog Devices, Inc.
 
285,400
56,287
ASML Holding NV (depository receipt)
 
74,200
50,509
Broadcom, Inc.
 
137,000
87,891
KLA Corp.
 
170,000
67,859
Lam Research Corp.
 
106,100
56,246
Monolithic Power Systems, Inc.
 
56,800
28,431
onsemi (a)
  
728,400
59,962
Texas Instruments, Inc.
 
50,000
9,301
 
  
  
416,486
Software - 14.7%
  
  
  
Adobe, Inc. (a)
  
95,000
36,610
Autodesk, Inc. (a)
  
85,589
17,816
Cadence Design Systems, Inc. (a)
  
262,500
55,149
Fortinet, Inc. (a)
  
1,186,300
78,841
Microsoft Corp.
 
2,095,000
603,989
Paycom Software, Inc. (a)
  
52,300
15,900
Roper Technologies, Inc.
 
66,000
29,086
Synopsys, Inc. (a)
  
50,000
19,313
Zoom Video Communications, Inc. Class A (a)
  
149,800
11,061
 
  
  
867,765
Technology Hardware, Storage & Peripherals - 12.0%
  
  
  
Apple, Inc.
 
4,290,000
707,418
TOTAL INFORMATION TECHNOLOGY
  
  
2,156,243
MATERIALS - 0.5%
 
  
  
Metals & Mining - 0.5%
  
  
  
Steel Dynamics, Inc.
 
261,400
29,554
REAL ESTATE - 0.0%
 
  
  
Equity Real Estate Investment Trusts (REITs) - 0.0%
  
  
  
VICI Properties, Inc.
 
14,717
480
UTILITIES - 1.2%
 
  
  
Electric Utilities - 1.2%
  
  
  
NextEra Energy, Inc.
 
880,900
67,900
 
TOTAL COMMON STOCKS
 (Cost $2,675,169)
  
  
  
5,785,050
 
  
  
  
Money Market Funds - 2.0%
 
  
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 4.88% (d)
  
113,423,114
113,446
Fidelity Securities Lending Cash Central Fund 4.88% (d)(e)
  
4,604,340
4,605
 
TOTAL MONEY MARKET FUNDS
 (Cost $118,049)
  
  
118,051
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
 (Cost $2,793,218)
 
  
 
5,903,101
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(11,430)
NET ASSETS - 100.0%
5,891,671
 
  
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,824,000 or 0.1% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.86%
102,346
1,745,952
1,734,852
3,281
-
-
113,446
0.3%
Fidelity Securities Lending Cash Central Fund 4.87%
-
60,423
55,818
3
-
-
4,605
0.0%
Total
102,346
1,806,375
1,790,670
3,284
-
-
118,051
  
 
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
 
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