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ROCKWELL AUTOMATION INC VH3R4HHBHH12O0EXZJ88 ROCKWELL AUTOMATION INC 773903109 19700.00000000 NS USD 5739201.00000000 0.214155896987 Long EC CORP US N 1 N N N AMERICAN EXPRESS CO R4PP93JZOLY261QX3811 AMERICAN EXPRESS CO 025816109 13500.00000000 NS USD 3073815.00000000 0.114698127579 Long EC CORP US N 1 N N N LINDE PLC 5299003QR1WT0EF88V51 LINDE PLC N/A 5000.00000000 NS USD 2321600.00000000 0.086629537882 Long EC CORP IE N 1 N N N ALPHABET INC 5493006MHB84DD0ZWV18 ALPHABET INC CL A 02079K305 421900.00000000 NS USD 63677367.00000000 2.376094450727 Long EC CORP US N 1 N N N PNC FINANCIAL SERVICES GRP INC CFGNEKW0P8842LEUIA51 PNC FINANCIAL SERVICES GRP INC 693475105 148431.00000000 NS USD 23986449.60000000 0.895044385035 Long EC CORP US N 1 N N N WALT DISNEY CO 549300GZKULIZ0WOW665 DISNEY (WALT) CO 254687106 133199.00000000 NS USD 16298229.64000000 0.608161656625 Long EC CORP US N 1 N N N 2024-04-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_361_20240331.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Mega Cap Stock Fund
March 31, 2024
GII-NPRT3-0524
1.799848.120
Common Stocks - 93.2%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 9.7%
 
 
 
Entertainment - 1.1%
 
 
 
The Walt Disney Co.
 
133,199
16,298,230
Universal Music Group NV
 
479,399
14,406,109
 
 
 
30,704,339
Interactive Media & Services - 7.7%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (a)
 
421,900
63,677,367
 Class C (a)
 
387,700
59,031,202
Meta Platforms, Inc. Class A
 
169,800
82,451,484
 
 
 
205,160,053
Media - 0.9%
 
 
 
Charter Communications, Inc. Class A (a)
 
3,400
988,142
Comcast Corp. Class A
 
539,997
23,408,870
 
 
 
24,397,012
TOTAL COMMUNICATION SERVICES
 
 
260,261,404
CONSUMER DISCRETIONARY - 3.5%
 
 
 
Broadline Retail - 0.2%
 
 
 
Amazon.com, Inc. (a)(b)
 
25,500
4,599,690
Hotels, Restaurants & Leisure - 1.9%
 
 
 
Booking Holdings, Inc.
 
11,048
40,080,818
Marriott International, Inc. Class A
 
26,600
6,711,446
Starbucks Corp.
 
58,000
5,300,620
 
 
 
52,092,884
Household Durables - 0.4%
 
 
 
Sony Group Corp. sponsored ADR
 
115,700
9,920,118
Specialty Retail - 0.8%
 
 
 
Lowe's Companies, Inc.
 
89,811
22,877,556
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
Compagnie Financiere Richemont SA Series A
 
15,930
2,425,190
NIKE, Inc. Class B
 
28,200
2,650,236
 
 
 
5,075,426
TOTAL CONSUMER DISCRETIONARY
 
 
94,565,674
CONSUMER STAPLES - 5.7%
 
 
 
Beverages - 2.0%
 
 
 
Diageo PLC
 
530,762
19,639,372
Keurig Dr. Pepper, Inc.
 
500,600
15,353,402
The Coca-Cola Co.
 
325,600
19,920,208
 
 
 
54,912,982
Consumer Staples Distribution & Retail - 1.6%
 
 
 
Costco Wholesale Corp.
 
1,300
952,419
Sysco Corp.
 
133,099
10,804,977
Target Corp.
 
58,710
10,403,999
Walmart, Inc.
 
331,500
19,946,355
 
 
 
42,107,750
Food Products - 0.1%
 
 
 
Mondelez International, Inc.
 
25,900
1,813,000
Household Products - 0.1%
 
 
 
Procter & Gamble Co.
 
16,310
2,646,298
Personal Care Products - 1.7%
 
 
 
Estee Lauder Companies, Inc. Class A
 
54,500
8,401,175
Haleon PLC ADR
 
1,790,533
15,201,625
Kenvue, Inc.
 
982,557
21,085,673
 
 
 
44,688,473
Tobacco - 0.2%
 
 
 
Altria Group, Inc.
 
27,890
1,216,562
Philip Morris International, Inc.
 
56,900
5,213,178
 
 
 
6,429,740
TOTAL CONSUMER STAPLES
 
 
152,598,243
ENERGY - 9.8%
 
 
 
Oil, Gas & Consumable Fuels - 9.8%
 
 
 
Exxon Mobil Corp.
 
1,589,487
184,761,969
Imperial Oil Ltd.
 
478,200
32,983,815
Pioneer Natural Resources Co.
 
34,200
8,977,500
Shell PLC ADR
 
552,910
37,067,086
 
 
 
263,790,370
FINANCIALS - 16.3%
 
 
 
Banks - 12.4%
 
 
 
Bank of America Corp.
 
2,263,651
85,837,646
JPMorgan Chase & Co.
 
284,130
56,911,239
PNC Financial Services Group, Inc.
 
148,431
23,986,450
U.S. Bancorp
 
440,112
19,673,006
Wells Fargo & Co. (b)
 
2,513,036
145,655,567
 
 
 
332,063,908
Capital Markets - 0.3%
 
 
 
Charles Schwab Corp.
 
73,400
5,309,756
CME Group, Inc.
 
10,800
2,325,132
 
 
 
7,634,888
Consumer Finance - 0.1%
 
 
 
American Express Co.
 
13,500
3,073,815
Financial Services - 3.5%
 
 
 
Berkshire Hathaway, Inc. Class B (a)
 
51,200
21,530,624
Fidelity National Information Services, Inc.
 
46,400
3,441,952
Fiserv, Inc. (a)
 
26,600
4,251,212
MasterCard, Inc. Class A
 
30,852
14,857,398
PayPal Holdings, Inc. (a)
 
60,000
4,019,400
Visa, Inc. Class A
 
166,088
46,351,839
 
 
 
94,452,425
TOTAL FINANCIALS
 
 
437,225,036
HEALTH CARE - 9.4%
 
 
 
Health Care Equipment & Supplies - 1.9%
 
 
 
Abbott Laboratories
 
79,300
9,013,238
Boston Scientific Corp. (a)
 
537,319
36,800,978
Koninklijke Philips Electronics NV (depository receipt) (NY Reg.)
 
157,414
3,148,280
Medtronic PLC
 
26,896
2,343,986
 
 
 
51,306,482
Health Care Providers & Services - 3.3%
 
 
 
Cigna Group
 
71,562
25,990,603
Humana, Inc.
 
25,800
8,945,376
UnitedHealth Group, Inc.
 
107,703
53,280,674
 
 
 
88,216,653
Life Sciences Tools & Services - 0.9%
 
 
 
Danaher Corp.
 
82,910
20,704,285
Thermo Fisher Scientific, Inc.
 
7,400
4,300,954
 
 
 
25,005,239
Pharmaceuticals - 3.3%
 
 
 
Bristol-Myers Squibb Co.
 
340,499
18,465,261
Eli Lilly & Co.
 
41,500
32,285,340
GSK PLC sponsored ADR
 
336,766
14,437,158
Johnson & Johnson
 
112,514
17,798,590
Sanofi SA sponsored ADR
 
84,673
4,115,108
 
 
 
87,101,457
TOTAL HEALTH CARE
 
 
251,629,831
INDUSTRIALS - 11.6%
 
 
 
Aerospace & Defense - 3.3%
 
 
 
Airbus Group NV
 
120,300
22,162,726
RTX Corp.
 
32,330
3,153,145
The Boeing Co. (a)(b)
 
335,300
64,709,547
 
 
 
90,025,418
Air Freight & Logistics - 1.2%
 
 
 
FedEx Corp.
 
6,300
1,825,362
United Parcel Service, Inc. Class B (b)
 
200,279
29,767,468
 
 
 
31,592,830
Commercial Services & Supplies - 0.1%
 
 
 
Veralto Corp.
 
20,303
1,800,064
Electrical Equipment - 0.2%
 
 
 
Rockwell Automation, Inc.
 
19,700
5,739,201
Industrial Conglomerates - 5.8%
 
 
 
General Electric Co. (b)
 
881,094
154,658,430
Machinery - 1.0%
 
 
 
Caterpillar, Inc.
 
52,400
19,200,932
Deere & Co.
 
18,380
7,549,401
 
 
 
26,750,333
TOTAL INDUSTRIALS
 
 
310,566,276
INFORMATION TECHNOLOGY - 23.8%
 
 
 
IT Services - 0.0%
 
 
 
Kyndryl Holdings, Inc. (a)
 
220
4,787
Snowflake, Inc. (a)
 
1,000
161,600
 
 
 
166,387
Semiconductors & Semiconductor Equipment - 8.2%
 
 
 
Analog Devices, Inc.
 
9,100
1,799,889
Applied Materials, Inc.
 
150,074
30,949,761
ASML Holding NV (depository receipt)
 
5,936
5,760,710
Broadcom, Inc.
 
12,300
16,302,543
Lam Research Corp.
 
21,500
20,888,755
Marvell Technology, Inc.
 
128,365
9,098,511
NVIDIA Corp. (b)
 
116,500
105,264,740
Qualcomm, Inc.
 
60,416
10,228,429
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
140,000
19,047,000
 
 
 
219,340,338
Software - 12.6%
 
 
 
Adobe, Inc. (a)
 
47,910
24,175,386
Autodesk, Inc. (a)
 
7,800
2,031,276
Intuit, Inc.
 
11,100
7,215,000
Microsoft Corp.
 
595,276
250,444,516
Oracle Corp.
 
225,000
28,262,250
Salesforce, Inc.
 
20,300
6,113,954
SAP SE sponsored ADR
 
97,500
19,015,425
 
 
 
337,257,807
Technology Hardware, Storage & Peripherals - 3.0%
 
 
 
Apple, Inc.
 
475,742
81,580,238
TOTAL INFORMATION TECHNOLOGY
 
 
638,344,770
MATERIALS - 1.6%
 
 
 
Chemicals - 0.6%
 
 
 
Air Products & Chemicals, Inc. (b)
 
25,000
6,056,750
DuPont de Nemours, Inc.
 
90,918
6,970,683
Linde PLC
 
5,000
2,321,600
 
 
 
15,349,033
Metals & Mining - 1.0%
 
 
 
Freeport-McMoRan, Inc. (b)
 
597,100
28,075,642
TOTAL MATERIALS
 
 
43,424,675
REAL ESTATE - 0.8%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.8%
 
 
 
American Tower Corp.
 
36,910
7,293,047
Crown Castle, Inc.
 
76,300
8,074,829
Simon Property Group, Inc.
 
30,400
4,757,296
 
 
 
20,125,172
UTILITIES - 1.0%
 
 
 
Electric Utilities - 1.0%
 
 
 
Duke Energy Corp.
 
15,200
1,469,992
NextEra Energy, Inc.
 
37,900
2,422,189
Southern Co.
 
308,700
22,146,138
 
 
 
26,038,319
 
TOTAL COMMON STOCKS
 (Cost $1,474,173,302)
 
 
 
2,498,569,770
 
 
 
 
U.S. Treasury Obligations - 0.9%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.27% to 5.3% 4/11/24 to 5/9/24
 
 (Cost $23,242,131)
 
 
23,327,000
23,241,257
 
 
 
 
Money Market Funds - 6.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (d)
 
 (Cost $162,140,740)
 
 
162,108,318
162,140,740
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $1,659,556,173)
 
 
 
2,683,951,767
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(2,912,433)
NET ASSETS - 100.0%
2,681,039,334
 
 
 Written Options
 
Counterparty
Number
of Contracts
Notional
Amount ($)
Exercise
Price ($)
Expiration
Date
Value ($)
Call Options
 
 
 
 
 
 
Amazon.com, Inc.
Chicago Board Options Exchange
100
1,803,800
190.00
06/21/24
(71,750)
Freeport-McMoRan, Inc.
Chicago Board Options Exchange
300
1,410,600
50.00
05/17/24
(45,300)
General Electric Co.
Chicago Board Options Exchange
800
14,042,400
165.00
01/17/25
(2,194,000)
General Electric Co.
Chicago Board Options Exchange
300
5,265,900
170.00
01/17/25
(715,500)
General Electric Co.
Chicago Board Options Exchange
400
7,021,200
170.00
04/19/24
(350,000)
NVIDIA Corp.
Chicago Board Options Exchange
100
9,035,600
1,070.00
05/17/24
(164,250)
Wells Fargo & Co.
Chicago Board Options Exchange
1,000
5,796,000
62.50
08/16/24
(187,000)
Wells Fargo & Co.
Chicago Board Options Exchange
1,200
6,955,200
62.50
06/21/24
(123,600)
 
 
 
 
 
 
 
 
 
 
 
 
 
(3,851,400)
Put Options
 
 
 
 
 
 
Air Products & Chemicals, Inc.
Chicago Board Options Exchange
350
8,479,450
200.00
06/21/24
(36,750)
The Boeing Co.
Chicago Board Options Exchange
400
7,719,600
215.00
05/17/24
(934,000)
United Parcel Service, Inc. Class B
Chicago Board Options Exchange
500
7,431,500
135.00
04/19/24
(5,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
(975,750)
TOTAL WRITTEN OPTIONS
 
 
 
 
 
(4,827,150)
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $74,961,250.
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(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.
 
 
 
 
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 5.39%
106,272,490
344,549,850
288,681,600
5,973,877
-
-
162,140,740
0.3%
Fidelity Securities Lending Cash Central Fund 5.39%
-
70,974,357
70,974,357
89,260
-
-
-
0.0%
Total
106,272,490
415,524,207
359,655,957
6,063,137
-
-
162,140,740
 
 
 
 
 
 
 
 
 
 
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.
 
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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