Quarterly Holdings Report
for
Fidelity® Stock Selector Large Cap Value Fund
April 30, 2026
LCV-NPRT1-0626
1.800356.122
Common Stocks - 98.6%
 
  
Shares
Value ($)
 
CANADA - 0.9%
 
  
  
Energy - 0.9%
  
  
  
Oil, Gas & Consumable Fuels - 0.9%
  
  
  
Imperial Oil Ltd
 
55,600
7,447,989
FRANCE - 0.3%
 
  
  
Information Technology - 0.3%
  
  
  
IT Services - 0.3%
  
  
  
Capgemini SE
 
20,156
2,451,301
KOREA (SOUTH) - 0.7%
 
  
  
Information Technology - 0.7%
  
  
  
Technology Hardware, Storage & Peripherals - 0.7%
  
  
  
Samsung Electronics Co Ltd
 
38,590
5,848,481
PORTUGAL - 0.4%
 
  
  
Energy - 0.4%
  
  
  
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
Galp Energia SGPS SA
 
123,600
2,895,460
TAIWAN - 1.1%
 
  
  
Information Technology - 1.1%
  
  
  
Semiconductors & Semiconductor Equipment - 1.1%
  
  
  
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
20,327
8,050,712
UNITED KINGDOM - 0.2%
 
  
  
Consumer Staples - 0.2%
  
  
  
Tobacco - 0.2%
  
  
  
British American Tobacco PLC ADR
 
33,500
1,969,800
UNITED STATES - 95.0%
 
  
  
Communication Services - 8.6%
  
  
  
Diversified Telecommunication Services - 1.1%
  
  
  
Comcast Corp Class A
 
48,681
1,316,334
Verizon Communications Inc
 
150,774
7,241,675
 
  
  
8,558,009
Interactive Media & Services - 5.8%
  
  
  
Alphabet Inc Class A
 
101,287
38,975,239
Meta Platforms Inc Class A
 
10,939
6,693,683
 
  
  
45,668,922
Media - 0.4%
  
  
  
Fox Corp Class A
 
48,500
3,079,265
Wireless Telecommunication Services - 1.3%
  
  
  
T-Mobile US Inc
 
51,922
10,150,751
TOTAL COMMUNICATION SERVICES
  
  
67,456,947
Consumer Discretionary - 7.3%
  
  
  
Automobiles - 0.4%
  
  
  
General Motors Co
 
45,641
3,509,336
Broadline Retail - 2.7%
  
  
  
Amazon.com Inc (a)
  
80,882
21,438,584
Hotels, Restaurants & Leisure - 1.6%
  
  
  
Carnival Corp
 
69,150
1,833,167
Hilton Worldwide Holdings Inc
 
11,826
3,832,452
McDonald's Corp
 
23,416
6,874,703
 
  
  
12,540,322
Household Durables - 0.5%
  
  
  
Somnigroup International Inc
 
52,162
3,957,009
Specialty Retail - 2.1%
  
  
  
Dick's Sporting Goods Inc
 
17,780
4,034,638
Lowe's Cos Inc
 
42,083
10,049,000
Williams-Sonoma Inc
 
13,228
2,397,045
 
  
  
16,480,683
TOTAL CONSUMER DISCRETIONARY
  
  
57,925,934
Consumer Staples - 6.8%
  
  
  
Beverages - 1.7%
  
  
  
Coca-Cola Co/The
 
88,925
7,003,733
Constellation Brands Inc Class A
 
4,886
765,049
Keurig Dr Pepper Inc
 
76,419
2,246,719
PepsiCo Inc
 
23,681
3,753,202
 
  
  
13,768,703
Consumer Staples Distribution & Retail - 2.1%
  
  
  
Kroger Co/The
 
17,354
1,181,287
Performance Food Group Co (a)
  
4,800
434,687
Target Corp
 
11,265
1,461,634
US Foods Holding Corp (a)
  
18,699
1,748,170
Walmart Inc
 
87,106
11,491,895
 
  
  
16,317,673
Food Products - 0.6%
  
  
  
Bunge Global SA
 
2,300
292,261
Darling Ingredients Inc (a)
  
8,493
545,505
JM Smucker Co
 
2,600
254,878
Lamb Weston Holdings Inc
 
4,052
176,465
McCormick & Co Inc/MD
 
3,600
183,024
Mondelez International Inc
 
49,327
3,030,651
 
  
  
4,482,784
Household Products - 1.3%
  
  
  
Colgate-Palmolive Co
 
4,700
401,192
Procter & Gamble Co/The
 
68,693
10,104,053
 
  
  
10,505,245
Personal Care Products - 0.3%
  
  
  
Estee Lauder Cos Inc/The Class A
 
3,900
299,169
Kenvue Inc
 
127,485
2,234,812
 
  
  
2,533,981
Tobacco - 0.8%
  
  
  
Philip Morris International Inc
 
37,139
6,130,535
TOTAL CONSUMER STAPLES
  
  
53,738,921
Energy - 5.6%
  
  
  
Oil, Gas & Consumable Fuels - 5.6%
  
  
  
Cheniere Energy Inc
 
9,400
2,584,530
Exxon Mobil Corp
 
149,200
23,026,036
Marathon Petroleum Corp
 
32,100
7,970,109
Shell PLC ADR
 
64,500
5,848,215
Targa Resources Corp
 
18,900
4,915,512
TOTAL ENERGY
  
  
44,344,402
Financials - 20.2%
  
  
  
Banks - 7.9%
  
  
  
Bank of America Corp
 
307,505
16,439,217
Citigroup Inc
 
51,200
6,552,576
JPMorgan Chase & Co
 
28,055
8,787,668
KeyCorp
 
133,382
2,949,076
M&T Bank Corp
 
18,300
4,000,929
Truist Financial Corp
 
180,600
9,300,900
Wells Fargo & Co
 
163,569
13,450,279
 
  
  
61,480,645
Capital Markets - 5.9%
  
  
  
Blackrock Inc
 
6,820
7,267,392
Charles Schwab Corp/The
 
125,265
11,479,285
Intercontinental Exchange Inc
 
40,097
6,338,935
KKR & Co Inc Class A
 
53,000
5,530,020
MarketAxess Holdings Inc
 
17,620
2,769,687
Morgan Stanley
 
33,700
6,422,883
State Street Corp
 
43,267
6,612,928
 
  
  
46,421,130
Consumer Finance - 0.8%
  
  
  
Capital One Financial Corp
 
23,400
4,476,420
SLM Corp
 
79,100
1,825,628
 
  
  
6,302,048
Financial Services - 1.3%
  
  
  
Apollo Global Management Inc
 
35,458
4,564,154
Berkshire Hathaway Inc Class B (a)
  
12,334
5,841,382
 
  
  
10,405,536
Insurance - 4.3%
  
  
  
American Financial Group Inc/OH
 
13,733
1,830,197
Arthur J Gallagher & Co
 
23,061
4,759,790
Brown & Brown Inc
 
61,700
3,711,255
Chubb Ltd
 
37,034
12,110,118
Hartford Insurance Group Inc/The
 
54,586
7,467,911
Reinsurance Group of America Inc
 
17,300
3,658,258
 
  
  
33,537,529
TOTAL FINANCIALS
  
  
158,146,888
Health Care - 10.7%
  
  
  
Biotechnology - 1.1%
  
  
  
Alnylam Pharmaceuticals Inc (a)
  
1,400
433,286
Avalyn Pharma Inc
 
2,300
41,400
Biogen Inc (a)
  
3,600
681,408
Gilead Sciences Inc
 
24,100
3,153,244
Insmed Inc (a)
  
1,700
231,761
Moderna Inc (a)
  
9,700
445,618
Regeneron Pharmaceuticals Inc
 
2,490
1,760,579
Revolution Medicines Inc (a)
  
5,300
763,836
Roivant Sciences Ltd (a)
  
15,300
436,509
United Therapeutics Corp (a)
  
1,000
571,350
 
  
  
8,518,991
Health Care Equipment & Supplies - 1.8%
  
  
  
Abbott Laboratories
 
55,700
5,057,003
Align Technology Inc (a)
  
1,000
176,010
Becton Dickinson & Co
 
5,400
804,816
Boston Scientific Corp (a)
  
46,600
2,684,626
Edwards Lifesciences Corp (a)
  
8,900
743,150
GE HealthCare Technologies Inc
 
5,400
328,536
Medtronic PLC
 
12,900
1,044,513
Solventum Corp (a)
  
9,000
606,240
Stryker Corp
 
7,900
2,489,527
Teleflex Inc
 
1,400
173,474
 
  
  
14,107,895
Health Care Providers & Services - 3.2%
  
  
  
Cardinal Health Inc
 
2,000
385,760
Cencora Inc
 
18,200
5,605,782
Cigna Group/The
 
7,100
2,063,118
CVS Health Corp
 
49,900
4,156,171
Elevance Health Inc
 
2,400
903,408
HCA Healthcare Inc
 
3,500
1,520,575
Humana Inc
 
2,600
614,744
Quest Diagnostics Inc
 
7,200
1,398,240
UnitedHealth Group Inc
 
23,060
8,543,269
 
  
  
25,191,067
Life Sciences Tools & Services - 1.3%
  
  
  
Danaher Corp
 
15,200
2,720,040
ICON PLC (a)
  
2,700
319,491
Mettler-Toledo International Inc (a)
  
500
638,305
Thermo Fisher Scientific Inc
 
13,175
6,310,298
Waters Corp (a)
  
730
225,738
 
  
  
10,213,872
Pharmaceuticals - 3.3%
  
  
  
Jazz Pharmaceuticals PLC (a)
  
2,200
446,644
Johnson & Johnson
 
65,885
15,143,667
Merck & Co Inc
 
78,200
8,537,876
Pfizer Inc
 
33,400
891,780
Viatris Inc
 
40,300
602,082
Zoetis Inc Class A
 
3,200
367,904
 
  
  
25,989,953
TOTAL HEALTH CARE
  
  
84,021,778
Industrials - 14.1%
  
  
  
Aerospace & Defense - 2.9%
  
  
  
Boeing Co (a)
  
68,004
15,574,956
Northrop Grumman Corp
 
4,369
2,531,748
RTX Corp
 
28,682
5,050,040
 
  
  
23,156,744
Air Freight & Logistics - 1.8%
  
  
  
FedEx Corp
 
34,240
13,809,334
Ground Transportation - 2.0%
  
  
  
CSX Corp
 
182,800
8,304,604
Knight-Swift Transportation Holdings Inc
 
28,100
1,823,690
U-Haul Holding Co Class N
 
111,650
5,324,589
 
  
  
15,452,883
Industrial Conglomerates - 0.7%
  
  
  
3M Co
 
39,536
5,792,815
Machinery - 6.7%
  
  
  
Caterpillar Inc
 
6,300
5,607,693
Cummins Inc
 
24,800
16,641,048
Deere & Co
 
3,300
1,946,571
Dover Corp
 
20,800
4,709,328
Parker-Hannifin Corp
 
10,143
9,224,247
Westinghouse Air Brake Technologies Corp
 
52,025
14,041,027
 
  
  
52,169,914
TOTAL INDUSTRIALS
  
  
110,381,690
Information Technology - 9.6%
  
  
  
Communications Equipment - 1.3%
  
  
  
Cisco Systems Inc
 
107,910
9,873,765
Electronic Equipment, Instruments & Components - 0.7%
  
  
  
Vontier Corp
 
154,559
5,545,577
IT Services - 1.8%
  
  
  
Accenture PLC Class A
 
31,000
5,540,010
Amdocs Ltd
 
85,737
5,544,612
Twilio Inc Class A (a)
  
21,100
3,124,066
 
  
  
14,208,688
Semiconductors & Semiconductor Equipment - 1.8%
  
  
  
Intel Corp (a)
  
71,700
6,774,216
QUALCOMM Inc
 
43,409
7,795,388
 
  
  
14,569,604
Software - 1.6%
  
  
  
Dolby Laboratories Inc Class A
 
35,600
2,283,384
Gen Digital Inc
 
194,160
3,745,346
Salesforce Inc
 
37,425
6,606,636
 
  
  
12,635,366
Technology Hardware, Storage & Peripherals - 2.4%
  
  
  
Western Digital Corp
 
44,014
19,124,963
TOTAL INFORMATION TECHNOLOGY
  
  
75,957,963
Materials - 4.0%
  
  
  
Chemicals - 1.0%
  
  
  
Corteva Inc
 
98,122
7,948,863
Construction Materials - 1.8%
  
  
  
CRH PLC
 
82,922
9,819,624
James Hardie Industries PLC (a)
  
222,800
4,676,572
 
  
  
14,496,196
Containers & Packaging - 0.5%
  
  
  
Smurfit Westrock PLC (b)
  
109,888
4,218,600
Metals & Mining - 0.7%
  
  
  
Reliance Inc
 
14,400
5,220,000
TOTAL MATERIALS
  
  
31,883,659
Real Estate - 4.0%
  
  
  
Health Care REITs - 0.7%
  
  
  
Ventas Inc
 
60,486
5,314,300
Industrial REITs - 0.7%
  
  
  
Prologis Inc
 
36,346
5,161,859
Real Estate Management & Development - 0.2%
  
  
  
CBRE Group Inc Class A (a)
  
18,457
2,634,367
Residential REITs - 0.6%
  
  
  
Invitation Homes Inc
 
90,534
2,604,664
Sun Communities Inc
 
18,541
2,370,281
 
  
  
4,974,945
Retail REITs - 0.5%
  
  
  
Tanger Inc
 
103,146
3,824,653
Specialized REITs - 1.3%
  
  
  
American Tower Corp
 
9,584
1,751,093
Equinix Inc
 
5,102
5,524,599
Extra Space Storage Inc
 
18,707
2,681,274
 
  
  
9,956,966
TOTAL REAL ESTATE
  
  
31,867,090
Utilities - 4.1%
  
  
  
Electric Utilities - 2.6%
  
  
  
Constellation Energy Corp
 
18,274
5,719,762
Evergy Inc
 
43,840
3,631,705
Eversource Energy
 
76,015
5,374,261
PG&E Corp
 
331,056
5,502,151
 
  
  
20,227,879
Independent Power and Renewable Electricity Producers - 0.6%
  
  
  
Vistra Corp
 
28,387
4,480,604
Multi-Utilities - 0.9%
  
  
  
Sempra
 
77,765
7,397,007
TOTAL UTILITIES
  
  
32,105,490
TOTAL UNITED STATES
  
  
747,830,762
 
TOTAL COMMON STOCKS
 (Cost $581,441,937)
  
  
  
776,494,505
 
  
  
  
Money Market Funds - 1.8%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (c)
  
3.69
12,553,774
12,556,285
Fidelity Securities Lending Cash Central Fund (c)(d)
  
3.69
1,980,252
1,980,450
 
TOTAL MONEY MARKET FUNDS
 (Cost $14,536,659)
  
  
  
14,536,735
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.4%
 (Cost $595,978,596)
 
  
 
791,031,240
NET OTHER ASSETS (LIABILITIES) - (0.4)%  
(2,910,344)
NET ASSETS - 100.0%
788,120,896
 
  
 
 
 
Legend
 
(a)
Non-income producing.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
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.
 
(d)
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 $904,878.
 
 
 
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
13,463,319
37,891,698
38,798,732
104,693
-
-
12,556,285
12,553,774
0.0%
Fidelity Securities Lending Cash Central Fund
-
58,487,841
56,507,391
1,492
-
-
1,980,450
1,980,252
0.0%
Total
13,463,319
96,379,539
95,306,123
106,185
-
-
14,536,735
  
  
 
  
  
  
  
  
  
  
  
  
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.
 
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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