NPORT-EX 2 QTLY_338_20240131.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Large Cap Stock Fund
January 31, 2024
LCS-NPRT3-0324
1.813034.119
Common Stocks - 95.4%
 
 
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 10.1%
 
 
 
Diversified Telecommunication Services - 0.3%
 
 
 
Cellnex Telecom SA (a)
 
123,252
4,742
Verizon Communications, Inc.
 
143,674
6,085
 
 
 
10,827
Entertainment - 0.9%
 
 
 
The Walt Disney Co.
 
159,929
15,361
Universal Music Group NV
 
598,963
17,656
 
 
 
33,017
Interactive Media & Services - 6.5%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (b)
 
454,080
63,617
 Class C (b)
 
414,441
58,768
Match Group, Inc. (b)
 
261,640
10,042
Meta Platforms, Inc. Class A
 
206,579
80,595
Snap, Inc. Class A (b)
 
822,128
13,064
 
 
 
226,086
Media - 2.4%
 
 
 
Charter Communications, Inc. Class A (b)
 
5,699
2,113
Comcast Corp. Class A
 
1,459,090
67,906
Interpublic Group of Companies, Inc.
 
381,584
12,588
 
 
 
82,607
TOTAL COMMUNICATION SERVICES
 
 
352,537
CONSUMER DISCRETIONARY - 3.8%
 
 
 
Automobile Components - 0.1%
 
 
 
BorgWarner, Inc.
 
133,018
4,509
Automobiles - 0.2%
 
 
 
General Motors Co.
 
64,694
2,510
Rivian Automotive, Inc. (b)
 
183,800
2,814
 
 
 
5,324
Broadline Retail - 0.1%
 
 
 
Amazon.com, Inc. (b)
 
29,344
4,554
Hotels, Restaurants & Leisure - 2.0%
 
 
 
Amadeus IT Holding SA Class A
 
83,033
5,838
Booking Holdings, Inc. (b)
 
11,401
39,989
Expedia, Inc. (b)
 
52,940
7,853
Marriott International, Inc. Class A
 
48,528
11,634
Starbucks Corp.
 
50,383
4,687
 
 
 
70,001
Household Durables - 0.3%
 
 
 
Mohawk Industries, Inc. (b)
 
63,528
6,623
Sony Group Corp. sponsored ADR
 
36,463
3,564
Whirlpool Corp.
 
12,974
1,421
 
 
 
11,608
Specialty Retail - 1.0%
 
 
 
JD Sports Fashion PLC
 
1,435,900
2,130
Lowe's Companies, Inc.
 
132,110
28,118
RH (b)
 
9,700
2,459
 
 
 
32,707
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
Compagnie Financiere Richemont SA Series A
 
10,300
1,530
NIKE, Inc. Class B
 
25,790
2,618
 
 
 
4,148
TOTAL CONSUMER DISCRETIONARY
 
 
132,851
CONSUMER STAPLES - 5.2%
 
 
 
Beverages - 1.5%
 
 
 
Diageo PLC sponsored ADR (c)
 
82,659
11,930
Keurig Dr. Pepper, Inc.
 
405,499
12,749
The Coca-Cola Co.
 
450,858
26,822
 
 
 
51,501
Consumer Staples Distribution & Retail - 1.6%
 
 
 
Performance Food Group Co. (b)
 
106,714
7,756
Sysco Corp.
 
234,192
18,953
Target Corp.
 
77,992
10,847
U.S. Foods Holding Corp. (b)
 
132,465
6,095
Walmart, Inc.
 
80,957
13,378
 
 
 
57,029
Household Products - 0.0%
 
 
 
Procter & Gamble Co.
 
1,799
283
Personal Care Products - 1.5%
 
 
 
Estee Lauder Companies, Inc. Class A
 
62,800
8,289
Haleon PLC ADR (c)
 
2,439,637
20,005
Kenvue, Inc.
 
1,088,116
22,589
 
 
 
50,883
Tobacco - 0.6%
 
 
 
Altria Group, Inc.
 
472,361
18,951
Philip Morris International, Inc.
 
29,900
2,716
 
 
 
21,667
TOTAL CONSUMER STAPLES
 
 
181,363
ENERGY - 9.6%
 
 
 
Energy Equipment & Services - 0.1%
 
 
 
Tidewater, Inc. (b)
 
49,600
3,333
Oil, Gas & Consumable Fuels - 9.5%
 
 
 
Exxon Mobil Corp.
 
1,994,878
205,093
Hess Corp.
 
288,455
40,537
Imperial Oil Ltd.
 
519,188
29,948
Kosmos Energy Ltd. (b)
 
2,474,718
14,997
MEG Energy Corp. (b)
 
588,100
11,119
Pioneer Natural Resources Co.
 
34,600
7,952
Shell PLC ADR
 
343,100
21,584
 
 
 
331,230
TOTAL ENERGY
 
 
334,563
FINANCIALS - 17.1%
 
 
 
Banks - 11.8%
 
 
 
Bank of America Corp.
 
2,704,595
91,983
JPMorgan Chase & Co.
 
226,958
39,572
M&T Bank Corp.
 
76,284
10,535
PNC Financial Services Group, Inc.
 
238,705
36,095
Truist Financial Corp.
 
273,986
10,154
U.S. Bancorp
 
640,694
26,614
Wells Fargo & Co.
 
3,969,298
199,179
 
 
 
414,132
Capital Markets - 2.0%
 
 
 
3i Group PLC
 
23,200
726
Charles Schwab Corp.
 
33,598
2,114
CME Group, Inc.
 
3,999
823
KKR & Co. LP
 
290,678
25,167
Moody's Corp.
 
3,700
1,451
Morgan Stanley
 
108,562
9,471
Northern Trust Corp.
 
307,378
24,480
Raymond James Financial, Inc.
 
39,933
4,400
State Street Corp.
 
14,055
1,038
 
 
 
69,670
Financial Services - 3.0%
 
 
 
Acacia Research Corp. (b)(d)
 
24,000
94
Edenred SA
 
186,191
11,151
Fidelity National Information Services, Inc.
 
122,999
7,658
Global Payments, Inc.
 
24,750
3,297
MasterCard, Inc. Class A
 
29,713
13,348
PayPal Holdings, Inc. (b)
 
80,644
4,948
Visa, Inc. Class A
 
240,648
65,759
 
 
 
106,255
Insurance - 0.3%
 
 
 
Arthur J. Gallagher & Co.
 
7,400
1,718
Chubb Ltd.
 
30,106
7,376
 
 
 
9,094
TOTAL FINANCIALS
 
 
599,151
HEALTH CARE - 11.8%
 
 
 
Biotechnology - 0.5%
 
 
 
Alnylam Pharmaceuticals, Inc. (b)
 
33,046
5,714
Argenx SE ADR (b)
 
5,390
2,051
Insmed, Inc. (b)
 
135,222
3,759
Vaxcyte, Inc. (b)
 
93,485
6,677
Verve Therapeutics, Inc. (b)(c)
 
48,505
525
 
 
 
18,726
Health Care Equipment & Supplies - 1.8%
 
 
 
Abbott Laboratories
 
19,765
2,236
Becton, Dickinson & Co.
 
31,284
7,471
Boston Scientific Corp. (b)
 
817,429
51,711
Koninklijke Philips Electronics NV (depository receipt) (NY Reg.)
 
145,946
3,084
 
 
 
64,502
Health Care Providers & Services - 5.5%
 
 
 
Cardinal Health, Inc.
 
198,168
21,638
Centene Corp. (b)
 
25,216
1,899
Cigna Group
 
141,469
42,575
CVS Health Corp.
 
196,107
14,584
Guardant Health, Inc. (b)
 
63,633
1,395
Humana, Inc.
 
27,865
10,535
McKesson Corp.
 
70,643
35,314
UnitedHealth Group, Inc.
 
126,133
64,547
 
 
 
192,487
Life Sciences Tools & Services - 0.5%
 
 
 
Danaher Corp.
 
58,734
14,091
Thermo Fisher Scientific, Inc.
 
2,800
1,509
 
 
 
15,600
Pharmaceuticals - 3.5%
 
 
 
Bristol-Myers Squibb Co.
 
759,906
37,137
Eli Lilly & Co.
 
43,997
28,405
GSK PLC sponsored ADR
 
584,701
23,061
Johnson & Johnson
 
147,780
23,482
Sanofi SA sponsored ADR
 
34,498
1,721
UCB SA
 
82,100
7,746
 
 
 
121,552
TOTAL HEALTH CARE
 
 
412,867
INDUSTRIALS - 14.7%
 
 
 
Aerospace & Defense - 3.7%
 
 
 
Airbus Group NV
 
129,887
20,689
General Dynamics Corp.
 
38,892
10,306
Huntington Ingalls Industries, Inc.
 
27,622
7,152
Safran SA
 
25,027
4,673
Textron, Inc.
 
33,396
2,829
The Boeing Co. (b)
 
402,533
84,951
 
 
 
130,600
Air Freight & Logistics - 1.4%
 
 
 
FedEx Corp.
 
60,076
14,496
United Parcel Service, Inc. Class B
 
230,587
32,720
 
 
 
47,216
Building Products - 0.1%
 
 
 
Johnson Controls International PLC
 
42,160
2,221
Commercial Services & Supplies - 0.1%
 
 
 
ACV Auctions, Inc. Class A (b)
 
240,349
3,117
Veralto Corp.
 
21,144
1,622
 
 
 
4,739
Electrical Equipment - 1.6%
 
 
 
Acuity Brands, Inc.
 
43,758
10,421
Hubbell, Inc. Class B
 
33,645
11,290
Regal Rexnord Corp.
 
60,275
8,044
Vertiv Holdings Co.
 
431,745
24,320
 
 
 
54,075
Ground Transportation - 0.4%
 
 
 
Knight-Swift Transportation Holdings, Inc. Class A
 
230,419
13,221
Industrial Conglomerates - 6.2%
 
 
 
3M Co.
 
25,955
2,449
General Electric Co.
 
1,626,371
215,364
 
 
 
217,813
Machinery - 0.8%
 
 
 
Chart Industries, Inc. (b)(c)
 
33,595
3,921
Cummins, Inc.
 
20,243
4,844
Fortive Corp.
 
87,720
6,858
Nordson Corp.
 
5,500
1,384
Otis Worldwide Corp.
 
56,260
4,976
Stanley Black & Decker, Inc.
 
30,817
2,875
Westinghouse Air Brake Tech Co.
 
24,572
3,233
 
 
 
28,091
Passenger Airlines - 0.1%
 
 
 
Copa Holdings SA Class A
 
9,271
891
Ryanair Holdings PLC sponsored ADR (b)
 
27,911
3,729
 
 
 
4,620
Professional Services - 0.2%
 
 
 
Equifax, Inc.
 
12,265
2,997
Genpact Ltd.
 
108,286
3,887
Paycom Software, Inc.
 
8,600
1,636
 
 
 
8,520
Trading Companies & Distributors - 0.1%
 
 
 
Beijer Ref AB (B Shares) (c)
 
133,602
1,833
TOTAL INDUSTRIALS
 
 
512,949
INFORMATION TECHNOLOGY - 19.2%
 
 
 
IT Services - 0.4%
 
 
 
EPAM Systems, Inc. (b)
 
8,700
2,420
IBM Corp.
 
35,095
6,446
Snowflake, Inc. (b)
 
1,894
371
Twilio, Inc. Class A (b)
 
66,013
4,643
 
 
 
13,880
Semiconductors & Semiconductor Equipment - 4.5%
 
 
 
Analog Devices, Inc.
 
36,285
6,980
Applied Materials, Inc.
 
66,946
10,999
Broadcom, Inc.
 
11,200
13,216
Lam Research Corp.
 
12,266
10,122
Marvell Technology, Inc.
 
381,128
25,802
NVIDIA Corp.
 
104,784
64,470
Qualcomm, Inc.
 
69,124
10,266
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
105,784
11,949
Teradyne, Inc.
 
22,000
2,125
 
 
 
155,929
Software - 11.4%
 
 
 
Adobe, Inc. (b)
 
54,647
33,760
Autodesk, Inc. (b)
 
36,420
9,244
DoubleVerify Holdings, Inc. (b)
 
46,951
1,879
Elastic NV (b)
 
81,118
9,496
Intuit, Inc.
 
18,296
11,551
Microsoft Corp.
 
670,693
266,652
Oracle Corp.
 
160,000
17,872
PTC, Inc. (b)
 
27,510
4,970
Sage Group PLC
 
248,100
3,704
Salesforce, Inc. (b)
 
13,466
3,785
SAP SE sponsored ADR (c)
 
196,878
34,080
Workday, Inc. Class A (b)
 
9,271
2,699
 
 
 
399,692
Technology Hardware, Storage & Peripherals - 2.9%
 
 
 
Apple, Inc.
 
527,718
97,311
Samsung Electronics Co. Ltd.
 
65,110
3,538
 
 
 
100,849
TOTAL INFORMATION TECHNOLOGY
 
 
670,350
MATERIALS - 1.9%
 
 
 
Chemicals - 0.3%
 
 
 
Air Products & Chemicals, Inc.
 
2,500
639
DuPont de Nemours, Inc.
 
152,343
9,415
Sherwin-Williams Co.
 
5,799
1,765
 
 
 
11,819
Metals & Mining - 1.6%
 
 
 
First Quantum Minerals Ltd.
 
2,060,366
18,696
Freeport-McMoRan, Inc.
 
699,435
27,761
Ivanhoe Mines Ltd. (b)
 
831,800
8,730
 
 
 
55,187
TOTAL MATERIALS
 
 
67,006
REAL ESTATE - 1.0%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 1.0%
 
 
 
American Tower Corp.
 
41,847
8,187
Crown Castle, Inc.
 
120,593
13,054
Equinix, Inc.
 
1,121
930
Simon Property Group, Inc.
 
106,709
14,791
 
 
 
36,962
UTILITIES - 1.0%
 
 
 
Electric Utilities - 1.0%
 
 
 
Duke Energy Corp.
 
7,000
671
Entergy Corp.
 
26,415
2,635
PG&E Corp.
 
147,871
2,495
Southern Co.
 
397,386
27,626
 
 
 
33,427
Multi-Utilities - 0.0%
 
 
 
Sempra
 
14,482
1,036
TOTAL UTILITIES
 
 
34,463
 
TOTAL COMMON STOCKS
 (Cost $2,068,398)
 
 
 
3,335,062
 
 
 
 
Preferred Stocks - 0.2%
 
 
Shares
Value ($)
(000s)
 
Convertible Preferred Stocks - 0.0%
 
 
 
COMMUNICATION SERVICES - 0.0%
 
 
 
Interactive Media & Services - 0.0%
 
 
 
Reddit, Inc. Series E (b)(d)(e)
 
3,600
117
 
 
 
 
Nonconvertible Preferred Stocks - 0.2%
 
 
 
INDUSTRIALS - 0.2%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
Embraer SA sponsored ADR (b)
 
320,890
5,908
 
 
 
 
 
TOTAL PREFERRED STOCKS
 (Cost $3,881)
 
 
 
6,025
 
 
 
 
Money Market Funds - 5.6%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 5.39% (f)
 
145,818,186
145,847
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)
 
49,145,960
49,151
 
TOTAL MONEY MARKET FUNDS
 (Cost $194,998)
 
 
194,998
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.2%
 (Cost $2,267,277)
 
 
 
3,536,085
NET OTHER ASSETS (LIABILITIES) - (1.2)%  
(42,565)
NET ASSETS - 100.0%
3,493,520
 
 
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
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 $4,742,000 or 0.1% 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 $211,000 or 0.0% of net assets.
 
(e)
Level 3 security
 
(f)
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.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
(000s)
Acacia Research Corp.
2/16/12
882
 
 
 
Reddit, Inc. Series E
5/18/21
153
 
 
 
 
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 5.39%
126,781
206,059
186,993
4,619
-
-
145,847
0.3%
Fidelity Securities Lending Cash Central Fund 5.39%
21,437
254,081
226,367
214
-
-
49,151
0.2%
Total
148,218
460,140
413,360
4,833
-
-
194,998
 
 
 
 
 
 
 
 
 
 
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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