NPORT-EX 2 QTLY_2457_20230331.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Series Large Cap Stock Fund
March 31, 2023
MHT-NPRT3-0523
1.951036.110
Common Stocks - 95.5%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 8.4%
 
 
 
Diversified Telecommunication Services - 0.4%
 
 
 
Cellnex Telecom SA (a)
 
653,100
25,397,528
Verizon Communications, Inc.
 
710,633
27,636,517
 
 
 
53,034,045
Entertainment - 1.3%
 
 
 
Activision Blizzard, Inc.
 
232,322
19,884,440
Nintendo Co. Ltd. ADR
 
1,920,600
18,610,614
The Walt Disney Co. (b)
 
820,893
82,196,016
Universal Music Group NV
 
2,865,781
72,575,195
 
 
 
193,266,265
Interactive Media & Services - 4.2%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (b)
 
1,958,925
203,199,290
 Class C (b)
 
1,806,260
187,851,040
Match Group, Inc. (b)
 
578,200
22,197,098
Meta Platforms, Inc. Class A (b)
 
870,100
184,408,994
Snap, Inc. Class A (b)
 
2,424,300
27,176,403
 
 
 
624,832,825
Media - 2.5%
 
 
 
Charter Communications, Inc. Class A (b)
 
29,300
10,477,973
Comcast Corp. Class A
 
7,542,742
285,945,349
Interpublic Group of Companies, Inc.
 
1,944,570
72,415,787
 
 
 
368,839,109
TOTAL COMMUNICATION SERVICES
 
 
1,239,972,244
CONSUMER DISCRETIONARY - 3.9%
 
 
 
Auto Components - 0.3%
 
 
 
BorgWarner, Inc.
 
883,062
43,367,175
Automobiles - 0.1%
 
 
 
General Motors Co.
 
297,400
10,908,632
Broadline Retail - 0.2%
 
 
 
Amazon.com, Inc. (b)
 
298,400
30,821,736
Hotels, Restaurants & Leisure - 1.8%
 
 
 
Amadeus IT Holding SA Class A (b)
 
371,500
24,921,542
Booking Holdings, Inc. (b)
 
57,837
153,407,437
Expedia, Inc. (b)
 
218,600
21,210,758
Marriott International, Inc. Class A
 
268,500
44,581,740
Starbucks Corp.
 
166,000
17,285,580
 
 
 
261,407,057
Household Durables - 0.4%
 
 
 
Mohawk Industries, Inc. (b)
 
314,489
31,518,088
Sony Group Corp. sponsored ADR (c)
 
194,500
17,631,425
Whirlpool Corp. (c)
 
45,063
5,949,217
 
 
 
55,098,730
Specialty Retail - 1.0%
 
 
 
Lowe's Companies, Inc.
 
715,907
143,159,923
RH (b)
 
30,200
7,355,210
 
 
 
150,515,133
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
NIKE, Inc. Class B
 
163,100
20,002,584
TOTAL CONSUMER DISCRETIONARY
 
 
572,121,047
CONSUMER STAPLES - 4.8%
 
 
 
Beverages - 1.8%
 
 
 
Diageo PLC sponsored ADR (c)
 
361,600
65,514,688
Keurig Dr. Pepper, Inc.
 
1,758,300
62,032,824
The Coca-Cola Co.
 
2,190,895
135,901,217
 
 
 
263,448,729
Food & Staples Retailing - 1.6%
 
 
 
Costco Wholesale Corp.
 
17,500
8,695,225
Performance Food Group Co. (b)
 
501,900
30,284,646
Sysco Corp.
 
1,196,000
92,367,080
Target Corp.
 
147,500
24,430,425
U.S. Foods Holding Corp. (b)
 
595,600
22,001,464
Walmart, Inc.
 
394,100
58,110,045
 
 
 
235,888,885
Household Products - 0.1%
 
 
 
Colgate-Palmolive Co.
 
17,300
1,300,095
Procter & Gamble Co.
 
19,800
2,944,062
Spectrum Brands Holdings, Inc.
 
257,382
17,043,836
 
 
 
21,287,993
Personal Products - 0.4%
 
 
 
Haleon PLC ADR (c)
 
6,302,236
51,300,201
Tobacco - 0.9%
 
 
 
Altria Group, Inc.
 
2,885,559
128,753,643
TOTAL CONSUMER STAPLES
 
 
700,679,451
ENERGY - 12.2%
 
 
 
Energy Equipment & Services - 0.0%
 
 
 
Baker Hughes Co. Class A
 
110,100
3,177,486
Oil, Gas & Consumable Fuels - 12.2%
 
 
 
Canadian Natural Resources Ltd.
 
464,800
25,721,341
Cenovus Energy, Inc. (Canada)
 
9,715,881
169,515,704
Exxon Mobil Corp.
 
9,988,043
1,095,288,796
Hess Corp.
 
2,212,272
292,772,076
Imperial Oil Ltd.
 
1,977,900
100,585,325
Kosmos Energy Ltd. (b)
 
13,277,355
98,783,521
Phillips 66 Co.
 
161,100
16,332,318
 
 
 
1,798,999,081
TOTAL ENERGY
 
 
1,802,176,567
FINANCIALS - 16.7%
 
 
 
Banks - 10.4%
 
 
 
Bank of America Corp.
 
12,958,594
370,615,788
JPMorgan Chase & Co.
 
1,132,171
147,533,203
M&T Bank Corp.
 
181,620
21,716,303
PNC Financial Services Group, Inc.
 
956,821
121,611,949
Truist Financial Corp.
 
2,436,023
83,068,384
U.S. Bancorp
 
2,100,519
75,723,710
Wells Fargo & Co.
 
18,976,737
709,350,429
 
 
 
1,529,619,766
Capital Markets - 2.3%
 
 
 
Charles Schwab Corp.
 
29,400
1,539,972
CME Group, Inc.
 
19,900
3,811,248
KKR & Co. LP (c)
 
1,481,151
77,790,051
Morgan Stanley
 
844,424
74,140,427
Northern Trust Corp.
 
1,519,446
133,908,776
Raymond James Financial, Inc.
 
373,403
34,827,298
State Street Corp.
 
159,041
12,037,813
 
 
 
338,055,585
Financial Services - 3.8%
 
 
 
Edenred SA
 
897,000
53,056,321
Fidelity National Information Services, Inc.
 
589,900
32,049,267
Global Payments, Inc.
 
75,200
7,914,048
MasterCard, Inc. Class A
 
152,889
55,561,391
MGIC Investment Corp.
 
4,643,577
62,316,803
PayPal Holdings, Inc. (b)
 
373,900
28,393,966
Radian Group, Inc.
 
2,304,708
50,934,047
Visa, Inc. Class A
 
1,209,893
272,782,476
 
 
 
563,008,319
Insurance - 0.2%
 
 
 
Chubb Ltd.
 
140,597
27,301,125
TOTAL FINANCIALS
 
 
2,457,984,795
HEALTH CARE - 13.2%
 
 
 
Biotechnology - 0.5%
 
 
 
Alnylam Pharmaceuticals, Inc. (b)
 
169,950
34,044,384
Argenx SE ADR (b)
 
14,700
5,476,926
Insmed, Inc. (b)
 
691,829
11,795,684
Vaxcyte, Inc. (b)
 
265,900
9,965,932
Verve Therapeutics, Inc. (b)
 
243,400
3,509,828
 
 
 
64,792,754
Health Care Equipment & Supplies - 3.2%
 
 
 
Abbott Laboratories
 
54,500
5,518,670
Becton, Dickinson & Co.
 
144,706
35,820,523
Boston Scientific Corp. (b)
 
3,798,319
190,029,900
GE Healthcare Holding LLC
 
2,694,454
221,026,062
iRhythm Technologies, Inc. (b)
 
1,100
136,433
Koninklijke Philips Electronics NV (depository receipt) (NY Reg.)
 
739,476
13,569,385
 
 
 
466,100,973
Health Care Providers & Services - 5.2%
 
 
 
Cardinal Health, Inc.
 
1,182,758
89,298,229
Centene Corp. (b)
 
111,200
7,028,952
Cigna Group
 
650,911
166,327,288
CVS Health Corp.
 
1,334,352
99,155,697
Guardant Health, Inc. (b)
 
390,000
9,141,600
Humana, Inc.
 
45,600
22,136,976
McKesson Corp.
 
432,621
154,034,707
UnitedHealth Group, Inc.
 
468,981
221,635,731
 
 
 
768,759,180
Life Sciences Tools & Services - 0.3%
 
 
 
Danaher Corp.
 
178,500
44,989,140
Pharmaceuticals - 4.0%
 
 
 
Bristol-Myers Squibb Co.
 
3,893,460
269,855,713
Eli Lilly & Co.
 
178,800
61,403,496
GSK PLC sponsored ADR
 
2,840,028
101,048,196
Johnson & Johnson
 
924,571
143,308,505
Sanofi SA sponsored ADR
 
241,600
13,147,872
Viatris, Inc.
 
185,500
1,784,510
 
 
 
590,548,292
TOTAL HEALTH CARE
 
 
1,935,190,339
INDUSTRIALS - 15.5%
 
 
 
Aerospace & Defense - 3.7%
 
 
 
Airbus Group NV
 
716,700
95,727,847
General Dynamics Corp.
 
178,160
40,657,894
Huntington Ingalls Industries, Inc.
 
111,550
23,093,081
MTU Aero Engines AG
 
51,600
12,904,422
Raytheon Technologies Corp.
 
212,969
20,856,054
Safran SA
 
121,500
17,986,456
Textron, Inc.
 
125,200
8,842,876
The Boeing Co. (b)
 
1,542,796
327,736,154
 
 
 
547,804,784
Air Freight & Logistics - 2.0%
 
 
 
FedEx Corp.
 
348,747
79,685,202
United Parcel Service, Inc. Class B
 
1,099,456
213,283,469
 
 
 
292,968,671
Airlines - 0.1%
 
 
 
Copa Holdings SA Class A
 
48,500
4,478,975
Ryanair Holdings PLC sponsored ADR (b)
 
113,400
10,692,486
 
 
 
15,171,461
Building Products - 0.1%
 
 
 
Johnson Controls International PLC
 
327,700
19,734,094
Commercial Services & Supplies - 0.1%
 
 
 
ACV Auctions, Inc. Class A (b)
 
1,219,100
15,738,581
Electrical Equipment - 1.2%
 
 
 
Acuity Brands, Inc.
 
227,969
41,656,775
Hubbell, Inc. Class B
 
159,914
38,908,675
Regal Rexnord Corp.
 
260,900
36,716,457
Vertiv Holdings Co.
 
3,628,300
51,920,973
 
 
 
169,202,880
Ground Transportation - 0.5%
 
 
 
Knight-Swift Transportation Holdings, Inc. Class A
 
1,238,615
70,080,837
Industrial Conglomerates - 6.5%
 
 
 
3M Co.
 
147,273
15,479,865
General Electric Co.
 
9,761,464
933,195,958
 
 
 
948,675,823
Machinery - 1.1%
 
 
 
Chart Industries, Inc. (b)(c)
 
153,400
19,236,360
Cummins, Inc.
 
79,200
18,919,296
Flowserve Corp.
 
844,685
28,719,290
Fortive Corp.
 
386,500
26,347,705
Otis Worldwide Corp.
 
238,884
20,161,810
Stanley Black & Decker, Inc.
 
179,800
14,488,284
Westinghouse Air Brake Tech Co.
 
291,985
29,508,004
 
 
 
157,380,749
Professional Services - 0.2%
 
 
 
Equifax, Inc.
 
52,400
10,628,816
Genpact Ltd.
 
496,200
22,934,364
 
 
 
33,563,180
Trading Companies & Distributors - 0.0%
 
 
 
Beijer Ref AB (B Shares) (c)
 
304,799
5,335,965
TOTAL INDUSTRIALS
 
 
2,275,657,025
INFORMATION TECHNOLOGY - 16.2%
 
 
 
Electronic Equipment & Components - 0.2%
 
 
 
Mirion Technologies, Inc. (b)(d)
 
3,311,098
28,276,777
IT Services - 0.3%
 
 
 
IBM Corp.
 
140,100
18,365,709
Snowflake, Inc. (b)
 
7,500
1,157,175
Twilio, Inc. Class A (b)
 
342,800
22,840,764
Unisys Corp. (b)
 
1,905,099
7,391,784
 
 
 
49,755,432
Semiconductors & Semiconductor Equipment - 3.0%
 
 
 
Analog Devices, Inc.
 
145,938
28,781,892
Applied Materials, Inc.
 
368,402
45,250,818
Intel Corp.
 
448,500
14,652,495
Lam Research Corp.
 
70,200
37,214,424
Marvell Technology, Inc.
 
1,840,485
79,693,001
NVIDIA Corp.
 
205,200
56,998,404
Qualcomm, Inc.
 
1,156,431
147,537,467
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
281,000
26,138,620
 
 
 
436,267,121
Software - 9.3%
 
 
 
Adobe, Inc. (b)
 
252,200
97,190,314
Autodesk, Inc. (b)
 
173,228
36,059,140
DoubleVerify Holdings, Inc. (b)
 
224,600
6,771,690
Dynatrace, Inc. (b)
 
472,394
19,982,266
Elastic NV (b)
 
510,700
29,569,530
Intuit, Inc.
 
97,800
43,602,174
Microsoft Corp.
 
3,383,005
975,320,342
PTC, Inc. (b)
 
132,800
17,028,944
Salesforce, Inc. (b)
 
98,500
19,678,330
SAP SE sponsored ADR (c)
 
919,746
116,393,856
Workday, Inc. Class A (b)
 
42,900
8,860,566
 
 
 
1,370,457,152
Technology Hardware, Storage & Peripherals - 3.4%
 
 
 
Apple, Inc.
 
2,952,914
486,935,519
Samsung Electronics Co. Ltd.
 
271,740
13,388,748
 
 
 
500,324,267
TOTAL INFORMATION TECHNOLOGY
 
 
2,385,080,749
MATERIALS - 3.2%
 
 
 
Chemicals - 0.7%
 
 
 
Axalta Coating Systems Ltd. (b)
 
177,800
5,385,562
DuPont de Nemours, Inc.
 
1,152,300
82,700,571
LyondellBasell Industries NV Class A
 
92,400
8,675,436
Sherwin-Williams Co.
 
25,900
5,821,543
 
 
 
102,583,112
Metals & Mining - 2.5%
 
 
 
First Quantum Minerals Ltd.
 
4,581,631
105,328,358
Freeport-McMoRan, Inc.
 
5,078,942
207,779,517
Glencore PLC
 
10,030,600
57,718,273
 
 
 
370,826,148
TOTAL MATERIALS
 
 
473,409,260
REAL ESTATE - 0.8%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.8%
 
 
 
American Tower Corp.
 
172,681
35,285,636
Crown Castle International Corp.
 
148,800
19,915,392
Equinix, Inc.
 
4,422
3,188,439
Simon Property Group, Inc.
 
592,400
66,331,028
 
 
 
124,720,495
UTILITIES - 0.6%
 
 
 
Electric Utilities - 0.6%
 
 
 
Entergy Corp.
 
110,700
11,926,818
PG&E Corp. (b)
 
969,300
15,673,581
Southern Co.
 
845,400
58,822,932
 
 
 
86,423,331
Multi-Utilities - 0.0%
 
 
 
Sempra Energy
 
34,380
5,196,881
TOTAL UTILITIES
 
 
91,620,212
 
TOTAL COMMON STOCKS
 (Cost $9,171,486,158)
 
 
 
14,058,612,184
 
 
 
 
Preferred Stocks - 0.2%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.0%
 
 
 
COMMUNICATION SERVICES - 0.0%
 
 
 
Interactive Media & Services - 0.0%
 
 
 
Reddit, Inc. Series E (b)(d)(e)
 
17,600
670,560
 
 
 
 
Nonconvertible Preferred Stocks - 0.2%
 
 
 
INDUSTRIALS - 0.2%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
Embraer SA sponsored ADR (b)
 
1,749,000
28,631,130
 
 
 
 
 
TOTAL PREFERRED STOCKS
 (Cost $20,367,805)
 
 
 
29,301,690
 
 
 
 
Other - 0.1%
 
 
Shares
Value ($)
 
Other - 0.1%
 
 
 
Utica Shale Drilling Program (non-operating revenue interest) (d)(e)(f)
  (Cost $25,836,776)
 
22,323,330
8,725,832
 
 
 
 
Money Market Funds - 4.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.86% (g)
 
412,315,297
412,397,760
Fidelity Securities Lending Cash Central Fund 4.87% (g)(h)
 
195,307,283
195,326,814
 
TOTAL MONEY MARKET FUNDS
 (Cost $607,724,574)
 
 
607,724,574
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
 (Cost $9,825,415,313)
 
 
 
14,704,364,280
NET OTHER ASSETS (LIABILITIES) - 0.1%  
9,580,871
NET ASSETS - 100.0%
14,713,945,151
 
 
Legend
 
(a)
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 $25,397,528 or 0.2% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
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 $37,673,169 or 0.3% of net assets.
 
(e)
Level 3 security
 
(f)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
 
(g)
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.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Mirion Technologies, Inc.
6/16/21
33,110,980
 
 
 
Reddit, Inc. Series E
5/18/21
747,546
 
 
 
Utica Shale Drilling Program (non-operating revenue interest)
10/05/16 - 12/16/20
25,836,775
 
 
 
 
 
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 ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.86%
761,480,223
2,342,214,525
2,691,296,988
14,923,273
-
-
412,397,760
1.0%
Fidelity Securities Lending Cash Central Fund 4.87%
21,387,036
824,817,213
650,877,435
355,901
-
-
195,326,814
0.6%
Total
782,867,259
3,167,031,738
3,342,174,423
15,279,174
-
-
607,724,574
 
 
 
 
 
 
 
 
 
 
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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