Quarterly Holdings Report
for
Fidelity® SAI U.S. Large Cap Index Fund
April 30, 2026
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
SV9-NPRT3-0626
1.9867777.110
Common Stocks - 99.8%
 
  
Shares
Value ($)
 
NETHERLANDS - 0.1%
 
  
  
Information Technology - 0.1%
  
  
  
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
NXP Semiconductors NV
 
63,522
18,649,424
SWITZERLAND - 0.1%
 
  
  
Information Technology - 0.1%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
TE Connectivity PLC
 
74,062
15,675,962
UNITED STATES - 99.6%
 
  
  
Communication Services - 11.0%
  
  
  
Diversified Telecommunication Services - 0.8%
  
  
  
AT&T Inc
 
1,766,922
46,169,672
Comcast Corp Class A
 
905,701
24,490,155
Verizon Communications Inc
 
1,064,357
51,121,067
 
  
  
121,780,894
Entertainment - 1.2%
  
  
  
Electronic Arts Inc
 
56,847
11,504,127
Live Nation Entertainment Inc (b)
  
39,854
6,294,541
Netflix Inc (b)
  
1,065,660
99,756,433
Take-Two Interactive Software Inc (b)
  
43,933
9,391,118
TKO Group Holdings Inc Class A
 
16,732
3,113,657
Walt Disney Co/The
 
447,126
46,389,323
Warner Bros Discovery Inc (b)
  
625,540
16,920,857
 
  
  
193,370,056
Interactive Media & Services - 8.7%
  
  
  
Alphabet Inc Class A
 
1,469,454
565,445,900
Alphabet Inc Class C
 
1,180,378
450,833,573
Meta Platforms Inc Class A
 
552,037
337,796,960
 
  
  
1,354,076,433
Media - 0.2%
  
  
  
Charter Communications Inc Class A (b)(c)
  
21,734
3,589,805
EchoStar Corp Class A (b)(c)
  
33,976
4,183,805
Fox Corp Class A
 
50,540
3,208,785
Fox Corp Class B
 
35,860
2,044,737
News Corp Class A
 
93,650
2,464,868
News Corp Class B (c)
  
30,661
934,547
Omnicom Group Inc
 
79,405
6,091,952
Paramount Skydance Corp Class B (c)
  
78,441
803,235
Trade Desk Inc (The) Class A (b)
  
111,135
2,621,675
 
  
  
25,943,409
Wireless Telecommunication Services - 0.1%
  
  
  
T-Mobile US Inc
 
119,586
23,379,063
TOTAL COMMUNICATION SERVICES
  
  
1,718,549,855
Consumer Discretionary - 10.0%
  
  
  
Automobile Components - 0.0%
  
  
  
Aptiv PLC (b)
  
53,697
3,235,781
Automobiles - 1.9%
  
  
  
Ford Motor Co
 
989,048
11,947,699
General Motors Co
 
228,159
17,543,146
Tesla Inc (b)
  
709,850
270,900,056
 
  
  
300,390,901
Broadline Retail - 4.4%
  
  
  
Amazon.com Inc (b)
  
2,465,607
653,533,792
eBay Inc
 
114,083
11,805,309
 
  
  
665,339,101
Distributors - 0.0%
  
  
  
Genuine Parts Co
 
35,111
3,764,953
Pool Corp
 
8,273
1,764,796
 
  
  
5,529,749
Hotels, Restaurants & Leisure - 1.7%
  
  
  
Airbnb Inc Class A (b)
  
106,908
15,005,607
Booking Holdings Inc
 
203,394
34,243,414
Carnival Corp
 
290,291
7,695,614
Chipotle Mexican Grill Inc (b)
  
328,727
11,173,431
Darden Restaurants Inc
 
29,061
5,828,474
Domino's Pizza Inc
 
7,845
2,662,750
DoorDash Inc Class A (b)
  
94,353
15,912,633
Expedia Group Inc Class A
 
29,533
7,335,111
Hilton Worldwide Holdings Inc
 
57,873
18,754,903
Las Vegas Sands Corp
 
76,311
4,167,344
Marriott International Inc/MD Class A1
 
55,512
20,078,135
McDonald's Corp
 
179,745
52,771,336
MGM Resorts International (b)
  
48,428
1,885,786
Norwegian Cruise Line Holdings Ltd (b)
  
114,905
2,088,973
Royal Caribbean Cruises Ltd
 
63,501
16,749,024
Starbucks Corp
 
287,556
30,288,273
Wynn Resorts Ltd
 
21,308
2,282,300
Yum! Brands Inc
 
70,079
11,188,112
 
  
  
260,111,220
Household Durables - 0.2%
  
  
  
DR Horton Inc
 
68,002
10,462,788
Garmin Ltd
 
41,263
10,362,790
Lennar Corp Class A
 
54,460
4,917,738
NVR Inc (b)
  
705
4,452,687
PulteGroup Inc
 
48,496
5,933,971
 
  
  
36,129,974
Leisure Products - 0.0%
  
  
  
Hasbro Inc
 
33,650
3,225,016
Specialty Retail - 1.6%
  
  
  
AutoZone Inc (b)
  
4,182
15,490,253
Best Buy Co Inc
 
49,184
2,975,139
Carvana Co Class A (b)
  
35,695
14,128,081
Home Depot Inc/The
 
251,264
82,615,603
Lowe's Cos Inc
 
141,582
33,808,366
O'Reilly Automotive Inc (b)
  
212,495
21,122,003
Ross Stores Inc
 
81,636
18,595,864
TJX Cos Inc/The
 
280,278
43,933,577
Tractor Supply Co
 
133,367
4,681,182
Ulta Beauty Inc (b)
  
11,197
6,018,164
Williams-Sonoma Inc
 
30,131
5,460,039
 
  
  
248,828,271
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
Deckers Outdoor Corp (b)
  
35,828
3,661,622
Lululemon Athletica Inc (b)
  
26,943
3,710,051
NIKE Inc Class B
 
300,730
13,340,383
Ralph Lauren Corp Class A
 
9,756
3,498,891
Tapestry Inc
 
51,101
7,411,689
 
  
  
31,622,636
TOTAL CONSUMER DISCRETIONARY
  
  
1,554,412,649
Consumer Staples - 4.9%
  
  
  
Beverages - 1.1%
  
  
  
Brown-Forman Corp Class B (c)
  
43,126
1,111,357
Coca-Cola Co/The
 
977,141
76,959,625
Constellation Brands Inc Class A
 
35,447
5,550,291
Keurig Dr Pepper Inc
 
342,902
10,081,319
Molson Coors Beverage Co Class B
 
42,732
1,826,366
Monster Beverage Corp (b)
  
180,016
13,873,833
PepsiCo Inc
 
344,938
54,669,224
 
  
  
164,072,015
Consumer Staples Distribution & Retail - 2.0%
  
  
  
Casey's General Stores Inc
 
9,356
7,692,035
Costco Wholesale Corp
 
112,031
113,658,810
Dollar General Corp
 
55,557
6,437,945
Dollar Tree Inc (b)
  
46,677
4,532,803
Kroger Co/The
 
146,951
10,002,955
Sysco Corp
 
120,881
9,031,020
Target Corp
 
114,287
14,828,738
Walmart Inc
 
1,106,404
145,967,881
 
  
  
312,152,187
Food Products - 0.4%
  
  
  
Archer-Daniels-Midland Co
 
121,294
9,041,255
Bunge Global SA
 
34,163
4,341,092
Campbell's Company/The (c)
  
49,664
1,032,514
Conagra Brands Inc
 
120,739
1,732,605
General Mills Inc
 
134,674
4,755,339
Hershey Co/The
 
37,398
6,946,305
Hormel Foods Corp
 
73,589
1,579,956
JM Smucker Co
 
26,929
2,639,850
Kraft Heinz Co/The
 
215,117
4,874,551
McCormick & Co Inc/MD
 
64,004
3,253,963
Mondelez International Inc
 
323,534
19,877,929
Tyson Foods Inc Class A
 
71,193
4,561,336
 
  
  
64,636,695
Household Products - 0.8%
  
  
  
Church & Dwight Co Inc
 
59,741
5,798,461
Clorox Co/The
 
30,518
2,943,156
Colgate-Palmolive Co
 
203,448
17,366,321
Kimberly-Clark Corp
 
83,776
8,246,072
Procter & Gamble Co/The
 
586,570
86,278,582
 
  
  
120,632,592
Personal Care Products - 0.0%
  
  
  
Estee Lauder Cos Inc/The Class A
 
62,397
4,786,473
Kenvue Inc
 
483,595
8,477,420
 
  
  
13,263,893
Tobacco - 0.6%
  
  
  
Altria Group Inc
 
423,691
30,781,151
Philip Morris International Inc
 
392,901
64,856,168
 
  
  
95,637,319
TOTAL CONSUMER STAPLES
  
  
770,394,701
Energy - 3.5%
  
  
  
Energy Equipment & Services - 0.3%
  
  
  
Baker Hughes Co Class A
 
249,428
17,377,649
Halliburton Co
 
211,394
8,941,966
SLB Ltd
 
377,417
21,467,479
 
  
  
47,787,094
Oil, Gas & Consumable Fuels - 3.2%
  
  
  
APA Corp
 
89,517
3,646,026
Chevron Corp
 
473,122
91,459,214
ConocoPhillips
 
309,228
38,894,698
Coterra Energy Inc
 
191,479
6,876,011
Devon Energy Corp
 
156,553
8,042,128
Diamondback Energy Inc
 
48,990
10,073,814
EOG Resources Inc
 
136,950
19,251,062
EQT Corp
 
157,513
9,463,381
Expand Energy Corp
 
60,113
6,140,542
Exxon Mobil Corp
 
1,054,766
162,782,037
Kinder Morgan Inc
 
494,139
16,242,349
Marathon Petroleum Corp
 
74,457
18,486,929
Occidental Petroleum Corp
 
181,525
10,996,785
ONEOK Inc
 
158,816
14,684,127
Phillips 66
 
101,696
18,218,838
Targa Resources Corp
 
54,179
14,090,874
Texas Pacific Land Corp
 
14,616
6,484,681
Valero Energy Corp
 
76,984
19,444,619
Williams Cos Inc/The
 
308,232
23,521,184
 
  
  
498,799,299
TOTAL ENERGY
  
  
546,586,393
Financials - 12.0%
  
  
  
Banks - 3.4%
  
  
  
Bank of America Corp
 
1,674,770
89,533,204
Citigroup Inc
 
441,063
56,447,243
Citizens Financial Group Inc
 
107,264
6,977,523
Fifth Third Bancorp (c)
  
227,169
11,531,098
Huntington Bancshares Inc/OH
 
512,313
8,586,366
JPMorgan Chase & Co
 
680,512
213,156,775
KeyCorp
 
236,506
5,229,148
M&T Bank Corp
 
38,324
8,378,776
PNC Financial Services Group Inc/The
 
101,943
22,733,289
Regions Financial Corp
 
219,080
6,254,734
Truist Financial Corp
 
318,643
16,410,115
US Bancorp
 
392,334
22,229,644
Wells Fargo & Co
 
780,562
64,185,613
 
  
  
531,653,528
Capital Markets - 3.1%
  
  
  
Ameriprise Financial Inc
 
23,044
10,941,061
Ares Management Corp Class A
 
51,996
6,104,330
Bank of New York Mellon Corp/The
 
173,708
23,341,144
Blackrock Inc
 
36,418
38,807,021
Blackstone Inc
 
188,966
23,730,350
Cboe Global Markets Inc
 
26,412
7,925,977
Charles Schwab Corp/The
 
421,583
38,633,866
CME Group Inc Class A
 
91,013
26,195,362
Coinbase Global Inc Class A (b)
  
56,295
10,570,512
FactSet Research Systems Inc
 
9,364
2,131,059
Franklin Resources Inc
 
77,549
2,324,144
Goldman Sachs Group Inc/The
 
75,701
69,930,313
Interactive Brokers Group Inc Class A
 
112,408
8,936,436
Intercontinental Exchange Inc
 
143,335
22,659,830
Invesco Ltd
 
112,064
2,937,197
KKR & Co Inc Class A
 
173,250
18,076,905
Moody's Corp
 
38,724
17,884,679
Morgan Stanley
 
303,653
57,873,225
MSCI Inc
 
18,545
10,967,698
Nasdaq Inc
 
113,344
10,417,447
Northern Trust Corp
 
47,031
7,823,137
Raymond James Financial Inc
 
44,273
7,009,301
Robinhood Markets Inc Class A (b)
  
199,477
14,539,879
S&P Global Inc
 
77,233
33,305,187
State Street Corp
 
70,438
10,765,744
T Rowe Price Group Inc
 
55,174
5,676,301
 
  
  
489,508,105
Consumer Finance - 0.5%
  
  
  
American Express Co
 
135,173
43,667,638
Capital One Financial Corp
 
157,773
30,181,975
Synchrony Financial
 
87,732
6,685,178
 
  
  
80,534,791
Financial Services - 3.4%
  
  
  
Apollo Global Management Inc
 
117,197
15,085,598
Berkshire Hathaway Inc Class B (b)
  
462,829
219,195,814
Block Inc Class A (b)
  
138,229
9,746,527
Corpay Inc (b)
  
17,657
5,411,341
Fidelity National Information Services Inc
 
130,704
6,081,657
Fiserv Inc (b)
  
135,752
8,504,863
Global Payments Inc
 
60,064
4,322,205
Jack Henry & Associates Inc
 
18,215
2,800,556
Mastercard Inc Class A
 
205,552
103,376,212
PayPal Holdings Inc
 
232,373
11,651,182
Visa Inc Class A
 
424,303
139,952,102
 
  
  
526,128,057
Insurance - 1.6%
  
  
  
AFLAC Inc
 
117,824
13,393,054
Allstate Corp/The
 
65,623
14,257,253
American International Group Inc
 
135,426
10,129,865
Aon PLC
 
54,139
16,872,419
Arch Capital Group Ltd (b)
  
90,224
8,522,559
Arthur J Gallagher & Co
 
64,860
13,387,104
Assurant Inc
 
12,640
2,986,453
Brown & Brown Inc
 
73,892
4,444,604
Chubb Ltd
 
91,803
30,019,581
Cincinnati Financial Corp
 
39,379
6,442,404
Erie Indemnity Co Class A
 
6,412
1,403,779
Everest Group Ltd
 
10,273
3,664,995
Globe Life Inc
 
20,092
3,100,196
Hartford Insurance Group Inc/The
 
70,393
9,630,466
Loews Corp
 
42,646
4,802,366
Marsh & McLennan Cos Inc
 
122,191
20,492,653
MetLife Inc
 
138,932
11,128,453
Principal Financial Group Inc
 
49,933
5,038,739
Progressive Corp/The
 
147,930
29,775,350
Prudential Financial Inc
 
87,834
8,617,394
Travelers Companies Inc/The
 
54,578
16,653,931
W R Berkley Corp
 
75,202
5,025,750
Willis Towers Watson PLC
 
23,998
6,148,288
 
  
  
245,937,656
TOTAL FINANCIALS
  
  
1,873,762,137
Health Care - 8.5%
  
  
  
Biotechnology - 1.6%
  
  
  
AbbVie Inc
 
446,082
94,266,048
Amgen Inc
 
135,911
47,059,184
Biogen Inc (b)
  
37,041
7,011,120
Gilead Sciences Inc
 
313,144
40,971,761
Incyte Corp (b)
  
42,194
4,019,822
Moderna Inc (b)
  
87,772
4,032,246
Regeneron Pharmaceuticals Inc
 
25,442
17,989,021
Vertex Pharmaceuticals Inc (b)
  
64,109
27,398,904
 
  
  
242,748,106
Health Care Equipment & Supplies - 1.5%
  
  
  
Abbott Laboratories
 
438,886
39,846,460
Align Technology Inc (b)
  
16,842
2,964,360
Baxter International Inc
 
129,855
2,282,850
Becton Dickinson & Co
 
71,868
10,711,207
Boston Scientific Corp (b)
  
374,309
21,563,941
Cooper Cos Inc/The (b)
  
49,464
3,111,286
Dexcom Inc (b)
  
97,139
5,784,627
Edwards Lifesciences Corp (b)
  
146,466
12,229,911
GE HealthCare Technologies Inc
 
115,030
6,998,425
IDEXX Laboratories Inc (b)
  
20,154
11,302,363
Insulet Corp (b)
  
17,755
3,056,346
Intuitive Surgical Inc (b)
  
89,634
41,017,415
Medtronic PLC
 
323,576
26,199,949
ResMed Inc
 
36,769
7,861,580
Solventum Corp (b)
  
37,211
2,506,533
STERIS PLC
 
24,754
5,368,648
Stryker Corp
 
86,931
27,394,566
Zimmer Biomet Holdings Inc
 
50,020
4,123,149
 
  
  
234,323,616
Health Care Providers & Services - 1.6%
  
  
  
Cardinal Health Inc
 
59,393
11,455,722
Cencora Inc
 
49,099
15,122,983
Centene Corp (b)
  
117,912
6,330,695
Cigna Group/The
 
66,497
19,322,698
CVS Health Corp
 
321,102
26,744,586
DaVita Inc (b)
  
8,430
1,307,830
Elevance Health Inc
 
55,705
20,968,476
HCA Healthcare Inc
 
39,509
17,164,685
Henry Schein Inc (b)
  
25,256
1,883,845
Humana Inc
 
30,437
7,196,524
Labcorp Holdings Inc
 
20,924
5,373,283
McKesson Corp
 
30,915
25,201,908
Quest Diagnostics Inc
 
27,764
5,391,769
UnitedHealth Group Inc
 
228,631
84,703,214
Universal Health Services Inc Class B
 
13,941
2,345,852
 
  
  
250,514,070
Life Sciences Tools & Services - 0.7%
  
  
  
Agilent Technologies Inc
 
71,388
8,248,883
Bio-Techne Corp
 
39,488
2,184,476
Charles River Laboratories International Inc (b)
  
12,422
2,074,101
Danaher Corp
 
158,793
28,416,008
IQVIA Holdings Inc (b)
  
42,806
6,779,186
Mettler-Toledo International Inc (b)
  
5,130
6,549,009
Revvity Inc (c)
  
28,616
2,478,718
Thermo Fisher Scientific Inc
 
94,827
45,418,341
Waters Corp (b)
  
24,754
7,654,679
West Pharmaceutical Services Inc
 
18,158
5,403,639
 
  
  
115,207,040
Pharmaceuticals - 3.1%
  
  
  
Bristol-Myers Squibb Co
 
513,999
31,143,199
Eli Lilly & Co
 
200,004
186,923,739
Johnson & Johnson
 
608,251
139,806,492
Merck & Co Inc
 
626,454
68,396,248
Pfizer Inc
 
1,435,054
38,315,942
Viatris Inc
 
290,703
4,343,103
Zoetis Inc Class A
 
106,544
12,249,364
 
  
  
481,178,087
TOTAL HEALTH CARE
  
  
1,323,970,919
Industrials - 8.8%
  
  
  
Aerospace & Defense - 2.2%
  
  
  
Axon Enterprise Inc (b)
  
19,917
8,001,854
Boeing Co (b)
  
198,219
45,398,098
GE Aerospace
 
264,717
76,749,400
General Dynamics Corp
 
64,054
22,053,792
Howmet Aerospace Inc
 
101,196
24,594,676
Huntington Ingalls Industries Inc
 
9,905
3,608,292
L3Harris Technologies Inc
 
47,142
15,111,368
Lockheed Martin Corp
 
51,103
26,469,821
Northrop Grumman Corp
 
33,671
19,511,671
RTX Corp
 
338,789
59,650,579
Textron Inc
 
43,958
4,218,210
TransDigm Group Inc
 
14,254
16,534,355
 
  
  
321,902,116
Air Freight & Logistics - 0.3%
  
  
  
CH Robinson Worldwide Inc
 
29,940
5,443,391
Expeditors International of Washington Inc
 
33,826
5,002,527
FedEx Corp
 
54,597
22,019,517
United Parcel Service Inc Class B
 
186,519
20,293,267
 
  
  
52,758,702
Building Products - 0.5%
  
  
  
A O Smith Corp
 
28,377
1,754,833
Allegion plc
 
21,714
2,985,241
Builders FirstSource Inc (b)
  
27,910
2,207,402
Carrier Global Corp
 
198,306
13,320,214
Johnson Controls International plc
 
154,483
22,559,152
Lennox International Inc
 
8,056
4,309,074
Masco Corp
 
51,390
3,690,830
Trane Technologies PLC
 
55,863
27,514,762
 
  
  
78,341,508
Commercial Services & Supplies - 0.4%
  
  
  
Cintas Corp
 
85,791
14,988,546
Copart Inc (b)
  
224,779
7,442,433
Republic Services Inc
 
50,786
10,625,447
Rollins Inc
 
74,070
4,127,920
Veralto Corp
 
62,669
5,527,406
Waste Management Inc
 
93,657
21,779,935
 
  
  
64,491,687
Construction & Engineering - 0.3%
  
  
  
Comfort Systems USA Inc
 
8,883
16,346,941
EMCOR Group Inc
 
11,299
10,074,979
Quanta Services Inc
 
37,636
27,390,352
 
  
  
53,812,272
Electrical Equipment - 1.3%
  
  
  
AMETEK Inc
 
58,103
13,683,257
Eaton Corp PLC
 
98,031
42,448,403
Emerson Electric Co
 
141,847
19,920,993
GE Vernova Inc
 
68,028
73,705,617
Generac Holdings Inc (b)
  
14,810
3,839,195
Hubbell Inc
 
13,418
6,818,625
Rockwell Automation Inc
 
28,359
11,596,279
Vertiv Holdings Co Class A
 
96,555
31,717,352
 
  
  
203,729,721
Ground Transportation - 0.9%
  
  
  
CSX Corp
 
469,346
21,322,389
JB Hunt Transport Services Inc
 
18,862
4,744,359
Norfolk Southern Corp
 
56,681
17,901,560
Old Dominion Freight Line Inc
 
46,443
9,865,886
Uber Technologies Inc (b)
  
519,462
38,757,060
Union Pacific Corp
 
149,770
40,360,020
 
  
  
132,951,274
Industrial Conglomerates - 0.3%
  
  
  
3M Co
 
132,937
19,477,929
Honeywell International Inc
 
160,243
34,344,882
 
  
  
53,822,811
Machinery - 1.9%
  
  
  
Caterpillar Inc
 
117,437
104,531,849
Cummins Inc
 
34,872
23,399,461
Deere & Co
 
63,629
37,532,838
Dover Corp
 
34,040
7,706,996
Fortive Corp
 
79,101
4,729,449
IDEX Corp
 
18,892
4,115,622
Illinois Tool Works Inc
 
66,194
17,078,714
Ingersoll Rand Inc
 
89,833
7,174,063
Nordson Corp
 
13,356
3,852,538
Otis Worldwide Corp
 
98,112
7,640,963
PACCAR Inc
 
132,609
15,753,949
Parker-Hannifin Corp
 
31,857
28,971,393
Pentair PLC
 
41,303
3,333,565
Snap-on Inc
 
13,103
5,023,690
Stanley Black & Decker Inc
 
39,092
3,055,431
Westinghouse Air Brake Technologies Corp
 
43,038
11,615,526
Xylem Inc/NY
 
61,484
7,264,949
 
  
  
292,780,996
Passenger Airlines - 0.1%
  
  
  
Delta Air Lines Inc
 
163,951
11,147,029
Southwest Airlines Co
 
124,007
4,702,345
United Airlines Holdings Inc (b)
  
81,633
7,346,970
 
  
  
23,196,344
Professional Services - 0.3%
  
  
  
Automatic Data Processing Inc
 
101,626
21,538,614
Broadridge Financial Solutions Inc
 
29,467
4,537,329
Equifax Inc
 
30,389
5,285,863
Jacobs Solutions Inc
 
29,643
3,836,101
Leidos Holdings Inc
 
32,270
4,815,329
Paychex Inc
 
81,542
7,553,235
Verisk Analytics Inc
 
35,177
6,489,805
 
  
  
54,056,276
Trading Companies & Distributors - 0.3%
  
  
  
Fastenal Co
 
289,797
13,020,579
United Rentals Inc
 
15,900
15,261,457
WW Grainger Inc
 
11,041
12,822,465
 
  
  
41,104,501
TOTAL INDUSTRIALS
  
  
1,372,948,208
Information Technology - 34.8%
  
  
  
Communications Equipment - 1.2%
  
  
  
Arista Networks Inc (b)
  
260,628
45,013,062
Ciena Corp (b)
  
35,551
18,755,997
Cisco Systems Inc
 
997,243
91,247,735
F5 Inc (b)
  
14,265
4,620,433
Lumentum Holdings Inc (b)
  
18,021
16,260,709
Motorola Solutions Inc
 
41,812
18,356,722
 
  
  
194,254,658
Electronic Equipment, Instruments & Components - 0.8%
  
  
  
Amphenol Corp Class A
 
310,250
45,690,518
CDW Corp/DE
 
32,861
4,499,000
Coherent Corp (b)
  
47,320
15,128,677
Corning Inc
 
197,054
32,364,149
Jabil Inc
 
26,652
8,994,783
Keysight Technologies Inc (b)
  
43,291
15,147,954
Teledyne Technologies Inc (b)
  
11,850
7,653,323
Zebra Technologies Corp Class A (b)
  
12,416
2,809,243
 
  
  
132,287,647
IT Services - 0.7%
  
  
  
Accenture PLC Class A
 
155,301
27,753,842
Akamai Technologies Inc (b)
  
36,311
3,739,307
Cognizant Technology Solutions Corp Class A
 
120,708
6,385,453
EPAM Systems Inc (b)(c)
  
13,943
1,586,434
Gartner Inc (b)
  
17,781
2,640,300
GoDaddy Inc Class A (b)
  
34,109
2,960,320
IBM Corporation
 
235,924
54,493,726
VeriSign Inc
 
20,830
5,596,188
 
  
  
105,155,570
Semiconductors & Semiconductor Equipment - 16.6%
  
  
  
Advanced Micro Devices Inc (b)
  
411,510
145,876,180
Analog Devices Inc
 
123,328
49,609,921
Applied Materials Inc
 
200,333
79,029,365
Broadcom Inc
 
1,196,682
499,530,967
First Solar Inc (b)
  
27,084
5,467,989
Intel Corp (b)
  
1,185,078
111,966,169
KLA Corp
 
33,083
57,906,829
Lam Research Corp
 
315,186
81,273,862
Microchip Technology Inc
 
136,581
12,689,741
Micron Technology Inc
 
284,075
146,912,227
Monolithic Power Systems Inc
 
12,294
19,847,557
NVIDIA Corp
 
6,133,240
1,224,010,707
ON Semiconductor Corp (b)
  
99,450
10,025,555
Qnity Electronics Inc
 
52,868
7,436,413
QUALCOMM Inc
 
269,307
48,362,151
Skyworks Solutions Inc
 
37,954
2,663,232
Teradyne Inc
 
39,527
13,576,339
Texas Instruments Inc
 
229,063
64,385,028
 
  
  
2,580,570,232
Software - 8.1%
  
  
  
Adobe Inc (b)
  
103,609
25,498,175
AppLovin Corp Class A (b)
  
68,400
30,530,340
Autodesk Inc (b)
  
53,508
12,681,396
Cadence Design Systems Inc (b)
  
68,703
22,643,822
Crowdstrike Holdings Inc Class A (b)
  
63,629
28,362,627
Datadog Inc Class A (b)
  
82,856
10,952,735
Fair Isaac Corp (b)
  
5,987
6,136,675
Fortinet Inc (b)
  
159,540
13,450,817
Gen Digital Inc
 
139,109
2,683,412
Intuit Inc
 
70,235
27,286,298
Microsoft Corp
 
1,874,204
764,262,907
Oracle Corp
 
427,993
69,073,790
Palantir Technologies Inc Class A (b)
  
576,558
80,204,983
Palo Alto Networks Inc (b)
  
203,955
36,573,211
PTC Inc (b)
  
30,034
4,093,634
Roper Technologies Inc
 
26,905
9,546,163
Salesforce Inc
 
236,496
41,748,639
ServiceNow Inc (b)
  
264,007
23,314,458
Synopsys Inc (b)
  
48,288
23,303,789
Trimble Inc (b)
  
60,050
4,042,566
Tyler Technologies Inc (b)
  
10,860
3,704,780
Workday Inc Class A (b)
  
53,760
6,580,224
 
  
  
1,246,675,441
Technology Hardware, Storage & Peripherals - 7.4%
  
  
  
Apple Inc
 
3,705,471
1,005,479,556
Dell Technologies Inc Class C
 
75,009
15,673,131
Hewlett Packard Enterprise Co
 
335,387
9,649,084
HP Inc
 
231,696
4,833,179
NetApp Inc
 
49,990
5,537,392
Sandisk Corp/DE (b)
  
37,254
40,849,384
Seagate Technology Holdings PLC
 
55,041
37,077,819
Super Micro Computer Inc (b)(c)
  
126,994
3,479,635
Western Digital Corp
 
85,572
37,182,745
 
  
  
1,159,761,925
TOTAL INFORMATION TECHNOLOGY
  
  
5,418,705,473
Materials - 1.9%
  
  
  
Chemicals - 1.1%
  
  
  
Air Products and Chemicals Inc
 
56,198
16,862,210
Albemarle Corp
 
29,744
5,850,645
CF Industries Holdings Inc
 
39,368
4,889,506
Corteva Inc
 
169,743
13,750,880
Dow Inc
 
181,103
7,332,860
DuPont de Nemours Inc
 
103,279
4,715,719
Ecolab Inc
 
64,339
16,766,743
International Flavors & Fragrances Inc
 
64,638
4,537,588
Linde PLC
 
117,856
59,062,356
LyondellBasell Industries NV Class A1
 
64,992
4,848,403
Mosaic Co/The
 
80,113
1,864,230
PPG Industries Inc
 
56,638
6,145,223
Sherwin-Williams Co/The
 
58,188
18,713,843
 
  
  
165,340,206
Construction Materials - 0.2%
  
  
  
CRH PLC
 
169,174
20,033,586
Martin Marietta Materials Inc
 
15,221
9,422,864
Vulcan Materials Co
 
33,349
10,062,727
 
  
  
39,519,177
Containers & Packaging - 0.1%
  
  
  
Amcor PLC
 
116,619
4,436,187
Avery Dennison Corp
 
19,509
3,198,109
Ball Corp
 
67,639
4,131,390
International Paper Co
 
133,275
4,054,226
Packaging Corp of America
 
22,557
4,814,792
Smurfit Westrock PLC
 
131,852
5,061,798
 
  
  
25,696,502
Metals & Mining - 0.5%
  
  
  
Freeport-McMoRan Inc
 
362,745
20,959,406
Newmont Corp
 
275,431
30,597,630
Nucor Corp
 
57,763
13,013,426
Steel Dynamics Inc
 
34,647
7,922,383
 
  
  
72,492,845
TOTAL MATERIALS
  
  
303,048,730
Real Estate - 1.9%
  
  
  
Health Care REITs - 0.3%
  
  
  
Alexandria Real Estate Equities Inc
 
39,366
1,594,716
Healthpeak Properties Inc
 
175,427
2,836,655
Ventas Inc
 
119,880
10,532,657
Welltower Inc
 
176,111
38,275,965
 
  
  
53,239,993
Hotel & Resort REITs - 0.0%
  
  
  
Host Hotels & Resorts Inc
 
161,420
3,410,804
Industrial REITs - 0.2%
  
  
  
Prologis Inc
 
234,618
33,320,448
Office REITs - 0.0%
  
  
  
BXP Inc
 
37,216
2,175,646
Real Estate Management & Development - 0.1%
  
  
  
CBRE Group Inc Class A (b)
  
73,337
10,467,390
CoStar Group Inc (b)
  
106,972
3,702,301
 
  
  
14,169,691
Residential REITs - 0.2%
  
  
  
AvalonBay Communities Inc
 
35,738
6,540,054
Camden Property Trust
 
26,100
2,741,022
Equity Residential
 
86,775
5,673,350
Essex Property Trust Inc
 
16,265
4,281,111
Invitation Homes Inc
 
142,346
4,095,294
Mid-America Apartment Communities Inc
 
29,505
3,811,456
UDR Inc
 
75,906
2,758,424
 
  
  
29,900,711
Retail REITs - 0.3%
  
  
  
Federal Realty Investment Trust
 
19,816
2,197,594
Kimco Realty Corp
 
170,138
4,022,062
Realty Income Corp
 
232,181
14,915,307
Regency Centers Corp
 
41,548
3,234,512
Simon Property Group Inc
 
82,083
16,721,129
 
  
  
41,090,604
Specialized REITs - 0.8%
  
  
  
American Tower Corp
 
118,159
21,588,832
Crown Castle Inc
 
109,913
9,758,076
Digital Realty Trust Inc
 
81,510
16,378,620
Equinix Inc
 
24,799
26,853,102
Extra Space Storage Inc
 
53,571
7,678,331
Iron Mountain Inc
 
74,668
9,407,421
Public Storage
 
39,867
12,057,774
SBA Communications Corp Class A
 
26,892
5,948,510
VICI Properties Inc
 
275,742
8,051,666
Weyerhaeuser Co
 
181,860
4,459,207
 
  
  
122,181,539
TOTAL REAL ESTATE
  
  
299,489,436
Utilities - 2.3%
  
  
  
Electric Utilities - 1.5%
  
  
  
Alliant Energy Corp
 
64,879
4,764,065
American Electric Power Co Inc
 
136,512
18,717,160
Constellation Energy Corp
 
78,653
24,618,389
Duke Energy Corp
 
196,279
25,427,944
Edison International
 
97,119
6,748,799
Entergy Corp
 
114,169
13,461,667
Evergy Inc
 
58,105
4,813,418
Eversource Energy
 
94,696
6,695,007
Exelon Corp
 
258,175
11,873,468
FirstEnergy Corp
 
131,221
6,235,622
NextEra Energy Inc
 
525,644
51,450,035
NRG Energy Inc
 
53,603
8,339,555
PG&E Corp
 
554,760
9,220,111
Pinnacle West Capital Corp
 
30,209
3,133,277
PPL Corp
 
186,708
6,990,348
Southern Co/The
 
277,915
26,874,381
Xcel Energy Inc
 
149,303
12,384,684
 
  
  
241,747,930
Gas Utilities - 0.1%
  
  
  
Atmos Energy Corp
 
41,756
7,932,805
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
AES Corp/The
 
179,737
2,597,200
Vistra Corp
 
80,387
12,688,284
 
  
  
15,285,484
Multi-Utilities - 0.6%
  
  
  
Ameren Corp
 
69,762
7,928,451
CenterPoint Energy Inc
 
164,782
7,192,734
CMS Energy Corp
 
77,340
5,935,072
Consolidated Edison Inc
 
91,099
10,156,628
Dominion Energy Inc
 
215,525
13,901,363
DTE Energy Co
 
52,418
7,951,286
NiSource Inc
 
120,780
5,831,258
Public Service Enterprise Group Inc
 
125,985
10,287,935
Sempra
 
164,735
15,669,594
WEC Energy Group Inc
 
82,146
9,688,299
 
  
  
94,542,620
Water Utilities - 0.0%
  
  
  
American Water Works Co Inc
 
49,262
6,326,226
TOTAL UTILITIES
  
  
365,835,065
TOTAL UNITED STATES
  
  
15,547,703,566
 
TOTAL COMMON STOCKS
 (Cost $4,702,703,616)
  
  
  
15,582,028,952
 
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (d)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 5/14/2026 (e)
 (Cost $3,179,848)
  
3.64
3,184,000
3,179,881
 
  
  
  
  
Money Market Funds - 0.3%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
  
3.69
23,356,399
23,361,071
Fidelity Securities Lending Cash Central Fund (f)(g)
  
3.69
24,785,344
24,787,822
 
TOTAL MONEY MARKET FUNDS
 (Cost $48,148,893)
  
  
  
48,148,893
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $4,754,032,357)
 
  
 
15,633,357,726
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(21,828,807)
NET ASSETS - 100.0%
15,611,528,919
 
  
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
 
  
  
  
  
Equity Contracts
  
  
  
  
CME E-Mini S&P 500 Index Contracts (United States)
86
6/2026
31,148,125
2,382,044
 
  
  
  
  
The notional amount of long futures as a percentage of Net Assets is 0.2%.

Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,243,094.
 
(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.
 
At period end, the value of non-cash collateral for securities on loan amounted to $3,917,542.
 
 
 
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
23,955,548
666,351,862
666,943,866
1,039,323
(2,473)
-
23,361,071
23,356,399
0.0%
Fidelity Securities Lending Cash Central Fund
11,712,999
112,860,191
99,785,766
291,615
398
-
24,787,822
24,785,344
0.1%
Total
35,668,547
779,212,053
766,729,632
1,330,938
(2,075)
-
48,148,893
  
  
 
  
  
  
  
  
  
  
  
  
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.
 
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.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded 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.  
 
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
 
The Fund used futures contracts to manage its exposure to the stock market.
 
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
 
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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