Prospectus - Investment Objective
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iso4217:USD xbrli:pure xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-05251


Fidelity Concord Street Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Nicole Macarchuk, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

April 30



Date of reporting period:

October 31, 2024


Item 1.

Reports to Stockholders






 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Founders Fund
Fidelity Advisor® Founders Fund Class Z :  FIFWX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 33 
0.61%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$163,232,092
 
Number of Holdings
150
 
Portfolio Turnover
42%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
29.5
 
Consumer Discretionary
17.7
 
Financials
14.9
 
Communication Services
14.4
 
Health Care
6.8
 
Industrials
6.8
 
Real Estate
4.5
 
Energy
2.5
 
Materials
0.6
 
Consumer Staples
0.3
 
 
Common Stocks
97.7
Preferred Stocks
0.3
Short-Term Investments and Net Other Assets (Liabilities)
2.0
ASSET ALLOCATION (% of Fund's net assets)
United States
89.0
Canada
4.7
Italy
1.7
China
1.3
Germany
0.8
Spain
0.7
Netherlands
0.5
Taiwan
0.5
France
0.3
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
8.4
 
Microsoft Corp
6.4
 
Meta Platforms Inc Class A
5.0
 
Alphabet Inc Class C
4.6
 
Amazon.com Inc
4.5
 
Apollo Global Management Inc
3.1
 
Netflix Inc
2.6
 
Blackrock Inc
2.2
 
Oracle Corp
1.9
 
Analog Devices Inc
1.7
 
 
40.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915098.100    3353-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Founders Fund
Fidelity Advisor® Founders Fund Class I :  FIFVX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 38 
0.69%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$163,232,092
 
Number of Holdings
150
 
Portfolio Turnover
42%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
29.5
 
Consumer Discretionary
17.7
 
Financials
14.9
 
Communication Services
14.4
 
Health Care
6.8
 
Industrials
6.8
 
Real Estate
4.5
 
Energy
2.5
 
Materials
0.6
 
Consumer Staples
0.3
 
 
Common Stocks
97.7
Preferred Stocks
0.3
Short-Term Investments and Net Other Assets (Liabilities)
2.0
ASSET ALLOCATION (% of Fund's net assets)
United States
89.0
Canada
4.7
Italy
1.7
China
1.3
Germany
0.8
Spain
0.7
Netherlands
0.5
Taiwan
0.5
France
0.3
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
8.4
 
Microsoft Corp
6.4
 
Meta Platforms Inc Class A
5.0
 
Alphabet Inc Class C
4.6
 
Amazon.com Inc
4.5
 
Apollo Global Management Inc
3.1
 
Netflix Inc
2.6
 
Blackrock Inc
2.2
 
Oracle Corp
1.9
 
Analog Devices Inc
1.7
 
 
40.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915097.100    3352-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Mid-Cap Stock Fund
Fidelity Advisor® Mid-Cap Stock Fund Class Z :  FMCWX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period October 8, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z A
$ 4 
0.62%
 
AExpenses for the full reporting period would be higher.
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$7,481,040,156
 
Number of Holdings
180
 
Portfolio Turnover
58%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
23.2
 
Financials
14.1
 
Consumer Discretionary
13.2
 
Information Technology
9.4
 
Health Care
9.2
 
Materials
7.0
 
Real Estate
6.5
 
Energy
4.9
 
Consumer Staples
3.9
 
Utilities
2.5
 
Communication Services
2.0
 
 
Common Stocks
95.3
Preferred Stocks
0.6
Short-Term Investments and Net Other Assets (Liabilities)
4.1
ASSET ALLOCATION (% of Fund's net assets)
United States
89.5
Canada
2.9
United Kingdom
2.2
Italy
1.8
Belgium
0.8
Thailand
0.8
Brazil
0.6
Israel
0.5
Japan
0.4
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Performance Food Group Co
1.5
 
Imperial Oil Ltd
1.4
 
American Financial Group Inc/OH
1.4
 
AECOM
1.3
 
Jones Lang LaSalle Inc
1.3
 
Wintrust Financial Corp
1.2
 
TransUnion
1.2
 
M&T Bank Corp
1.2
 
Allison Transmission Holdings Inc
1.2
 
Acuity Brands Inc
1.1
 
 
12.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918477.100    7843-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Series Small Cap Discovery Fund
Fidelity® Series Small Cap Discovery Fund :  FJACX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Series Small Cap Discovery Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Series Small Cap Discovery Fund 
$ 0 A
0.00%B
 
A Amount represents less than $.50
B Amount represents less than 0.005%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$1,552,358,929
 
Number of Holdings
116
 
Portfolio Turnover
83%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
27.3
 
Information Technology
17.3
 
Financials
15.2
 
Consumer Discretionary
10.4
 
Health Care
7.0
 
Materials
6.4
 
Consumer Staples
5.6
 
Energy
5.0
 
Utilities
2.0
 
Communication Services
0.1
 
 
Common Stocks
96.3
Short-Term Investments and Net Other Assets (Liabilities)
3.7
ASSET ALLOCATION (% of Fund's net assets)
United States
93.6
Canada
3.9
Puerto Rico
1.5
India
0.9
Israel
0.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Performance Food Group Co
4.3
 
Genpact Ltd
4.2
 
Beacon Roofing Supply Inc
3.3
 
Insight Enterprises Inc
3.1
 
FirstCash Holdings Inc
2.7
 
Murphy USA Inc
2.7
 
ASGN Inc
2.5
 
Primerica Inc
2.4
 
Maximus Inc
2.3
 
Lumentum Holdings Inc
2.1
 
 
29.6
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915083.100    2615-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Founders Fund
Fidelity Advisor® Founders Fund Class C :  FIFQX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 95 
1.76%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$163,232,092
 
Number of Holdings
150
 
Portfolio Turnover
42%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
29.5
 
Consumer Discretionary
17.7
 
Financials
14.9
 
Communication Services
14.4
 
Health Care
6.8
 
Industrials
6.8
 
Real Estate
4.5
 
Energy
2.5
 
Materials
0.6
 
Consumer Staples
0.3
 
 
Common Stocks
97.7
Preferred Stocks
0.3
Short-Term Investments and Net Other Assets (Liabilities)
2.0
ASSET ALLOCATION (% of Fund's net assets)
United States
89.0
Canada
4.7
Italy
1.7
China
1.3
Germany
0.8
Spain
0.7
Netherlands
0.5
Taiwan
0.5
France
0.3
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
8.4
 
Microsoft Corp
6.4
 
Meta Platforms Inc Class A
5.0
 
Alphabet Inc Class C
4.6
 
Amazon.com Inc
4.5
 
Apollo Global Management Inc
3.1
 
Netflix Inc
2.6
 
Blackrock Inc
2.2
 
Oracle Corp
1.9
 
Analog Devices Inc
1.7
 
 
40.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915095.100    3350-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Mid-Cap Stock Fund
Fidelity Advisor® Mid-Cap Stock Fund Class I :  FMCQX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period October 8, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I A
$ 5 
0.74%
 
AExpenses for the full reporting period would be higher.
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$7,481,040,156
 
Number of Holdings
180
 
Portfolio Turnover
58%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
23.2
 
Financials
14.1
 
Consumer Discretionary
13.2
 
Information Technology
9.4
 
Health Care
9.2
 
Materials
7.0
 
Real Estate
6.5
 
Energy
4.9
 
Consumer Staples
3.9
 
Utilities
2.5
 
Communication Services
2.0
 
 
Common Stocks
95.3
Preferred Stocks
0.6
Short-Term Investments and Net Other Assets (Liabilities)
4.1
ASSET ALLOCATION (% of Fund's net assets)
United States
89.5
Canada
2.9
United Kingdom
2.2
Italy
1.8
Belgium
0.8
Thailand
0.8
Brazil
0.6
Israel
0.5
Japan
0.4
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Performance Food Group Co
1.5
 
Imperial Oil Ltd
1.4
 
American Financial Group Inc/OH
1.4
 
AECOM
1.3
 
Jones Lang LaSalle Inc
1.3
 
Wintrust Financial Corp
1.2
 
TransUnion
1.2
 
M&T Bank Corp
1.2
 
Allison Transmission Holdings Inc
1.2
 
Acuity Brands Inc
1.1
 
 
12.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918475.100    7842-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Small Cap Discovery Fund
Fidelity® Small Cap Discovery Fund :  FSCRX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Small Cap Discovery Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Small Cap Discovery Fund 
$ 52 
1.01%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$2,294,023,755
 
Number of Holdings
116
 
Portfolio Turnover
61%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
27.3
 
Information Technology
17.1
 
Financials
15.1
 
Consumer Discretionary
11.4
 
Health Care
6.9
 
Materials
6.6
 
Energy
6.1
 
Consumer Staples
5.5
 
Utilities
1.9
 
Communication Services
0.1
 
 
Common Stocks
98.0
Short-Term Investments and Net Other Assets (Liabilities)
2.0
ASSET ALLOCATION (% of Fund's net assets)
United States
92.8
Canada
4.8
Puerto Rico
1.4
India
0.9
Israel
0.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Performance Food Group Co
4.3
 
Genpact Ltd
4.0
 
Beacon Roofing Supply Inc
3.3
 
Insight Enterprises Inc
3.0
 
Maximus Inc
2.6
 
FirstCash Holdings Inc
2.6
 
ASGN Inc
2.6
 
Murphy USA Inc
2.5
 
Laureate Education Inc
2.4
 
Primerica Inc
2.3
 
 
29.6
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915051.100    384-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Mid-Cap Stock Fund
Fidelity® Mid-Cap Stock Fund :  FMCSX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Mid-Cap Stock Fund 
$ 37 
0.69%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$7,481,040,156
 
Number of Holdings
180
 
Portfolio Turnover
58%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
23.2
 
Financials
14.1
 
Consumer Discretionary
13.2
 
Information Technology
9.4
 
Health Care
9.2
 
Materials
7.0
 
Real Estate
6.5
 
Energy
4.9
 
Consumer Staples
3.9
 
Utilities
2.5
 
Communication Services
2.0
 
 
Common Stocks
95.3
Preferred Stocks
0.6
Short-Term Investments and Net Other Assets (Liabilities)
4.1
ASSET ALLOCATION (% of Fund's net assets)
United States
89.5
Canada
2.9
United Kingdom
2.2
Italy
1.8
Belgium
0.8
Thailand
0.8
Brazil
0.6
Israel
0.5
Japan
0.4
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Performance Food Group Co
1.5
 
Imperial Oil Ltd
1.4
 
American Financial Group Inc/OH
1.4
 
AECOM
1.3
 
Jones Lang LaSalle Inc
1.3
 
Wintrust Financial Corp
1.2
 
TransUnion
1.2
 
M&T Bank Corp
1.2
 
Allison Transmission Holdings Inc
1.2
 
Acuity Brands Inc
1.1
 
 
12.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915048.100    337-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Mid-Cap Stock Fund
Fidelity® Mid-Cap Stock Fund Class K :  FKMCX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class K 
$ 33 
0.62%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$7,481,040,156
 
Number of Holdings
180
 
Portfolio Turnover
58%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
23.2
 
Financials
14.1
 
Consumer Discretionary
13.2
 
Information Technology
9.4
 
Health Care
9.2
 
Materials
7.0
 
Real Estate
6.5
 
Energy
4.9
 
Consumer Staples
3.9
 
Utilities
2.5
 
Communication Services
2.0
 
 
Common Stocks
95.3
Preferred Stocks
0.6
Short-Term Investments and Net Other Assets (Liabilities)
4.1
ASSET ALLOCATION (% of Fund's net assets)
United States
89.5
Canada
2.9
United Kingdom
2.2
Italy
1.8
Belgium
0.8
Thailand
0.8
Brazil
0.6
Israel
0.5
Japan
0.4
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Performance Food Group Co
1.5
 
Imperial Oil Ltd
1.4
 
American Financial Group Inc/OH
1.4
 
AECOM
1.3
 
Jones Lang LaSalle Inc
1.3
 
Wintrust Financial Corp
1.2
 
TransUnion
1.2
 
M&T Bank Corp
1.2
 
Allison Transmission Holdings Inc
1.2
 
Acuity Brands Inc
1.1
 
 
12.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915047.100    2097-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Small Cap Stock Fund
Fidelity® Small Cap Stock Fund :  FSLCX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Small Cap Stock Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Small Cap Stock Fund 
$ 47 
0.88%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$1,178,053,648
 
Number of Holdings
159
 
Portfolio Turnover
102%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
18.0
 
Financials
17.8
 
Information Technology
15.7
 
Health Care
12.9
 
Consumer Discretionary
10.9
 
Materials
6.6
 
Consumer Staples
5.4
 
Energy
4.4
 
Utilities
3.6
 
Real Estate
3.6
 
Communication Services
0.7
 
 
Common Stocks
99.6
Short-Term Investments and Net Other Assets (Liabilities)
0.4
ASSET ALLOCATION (% of Fund's net assets)
United States
89.2
Canada
3.8
United Kingdom
1.6
Taiwan
1.2
Israel
1.2
Puerto Rico
1.0
Japan
0.7
Thailand
0.6
India
0.5
Others
0.2
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Performance Food Group Co
3.2
 
Grand Canyon Education Inc
3.0
 
Lumentum Holdings Inc
2.6
 
Baldwin Insurance Group Inc/The Class A
2.6
 
Selective Insurance Group Inc
2.5
 
Murphy USA Inc
2.5
 
Ciena Corp
2.2
 
FirstCash Holdings Inc
2.1
 
Insight Enterprises Inc
2.0
 
Brookfield Infrastructure Corp Class A (United States)
2.0
 
 
24.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915050.100    340-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Large Cap Stock K6 Fund
Fidelity® Large Cap Stock K6 Fund :  FCLKX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Large Cap Stock K6 Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Large Cap Stock K6 Fund 
$ 24 
0.45%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$63,676,577
 
Number of Holdings
184
 
Portfolio Turnover
11%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
21.2
 
Industrials
16.2
 
Financials
15.7
 
Health Care
10.5
 
Communication Services
9.5
 
Energy
8.5
 
Consumer Staples
4.6
 
Consumer Discretionary
2.9
 
Materials
1.7
 
Utilities
1.1
 
Real Estate
0.8
 
 
Common Stocks
92.7
Short-Term Investments and Net Other Assets (Liabilities)
7.3
ASSET ALLOCATION (% of Fund's net assets)
United States
92.2
Canada
2.0
Germany
1.1
Zambia
1.0
Belgium
0.9
United Kingdom
0.7
Netherlands
0.6
France
0.5
Taiwan
0.4
Others
0.6
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Microsoft Corp
6.2
 
Wells Fargo & Co
5.8
 
NVIDIA Corp
5.1
 
Exxon Mobil Corp
5.0
 
GE Aerospace
5.0
 
Meta Platforms Inc Class A
3.0
 
Boeing Co
2.8
 
GE Vernova Inc
2.7
 
Apple Inc
2.6
 
Bank of America Corp
2.4
 
 
40.6
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915090.100    2954-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Large Cap Stock Fund
Fidelity® Large Cap Stock Fund :  FLCSX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Large Cap Stock Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Large Cap Stock Fund 
$ 40 
0.75%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$5,050,446,146
 
Number of Holdings
186
 
Portfolio Turnover
13%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
21.4
 
Industrials
16.7
 
Financials
16.2
 
Health Care
10.9
 
Communication Services
9.6
 
Energy
8.7
 
Consumer Staples
4.9
 
Consumer Discretionary
3.0
 
Materials
1.8
 
Utilities
1.2
 
Real Estate
0.8
 
 
Common Stocks
95.2
Short-Term Investments and Net Other Assets (Liabilities)
4.8
ASSET ALLOCATION (% of Fund's net assets)
United States
91.9
Canada
2.0
Germany
1.0
Zambia
1.0
Belgium
0.9
United Kingdom
0.8
Netherlands
0.7
France
0.5
Taiwan
0.5
Others
0.7
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Microsoft Corp
6.2
 
Wells Fargo & Co
5.9
 
Exxon Mobil Corp
5.2
 
NVIDIA Corp
5.1
 
GE Aerospace
5.0
 
Meta Platforms Inc Class A
2.9
 
Boeing Co
2.8
 
GE Vernova Inc
2.7
 
Apple Inc
2.6
 
Bank of America Corp
2.5
 
 
40.9
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915049.100    338-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Mid-Cap Stock Fund
Fidelity Advisor® Mid-Cap Stock Fund Class A :  FMCHX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period October 8, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A A
$ 6 
0.98%
 
AExpenses for the full reporting period would be higher.
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$7,481,040,156
 
Number of Holdings
180
 
Portfolio Turnover
58%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
23.2
 
Financials
14.1
 
Consumer Discretionary
13.2
 
Information Technology
9.4
 
Health Care
9.2
 
Materials
7.0
 
Real Estate
6.5
 
Energy
4.9
 
Consumer Staples
3.9
 
Utilities
2.5
 
Communication Services
2.0
 
 
Common Stocks
95.3
Preferred Stocks
0.6
Short-Term Investments and Net Other Assets (Liabilities)
4.1
ASSET ALLOCATION (% of Fund's net assets)
United States
89.5
Canada
2.9
United Kingdom
2.2
Italy
1.8
Belgium
0.8
Thailand
0.8
Brazil
0.6
Israel
0.5
Japan
0.4
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Performance Food Group Co
1.5
 
Imperial Oil Ltd
1.4
 
American Financial Group Inc/OH
1.4
 
AECOM
1.3
 
Jones Lang LaSalle Inc
1.3
 
Wintrust Financial Corp
1.2
 
TransUnion
1.2
 
M&T Bank Corp
1.2
 
Allison Transmission Holdings Inc
1.2
 
Acuity Brands Inc
1.1
 
 
12.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918469.100    7839-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Mid-Cap Stock Fund
Fidelity Advisor® Mid-Cap Stock Fund Class M :  FMCJX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period October 8, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M A
$ 8 
1.23%
 
AExpenses for the full reporting period would be higher.
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$7,481,040,156
 
Number of Holdings
180
 
Portfolio Turnover
58%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
23.2
 
Financials
14.1
 
Consumer Discretionary
13.2
 
Information Technology
9.4
 
Health Care
9.2
 
Materials
7.0
 
Real Estate
6.5
 
Energy
4.9
 
Consumer Staples
3.9
 
Utilities
2.5
 
Communication Services
2.0
 
 
Common Stocks
95.3
Preferred Stocks
0.6
Short-Term Investments and Net Other Assets (Liabilities)
4.1
ASSET ALLOCATION (% of Fund's net assets)
United States
89.5
Canada
2.9
United Kingdom
2.2
Italy
1.8
Belgium
0.8
Thailand
0.8
Brazil
0.6
Israel
0.5
Japan
0.4
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Performance Food Group Co
1.5
 
Imperial Oil Ltd
1.4
 
American Financial Group Inc/OH
1.4
 
AECOM
1.3
 
Jones Lang LaSalle Inc
1.3
 
Wintrust Financial Corp
1.2
 
TransUnion
1.2
 
M&T Bank Corp
1.2
 
Allison Transmission Holdings Inc
1.2
 
Acuity Brands Inc
1.1
 
 
12.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918473.100    7840-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Founders Fund
Fidelity® Founders Fund :  FIFNX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Founders Fund 
$ 39 
0.72%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$163,232,092
 
Number of Holdings
150
 
Portfolio Turnover
42%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
29.5
 
Consumer Discretionary
17.7
 
Financials
14.9
 
Communication Services
14.4
 
Health Care
6.8
 
Industrials
6.8
 
Real Estate
4.5
 
Energy
2.5
 
Materials
0.6
 
Consumer Staples
0.3
 
 
Common Stocks
97.7
Preferred Stocks
0.3
Short-Term Investments and Net Other Assets (Liabilities)
2.0
ASSET ALLOCATION (% of Fund's net assets)
United States
89.0
Canada
4.7
Italy
1.7
China
1.3
Germany
0.8
Spain
0.7
Netherlands
0.5
Taiwan
0.5
France
0.3
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
8.4
 
Microsoft Corp
6.4
 
Meta Platforms Inc Class A
5.0
 
Alphabet Inc Class C
4.6
 
Amazon.com Inc
4.5
 
Apollo Global Management Inc
3.1
 
Netflix Inc
2.6
 
Blackrock Inc
2.2
 
Oracle Corp
1.9
 
Analog Devices Inc
1.7
 
 
40.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915093.100    3336-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Mid-Cap Stock Fund
Fidelity Advisor® Mid-Cap Stock Fund Class C :  FMCNX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Mid-Cap Stock Fund for the period October 8, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C A
$ 12 
1.76%
 
AExpenses for the full reporting period would be higher.
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$7,481,040,156
 
Number of Holdings
180
 
Portfolio Turnover
58%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
23.2
 
Financials
14.1
 
Consumer Discretionary
13.2
 
Information Technology
9.4
 
Health Care
9.2
 
Materials
7.0
 
Real Estate
6.5
 
Energy
4.9
 
Consumer Staples
3.9
 
Utilities
2.5
 
Communication Services
2.0
 
 
Common Stocks
95.3
Preferred Stocks
0.6
Short-Term Investments and Net Other Assets (Liabilities)
4.1
ASSET ALLOCATION (% of Fund's net assets)
United States
89.5
Canada
2.9
United Kingdom
2.2
Italy
1.8
Belgium
0.8
Thailand
0.8
Brazil
0.6
Israel
0.5
Japan
0.4
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Performance Food Group Co
1.5
 
Imperial Oil Ltd
1.4
 
American Financial Group Inc/OH
1.4
 
AECOM
1.3
 
Jones Lang LaSalle Inc
1.3
 
Wintrust Financial Corp
1.2
 
TransUnion
1.2
 
M&T Bank Corp
1.2
 
Allison Transmission Holdings Inc
1.2
 
Acuity Brands Inc
1.1
 
 
12.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918471.100    7841-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Series Small Cap Core Fund
Fidelity® Series Small Cap Core Fund :  FSSLX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Series Small Cap Core Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Series Small Cap Core Fund 
$ 0 A
0.00%B
 
A Amount represents less than $.50
B Amount represents less than 0.005%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$1,193,565,446
 
Number of Holdings
231
 
Portfolio Turnover
47%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
20.2
 
Industrials
16.5
 
Health Care
15.9
 
Information Technology
12.4
 
Consumer Discretionary
9.4
 
Real Estate
6.7
 
Energy
5.0
 
Materials
3.8
 
Consumer Staples
2.8
 
Communication Services
2.4
 
Utilities
2.1
 
 
Common Stocks
97.2
Short-Term Investments and Net Other Assets (Liabilities)
2.8
ASSET ALLOCATION (% of Fund's net assets)
United States
93.7
Israel
1.3
Canada
1.3
United Kingdom
0.8
Bahamas (Nassau)
0.6
Puerto Rico
0.6
Cameroon
0.5
India
0.4
Netherlands
0.3
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Vaxcyte Inc
1.1
 
Applied Industrial Technologies Inc
1.0
 
Wintrust Financial Corp
1.0
 
Cadence Bank
1.0
 
Brink's Co/The
1.0
 
Baldwin Insurance Group Inc/The Class A
1.0
 
First Interstate BancSystem Inc Class A
0.9
 
Ensign Group Inc/The
0.9
 
FTAI Aviation Ltd
0.9
 
Western Alliance Bancorp
0.9
 
 
9.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915114.100    6956-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Mid-Cap Stock K6 Fund
Fidelity® Mid-Cap Stock K6 Fund :  FNKFX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Mid-Cap Stock K6 Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Mid-Cap Stock K6 Fund 
$ 24 
0.45%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$1,018,352,553
 
Number of Holdings
180
 
Portfolio Turnover
96%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
22.3
 
Financials
14.7
 
Consumer Discretionary
13.6
 
Information Technology
9.6
 
Health Care
9.0
 
Materials
7.5
 
Real Estate
6.6
 
Energy
5.0
 
Consumer Staples
4.0
 
Utilities
2.4
 
Communication Services
2.1
 
 
Common Stocks
96.6
Preferred Stocks
0.2
Short-Term Investments and Net Other Assets (Liabilities)
3.2
ASSET ALLOCATION (% of Fund's net assets)
United States
89.3
Canada
3.1
United Kingdom
2.2
Italy
1.8
Belgium
0.8
Thailand
0.8
Brazil
0.6
Israel
0.5
Japan
0.4
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Performance Food Group Co
1.5
 
Imperial Oil Ltd
1.5
 
American Financial Group Inc/OH
1.4
 
AECOM
1.3
 
Jones Lang LaSalle Inc
1.3
 
Wintrust Financial Corp
1.2
 
TransUnion
1.2
 
M&T Bank Corp
1.2
 
Allison Transmission Holdings Inc
1.2
 
Fortune Brands Innovations Inc
1.2
 
 
13.0
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915105.100    3462-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Small Cap Stock K6 Fund
Fidelity® Small Cap Stock K6 Fund :  FKICX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Small Cap Stock K6 Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Small Cap Stock K6 Fund 
$ 33 
0.61%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$19,700,526
 
Number of Holdings
158
 
Portfolio Turnover
132%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
18.4
 
Industrials
17.6
 
Information Technology
15.2
 
Health Care
14.7
 
Consumer Discretionary
10.4
 
Materials
6.2
 
Consumer Staples
5.2
 
Energy
4.4
 
Utilities
3.5
 
Real Estate
3.4
 
Communication Services
0.6
 
 
Common Stocks
99.6
Short-Term Investments and Net Other Assets (Liabilities)
0.4
ASSET ALLOCATION (% of Fund's net assets)
United States
89.1
Canada
3.7
United Kingdom
1.5
Taiwan
1.2
Israel
1.2
Puerto Rico
1.0
Japan
0.7
Thailand
0.6
India
0.5
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Performance Food Group Co
3.1
 
Grand Canyon Education Inc
3.0
 
Lumentum Holdings Inc
2.6
 
Baldwin Insurance Group Inc/The Class A
2.5
 
Murphy USA Inc
2.4
 
Selective Insurance Group Inc
2.3
 
Ciena Corp
2.2
 
FirstCash Holdings Inc
2.1
 
Brookfield Infrastructure Corp Class A (United States)
2.0
 
Insight Enterprises Inc
1.8
 
 
24.0
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915089.100    2942-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Founders Fund
Fidelity Advisor® Founders Fund Class M :  FIFPX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 68 
1.26%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$163,232,092
 
Number of Holdings
150
 
Portfolio Turnover
42%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
29.5
 
Consumer Discretionary
17.7
 
Financials
14.9
 
Communication Services
14.4
 
Health Care
6.8
 
Industrials
6.8
 
Real Estate
4.5
 
Energy
2.5
 
Materials
0.6
 
Consumer Staples
0.3
 
 
Common Stocks
97.7
Preferred Stocks
0.3
Short-Term Investments and Net Other Assets (Liabilities)
2.0
ASSET ALLOCATION (% of Fund's net assets)
United States
89.0
Canada
4.7
Italy
1.7
China
1.3
Germany
0.8
Spain
0.7
Netherlands
0.5
Taiwan
0.5
France
0.3
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
8.4
 
Microsoft Corp
6.4
 
Meta Platforms Inc Class A
5.0
 
Alphabet Inc Class C
4.6
 
Amazon.com Inc
4.5
 
Apollo Global Management Inc
3.1
 
Netflix Inc
2.6
 
Blackrock Inc
2.2
 
Oracle Corp
1.9
 
Analog Devices Inc
1.7
 
 
40.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915096.100    3351-TSRS-1224    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF OCTOBER 31, 2024
 
 
Fidelity® Founders Fund
Fidelity Advisor® Founders Fund Class A :  FIFOX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Founders Fund for the period May 1, 2024 to October 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 55 
1.01%
 
Key Fund Statistics
(as of October 31, 2024)
 
KEY FACTS 
 
 
Fund Size
$163,232,092
 
Number of Holdings
150
 
Portfolio Turnover
42%
 
What did the Fund invest in?
(as of October 31, 2024)
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
29.5
 
Consumer Discretionary
17.7
 
Financials
14.9
 
Communication Services
14.4
 
Health Care
6.8
 
Industrials
6.8
 
Real Estate
4.5
 
Energy
2.5
 
Materials
0.6
 
Consumer Staples
0.3
 
 
Common Stocks
97.7
Preferred Stocks
0.3
Short-Term Investments and Net Other Assets (Liabilities)
2.0
ASSET ALLOCATION (% of Fund's net assets)
United States
89.0
Canada
4.7
Italy
1.7
China
1.3
Germany
0.8
Spain
0.7
Netherlands
0.5
Taiwan
0.5
France
0.3
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
8.4
 
Microsoft Corp
6.4
 
Meta Platforms Inc Class A
5.0
 
Alphabet Inc Class C
4.6
 
Amazon.com Inc
4.5
 
Apollo Global Management Inc
3.1
 
Netflix Inc
2.6
 
Blackrock Inc
2.2
 
Oracle Corp
1.9
 
Analog Devices Inc
1.7
 
 
40.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915094.100    3349-TSRS-1224    
 

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies




Fidelity® Series Small Cap Discovery Fund
 
 
Semi-Annual Report
October 31, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Series Small Cap Discovery Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Series Small Cap Discovery Fund
Schedule of Investments October 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.3%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 0.1%
 
 
 
Diversified Telecommunication Services - 0.1%
 
 
 
Liberty Latin America Ltd. Class C (a)
 
101,548
982,985
CONSUMER DISCRETIONARY - 10.4%
 
 
 
Automobile Components - 1.7%
 
 
 
Patrick Industries, Inc.
 
213,473
26,893,329
Diversified Consumer Services - 1.8%
 
 
 
Adtalem Global Education, Inc. (a)
 
18,200
1,472,744
Laureate Education, Inc.
 
1,486,898
25,544,908
 
 
 
27,017,652
Household Durables - 0.5%
 
 
 
Installed Building Products, Inc.
 
34,400
7,461,360
Specialty Retail - 4.6%
 
 
 
Academy Sports & Outdoors, Inc.
 
344,186
17,505,300
American Eagle Outfitters, Inc.
 
199,788
3,913,847
Boot Barn Holdings, Inc. (a)
 
25,800
3,213,390
Caleres, Inc.
 
218,400
6,519,240
Murphy U.S.A., Inc.
 
82,133
40,117,864
 
 
 
71,269,641
Textiles, Apparel & Luxury Goods - 1.8%
 
 
 
Crocs, Inc. (a)
 
264,000
28,464,480
TOTAL CONSUMER DISCRETIONARY
 
 
161,106,462
CONSUMER STAPLES - 5.6%
 
 
 
Beverages - 1.1%
 
 
 
Coca-Cola Consolidated, Inc.
 
10,764
12,101,535
MGP Ingredients, Inc. (b)
 
102,238
4,911,514
 
 
 
17,013,049
Consumer Staples Distribution & Retail - 4.3%
 
 
 
Performance Food Group Co. (a)
 
813,200
66,072,498
Food Products - 0.2%
 
 
 
The Simply Good Foods Co. (a)
 
99,900
3,362,634
TOTAL CONSUMER STAPLES
 
 
86,448,181
ENERGY - 5.1%
 
 
 
Energy Equipment & Services - 1.8%
 
 
 
Cactus, Inc. Class A
 
125,540
7,443,267
Mattr Corp. (a)
 
1,414,792
12,345,835
Valaris Ltd. (a)
 
173,021
8,754,863
 
 
 
28,543,965
Oil, Gas & Consumable Fuels - 3.3%
 
 
 
Civitas Resources, Inc.
 
463,900
22,633,681
Northern Oil & Gas, Inc.
 
278,026
10,078,443
Parkland Corp.
 
504,471
11,739,046
Sitio Royalties Corp. Class A (b)
 
277,165
6,178,008
 
 
 
50,629,178
TOTAL ENERGY
 
 
79,173,143
FINANCIALS - 15.1%
 
 
 
Banks - 2.7%
 
 
 
Cadence Bank
 
416,636
13,928,141
Webster Financial Corp.
 
530,600
27,485,080
 
 
 
41,413,221
Capital Markets - 1.7%
 
 
 
Stifel Financial Corp.
 
261,100
27,055,182
Consumer Finance - 2.7%
 
 
 
FirstCash Holdings, Inc.
 
408,498
42,267,288
Financial Services - 2.7%
 
 
 
Essent Group Ltd.
 
163,600
9,817,636
EVERTEC, Inc. (b)
 
660,500
21,637,980
WEX, Inc. (a)
 
63,400
10,942,840
 
 
 
42,398,456
Insurance - 5.3%
 
 
 
Assurant, Inc.
 
108,000
20,703,600
Primerica, Inc.
 
131,000
36,262,110
Reinsurance Group of America, Inc.
 
41,600
8,780,928
Selective Insurance Group, Inc.
 
97,900
8,891,278
The Baldwin Insurance Group, Inc. Class A, (a)
 
146,300
6,767,838
TWFG, Inc. Class A
 
18,400
596,896
 
 
 
82,002,650
TOTAL FINANCIALS
 
 
235,136,797
HEALTH CARE - 6.9%
 
 
 
Biotechnology - 2.7%
 
 
 
Astria Therapeutics, Inc. (a)
 
95,624
1,069,076
Blueprint Medicines Corp. (a)
 
26,900
2,354,019
Celldex Therapeutics, Inc. (a)(b)
 
221,900
5,782,714
Cytokinetics, Inc. (a)
 
225,200
11,485,200
Day One Biopharmaceuticals, Inc. (a)
 
110,200
1,622,144
Dyne Therapeutics, Inc. (a)
 
87,800
2,533,908
Keros Therapeutics, Inc. (a)
 
85,600
4,968,224
Perspective Therapeutics, Inc. (a)
 
176,800
2,088,008
Vaxcyte, Inc. (a)
 
102,610
10,912,574
 
 
 
42,815,867
Health Care Equipment & Supplies - 1.2%
 
 
 
Haemonetics Corp. (a)
 
141,728
10,085,364
Lantheus Holdings, Inc. (a)
 
64,400
7,073,696
Utah Medical Products, Inc.
 
16,239
1,029,228
 
 
 
18,188,288
Health Care Providers & Services - 2.5%
 
 
 
BrightSpring Health Services, Inc. (a)
 
273,900
4,100,283
Owens & Minor, Inc. (a)
 
1,204,182
15,305,153
PACS Group, Inc.
 
166,700
7,114,756
Pennant Group, Inc. (a)
 
155,841
4,982,237
Tenet Healthcare Corp. (a)
 
1,383
214,393
The Ensign Group, Inc.
 
47,200
7,315,528
 
 
 
39,032,350
Health Care Technology - 0.2%
 
 
 
Evolent Health, Inc. Class A (a)
 
123,000
2,872,050
Pharmaceuticals - 0.3%
 
 
 
Arvinas Holding Co. LLC (a)
 
173,100
4,575,033
Elanco Animal Health, Inc. (a)
 
40,915
517,166
Enliven Therapeutics, Inc. (a)
 
2,949
82,130
 
 
 
5,174,329
TOTAL HEALTH CARE
 
 
108,082,884
INDUSTRIALS - 27.4%
 
 
 
Aerospace & Defense - 1.3%
 
 
 
V2X, Inc. (a)
 
314,426
19,368,642
Building Products - 3.8%
 
 
 
Armstrong World Industries, Inc.
 
41,657
5,813,234
AZZ, Inc.
 
180,500
13,750,490
Gibraltar Industries, Inc. (a)
 
157,201
10,609,495
Janus International Group, Inc. (a)
 
174,400
1,283,584
Tecnoglass, Inc. (b)
 
190,617
13,062,983
UFP Industries, Inc.
 
121,900
14,913,246
 
 
 
59,433,032
Commercial Services & Supplies - 2.1%
 
 
 
Brady Corp. Class A
 
126,470
8,997,076
The Brink's Co.
 
230,059
23,647,765
 
 
 
32,644,841
Construction & Engineering - 1.9%
 
 
 
IES Holdings, Inc. (a)
 
111,361
24,350,753
Valmont Industries, Inc.
 
17,786
5,543,540
 
 
 
29,894,293
Electrical Equipment - 0.8%
 
 
 
Nextracker, Inc. Class A (a)
 
329,400
13,116,708
Ground Transportation - 1.0%
 
 
 
ArcBest Corp.
 
79,258
8,257,098
Proficient Auto Logistics, Inc.
 
45,563
373,161
TFI International, Inc.
 
44,486
5,953,117
Universal Logistics Holdings, Inc.
 
30,200
1,269,608
 
 
 
15,852,984
Machinery - 1.4%
 
 
 
Gates Industrial Corp. PLC (a)
 
448,113
8,670,987
Mueller Industries, Inc.
 
79,700
6,533,009
REV Group, Inc.
 
199,164
5,277,846
Timken Co.
 
17,500
1,452,500
 
 
 
21,934,342
Professional Services - 9.0%
 
 
 
CBIZ, Inc. (a)
 
29,600
2,040,328
ExlService Holdings, Inc. (a)
 
262,557
10,940,750
Genpact Ltd.
 
1,647,300
62,877,441
Kforce, Inc.
 
223,265
12,902,484
Maximus, Inc.
 
413,892
35,776,824
WNS Holdings Ltd. (b)
 
299,600
14,377,804
 
 
 
138,915,631
Trading Companies & Distributors - 6.1%
 
 
 
Beacon Roofing Supply, Inc. (a)
 
557,986
51,373,771
Core & Main, Inc. Class A (a)
 
405,600
17,959,968
DXP Enterprises, Inc. (a)
 
48,857
2,397,902
GMS, Inc. (a)
 
199,039
17,891,616
Rush Enterprises, Inc. Class A
 
76,600
4,334,028
 
 
 
93,957,285
TOTAL INDUSTRIALS
 
 
425,117,758
INFORMATION TECHNOLOGY - 17.3%
 
 
 
Communications Equipment - 4.1%
 
 
 
Ciena Corp. (a)
 
491,893
31,240,124
Lumentum Holdings, Inc. (a)
 
507,174
32,393,203
 
 
 
63,633,327
Electronic Equipment, Instruments & Components - 6.7%
 
 
 
Belden, Inc.
 
102,600
11,683,062
ePlus, Inc. (a)
 
167,433
14,893,165
Insight Enterprises, Inc. (a)(b)
 
275,469
48,185,037
Napco Security Technologies, Inc.
 
79,100
3,043,768
Sanmina Corp. (a)
 
127,300
8,923,730
TD SYNNEX Corp.
 
129,100
14,891,685
Vishay Precision Group, Inc. (a)
 
95,049
2,206,087
 
 
 
103,826,534
IT Services - 2.5%
 
 
 
ASGN, Inc. (a)
 
423,762
39,028,480
Semiconductors & Semiconductor Equipment - 1.1%
 
 
 
AEHR Test Systems (a)(b)
 
95,300
1,341,824
Diodes, Inc. (a)
 
171,502
10,029,437
Penguin Solutions, Inc. (a)
 
432,834
6,514,152
 
 
 
17,885,413
Software - 2.9%
 
 
 
Cellebrite DI Ltd. (a)
 
97,600
1,771,440
Intapp, Inc. (a)
 
26,000
1,304,420
Rapid7, Inc. (a)
 
453,015
18,310,866
Tenable Holdings, Inc. (a)
 
583,300
23,104,513
 
 
 
44,491,239
TOTAL INFORMATION TECHNOLOGY
 
 
268,864,993
MATERIALS - 6.4%
 
 
 
Chemicals - 2.5%
 
 
 
Hawkins, Inc.
 
13,556
1,449,136
Minerals Technologies, Inc.
 
135,600
10,209,324
Olin Corp.
 
656,498
26,936,113
 
 
 
38,594,573
Construction Materials - 1.0%
 
 
 
Eagle Materials, Inc.
 
54,000
15,414,840
Containers & Packaging - 1.9%
 
 
 
Graphic Packaging Holding Co. (b)
 
1,077,800
30,458,628
Metals & Mining - 0.5%
 
 
 
ATI, Inc. (a)
 
118,253
6,233,116
Constellium NV (a)
 
92,700
1,028,970
 
 
 
7,262,086
Paper & Forest Products - 0.5%
 
 
 
Louisiana-Pacific Corp.
 
81,200
8,030,680
TOTAL MATERIALS
 
 
99,760,807
UTILITIES - 2.0%
 
 
 
Gas Utilities - 2.0%
 
 
 
Brookfield Infrastructure Corp. A Shares (b)
 
751,197
30,859,173
 
TOTAL COMMON STOCKS
 (Cost $1,311,953,346)
 
 
 
1,495,533,183
 
 
 
 
Money Market Funds - 9.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.87% (c)
 
50,702,621
50,712,762
Fidelity Securities Lending Cash Central Fund 4.87% (c)(d)
 
94,664,408
94,673,874
 
TOTAL MONEY MARKET FUNDS
 (Cost $145,386,636)
 
 
145,386,636
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 105.7%
 (Cost $1,457,339,982)
 
 
 
1,640,919,819
NET OTHER ASSETS (LIABILITIES) - (5.7)%  
(88,560,890)
NET ASSETS - 100.0%
1,552,358,929
 
 
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.
 
 
 
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 4.87%
23,535,650
402,688,468
375,511,416
1,275,174
60
-
50,712,762
0.1%
Fidelity Securities Lending Cash Central Fund 4.87%
57,595,332
309,251,689
272,173,147
40,852
-
-
94,673,874
0.4%
Total
81,130,982
711,940,157
647,684,563
1,316,026
60
-
145,386,636
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
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.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
982,985
982,985
-
-
Consumer Discretionary
161,106,462
161,106,462
-
-
Consumer Staples
86,448,181
86,448,181
-
-
Energy
79,173,143
79,173,143
-
-
Financials
235,136,797
235,136,797
-
-
Health Care
108,082,884
108,082,884
-
-
Industrials
425,117,758
425,117,758
-
-
Information Technology
268,864,993
268,864,993
-
-
Materials
99,760,807
99,760,807
-
-
Utilities
30,859,173
30,859,173
-
-
  Money Market Funds
145,386,636
145,386,636
-
-
 Total Investments in Securities:
1,640,919,819
1,640,919,819
-
-
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of October 31, 2024 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $83,938,006) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,311,953,346)
$
1,495,533,183
 
 
Fidelity Central Funds (cost $145,386,636)
145,386,636
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,457,339,982)
 
 
$
1,640,919,819
Foreign currency held at value (cost $1)
 
 
1
Receivable for investments sold
 
 
7,401,497
Receivable for fund shares sold
 
 
56,989,444
Dividends receivable
 
 
692,884
Distributions receivable from Fidelity Central Funds
 
 
234,168
  Total assets
 
 
1,706,237,813
Liabilities
 
 
 
 
Payable for investments purchased
$
58,870,293
 
 
Payable for fund shares redeemed
323,361
 
 
Accrued management fee
170
 
 
Other payables and accrued expenses
16,155
 
 
Collateral on securities loaned
94,668,905
 
 
  Total liabilities
 
 
 
153,878,884
Net Assets  
 
 
$
1,552,358,929
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,311,295,542
Total accumulated earnings (loss)
 
 
 
241,063,387
Net Assets
 
 
$
1,552,358,929
Net Asset Value, offering price and redemption price per share ($1,552,358,929 ÷ 137,486,434 shares)
 
 
$
11.29
Statement of Operations
Six months ended October 31, 2024 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
6,664,447
Income from Fidelity Central Funds (including $40,852 from security lending)
 
 
1,316,026
 Total income
 
 
 
7,980,473
Expenses
 
 
 
 
Custodian fees and expenses
$
19,266
 
 
Independent trustees' fees and expenses
2,603
 
 
Miscellaneous
36
 
 
 Total expenses before reductions
 
21,905
 
 
 Expense reductions
 
(1,219)
 
 
 Total expenses after reductions
 
 
 
20,686
Net Investment income (loss)
 
 
 
7,959,787
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
50,661,013
 
 
   Fidelity Central Funds
 
60
 
 
 Foreign currency transactions
 
(237)
 
 
Total net realized gain (loss)
 
 
 
50,660,836
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(33,071,202)
 
 
 Assets and liabilities in foreign currencies
 
12,546
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(33,058,656)
Net gain (loss)
 
 
 
17,602,180
Net increase (decrease) in net assets resulting from operations
 
 
$
25,561,967
Statement of Changes in Net Assets
 
 
Six months ended
October 31, 2024
(Unaudited)
 
Year ended
April 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
7,959,787
$
15,393,389
Net realized gain (loss)
 
50,660,836
 
101,327,293
Change in net unrealized appreciation (depreciation)
 
(33,058,656)
 
90,012,819
Net increase (decrease) in net assets resulting from operations
 
25,561,967
 
206,733,501
Distributions to shareholders
 
(77,376,665)
 
(36,352,612)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
451,650,054
 
210,055,809
  Reinvestment of distributions
 
77,376,665
 
36,352,612
Cost of shares redeemed
 
(174,627,449)
 
(316,218,152)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
354,399,270
 
(69,809,731)
Total increase (decrease) in net assets
 
302,584,572
 
100,571,158
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,249,774,357
 
1,149,203,199
End of period
$
1,552,358,929
$
1,249,774,357
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
38,776,885
 
18,967,947
  Issued in reinvestment of distributions
 
7,066,362
 
3,323,219
Redeemed
 
(14,903,465)
 
(28,130,153)
Net increase (decrease)
 
30,939,782
 
(5,838,987)
 
 
 
 
 
Financial Highlights
 
Fidelity® Series Small Cap Discovery Fund
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.73
$
10.23
$
12.49
$
15.20
$
8.73
$
11.70
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.14
 
.14
 
.14
 
.12
 
.15
     Net realized and unrealized gain (loss)
 
.20
 
1.70
 
(.34)
 
(.33)
 
6.68
 
(2.35)
  Total from investment operations
 
.27  
 
1.84  
 
(.20)  
 
(.19)  
 
6.80
 
(2.20)
  Distributions from net investment income
 
(.04)
 
(.13)
 
(.15)
 
(.14)
 
(.12)
 
(.16)
  Distributions from net realized gain
 
(.67)
 
(.21)
 
(1.92)
 
(2.38)
 
(.21)
 
(.61)
     Total distributions
 
(.71)
 
(.34)
 
(2.06) C
 
(2.52)
 
(.33)
 
(.77)
  Net asset value, end of period
$
11.29
$
11.73
$
10.23
$
12.49
$
15.20
$
8.73
 Total Return D,E
 
2.45
%
 
18.22%
 
(1.01)%
 
(2.37)%
 
78.91%
 
(20.16)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions H
 
-% I
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of fee waivers, if any H
 
-
% I
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of all reductions H
 
-% I
 
-%
 
-%
 
-%
 
-%
 
-%
    Net investment income (loss)
 
1.20% I
 
1.30%
 
1.31%
 
1.01%
 
1.03%
 
1.38%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,552,359
$
1,249,774
$
1,149,203
$
1,295,339
$
1,510,555
$
1,152,206
    Portfolio turnover rate J
 
83
% I
 
50%
 
31%
 
25%
 
28%
 
51%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount represents less than .005%.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
 (Unaudited)
For the period ended October 31, 2024
 
1.Organization.
Fidelity Series Small Cap Discovery Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2.Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3.Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fund categorizes the inputs to valuation techniques used to value its investments 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 the Fund's 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 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 open-end mutual funds, including the other Fidelity Central 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. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$272,623,628
Gross unrealized depreciation
(91,074,487)
Net unrealized appreciation (depreciation)
$181,549,141
Tax cost
$1,459,370,678
 
 
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4.Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Series Small Cap Discovery Fund
821,374,700
535,652,858
5.Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Series Small Cap Discovery Fund
 12,878
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Series Small Cap Discovery Fund
 86,384,925
 34,271,525
 5,568,501
 
6.Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7.Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income 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. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Series Small Cap Discovery Fund
4,510
 3
-
 
8.Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,219.
9.Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10.Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Bettina Doulton
Affirmative
399,712,835,196.11
95.27
Withheld
19,861,567,939.07
4.73
TOTAL
419,574,403,135.19
100.00
Robert A. Lawrence
Affirmative
398,303,145,670.78
94.93
Withheld
21,271,257,464.41
5.07
TOTAL
419,574,403,135.19
100.00
Vijay C. Advani
Affirmative
398,848,644,763.97
95.06
Withheld
20,725,758,371.21
4.94
TOTAL
419,574,403,135.19
100.00
Thomas P. Bostick
Affirmative
399,084,917,382.24
95.12
Withheld
20,489,485,752.95
4.88
TOTAL
419,574,403,135.19
100.00
Donald F. Donahue
Affirmative
398,136,894,294.44
94.89
Withheld
21,437,508,840.75
5.11
TOTAL
419,574,403,135.19
100.00
Vicki L. Fuller
Affirmative
399,535,778,208.65
95.22
Withheld
20,038,624,926.54
4.78
TOTAL
419,574,403,135.19
100.00
Patricia L. Kampling
Affirmative
399,319,643,676.69
95.17
Withheld
20,254,759,458.50
4.83
TOTAL
419,574,403,135.19
100.00
Thomas A. Kennedy
Affirmative
398,612,509,964.82
95.00
Withheld
20,961,893,170.36
5.00
TOTAL
419,574,403,135.19
100.00
Oscar Munoz
Affirmative
397,517,256,424.15
94.74
Withheld
22,057,146,711.03
5.26
TOTAL
419,574,403,135.19
100.00
Karen B. Peetz
Affirmative
398,905,166,808.58
95.07
Withheld
20,669,236,326.60
4.93
TOTAL
419,574,403,135.19
100.00
David M. Thomas
Affirmative
398,279,523,899.44
94.92
Withheld
21,294,879,235.74
5.08
TOTAL
419,574,403,135.19
100.00
Susan Tomasky
Affirmative
398,393,822,853.60
94.95
Withheld
21,180,580,281.58
5.05
TOTAL
419,574,403,135.19
100.00
Michael E. Wiley
Affirmative
398,304,955,259.60
94.93
Withheld
21,269,447,875.58
5.07
TOTAL
419,574,403,135.19
100.00
 
 
 
Proposal 1 reflects trust-wide proposal and voting results.
 
 
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series Small Cap Discovery Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through August 31, 2027.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
 
1.968032.110
XS4-SANN-1224
Fidelity® Founders Fund
 
 
Semi-Annual Report
October 31, 2024
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Founders Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Founders Fund
Schedule of Investments October 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 14.3%
 
 
 
Entertainment - 3.4%
 
 
 
Netflix, Inc. (a)
 
5,709
4,316,175
Spotify Technology SA (a)
 
3,195
1,230,395
 
 
 
5,546,570
Interactive Media & Services - 10.2%
 
 
 
Alphabet, Inc. Class C
 
43,251
7,469,015
Meta Platforms, Inc. Class A
 
14,267
8,097,664
Pinterest, Inc. Class A (a)
 
15,097
479,934
Reddit, Inc.:
 
 
 
 Class A
 
4,321
515,495
 Class B (a)
 
200
23,860
VerticalScope Holdings, Inc. (a)
 
7,292
41,217
 
 
 
16,627,185
Media - 0.7%
 
 
 
The Trade Desk, Inc. Class A (a)
 
9,560
1,149,208
TOTAL COMMUNICATION SERVICES
 
 
23,322,963
CONSUMER DISCRETIONARY - 17.8%
 
 
 
Automobiles - 0.8%
 
 
 
Tesla, Inc. (a)
 
4,808
1,201,279
Broadline Retail - 5.1%
 
 
 
Amazon.com, Inc. (a)
 
38,290
7,137,256
JD.com, Inc. sponsored ADR
 
29,671
1,205,236
 
 
 
8,342,492
Hotels, Restaurants & Leisure - 3.9%
 
 
 
Airbnb, Inc. Class A (a)
 
9,325
1,256,917
Cava Group, Inc. (a)
 
9,969
1,331,460
Doordash, Inc. (a)
 
1,752
274,538
Dutch Bros, Inc. Class A (a)
 
10,623
351,834
Marriott International, Inc. Class A
 
6,635
1,725,233
Monarch Casino & Resort, Inc.
 
724
56,841
Penn Entertainment, Inc. (a)
 
3,300
65,175
Red Rock Resorts, Inc.
 
1,263
64,994
Sweetgreen, Inc. Class A (a)
 
10,305
372,011
Trip.com Group Ltd. ADR (a)
 
12,159
783,040
Viking Holdings Ltd.
 
1,500
58,875
 
 
 
6,340,918
Household Durables - 2.7%
 
 
 
D.R. Horton, Inc.
 
15,831
2,675,439
Garmin Ltd.
 
883
175,143
Lennar Corp. Class A
 
6,100
1,038,830
Toll Brothers, Inc.
 
3,454
505,804
 
 
 
4,395,216
Specialty Retail - 2.1%
 
 
 
Aritzia, Inc. (a)
 
26,873
865,240
Auto1 Group SE (a)(b)
 
16,871
172,412
Carvana Co. Class A (a)
 
3,800
939,778
Industria de Diseno Textil SA (c)
 
20,650
1,174,765
Revolve Group, Inc. (a)(c)
 
7,800
193,596
Wayfair LLC Class A (a)
 
2,097
89,815
 
 
 
3,435,606
Textiles, Apparel & Luxury Goods - 3.2%
 
 
 
Brunello Cucinelli SpA
 
4,610
455,319
Brunello Cucinelli SpA
 
4,884
482,381
LVMH Moet Hennessy Louis Vuitton SE
 
829
551,882
Moncler SpA
 
10,961
607,349
On Holding AG (a)
 
300
14,226
Prada SpA
 
149,404
1,147,051
Ralph Lauren Corp. Class A
 
10,072
1,993,551
 
 
 
5,251,759
TOTAL CONSUMER DISCRETIONARY
 
 
28,967,270
CONSUMER STAPLES - 0.3%
 
 
 
Beverages - 0.3%
 
 
 
Monster Beverage Corp. (a)
 
8,863
466,903
ENERGY - 2.4%
 
 
 
Energy Equipment & Services - 0.4%
 
 
 
Cactus, Inc. Class A
 
10,264
608,553
Oil, Gas & Consumable Fuels - 2.0%
 
 
 
Antero Resources Corp. (a)
 
29,540
764,495
Devon Energy Corp.
 
2,524
97,628
Reliance Industries Ltd. (a)
 
11,044
173,374
Reliance Industries Ltd.
 
11,044
174,623
Tourmaline Oil Corp. (c)
 
45,709
2,107,272
 
 
 
3,317,392
TOTAL ENERGY
 
 
3,925,945
FINANCIALS - 14.9%
 
 
 
Banks - 0.5%
 
 
 
Pinnacle Financial Partners, Inc.
 
6,707
707,253
Starling Bank Ltd. Series D (a)(d)(e)
 
44,800
183,123
 
 
 
890,376
Capital Markets - 8.2%
 
 
 
Antin Infrastructure Partners SA
 
962
11,029
Ares Management Corp. Class A,
 
15,112
2,533,980
BlackRock, Inc.
 
3,589
3,520,917
Blue Owl Capital, Inc. Class A
 
108,187
2,419,061
Carlyle Group LP
 
22,103
1,105,813
Coinbase Global, Inc. Class A (a)
 
1,405
251,846
EQT AB
 
3,315
96,141
Intercontinental Exchange, Inc.
 
5,260
819,876
KKR & Co., Inc. Class A
 
16,178
2,236,447
Morningstar, Inc.
 
1,241
407,110
 
 
 
13,402,220
Consumer Finance - 0.6%
 
 
 
Capital One Financial Corp.
 
5,756
937,019
NerdWallet, Inc. (a)
 
400
5,876
 
 
 
942,895
Financial Services - 5.0%
 
 
 
Apollo Global Management, Inc.
 
34,928
5,003,785
Berkshire Hathaway, Inc. Class B (a)
 
4,194
1,891,158
Block, Inc. Class A (a)
 
10,520
760,806
Corpay, Inc. (a)
 
1,167
384,783
Jio Financial Services Ltd. (a)
 
13,774
52,682
Remitly Global, Inc. (a)
 
200
3,596
 
 
 
8,096,810
Insurance - 0.6%
 
 
 
Arthur J. Gallagher & Co.
 
3,672
1,032,566
TOTAL FINANCIALS
 
 
24,364,867
HEALTH CARE - 6.8%
 
 
 
Biotechnology - 2.8%
 
 
 
Alnylam Pharmaceuticals, Inc. (a)
 
6,179
1,647,260
Argenx SE ADR (a)
 
1,462
857,171
Blueprint Medicines Corp. (a)
 
1,000
87,510
Celldex Therapeutics, Inc. (a)
 
13,416
349,621
Krystal Biotech, Inc. (a)
 
1,473
254,137
Moderna, Inc. (a)
 
8,342
453,471
Prelude Therapeutics, Inc. (a)(c)
 
300
360
Regeneron Pharmaceuticals, Inc. (a)
 
701
587,578
TG Therapeutics, Inc. (a)
 
11,615
291,072
 
 
 
4,528,180
Health Care Equipment & Supplies - 0.9%
 
 
 
Glaukos Corp. (a)
 
3,400
449,650
Masimo Corp. (a)
 
3,516
506,339
Penumbra, Inc. (a)
 
1,751
400,751
TransMedics Group, Inc. (a)
 
481
39,428
 
 
 
1,396,168
Health Care Providers & Services - 0.8%
 
 
 
LifeStance Health Group, Inc. (a)
 
37,426
251,128
The Joint Corp. (a)(c)
 
1,173
12,962
UnitedHealth Group, Inc.
 
1,974
1,114,323
 
 
 
1,378,413
Health Care Technology - 0.5%
 
 
 
Doximity, Inc. Class A (a)
 
11,545
481,888
Veeva Systems, Inc. Class A (a)
 
1,989
415,363
 
 
 
897,251
Life Sciences Tools & Services - 1.8%
 
 
 
Bruker Corp.
 
13,989
791,917
Danaher Corp.
 
8,659
2,127,170
Stevanato Group SpA (c)
 
1,737
33,020
 
 
 
2,952,107
TOTAL HEALTH CARE
 
 
11,152,119
INDUSTRIALS - 6.8%
 
 
 
Aerospace & Defense - 0.6%
 
 
 
HEICO Corp. Class A
 
5,464
1,049,143
Air Freight & Logistics - 0.7%
 
 
 
FedEx Corp.
 
4,060
1,111,831
Building Products - 0.2%
 
 
 
Tecnoglass, Inc.
 
4,567
312,977
Commercial Services & Supplies - 2.5%
 
 
 
Cintas Corp.
 
10,536
2,168,414
GFL Environmental, Inc.
 
28,846
1,205,763
Veralto Corp.
 
1,582
161,665
Waste Connections, Inc. (United States)
 
3,370
595,648
 
 
 
4,131,490
Construction & Engineering - 0.1%
 
 
 
Bowman Consulting Group Ltd. (a)
 
3,700
75,110
Ground Transportation - 1.1%
 
 
 
Uber Technologies, Inc. (a)
 
24,208
1,744,186
Professional Services - 1.1%
 
 
 
Thomson Reuters Corp.
 
10,812
1,769,787
Trading Companies & Distributors - 0.5%
 
 
 
Watsco, Inc.
 
1,806
854,256
TOTAL INDUSTRIALS
 
 
11,048,780
INFORMATION TECHNOLOGY - 29.3%
 
 
 
Communications Equipment - 0.7%
 
 
 
Arista Networks, Inc. (a)
 
2,873
1,110,242
Electronic Equipment, Instruments & Components - 0.5%
 
 
 
OSI Systems, Inc. (a)
 
5,642
745,929
Vontier Corp.
 
1,083
40,158
 
 
 
786,087
IT Services - 2.2%
 
 
 
CGI, Inc. Class A (sub. vtg.)
 
1,047
115,983
Cloudflare, Inc. Class A (a)
 
8,314
729,221
Globant SA (a)
 
5,104
1,071,279
MongoDB, Inc. Class A (a)
 
603
163,051
Shopify, Inc. Class A (a)
 
20,871
1,632,321
 
 
 
3,711,855
Semiconductors & Semiconductor Equipment - 11.1%
 
 
 
Analog Devices, Inc.
 
12,763
2,847,553
Astera Labs, Inc. (a)
 
300
21,048
Monolithic Power Systems, Inc.
 
981
744,873
NVIDIA Corp.
 
103,406
13,728,178
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
3,930
748,822
 
 
 
18,090,474
Software - 14.3%
 
 
 
Applied Intuition, Inc. Class A (d)(e)
 
270
16,119
AppLovin Corp. Class A, (a)
 
3,397
575,418
BlackLine, Inc. (a)
 
7,708
426,792
Canva, Inc. Class A (d)(e)
 
188
209,562
Clear Secure, Inc.
 
22,109
813,169
CoreWeave, Inc. Class A (e)
 
160
135,538
Life360, Inc. (a)
 
24,091
1,032,781
Microsoft Corp.
 
25,870
10,512,275
MicroStrategy, Inc. Class A (a)(c)
 
2,491
609,050
nCino, Inc. (a)
 
84
3,133
Oracle Corp.
 
18,186
3,052,338
Palantir Technologies, Inc. Class A (a)
 
33,866
1,407,471
Salesforce, Inc.
 
3,211
935,589
Samsara, Inc. Class A (a)
 
2,117
101,171
SAP SE sponsored ADR
 
5,140
1,200,910
Tenable Holdings, Inc. (a)
 
7,067
279,924
Zoom Video Communications, Inc. Class A (a)
 
20,698
1,546,969
Zscaler, Inc. (a)
 
2,534
458,122
 
 
 
23,316,331
Technology Hardware, Storage & Peripherals - 0.5%
 
 
 
Dell Technologies, Inc. Class C
 
6,623
818,801
TOTAL INFORMATION TECHNOLOGY
 
 
47,833,790
MATERIALS - 0.6%
 
 
 
Metals & Mining - 0.6%
 
 
 
Alamos Gold, Inc. Class A
 
50,089
1,011,961
REAL ESTATE - 4.5%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 3.6%
 
 
 
Camden Property Trust (SBI)
 
2,924
338,570
Equity Residential (SBI)
 
21,677
1,525,410
Public Storage Operating Co.
 
8,149
2,681,510
Simon Property Group, Inc.
 
7,569
1,280,069
 
 
 
5,825,559
Real Estate Management & Development - 0.9%
 
 
 
Zillow Group, Inc. Class C (a)
 
25,136
1,510,422
TOTAL REAL ESTATE
 
 
7,335,981
 
TOTAL COMMON STOCKS
 (Cost $104,587,222)
 
 
 
159,430,579
 
 
 
 
Convertible Preferred Stocks - 0.3%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 0.1%
 
 
 
Interactive Media & Services - 0.1%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
638
158,970
INFORMATION TECHNOLOGY - 0.2%
 
 
 
IT Services - 0.0%
 
 
 
Yanka Industries, Inc.:
 
 
 
 Series E (a)(d)(e)
 
2,484
9,265
 Series F (a)(d)(e)
 
12,743
76,203
 
 
 
85,468
Software - 0.2%
 
 
 
Applied Intuition, Inc.:
 
 
 
 Series A2 (d)(e)
 
352
21,014
 Series B2 (d)(e)
 
171
10,209
Canva, Inc.:
 
 
 
 Series A (a)(d)(e)
 
17
18,950
 Series A2 (a)(d)(e)
 
3
3,344
CoreWeave, Inc. Series C (d)(e)
 
10
9,842
Evozyne, Inc. Series A (a)(d)(e)
 
1,000
18,060
Moloco, Inc. Series A (a)(d)(e)
 
3,703
205,035
 
 
 
286,454
TOTAL INFORMATION TECHNOLOGY
 
 
371,922
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $811,114)
 
 
 
530,892
 
 
 
 
Money Market Funds - 2.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.87% (f)
 
2,749,907
2,750,457
Fidelity Securities Lending Cash Central Fund 4.87% (f)(g)
 
1,854,668
1,854,853
 
TOTAL MONEY MARKET FUNDS
 (Cost $4,605,310)
 
 
4,605,310
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.8%
 (Cost $110,003,646)
 
 
 
164,566,781
NET OTHER ASSETS (LIABILITIES) - (0.8)%  
(1,334,689)
NET ASSETS - 100.0%
163,232,092
 
 
Legend
 
(a)
Non-income producing
 
(b)
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 $172,412 or 0.1% of net assets.
 
(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 $939,696 or 0.6% 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 ($)
 
Applied Intuition, Inc. Class A
7/02/24
16,117
 
 
 
Applied Intuition, Inc. Series A2
7/02/24
21,013
 
 
 
Applied Intuition, Inc. Series B2
7/02/24
10,208
 
 
 
ByteDance Ltd. Series E1
11/18/20
69,908
 
 
 
Canva, Inc. Class A
3/18/24 - 5/03/24
200,532
 
 
 
Canva, Inc. Series A
9/22/23
18,133
 
 
 
Canva, Inc. Series A2
9/22/23
3,200
 
 
 
CoreWeave, Inc. Series C
5/17/24
7,791
 
 
 
Evozyne, Inc. Series A
4/09/21
22,470
 
 
 
Moloco, Inc. Series A
6/26/23
222,180
 
 
 
Starling Bank Ltd. Series D
6/18/21 - 4/05/22
85,152
 
 
 
Yanka Industries, Inc. Series E
5/15/20
30,005
 
 
 
Yanka Industries, Inc. Series F
4/08/21
406,206
 
 
 
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 4.87%
4,186,506
21,928,476
23,364,474
61,131
(51)
-
2,750,457
0.0%
Fidelity Securities Lending Cash Central Fund 4.87%
3,514,513
19,793,266
21,452,926
3,751
-
-
1,854,853
0.0%
Total
7,701,019
41,721,742
44,817,400
64,882
(51)
-
4,605,310
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
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.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
23,481,933
23,322,963
-
158,970
Consumer Discretionary
28,967,270
27,268,337
1,698,933
-
Consumer Staples
466,903
466,903
-
-
Energy
3,925,945
3,577,948
347,997
-
Financials
24,364,867
24,129,062
52,682
183,123
Health Care
11,152,119
11,152,119
-
-
Industrials
11,048,780
11,048,780
-
-
Information Technology
48,205,712
47,472,571
-
733,141
Materials
1,011,961
1,011,961
-
-
Real Estate
7,335,981
7,335,981
-
-
  Money Market Funds
4,605,310
4,605,310
-
-
 Total Investments in Securities:
164,566,781
161,391,935
2,099,612
1,075,234
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of October 31, 2024 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $1,749,530) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $105,398,336)
$
159,961,471
 
 
Fidelity Central Funds (cost $4,605,310)
4,605,310
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $110,003,646)
 
 
$
164,566,781
Receivable for investments sold
 
 
1,513,510
Receivable for fund shares sold
 
 
158,911
Dividends receivable
 
 
18,663
Distributions receivable from Fidelity Central Funds
 
 
12,661
Prepaid expenses
 
 
180
  Total assets
 
 
166,270,706
Liabilities
 
 
 
 
Payable for investments purchased
$
1,009,243
 
 
Payable for fund shares redeemed
17,987
 
 
Accrued management fee
88,439
 
 
Distribution and service plan fees payable
14,846
 
 
Other payables and accrued expenses
53,246
 
 
Collateral on securities loaned
1,854,853
 
 
  Total liabilities
 
 
 
3,038,614
Net Assets  
 
 
$
163,232,092
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
103,535,532
Total accumulated earnings (loss)
 
 
 
59,696,560
Net Assets
 
 
$
163,232,092
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($26,475,750 ÷ 1,170,933 shares)(a)
 
 
$
22.61
Maximum offering price per share (100/94.25 of $22.61)
 
 
$
23.99
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($15,430,346 ÷ 689,269 shares)(a)
 
 
$
22.39
Maximum offering price per share (100/96.50 of $22.39)
 
 
$
23.20
Class C :
 
 
 
 
Net Asset Value and offering price per share ($3,277,505 ÷ 149,710 shares)(a)
 
 
$
21.89
Fidelity Founders Fund :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($104,215,349 ÷ 4,567,515 shares)
 
 
$
22.82
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($6,495,433 ÷ 284,695 shares)
 
 
$
22.82
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($7,337,709 ÷ 320,170 shares)
 
 
$
22.92
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended October 31, 2024 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
567,162
Income from Fidelity Central Funds (including $3,751 from security lending)
 
 
64,882
 Total income
 
 
 
632,044
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
515,161
 
 
 Performance adjustment
(24,691)
 
 
Distribution and service plan fees
86,395
 
 
Custodian fees and expenses
3,053
 
 
Independent trustees' fees and expenses
297
 
 
Registration fees
27,740
 
 
Audit fees
23,688
 
 
Legal
1,039
 
 
Miscellaneous
3,932
 
 
 Total expenses before reductions
 
636,614
 
 
 Expense reductions
 
(235)
 
 
 Total expenses after reductions
 
 
 
636,379
Net Investment income (loss)
 
 
 
(4,335)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $1,130)
 
6,877,309
 
 
   Fidelity Central Funds
 
(51)
 
 
 Foreign currency transactions
 
(190)
 
 
Total net realized gain (loss)
 
 
 
6,877,068
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $14,612)  
 
14,152,571
 
 
 Assets and liabilities in foreign currencies
 
153
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
14,152,724
Net gain (loss)
 
 
 
21,029,792
Net increase (decrease) in net assets resulting from operations
 
 
$
21,025,457
Statement of Changes in Net Assets
 
 
Six months ended
October 31, 2024
(Unaudited)
 
Year ended
April 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(4,335)
$
(51,032)
Net realized gain (loss)
 
6,877,068
 
2,531,081
Change in net unrealized appreciation (depreciation)
 
14,152,724
 
25,992,316
Net increase (decrease) in net assets resulting from operations
 
21,025,457
 
28,472,365
Distributions to shareholders
 
-
 
(98,999)
 
 
 
 
 
Share transactions - net increase (decrease)
 
6,193,708
 
14,124,777
Total increase (decrease) in net assets
 
27,219,165
 
42,498,143
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
136,012,927
 
93,514,784
End of period
$
163,232,092
$
136,012,927
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Founders Fund Class A
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.61
$
15.07
$
15.71
$
18.71
$
11.85
$
10.85
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.02)
 
(.04)
 
.07
 
- C,D
 
(.14)
 
(.05) E
     Net realized and unrealized gain (loss)
 
3.02
 
4.58
 
(.38)
 
(1.88)
 
7.00
 
1.05
  Total from investment operations
 
3.00  
 
4.54  
 
(.31)  
 
(1.88)  
 
6.86
 
1.00
  Distributions from net investment income
 
-
 
-
 
(.07)
 
(.02)
 
-
 
- D
  Distributions from net realized gain
 
-
 
-
 
(.26)
 
(1.11)
 
-
 
-
     Total distributions
 
-
 
-
 
(.33)
 
(1.12) F
 
-
 
- D
  Net asset value, end of period
$
22.61
$
19.61
$
15.07
$
15.71
$
18.71
$
11.85
 Total Return G,H,I
 
15.30
%
 
30.13%
 
(1.90)%
 
(10.74)%
 
57.89%
 
9.25%
 Ratios to Average Net Assets B,J,K
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.01% L
 
1.06%
 
1.24%
 
1.17%
 
1.25%
 
2.05%
    Expenses net of fee waivers, if any
 
1.01
% L
 
1.05%
 
1.15%
 
1.15%
 
1.25%
 
1.25%
    Expenses net of all reductions
 
1.01% L
 
1.05%
 
1.15%
 
1.15%
 
1.24%
 
1.25%
    Net investment income (loss)
 
(.18)% L
 
(.21)%
 
.49%
 
-% C,M
 
(.83)%
 
(.47)% E
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
26,476
$
22,456
$
13,884
$
11,013
$
11,606
$
1,310
    Portfolio turnover rate N
 
42
% L
 
31%
 
51%
 
47%
 
57%
 
82%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.19)%.
DAmount represents less than $.005 per share.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.70)%.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ITotal returns do not include the effect of the sales charges.
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
LAnnualized.
MAmount represents less than .005%.
NAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Founders Fund Class M
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.43
$
14.97
$
15.62
$
18.62
$
11.82
$
10.85
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.05)
 
(.08)
 
.03
 
(.04) C
 
(.17)
 
(.08) D
     Net realized and unrealized gain (loss)
 
3.01
 
4.54
 
(.38)
 
(1.87)
 
6.97
 
1.05
  Total from investment operations
 
2.96  
 
4.46  
 
(.35)  
 
(1.91)  
 
6.80
 
.97
  Distributions from net investment income
 
-
 
-
 
(.04)
 
-
 
-
 
-
  Distributions from net realized gain
 
-
 
-
 
(.26)
 
(1.09)
 
-
 
-
     Total distributions
 
-
 
-
 
(.30)
 
(1.09)
 
-
 
-
  Net asset value, end of period
$
22.39
$
19.43
$
14.97
$
15.62
$
18.62
$
11.82
 Total Return E,F,G
 
15.23
%
 
29.79%
 
(2.20)%
 
(10.93)%
 
57.53%
 
8.94%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.26% J
 
1.29%
 
1.44%
 
1.39%
 
1.46%
 
2.14%
    Expenses net of fee waivers, if any
 
1.26
% J
 
1.28%
 
1.40%
 
1.38%
 
1.46%
 
1.50%
    Expenses net of all reductions
 
1.26% J
 
1.28%
 
1.40%
 
1.38%
 
1.45%
 
1.50%
    Net investment income (loss)
 
(.42)% J
 
(.44)%
 
.24%
 
(.24)% C
 
(1.04)%
 
(.72)% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
15,430
$
14,328
$
8,354
$
8,562
$
7,357
$
695
    Portfolio turnover rate K
 
42
% J
 
31%
 
51%
 
47%
 
57%
 
82%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.42)%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.95)%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Founders Fund Class C
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.05
$
14.76
$
15.43
$
18.41
$
11.75
$
10.84
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.10)
 
(.17)
 
(.04)
 
(.14) C
 
(.26)
 
(.13) D
     Net realized and unrealized gain (loss)
 
2.94
 
4.46
 
(.37)
 
(1.84)
 
6.92
 
1.04
  Total from investment operations
 
2.84  
 
4.29  
 
(.41)  
 
(1.98)  
 
6.66
 
.91
  Distributions from net realized gain
 
-
 
-
 
(.26)
 
(1.00)
 
-
 
-
     Total distributions
 
-
 
-
 
(.26)
 
(1.00)
 
-
 
-
  Net asset value, end of period
$
21.89
$
19.05
$
14.76
$
15.43
$
18.41
$
11.75
 Total Return E,F,G
 
14.91
%
 
29.07%
 
(2.67)%
 
(11.40)%
 
56.68%
 
8.39%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.76% J
 
1.83%
 
2.01%
 
1.99%
 
2.04%
 
2.64%
    Expenses net of fee waivers, if any
 
1.76
% J
 
1.83%
 
1.90%
 
1.91%
 
2.00%
 
2.00%
    Expenses net of all reductions
 
1.76% J
 
1.82%
 
1.90%
 
1.91%
 
1.99%
 
2.00%
    Net investment income (loss)
 
(.93)% J
 
(.98)%
 
(.26)%
 
(.76)% C
 
(1.58)%
 
(1.22)% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,278
$
3,085
$
1,613
$
1,717
$
2,035
$
335
    Portfolio turnover rate K
 
42
% J
 
31%
 
51%
 
47%
 
57%
 
82%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.95)%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.45)%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the contingent deferred sales charge.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Founders Fund
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.75
$
15.16
$
15.79
$
18.80
$
11.88
$
10.86
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.01
 
.01
 
.11
 
.05 C
 
(.09)
 
(.02) D
     Net realized and unrealized gain (loss)
 
3.06
 
4.60
 
(.39)
 
(1.89)
 
7.01
 
1.05
  Total from investment operations
 
3.07  
 
4.61  
 
(.28)  
 
(1.84)  
 
6.92
 
1.03
  Distributions from net investment income
 
-
 
(.02)
 
(.09)
 
(.04)
 
-
 
(.01)
  Distributions from net realized gain
 
-
 
-
 
(.26)
 
(1.13)
 
-
 
-
     Total distributions
 
-
 
(.02)
 
(.35)
 
(1.17)
 
-
 
(.01)
  Net asset value, end of period
$
22.82
$
19.75
$
15.16
$
15.79
$
18.80
$
11.88
 Total Return E,F
 
15.54
%
 
30.42%
 
(1.69)%
 
(10.48)%
 
58.25%
 
9.49%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.72% I
 
.80%
 
.98%
 
.90%
 
.97%
 
1.70%
    Expenses net of fee waivers, if any
 
.72
% I
 
.79%
 
.90%
 
.90%
 
.97%
 
1.00%
    Expenses net of all reductions
 
.72% I
 
.79%
 
.90%
 
.90%
 
.97%
 
1.00%
    Net investment income (loss)
 
.11% I
 
.06%
 
.74%
 
.25% C
 
(.56)%
 
(.22)% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
104,215
$
84,557
$
62,601
$
69,885
$
96,052
$
22,724
    Portfolio turnover rate J
 
42
% I
 
31%
 
51%
 
47%
 
57%
 
82%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .06%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.45)%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Founders Fund Class I
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.75
$
15.16
$
15.79
$
18.81
$
11.88
$
10.86
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.01
 
.02
 
.11
 
.06 C
 
(.08)
 
(.02) D
     Net realized and unrealized gain (loss)
 
3.06
 
4.60
 
(.39)
 
(1.89)
 
7.01
 
1.05
  Total from investment operations
 
3.07  
 
4.62  
 
(.28)  
 
(1.83)  
 
6.93
 
1.03
  Distributions from net investment income
 
-
 
(.03)
 
(.10)
 
(.05)
 
-
 
(.01)
  Distributions from net realized gain
 
-
 
-
 
(.26)
 
(1.14)
 
-
 
-
     Total distributions
 
-
 
(.03)
 
(.35) E
 
(1.19)
 
-
 
(.01)
  Net asset value, end of period
$
22.82
$
19.75
$
15.16
$
15.79
$
18.81
$
11.88
 Total Return F,G
 
15.54
%
 
30.48%
 
(1.64)%
 
(10.45)%
 
58.33%
 
9.49%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.69% J
 
.74%
 
.88%
 
.85%
 
.93%
 
1.63%
    Expenses net of fee waivers, if any
 
.69
% J
 
.73%
 
.88%
 
.85%
 
.93%
 
1.00%
    Expenses net of all reductions
 
.69% J
 
.73%
 
.88%
 
.85%
 
.92%
 
1.00%
    Net investment income (loss)
 
.14% J
 
.12%
 
.76%
 
.30% C
 
(.51)%
 
(.22)% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,495
$
4,792
$
2,899
$
1,263
$
1,449
$
467
    Portfolio turnover rate K
 
42
% J
 
31%
 
51%
 
47%
 
57%
 
82%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .12%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.45)%.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Founders Fund Class Z
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.83
$
15.21
$
15.83
$
18.86
$
11.90
$
10.86
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.02
 
.04
 
.13
 
.07 C
 
(.07)
 
(.01) D
     Net realized and unrealized gain (loss)
 
3.07
 
4.62
 
(.39)
 
(1.89)
 
7.03
 
1.06
  Total from investment operations
 
3.09  
 
4.66  
 
(.26)  
 
(1.82)  
 
6.96
 
1.05
  Distributions from net investment income
 
-
 
(.04)
 
(.10)
 
(.06)
 
-
 
(.01)
  Distributions from net realized gain
 
-
 
-
 
(.26)
 
(1.15)
 
-
 
-
     Total distributions
 
-
 
(.04)
 
(.36)
 
(1.21)
 
-
 
(.01)
  Net asset value, end of period
$
22.92
$
19.83
$
15.21
$
15.83
$
18.86
$
11.90
 Total Return E,F
 
15.58
%
 
30.66%
 
(1.55)%
 
(10.37)%
 
58.49%
 
9.67%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.61% I
 
.63%
 
.78%
 
.76%
 
.83%
 
1.51%
    Expenses net of fee waivers, if any
 
.61
% I
 
.63%
 
.75%
 
.75%
 
.83%
 
.85%
    Expenses net of all reductions
 
.61% I
 
.63%
 
.75%
 
.75%
 
.82%
 
.85%
    Net investment income (loss)
 
.23% I
 
.22%
 
.89%
 
.40% C
 
(.41)%
 
(.07)% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
7,338
$
6,795
$
4,165
$
18,186
$
21,966
$
6,839
    Portfolio turnover rate J
 
42
% I
 
31%
 
51%
 
47%
 
57%
 
82%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.30)%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
 (Unaudited)
For the period ended October 31, 2024
 
1. Organization.
Fidelity Founders Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Founders Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fund categorizes the inputs to valuation techniques used to value its investments 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 the Fund's 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 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 open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets and Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$58,380,035
Gross unrealized depreciation
(4,478,514)
Net unrealized appreciation (depreciation)
$53,901,521
Tax cost
$110,665,260
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
Short-term
$(564,216)
Total capital loss carryforward
$(564,216)
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Founders Fund
37,938,739
31,278,460
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
 
The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
0.72
Class M
0.71
Class C
0.72
Fidelity Founders Fund
0.72
Class I
0.65
Class Z
0.56
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.72
Class M
.71
Class C
.72
Fidelity Founders Fund
.67
Class I
.65
Class Z
.56
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity Founders Fund
Russell 3000 Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Founders Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±0.10% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.03)%.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Class A
 - %
 .25%
31,237
1,299
Class M
 .25%
 .25%
 38,636
 -
Class C
 .75%
 .25%
 16,522
 1,801
 
 
 
86,395
3,100
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC ($)
Class A
 8,199
Class M
 1,283
Class CA
 155
 
                  9,637
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Founders Fund
 401
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Founders Fund
 1,085,705
 774,303
 105,310
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount ($)
Fidelity Founders Fund
101
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income 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. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Founders Fund
400
 68
-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $235.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
October 31, 2024
Year ended
April 30, 2024
Fidelity Founders Fund
 
 
Distributions to shareholders
 
 
Fidelity Founders Fund
 -
 78,648
Class I
 -
 6,222
Class Z
 -
 14,129
Total  
$-
$98,999
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 October 31, 2024
Year ended
 April 30, 2024
Six months ended
 October 31, 2024
Year ended
 April 30, 2024
Fidelity Founders Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
116,671
357,562
$2,497,954
$6,328,363
Shares redeemed
(91,140)
(133,442)
(1,968,327)
(2,302,213)
Net increase (decrease)
25,531
224,120
$529,627
$4,026,150
Class M
 
 
 
 
Shares sold
64,871
221,304
$1,378,986
$3,818,142
Shares redeemed
(112,854)
(41,973)
(2,374,509)
(723,828)
Net increase (decrease)
(47,983)
179,331
$(995,523)
$3,094,314
Class C
 
 
 
 
Shares sold
13,411
80,325
$279,910
$1,343,892
Shares redeemed
(25,596)
(27,722)
(532,533)
(486,933)
Net increase (decrease)
(12,185)
52,603
$(252,623)
$856,959
Fidelity Founders Fund
 
 
 
 
Shares sold
875,036
1,292,892
$19,122,797
$24,261,828
Reinvestment of distributions
-
4,059
-
73,069
Shares redeemed
(587,924)
(1,145,208)
(12,672,642)
(20,197,581)
Net increase (decrease)
287,112
151,743
$6,450,155
$4,137,316
Class I
 
 
 
 
Shares sold
60,808
150,025
$1,363,756
$2,648,431
Reinvestment of distributions
-
346
-
6,222
Shares redeemed
(18,726)
(99,004)
(405,853)
(1,764,775)
Net increase (decrease)
42,082
51,367
$957,903
$889,878
Class Z
 
 
 
 
Shares sold
8,632
120,849
$185,965
$2,052,346
Reinvestment of distributions
-
755
-
13,644
Shares redeemed
(31,112)
(52,719)
(681,796)
(945,830)
Net increase (decrease)
(22,480)
68,885
$(495,831)
$1,120,160
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Bettina Doulton
Affirmative
399,712,835,196.11
95.27
Withheld
19,861,567,939.07
4.73
TOTAL
419,574,403,135.19
100.00
Robert A. Lawrence
Affirmative
398,303,145,670.78
94.93
Withheld
21,271,257,464.41
5.07
TOTAL
419,574,403,135.19
100.00
Vijay C. Advani
Affirmative
398,848,644,763.97
95.06
Withheld
20,725,758,371.21
4.94
TOTAL
419,574,403,135.19
100.00
Thomas P. Bostick
Affirmative
399,084,917,382.24
95.12
Withheld
20,489,485,752.95
4.88
TOTAL
419,574,403,135.19
100.00
Donald F. Donahue
Affirmative
398,136,894,294.44
94.89
Withheld
21,437,508,840.75
5.11
TOTAL
419,574,403,135.19
100.00
Vicki L. Fuller
Affirmative
399,535,778,208.65
95.22
Withheld
20,038,624,926.54
4.78
TOTAL
419,574,403,135.19
100.00
Patricia L. Kampling
Affirmative
399,319,643,676.69
95.17
Withheld
20,254,759,458.50
4.83
TOTAL
419,574,403,135.19
100.00
Thomas A. Kennedy
Affirmative
398,612,509,964.82
95.00
Withheld
20,961,893,170.36
5.00
TOTAL
419,574,403,135.19
100.00
Oscar Munoz
Affirmative
397,517,256,424.15
94.74
Withheld
22,057,146,711.03
5.26
TOTAL
419,574,403,135.19
100.00
Karen B. Peetz
Affirmative
398,905,166,808.58
95.07
Withheld
20,669,236,326.60
4.93
TOTAL
419,574,403,135.19
100.00
David M. Thomas
Affirmative
398,279,523,899.44
94.92
Withheld
21,294,879,235.74
5.08
TOTAL
419,574,403,135.19
100.00
Susan Tomasky
Affirmative
398,393,822,853.60
94.95
Withheld
21,180,580,281.58
5.05
TOTAL
419,574,403,135.19
100.00
Michael E. Wiley
Affirmative
398,304,955,259.60
94.93
Withheld
21,269,447,875.58
5.07
TOTAL
419,574,403,135.19
100.00
 
 
 
Proposal 1 reflects trust-wide proposal and voting results.
 
 
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Founders Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered a pro forma management fee rate for the retail class as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023. The Board considered that the fund has a variable unified management fee that covers expenses for services beyond portfolio management.
The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.15%, 1.40%, 1.90%, 0.90%, 0.75%, and 0.90% through August 31, 2025.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, and was satisfied that the profitability was not excessive.
 
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
 
1.9892519.100
RFFF-SANN-1224
Fidelity® Small Cap Stock Fund
 
 
Semi-Annual Report
October 31, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Small Cap Stock Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Small Cap Stock Fund
Schedule of Investments October 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.6%
 
 
Shares
Value ($)
(000s)
COMMUNICATION SERVICES - 0.7%
 
 
 
Diversified Telecommunication Services - 0.0%
 
 
 
GCI Liberty, Inc. Class A (Escrow) (a)(f)
 
112,550
0
Media - 0.7%
 
 
 
TechTarget, Inc. (b)
 
88,533
2,563
Thryv Holdings, Inc. (b)
 
391,773
5,634
 
 
 
8,197
TOTAL COMMUNICATION SERVICES
 
 
8,197
CONSUMER DISCRETIONARY - 10.9%
 
 
 
Automobile Components - 0.6%
 
 
 
Patrick Industries, Inc.
 
56,226
7,083
Diversified Consumer Services - 4.6%
 
 
 
Grand Canyon Education, Inc. (b)
 
257,404
35,293
Laureate Education, Inc.
 
1,083,500
18,615
 
 
 
53,908
Household Durables - 1.3%
 
 
 
Cavco Industries, Inc. (b)
 
11,749
4,815
Installed Building Products, Inc.
 
34,700
7,526
SharkNinja, Inc.
 
28,900
2,665
 
 
 
15,006
Leisure Products - 0.2%
 
 
 
Games Workshop Group PLC
 
14,700
2,267
Specialty Retail - 2.8%
 
 
 
Boot Barn Holdings, Inc. (b)
 
24,400
3,039
Murphy U.S.A., Inc.
 
60,245
29,427
 
 
 
32,466
Textiles, Apparel & Luxury Goods - 1.4%
 
 
 
Crocs, Inc. (b)
 
119,500
12,884
Steven Madden Ltd.
 
91,700
4,124
 
 
 
17,008
TOTAL CONSUMER DISCRETIONARY
 
 
127,738
CONSUMER STAPLES - 5.4%
 
 
 
Beverages - 0.8%
 
 
 
Coca-Cola Consolidated, Inc.
 
8,107
9,114
Consumer Staples Distribution & Retail - 3.2%
 
 
 
Performance Food Group Co. (b)
 
465,783
37,839
Food Products - 1.4%
 
 
 
Lassonde Industries, Inc. Class A (sub. vtg.)
 
39,284
4,978
Nomad Foods Ltd.
 
679,373
11,923
 
 
 
16,901
TOTAL CONSUMER STAPLES
 
 
63,854
ENERGY - 4.4%
 
 
 
Energy Equipment & Services - 1.9%
 
 
 
Cactus, Inc. Class A
 
166,100
9,848
Kodiak Gas Services, Inc.
 
173,700
5,538
TechnipFMC PLC
 
124,600
3,326
Tidewater, Inc. (b)
 
58,700
3,526
 
 
 
22,238
Oil, Gas & Consumable Fuels - 2.5%
 
 
 
CONSOL Energy, Inc.
 
43,578
4,834
Gulfport Energy Corp. (b)
 
40,400
5,593
Northern Oil & Gas, Inc. (c)
 
435,304
15,780
South Bow Corp.
 
135,200
3,376
 
 
 
29,583
TOTAL ENERGY
 
 
51,821
FINANCIALS - 17.8%
 
 
 
Banks - 4.5%
 
 
 
ConnectOne Bancorp, Inc.
 
316,098
7,662
Eastern Bankshares, Inc.
 
945,900
15,447
Metropolitan Bank Holding Corp. (b)
 
110,402
5,907
Southstate Corp. (c)
 
140,200
13,674
Synovus Financial Corp.
 
194,900
9,720
 
 
 
52,410
Capital Markets - 3.0%
 
 
 
P10, Inc. Class A
 
231,000
2,553
Perella Weinberg Partners Class A
 
53,900
1,090
Piper Sandler Cos.
 
43,400
12,310
Stifel Financial Corp.
 
100,300
10,393
StoneX Group, Inc. (b)
 
105,797
9,526
 
 
 
35,872
Consumer Finance - 2.1%
 
 
 
FirstCash Holdings, Inc.
 
242,200
25,060
Financial Services - 1.0%
 
 
 
EVERTEC, Inc.
 
352,200
11,538
Insurance - 7.2%
 
 
 
Primerica, Inc.
 
71,501
19,792
Selective Insurance Group, Inc.
 
324,088
29,434
The Baldwin Insurance Group, Inc. Class A, (b)
 
642,800
29,736
TWFG, Inc. Class A
 
183,471
5,952
 
 
 
84,914
TOTAL FINANCIALS
 
 
209,794
HEALTH CARE - 12.9%
 
 
 
Biotechnology - 5.6%
 
 
 
ADMA Biologics, Inc. (b)
 
180,600
2,946
AnaptysBio, Inc. (b)
 
50,600
1,094
Annexon, Inc. (b)
 
194,903
1,427
Arcellx, Inc. (b)
 
27,900
2,351
Astria Therapeutics, Inc. (b)
 
156,600
1,751
Autolus Therapeutics PLC ADR (b)
 
334,300
1,127
Celldex Therapeutics, Inc. (b)
 
82,344
2,146
Cogent Biosciences, Inc. (b)
 
169,000
1,942
Crinetics Pharmaceuticals, Inc. (b)
 
86,800
4,857
Cytokinetics, Inc. (b)
 
91,425
4,663
Day One Biopharmaceuticals, Inc. (b)
 
89,600
1,319
Dyne Therapeutics, Inc. (b)
 
64,800
1,870
Halozyme Therapeutics, Inc. (b)
 
100,700
5,092
Immunovant, Inc. (b)
 
76,600
2,241
Keros Therapeutics, Inc. (b)
 
49,342
2,864
Merus BV (b)
 
32,400
1,618
Moonlake Immunotherapeutics Class A (b)
 
36,200
1,680
Perspective Therapeutics, Inc. (b)
 
74,700
882
Q32 Bio, Inc. (b)
 
15,300
723
Revolution Medicines, Inc. (b)
 
69,100
3,697
Spyre Therapeutics, Inc. (b)
 
64,800
2,108
Vaxcyte, Inc. (b)
 
71,635
7,618
Viking Therapeutics, Inc. (b)(c)
 
78,300
5,680
Viridian Therapeutics, Inc. (b)
 
117,200
2,528
Xenon Pharmaceuticals, Inc. (b)
 
49,805
2,047
 
 
 
66,271
Health Care Equipment & Supplies - 2.6%
 
 
 
Ceribell, Inc.
 
60,919
1,602
Lantheus Holdings, Inc. (b)
 
46,400
5,097
Masimo Corp. (b)
 
33,800
4,868
Merit Medical Systems, Inc. (b)
 
98,100
9,679
Penumbra, Inc. (b)
 
16,900
3,868
TransMedics Group, Inc. (b)(c)
 
69,871
5,727
 
 
 
30,841
Health Care Providers & Services - 3.6%
 
 
 
BrightSpring Health Services, Inc. (b)
 
177,000
2,650
Chemed Corp.
 
25,963
14,026
GeneDx Holdings Corp. Class A (b)
 
10,800
882
Option Care Health, Inc. (b)
 
103,200
2,378
Owens & Minor, Inc. (b)
 
561,430
7,136
PACS Group, Inc.
 
351,900
15,019
 
 
 
42,091
Health Care Technology - 0.3%
 
 
 
Evolent Health, Inc. Class A (b)
 
174,921
4,084
Life Sciences Tools & Services - 0.3%
 
 
 
Maravai LifeSciences Holdings, Inc. Class A (b)
 
454,700
3,369
Pharmaceuticals - 0.5%
 
 
 
Elanco Animal Health, Inc. (b)
 
39,100
494
Enliven Therapeutics, Inc. (b)
 
103,700
2,888
Neumora Therapeutics, Inc. (b)
 
86,600
992
Structure Therapeutics, Inc. ADR (b)
 
34,800
1,432
 
 
 
5,806
TOTAL HEALTH CARE
 
 
152,462
INDUSTRIALS - 17.9%
 
 
 
Aerospace & Defense - 2.4%
 
 
 
Cadre Holdings, Inc.
 
83,658
2,909
Kratos Defense & Security Solutions, Inc. (b)
 
122,400
2,781
Leonardo DRS, Inc. (b)
 
447,569
13,458
StandardAero, Inc.
 
29,800
860
V2X, Inc. (b)
 
137,200
8,452
 
 
 
28,460
Building Products - 1.3%
 
 
 
AAON, Inc.
 
33,700
3,849
AZZ, Inc.
 
5,289
403
Tecnoglass, Inc. (c)
 
117,500
8,052
UFP Industries, Inc.
 
28,000
3,426
 
 
 
15,730
Commercial Services & Supplies - 0.4%
 
 
 
The Brink's Co.
 
40,600
4,173
Construction & Engineering - 3.9%
 
 
 
Bowman Consulting Group Ltd. (b)
 
113,501
2,304
Centuri Holdings, Inc.
 
200,500
3,763
Construction Partners, Inc. Class A (b)
 
44,900
3,535
Fluor Corp. (b)
 
155,200
8,114
IES Holdings, Inc. (b)
 
44,714
9,777
Sterling Construction Co., Inc. (b)
 
60,147
9,290
Willscot Holdings Corp. (b)
 
278,459
9,228
 
 
 
46,011
Electrical Equipment - 0.5%
 
 
 
Nextracker, Inc. Class A (b)
 
132,700
5,284
Ground Transportation - 0.0%
 
 
 
Proficient Auto Logistics, Inc.
 
58,000
475
Machinery - 0.5%
 
 
 
Beijer Alma AB (B Shares)
 
90,097
1,448
REV Group, Inc.
 
166,900
4,423
 
 
 
5,871
Professional Services - 5.0%
 
 
 
BayCurrent Consulting, Inc.
 
105,800
3,438
CBIZ, Inc. (b)
 
128,100
8,830
ExlService Holdings, Inc. (b)
 
195,800
8,159
Genpact Ltd.
 
346,700
13,234
Kforce, Inc.
 
104,773
6,055
Maximus, Inc.
 
126,997
10,978
UL Solutions, Inc. Class A
 
50,900
2,645
WNS Holdings Ltd.
 
117,800
5,653
 
 
 
58,992
Trading Companies & Distributors - 3.9%
 
 
 
Applied Industrial Technologies, Inc.
 
61,400
14,220
Beacon Roofing Supply, Inc. (b)
 
209,600
19,298
GMS, Inc. (b)
 
120,600
10,841
Transcat, Inc. (b)
 
12,500
1,195
 
 
 
45,554
TOTAL INDUSTRIALS
 
 
210,550
INFORMATION TECHNOLOGY - 15.8%
 
 
 
Communications Equipment - 4.8%
 
 
 
Ciena Corp. (b)
 
425,100
26,998
Lumentum Holdings, Inc. (b)
 
471,437
30,111
 
 
 
57,109
Electronic Equipment, Instruments & Components - 4.8%
 
 
 
ePlus, Inc. (b)
 
48,024
4,272
Fabrinet (b)
 
28,800
6,940
Insight Enterprises, Inc. (b)
 
137,306
24,018
Kraken Robotics, Inc. (b)
 
7,142,500
10,260
Napco Security Technologies, Inc.
 
91,400
3,517
Sanmina Corp. (b)
 
98,900
6,933
 
 
 
55,940
Semiconductors & Semiconductor Equipment - 3.2%
 
 
 
Allegro MicroSystems LLC (b)
 
249,400
5,197
Diodes, Inc. (b)
 
130,402
7,626
Nova Ltd. (b)
 
19,900
3,687
Penguin Solutions, Inc. (b)
 
419,700
6,316
Silicon Motion Tech Corp. sponsored ADR
 
271,754
14,623
 
 
 
37,449
Software - 3.0%
 
 
 
Cellebrite DI Ltd. (b)
 
574,900
10,434
Intapp, Inc. (b)
 
89,808
4,506
Lumine Group, Inc. (b)
 
25,500
594
Rapid7, Inc. (b)
 
150,800
6,095
SPS Commerce, Inc. (b)
 
25,400
4,191
Tenable Holdings, Inc. (b)
 
186,200
7,375
Varonis Systems, Inc. (b)
 
53,900
2,715
 
 
 
35,910
TOTAL INFORMATION TECHNOLOGY
 
 
186,408
MATERIALS - 6.6%
 
 
 
Chemicals - 3.3%
 
 
 
Cabot Corp.
 
66,083
7,126
Hawkins, Inc.
 
60,509
6,468
Olin Corp.
 
370,100
15,185
Tronox Holdings PLC
 
862,109
10,449
 
 
 
39,228
Construction Materials - 1.2%
 
 
 
Eagle Materials, Inc.
 
49,500
14,130
Containers & Packaging - 1.2%
 
 
 
Graphic Packaging Holding Co.
 
496,700
14,037
Metals & Mining - 0.9%
 
 
 
ATI, Inc. (b)
 
64,800
3,416
Carpenter Technology Corp.
 
45,600
6,817
 
 
 
10,233
TOTAL MATERIALS
 
 
77,628
REAL ESTATE - 3.6%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 3.5%
 
 
 
Acadia Realty Trust (SBI)
 
449,500
11,008
Agree Realty Corp.
 
51,300
3,809
CareTrust (REIT), Inc.
 
222,000
7,253
Four Corners Property Trust, Inc.
 
145,800
4,018
Tanger, Inc.
 
172,500
5,732
Terreno Realty Corp.
 
91,564
5,489
The Macerich Co.
 
175,600
3,284
 
 
 
40,593
Real Estate Management & Development - 0.1%
 
 
 
Compass, Inc. Class A (b)
 
236,600
1,502
TOTAL REAL ESTATE
 
 
42,095
UTILITIES - 3.6%
 
 
 
Electric Utilities - 0.5%
 
 
 
TXNM Energy, Inc.
 
150,300
6,544
Gas Utilities - 3.1%
 
 
 
Brookfield Infrastructure Corp. A Shares
 
580,126
23,832
Southwest Gas Holdings, Inc.
 
166,100
12,167
 
 
 
35,999
TOTAL UTILITIES
 
 
42,543
 
TOTAL COMMON STOCKS
 (Cost $982,885)
 
 
 
1,173,090
 
 
 
 
Money Market Funds - 0.9%
 
 
Shares
Value ($)
(000s)
Fidelity Cash Central Fund 4.87% (d)
 
1,661,331
1,662
Fidelity Securities Lending Cash Central Fund 4.87% (d)(e)
 
9,478,810
9,480
 
TOTAL MONEY MARKET FUNDS
 (Cost $11,142)
 
 
11,142
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.5%
 (Cost $994,027)
 
 
 
1,184,232
NET OTHER ASSETS (LIABILITIES) - (0.5)%  
(6,178)
NET ASSETS - 100.0%
1,178,054
 
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
 
(a)
Level 3 security
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(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.
 
(e)
Investment made with cash collateral received from securities on loan.
 
(f)
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 $0 or 0.0% of net assets.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
(000s)
GCI Liberty, Inc. Class A (Escrow)
5/23/23
0
 
 
 
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 4.87%
2,755
144,354
145,447
130
-
-
1,662
0.0%
Fidelity Securities Lending Cash Central Fund 4.87%
8,634
148,121
147,275
28
-
-
9,480
0.0%
Total
11,389
292,475
292,722
158
-
-
11,142
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
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.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
(Amounts in thousands)
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
8,197
8,197
-
-
Consumer Discretionary
127,738
127,738
-
-
Consumer Staples
63,854
63,854
-
-
Energy
51,821
51,821
-
-
Financials
209,794
209,794
-
-
Health Care
152,462
152,462
-
-
Industrials
210,550
207,112
3,438
-
Information Technology
186,408
186,408
-
-
Materials
77,628
77,628
-
-
Real Estate
42,095
42,095
-
-
Utilities
42,543
42,543
-
-
  Money Market Funds
11,142
11,142
-
-
 Total Investments in Securities:
1,184,232
1,180,794
3,438
-
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of October 31, 2024 (Unaudited)
Amounts in thousands (except per-share amount)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $9,330) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $982,885)
$
1,173,090
 
 
Fidelity Central Funds (cost $11,142)
11,142
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $994,027)
 
 
$
1,184,232
Cash
 
 
647
Receivable for investments sold
 
 
10,535
Receivable for fund shares sold
 
 
200
Dividends receivable
 
 
370
Distributions receivable from Fidelity Central Funds
 
 
21
Prepaid expenses
 
 
1
Other receivables
 
 
11
  Total assets
 
 
1,196,017
Liabilities
 
 
 
 
Payable for investments purchased
$
6,977
 
 
Payable for fund shares redeemed
604
 
 
Accrued management fee
840
 
 
Other payables and accrued expenses
67
 
 
Collateral on securities loaned
9,475
 
 
  Total liabilities
 
 
 
17,963
Net Assets  
 
 
$
1,178,054
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
970,230
Total accumulated earnings (loss)
 
 
 
207,824
Net Assets
 
 
$
1,178,054
Net Asset Value, offering price and redemption price per share ($1,178,054 ÷ 63,133 shares)
 
 
$
18.66
Statement of Operations
Six months ended October 31, 2024 (Unaudited)
 
Amounts in thousands
 
Investment Income
 
 
 
 
Dividends
 
 
$
5,052
Income from Fidelity Central Funds (including $28 from security lending)
 
 
158
 Total income
 
 
 
5,210
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
4,809
 
 
 Performance adjustment
295
 
 
Custodian fees and expenses
18
 
 
Independent trustees' fees and expenses
2
 
 
Registration fees
8
 
 
Audit fees
28
 
 
Legal
5
 
 
Miscellaneous
21
 
 
 Total expenses
 
 
 
5,186
Net Investment income (loss)
 
 
 
24
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
28,377
 
 
 Foreign currency transactions
 
15
 
 
Total net realized gain (loss)
 
 
 
28,392
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
93,975
 
 
 Assets and liabilities in foreign currencies
 
3
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
93,978
Net gain (loss)
 
 
 
122,370
Net increase (decrease) in net assets resulting from operations
 
 
$
122,394
Statement of Changes in Net Assets
 
Amount in thousands
 
Six months ended
October 31, 2024
(Unaudited)
 
Year ended
April 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
24
$
506
Net realized gain (loss)
 
28,392
 
83,511
Change in net unrealized appreciation (depreciation)
 
93,978
 
63,842
Net increase (decrease) in net assets resulting from operations
 
122,394
 
147,859
Distributions to shareholders
 
-
 
(211)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
33,000
 
52,723
  Reinvestment of distributions
 
-
 
202
Cost of shares redeemed
 
(84,676)
 
(261,683)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(51,676)
 
(208,758)
Total increase (decrease) in net assets
 
70,718
 
(61,110)
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,107,336
 
1,168,446
End of period
$
1,178,054
$
1,107,336
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
1,782
 
3,283
  Issued in reinvestment of distributions
 
-
 
13
Redeemed
 
(4,625)
 
(16,503)
Net increase (decrease)
 
(2,843)
 
(13,207)
 
 
 
 
 
Financial Highlights
 
Fidelity® Small Cap Stock Fund
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.78
$
14.76
$
16.44
$
23.58
$
14.00
$
16.89
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
- C
 
.01
 
- C
 
.02
 
(.01)
 
.05
     Net realized and unrealized gain (loss)
 
1.88
 
2.01
 
(.54)
 
(2.57)
 
9.59
 
(2.88)
  Total from investment operations
 
1.88  
 
2.02  
 
(.54)  
 
(2.55)  
 
9.58
 
(2.83)
  Distributions from net investment income
 
-
 
- C
 
-
 
(.05)
 
-
 
(.06)
  Distributions from net realized gain
 
-
 
-
 
(1.14)
 
(4.54)
 
-
 
-
     Total distributions
 
-
 
- C
 
(1.14)
 
(4.59)
 
-
 
(.06)
  Net asset value, end of period
$
18.66
$
16.78
$
14.76
$
16.44
$
23.58
$
14.00
 Total Return D,E
 
11.20
%
 
13.71%
 
(3.33)%
 
(13.53)%
 
68.43%
 
(16.85)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.88% H
 
.87%
 
.77%
 
.90%
 
.88%
 
.91%
    Expenses net of fee waivers, if any
 
.88
% H
 
.86%
 
.77%
 
.89%
 
.88%
 
.91%
    Expenses net of all reductions
 
.88% H
 
.86%
 
.77%
 
.89%
 
.86%
 
.90%
    Net investment income (loss)
 
-% H,I
 
.04%
 
(.02)%
 
.10%
 
(.05)%
 
.27%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
1,178  
$
1,107
$
1,168
$
1,258
$
1,609
$
1,097
    Portfolio turnover rate J
 
102
% H
 
78%
 
74% K
 
135% K
 
123% K
 
65% K
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount represents less than .005%.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended October 31, 2024
(Amounts in thousands except percentages)
 
1. Organization.
Fidelity Small Cap Stock Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fund categorizes the inputs to valuation techniques used to value its investments 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 the Fund's 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 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 open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$242,308
Gross unrealized depreciation
(52,974)
Net unrealized appreciation (depreciation)
$189,334
Tax cost
$994,898
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(3,749)
 
The Fund elected to defer to its next fiscal year approximately $634 of ordinary losses recognized during the period January 1, 2023 to April 30, 2024.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Small Cap Stock Fund
603,130
659,754
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
 
Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Fidelity Small Cap Stock Fund
.82
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Fidelity Small Cap Stock Fund
.81
 
 
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity Small Cap Stock Fund
Russell 2000 Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .05%.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Small Cap Stock Fund
 21
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Small Cap Stock Fund
 42,000
 63,170
 1,012
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount ($)
Fidelity Small Cap Stock Fund
1
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income 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. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Small Cap Stock Fund
3
 -A
-
 
 
 
 
A Amount represents less than five hundred dollars.
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Bettina Doulton
Affirmative
399,712,835,196.11
95.27
Withheld
19,861,567,939.07
4.73
TOTAL
419,574,403,135.19
100.00
Robert A. Lawrence
Affirmative
398,303,145,670.78
94.93
Withheld
21,271,257,464.41
5.07
TOTAL
419,574,403,135.19
100.00
Vijay C. Advani
Affirmative
398,848,644,763.97
95.06
Withheld
20,725,758,371.21
4.94
TOTAL
419,574,403,135.19
100.00
Thomas P. Bostick
Affirmative
399,084,917,382.24
95.12
Withheld
20,489,485,752.95
4.88
TOTAL
419,574,403,135.19
100.00
Donald F. Donahue
Affirmative
398,136,894,294.44
94.89
Withheld
21,437,508,840.75
5.11
TOTAL
419,574,403,135.19
100.00
Vicki L. Fuller
Affirmative
399,535,778,208.65
95.22
Withheld
20,038,624,926.54
4.78
TOTAL
419,574,403,135.19
100.00
Patricia L. Kampling
Affirmative
399,319,643,676.69
95.17
Withheld
20,254,759,458.50
4.83
TOTAL
419,574,403,135.19
100.00
Thomas A. Kennedy
Affirmative
398,612,509,964.82
95.00
Withheld
20,961,893,170.36
5.00
TOTAL
419,574,403,135.19
100.00
Oscar Munoz
Affirmative
397,517,256,424.15
94.74
Withheld
22,057,146,711.03
5.26
TOTAL
419,574,403,135.19
100.00
Karen B. Peetz
Affirmative
398,905,166,808.58
95.07
Withheld
20,669,236,326.60
4.93
TOTAL
419,574,403,135.19
100.00
David M. Thomas
Affirmative
398,279,523,899.44
94.92
Withheld
21,294,879,235.74
5.08
TOTAL
419,574,403,135.19
100.00
Susan Tomasky
Affirmative
398,393,822,853.60
94.95
Withheld
21,180,580,281.58
5.05
TOTAL
419,574,403,135.19
100.00
Michael E. Wiley
Affirmative
398,304,955,259.60
94.93
Withheld
21,269,447,875.58
5.07
TOTAL
419,574,403,135.19
100.00
 
 
 
Proposal 1 reflects trust-wide proposal and voting results.
 
 
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Small Cap Stock Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with a fee based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the management fee, the fund will receive investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the fund's management fee and total expense ratio, the Board considered the fund's pro forma management fee rate as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
 
1.711817.126
SLCX-SANN-1224
Fidelity® Mid-Cap Stock Fund
 
 
Semi-Annual Report
October 31, 2024
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Mid-Cap Stock Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Mid-Cap Stock Fund
Schedule of Investments October 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.3%
 
 
Shares
Value ($)
(000s)
COMMUNICATION SERVICES - 2.1%
 
 
 
Entertainment - 1.9%
 
 
 
Capcom Co. Ltd.
 
868,800
17,192
Liberty Media Corp. Liberty Formula One Class A (a)
 
311,916
23,157
Live Nation Entertainment, Inc. (a)
 
341,777
40,036
TKO Group Holdings, Inc. (a)
 
523,623
61,143
 
 
 
141,528
Interactive Media & Services - 0.2%
 
 
 
Pinterest, Inc. Class A (a)
 
593,900
18,880
TOTAL COMMUNICATION SERVICES
 
 
160,408
CONSUMER DISCRETIONARY - 13.1%
 
 
 
Automobile Components - 0.3%
 
 
 
Autoliv, Inc.
 
215,100
19,978
Diversified Consumer Services - 1.5%
 
 
 
Duolingo, Inc. Class A (a)
 
159,054
46,598
Service Corp. International
 
833,227
68,033
 
 
 
114,631
Hotels, Restaurants & Leisure - 4.4%
 
 
 
Aramark
 
1,154,733
43,684
Caesars Entertainment, Inc. (a)
 
460,707
18,451
Churchill Downs, Inc.
 
559,609
78,401
Domino's Pizza, Inc.
 
45,998
19,031
Flutter Entertainment PLC (a)
 
175,552
41,063
Light & Wonder, Inc. Class A (a)
 
213,893
20,059
Texas Roadhouse, Inc.
 
254,591
48,657
Wyndham Hotels & Resorts, Inc. (b)
 
648,899
57,311
 
 
 
326,657
Household Durables - 1.9%
 
 
 
D.R. Horton, Inc.
 
213,419
36,068
NVR, Inc. (a)
 
5,224
47,814
Toll Brothers, Inc.
 
409,140
59,914
 
 
 
143,796
Specialty Retail - 2.8%
 
 
 
Burlington Stores, Inc. (a)
 
290,661
72,017
Floor & Decor Holdings, Inc. Class A (a)
 
374,287
38,570
Group 1 Automotive, Inc.
 
1,200
437
JD Sports Fashion PLC
 
13,023,034
20,823
Williams-Sonoma, Inc.
 
588,192
78,894
 
 
 
210,741
Textiles, Apparel & Luxury Goods - 2.2%
 
 
 
Brunello Cucinelli SpA
 
787,851
77,814
PVH Corp.
 
356,109
35,062
Ralph Lauren Corp. Class A
 
100,172
19,827
Tapestry, Inc.
 
741,367
35,178
 
 
 
167,881
TOTAL CONSUMER DISCRETIONARY
 
 
983,684
CONSUMER STAPLES - 3.9%
 
 
 
Beverages - 0.6%
 
 
 
Keurig Dr. Pepper, Inc.
 
1,218,668
40,155
Consumer Staples Distribution & Retail - 2.9%
 
 
 
BJ's Wholesale Club Holdings, Inc. (a)
 
968,151
82,031
Maplebear, Inc. (NASDAQ) (a)
 
657,405
28,992
Performance Food Group Co. (a)
 
1,316,252
106,947
 
 
 
217,970
Food Products - 0.4%
 
 
 
Bowery Farming, Inc. (a)(c)
 
719,146
0
Bowery Farming, Inc. warrants (a)(c)(d)
 
252,678
0
Nomad Foods Ltd.
 
1,732,629
30,408
 
 
 
30,408
TOTAL CONSUMER STAPLES
 
 
288,533
ENERGY - 4.9%
 
 
 
Energy Equipment & Services - 0.8%
 
 
 
Expro Group Holdings NV (a)
 
1,330,530
16,964
Kodiak Gas Services, Inc.
 
406,500
12,959
TechnipFMC PLC
 
1,038,303
27,712
 
 
 
57,635
Oil, Gas & Consumable Fuels - 4.1%
 
 
 
Cameco Corp.
 
223,225
11,657
Cenovus Energy, Inc. (Canada)
 
1,146,700
18,440
Cheniere Energy, Inc.
 
307,277
58,807
CONSOL Energy, Inc.
 
14,849
1,647
Energy Transfer LP
 
2,344,446
38,636
Imperial Oil Ltd. (b)
 
1,366,774
101,991
Parkland Corp.
 
696,948
16,218
Range Resources Corp.
 
1,831,001
54,985
South Bow Corp.
 
353,800
8,835
 
 
 
311,216
TOTAL ENERGY
 
 
368,851
FINANCIALS - 14.1%
 
 
 
Banks - 4.7%
 
 
 
BOK Financial Corp.
 
118,748
12,615
East West Bancorp, Inc.
 
352,452
34,361
First Citizens Bancshares, Inc.
 
10,500
20,342
Huntington Bancshares, Inc.
 
3,722,441
58,033
KeyCorp
 
1,159,700
20,005
M&T Bank Corp.
 
441,944
86,038
Western Alliance Bancorp.
 
420,000
34,948
Wintrust Financial Corp.
 
762,333
88,347
 
 
 
354,689
Capital Markets - 2.8%
 
 
 
Blue Owl Capital, Inc. Class A
 
1,634,370
36,545
Cboe Global Markets, Inc.
 
185,103
39,532
Houlihan Lokey Class A
 
252,018
43,541
Raymond James Financial, Inc.
 
368,181
54,572
Stifel Financial Corp.
 
319,447
33,101
 
 
 
207,291
Financial Services - 1.5%
 
 
 
Flywire Corp. (a)
 
769,222
13,400
Radian Group, Inc.
 
1,104,937
38,573
Shift4 Payments, Inc. Class A (a)(b)
 
205,289
18,566
Toast, Inc. (a)
 
1,261,376
37,879
 
 
 
108,418
Insurance - 5.1%
 
 
 
American Financial Group, Inc.
 
774,295
99,830
Arch Capital Group Ltd. (a)
 
532,767
52,510
Beazley PLC
 
2,657,912
25,893
First American Financial Corp.
 
1,208,112
77,500
Hartford Financial Services Group, Inc.
 
330,678
36,520
Reinsurance Group of America, Inc.
 
358,400
75,651
Stewart Information Services Corp.
 
240,738
16,563
 
 
 
384,467
TOTAL FINANCIALS
 
 
1,054,865
HEALTH CARE - 8.9%
 
 
 
Biotechnology - 1.7%
 
 
 
Arcellx, Inc. (a)
 
83,800
7,062
Argenx SE (a)
 
21,300
12,560
Crinetics Pharmaceuticals, Inc. (a)
 
132,400
7,409
Exact Sciences Corp. (a)
 
252,224
17,386
Repligen Corp. (a)
 
276,465
37,121
United Therapeutics Corp. (a)
 
122,300
45,737
 
 
 
127,275
Health Care Equipment & Supplies - 1.8%
 
 
 
Hologic, Inc. (a)
 
698,134
56,458
Inspire Medical Systems, Inc. (a)
 
84,518
16,484
Insulet Corp. (a)
 
83,600
19,356
Masimo Corp. (a)
 
311,725
44,892
 
 
 
137,190
Health Care Providers & Services - 2.9%
 
 
 
Chemed Corp.
 
73,973
39,963
LifeStance Health Group, Inc. (a)
 
1,666,605
11,183
Molina Healthcare, Inc. (a)
 
228,844
73,509
Option Care Health, Inc. (a)
 
1,373,300
31,641
Tenet Healthcare Corp. (a)
 
386,566
59,925
 
 
 
216,221
Life Sciences Tools & Services - 1.2%
 
 
 
Avantor, Inc. (a)(b)
 
2,563,497
57,345
Bruker Corp.
 
551,138
31,200
 
 
 
88,545
Pharmaceuticals - 1.3%
 
 
 
Recordati SpA
 
616,348
34,930
UCB SA
 
318,936
61,336
 
 
 
96,266
TOTAL HEALTH CARE
 
 
665,497
INDUSTRIALS - 22.9%
 
 
 
Aerospace & Defense - 3.7%
 
 
 
Axon Enterprise, Inc. (a)
 
48,587
20,577
BWX Technologies, Inc.
 
628,269
76,492
Huntington Ingalls Industries, Inc.
 
167,292
30,942
Space Exploration Technologies Corp. (a)(c)(d)
 
667,500
78,044
StandardAero, Inc.
 
177,000
5,106
Woodward, Inc.
 
405,889
66,602
 
 
 
277,763
Building Products - 3.3%
 
 
 
AAON, Inc.
 
378,400
43,221
Builders FirstSource, Inc. (a)
 
99,800
17,106
Carlisle Companies, Inc.
 
163,338
68,966
Fortune Brands Innovations, Inc.
 
972,220
81,015
Simpson Manufacturing Co. Ltd.
 
210,652
37,873
 
 
 
248,181
Commercial Services & Supplies - 1.3%
 
 
 
CECO Environmental Corp. (a)
 
237,248
5,647
GFL Environmental, Inc.
 
1,462,253
61,174
RB Global, Inc.
 
324,791
27,523
 
 
 
94,344
Construction & Engineering - 3.5%
 
 
 
AECOM
 
937,141
100,087
Centuri Holdings, Inc.
 
279,440
5,245
Comfort Systems U.S.A., Inc.
 
139,607
54,592
EMCOR Group, Inc.
 
146,145
65,191
Quanta Services, Inc.
 
123,600
37,281
 
 
 
262,396
Electrical Equipment - 2.9%
 
 
 
Acuity Brands, Inc.
 
281,434
84,624
nVent Electric PLC
 
985,577
73,494
Prysmian SpA
 
266,000
18,755
Vertiv Holdings Co.
 
356,942
39,010
 
 
 
215,883
Machinery - 4.3%
 
 
 
Allison Transmission Holdings, Inc.
 
784,164
83,796
Atmus Filtration Technologies, Inc.
 
487,452
18,981
Chart Industries, Inc. (a)(b)
 
322,188
38,895
Crane Co.
 
382,439
60,150
Energy Recovery, Inc. (a)
 
582,501
10,403
Ingersoll Rand, Inc.
 
199,120
19,116
ITT, Inc.
 
352,707
49,421
Westinghouse Air Brake Tech Co.
 
218,800
41,130
 
 
 
321,892
Professional Services - 2.3%
 
 
 
FTI Consulting, Inc. (a)
 
96,391
18,804
Leidos Holdings, Inc.
 
364,905
66,836
TransUnion
 
862,611
87,382
 
 
 
173,022
Trading Companies & Distributors - 1.6%
 
 
 
Applied Industrial Technologies, Inc.
 
172,084
39,853
Watsco, Inc.
 
165,143
78,114
 
 
 
117,967
TOTAL INDUSTRIALS
 
 
1,711,448
INFORMATION TECHNOLOGY - 9.4%
 
 
 
Communications Equipment - 1.5%
 
 
 
Ciena Corp. (a)
 
1,185,981
75,322
Lumentum Holdings, Inc. (a)
 
541,179
34,565
 
 
 
109,887
Electronic Equipment, Instruments & Components - 3.2%
 
 
 
Belden, Inc.
 
322,102
36,678
Coherent Corp. (a)
 
615,578
56,904
Crane NXT Co.
 
353,440
19,181
Fabrinet (a)
 
247,236
59,576
Flex Ltd. (a)
 
2,009,432
69,667
 
 
 
242,006
IT Services - 0.5%
 
 
 
Wix.com Ltd. (a)
 
223,095
37,284
Semiconductors & Semiconductor Equipment - 1.2%
 
 
 
Allegro MicroSystems LLC (a)
 
743,754
15,500
First Solar, Inc. (a)
 
79,944
15,548
ON Semiconductor Corp. (a)
 
297,753
20,989
Onto Innovation, Inc. (a)
 
214,851
42,611
 
 
 
94,648
Software - 2.9%
 
 
 
DocuSign, Inc. (a)
 
276,400
19,177
Dynatrace, Inc. (a)
 
1,383,755
74,446
Manhattan Associates, Inc. (a)
 
232,325
61,185
Monday.com Ltd. (a)
 
144,198
42,375
Sage Group PLC
 
1,480,000
18,500
 
 
 
215,683
Technology Hardware, Storage & Peripherals - 0.1%
 
 
 
Pure Storage, Inc. Class A (a)
 
114,500
5,731
TOTAL INFORMATION TECHNOLOGY
 
 
705,239
MATERIALS - 7.0%
 
 
 
Chemicals - 2.1%
 
 
 
Axalta Coating Systems Ltd. (a)
 
1,134,979
43,038
Cabot Corp.
 
484,221
52,214
CF Industries Holdings, Inc.
 
471,927
38,807
Element Solutions, Inc.
 
719,700
19,504
 
 
 
153,563
Construction Materials - 0.6%
 
 
 
Eagle Materials, Inc.
 
161,721
46,165
Containers & Packaging - 2.5%
 
 
 
Aptargroup, Inc.
 
234,091
39,306
Avery Dennison Corp.
 
90,578
18,752
Crown Holdings, Inc.
 
726,313
67,947
Graphic Packaging Holding Co.
 
1,526,874
43,149
International Paper Co.
 
392,200
21,783
 
 
 
190,937
Metals & Mining - 1.3%
 
 
 
ATI, Inc. (a)
 
293,702
15,481
Teck Resources Ltd. Class B
 
744,500
34,612
Wheaton Precious Metals Corp.
 
721,400
47,620
 
 
 
97,713
Paper & Forest Products - 0.5%
 
 
 
Louisiana-Pacific Corp.
 
353,356
34,947
TOTAL MATERIALS
 
 
523,325
REAL ESTATE - 6.5%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 4.9%
 
 
 
Acadia Realty Trust (SBI)
 
830,910
20,349
CubeSmart
 
1,673,276
80,050
Essex Property Trust, Inc.
 
90,655
25,733
NNN (REIT), Inc.
 
1,318,118
57,259
Omega Healthcare Investors, Inc.
 
1,113,390
47,286
Tanger, Inc.
 
584,365
19,418
Terreno Realty Corp.
 
581,004
34,831
The Macerich Co.
 
1,065,477
19,924
Ventas, Inc.
 
906,492
59,366
 
 
 
364,216
Real Estate Management & Development - 1.6%
 
 
 
Compass, Inc. Class A (a)
 
1,966,000
12,484
Jones Lang LaSalle, Inc. (a)
 
345,915
93,729
Zillow Group, Inc. Class C (a)
 
209,100
12,565
 
 
 
118,778
TOTAL REAL ESTATE
 
 
482,994
UTILITIES - 2.5%
 
 
 
Electric Utilities - 0.7%
 
 
 
IDACORP, Inc.
 
245,777
25,433
TXNM Energy, Inc.
 
693,695
30,203
 
 
 
55,636
Independent Power and Renewable Electricity Producers - 1.0%
 
 
 
The AES Corp.
 
965,785
15,926
Vistra Corp.
 
443,345
55,400
 
 
 
71,326
Multi-Utilities - 0.8%
 
 
 
NiSource, Inc.
 
1,666,712
58,602
TOTAL UTILITIES
 
 
185,564
 
TOTAL COMMON STOCKS
 (Cost $5,504,922)
 
 
 
7,130,408
 
 
 
 
Convertible Preferred Stocks - 0.6%
 
 
Shares
Value ($)
(000s)
HEALTH CARE - 0.3%
 
 
 
Biotechnology - 0.3%
 
 
 
National Resilience, Inc. Series B (a)(c)(d)
 
711,831
24,188
INDUSTRIALS - 0.3%
 
 
 
Construction & Engineering - 0.3%
 
 
 
Beta Technologies, Inc. Series B, 6.00% (a)(c)(d)
 
145,591
19,329
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $24,745)
 
 
 
43,517
 
 
 
 
Money Market Funds - 6.6%
 
 
Shares
Value ($)
(000s)
Fidelity Cash Central Fund 4.87% (e)
 
377,509,467
377,585
Fidelity Securities Lending Cash Central Fund 4.87% (e)(f)
 
113,321,655
113,333
 
TOTAL MONEY MARKET FUNDS
 (Cost $490,916)
 
 
490,918
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.5%
 (Cost $6,020,583)
 
 
 
7,664,843
NET OTHER ASSETS (LIABILITIES) - (2.5)%  
(183,803)
NET ASSETS - 100.0%
7,481,040
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
(000s)
Value ($)
(000s)
Unrealized
Appreciation/
(Depreciation) ($)
(000s)
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P MidCap 400 Index Contracts (United States)
213
Dec 2024
66,320
(993)
(993)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.9%

 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Level 3 security
 
(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 $121,561,000 or 1.6% of net assets.
 
(e)
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.
 
(f)
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)
Beta Technologies, Inc. Series B, 6.00%
4/04/22
15,021
 
 
 
Bowery Farming, Inc. warrants
10/25/23
0
 
 
 
National Resilience, Inc. Series B
12/01/20
9,724
 
 
 
Space Exploration Technologies Corp.
4/08/16
6,436
 
 
 
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 4.87%
54,469
1,850,687
1,527,572
1,340
1
-
377,585
0.7%
Fidelity Securities Lending Cash Central Fund 4.87%
125,060
673,304
685,031
114
-
-
113,333
0.5%
Total
179,529
2,523,991
2,212,603
1,454
1
-
490,918
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
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.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
(Amounts in thousands)
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
160,408
143,216
17,192
-
Consumer Discretionary
983,684
983,684
-
-
Consumer Staples
288,533
288,533
-
-
Energy
368,851
368,851
-
-
Financials
1,054,865
1,054,865
-
-
Health Care
689,685
652,937
12,560
24,188
Industrials
1,730,777
1,633,404
-
97,373
Information Technology
705,239
705,239
-
-
Materials
523,325
523,325
-
-
Real Estate
482,994
482,994
-
-
Utilities
185,564
185,564
-
-
  Money Market Funds
490,918
490,918
-
-
 Total Investments in Securities:
7,664,843
7,513,530
29,752
121,561
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(993)
(993)
-
-
  Total Liabilities
(993)
(993)
-
-
 Total Derivative Instruments:
(993)
(993)
-
-
The following is a reconciliation of  Investments in Securities for which Level 3 inputs were used in determining value:
(Amounts in thousands)
 
Investments in Securities:
 
Industrials
 
 
 
  Beginning Balance
$
173,879
 
  Net Realized Gain (Loss) on Investment Securities
 
94,335
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(65,841)
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
(105,000)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
97,373
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2024
$
(48,415)
 
Other Investments in Securities
 
 
 
  Beginning Balance
$
36,451
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
28,627
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
(40,890)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
24,188
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2024
$
(11,930)
 
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
 
 
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
 
(Amounts in thousands)
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
0
(993)
Total Equity Risk
0
(993)
Total Value of Derivatives
0
(993)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of October 31, 2024 (Unaudited)
Amounts in thousands (except per-share amounts)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $109,112) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $5,529,667)
$
7,173,925
 
 
Fidelity Central Funds (cost $490,916)
490,918
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,020,583)
 
 
$
7,664,843
Segregated cash with brokers for derivative instruments
 
 
20,038
Cash
 
 
17
Receivable for investments sold
 
 
340,229
Receivable for fund shares sold
 
 
1,517
Dividends receivable
 
 
3,569
Distributions receivable from Fidelity Central Funds
 
 
458
Prepaid expenses
 
 
9
Other receivables
 
 
406
  Total assets
 
 
8,031,086
Liabilities
 
 
 
 
Payable to custodian bank
$
2
 
 
Payable for investments purchased
83,855
 
 
Payable for fund shares redeemed
344,555
 
 
Accrued management fee
4,464
 
 
Payable for daily variation margin on futures contracts
3,362
 
 
Other payables and accrued expenses
496
 
 
Collateral on securities loaned
113,312
 
 
  Total liabilities
 
 
 
550,046
Net Assets  
 
 
$
7,481,040
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,813,180
Total accumulated earnings (loss)
 
 
 
2,667,860
Net Assets
 
 
$
7,481,040
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($134 ÷ 3 shares)(a)(b)
 
 
$
43.25
Maximum offering price per share (100/94.25 of $43.25)
 
 
$
45.89
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($99 ÷ 2 shares)(a)(b)
 
 
$
43.25
Maximum offering price per share (100/96.50 of $43.25)
 
 
$
44.82
Class C :
 
 
 
 
Net Asset Value and offering price per share ($101 ÷ 2 shares)(a)(b)
 
 
$
43.23
Mid-Cap Stock :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($6,722,951 ÷ 155,389 shares)
 
 
$
43.27
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($757,341 ÷ 17,476 shares)
 
 
$
43.34
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($99 ÷ 2 shares)(b)
 
 
$
43.26
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($315 ÷ 7 shares)(b)
 
 
$
43.26
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.
Statement of Operations
Six months ended October 31, 2024 (Unaudited)
 
Amounts in thousands
 
Investment Income
 
 
 
 
Dividends
 
 
$
50,913
Income from Fidelity Central Funds (including $114 from security lending)
 
 
1,454
 Total income
 
 
 
52,367
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
22,737
 
 
 Performance adjustment
2,310
 
 
Custodian fees and expenses
46
 
 
Independent trustees' fees and expenses
15
 
 
Registration fees
52
 
 
Audit fees
50
 
 
Legal
4
 
 
Interest
28
 
 
Miscellaneous
94
 
 
 Total expenses before reductions
 
25,336
 
 
 Expense reductions
 
(1)
 
 
 Total expenses after reductions
 
 
 
25,335
Net Investment income (loss)
 
 
 
27,032
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
340,626
 
 
   Redemptions in-kind
 
651,108
 
 
   Fidelity Central Funds
 
1
 
 
 Foreign currency transactions
 
95
 
 
 Futures contracts
 
2,061
 
 
Total net realized gain (loss)
 
 
 
993,891
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(325,429)
 
 
 Assets and liabilities in foreign currencies
 
16
 
 
 Futures contracts
 
(993)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(326,406)
Net gain (loss)
 
 
 
667,485
Net increase (decrease) in net assets resulting from operations
 
 
$
694,517
Statement of Changes in Net Assets
 
Amount in thousands
 
Six months ended
October 31, 2024
(Unaudited)
 
Year ended
April 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
27,032
$
61,329
Net realized gain (loss)
 
993,891
 
601,626
Change in net unrealized appreciation (depreciation)
 
(326,406)
 
180,423
Net increase (decrease) in net assets resulting from operations
 
694,517
 
843,378
Distributions to shareholders
 
(384,875)
 
(191,238)
 
 
 
 
 
Share transactions - net increase (decrease)
 
(68,500)
 
(1,279,615)
Total increase (decrease) in net assets
 
241,142
 
(627,475)
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
7,239,898
 
7,867,373
End of period
$
7,481,040
$
7,239,898
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Mid-Cap Stock Fund Class A
 
 
Six months ended
(Unaudited) October 31, 2024 A
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
43.51
  Income from Investment Operations
 
 
     Net realized and unrealized gain (loss)
 
(.26) D
  Total from investment operations
 
(.26)  
  Net asset value, end of period
$
43.25
 Total Return E,F,G
 
(.60)
%
 Ratios to Average Net Assets C,H,I
 
 
    Expenses before reductions
 
.98% J
    Expenses net of fee waivers, if any
 
.98
% J
    Expenses net of all reductions
 
.98% J
    Net investment income (loss)
 
(.03)% J
 Supplemental Data
 
 
    Net assets, end of period (in millions)
$
0 K 
    Portfolio turnover rate L
 
58
% J,M
 
AFor the period October 8, 2024 (commencement of sale of shares) through October 31, 2024.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount represents less than $500,000.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
MPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Mid-Cap Stock Fund Class M
 
 
Six months ended
(Unaudited) October 31, 2024 A
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
43.51
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
(.01)
     Net realized and unrealized gain (loss)
 
(.25) D
  Total from investment operations
 
(.26)  
  Net asset value, end of period
$
43.25
 Total Return E,F,G
 
(.60)
%
 Ratios to Average Net Assets C,H,I
 
 
    Expenses before reductions
 
1.23% J
    Expenses net of fee waivers, if any
 
1.23
% J
    Expenses net of all reductions
 
1.23% J
    Net investment income (loss)
 
(.35)% J
 Supplemental Data
 
 
    Net assets, end of period (in millions)
$
0 K 
    Portfolio turnover rate L
 
58
% J,M
 
AFor the period October 8, 2024 (commencement of sale of shares) through October 31, 2024.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount represents less than $500,000.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
MPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Mid-Cap Stock Fund Class C
 
 
Six months ended
(Unaudited) October 31, 2024 A
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
43.51
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
(.03)
     Net realized and unrealized gain (loss)
 
(.25) D
  Total from investment operations
 
(.28)  
  Net asset value, end of period
$
43.23
 Total Return E,F,G
 
(.64)
%
 Ratios to Average Net Assets C,H,I
 
 
    Expenses before reductions
 
1.76% J
    Expenses net of fee waivers, if any
 
1.76
% J
    Expenses net of all reductions
 
1.76% J
    Net investment income (loss)
 
(.88)% J
 Supplemental Data
 
 
    Net assets, end of period (in millions)
$
0 K 
    Portfolio turnover rate L
 
58
% J,M
 
AFor the period October 8, 2024 (commencement of sale of shares) through October 31, 2024.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the contingent deferred sales charge.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount represents less than $500,000.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
MPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® Mid-Cap Stock Fund
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
41.66
$
38.06
$
39.74
$
44.52
$
28.96
$
35.31
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.33
 
.45
 
.44
 
.35
 
.31
     Net realized and unrealized gain (loss)
 
3.70
 
4.32
 
(.09)
 
.18
 
17.71
 
(4.29)
  Total from investment operations
 
3.85  
 
4.65  
 
.36  
 
.62  
 
18.06
 
(3.98)
  Distributions from net investment income
 
(.09)
 
(.37)
 
(.27)
 
(.48)
 
(.39) C
 
(.35)
  Distributions from net realized gain
 
(2.15)
 
(.68)
 
(1.77)
 
(4.91)
 
(2.10) C
 
(2.02)
     Total distributions
 
(2.24)
 
(1.05)
 
(2.04)
 
(5.40) D
 
(2.50) D
 
(2.37)
  Net asset value, end of period
$
43.27
$
41.66
$
38.06
$
39.74
$
44.52
$
28.96
 Total Return E,F
 
9.79
%
 
12.37%
 
1.06%
 
1.17%
 
64.86%
 
(12.42)%
 Ratios to Average Net Assets A,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.69% I
 
.83%
 
.85%
 
.79%
 
.77%
 
.86%
    Expenses net of fee waivers, if any
 
.69
% I
 
.82%
 
.84%
 
.79%
 
.77%
 
.86%
    Expenses net of all reductions
 
.69% I
 
.82%
 
.84%
 
.79%
 
.76%
 
.86%
    Net investment income (loss)
 
.72% I
 
.83%
 
1.18%
 
1.05%
 
.97%
 
.90%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
6,723  
$
6,432
$
6,854
$
6,034
$
6,020
$
4,125
    Portfolio turnover rate J
 
58
% I,K
 
27% K
 
19% K
 
17% K
 
30% K
 
36% K
 
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
BCalculated based on average shares outstanding during the period.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® Mid-Cap Stock Fund Class K
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
41.71
$
38.11
$
39.77
$
44.55
$
28.98
$
35.32
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.17
 
.37
 
.48
 
.48
 
.38
 
.34
     Net realized and unrealized gain (loss)
 
3.71
 
4.32
 
(.08)
 
.17
 
17.72
 
(4.27)
  Total from investment operations
 
3.88  
 
4.69  
 
.40  
 
.65  
 
18.10
 
(3.93)
  Distributions from net investment income
 
(.10)
 
(.41)
 
(.29)
 
(.51)
 
(.43) C
 
(.39)
  Distributions from net realized gain
 
(2.15)
 
(.68)
 
(1.77)
 
(4.93)
 
(2.10) C
 
(2.02)
     Total distributions
 
(2.25)
 
(1.09)
 
(2.06)
 
(5.43) D
 
(2.53)
 
(2.41)
  Net asset value, end of period
$
43.34
$
41.71
$
38.11
$
39.77
$
44.55
$
28.98
 Total Return E,F
 
9.85
%
 
12.46%
 
1.16%
 
1.26%
 
65.01%
 
(12.30)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.62% I
 
.73%
 
.75%
 
.70%
 
.67%
 
.76%
    Expenses net of fee waivers, if any
 
.62
% I
 
.72%
 
.75%
 
.70%
 
.67%
 
.76%
    Expenses net of all reductions
 
.62% I
 
.72%
 
.75%
 
.70%
 
.66%
 
.76%
    Net investment income (loss)
 
.80% I
 
.93%
 
1.28%
 
1.13%
 
1.07%
 
1.00%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
757  
$
808
$
1,013
$
1,341
$
1,962
$
1,496
    Portfolio turnover rate J
 
58
% I,K
 
27% K
 
19% K
 
17% K
 
30% K
 
36% K
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Mid-Cap Stock Fund Class I
 
 
Six months ended
(Unaudited) October 31, 2024 A
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
43.51
  Income from Investment Operations
 
 
     Net realized and unrealized gain (loss)
 
(.25) D
  Total from investment operations
 
(.25)  
  Net asset value, end of period
$
43.26
 Total Return E,F
 
(.57)
%
 Ratios to Average Net Assets C,G,H
 
 
    Expenses before reductions
 
.74% I
    Expenses net of fee waivers, if any
 
.74
% I
    Expenses net of all reductions
 
.74% I
    Net investment income (loss)
 
.14% I
 Supplemental Data
 
 
    Net assets, end of period (in millions)
$
0 J 
    Portfolio turnover rate K
 
58
% I,L
 
AFor the period October 8, 2024 (commencement of sale of shares) through October 31, 2024.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount represents less than $500,000.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Mid-Cap Stock Fund Class Z
 
 
Six months ended
(Unaudited) October 31, 2024 A
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
43.51
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.02
     Net realized and unrealized gain (loss)
 
(.27) D
  Total from investment operations
 
(.25)  
  Net asset value, end of period
$
43.26
 Total Return E,F
 
(.57)
%
 Ratios to Average Net Assets C,G,H
 
 
    Expenses before reductions
 
.62% I
    Expenses net of fee waivers, if any
 
.62
% I
    Expenses net of all reductions
 
.62% I
    Net investment income (loss)
 
.71% I
 Supplemental Data
 
 
    Net assets, end of period (in millions)
$
0 J 
    Portfolio turnover rate K
 
58
% I,L
 
AFor the period October 8, 2024 (commencement of sale of shares) through October 31, 2024.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount represents less than $500,000.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended October 31, 2024
(Amounts in thousands except percentages)
 
1. Organization.
Fidelity Mid-Cap Stock Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund commenced sale of Class A, Class M, Class C, Class I and Class Z shares on October 8, 2024. The Fund offers Class A, Class M, Class C, Mid-Cap Stock, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fund categorizes the inputs to valuation techniques used to value its investments 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 the Fund's 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 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique (s)
Unobservable Input
Amount or Range / Weighted Average
Impact to Valuation from an Increase in Input*
Equities
 $121,561
 Market comparable
Enterprise value/Revenue multiple (EV/R)
2.7 - 14.2 / 14.2
Increase
 
 
 
Enterprise value/EBITDA multiple (EV/EBITDA)
22.3
Increase
 
 
 Market approach
Transaction price
$60.73
Increase
 
 
 
Discount rate
40.0%
Decrease
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end. 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Fidelity Mid-Cap Stock Fund
$394
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, partnerships and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$1,886,544
Gross unrealized depreciation
(243,683)
Net unrealized appreciation (depreciation)
$1,642,861
Tax cost
$6,020,989
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures 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.
 
Derivatives were used to increase returns and 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 objectives may not be achieved.
 
Derivatives were used to increase or decrease 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.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
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 and amounts recognized in the Statement of Assets and Liabilities. 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 fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Mid-Cap Stock Fund
2,914,219
2,138,279
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Mid-Cap Stock Fund
33,661
651,108
1,471,300
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Mid-Cap Stock Fund
3,712
51,953
148,354
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
 
The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.68
Class M
.68
Class C
.68
Mid-Cap Stock
.64
Class K
.55
Class I
.68
Class Z
.55
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.65
Class M
.67
Class C
.67
Mid-Cap Stock
.62
Class K
.55
Class I
.67
Class Z
.55
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity Mid-Cap Stock Fund
S&P MidCap 400 Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Mid-Cap Stock. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .06%.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Class A
 - %
 .25%
-A
-A
Class M
 .25%
 .25%
 -A
-A
Class C
 .75%
 .25%
                         -A
                         -A
 
 
 
-A
-A
 
A Amount less than $500.
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares. For the period, no sales charge amounts were retained by FDC.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Mid-Cap Stock Fund
 74
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Mid-Cap Stock Fund
 Borrower
 8,077
5.43%
 28
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss)($)
Fidelity Mid-Cap Stock Fund
 314,898
 148,209
 24,472
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount ($)
Fidelity Mid-Cap Stock Fund
5
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income 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. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Mid-Cap Stock Fund
13
 -
-
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
October 31, 2024
Year ended
April 30, 2024
Fidelity Mid-Cap Stock Fund
 
 
Distributions to shareholders
 
 
Mid-Cap Stock
 343,655
 166,009
Class K
                41,220
                25,229
Total  
$384,875
$191,238
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 October 31, 2024 A 
Year ended
 April 30, 2024
Six months ended
 October 31, 2024 A 
Year ended
 April 30, 2024
Fidelity Mid-Cap Stock Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
3
-
$135
$ -
Net increase (decrease)
3
-
$135
$ -
Class M
 
 
 
 
Shares sold
2
-
$100
$ -
Net increase (decrease)
2
-
$100
$ -
Class C
 
 
 
 
Shares sold
2
-
$101
$ -
Net increase (decrease)
2
-
$101
$ -
Mid-Cap Stock
 
 
 
 
Shares sold
39,227
16,640
$1,701,122
$655,840
Reinvestment of distributions
7,952
3,833
312,684
152,080
Shares redeemed
(46,199)
(46,166)
(2,000,086)
(1,799,020)
Net increase (decrease)
980
(25,693)
$13,720
$(991,100)
Class K
 
 
 
 
Shares sold
962
3,401
$40,616
$133,438
Reinvestment of distributions
1,047
635
41,220
25,225
Shares redeemed
(3,903)
(11,262)
(164,810)
(447,178)
Net increase (decrease)
(1,894)
(7,226)
$(82,974)
$(288,515)
Class I
 
 
 
 
Shares sold
2
-
$100
$ -
Net increase (decrease)
2
-
$100
$ -
Class Z
 
 
 
 
Shares sold
7
-
$318
$ -
Net increase (decrease)
7
-
$318
$ -
 
A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period October 8, 2024 (Commencement of sale shares) through October 31, 2024.
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Bettina Doulton
Affirmative
399,712,835,196.11
95.27
Withheld
19,861,567,939.07
4.73
TOTAL
419,574,403,135.19
100.00
Robert A. Lawrence
Affirmative
398,303,145,670.78
94.93
Withheld
21,271,257,464.41
5.07
TOTAL
419,574,403,135.19
100.00
Vijay C. Advani
Affirmative
398,848,644,763.97
95.06
Withheld
20,725,758,371.21
4.94
TOTAL
419,574,403,135.19
100.00
Thomas P. Bostick
Affirmative
399,084,917,382.24
95.12
Withheld
20,489,485,752.95
4.88
TOTAL
419,574,403,135.19
100.00
Donald F. Donahue
Affirmative
398,136,894,294.44
94.89
Withheld
21,437,508,840.75
5.11
TOTAL
419,574,403,135.19
100.00
Vicki L. Fuller
Affirmative
399,535,778,208.65
95.22
Withheld
20,038,624,926.54
4.78
TOTAL
419,574,403,135.19
100.00
Patricia L. Kampling
Affirmative
399,319,643,676.69
95.17
Withheld
20,254,759,458.50
4.83
TOTAL
419,574,403,135.19
100.00
Thomas A. Kennedy
Affirmative
398,612,509,964.82
95.00
Withheld
20,961,893,170.36
5.00
TOTAL
419,574,403,135.19
100.00
Oscar Munoz
Affirmative
397,517,256,424.15
94.74
Withheld
22,057,146,711.03
5.26
TOTAL
419,574,403,135.19
100.00
Karen B. Peetz
Affirmative
398,905,166,808.58
95.07
Withheld
20,669,236,326.60
4.93
TOTAL
419,574,403,135.19
100.00
David M. Thomas
Affirmative
398,279,523,899.44
94.92
Withheld
21,294,879,235.74
5.08
TOTAL
419,574,403,135.19
100.00
Susan Tomasky
Affirmative
398,393,822,853.60
94.95
Withheld
21,180,580,281.58
5.05
TOTAL
419,574,403,135.19
100.00
Michael E. Wiley
Affirmative
398,304,955,259.60
94.93
Withheld
21,269,447,875.58
5.07
TOTAL
419,574,403,135.19
100.00
 
 
 
Proposal 1 reflects trust-wide proposal and voting results.
 
 
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Mid-Cap Stock Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered a pro forma management fee rate for the retail class as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
Board Approval of Investment Advisory Contract and Management Fees
 
Fidelity Mid-Cap Stock Fund
 
At its July 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) and certain of its affiliates  (the Amended Contract) for the fund to add the management fee schedule and maximum management fee rate for each of the new classes of the fund: Class A, Class M, Class C, Class I and Class Z (each a New Class and together, the New Classes). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.
 
Nature, Extent, and Quality of Services Provided. The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and certain of its affiliates to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract. At its May 2024 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing management contract should continue to benefit the fund's shareholders. In connection with its approval of the Amended Contract at its July 2024 meeting, the Board noted that such approval would not change the fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the New Classes of the fund under the Amended Contract will continue to benefit the fund's shareholders.
 
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the proposed tiered class-level management fee schedule and maximum class-level management fee rate of each New Class of the fund and the projected total expense ratio of each New Class. The Board also considered that, in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. The Board noted that the projected class-level management fee for each New Class of the fund is below the median of its competitor funds. The Board also considered that the estimated total net expense ratio of Class A, Class C, Class I, and Class Z of the fund is below the median of those funds and classes used by the Board for management fee comparison that have a similar sales load structure and that the estimated total net expenses of Class M is above the median of those funds and classes used by the Board for management fee comparison that have a similar sales load structure primarily because of higher 12b-1 fees.
 
The Board noted that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. The Board further noted that such differences are not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
 
In connection with its consideration of the New Classes' management fee rates, the Board noted that the fund's management fee is subject to a performance adjustment. The Board further noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Based on its review, the Board concluded that the projected management fee and estimated total expense ratio of each New Class of the fund was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
 
Costs of the Services and Profitability. The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by FMR in providing services to the fund and the level of FMR's profitability. At its May 2024 meeting, the Board concluded that it was satisfied that the profitability of FMR in connection with the operation of the fund was not excessive. 
 
Economies of Scale. The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is a potential realization of any further economies of scale and that it concluded, at its May 2024 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.
 
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structure for the New Classes of the fund was fair and reasonable, and that the fund's Amended Contract should be approved through May 31, 2025.
 
 
 
1.538556.127
MCS-SANN-1224
Fidelity® Large Cap Stock K6 Fund
 
 
Semi-Annual Report
October 31, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Large Cap Stock K6 Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Large Cap Stock K6 Fund
Schedule of Investments October 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.7%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 9.5%
 
 
 
Diversified Telecommunication Services - 0.1%
 
 
 
Cellnex Telecom SA (a)
 
2,301
84,348
Entertainment - 0.8%
 
 
 
The Walt Disney Co.
 
3,294
316,883
Universal Music Group NV
 
6,450
162,322
 
 
 
479,205
Interactive Media & Services - 7.1%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A
 
7,093
1,213,683
 Class C
 
6,184
1,067,915
Match Group, Inc. (b)
 
4,475
161,234
Meta Platforms, Inc. Class A
 
3,373
1,914,447
Snap, Inc. Class A (b)
 
12,510
152,122
 
 
 
4,509,401
Media - 1.5%
 
 
 
Charter Communications, Inc. Class A (b)
 
61
19,984
Comcast Corp. Class A
 
21,626
944,407
 
 
 
964,391
TOTAL COMMUNICATION SERVICES
 
 
6,037,345
CONSUMER DISCRETIONARY - 2.9%
 
 
 
Automobiles - 0.0%
 
 
 
Rivian Automotive, Inc. Class A (b)
 
2,900
29,290
Broadline Retail - 0.1%
 
 
 
Amazon.com, Inc. (b)
 
242
45,109
Hotels, Restaurants & Leisure - 1.7%
 
 
 
Booking Holdings, Inc.
 
139
649,999
Expedia Group, Inc. Class A (b)
 
576
90,035
Marriott International, Inc. Class A
 
663
172,393
Starbucks Corp.
 
1,612
157,492
 
 
 
1,069,919
Household Durables - 0.2%
 
 
 
Mohawk Industries, Inc. (b)
 
671
90,095
Whirlpool Corp.
 
374
38,713
 
 
 
128,808
Specialty Retail - 0.8%
 
 
 
JD Sports Fashion PLC
 
8,000
12,791
Lowe's Companies, Inc.
 
1,722
450,871
RH (b)
 
265
84,283
 
 
 
547,945
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
NIKE, Inc. Class B
 
512
39,491
TOTAL CONSUMER DISCRETIONARY
 
 
1,860,562
CONSUMER STAPLES - 4.6%
 
 
 
Beverages - 1.8%
 
 
 
Davide Campari Milano NV
 
3,900
26,184
Diageo PLC sponsored ADR
 
1,628
202,132
Keurig Dr. Pepper, Inc.
 
12,107
398,926
Monster Beverage Corp. (b)
 
600
31,608
Pernod Ricard SA
 
655
81,400
The Coca-Cola Co.
 
6,374
416,286
 
 
 
1,156,536
Consumer Staples Distribution & Retail - 1.2%
 
 
 
Performance Food Group Co. (b)
 
1,198
97,338
Sysco Corp.
 
2,477
185,651
Target Corp.
 
1,049
157,392
U.S. Foods Holding Corp. (b)
 
1,339
82,549
Walmart, Inc.
 
2,849
233,476
 
 
 
756,406
Food Products - 0.1%
 
 
 
Lamb Weston Holdings, Inc.
 
500
38,845
Personal Care Products - 1.4%
 
 
 
Estee Lauder Companies, Inc. Class A
 
1,480
102,031
Haleon PLC ADR
 
38,588
373,918
Kenvue, Inc.
 
19,091
437,757
 
 
 
913,706
Tobacco - 0.1%
 
 
 
British American Tobacco PLC sponsored ADR
 
1,300
45,474
Philip Morris International, Inc.
 
310
41,137
 
 
 
86,611
TOTAL CONSUMER STAPLES
 
 
2,952,104
ENERGY - 8.4%
 
 
 
Energy Equipment & Services - 0.0%
 
 
 
Tidewater, Inc. (b)
 
800
48,056
Oil, Gas & Consumable Fuels - 8.4%
 
 
 
Athabasca Oil Corp. (b)
 
26,200
97,284
Exxon Mobil Corp.
 
27,157
3,171,394
Galp Energia SGPS SA
 
9,000
153,405
Hess Corp.
 
50
6,724
Imperial Oil Ltd.
 
9,704
724,132
MEG Energy Corp.
 
6,600
120,638
Shell PLC ADR
 
15,700
1,060,535
 
 
 
5,334,112
TOTAL ENERGY
 
 
5,382,168
FINANCIALS - 15.8%
 
 
 
Banks - 11.1%
 
 
 
Bank of America Corp. (c)
 
37,029
1,548,553
Citigroup, Inc.
 
300
19,251
HDFC Bank Ltd. sponsored ADR
 
200
12,606
JPMorgan Chase & Co. (c)
 
2,397
531,942
M&T Bank Corp.
 
1,527
297,276
PNC Financial Services Group, Inc.
 
3,080
579,872
U.S. Bancorp
 
8,817
425,949
Wells Fargo & Co. (c)
 
56,558
3,671,745
 
 
 
7,087,194
Capital Markets - 2.1%
 
 
 
3i Group PLC
 
500
20,504
Charles Schwab Corp.
 
502
35,557
CME Group, Inc.
 
51
11,493
KKR & Co., Inc. Class A
 
3,443
475,960
Moody's Corp.
 
175
79,457
Morgan Stanley
 
655
76,144
MSCI, Inc.
 
30
17,136
Northern Trust Corp.
 
5,097
512,350
Raymond James Financial, Inc.
 
505
74,851
 
 
 
1,303,452
Financial Services - 2.2%
 
 
 
Apollo Global Management, Inc.
 
100
14,326
Corpay, Inc. (b)
 
200
65,944
Fidelity National Information Services, Inc.
 
349
31,316
Global Payments, Inc.
 
415
43,040
MasterCard, Inc. Class A
 
398
198,837
PayPal Holdings, Inc. (b)
 
852
67,564
Visa, Inc. Class A
 
3,281
950,998
 
 
 
1,372,025
Insurance - 0.4%
 
 
 
Arthur J. Gallagher & Co.
 
465
130,758
Chubb Ltd.
 
505
142,632
 
 
 
273,390
TOTAL FINANCIALS
 
 
10,036,061
HEALTH CARE - 10.5%
 
 
 
Biotechnology - 0.6%
 
 
 
Alnylam Pharmaceuticals, Inc. (b)
 
399
106,369
Argenx SE ADR (b)
 
90
52,767
Gilead Sciences, Inc.
 
400
35,528
Merus BV (b)
 
600
29,958
Vaxcyte, Inc. (b)
 
1,471
156,441
 
 
 
381,063
Health Care Equipment & Supplies - 2.0%
 
 
 
Abbott Laboratories
 
970
109,969
Becton, Dickinson & Co.
 
330
77,085
Boston Scientific Corp. (b)
 
10,831
910,021
Koninklijke Philips Electronics NV (depository receipt) (NY Reg.)
 
1,592
41,710
Masimo Corp. (b)
 
300
43,203
Solventum Corp.
 
918
66,628
 
 
 
1,248,616
Health Care Providers & Services - 4.2%
 
 
 
Cardinal Health, Inc.
 
2,329
252,743
Cigna Group
 
1,885
593,417
CVS Health Corp.
 
1,448
81,754
Guardant Health, Inc. (b)(d)
 
1,042
22,799
Humana, Inc.
 
1,055
272,011
McKesson Corp.
 
879
440,019
UnitedHealth Group, Inc.
 
1,845
1,041,503
 
 
 
2,704,246
Life Sciences Tools & Services - 0.3%
 
 
 
Danaher Corp.
 
814
199,967
Thermo Fisher Scientific, Inc.
 
35
19,121
 
 
 
219,088
Pharmaceuticals - 3.4%
 
 
 
Bristol-Myers Squibb Co.
 
7,550
421,064
Eli Lilly & Co.
 
520
431,465
Galderma Group AG (b)
 
700
65,505
GSK PLC sponsored ADR
 
10,775
396,089
Johnson & Johnson
 
1,561
249,541
UCB SA
 
3,050
586,558
 
 
 
2,150,222
TOTAL HEALTH CARE
 
 
6,703,235
INDUSTRIALS - 16.2%
 
 
 
Aerospace & Defense - 9.5%
 
 
 
Airbus Group NV
 
1,472
224,541
Bombardier, Inc. Class B (sub. vtg.) (b)
 
1,900
139,762
Embraer SA sponsored ADR (b)(c)
 
870
29,162
GE Aerospace
 
18,391
3,159,206
General Dynamics Corp.
 
561
163,593
Huntington Ingalls Industries, Inc.
 
468
86,561
Rolls-Royce Holdings PLC (b)
 
16,800
115,927
Spirit AeroSystems Holdings, Inc. Class A (b)
 
9,400
304,278
Textron, Inc.
 
306
24,609
The Boeing Co. (b)
 
12,084
1,804,262
 
 
 
6,051,901
Air Freight & Logistics - 1.1%
 
 
 
FedEx Corp.
 
457
125,149
United Parcel Service, Inc. Class B
 
4,395
589,194
 
 
 
714,343
Commercial Services & Supplies - 0.2%
 
 
 
ACV Auctions, Inc. Class A (b)
 
1,522
26,315
GFL Environmental, Inc.
 
1,600
66,937
Veralto Corp.
 
339
34,642
 
 
 
127,894
Construction & Engineering - 0.0%
 
 
 
Centuri Holdings, Inc.
 
1,600
30,032
Electrical Equipment - 3.9%
 
 
 
GE Vernova LLC (c)
 
5,570
1,680,246
Hubbell, Inc.
 
360
153,731
Regal Rexnord Corp.
 
780
129,901
Vertiv Holdings Co.
 
4,835
528,417
 
 
 
2,492,295
Ground Transportation - 0.2%
 
 
 
Knight-Swift Transportation Holdings, Inc.
 
3,039
158,271
Machinery - 1.0%
 
 
 
Allison Transmission Holdings, Inc.
 
905
96,708
Chart Industries, Inc. (b)(d)
 
440
53,117
Cummins, Inc.
 
216
71,060
Deere & Co.
 
359
145,284
Fortive Corp.
 
826
59,001
Nordson Corp.
 
35
8,676
Otis Worldwide Corp.
 
594
58,331
Stanley Black & Decker, Inc.
 
394
36,618
Westinghouse Air Brake Tech Co.
 
451
84,779
 
 
 
613,574
Passenger Airlines - 0.1%
 
 
 
Ryanair Holdings PLC sponsored ADR
 
737
32,620
Professional Services - 0.1%
 
 
 
Equifax, Inc.
 
129
34,188
Trading Companies & Distributors - 0.1%
 
 
 
Watsco, Inc.
 
70
33,111
TOTAL INDUSTRIALS
 
 
10,288,229
INFORMATION TECHNOLOGY - 21.2%
 
 
 
IT Services - 0.2%
 
 
 
EPAM Systems, Inc. (b)
 
125
23,581
IBM Corp.
 
349
72,145
Twilio, Inc. Class A (b)
 
774
62,423
 
 
 
158,149
Semiconductors & Semiconductor Equipment - 8.4%
 
 
 
Analog Devices, Inc.
 
367
81,881
Applied Materials, Inc.
 
684
124,201
ASML Holding NV (depository receipt)
 
95
63,892
BE Semiconductor Industries NV
 
480
51,136
Broadcom, Inc.
 
2,930
497,426
Lam Research Corp.
 
1,330
98,886
Marvell Technology, Inc.
 
5,432
435,158
Micron Technology, Inc.
 
400
39,860
NVIDIA Corp.
 
24,410
3,240,672
Qualcomm, Inc.
 
2,122
345,398
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
1,466
279,332
Teradyne, Inc.
 
700
74,347
 
 
 
5,332,189
Software - 9.7%
 
 
 
Adobe, Inc. (b)
 
1,026
490,510
Autodesk, Inc. (b)
 
699
198,376
Dassault Systemes SA
 
600
20,535
DoubleVerify Holdings, Inc. (b)
 
496
8,457
Elastic NV (b)
 
869
69,720
Intuit, Inc.
 
201
122,670
Microsoft Corp.
 
9,717
3,948,504
Oracle Corp.
 
3,265
547,998
Sage Group PLC
 
5,400
67,500
Salesforce, Inc.
 
144
41,957
SAP SE sponsored ADR
 
2,779
649,286
 
 
 
6,165,513
Technology Hardware, Storage & Peripherals - 2.9%
 
 
 
Apple, Inc.
 
7,313
1,652,080
Dell Technologies, Inc. Class C
 
1,155
142,793
Samsung Electronics Co. Ltd.
 
1,847
78,682
 
 
 
1,873,555
TOTAL INFORMATION TECHNOLOGY
 
 
13,529,406
MATERIALS - 1.7%
 
 
 
Chemicals - 0.2%
 
 
 
Air Products & Chemicals, Inc.
 
355
110,238
Sherwin-Williams Co.
 
56
20,091
 
 
 
130,329
Metals & Mining - 1.5%
 
 
 
First Quantum Minerals Ltd. (b)
 
47,172
609,491
Freeport-McMoRan, Inc.
 
3,637
163,738
Ivanhoe Mines Ltd. (b)
 
11,700
154,700
 
 
 
927,929
TOTAL MATERIALS
 
 
1,058,258
REAL ESTATE - 0.8%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.8%
 
 
 
American Tower Corp.
 
780
166,561
Crown Castle, Inc.
 
2,086
224,224
Equinix, Inc.
 
13
11,805
Sun Communities, Inc.
 
280
37,150
Terreno Realty Corp.
 
800
47,960
 
 
 
487,700
UTILITIES - 1.1%
 
 
 
Electric Utilities - 1.0%
 
 
 
Duke Energy Corp.
 
200
23,054
Edison International
 
400
32,960
Entergy Corp.
 
279
43,184
Southern Co. (c)
 
5,892
536,349
 
 
 
635,547
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
Vistra Corp.
 
320
39,987
TOTAL UTILITIES
 
 
675,534
 
TOTAL COMMON STOCKS
 (Cost $36,640,027)
 
 
 
59,010,602
 
 
 
 
Money Market Funds - 6.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.87% (e)
 
4,235,788
4,236,635
Fidelity Securities Lending Cash Central Fund 4.87% (e)(f)
 
73,843
73,850
 
TOTAL MONEY MARKET FUNDS
 (Cost $4,310,485)
 
 
4,310,485
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.4%
 (Cost $40,950,512)
 
 
 
63,321,087
NET OTHER ASSETS (LIABILITIES) - 0.6%  
355,490
NET ASSETS - 100.0%
63,676,577
 
 
 Written Options
 
Counterparty
Number
of Contracts
Notional
Amount ($)
Exercise
Price ($)
Expiration
Date
Value ($)
Call Options
 
 
 
 
 
 
Bank of America Corp.
Chicago Board Options Exchange
18
75,276
45.00
12/20/24
(1,008)
Embraer SA sponsored ADR
Chicago Board Options Exchange
8
26,816
40.00
12/20/24
(440)
GE Vernova LLC
Chicago Board Options Exchange
2
60,332
280.00
11/15/24
(5,280)
JPMorgan Chase & Co.
Chicago Board Options Exchange
1
22,192
240.00
12/20/24
(220)
Southern Co.
Chicago Board Options Exchange
11
100,133
95.00
11/15/24
(413)
Wells Fargo & Co.
Chicago Board Options Exchange
22
142,824
70.00
12/20/24
(2,277)
 
 
 
 
 
 
 
TOTAL WRITTEN OPTIONS
 
 
 
 
 
(9,638)
 
 
 
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 $84,348 or 0.1% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $427,573.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
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.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
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 4.87%
2,266,355
9,528,754
7,558,474
86,613
-
-
4,236,635
0.0%
Fidelity Securities Lending Cash Central Fund 4.87%
-
413,848
339,998
34
-
-
73,850
0.0%
Total
2,266,355
9,942,602
7,898,472
86,647
-
-
4,310,485
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
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.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
6,037,345
5,875,023
162,322
-
Consumer Discretionary
1,860,562
1,860,562
-
-
Consumer Staples
2,952,104
2,925,920
26,184
-
Energy
5,382,168
5,382,168
-
-
Financials
10,036,061
10,015,557
20,504
-
Health Care
6,703,235
6,703,235
-
-
Industrials
10,288,229
9,947,761
340,468
-
Information Technology
13,529,406
13,430,189
99,217
-
Materials
1,058,258
1,058,258
-
-
Real Estate
487,700
487,700
-
-
Utilities
675,534
675,534
-
-
  Money Market Funds
4,310,485
4,310,485
-
-
 Total Investments in Securities:
63,321,087
62,672,392
648,695
-
 Derivative Instruments:
 Liabilities
 
 
 
 
Written Options
(9,638)
(9,638)
-
-
  Total Liabilities
(9,638)
(9,638)
-
-
 Total Derivative Instruments:
(9,638)
(9,638)
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Written Options (a) 
0
(9,638)
Total Equity Risk
0
(9,638)
Total Value of Derivatives
0
(9,638)
 
(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of October 31, 2024 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $70,168) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $36,640,027)
$
59,010,602
 
 
Fidelity Central Funds (cost $4,310,485)
4,310,485
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $40,950,512)
 
 
$
63,321,087
Cash
 
 
19
Receivable for investments sold
 
 
486,309
Receivable for fund shares sold
 
 
106,220
Dividends receivable
 
 
20,759
Distributions receivable from Fidelity Central Funds
 
 
17,572
Other receivables
 
 
29,665
  Total assets
 
 
63,981,631
Liabilities
 
 
 
 
Payable for investments purchased
$
196,503
 
 
Payable for fund shares redeemed
289
 
 
Accrued management fee
23,857
 
 
Written options, at value (premium received $7,577)
9,638
 
 
Other payables and accrued expenses
917
 
 
Collateral on securities loaned
73,850
 
 
  Total liabilities
 
 
 
305,054
Net Assets  
 
 
$
63,676,577
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
40,453,550
Total accumulated earnings (loss)
 
 
 
23,223,027
Net Assets
 
 
$
63,676,577
Net Asset Value, offering price and redemption price per share ($63,676,577 ÷ 4,129,885 shares)
 
 
$
15.42
Statement of Operations
Six months ended October 31, 2024 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
379,356
Income from Fidelity Central Funds (including $34 from security lending)
 
 
86,647
 Total income
 
 
 
466,003
Expenses
 
 
 
 
Management fee
$
126,740
 
 
Independent trustees' fees and expenses
108
 
 
Miscellaneous
980
 
 
 Total expenses before reductions
 
127,828
 
 
 Expense reductions
 
(147)
 
 
 Total expenses after reductions
 
 
 
127,681
Net Investment income (loss)
 
 
 
338,322
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
875,903
 
 
 Foreign currency transactions
 
(388)
 
 
 Written options
 
10,212
 
 
Total net realized gain (loss)
 
 
 
885,727
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
5,444,743
 
 
 Assets and liabilities in foreign currencies
 
30
 
 
 Written options
 
(2,061)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
5,442,712
Net gain (loss)
 
 
 
6,328,439
Net increase (decrease) in net assets resulting from operations
 
 
$
6,666,761
Statement of Changes in Net Assets
 
 
Six months ended
October 31, 2024
(Unaudited)
 
Year ended
April 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
338,322
$
587,469
Net realized gain (loss)
 
885,727
 
1,657,992
Change in net unrealized appreciation (depreciation)
 
5,442,712
 
6,837,162
Net increase (decrease) in net assets resulting from operations
 
6,666,761
 
9,082,623
Distributions to shareholders
 
(1,449,169)
 
(1,218,756)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
13,868,693
 
14,299,667
  Reinvestment of distributions
 
1,449,169
 
1,218,756
Cost of shares redeemed
 
(6,589,748)
 
(7,137,752)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
8,728,114
 
8,380,671
Total increase (decrease) in net assets
 
13,945,706
 
16,244,538
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
49,730,871
 
33,486,333
End of period
$
63,676,577
$
49,730,871
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
931,924
 
1,126,371
  Issued in reinvestment of distributions
 
100,567
 
99,040
Redeemed
 
(442,397)
 
(563,723)
Net increase (decrease)
 
590,094
 
661,688
 
 
 
 
 
Financial Highlights
 
Fidelity® Large Cap Stock K6 Fund
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.05
$
11.63
$
14.34
$
15.41
$
10.37
$
11.61
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.18
 
.19
 
.30 C
 
.22
 
.23
     Net realized and unrealized gain (loss)
 
1.68
 
2.63
 
.92
 
(.36)
 
5.27
 
(1.15)
  Total from investment operations
 
1.77  
 
2.81  
 
1.11  
 
(.06)  
 
5.49
 
(.92)
  Distributions from net investment income
 
(.07)
 
(.16)
 
(.28)
 
(.30)
 
(.25)
 
(.24)
  Distributions from net realized gain
 
(.33)
 
(.23)
 
(3.54)
 
(.71)
 
(.20)
 
(.08)
     Total distributions
 
(.40)
 
(.39)
 
(3.82)
 
(1.01)
 
(.45)
 
(.32)
  Net asset value, end of period
$
15.42
$
14.05
$
11.63
$
14.34
$
15.41
$
10.37
 Total Return D,E
 
12.78
%
 
24.71%
 
11.14%
 
(.72)%
 
54.03%
 
(8.32)%
 Ratios to Average Net Assets A,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.45% H,I
 
.45%
 
.45%
 
.45%
 
.45%
 
.45%
    Expenses net of fee waivers, if any
 
.45
% H,I
 
.45%
 
.45%
 
.45%
 
.45%
 
.45%
    Expenses net of all reductions
 
.45% H,I
 
.45%
 
.45%
 
.45%
 
.45%
 
.45%
    Net investment income (loss)
 
1.20% H,I
 
1.47%
 
1.65%
 
1.95% C
 
1.80%
 
2.05%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
63,677
$
49,731
$
33,486
$
45,095
$
72,208
$
70,742
    Portfolio turnover rate J
 
11
% H
 
14%
 
27% K
 
18% K
 
19% K
 
30% K
 
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
BCalculated based on average shares outstanding during the period.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.30%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IProxy expenses are not annualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended October 31, 2024
 
1. Organization.
Fidelity Large Cap Stock K6 Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fund categorizes the inputs to valuation techniques used to value its investments 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 the Fund's 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 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.
 
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 open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$23,240,403
Gross unrealized depreciation
(1,199,204)
Net unrealized appreciation (depreciation)
$22,041,199
Tax cost
$41,277,827
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including options. 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.
 
Derivatives were used to increase returns and 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 objectives may not be achieved.
 
Derivatives were used to increase or decrease 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.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
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 and amounts recognized in the Statement of Assets and Liabilities. 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.
 
Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.
 
Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.
 
Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.
 
Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period unless an average contracts amount is presented.
 
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Large Cap Stock K6 Fund
8,209,489
2,985,614
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Large Cap Stock K6 Fund
 164
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss)($)
Fidelity Large Cap Stock K6 Fund
 816,470
 192,762
 44,022
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income 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. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Large Cap Stock K6 Fund
3
 -
-
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $147.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Bettina Doulton
Affirmative
399,712,835,196.11
95.27
Withheld
19,861,567,939.07
4.73
TOTAL
419,574,403,135.19
100.00
Robert A. Lawrence
Affirmative
398,303,145,670.78
94.93
Withheld
21,271,257,464.41
5.07
TOTAL
419,574,403,135.19
100.00
Vijay C. Advani
Affirmative
398,848,644,763.97
95.06
Withheld
20,725,758,371.21
4.94
TOTAL
419,574,403,135.19
100.00
Thomas P. Bostick
Affirmative
399,084,917,382.24
95.12
Withheld
20,489,485,752.95
4.88
TOTAL
419,574,403,135.19
100.00
Donald F. Donahue
Affirmative
398,136,894,294.44
94.89
Withheld
21,437,508,840.75
5.11
TOTAL
419,574,403,135.19
100.00
Vicki L. Fuller
Affirmative
399,535,778,208.65
95.22
Withheld
20,038,624,926.54
4.78
TOTAL
419,574,403,135.19
100.00
Patricia L. Kampling
Affirmative
399,319,643,676.69
95.17
Withheld
20,254,759,458.50
4.83
TOTAL
419,574,403,135.19
100.00
Thomas A. Kennedy
Affirmative
398,612,509,964.82
95.00
Withheld
20,961,893,170.36
5.00
TOTAL
419,574,403,135.19
100.00
Oscar Munoz
Affirmative
397,517,256,424.15
94.74
Withheld
22,057,146,711.03
5.26
TOTAL
419,574,403,135.19
100.00
Karen B. Peetz
Affirmative
398,905,166,808.58
95.07
Withheld
20,669,236,326.60
4.93
TOTAL
419,574,403,135.19
100.00
David M. Thomas
Affirmative
398,279,523,899.44
94.92
Withheld
21,294,879,235.74
5.08
TOTAL
419,574,403,135.19
100.00
Susan Tomasky
Affirmative
398,393,822,853.60
94.95
Withheld
21,180,580,281.58
5.05
TOTAL
419,574,403,135.19
100.00
Michael E. Wiley
Affirmative
398,304,955,259.60
94.93
Withheld
21,269,447,875.58
5.07
TOTAL
419,574,403,135.19
100.00
 
 
 
Proposal 1 reflects trust-wide proposal and voting results.
 
 
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Large Cap Stock K6 Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
 
1.9883970.107
LCSK6-SANN-1224
Fidelity® Mid-Cap Stock K6 Fund
 
 
Semi-Annual Report
October 31, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Mid-Cap Stock K6 Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Mid-Cap Stock K6 Fund
Schedule of Investments October 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.5%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 2.2%
 
 
 
Entertainment - 1.9%
 
 
 
Capcom Co. Ltd.
 
114,500
2,265,779
Liberty Media Corp. Liberty Formula One Class A (a)
 
43,121
3,201,303
Live Nation Entertainment, Inc. (a)
 
47,300
5,540,722
TKO Group Holdings, Inc. (a)
 
73,800
8,617,626
 
 
 
19,625,430
Interactive Media & Services - 0.3%
 
 
 
Pinterest, Inc. Class A (a)
 
82,100
2,609,959
TOTAL COMMUNICATION SERVICES
 
 
22,235,389
CONSUMER DISCRETIONARY - 13.5%
 
 
 
Automobile Components - 0.3%
 
 
 
Autoliv, Inc.
 
29,600
2,749,248
Diversified Consumer Services - 1.6%
 
 
 
Duolingo, Inc. Class A (a)
 
21,918
6,421,316
Service Corp. International
 
118,298
9,659,032
 
 
 
16,080,348
Hotels, Restaurants & Leisure - 4.4%
 
 
 
Aramark
 
151,102
5,716,189
Caesars Entertainment, Inc. (a)
 
62,773
2,514,059
Churchill Downs, Inc.
 
79,669
11,161,627
Domino's Pizza, Inc.
 
6,073
2,512,582
Flutter Entertainment PLC (a)
 
24,300
5,683,921
Light & Wonder, Inc. Class A (a)
 
29,383
2,755,538
Texas Roadhouse, Inc.
 
35,739
6,830,438
Wyndham Hotels & Resorts, Inc. (b)
 
92,342
8,155,645
 
 
 
45,329,999
Household Durables - 2.0%
 
 
 
D.R. Horton, Inc.
 
30,507
5,155,683
NVR, Inc. (a)
 
785
7,184,956
Toll Brothers, Inc.
 
55,908
8,187,168
 
 
 
20,527,807
Specialty Retail - 2.9%
 
 
 
Burlington Stores, Inc. (a)
 
41,333
10,241,077
Floor & Decor Holdings, Inc. Class A (a)
 
51,331
5,289,660
Group 1 Automotive, Inc.
 
243
88,530
JD Sports Fashion PLC
 
1,890,800
3,023,234
Williams-Sonoma, Inc.
 
81,208
10,892,429
 
 
 
29,534,930
Textiles, Apparel & Luxury Goods - 2.3%
 
 
 
Brunello Cucinelli SpA
 
112,333
11,094,872
PVH Corp.
 
49,418
4,865,696
Ralph Lauren Corp. Class A
 
13,685
2,708,672
Tapestry, Inc.
 
96,021
4,556,196
 
 
 
23,225,436
TOTAL CONSUMER DISCRETIONARY
 
 
137,447,768
CONSUMER STAPLES - 4.0%
 
 
 
Beverages - 0.6%
 
 
 
Keurig Dr. Pepper, Inc.
 
172,670
5,689,477
Consumer Staples Distribution & Retail - 3.0%
 
 
 
BJ's Wholesale Club Holdings, Inc. (a)
 
134,089
11,361,361
Maplebear, Inc. (NASDAQ) (a)
 
95,100
4,193,910
Performance Food Group Co. (a)
 
185,758
15,092,833
 
 
 
30,648,104
Food Products - 0.4%
 
 
 
Bowery Farming, Inc. (a)(c)
 
29,997
0
Bowery Farming, Inc. warrants (a)(c)(d)
 
10,540
0
Nomad Foods Ltd.
 
244,552
4,291,888
 
 
 
4,291,888
TOTAL CONSUMER STAPLES
 
 
40,629,469
ENERGY - 4.9%
 
 
 
Energy Equipment & Services - 0.8%
 
 
 
Expro Group Holdings NV (a)
 
188,482
2,403,146
Kodiak Gas Services, Inc.
 
55,800
1,778,904
TechnipFMC PLC
 
142,110
3,792,916
 
 
 
7,974,966
Oil, Gas & Consumable Fuels - 4.1%
 
 
 
Cameco Corp.
 
28,600
1,493,492
Cenovus Energy, Inc. (Canada)
 
157,500
2,532,714
Cheniere Energy, Inc.
 
40,289
7,710,509
CONSOL Energy, Inc.
 
1,200
133,104
Energy Transfer LP
 
302,239
4,980,899
Imperial Oil Ltd.
 
189,066
14,108,491
Parkland Corp.
 
97,600
2,271,153
Range Resources Corp.
 
256,195
7,693,536
South Bow Corp.
 
49,000
1,223,636
 
 
 
42,147,534
TOTAL ENERGY
 
 
50,122,500
FINANCIALS - 14.7%
 
 
 
Banks - 4.9%
 
 
 
BOK Financial Corp.
 
2,411
256,121
East West Bancorp, Inc.
 
70,181
6,841,946
First Citizens Bancshares, Inc.
 
1,400
2,712,290
Huntington Bancshares, Inc.
 
523,903
8,167,648
KeyCorp
 
158,200
2,728,950
M&T Bank Corp.
 
62,609
12,188,720
Western Alliance Bancorp.
 
58,300
4,851,143
Wintrust Financial Corp.
 
107,884
12,502,677
 
 
 
50,249,495
Capital Markets - 3.2%
 
 
 
Blue Owl Capital, Inc. Class A
 
223,125
4,989,075
Cboe Global Markets, Inc.
 
26,096
5,573,323
Houlihan Lokey Class A
 
34,376
5,939,142
Raymond James Financial, Inc.
 
51,547
7,640,296
Stifel Financial Corp.
 
81,310
8,425,342
 
 
 
32,567,178
Financial Services - 1.4%
 
 
 
Flywire Corp. (a)
 
105,100
1,830,842
Radian Group, Inc.
 
143,481
5,008,922
Shift4 Payments, Inc. Class A (a)(b)
 
28,194
2,549,865
Toast, Inc. (a)
 
172,185
5,170,716
 
 
 
14,560,345
Insurance - 5.2%
 
 
 
American Financial Group, Inc.
 
107,781
13,896,204
Arch Capital Group Ltd.
 
69,738
6,873,377
Beazley PLC
 
363,670
3,542,798
First American Financial Corp.
 
167,879
10,769,438
Hartford Financial Services Group, Inc.
 
43,163
4,766,922
Reinsurance Group of America, Inc.
 
49,400
10,427,352
Stewart Information Services Corp.
 
33,200
2,284,160
 
 
 
52,560,251
TOTAL FINANCIALS
 
 
149,937,269
HEALTH CARE - 9.0%
 
 
 
Biotechnology - 1.7%
 
 
 
Arcellx, Inc. (a)
 
11,600
977,532
Argenx SE (a)
 
2,900
1,710,002
Crinetics Pharmaceuticals, Inc. (a)
 
18,400
1,029,664
Exact Sciences Corp. (a)
 
34,500
2,378,085
Repligen Corp. (a)
 
37,652
5,055,534
United Therapeutics Corp. (a)
 
16,900
6,320,093
 
 
 
17,470,910
Health Care Equipment & Supplies - 1.9%
 
 
 
Hologic, Inc. (a)
 
96,818
7,829,672
Inspire Medical Systems, Inc. (a)
 
11,542
2,251,152
Insulet Corp. (a)
 
11,400
2,639,442
Masimo Corp. (a)
 
40,774
5,871,864
 
 
 
18,592,130
Health Care Providers & Services - 2.9%
 
 
 
Chemed Corp.
 
10,216
5,519,092
LifeStance Health Group, Inc. (a)
 
228,200
1,531,222
Molina Healthcare, Inc. (a)
 
30,045
9,651,055
Option Care Health, Inc. (a)
 
189,000
4,354,560
Tenet Healthcare Corp. (a)
 
53,565
8,303,646
 
 
 
29,359,575
Life Sciences Tools & Services - 1.2%
 
 
 
Avantor, Inc. (a)(b)
 
355,623
7,955,287
Bruker Corp.
 
77,200
4,370,292
 
 
 
12,325,579
Pharmaceuticals - 1.3%
 
 
 
Recordati SpA
 
87,203
4,941,949
UCB SA
 
43,900
8,442,593
 
 
 
13,384,542
TOTAL HEALTH CARE
 
 
91,132,736
INDUSTRIALS - 22.1%
 
 
 
Aerospace & Defense - 2.8%
 
 
 
Axon Enterprise, Inc. (a)
 
6,685
2,831,098
BWX Technologies, Inc.
 
88,197
10,737,985
Huntington Ingalls Industries, Inc.
 
23,630
4,370,605
StandardAero, Inc.
 
24,500
706,825
Woodward, Inc.
 
57,980
9,513,938
 
 
 
28,160,451
Building Products - 3.4%
 
 
 
AAON, Inc.
 
52,500
5,996,550
Builders FirstSource, Inc. (a)
 
13,600
2,331,040
Carlisle Companies, Inc.
 
22,716
9,591,377
Fortune Brands Innovations, Inc.
 
133,698
11,141,054
Simpson Manufacturing Co. Ltd.
 
29,143
5,239,620
 
 
 
34,299,641
Commercial Services & Supplies - 1.3%
 
 
 
CECO Environmental Corp. (a)
 
35,866
853,611
GFL Environmental, Inc.
 
198,396
8,300,045
RB Global, Inc.
 
44,555
3,775,591
 
 
 
12,929,247
Construction & Engineering - 3.5%
 
 
 
AECOM
 
123,350
13,173,780
Centuri Holdings, Inc.
 
38,121
715,531
Comfort Systems U.S.A., Inc.
 
19,388
7,581,484
EMCOR Group, Inc.
 
20,600
9,189,042
Quanta Services, Inc.
 
16,400
4,946,732
 
 
 
35,606,569
Electrical Equipment - 2.8%
 
 
 
Acuity Brands, Inc.
 
37,108
11,158,005
nVent Electric PLC
 
136,465
10,176,195
Prysmian SpA
 
36,400
2,566,490
Vertiv Holdings Co.
 
46,608
5,093,788
 
 
 
28,994,478
Machinery - 4.3%
 
 
 
Allison Transmission Holdings, Inc.
 
110,256
11,781,956
Atmus Filtration Technologies, Inc.
 
67,700
2,636,238
Chart Industries, Inc. (a)(b)
 
44,278
5,345,240
Crane Co.
 
49,812
7,834,431
Energy Recovery, Inc. (a)
 
76,456
1,365,504
Ingersoll Rand, Inc.
 
27,072
2,598,912
ITT, Inc.
 
49,072
6,875,969
Westinghouse Air Brake Tech Co.
 
30,200
5,676,996
 
 
 
44,115,246
Professional Services - 2.4%
 
 
 
FTI Consulting, Inc. (a)
 
13,057
2,547,160
Leidos Holdings, Inc.
 
51,830
9,493,183
TransUnion
 
123,070
12,466,991
 
 
 
24,507,334
Trading Companies & Distributors - 1.6%
 
 
 
Applied Industrial Technologies, Inc.
 
23,523
5,447,692
Watsco, Inc.
 
22,908
10,835,713
 
 
 
16,283,405
TOTAL INDUSTRIALS
 
 
224,896,371
INFORMATION TECHNOLOGY - 9.6%
 
 
 
Communications Equipment - 1.5%
 
 
 
Ciena Corp. (a)
 
164,800
10,466,448
Lumentum Holdings, Inc. (a)
 
77,998
4,981,732
 
 
 
15,448,180
Electronic Equipment, Instruments & Components - 3.3%
 
 
 
Belden, Inc.
 
44,204
5,033,509
Coherent Corp. (a)
 
87,052
8,047,087
Crane NXT Co.
 
46,494
2,523,229
Fabrinet (a)
 
34,730
8,368,888
Flex Ltd. (a)
 
281,387
9,755,687
 
 
 
33,728,400
IT Services - 0.5%
 
 
 
Wix.com Ltd. (a)
 
30,447
5,088,303
Semiconductors & Semiconductor Equipment - 1.3%
 
 
 
Allegro MicroSystems LLC (a)
 
103,400
2,154,856
First Solar, Inc. (a)
 
11,692
2,273,860
ON Semiconductor Corp. (a)
 
41,600
2,932,384
Onto Innovation, Inc. (a)
 
28,653
5,682,749
 
 
 
13,043,849
Software - 2.9%
 
 
 
DocuSign, Inc. (a)
 
38,400
2,664,192
Dynatrace, Inc. (a)
 
197,637
10,632,871
Manhattan Associates, Inc. (a)
 
32,100
8,453,856
Monday.com Ltd. (a)
 
20,043
5,890,036
Sage Group PLC
 
195,100
2,438,736
 
 
 
30,079,691
Technology Hardware, Storage & Peripherals - 0.1%
 
 
 
Pure Storage, Inc. Class A (a)
 
17,400
870,870
TOTAL INFORMATION TECHNOLOGY
 
 
98,259,293
MATERIALS - 7.5%
 
 
 
Chemicals - 2.2%
 
 
 
Axalta Coating Systems Ltd. (a)
 
158,597
6,013,998
Cabot Corp.
 
62,778
6,769,352
CF Industries Holdings, Inc.
 
67,267
5,531,365
Element Solutions, Inc.
 
98,200
2,661,220
Westlake Corp.
 
11,886
1,568,239
 
 
 
22,544,174
Construction Materials - 0.6%
 
 
 
Eagle Materials, Inc.
 
21,339
6,091,431
Containers & Packaging - 2.9%
 
 
 
Aptargroup, Inc.
 
51,893
8,713,354
Avery Dennison Corp.
 
11,911
2,465,934
Crown Holdings, Inc.
 
100,500
9,401,775
Graphic Packaging Holding Co.
 
212,400
6,002,424
International Paper Co.
 
54,200
3,010,268
 
 
 
29,593,755
Metals & Mining - 1.3%
 
 
 
ATI, Inc. (a)
 
39,964
2,106,502
Teck Resources Ltd. Class B
 
103,300
4,802,417
Wheaton Precious Metals Corp.
 
99,700
6,581,197
 
 
 
13,490,116
Paper & Forest Products - 0.5%
 
 
 
Louisiana-Pacific Corp.
 
49,037
4,849,759
TOTAL MATERIALS
 
 
76,569,235
REAL ESTATE - 6.6%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 5.0%
 
 
 
Acadia Realty Trust (SBI)
 
117,266
2,871,844
CubeSmart
 
235,103
11,247,328
Essex Property Trust, Inc.
 
13,165
3,737,017
NNN (REIT), Inc.
 
181,575
7,887,618
Omega Healthcare Investors, Inc.
 
157,080
6,671,188
Tanger, Inc.
 
79,769
2,650,724
Terreno Realty Corp.
 
81,210
4,868,540
The Macerich Co.
 
145,118
2,713,707
Ventas, Inc.
 
125,117
8,193,912
 
 
 
50,841,878
Real Estate Management & Development - 1.6%
 
 
 
Compass, Inc. Class A (a)
 
270,600
1,718,310
Jones Lang LaSalle, Inc. (a)
 
47,560
12,886,858
Zillow Group, Inc. Class C (a)
 
28,900
1,736,601
 
 
 
16,341,769
TOTAL REAL ESTATE
 
 
67,183,647
UTILITIES - 2.4%
 
 
 
Electric Utilities - 0.7%
 
 
 
IDACORP, Inc.
 
32,331
3,345,612
TXNM Energy, Inc.
 
97,004
4,223,554
 
 
 
7,569,166
Independent Power and Renewable Electricity Producers - 0.9%
 
 
 
The AES Corp.
 
131,658
2,171,040
Vistra Corp.
 
58,835
7,352,022
 
 
 
9,523,062
Multi-Utilities - 0.8%
 
 
 
NiSource, Inc.
 
216,086
7,597,584
TOTAL UTILITIES
 
 
24,689,812
 
TOTAL COMMON STOCKS
 (Cost $811,943,852)
 
 
 
983,103,489
 
 
 
 
Convertible Preferred Stocks - 0.2%
 
 
Shares
Value ($)
 
HEALTH CARE - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
National Resilience, Inc. Series B (a)(c)(d)
 
15,539
528,015
INDUSTRIALS - 0.2%
 
 
 
Construction & Engineering - 0.2%
 
 
 
Beta Technologies, Inc.:
 
 
 
 Series B, 6.00% (a)(c)(d)
 
11,901
1,579,977
 Series C, 6.00% (c)(d)
 
1,500
171,705
 
 
 
1,751,682
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $1,611,794)
 
 
 
2,279,697
 
 
 
 
Money Market Funds - 1.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.87% (e)
 
1,887,546
1,887,924
Fidelity Securities Lending Cash Central Fund 4.87% (e)(f)
 
16,907,519
16,909,209
 
TOTAL MONEY MARKET FUNDS
 (Cost $18,797,133)
 
 
18,797,133
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 98.6%
 (Cost $832,352,779)
 
 
 
1,004,180,319
NET OTHER ASSETS (LIABILITIES) - 1.4%  
14,172,234
NET ASSETS - 100.0%
1,018,352,553
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Level 3 security
 
(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 $2,279,697 or 0.2% of net assets.
 
(e)
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.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Beta Technologies, Inc. Series B, 6.00%
4/04/22
1,227,826
 
 
 
Beta Technologies, Inc. Series C, 6.00%
10/24/24
171,705
 
 
 
Bowery Farming, Inc. warrants
10/25/23
0
 
 
 
National Resilience, Inc. Series B
12/01/20
212,263
 
 
 
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 4.87%
6,731,834
135,875,318
140,718,527
156,945
(701)
-
1,887,924
0.0%
Fidelity Securities Lending Cash Central Fund 4.87%
13,096,780
158,986,952
155,174,523
16,770
-
-
16,909,209
0.1%
Total
19,828,614
294,862,270
295,893,050
173,715
(701)
-
18,797,133
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
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.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
22,235,389
19,969,610
2,265,779
-
Consumer Discretionary
137,447,768
137,447,768
-
-
Consumer Staples
40,629,469
40,629,469
-
-
Energy
50,122,500
50,122,500
-
-
Financials
149,937,269
149,937,269
-
-
Health Care
91,660,751
89,422,734
1,710,002
528,015
Industrials
226,648,053
224,896,371
-
1,751,682
Information Technology
98,259,293
98,259,293
-
-
Materials
76,569,235
76,569,235
-
-
Real Estate
67,183,647
67,183,647
-
-
Utilities
24,689,812
24,689,812
-
-
  Money Market Funds
18,797,133
18,797,133
-
-
 Total Investments in Securities:
1,004,180,319
997,924,841
3,975,781
2,279,697
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of October 31, 2024 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $16,402,071) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $813,555,646)
$
985,383,186
 
 
Fidelity Central Funds (cost $18,797,133)
18,797,133
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $832,352,779)
 
 
$
1,004,180,319
Cash
 
 
2,360
Foreign currency held at value (cost $33)
 
 
33
Receivable for investments sold
 
 
44,350,882
Receivable for fund shares sold
 
 
290,694
Dividends receivable
 
 
489,908
Distributions receivable from Fidelity Central Funds
 
 
20,293
  Total assets
 
 
1,049,334,489
Liabilities
 
 
 
 
Payable for investments purchased
$
10,413,276
 
 
Payable for fund shares redeemed
3,253,889
 
 
Accrued management fee
394,913
 
 
Other payables and accrued expenses
11,083
 
 
Collateral on securities loaned
16,908,775
 
 
  Total liabilities
 
 
 
30,981,936
Net Assets  
 
 
$
1,018,352,553
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
789,307,778
Total accumulated earnings (loss)
 
 
 
229,044,775
Net Assets
 
 
$
1,018,352,553
Net Asset Value, offering price and redemption price per share ($1,018,352,553 ÷ 61,679,922 shares)
 
 
$
16.51
Statement of Operations
Six months ended October 31, 2024 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
7,083,457
Income from Fidelity Central Funds (including $16,770 from security lending)
 
 
173,715
 Total income
 
 
 
7,257,172
Expenses
 
 
 
 
Management fee
$
2,259,379
 
 
Independent trustees' fees and expenses
1,988
 
 
Interest
5,326
 
 
Miscellaneous
11,567
 
 
 Total expenses before reductions
 
2,278,260
 
 
 Expense reductions
 
(2,882)
 
 
 Total expenses after reductions
 
 
 
2,275,378
Net Investment income (loss)
 
 
 
4,981,794
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
71,210,024
 
 
   Fidelity Central Funds
 
(701)
 
 
 Foreign currency transactions
 
3,336
 
 
Total net realized gain (loss)
 
 
 
71,212,659
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
20,619,455
 
 
 Assets and liabilities in foreign currencies
 
1,083
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
20,620,538
Net gain (loss)
 
 
 
91,833,197
Net increase (decrease) in net assets resulting from operations
 
 
$
96,814,991
Statement of Changes in Net Assets
 
 
Six months ended
October 31, 2024
(Unaudited)
 
Year ended
April 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
4,981,794
$
10,996,799
Net realized gain (loss)
 
71,212,659
 
17,371,666
Change in net unrealized appreciation (depreciation)
 
20,620,538
 
81,372,323
Net increase (decrease) in net assets resulting from operations
 
96,814,991
 
109,740,788
Distributions to shareholders
 
(5,692,756)
 
(9,307,425)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
98,373,035
 
260,593,698
  Reinvestment of distributions
 
5,675,760
 
9,307,425
Cost of shares redeemed
 
(116,197,420)
 
(253,923,755)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(12,148,625)
 
15,977,368
Total increase (decrease) in net assets
 
78,973,610
 
116,410,731
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
939,378,943
 
822,968,212
End of period
$
1,018,352,553
$
939,378,943
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
6,241,342
 
18,703,595
  Issued in reinvestment of distributions
 
379,142
 
663,948
Redeemed
 
(7,252,664)
 
(17,920,946)
Net increase (decrease)
 
(632,180)
 
1,446,597
 
 
 
 
 
Financial Highlights
 
Fidelity® Mid-Cap Stock K6 Fund
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020 A  
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.08
$
13.52
$
13.67
$
14.13
$
8.78
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.08
 
.18
 
.21
 
.19
 
.15
 
.11
     Net realized and unrealized gain (loss)
 
1.44
 
1.53
 
.03
 
(.07)
 
5.37
 
(1.27)
  Total from investment operations
 
1.52  
 
1.71  
 
.24  
 
.12  
 
5.52
 
(1.16)
  Distributions from net investment income
 
(.09)
 
(.15)
 
(.17)
 
(.13)
 
(.17)
 
(.06)
  Distributions from net realized gain
 
-
 
-
 
(.21)
 
(.45)
 
-
 
-
     Total distributions
 
(.09)
 
(.15)
 
(.39) D
 
(.58)
 
(.17)
 
(.06)
  Net asset value, end of period
$
16.51
$
15.08
$
13.52
$
13.67
$
14.13
$
8.78
 Total Return E,F
 
10.13
%
 
12.70%
 
1.82%
 
.78%
 
63.39%
 
(11.74)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.45% I,J
 
.45%
 
.45%
 
.45%
 
.45%
 
.45% J
    Expenses net of fee waivers, if any
 
.45
% I,J
 
.45%
 
.45%
 
.45%
 
.45%
 
.45% J
    Expenses net of all reductions
 
.45% I,J
 
.45%
 
.45%
 
.45%
 
.44%
 
.45% J
    Net investment income (loss)
 
.99% I,J
 
1.24%
 
1.58%
 
1.35%
 
1.35%
 
1.29% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,018,353
$
939,379
$
822,968
$
576,537
$
319,924
$
108,435
    Portfolio turnover rate K
 
96
% J
 
51% L
 
34% L
 
40% L
 
61% L
 
52% J,L
 
AFor the period June 13, 2019 (commencement of operations) through April 30, 2020.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IProxy expenses are not annualized.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended October 31, 2024
 
1. Organization.
Fidelity Mid-Cap Stock K6 Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fund categorizes the inputs to valuation techniques used to value its investments 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 the Fund's 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 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 open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$197,757,884
Gross unrealized depreciation
(27,210,018)
Net unrealized appreciation (depreciation)
$170,547,866
Tax cost
$833,632,453
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(14,779,572)
Total capital loss carryforward
$(14,779,572)
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Mid-Cap Stock K6 Fund
475,670,895
516,377,309
 
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds ($)
Fidelity Mid-Cap Stock K6 Fund
4,708,453
61,987,359
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Mid-Cap Stock K6 Fund
 14,011
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Mid-Cap Stock K6 Fund
 Borrower
 7,549,400
5.08%
 5,326
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss)($)
Fidelity Mid-Cap Stock K6 Fund
 44,759,116
 36,879,095
 8,621,614
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income 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. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Mid-Cap Stock K6 Fund
1,816
 -
-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,882.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Bettina Doulton
Affirmative
399,712,835,196.11
95.27
Withheld
19,861,567,939.07
4.73
TOTAL
419,574,403,135.19
100.00
Robert A. Lawrence
Affirmative
398,303,145,670.78
94.93
Withheld
21,271,257,464.41
5.07
TOTAL
419,574,403,135.19
100.00
Vijay C. Advani
Affirmative
398,848,644,763.97
95.06
Withheld
20,725,758,371.21
4.94
TOTAL
419,574,403,135.19
100.00
Thomas P. Bostick
Affirmative
399,084,917,382.24
95.12
Withheld
20,489,485,752.95
4.88
TOTAL
419,574,403,135.19
100.00
Donald F. Donahue
Affirmative
398,136,894,294.44
94.89
Withheld
21,437,508,840.75
5.11
TOTAL
419,574,403,135.19
100.00
Vicki L. Fuller
Affirmative
399,535,778,208.65
95.22
Withheld
20,038,624,926.54
4.78
TOTAL
419,574,403,135.19
100.00
Patricia L. Kampling
Affirmative
399,319,643,676.69
95.17
Withheld
20,254,759,458.50
4.83
TOTAL
419,574,403,135.19
100.00
Thomas A. Kennedy
Affirmative
398,612,509,964.82
95.00
Withheld
20,961,893,170.36
5.00
TOTAL
419,574,403,135.19
100.00
Oscar Munoz
Affirmative
397,517,256,424.15
94.74
Withheld
22,057,146,711.03
5.26
TOTAL
419,574,403,135.19
100.00
Karen B. Peetz
Affirmative
398,905,166,808.58
95.07
Withheld
20,669,236,326.60
4.93
TOTAL
419,574,403,135.19
100.00
David M. Thomas
Affirmative
398,279,523,899.44
94.92
Withheld
21,294,879,235.74
5.08
TOTAL
419,574,403,135.19
100.00
Susan Tomasky
Affirmative
398,393,822,853.60
94.95
Withheld
21,180,580,281.58
5.05
TOTAL
419,574,403,135.19
100.00
Michael E. Wiley
Affirmative
398,304,955,259.60
94.93
Withheld
21,269,447,875.58
5.07
TOTAL
419,574,403,135.19
100.00
 
 
 
Proposal 1 reflects trust-wide proposal and voting results.
 
 
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Mid-Cap Stock K6 Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
 
1.9893889.105
MCS-K6-SANN-1224
Fidelity® Large Cap Stock Fund
 
 
Semi-Annual Report
October 31, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Large Cap Stock Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Large Cap Stock Fund
Schedule of Investments October 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.2%
 
 
Shares
Value ($)
(000s)
COMMUNICATION SERVICES - 9.5%
 
 
 
Diversified Telecommunication Services - 0.2%
 
 
 
Cellnex Telecom SA (a)
 
223,452
8,191
Entertainment - 0.8%
 
 
 
The Walt Disney Co.
 
264,329
25,428
Universal Music Group NV
 
639,563
16,095
 
 
 
41,523
Interactive Media & Services - 6.9%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A
 
562,780
96,297
 Class C
 
492,441
85,040
Match Group, Inc. (b)
 
331,240
11,935
Meta Platforms, Inc. Class A
 
254,579
144,494
Snap, Inc. Class A (b)
 
1,134,324
13,793
 
 
 
351,559
Media - 1.6%
 
 
 
Charter Communications, Inc. Class A (b)
 
5,699
1,867
Comcast Corp. Class A
 
1,816,490
79,326
 
 
 
81,193
TOTAL COMMUNICATION SERVICES
 
 
482,466
CONSUMER DISCRETIONARY - 3.0%
 
 
 
Automobiles - 0.0%
 
 
 
Rivian Automotive, Inc. Class A (b)
 
232,900
2,352
Broadline Retail - 0.1%
 
 
 
Amazon.com, Inc. (b)
 
20,944
3,904
Hotels, Restaurants & Leisure - 1.7%
 
 
 
Booking Holdings, Inc.
 
11,801
55,184
Expedia Group, Inc. Class A (b)
 
45,440
7,103
Marriott International, Inc. Class A
 
51,828
13,476
Starbucks Corp.
 
121,583
11,879
 
 
 
87,642
Household Durables - 0.2%
 
 
 
Mohawk Industries, Inc. (b)
 
48,728
6,543
Whirlpool Corp.
 
34,274
3,548
 
 
 
10,091
Specialty Retail - 0.9%
 
 
 
JD Sports Fashion PLC
 
643,300
1,029
Lowe's Companies, Inc.
 
141,110
36,947
RH (b)
 
17,400
5,534
 
 
 
43,510
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
NIKE, Inc. Class B
 
47,990
3,701
TOTAL CONSUMER DISCRETIONARY
 
 
151,200
CONSUMER STAPLES - 4.9%
 
 
 
Beverages - 1.8%
 
 
 
Davide Campari Milano NV
 
306,800
2,060
Diageo PLC sponsored ADR
 
126,959
15,763
Keurig Dr. Pepper, Inc.
 
970,199
31,968
Monster Beverage Corp. (b)
 
64,200
3,382
Pernod Ricard SA
 
48,000
5,965
The Coca-Cola Co.
 
494,358
32,287
 
 
 
91,425
Consumer Staples Distribution & Retail - 1.3%
 
 
 
Performance Food Group Co. (b)
 
101,214
8,224
Sysco Corp.
 
245,092
18,370
Target Corp.
 
87,992
13,202
U.S. Foods Holding Corp. (b)
 
124,565
7,679
Walmart, Inc.
 
222,771
18,256
 
 
 
65,731
Food Products - 0.1%
 
 
 
Lamb Weston Holdings, Inc.
 
50,600
3,931
Personal Care Products - 1.5%
 
 
 
Estee Lauder Companies, Inc. Class A
 
124,400
8,576
Haleon PLC ADR
 
3,417,837
33,119
Kenvue, Inc.
 
1,490,916
34,187
 
 
 
75,882
Tobacco - 0.2%
 
 
 
British American Tobacco PLC sponsored ADR
 
140,100
4,901
Philip Morris International, Inc.
 
33,800
4,485
 
 
 
9,386
TOTAL CONSUMER STAPLES
 
 
246,355
ENERGY - 8.7%
 
 
 
Energy Equipment & Services - 0.1%
 
 
 
Tidewater, Inc. (b)
 
62,300
3,742
Oil, Gas & Consumable Fuels - 8.6%
 
 
 
Athabasca Oil Corp. (b)
 
2,372,400
8,809
Exxon Mobil Corp.
 
2,222,321
259,523
Galp Energia SGPS SA
 
674,100
11,490
Hess Corp.
 
3,400
457
Imperial Oil Ltd.
 
768,188
57,324
Kosmos Energy Ltd. (b)(c)
 
349,918
1,316
MEG Energy Corp.
 
575,900
10,527
Shell PLC ADR
 
1,297,200
87,626
 
 
 
437,072
TOTAL ENERGY
 
 
440,814
FINANCIALS - 16.3%
 
 
 
Banks - 11.5%
 
 
 
Bank of America Corp. (d)
 
2,982,595
124,732
Citigroup, Inc.
 
32,700
2,098
HDFC Bank Ltd. sponsored ADR
 
15,300
964
JPMorgan Chase & Co. (d)
 
226,658
50,300
M&T Bank Corp.
 
112,584
21,918
PNC Financial Services Group, Inc.
 
256,505
48,292
U.S. Bancorp
 
725,894
35,068
Wells Fargo & Co. (d)
 
4,573,798
296,931
 
 
 
580,303
Capital Markets - 2.2%
 
 
 
3i Group PLC
 
46,900
1,923
Charles Schwab Corp.
 
33,598
2,380
CME Group, Inc.
 
3,999
901
KKR & Co., Inc. Class A
 
310,378
42,907
Moody's Corp.
 
10,000
4,540
Morgan Stanley
 
63,062
7,331
MSCI, Inc.
 
2,700
1,542
Northern Trust Corp.
 
422,978
42,518
Raymond James Financial, Inc.
 
33,533
4,970
 
 
 
109,012
Financial Services - 2.2%
 
 
 
Acacia Research Corp. (b)
 
24,000
108
Apollo Global Management, Inc.
 
11,600
1,662
Corpay, Inc. (b)
 
17,200
5,671
Fidelity National Information Services, Inc.
 
32,299
2,898
Global Payments, Inc.
 
36,450
3,780
MasterCard, Inc. Class A
 
32,713
16,343
PayPal Holdings, Inc. (b)
 
87,144
6,911
Visa, Inc. Class A
 
263,948
76,505
 
 
 
113,878
Insurance - 0.4%
 
 
 
Arthur J. Gallagher & Co.
 
36,400
10,236
Chubb Ltd.
 
32,106
9,068
 
 
 
19,304
TOTAL FINANCIALS
 
 
822,497
HEALTH CARE - 10.9%
 
 
 
Biotechnology - 0.6%
 
 
 
Alnylam Pharmaceuticals, Inc. (b)
 
38,546
10,276
Argenx SE ADR (b)
 
5,390
3,160
Gilead Sciences, Inc.
 
35,100
3,118
Merus BV (b)
 
49,800
2,487
Vaxcyte, Inc. (b)
 
93,485
9,942
 
 
 
28,983
Health Care Equipment & Supplies - 2.1%
 
 
 
Abbott Laboratories
 
84,065
9,530
Becton, Dickinson & Co.
 
33,384
7,798
Boston Scientific Corp. (b)
 
897,129
75,377
Koninklijke Philips Electronics NV (depository receipt) (NY Reg.)
 
170,478
4,467
Masimo Corp. (b)
 
28,000
4,032
Solventum Corp.
 
60,688
4,405
 
 
 
105,609
Health Care Providers & Services - 4.2%
 
 
 
Cardinal Health, Inc.
 
203,168
22,048
Cigna Group
 
147,869
46,551
CVS Health Corp.
 
121,707
6,872
Guardant Health, Inc. (b)
 
63,633
1,392
Humana, Inc.
 
77,765
20,050
McKesson Corp.
 
70,743
35,413
UnitedHealth Group, Inc.
 
141,833
80,065
 
 
 
212,391
Life Sciences Tools & Services - 0.3%
 
 
 
Danaher Corp.
 
65,434
16,075
Thermo Fisher Scientific, Inc.
 
2,800
1,530
 
 
 
17,605
Pharmaceuticals - 3.7%
 
 
 
Bristol-Myers Squibb Co.
 
710,806
39,642
Eli Lilly & Co.
 
43,597
36,174
Galderma Group AG (b)
 
59,900
5,605
GSK PLC sponsored ADR
 
902,701
33,183
Johnson & Johnson
 
157,780
25,223
UCB SA
 
237,300
45,636
 
 
 
185,463
TOTAL HEALTH CARE
 
 
550,051
INDUSTRIALS - 16.6%
 
 
 
Aerospace & Defense - 9.5%
 
 
 
Airbus Group NV
 
118,887
18,135
Bombardier, Inc. Class B (sub. vtg.) (b)
 
117,400
8,636
Embraer SA sponsored ADR (b)(d)
 
70,890
2,376
GE Aerospace
 
1,465,371
251,721
General Dynamics Corp.
 
47,492
13,849
Huntington Ingalls Industries, Inc.
 
44,522
8,235
Rolls-Royce Holdings PLC (b)
 
1,260,600
8,699
Spirit AeroSystems Holdings, Inc. Class A (b)
 
690,501
22,352
Textron, Inc.
 
26,896
2,163
The Boeing Co. (b)
 
958,013
143,041
 
 
 
479,207
Air Freight & Logistics - 1.3%
 
 
 
FedEx Corp.
 
35,876
9,825
United Parcel Service, Inc. Class B
 
415,387
55,687
 
 
 
65,512
Commercial Services & Supplies - 0.2%
 
 
 
ACV Auctions, Inc. Class A (b)
 
130,949
2,264
GFL Environmental, Inc.
 
154,900
6,480
Veralto Corp.
 
21,144
2,161
 
 
 
10,905
Construction & Engineering - 0.0%
 
 
 
Centuri Holdings, Inc.
 
122,600
2,301
Electrical Equipment - 4.0%
 
 
 
GE Vernova LLC (d)
 
444,592
134,116
Hubbell, Inc.
 
33,145
14,154
Regal Rexnord Corp.
 
72,275
12,037
Vertiv Holdings Co.
 
407,045
44,486
 
 
 
204,793
Ground Transportation - 0.3%
 
 
 
Knight-Swift Transportation Holdings, Inc.
 
265,019
13,802
Machinery - 1.0%
 
 
 
Allison Transmission Holdings, Inc.
 
70,400
7,523
Chart Industries, Inc. (b)(c)
 
36,595
4,418
Cummins, Inc.
 
21,743
7,153
Deere & Co.
 
31,100
12,586
Fortive Corp.
 
80,420
5,744
Nordson Corp.
 
5,600
1,388
Otis Worldwide Corp.
 
60,460
5,937
Stanley Black & Decker, Inc.
 
35,217
3,273
Westinghouse Air Brake Tech Co.
 
24,672
4,638
 
 
 
52,660
Passenger Airlines - 0.1%
 
 
 
Ryanair Holdings PLC sponsored ADR
 
76,777
3,398
Professional Services - 0.1%
 
 
 
Equifax, Inc.
 
13,765
3,648
Trading Companies & Distributors - 0.1%
 
 
 
Watsco, Inc.
 
7,000
3,311
TOTAL INDUSTRIALS
 
 
839,537
INFORMATION TECHNOLOGY - 21.5%
 
 
 
IT Services - 0.3%
 
 
 
EPAM Systems, Inc. (b)
 
8,700
1,641
IBM Corp.
 
37,495
7,751
Twilio, Inc. Class A (b)
 
75,413
6,082
 
 
 
15,474
Semiconductors & Semiconductor Equipment - 8.5%
 
 
 
Analog Devices, Inc.
 
38,785
8,653
Applied Materials, Inc.
 
70,546
12,810
ASML Holding NV (depository receipt)
 
7,700
5,179
BE Semiconductor Industries NV
 
33,600
3,580
Broadcom, Inc.
 
231,300
39,268
Lam Research Corp.
 
130,660
9,715
Marvell Technology, Inc.
 
413,287
33,108
Micron Technology, Inc.
 
25,400
2,531
NVIDIA Corp.
 
1,929,940
256,219
Qualcomm, Inc.
 
166,024
27,024
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
132,484
25,244
Teradyne, Inc.
 
66,800
7,095
 
 
 
430,426
Software - 9.7%
 
 
 
Adobe, Inc. (b)
 
74,347
35,544
Autodesk, Inc. (b)
 
53,520
15,189
Dassault Systemes SA
 
54,200
1,855
DoubleVerify Holdings, Inc. (b)
 
46,951
801
Elastic NV (b)
 
55,418
4,446
Intuit, Inc.
 
18,496
11,288
Microsoft Corp.
 
763,993
310,446
Oracle Corp.
 
266,100
44,662
Sage Group PLC
 
537,000
6,712
Salesforce, Inc.
 
19,466
5,672
SAP SE sponsored ADR
 
220,678
51,559
 
 
 
488,174
Technology Hardware, Storage & Peripherals - 3.0%
 
 
 
Apple, Inc.
 
583,918
131,913
Dell Technologies, Inc. Class C
 
92,300
11,411
Samsung Electronics Co. Ltd.
 
148,810
6,339
 
 
 
149,663
TOTAL INFORMATION TECHNOLOGY
 
 
1,083,737
MATERIALS - 1.8%
 
 
 
Chemicals - 0.3%
 
 
 
Air Products & Chemicals, Inc.
 
39,700
12,328
Sherwin-Williams Co.
 
5,799
2,081
 
 
 
14,409
Metals & Mining - 1.5%
 
 
 
First Quantum Minerals Ltd. (b)
 
3,929,166
50,767
Freeport-McMoRan, Inc.
 
308,235
13,877
Ivanhoe Mines Ltd. (b)
 
989,200
13,079
 
 
 
77,723
TOTAL MATERIALS
 
 
92,132
REAL ESTATE - 0.8%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.8%
 
 
 
American Tower Corp.
 
63,147
13,484
Crown Castle, Inc.
 
161,093
17,316
Equinix, Inc.
 
1,121
1,018
Sun Communities, Inc.
 
32,100
4,259
Terreno Realty Corp.
 
62,100
3,723
 
 
 
39,800
UTILITIES - 1.2%
 
 
 
Electric Utilities - 1.1%
 
 
 
Duke Energy Corp.
 
28,300
3,262
Edison International
 
36,100
2,975
Entergy Corp.
 
26,415
4,089
Southern Co. (d)
 
475,586
43,293
 
 
 
53,619
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
Vistra Corp.
 
43,200
5,398
TOTAL UTILITIES
 
 
59,017
 
TOTAL COMMON STOCKS
 (Cost $2,849,973)
 
 
 
4,807,606
 
 
 
 
Money Market Funds - 4.7%
 
 
Shares
Value ($)
(000s)
Fidelity Cash Central Fund 4.87% (e)
 
230,539,647
230,586
Fidelity Securities Lending Cash Central Fund 4.87% (e)(f)
 
5,653,635
5,654
 
TOTAL MONEY MARKET FUNDS
 (Cost $236,240)
 
 
236,240
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
 (Cost $3,086,213)
 
 
 
5,043,846
NET OTHER ASSETS (LIABILITIES) - 0.1%  
6,600
NET ASSETS - 100.0%
5,050,446
 
 
 Written Options
 
Counterparty
Number
of Contracts
Notional
Amount ($)
(000s)
Exercise
Price ($)
Expiration
Date
Value ($)
(000s)
Call Options
 
 
 
 
 
 
Bank of America Corp.
Chicago Board Options Exchange
1,480
6,189
45.00
12/20/24
(83)
Embraer SA sponsored ADR
Chicago Board Options Exchange
680
2,279
40.00
12/20/24
(37)
GE Vernova LLC
Chicago Board Options Exchange
225
6,787
280.00
11/15/24
(594)
JPMorgan Chase & Co.
Chicago Board Options Exchange
113
2,508
240.00
12/20/24
(25)
Southern Co.
Chicago Board Options Exchange
969
8,821
95.00
11/15/24
(36)
Wells Fargo & Co.
Chicago Board Options Exchange
1,823
11,835
70.00
12/20/24
(189)
 
 
 
 
 
 
 
TOTAL WRITTEN OPTIONS
 
 
 
 
 
(964)
 
 
 
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 $8,191,000 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)
Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $38,419,000.
 
(e)
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.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
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 4.87%
169,119
368,003
306,536
5,215
-
-
230,586
0.5%
Fidelity Securities Lending Cash Central Fund 4.87%
12,933
97,609
104,888
14
-
-
5,654
0.0%
Total
182,052
465,612
411,424
5,229
-
-
236,240
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
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.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
(Amounts in thousands)
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
482,466
466,371
16,095
-
Consumer Discretionary
151,200
151,200
-
-
Consumer Staples
246,355
244,295
2,060
-
Energy
440,814
440,814
-
-
Financials
822,497
820,574
1,923
-
Health Care
550,051
550,051
-
-
Industrials
839,537
812,703
26,834
-
Information Technology
1,083,737
1,075,543
8,194
-
Materials
92,132
92,132
-
-
Real Estate
39,800
39,800
-
-
Utilities
59,017
59,017
-
-
  Money Market Funds
236,240
236,240
-
-
 Total Investments in Securities:
5,043,846
4,988,740
55,106
-
 Derivative Instruments:
 Liabilities
 
 
 
 
Written Options
(964)
(964)
-
-
  Total Liabilities
(964)
(964)
-
-
 Total Derivative Instruments:
(964)
(964)
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
 
(Amounts in thousands)
Asset ($)
Liability ($)
Equity Risk
 
 
Written Options (a) 
0
(964)
Total Equity Risk
0
(964)
Total Value of Derivatives
0
(964)
 
(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of October 31, 2024 (Unaudited)
Amounts in thousands (except per-share amount)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $5,422) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,849,973)
$
4,807,606
 
 
Fidelity Central Funds (cost $236,240)
236,240
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,086,213)
 
 
$
5,043,846
Cash
 
 
709
Receivable for investments sold
 
 
26,285
Receivable for fund shares sold
 
 
8,416
Dividends receivable
 
 
2,448
Distributions receivable from Fidelity Central Funds
 
 
1,008
Prepaid expenses
 
 
5
  Total assets
 
 
5,082,717
Liabilities
 
 
 
 
Payable for investments purchased
$
19,674
 
 
Payable for fund shares redeemed
2,674
 
 
Accrued management fee
3,191
 
 
Written options, at value (premium received $706)
964
 
 
Other payables and accrued expenses
114
 
 
Collateral on securities loaned
5,654
 
 
  Total liabilities
 
 
 
32,271
Net Assets  
 
 
$
5,050,446
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,013,426
Total accumulated earnings (loss)
 
 
 
2,037,020
Net Assets
 
 
$
5,050,446
Net Asset Value, offering price and redemption price per share ($5,050,446 ÷ 92,964 shares)
 
 
$
54.33
Statement of Operations
Six months ended October 31, 2024 (Unaudited)
 
Amounts in thousands
 
Investment Income
 
 
 
 
Dividends
 
 
$
33,286
Income from Fidelity Central Funds (including $14 from security lending)
 
 
5,229
 Total income
 
 
 
38,515
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
14,705
 
 
 Performance adjustment
2,665
 
 
Custodian fees and expenses
29
 
 
Independent trustees' fees and expenses
9
 
 
Registration fees
64
 
 
Audit fees
28
 
 
Legal
3
 
 
Miscellaneous
88
 
 
 Total expenses before reductions
 
17,591
 
 
 Expense reductions
 
(1)
 
 
 Total expenses after reductions
 
 
 
17,590
Net Investment income (loss)
 
 
 
20,925
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
60,781
 
 
 Foreign currency transactions
 
(11)
 
 
 Written options
 
2,530
 
 
Total net realized gain (loss)
 
 
 
63,300
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
468,979
 
 
 Assets and liabilities in foreign currencies
 
10
 
 
 Written options
 
(258)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
468,731
Net gain (loss)
 
 
 
532,031
Net increase (decrease) in net assets resulting from operations
 
 
$
552,956
Statement of Changes in Net Assets
 
Amount in thousands
 
Six months ended
October 31, 2024
(Unaudited)
 
Year ended
April 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
20,925
$
34,874
Net realized gain (loss)
 
63,300
 
163,512
Change in net unrealized appreciation (depreciation)
 
468,731
 
541,574
Net increase (decrease) in net assets resulting from operations
 
552,956
 
739,960
Distributions to shareholders
 
(116,161)
 
(94,232)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
665,679
 
978,358
  Reinvestment of distributions
 
78,370
 
68,651
Cost of shares redeemed
 
(320,245)
 
(528,137)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
423,804
 
518,872
Total increase (decrease) in net assets
 
860,599
 
1,164,600
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
4,189,847
 
3,025,247
End of period
$
5,050,446
$
4,189,847
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
12,799
 
21,440
  Issued in reinvestment of distributions
 
1,546
 
1,560
Redeemed
 
(6,207)
 
(12,017)
Net increase (decrease)
 
8,138
 
10,983
 
 
 
 
 
Financial Highlights
 
Fidelity® Large Cap Stock Fund
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
49.39
$
40.97
$
39.00
$
41.09
$
27.80
$
32.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.23
 
.46
 
.49
 
.75 C
 
.57
 
.63
     Net realized and unrealized gain (loss)
 
6.05
 
9.24
 
2.64
 
(.86)
 
14.10
 
(3.12)
  Total from investment operations
 
6.28  
 
9.70  
 
3.13  
 
(.11)  
 
14.67
 
(2.49)
  Distributions from net investment income
 
(.13)
 
(.48)
 
(.48)
 
(.77)
 
(.65)
 
(.62)
  Distributions from net realized gain
 
(1.21)
 
(.79)
 
(.68)
 
(1.21)
 
(.73)
 
(1.20)
     Total distributions
 
(1.34)
 
(1.28) D
 
(1.16)
 
(1.98)
 
(1.38)
 
(1.82)
  Net asset value, end of period
$
54.33
$
49.39
$
40.97
$
39.00
$
41.09
$
27.80
 Total Return E,F
 
12.91
%
 
24.07%
 
8.33%
 
(.46)%
 
54.08%
 
(8.41)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.75% I
 
.84%
 
.76%
 
.54%
 
.48%
 
.47%
    Expenses net of fee waivers, if any
 
.75
% I
 
.83%
 
.76%
 
.53%
 
.48%
 
.47%
    Expenses net of all reductions
 
.75% I
 
.83%
 
.76%
 
.53%
 
.48%
 
.47%
    Net investment income (loss)
 
.89% I
 
1.04%
 
1.29%
 
1.80% C
 
1.73%
 
2.05%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
5,050  
$
4,190
$
3,025
$
2,869
$
2,969
$
2,173
    Portfolio turnover rate J
 
13
% I
 
17%
 
8% K
 
15% K
 
18%
 
32% K
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.24 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.24%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended October 31, 2024
(Amounts in thousands except percentages)
 
1. Organization.
Fidelity Large Cap Stock Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fund categorizes the inputs to valuation techniques used to value its investments 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 the Fund's 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 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.
 
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 open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, redemptions in-kind and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$2,076,106
Gross unrealized depreciation
(121,945)
Net unrealized appreciation (depreciation)
$1,954,161
Tax cost
$3,089,427
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including options. 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.
 
Derivatives were used to increase returns and 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 objectives may not be achieved.
 
Derivatives were used to increase or decrease 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.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
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 and amounts recognized in the Statement of Assets and Liabilities. 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.
 
Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.
 
Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.
 
Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.
 
Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period unless an average contracts amount is presented.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Large Cap Stock Fund
545,480
286,134
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
 
Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Fidelity Large Cap Stock Fund
.66
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Fidelity Large Cap Stock Fund
.63
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity Large Cap Stock Fund
S&P 500 Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .11%.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss)($)
Fidelity Large Cap Stock Fund
 51,548
 13,025
 2,423
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount ($)
Fidelity Large Cap Stock Fund
3
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income 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. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Large Cap Stock Fund
1
 -
-
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Bettina Doulton
Affirmative
399,712,835,196.11
95.27
Withheld
19,861,567,939.07
4.73
TOTAL
419,574,403,135.19
100.00
Robert A. Lawrence
Affirmative
398,303,145,670.78
94.93
Withheld
21,271,257,464.41
5.07
TOTAL
419,574,403,135.19
100.00
Vijay C. Advani
Affirmative
398,848,644,763.97
95.06
Withheld
20,725,758,371.21
4.94
TOTAL
419,574,403,135.19
100.00
Thomas P. Bostick
Affirmative
399,084,917,382.24
95.12
Withheld
20,489,485,752.95
4.88
TOTAL
419,574,403,135.19
100.00
Donald F. Donahue
Affirmative
398,136,894,294.44
94.89
Withheld
21,437,508,840.75
5.11
TOTAL
419,574,403,135.19
100.00
Vicki L. Fuller
Affirmative
399,535,778,208.65
95.22
Withheld
20,038,624,926.54
4.78
TOTAL
419,574,403,135.19
100.00
Patricia L. Kampling
Affirmative
399,319,643,676.69
95.17
Withheld
20,254,759,458.50
4.83
TOTAL
419,574,403,135.19
100.00
Thomas A. Kennedy
Affirmative
398,612,509,964.82
95.00
Withheld
20,961,893,170.36
5.00
TOTAL
419,574,403,135.19
100.00
Oscar Munoz
Affirmative
397,517,256,424.15
94.74
Withheld
22,057,146,711.03
5.26
TOTAL
419,574,403,135.19
100.00
Karen B. Peetz
Affirmative
398,905,166,808.58
95.07
Withheld
20,669,236,326.60
4.93
TOTAL
419,574,403,135.19
100.00
David M. Thomas
Affirmative
398,279,523,899.44
94.92
Withheld
21,294,879,235.74
5.08
TOTAL
419,574,403,135.19
100.00
Susan Tomasky
Affirmative
398,393,822,853.60
94.95
Withheld
21,180,580,281.58
5.05
TOTAL
419,574,403,135.19
100.00
Michael E. Wiley
Affirmative
398,304,955,259.60
94.93
Withheld
21,269,447,875.58
5.07
TOTAL
419,574,403,135.19
100.00
 
 
 
Proposal 1 reflects trust-wide proposal and voting results.
 
 
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Large Cap Stock Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with a fee based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the management fee, the fund will receive investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the fund's management fee and total expense ratio, the Board considered the fund's pro forma management fee rate as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and above the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023. The Board considered that the fund has a variable unified management fee that covers expenses for services beyond portfolio management.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
 
1.465347.127
LCS-SANN-1224
Fidelity® Small Cap Stock K6 Fund
 
 
Semi-Annual Report
October 31, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Small Cap Stock K6 Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Small Cap Stock K6 Fund
Schedule of Investments October 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.5%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 0.7%
 
 
 
Diversified Telecommunication Services - 0.0%
 
 
 
GCI Liberty, Inc. Class A (Escrow) (a)(f)
 
6,792
0
Media - 0.7%
 
 
 
TechTarget, Inc. (b)
 
1,353
39,163
Thryv Holdings, Inc. (b)(c)
 
6,250
89,875
 
 
 
129,038
TOTAL COMMUNICATION SERVICES
 
 
129,038
CONSUMER DISCRETIONARY - 10.4%
 
 
 
Automobile Components - 0.6%
 
 
 
Patrick Industries, Inc.
 
913
115,020
Diversified Consumer Services - 4.4%
 
 
 
Grand Canyon Education, Inc. (b)
 
4,187
574,080
Laureate Education, Inc.
 
16,365
281,151
 
 
 
855,231
Household Durables - 1.2%
 
 
 
Cavco Industries, Inc. (b)
 
191
78,271
Installed Building Products, Inc.
 
564
122,332
SharkNinja, Inc.
 
455
41,956
 
 
 
242,559
Leisure Products - 0.2%
 
 
 
Games Workshop Group PLC
 
239
36,858
Specialty Retail - 2.6%
 
 
 
Boot Barn Holdings, Inc. (b)
 
400
49,820
Murphy U.S.A., Inc.
 
957
467,447
 
 
 
517,267
Textiles, Apparel & Luxury Goods - 1.4%
 
 
 
Crocs, Inc. (b)
 
1,941
209,279
Steven Madden Ltd.
 
1,483
66,691
 
 
 
275,970
TOTAL CONSUMER DISCRETIONARY
 
 
2,042,905
CONSUMER STAPLES - 5.2%
 
 
 
Beverages - 0.8%
 
 
 
Coca-Cola Consolidated, Inc.
 
132
148,402
Consumer Staples Distribution & Retail - 3.1%
 
 
 
Performance Food Group Co. (b)
 
7,565
614,651
Food Products - 1.3%
 
 
 
Lassonde Industries, Inc. Class A (sub. vtg.)
 
621
78,694
Nomad Foods Ltd.
 
10,291
180,607
 
 
 
259,301
TOTAL CONSUMER STAPLES
 
 
1,022,354
ENERGY - 4.3%
 
 
 
Energy Equipment & Services - 1.8%
 
 
 
Cactus, Inc. Class A
 
2,684
159,134
Kodiak Gas Services, Inc.
 
2,821
89,933
TechnipFMC PLC
 
2,050
54,715
Tidewater, Inc. (b)
 
920
55,264
 
 
 
359,046
Oil, Gas & Consumable Fuels - 2.5%
 
 
 
CONSOL Energy, Inc.
 
856
94,948
Gulfport Energy Corp. (b)
 
656
90,817
Northern Oil & Gas, Inc. (c)
 
7,070
256,288
South Bow Corp.
 
2,237
55,863
 
 
 
497,916
TOTAL ENERGY
 
 
856,962
FINANCIALS - 18.3%
 
 
 
Banks - 4.1%
 
 
 
ConnectOne Bancorp, Inc.
 
4,681
113,467
Eastern Bankshares, Inc.
 
14,313
233,731
Metropolitan Bank Holding Corp. (b)
 
1,613
86,296
Southstate Corp.
 
2,277
222,076
Synovus Financial Corp.
 
3,166
157,888
 
 
 
813,458
Capital Markets - 3.3%
 
 
 
P10, Inc. Class A
 
3,811
42,112
Perella Weinberg Partners Class A
 
4,400
89,012
Piper Sandler Cos.
 
700
198,548
Stifel Financial Corp.
 
1,637
169,626
StoneX Group, Inc. (b)
 
1,719
154,779
 
 
 
654,077
Consumer Finance - 2.1%
 
 
 
FirstCash Holdings, Inc.
 
3,922
405,809
Financial Services - 0.9%
 
 
 
EVERTEC, Inc.
 
5,721
187,420
Insurance - 7.9%
 
 
 
Primerica, Inc.
 
1,162
321,653
Selective Insurance Group, Inc.
 
4,921
446,925
The Baldwin Insurance Group, Inc. Class A, (b)
 
10,441
483,001
TWFG, Inc. Class A (c)
 
9,200
298,448
 
 
 
1,550,027
TOTAL FINANCIALS
 
 
3,610,791
HEALTH CARE - 14.8%
 
 
 
Biotechnology - 7.1%
 
 
 
ADMA Biologics, Inc. (b)
 
2,894
47,201
AnaptysBio, Inc. (b)
 
798
17,261
Annexon, Inc. (b)
 
2,967
21,718
Arcellx, Inc. (b)
 
470
39,607
Astria Therapeutics, Inc. (b)
 
8,300
92,794
Autolus Therapeutics PLC ADR (b)
 
5,100
17,187
Celldex Therapeutics, Inc. (b)
 
1,291
33,643
Cogent Biosciences, Inc. (b)
 
2,600
29,874
Crinetics Pharmaceuticals, Inc. (b)
 
1,410
78,904
Cytokinetics, Inc. (b)
 
1,499
76,449
Day One Biopharmaceuticals, Inc. (b)
 
1,400
20,608
Dyne Therapeutics, Inc. (b)
 
1,010
29,149
Halozyme Therapeutics, Inc. (b)
 
1,636
82,733
Immunovant, Inc. (b)
 
1,254
36,692
Keros Therapeutics, Inc. (b)
 
802
46,548
Merus BV (b)
 
1,700
84,881
Moonlake Immunotherapeutics Class A (b)
 
1,800
83,556
Perspective Therapeutics, Inc. (b)
 
1,100
12,991
Q32 Bio, Inc. (b)
 
282
13,319
Revolution Medicines, Inc. (b)
 
1,094
58,529
Spyre Therapeutics, Inc. (b)(c)
 
3,400
110,602
Vaxcyte, Inc. (b)
 
1,164
123,791
Viking Therapeutics, Inc. (b)
 
1,166
84,582
Viridian Therapeutics, Inc. (b)
 
6,200
133,734
Xenon Pharmaceuticals, Inc. (b)
 
853
35,067
 
 
 
1,411,420
Health Care Equipment & Supplies - 2.5%
 
 
 
Ceribell, Inc.
 
1,055
27,736
Lantheus Holdings, Inc. (b)
 
754
82,819
Masimo Corp. (b)
 
501
72,149
Merit Medical Systems, Inc. (b)
 
1,591
156,968
Penumbra, Inc. (b)
 
275
62,939
TransMedics Group, Inc. (b)(c)
 
1,116
91,479
 
 
 
494,090
Health Care Providers & Services - 3.5%
 
 
 
BrightSpring Health Services, Inc. (b)
 
2,930
43,862
Chemed Corp.
 
422
227,981
GeneDx Holdings Corp. Class A (b)
 
151
12,335
Option Care Health, Inc. (b)
 
1,673
38,546
Owens & Minor, Inc. (b)
 
9,119
115,902
PACS Group, Inc. (c)
 
5,716
243,959
 
 
 
682,585
Health Care Technology - 0.3%
 
 
 
Evolent Health, Inc. Class A (b)
 
2,763
64,516
Life Sciences Tools & Services - 0.3%
 
 
 
Maravai LifeSciences Holdings, Inc. Class A (b)
 
7,416
54,953
Pharmaceuticals - 1.1%
 
 
 
Elanco Animal Health, Inc. (b)
 
1,600
20,224
Enliven Therapeutics, Inc. (b)
 
5,535
154,150
Neumora Therapeutics, Inc. (b)
 
1,300
14,885
Structure Therapeutics, Inc. ADR (b)
 
500
20,575
 
 
 
209,834
TOTAL HEALTH CARE
 
 
2,917,398
INDUSTRIALS - 17.6%
 
 
 
Aerospace & Defense - 2.3%
 
 
 
Cadre Holdings, Inc.
 
1,359
47,252
Kratos Defense & Security Solutions, Inc. (b)
 
1,900
43,168
Leonardo DRS, Inc. (b)
 
7,270
218,609
StandardAero, Inc.
 
538
15,521
V2X, Inc. (b)
 
2,229
137,306
 
 
 
461,856
Building Products - 1.2%
 
 
 
AAON, Inc.
 
555
63,392
Tecnoglass, Inc.
 
1,751
119,996
UFP Industries, Inc.
 
455
55,665
 
 
 
239,053
Commercial Services & Supplies - 0.4%
 
 
 
The Brink's Co.
 
667
68,561
Construction & Engineering - 4.0%
 
 
 
Bowman Consulting Group Ltd. (b)
 
1,767
35,870
Centuri Holdings, Inc.
 
3,257
61,134
Construction Partners, Inc. Class A (b)
 
1,425
112,190
Fluor Corp. (b)
 
2,521
131,798
IES Holdings, Inc. (b)
 
726
158,751
Sterling Construction Co., Inc. (b)
 
977
150,898
Willscot Holdings Corp. (b)
 
4,147
137,432
 
 
 
788,073
Electrical Equipment - 0.4%
 
 
 
Nextracker, Inc. Class A (b)
 
2,152
85,693
Ground Transportation - 0.4%
 
 
 
Proficient Auto Logistics, Inc.
 
10,300
84,357
Machinery - 0.5%
 
 
 
Beijer Alma AB (B Shares)
 
1,415
22,737
REV Group, Inc.
 
2,711
71,842
 
 
 
94,579
Professional Services - 4.6%
 
 
 
BayCurrent Consulting, Inc.
 
1,726
56,093
CBIZ, Inc. (b)
 
2,096
144,477
ExlService Holdings, Inc. (b)
 
3,180
132,511
Genpact Ltd.
 
5,631
214,935
Kforce, Inc.
 
1,702
98,359
Maximus, Inc.
 
1,427
123,350
UL Solutions, Inc. Class A
 
805
41,828
WNS Holdings Ltd.
 
1,914
91,853
 
 
 
903,406
Trading Companies & Distributors - 3.8%
 
 
 
Applied Industrial Technologies, Inc.
 
997
230,895
Beacon Roofing Supply, Inc. (b)
 
3,405
313,498
GMS, Inc. (b)
 
1,959
176,095
Transcat, Inc. (b)
 
225
21,503
 
 
 
741,991
TOTAL INDUSTRIALS
 
 
3,467,569
INFORMATION TECHNOLOGY - 15.2%
 
 
 
Communications Equipment - 4.7%
 
 
 
Ciena Corp. (b)
 
6,875
436,631
Lumentum Holdings, Inc. (b)
 
7,648
488,478
 
 
 
925,109
Electronic Equipment, Instruments & Components - 4.4%
 
 
 
ePlus, Inc. (b)
 
762
67,780
Fabrinet (b)
 
468
112,774
Insight Enterprises, Inc. (b)
 
1,996
349,140
Kraken Robotics, Inc. (b)
 
119,363
171,455
Napco Security Technologies, Inc.
 
1,521
58,528
Sanmina Corp. (b)
 
1,607
112,651
 
 
 
872,328
Semiconductors & Semiconductor Equipment - 3.1%
 
 
 
Allegro MicroSystems LLC (b)
 
4,051
84,423
Diodes, Inc. (b)
 
2,118
123,861
Nova Ltd. (b)
 
323
59,852
Penguin Solutions, Inc. (b)(c)
 
6,817
102,596
Silicon Motion Tech Corp. sponsored ADR
 
4,414
237,517
 
 
 
608,249
Software - 3.0%
 
 
 
Cellebrite DI Ltd. (b)
 
9,338
169,485
Intapp, Inc. (b)
 
1,444
72,445
Lumine Group, Inc. (b)
 
400
9,314
Rapid7, Inc. (b)
 
2,449
98,989
SPS Commerce, Inc. (b)
 
413
68,145
Tenable Holdings, Inc. (b)
 
3,024
119,781
Varonis Systems, Inc. (b)
 
855
43,066
 
 
 
581,225
TOTAL INFORMATION TECHNOLOGY
 
 
2,986,911
MATERIALS - 6.1%
 
 
 
Chemicals - 3.1%
 
 
 
Cabot Corp.
 
1,074
115,809
Hawkins, Inc.
 
981
104,869
Olin Corp.
 
5,504
225,829
Tronox Holdings PLC
 
13,013
157,718
 
 
 
604,225
Construction Materials - 1.1%
 
 
 
Eagle Materials, Inc.
 
804
229,510
Containers & Packaging - 1.1%
 
 
 
Graphic Packaging Holding Co.
 
7,494
211,780
Metals & Mining - 0.8%
 
 
 
ATI, Inc. (b)
 
1,053
55,504
Carpenter Technology Corp.
 
741
110,780
 
 
 
166,284
TOTAL MATERIALS
 
 
1,211,799
REAL ESTATE - 3.4%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 3.3%
 
 
 
Acadia Realty Trust (SBI)
 
7,301
178,801
Agree Realty Corp.
 
833
61,850
CareTrust (REIT), Inc.
 
3,624
118,396
Four Corners Property Trust, Inc.
 
2,200
60,632
Tanger, Inc.
 
2,802
93,110
Terreno Realty Corp.
 
1,487
89,146
The Macerich Co.
 
2,852
53,332
 
 
 
655,267
Real Estate Management & Development - 0.1%
 
 
 
Compass, Inc. Class A (b)
 
3,441
21,850
TOTAL REAL ESTATE
 
 
677,117
UTILITIES - 3.5%
 
 
 
Electric Utilities - 0.5%
 
 
 
TXNM Energy, Inc.
 
2,441
106,281
Gas Utilities - 3.0%
 
 
 
Brookfield Infrastructure Corp. A Shares
 
9,423
387,097
Southwest Gas Holdings, Inc.
 
2,698
197,629
 
 
 
584,726
TOTAL UTILITIES
 
 
691,007
 
TOTAL COMMON STOCKS
 (Cost $15,449,417)
 
 
 
19,613,851
 
 
 
 
Money Market Funds - 2.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.87% (d)
 
32,505
32,511
Fidelity Securities Lending Cash Central Fund 4.87% (d)(e)
 
396,725
396,764
 
TOTAL MONEY MARKET FUNDS
 (Cost $429,275)
 
 
429,275
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.7%
 (Cost $15,878,692)
 
 
 
20,043,126
NET OTHER ASSETS (LIABILITIES) - (1.7)%  
(342,600)
NET ASSETS - 100.0%
19,700,526
 
 
Legend
 
(a)
Level 3 security
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(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.
 
(e)
Investment made with cash collateral received from securities on loan.
 
(f)
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 $0 or 0.0% of net assets.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
GCI Liberty, Inc. Class A (Escrow)
5/23/23
0
 
 
 
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 4.87%
278,975
9,589,534
9,835,998
6,000
-
-
32,511
0.0%
Fidelity Securities Lending Cash Central Fund 4.87%
260,839
14,310,002
14,174,077
2,020
-
-
396,764
0.0%
Total
539,814
23,899,536
24,010,075
8,020
-
-
429,275
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
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.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
129,038
129,038
-
-
Consumer Discretionary
2,042,905
2,042,905
-
-
Consumer Staples
1,022,354
1,022,354
-
-
Energy
856,962
856,962
-
-
Financials
3,610,791
3,610,791
-
-
Health Care
2,917,398
2,917,398
-
-
Industrials
3,467,569
3,411,476
56,093
-
Information Technology
2,986,911
2,986,911
-
-
Materials
1,211,799
1,211,799
-
-
Real Estate
677,117
677,117
-
-
Utilities
691,007
691,007
-
-
  Money Market Funds
429,275
429,275
-
-
 Total Investments in Securities:
20,043,126
19,987,033
56,093
-
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of October 31, 2024 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $384,413) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $15,449,417)
$
19,613,851
 
 
Fidelity Central Funds (cost $429,275)
429,275
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $15,878,692)
 
 
$
20,043,126
Cash
 
 
16,427
Receivable for investments sold
 
 
177,710
Receivable for fund shares sold
 
 
6,805
Dividends receivable
 
 
12,186
Distributions receivable from Fidelity Central Funds
 
 
1,214
Other receivables
 
 
114
  Total assets
 
 
20,257,582
Liabilities
 
 
 
 
Payable for investments purchased
$
125,513
 
 
Payable for fund shares redeemed
10,532
 
 
Accrued management fee
23,652
 
 
Other payables and accrued expenses
784
 
 
Collateral on securities loaned
396,575
 
 
  Total liabilities
 
 
 
557,056
Net Assets  
 
 
$
19,700,526
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,602,599
Total accumulated earnings (loss)
 
 
 
14,097,927
Net Assets
 
 
$
19,700,526
Net Asset Value, offering price and redemption price per share ($19,700,526 ÷ 1,624,843 shares)
 
 
$
12.12
Statement of Operations
Six months ended October 31, 2024 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
258,450
Income from Fidelity Central Funds (including $2,020 from security lending)
 
 
8,020
 Total income
 
 
 
266,470
Expenses
 
 
 
 
Management fee
$
177,966
 
 
Independent trustees' fees and expenses
125
 
 
Legal
120
 
 
Interest
1,985
 
 
Miscellaneous
802
 
 
 Total expenses before reductions
 
180,998
 
 
 Expense reductions
 
(40)
 
 
 Total expenses after reductions
 
 
 
180,958
Net Investment income (loss)
 
 
 
85,512
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
10,439,048
 
 
 Foreign currency transactions
 
1,637
 
 
Total net realized gain (loss)
 
 
 
10,440,685
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(1,735,594)
 
 
 Assets and liabilities in foreign currencies
 
80
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(1,735,514)
Net gain (loss)
 
 
 
8,705,171
Net increase (decrease) in net assets resulting from operations
 
 
$
8,790,683
Statement of Changes in Net Assets
 
 
Six months ended
October 31, 2024
(Unaudited)
 
Year ended
April 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
85,512
$
186,711
Net realized gain (loss)
 
10,440,685
 
4,179,156
Change in net unrealized appreciation (depreciation)
 
(1,735,514)
 
3,539,145
Net increase (decrease) in net assets resulting from operations
 
8,790,683
 
7,905,012
Distributions to shareholders
 
(1,102,944)
 
(101,525)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
3,423,769
 
9,880,273
  Reinvestment of distributions
 
1,102,944
 
101,525
Cost of shares redeemed
 
(51,363,211)
 
(23,193,209)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(46,836,498)
 
(13,211,411)
Total increase (decrease) in net assets
 
(39,148,759)
 
(5,407,924)
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
58,849,285
 
64,257,209
End of period
$
19,700,526
$
58,849,285
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
283,792
 
924,996
  Issued in reinvestment of distributions
 
98,214
 
9,830
Redeemed
 
(4,065,002)
 
(2,216,408)
Net increase (decrease)
 
(3,682,996)
 
(1,281,582)
 
 
 
 
 
Financial Highlights
 
Fidelity® Small Cap Stock K6 Fund
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.09
$
9.75
$
10.94
$
15.61
$
9.24
$
11.16
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.02
 
.03
 
.02
 
.05
 
.03
 
.06
     Net realized and unrealized gain (loss)
 
1.22
 
1.33
 
(.28)
 
(1.54)
 
6.38
 
(1.88)
  Total from investment operations
 
1.24  
 
1.36  
 
(.26)  
 
(1.49)  
 
6.41
 
(1.82)
  Distributions from net investment income
 
(.03)
 
(.02)
 
-
 
(.06)
 
(.04)
 
(.10)
  Distributions from net realized gain
 
(.19)
 
-
 
(.93)
 
(3.13)
 
-
 
-
     Total distributions
 
(.21) C
 
(.02)
 
(.93)
 
(3.18) C
 
(.04)
 
(.10)
  Net asset value, end of period
$
12.12
$
11.09
$
9.75
$
10.94
$
15.61
$
9.24
 Total Return D,E
 
11.36
%
 
13.94%
 
(2.39)%
 
(12.54)%
 
69.44%
 
(16.50)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.61% H,I
 
.60%
 
.60%
 
.60%
 
.60%
 
.60%
    Expenses net of fee waivers, if any
 
.61
% H,I
 
.60%
 
.60%
 
.60%
 
.60%
 
.60%
    Expenses net of all reductions
 
.61% H,I
 
.60%
 
.60%
 
.60%
 
.56%
 
.60%
    Net investment income (loss)
 
.29% H,I
 
.31%
 
.16%
 
.35%
 
.27%
 
.58%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
19,701
$
58,849
$
64,257
$
57,173
$
75,872
$
72,029
    Portfolio turnover rate J
 
132
% H
 
96%
 
78% K
 
148% K
 
136% K
 
73% K
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IProxy expenses are not annualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended October 31, 2024
 
1. Organization.
Fidelity Small Cap Stock K6 Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fund categorizes the inputs to valuation techniques used to value its investments 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 the Fund's 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 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 open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$4,614,374
Gross unrealized depreciation
(576,906)
Net unrealized appreciation (depreciation)
$4,037,468
Tax cost
$16,005,658
 
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Small Cap Stock K6 Fund
36,985,322
84,285,406
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Small Cap Stock K6 Fund
 1,693
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Small Cap Stock K6 Fund
 Borrower
 1,577,000
5.08%
 1,112
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss)($)
Fidelity Small Cap Stock K6 Fund
 2,010,646
 12,782,674
 1,408,909
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income 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. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Small Cap Stock K6 Fund
206
 233
-
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Small Cap Stock K6 Fund
2,949,500
5.33%
 873
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $40.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Bettina Doulton
Affirmative
399,712,835,196.11
95.27
Withheld
19,861,567,939.07
4.73
TOTAL
419,574,403,135.19
100.00
Robert A. Lawrence
Affirmative
398,303,145,670.78
94.93
Withheld
21,271,257,464.41
5.07
TOTAL
419,574,403,135.19
100.00
Vijay C. Advani
Affirmative
398,848,644,763.97
95.06
Withheld
20,725,758,371.21
4.94
TOTAL
419,574,403,135.19
100.00
Thomas P. Bostick
Affirmative
399,084,917,382.24
95.12
Withheld
20,489,485,752.95
4.88
TOTAL
419,574,403,135.19
100.00
Donald F. Donahue
Affirmative
398,136,894,294.44
94.89
Withheld
21,437,508,840.75
5.11
TOTAL
419,574,403,135.19
100.00
Vicki L. Fuller
Affirmative
399,535,778,208.65
95.22
Withheld
20,038,624,926.54
4.78
TOTAL
419,574,403,135.19
100.00
Patricia L. Kampling
Affirmative
399,319,643,676.69
95.17
Withheld
20,254,759,458.50
4.83
TOTAL
419,574,403,135.19
100.00
Thomas A. Kennedy
Affirmative
398,612,509,964.82
95.00
Withheld
20,961,893,170.36
5.00
TOTAL
419,574,403,135.19
100.00
Oscar Munoz
Affirmative
397,517,256,424.15
94.74
Withheld
22,057,146,711.03
5.26
TOTAL
419,574,403,135.19
100.00
Karen B. Peetz
Affirmative
398,905,166,808.58
95.07
Withheld
20,669,236,326.60
4.93
TOTAL
419,574,403,135.19
100.00
David M. Thomas
Affirmative
398,279,523,899.44
94.92
Withheld
21,294,879,235.74
5.08
TOTAL
419,574,403,135.19
100.00
Susan Tomasky
Affirmative
398,393,822,853.60
94.95
Withheld
21,180,580,281.58
5.05
TOTAL
419,574,403,135.19
100.00
Michael E. Wiley
Affirmative
398,304,955,259.60
94.93
Withheld
21,269,447,875.58
5.07
TOTAL
419,574,403,135.19
100.00
 
 
 
Proposal 1 reflects trust-wide proposal and voting results.
 
 
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Small Cap Stock K6 Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow or rise as assets decrease. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
 
1.9883974.107
SLCXK6-SANN-1224
Fidelity® Small Cap Discovery Fund
 
 
Semi-Annual Report
October 31, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Small Cap Discovery Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Small Cap Discovery Fund
Schedule of Investments October 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.0%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 0.1%
 
 
 
Diversified Telecommunication Services - 0.1%
 
 
 
Liberty Latin America Ltd. Class C (a)
 
185,957
1,800,064
CONSUMER DISCRETIONARY - 11.4%
 
 
 
Automobile Components - 1.8%
 
 
 
Patrick Industries, Inc.
 
329,975
41,570,251
Diversified Consumer Services - 2.5%
 
 
 
Adtalem Global Education, Inc. (a)
 
35,482
2,871,203
Laureate Education, Inc.
 
3,156,003
54,220,132
 
 
 
57,091,335
Household Durables - 0.5%
 
 
 
Installed Building Products, Inc.
 
49,014
10,631,137
Specialty Retail - 4.8%
 
 
 
Academy Sports & Outdoors, Inc. (b)
 
679,896
34,579,511
American Eagle Outfitters, Inc.
 
284,597
5,575,255
Boot Barn Holdings, Inc. (a)
 
36,518
4,548,317
Caleres, Inc. (b)
 
311,100
9,286,335
Murphy U.S.A., Inc.
 
116,956
57,127,158
 
 
 
111,116,576
Textiles, Apparel & Luxury Goods - 1.8%
 
 
 
Crocs, Inc. (a)
 
376,032
40,543,770
TOTAL CONSUMER DISCRETIONARY
 
 
260,953,069
CONSUMER STAPLES - 5.5%
 
 
 
Beverages - 1.0%
 
 
 
Coca-Cola Consolidated, Inc.
 
15,387
17,298,989
MGP Ingredients, Inc. (b)
 
145,202
6,975,504
 
 
 
24,274,493
Consumer Staples Distribution & Retail - 4.3%
 
 
 
Performance Food Group Co. (a)
 
1,204,556
97,870,175
Food Products - 0.2%
 
 
 
The Simply Good Foods Co. (a)
 
141,500
4,762,890
TOTAL CONSUMER STAPLES
 
 
126,907,558
ENERGY - 6.1%
 
 
 
Energy Equipment & Services - 2.4%
 
 
 
Cactus, Inc. Class A
 
201,203
11,929,326
Mattr Corp. (a)(c)
 
3,413,190
29,784,363
Valaris Ltd. (a)
 
246,414
12,468,548
 
 
 
54,182,237
Oil, Gas & Consumable Fuels - 3.7%
 
 
 
Civitas Resources, Inc.
 
660,900
32,245,311
Northern Oil & Gas, Inc. (b)
 
396,083
14,358,009
Parkland Corp.
 
1,241,800
28,896,700
Sitio Royalties Corp. Class A (b)
 
427,980
9,539,674
 
 
 
85,039,694
TOTAL ENERGY
 
 
139,221,931
FINANCIALS - 15.1%
 
 
 
Banks - 2.9%
 
 
 
Cadence Bank
 
791,196
26,449,682
Webster Financial Corp.
 
755,804
39,150,647
 
 
 
65,600,329
Capital Markets - 1.7%
 
 
 
Stifel Financial Corp.
 
372,000
38,546,640
Consumer Finance - 2.6%
 
 
 
FirstCash Holdings, Inc.
 
581,900
60,209,193
Financial Services - 2.6%
 
 
 
Essent Group Ltd.
 
233,100
13,988,331
EVERTEC, Inc.
 
940,913
30,824,310
WEX, Inc. (a)
 
90,300
15,585,780
 
 
 
60,398,421
Insurance - 5.3%
 
 
 
Assurant, Inc.
 
153,840
29,491,128
Primerica, Inc.
 
186,605
51,654,130
Reinsurance Group of America, Inc.
 
59,200
12,495,936
Selective Insurance Group, Inc.
 
198,163
17,997,164
The Baldwin Insurance Group, Inc. Class A, (a)
 
208,400
9,640,584
TWFG, Inc. Class A
 
24,500
794,780
 
 
 
122,073,722
TOTAL FINANCIALS
 
 
346,828,305
HEALTH CARE - 6.9%
 
 
 
Biotechnology - 2.6%
 
 
 
Astria Therapeutics, Inc. (a)
 
190,315
2,127,722
Blueprint Medicines Corp. (a)
 
37,000
3,237,870
Celldex Therapeutics, Inc. (a)(b)
 
313,084
8,158,969
Cytokinetics, Inc. (a)
 
320,800
16,360,800
Day One Biopharmaceuticals, Inc. (a)
 
160,700
2,365,504
Dyne Therapeutics, Inc. (a)
 
121,944
3,519,304
Keros Therapeutics, Inc. (a)
 
119,500
6,935,780
Perspective Therapeutics, Inc. (a)
 
205,266
2,424,191
Vaxcyte, Inc. (a)
 
146,100
15,537,735
 
 
 
60,667,875
Health Care Equipment & Supplies - 1.2%
 
 
 
Haemonetics Corp. (a)
 
201,901
14,367,275
Lantheus Holdings, Inc. (a)
 
91,700
10,072,328
Utah Medical Products, Inc.
 
29,503
1,869,900
 
 
 
26,309,503
Health Care Providers & Services - 2.6%
 
 
 
BrightSpring Health Services, Inc. (a)
 
51,142
765,596
Owens & Minor, Inc. (a)
 
2,455,759
31,212,697
PACS Group, Inc.
 
237,400
10,132,232
Pennant Group, Inc. (a)
 
217,977
6,968,725
Tenet Healthcare Corp. (a)
 
2,200
341,044
The Ensign Group, Inc.
 
67,276
10,427,107
 
 
 
59,847,401
Health Care Technology - 0.2%
 
 
 
Evolent Health, Inc. Class A (a)
 
173,200
4,044,220
Pharmaceuticals - 0.3%
 
 
 
Arvinas Holding Co. LLC (a)
 
246,600
6,517,638
Elanco Animal Health, Inc. (a)
 
62,000
783,680
Enliven Therapeutics, Inc. (a)
 
4,200
116,970
 
 
 
7,418,288
TOTAL HEALTH CARE
 
 
158,287,287
INDUSTRIALS - 27.2%
 
 
 
Aerospace & Defense - 1.2%
 
 
 
V2X, Inc. (a)
 
447,928
27,592,365
Building Products - 3.8%
 
 
 
Armstrong World Industries, Inc.
 
58,557
8,171,629
AZZ, Inc.
 
257,071
19,583,669
Gibraltar Industries, Inc. (a)
 
223,937
15,113,508
Janus International Group, Inc. (a)
 
255,000
1,876,800
Tecnoglass, Inc. (b)
 
296,586
20,325,039
UFP Industries, Inc.
 
173,600
21,238,224
 
 
 
86,308,869
Commercial Services & Supplies - 2.0%
 
 
 
Brady Corp. Class A
 
171,629
12,209,687
The Brink's Co.
 
327,649
33,679,041
 
 
 
45,888,728
Construction & Engineering - 1.9%
 
 
 
IES Holdings, Inc. (a)
 
158,685
34,698,856
Valmont Industries, Inc.
 
27,500
8,571,200
 
 
 
43,270,056
Electrical Equipment - 0.8%
 
 
 
Nextracker, Inc. Class A (a)
 
469,200
18,683,544
Ground Transportation - 1.0%
 
 
 
ArcBest Corp.
 
112,869
11,758,692
Proficient Auto Logistics, Inc.
 
88,616
725,765
TFI International, Inc.
 
62,833
8,408,312
Universal Logistics Holdings, Inc.
 
43,701
1,837,190
 
 
 
22,729,959
Machinery - 1.3%
 
 
 
Gates Industrial Corp. PLC (a)
 
638,395
12,352,943
Mueller Industries, Inc.
 
113,500
9,303,595
REV Group, Inc.
 
279,821
7,415,257
Timken Co.
 
25,400
2,108,200
 
 
 
31,179,995
Professional Services - 9.4%
 
 
 
CBIZ, Inc. (a)
 
41,900
2,888,167
ExlService Holdings, Inc. (a)
 
389,372
16,225,131
Genpact Ltd.
 
2,346,700
89,573,539
Kforce, Inc.
 
434,627
25,117,094
Maximus, Inc.
 
699,742
60,485,698
WNS Holdings Ltd.
 
426,741
20,479,301
 
 
 
214,768,930
Trading Companies & Distributors - 5.8%
 
 
 
Beacon Roofing Supply, Inc. (a)
 
794,864
73,183,128
Core & Main, Inc. Class A (a)
 
577,800
25,584,984
DXP Enterprises, Inc. (a)
 
67,385
3,307,256
GMS, Inc. (a)
 
291,000
26,157,990
Rush Enterprises, Inc. Class A
 
109,100
6,172,878
 
 
 
134,406,236
TOTAL INDUSTRIALS
 
 
624,828,682
INFORMATION TECHNOLOGY - 17.2%
 
 
 
Communications Equipment - 4.3%
 
 
 
Ciena Corp. (a)
 
755,689
47,993,808
Lumentum Holdings, Inc. (a)
 
774,467
49,465,207
 
 
 
97,459,015
Electronic Equipment, Instruments & Components - 6.4%
 
 
 
Belden, Inc.
 
146,100
16,636,407
ePlus, Inc. (a)
 
238,508
21,215,287
Insight Enterprises, Inc. (a)(b)
 
392,394
68,637,558
Napco Security Technologies, Inc.
 
111,100
4,275,128
Sanmina Corp. (a)
 
181,400
12,716,140
TD SYNNEX Corp.
 
183,900
21,212,865
Vishay Precision Group, Inc. (a)
 
130,186
3,021,617
 
 
 
147,715,002
IT Services - 2.6%
 
 
 
ASGN, Inc. (a)
 
642,947
59,215,419
Semiconductors & Semiconductor Equipment - 1.1%
 
 
 
AEHR Test Systems (a)(b)
 
137,400
1,934,592
Diodes, Inc. (a)
 
244,281
14,285,553
Penguin Solutions, Inc. (a)(b)
 
616,499
9,278,310
 
 
 
25,498,455
Software - 2.8%
 
 
 
Cellebrite DI Ltd. (a)
 
142,560
2,587,464
Intapp, Inc. (a)
 
37,667
1,889,753
Rapid7, Inc. (a)
 
645,268
26,081,733
Tenable Holdings, Inc. (a)
 
831,000
32,915,910
 
 
 
63,474,860
TOTAL INFORMATION TECHNOLOGY
 
 
393,362,751
MATERIALS - 6.6%
 
 
 
Chemicals - 2.6%
 
 
 
Hawkins, Inc.
 
19,817
2,118,437
Minerals Technologies, Inc.
 
193,200
14,546,028
Olin Corp.
 
1,062,379
43,589,410
 
 
 
60,253,875
Construction Materials - 1.0%
 
 
 
Eagle Materials, Inc.
 
76,900
21,951,874
Containers & Packaging - 2.0%
 
 
 
Graphic Packaging Holding Co.
 
1,652,935
46,711,943
Metals & Mining - 0.5%
 
 
 
ATI, Inc. (a)
 
173,900
9,166,269
Constellium NV (a)
 
184,112
2,043,643
 
 
 
11,209,912
Paper & Forest Products - 0.5%
 
 
 
Louisiana-Pacific Corp.
 
115,600
11,432,840
TOTAL MATERIALS
 
 
151,560,444
UTILITIES - 1.9%
 
 
 
Gas Utilities - 1.9%
 
 
 
Brookfield Infrastructure Corp. A Shares (b)
 
1,070,171
43,962,625
 
TOTAL COMMON STOCKS
 (Cost $1,879,697,604)
 
 
 
2,247,712,716
 
 
 
 
Money Market Funds - 6.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.87% (d)
 
41,094,416
41,102,635
Fidelity Securities Lending Cash Central Fund 4.87% (d)(e)
 
112,493,049
112,504,298
 
TOTAL MONEY MARKET FUNDS
 (Cost $153,606,933)
 
 
153,606,933
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 104.7%
 (Cost $2,033,304,537)
 
 
 
2,401,319,649
NET OTHER ASSETS (LIABILITIES) - (4.7)%  
(107,295,894)
NET ASSETS - 100.0%
2,294,023,755
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated company
 
(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.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
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 4.87%
111,809,220
491,315,689
562,023,169
2,507,556
895
-
41,102,635
0.1%
Fidelity Securities Lending Cash Central Fund 4.87%
39,722,698
279,518,251
206,736,651
22,263
-
-
112,504,298
0.5%
Total
151,531,918
770,833,940
768,759,820
2,529,819
895
-
153,606,933
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
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.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Mattr Corp.
63,930,722
-
17,736,235
-
(22,994,322)
6,584,198
29,784,363
Total
63,930,722
-
17,736,235
-
(22,994,322)
6,584,198
29,784,363
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
1,800,064
1,800,064
-
-
Consumer Discretionary
260,953,069
260,953,069
-
-
Consumer Staples
126,907,558
126,907,558
-
-
Energy
139,221,931
139,221,931
-
-
Financials
346,828,305
346,828,305
-
-
Health Care
158,287,287
158,287,287
-
-
Industrials
624,828,682
624,828,682
-
-
Information Technology
393,362,751
393,362,751
-
-
Materials
151,560,444
151,560,444
-
-
Utilities
43,962,625
43,962,625
-
-
  Money Market Funds
153,606,933
153,606,933
-
-
 Total Investments in Securities:
2,401,319,649
2,401,319,649
-
-
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of October 31, 2024 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $102,045,587) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,850,039,217)
$
2,217,928,353
 
 
Fidelity Central Funds (cost $153,606,933)
153,606,933
 
 
Other affiliated issuers (cost $29,658,387)
29,784,363
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,033,304,537)
 
 
$
2,401,319,649
Foreign currency held at value (cost $2)
 
 
2
Receivable for investments sold
 
 
13,332,244
Receivable for fund shares sold
 
 
1,220,848
Dividends receivable
 
 
1,197,386
Distributions receivable from Fidelity Central Funds
 
 
182,845
Prepaid expenses
 
 
3,057
Other receivables
 
 
292
  Total assets
 
 
2,417,256,323
Liabilities
 
 
 
 
Payable to custodian bank
$
2,545
 
 
Payable for investments purchased
7,279,282
 
 
Payable for fund shares redeemed
1,418,480
 
 
Accrued management fee
1,940,211
 
 
Other payables and accrued expenses
91,150
 
 
Collateral on securities loaned
112,500,900
 
 
  Total liabilities
 
 
 
123,232,568
Net Assets  
 
 
$
2,294,023,755
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,802,966,339
Total accumulated earnings (loss)
 
 
 
491,057,416
Net Assets
 
 
$
2,294,023,755
Net Asset Value, offering price and redemption price per share ($2,294,023,755 ÷ 90,839,470 shares)
 
 
$
25.25
Statement of Operations
Six months ended October 31, 2024 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
13,328,311
Income from Fidelity Central Funds (including $22,263 from security lending)
 
 
2,529,819
 Total income
 
 
 
15,858,130
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
9,961,932
 
 
 Performance adjustment
2,751,231
 
 
Custodian fees and expenses
22,874
 
 
Independent trustees' fees and expenses
5,303
 
 
Registration fees
53,376
 
 
Audit fees
28,397
 
 
Legal
1,838
 
 
Interest
7,690
 
 
Miscellaneous
54,481
 
 
 Total expenses before reductions
 
12,887,122
 
 
 Expense reductions
 
(2,280)
 
 
 Total expenses after reductions
 
 
 
12,884,842
Net Investment income (loss)
 
 
 
2,973,288
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
144,732,560
 
 
   Fidelity Central Funds
 
895
 
 
   Other affiliated issuers
 
(22,994,322)
 
 
 Foreign currency transactions
 
(32,427)
 
 
Total net realized gain (loss)
 
 
 
121,706,706
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(68,139,625)
 
 
   Affiliated issuers
 
6,584,198
 
 
 Assets and liabilities in foreign currencies
 
46,576
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(61,508,851)
Net gain (loss)
 
 
 
60,197,855
Net increase (decrease) in net assets resulting from operations
 
 
$
63,171,143
Statement of Changes in Net Assets
 
 
Six months ended
October 31, 2024
(Unaudited)
 
Year ended
April 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
2,973,288
$
4,299,171
Net realized gain (loss)
 
121,706,706
 
295,140,009
Change in net unrealized appreciation (depreciation)
 
(61,508,851)
 
103,525,026
Net increase (decrease) in net assets resulting from operations
 
63,171,143
 
402,964,206
Distributions to shareholders
 
(187,514,313)
 
(115,324,597)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
173,292,611
 
503,047,090
  Reinvestment of distributions
 
170,392,344
 
107,900,583
Cost of shares redeemed
 
(540,539,248)
 
(1,040,709,877)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(196,854,293)
 
(429,762,204)
Total increase (decrease) in net assets
 
(321,197,463)
 
(142,122,595)
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,615,221,218
 
2,757,343,813
End of period
$
2,294,023,755
$
2,615,221,218
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
6,669,751
 
19,402,492
  Issued in reinvestment of distributions
 
6,954,790
 
4,239,591
Redeemed
 
(21,037,059)
 
(41,747,091)
Net increase (decrease)
 
(7,412,518)
 
(18,105,008)
 
 
 
 
 
Financial Highlights
 
Fidelity® Small Cap Discovery Fund
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023  
 
2022 
 
2021 
 
2020   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
26.62
$
23.70
$
26.93
$
29.55
$
17.11
$
23.60
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.03
 
.04
 
.06
 
- C
 
.08
 
.18
     Net realized and unrealized gain (loss)
 
.53
 
4.06
 
(.64)
 
(.74)
 
13.03
 
(4.94)
  Total from investment operations
 
.56  
 
4.10  
 
(.58)  
 
(.74)  
 
13.11
 
(4.76)
  Distributions from net investment income
 
-
 
(.03)
 
(.04)
 
(.03)
 
(.07) D
 
(.19)
  Distributions from net realized gain
 
(1.93)
 
(1.15)
 
(2.61)
 
(1.85)
 
(.60) D
 
(1.54)
     Total distributions
 
(1.93)
 
(1.18)
 
(2.65)
 
(1.88)
 
(.67)
 
(1.73)
  Net asset value, end of period
$
25.25
$
26.62
$
23.70
$
26.93
$
29.55
$
17.11
 Total Return E,F
 
2.32
%
 
17.57%
 
(1.82)%
 
(2.94)%
 
77.54%
 
(21.89)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.01% I
 
1.10%
 
1.03%
 
.98%
 
.62%
 
.61%
    Expenses net of fee waivers, if any
 
1.01
% I
 
1.09%
 
1.02%
 
.97%
 
.62%
 
.61%
    Expenses net of all reductions
 
1.01% I
 
1.09%
 
1.02%
 
.97%
 
.61%
 
.61%
    Net investment income (loss)
 
.23% I
 
.17%
 
.25%
 
.01%
 
.33%
 
.81%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,294,024
$
2,615,221
$
2,757,344
$
3,223,415
$
3,170,589
$
1,880,740
    Portfolio turnover rate J
 
61
% I
 
45%
 
27%
 
26%
 
33%
 
52%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
 (Unaudited)
For the period ended October 31, 2024
 
1. Organization.
Fidelity Small Cap Discovery Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fund categorizes the inputs to valuation techniques used to value its investments 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 the Fund's 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 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 open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$534,769,593
Gross unrealized depreciation
(168,572,668)
Net unrealized appreciation (depreciation)
$366,196,925
Tax cost
$2,035,122,724
 
 
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Small Cap Discovery Fund
757,751,989
1,079,410,296
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
 
Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Fidelity Small Cap Discovery Fund
.84
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Fidelity Small Cap Discovery Fund
.78
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity Small Cap Discovery Fund
Russell 2000 Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .22%.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Small Cap Discovery Fund
 14,745
 
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Small Cap Discovery Fund
 Borrower
 13,651,000
5.07%
 7,690
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss)($)
Fidelity Small Cap Discovery Fund
 59,733,027
 98,999,129
 22,324,138
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount ($)
Fidelity Small Cap Discovery Fund
1,782
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income 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. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Small Cap Discovery Fund
2,484
 1
-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,280.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Bettina Doulton
Affirmative
399,712,835,196.11
95.27
Withheld
19,861,567,939.07
4.73
TOTAL
419,574,403,135.19
100.00
Robert A. Lawrence
Affirmative
398,303,145,670.78
94.93
Withheld
21,271,257,464.41
5.07
TOTAL
419,574,403,135.19
100.00
Vijay C. Advani
Affirmative
398,848,644,763.97
95.06
Withheld
20,725,758,371.21
4.94
TOTAL
419,574,403,135.19
100.00
Thomas P. Bostick
Affirmative
399,084,917,382.24
95.12
Withheld
20,489,485,752.95
4.88
TOTAL
419,574,403,135.19
100.00
Donald F. Donahue
Affirmative
398,136,894,294.44
94.89
Withheld
21,437,508,840.75
5.11
TOTAL
419,574,403,135.19
100.00
Vicki L. Fuller
Affirmative
399,535,778,208.65
95.22
Withheld
20,038,624,926.54
4.78
TOTAL
419,574,403,135.19
100.00
Patricia L. Kampling
Affirmative
399,319,643,676.69
95.17
Withheld
20,254,759,458.50
4.83
TOTAL
419,574,403,135.19
100.00
Thomas A. Kennedy
Affirmative
398,612,509,964.82
95.00
Withheld
20,961,893,170.36
5.00
TOTAL
419,574,403,135.19
100.00
Oscar Munoz
Affirmative
397,517,256,424.15
94.74
Withheld
22,057,146,711.03
5.26
TOTAL
419,574,403,135.19
100.00
Karen B. Peetz
Affirmative
398,905,166,808.58
95.07
Withheld
20,669,236,326.60
4.93
TOTAL
419,574,403,135.19
100.00
David M. Thomas
Affirmative
398,279,523,899.44
94.92
Withheld
21,294,879,235.74
5.08
TOTAL
419,574,403,135.19
100.00
Susan Tomasky
Affirmative
398,393,822,853.60
94.95
Withheld
21,180,580,281.58
5.05
TOTAL
419,574,403,135.19
100.00
Michael E. Wiley
Affirmative
398,304,955,259.60
94.93
Withheld
21,269,447,875.58
5.07
TOTAL
419,574,403,135.19
100.00
 
 
 
Proposal 1 reflects trust-wide proposal and voting results.
 
 
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Small Cap Discovery Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with a fee based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the management fee, the fund will receive investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the fund's management fee and total expense ratio, the Board considered the fund's pro forma management fee rate as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
 
1.749363.124
SMR-SANN-1224
Fidelity® Series Small Cap Core Fund
 
 
Semi-Annual Report
October 31, 2024

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Series Small Cap Core Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Series Small Cap Core Fund
Schedule of Investments October 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.2%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 2.4%
 
 
 
Diversified Telecommunication Services - 0.7%
 
 
 
Cogent Communications Group, Inc. (a)
 
81,766
6,563,357
Liberty Latin America Ltd. Class C (b)
 
184,621
1,787,131
 
 
 
8,350,488
Entertainment - 0.7%
 
 
 
Cinemark Holdings, Inc. (b)
 
102,700
3,055,325
IMAX Corp. (a)(b)
 
223,491
5,430,831
 
 
 
8,486,156
Interactive Media & Services - 0.8%
 
 
 
IAC, Inc. Class A (b)
 
62,491
2,996,443
QuinStreet, Inc. (b)
 
319,996
6,719,916
 
 
 
9,716,359
Wireless Telecommunication Services - 0.2%
 
 
 
Gogo, Inc. (a)(b)
 
402,137
2,633,997
TOTAL COMMUNICATION SERVICES
 
 
29,187,000
CONSUMER DISCRETIONARY - 9.4%
 
 
 
Automobile Components - 1.3%
 
 
 
Gentherm, Inc. (b)
 
85,225
3,575,189
LCI Industries
 
54,258
6,037,830
Patrick Industries, Inc.
 
42,840
5,396,983
 
 
 
15,010,002
Broadline Retail - 0.3%
 
 
 
Global-e Online Ltd. (b)
 
108,765
4,180,927
Diversified Consumer Services - 1.7%
 
 
 
European Wax Center, Inc. Class A (a)(b)
 
387,983
2,789,598
Grand Canyon Education, Inc. (b)
 
53,774
7,372,953
Laureate Education, Inc.
 
180,732
3,104,976
OneSpaWorld Holdings Ltd.
 
423,948
7,423,329
 
 
 
20,690,856
Hotels, Restaurants & Leisure - 2.0%
 
 
 
Aramark
 
132,999
5,031,352
Brinker International, Inc. (b)
 
77,200
7,929,212
Dutch Bros, Inc. Class A (b)
 
137,100
4,540,752
Noodles & Co. Class A (b)
 
19,084
22,137
Red Rock Resorts, Inc.
 
115,120
5,924,075
 
 
 
23,447,528
Household Durables - 1.5%
 
 
 
Cavco Industries, Inc. (b)
 
19,062
7,811,512
LGI Homes, Inc. (a)(b)
 
47,869
4,861,576
SharkNinja, Inc.
 
50,978
4,700,681
 
 
 
17,373,769
Leisure Products - 0.5%
 
 
 
Brunswick Corp.
 
73,620
5,870,459
Specialty Retail - 2.1%
 
 
 
Academy Sports & Outdoors, Inc.
 
103,205
5,249,006
America's Car Mart, Inc. (a)(b)
 
62,085
2,423,798
Boot Barn Holdings, Inc. (b)
 
55,123
6,865,570
Camping World Holdings, Inc. Class A (a)
 
238,632
4,786,958
Murphy U.S.A., Inc.
 
12,761
6,233,110
 
 
 
25,558,442
Textiles, Apparel & Luxury Goods - 0.0%
 
 
 
Rocky Brands, Inc.
 
7,764
157,920
TOTAL CONSUMER DISCRETIONARY
 
 
112,289,903
CONSUMER STAPLES - 2.8%
 
 
 
Beverages - 0.9%
 
 
 
Boston Beer Co., Inc. Class A (b)
 
13,006
3,785,656
Primo Water Corp.
 
255,338
6,697,516
 
 
 
10,483,172
Consumer Staples Distribution & Retail - 0.4%
 
 
 
Performance Food Group Co. (b)
 
62,298
5,061,713
Food Products - 1.1%
 
 
 
Darling Ingredients, Inc. (b)
 
30,000
1,173,300
SunOpta, Inc. (a)(b)
 
246,091
1,610,666
The Simply Good Foods Co. (b)
 
181,486
6,108,819
TreeHouse Foods, Inc. (b)
 
118,245
4,301,753
 
 
 
13,194,538
Household Products - 0.4%
 
 
 
Energizer Holdings, Inc.
 
142,020
4,554,581
TOTAL CONSUMER STAPLES
 
 
33,294,004
ENERGY - 5.1%
 
 
 
Energy Equipment & Services - 2.3%
 
 
 
Cactus, Inc. Class A
 
144,348
8,558,393
Liberty Energy, Inc. Class A
 
297,370
5,076,106
National Energy Services Reunited Corp. (b)
 
40,526
372,839
Oceaneering International, Inc. (b)
 
272,283
6,643,705
TechnipFMC PLC
 
253,180
6,757,374
 
 
 
27,408,417
Oil, Gas & Consumable Fuels - 2.8%
 
 
 
Chord Energy Corp.
 
41,511
5,193,026
Civitas Resources, Inc.
 
94,385
4,605,044
Golar LNG Ltd.
 
174,585
6,330,452
Gulfport Energy Corp. (b)
 
36,500
5,053,060
Northern Oil & Gas, Inc.
 
176,553
6,400,046
Sitio Royalties Corp. Class A
 
128,457
2,863,307
Uranium Energy Corp. (a)(b)
 
318,955
2,366,646
 
 
 
32,811,581
TOTAL ENERGY
 
 
60,219,998
FINANCIALS - 20.0%
 
 
 
Banks - 9.9%
 
 
 
Associated Banc-Corp.
 
144,427
3,428,697
BOK Financial Corp.
 
51,266
5,445,987
Byline Bancorp, Inc. (a)
 
177,347
4,772,408
Cadence Bank
 
345,247
11,541,607
Camden National Corp.
 
5,723
240,080
ConnectOne Bancorp, Inc.
 
167,327
4,056,006
Eastern Bankshares, Inc.
 
561,277
9,165,653
First Foundation, Inc.
 
489,800
3,296,354
First Interstate Bancsystem, Inc. Class A
 
343,407
10,576,936
First Northwest Bancorp
 
600
6,090
FNB Corp., Pennsylvania
 
495,406
7,183,387
Independent Bank Corp.
 
179,765
5,892,697
Independent Bank Group, Inc.
 
127,803
7,458,583
Pinnacle Financial Partners, Inc.
 
58,879
6,208,791
Popular, Inc.
 
1,663
148,389
United Community Bank, Inc.
 
256,289
7,293,985
Univest Corp. of Pennsylvania
 
15,837
440,744
Webster Financial Corp.
 
179,567
9,301,571
Western Alliance Bancorp.
 
122,698
10,209,701
Wintrust Financial Corp.
 
104,019
12,054,762
 
 
 
118,722,428
Capital Markets - 4.0%
 
 
 
Bridge Investment Group Holdings, Inc.
 
13,300
144,704
P10, Inc. Class A (a)
 
491,283
5,428,677
Perella Weinberg Partners Class A
 
321,361
6,501,133
Piper Sandler Cos.
 
35,975
10,203,949
PJT Partners, Inc. Class A (a)
 
50,991
7,085,709
StepStone Group, Inc. Class A
 
163,270
9,817,425
Stifel Financial Corp.
 
79,577
8,245,769
 
 
 
47,427,366
Consumer Finance - 0.8%
 
 
 
FirstCash Holdings, Inc.
 
92,450
9,565,802
Financial Services - 3.3%
 
 
 
AvidXchange Holdings, Inc. (b)
 
272,958
2,249,174
Cannae Holdings, Inc.
 
187,329
3,718,481
Essent Group Ltd.
 
132,116
7,928,281
EVERTEC, Inc.
 
156,600
5,130,216
Federal Agricultural Mortgage Corp. Class C (non-vtg.)
 
1,248
228,721
Flywire Corp. (b)
 
251,543
4,381,879
HA Sustainable Infrastructure Capital, Inc.
 
52,900
1,850,971
NMI Holdings, Inc. (b)
 
191,861
7,421,183
Walker & Dunlop, Inc.
 
58,976
6,450,205
 
 
 
39,359,111
Insurance - 2.0%
 
 
 
Selective Insurance Group, Inc.
 
56,285
5,111,804
The Baldwin Insurance Group, Inc. Class A, (b)
 
225,423
10,428,068
TWFG, Inc. Class A
 
127,950
4,150,698
White Mountains Insurance Group Ltd.
 
2,292
4,119,045
 
 
 
23,809,615
TOTAL FINANCIALS
 
 
238,884,322
HEALTH CARE - 15.9%
 
 
 
Biotechnology - 8.7%
 
 
 
ADMA Biologics, Inc. (b)
 
181,900
2,966,789
AnaptysBio, Inc. (b)
 
121,252
2,622,681
Apellis Pharmaceuticals, Inc. (b)
 
86,019
2,344,878
Apogee Therapeutics, Inc. (b)
 
7,433
386,813
Arcellx, Inc. (b)
 
82,453
6,948,314
Astria Therapeutics, Inc. (b)
 
266,103
2,975,032
Autolus Therapeutics PLC ADR (b)
 
781,435
2,633,436
Blueprint Medicines Corp. (b)
 
63,241
5,534,220
Celldex Therapeutics, Inc. (b)
 
151,928
3,959,244
Cogent Biosciences, Inc. (b)
 
404,955
4,652,933
Crinetics Pharmaceuticals, Inc. (b)
 
128,645
7,198,974
Cytokinetics, Inc. (b)
 
106,751
5,444,301
Day One Biopharmaceuticals, Inc. (b)
 
160,948
2,369,155
Immunovant, Inc. (b)
 
131,000
3,833,060
Insmed, Inc. (b)
 
46,318
3,116,275
Keros Therapeutics, Inc. (b)
 
87,011
5,050,118
Madrigal Pharmaceuticals, Inc. (a)(b)
 
18,682
4,844,990
Merus BV (b)
 
72,474
3,618,627
Moonlake Immunotherapeutics Class A (b)
 
80,005
3,713,832
Perspective Therapeutics, Inc. (a)(b)
 
286,700
3,385,927
Repligen Corp. (b)
 
25,334
3,401,596
Spyre Therapeutics, Inc. (b)
 
54,331
1,767,387
Vaxcyte, Inc. (b)
 
109,366
11,631,074
Viridian Therapeutics, Inc. (b)
 
210,140
4,532,720
Xenon Pharmaceuticals, Inc. (b)
 
131,416
5,402,512
 
 
 
104,334,888
Health Care Equipment & Supplies - 2.8%
 
 
 
Glaukos Corp. (b)
 
68,240
9,024,740
Inspire Medical Systems, Inc. (b)
 
25,789
5,029,887
iRhythm Technologies, Inc. (b)
 
62,698
4,541,843
Masimo Corp. (b)
 
42,894
6,177,165
Merit Medical Systems, Inc. (b)
 
91,076
8,985,558
ViewRay, Inc. (b)
 
34,227
0
 
 
 
33,759,193
Health Care Providers & Services - 3.0%
 
 
 
AMN Healthcare Services, Inc. (b)
 
59,600
2,261,224
LifeStance Health Group, Inc. (b)
 
531,865
3,568,814
Option Care Health, Inc. (b)
 
246,100
5,670,144
PACS Group, Inc.
 
151,050
6,446,814
Surgery Partners, Inc. (b)
 
235,269
6,775,747
The Ensign Group, Inc.
 
67,949
10,531,416
 
 
 
35,254,159
Life Sciences Tools & Services - 0.1%
 
 
 
Fortrea Holdings, Inc. (b)
 
95,020
1,598,236
Pharmaceuticals - 1.3%
 
 
 
Arvinas Holding Co. LLC (b)
 
154,822
4,091,945
Axsome Therapeutics, Inc. (a)(b)
 
58,902
5,244,045
Elanco Animal Health, Inc. (b)
 
39,400
498,016
Enliven Therapeutics, Inc. (a)(b)
 
147,489
4,107,569
Structure Therapeutics, Inc. ADR (b)
 
28,657
1,179,236
 
 
 
15,120,811
TOTAL HEALTH CARE
 
 
190,067,287
INDUSTRIALS - 16.5%
 
 
 
Aerospace & Defense - 1.7%
 
 
 
AerSale Corp. (a)(b)
 
298,491
1,573,048
Cadre Holdings, Inc.
 
188,860
6,566,662
Kratos Defense & Security Solutions, Inc. (b)
 
296,768
6,742,569
V2X, Inc. (b)
 
89,478
5,511,845
 
 
 
20,394,124
Building Products - 2.5%
 
 
 
AAON, Inc.
 
40,706
4,649,439
AZZ, Inc.
 
70,855
5,397,734
Tecnoglass, Inc.
 
96,612
6,620,820
The AZEK Co., Inc. Class A, (b)
 
108,069
4,755,036
UFP Industries, Inc.
 
63,524
7,771,526
 
 
 
29,194,555
Commercial Services & Supplies - 2.3%
 
 
 
ACV Auctions, Inc. Class A (b)
 
236,983
4,097,436
Brady Corp. Class A
 
63,573
4,522,583
The Brink's Co.
 
107,591
11,059,279
VSE Corp.
 
75,445
7,742,166
 
 
 
27,421,464
Construction & Engineering - 2.6%
 
 
 
Bowman Consulting Group Ltd. (a)(b)
 
138,178
2,805,013
Centuri Holdings, Inc. (a)
 
171,397
3,217,122
Construction Partners, Inc. Class A (b)
 
89,953
7,082,000
IES Holdings, Inc. (b)
 
36,321
7,942,131
Sterling Construction Co., Inc. (b)
 
66,068
10,204,203
 
 
 
31,250,469
Electrical Equipment - 0.8%
 
 
 
Fluence Energy, Inc. Class A (a)(b)
 
207,771
4,519,019
Nextracker, Inc. Class A (a)(b)
 
133,668
5,322,660
 
 
 
9,841,679
Ground Transportation - 0.0%
 
 
 
Proficient Auto Logistics, Inc.
 
45,755
374,733
Machinery - 2.0%
 
 
 
Blue Bird Corp. (b)
 
35,500
1,494,905
Crane Co.
 
38,018
5,979,471
Gates Industrial Corp. PLC (b)
 
249,300
4,823,955
REV Group, Inc.
 
179,200
4,748,800
Terex Corp.
 
139,159
7,195,912
 
 
 
24,243,043
Professional Services - 2.0%
 
 
 
Concentrix Corp.
 
15,061
640,243
CRA International, Inc.
 
42,150
7,677,201
ICF International, Inc.
 
28,959
4,882,198
TrueBlue, Inc. (a)(b)
 
254,586
1,906,849
Verra Mobility Corp. Class A (b)
 
161,600
4,196,752
WNS Holdings Ltd.
 
97,290
4,668,947
 
 
 
23,972,190
Trading Companies & Distributors - 2.6%
 
 
 
Applied Industrial Technologies, Inc.
 
53,761
12,450,513
FTAI Aviation Ltd.
 
76,326
10,261,267
GMS, Inc. (b)
 
35,900
3,227,051
Xometry, Inc. Class A (a)(b)
 
227,221
4,471,709
 
 
 
30,410,540
TOTAL INDUSTRIALS
 
 
197,102,797
INFORMATION TECHNOLOGY - 12.5%
 
 
 
Communications Equipment - 1.2%
 
 
 
Ciena Corp. (b)
 
68,645
4,359,644
Lumentum Holdings, Inc. (b)
 
144,941
9,257,382
 
 
 
13,617,026
Electronic Equipment, Instruments & Components - 2.0%
 
 
 
Advanced Energy Industries, Inc.
 
49,176
5,337,071
Belden, Inc.
 
69,303
7,891,533
Crane NXT Co.
 
84,384
4,579,520
Napco Security Technologies, Inc.
 
151,372
5,824,795
 
 
 
23,632,919
IT Services - 0.7%
 
 
 
ASGN, Inc. (b)
 
87,919
8,097,340
Semiconductors & Semiconductor Equipment - 4.9%
 
 
 
AEHR Test Systems (a)(b)
 
242,250
3,410,880
Allegro MicroSystems LLC (b)
 
163,511
3,407,569
Cirrus Logic, Inc. (b)
 
52,754
5,793,444
Diodes, Inc. (b)
 
80,726
4,720,856
Ichor Holdings Ltd. (b)
 
188,018
5,125,371
Impinj, Inc. (b)
 
9,775
1,857,152
MACOM Technology Solutions Holdings, Inc. (b)
 
45,733
5,140,389
MKS Instruments, Inc.
 
29,713
2,951,392
Nova Ltd. (b)
 
33,189
6,149,922
Onto Innovation, Inc. (b)
 
30,339
6,017,134
Penguin Solutions, Inc. (b)
 
266,138
4,005,377
Silicon Motion Tech Corp. sponsored ADR
 
48,106
2,588,584
Synaptics, Inc. (b)
 
60,369
4,145,539
Ultra Clean Holdings, Inc. (b)
 
100,949
3,376,744
 
 
 
58,690,353
Software - 3.7%
 
 
 
Agilysys, Inc. (b)
 
44,450
4,446,778
BlackLine, Inc. (b)
 
103,578
5,735,114
Cellebrite DI Ltd. (b)
 
280,189
5,085,430
Rapid7, Inc. (b)
 
143,008
5,780,383
Telos Corp. (b)
 
41,756
146,564
Tenable Holdings, Inc. (b)
 
218,337
8,648,329
Varonis Systems, Inc. (b)
 
175,852
8,857,665
Workiva, Inc. Class A (b)
 
72,916
5,815,780
 
 
 
44,516,043
TOTAL INFORMATION TECHNOLOGY
 
 
148,553,681
MATERIALS - 3.8%
 
 
 
Chemicals - 0.9%
 
 
 
Aspen Aerogels, Inc. (b)
 
150,800
2,690,272
Element Solutions, Inc.
 
173,279
4,695,861
Tronox Holdings PLC
 
295,117
3,576,818
 
 
 
10,962,951
Construction Materials - 0.6%
 
 
 
Eagle Materials, Inc.
 
23,773
6,786,241
Containers & Packaging - 0.5%
 
 
 
Graphic Packaging Holding Co.
 
187,510
5,299,033
Metals & Mining - 1.4%
 
 
 
ATI, Inc. (b)
 
99,934
5,267,521
Carpenter Technology Corp.
 
47,876
7,157,462
Constellium NV (b)
 
220,742
2,450,236
Warrior Metropolitan Coal, Inc.
 
36,450
2,301,089
 
 
 
17,176,308
Paper & Forest Products - 0.4%
 
 
 
Louisiana-Pacific Corp.
 
46,600
4,608,740
TOTAL MATERIALS
 
 
44,833,273
REAL ESTATE - 6.7%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 4.5%
 
 
 
Armada Hoffler Properties, Inc. Class A,
 
358,839
3,886,226
Curbline Properties Corp.
 
190,624
4,313,821
Douglas Emmett, Inc. (a)
 
381,307
6,783,452
Four Corners Property Trust, Inc.
 
243,657
6,715,187
LXP Industrial Trust (REIT)
 
689,065
6,504,774
Outfront Media, Inc.
 
274,436
4,873,983
Plymouth Industrial REIT, Inc.
 
246,738
5,013,716
Postal Realty Trust, Inc. Class A
 
152,984
2,225,917
Tanger, Inc.
 
186,500
6,197,395
Urban Edge Properties
 
346,977
7,716,768
 
 
 
54,231,239
Real Estate Management & Development - 2.2%
 
 
 
Compass, Inc. Class A (b)
 
900,500
5,718,175
Cushman & Wakefield PLC (b)
 
707,791
9,590,568
Jones Lang LaSalle, Inc. (b)
 
24,639
6,676,183
LandBridge Co. LLC (a)
 
75,942
4,260,346
 
 
 
26,245,272
TOTAL REAL ESTATE
 
 
80,476,511
UTILITIES - 2.1%
 
 
 
Electric Utilities - 0.9%
 
 
 
Allete, Inc.
 
119,152
7,615,004
IDACORP, Inc.
 
30,773
3,184,390
 
 
 
10,799,394
Gas Utilities - 1.1%
 
 
 
Brookfield Infrastructure Corp. A Shares
 
193,429
7,946,063
New Jersey Resources Corp.
 
100,813
4,626,309
 
 
 
12,572,372
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
Sunnova Energy International, Inc. (b)
 
265,100
1,609,157
TOTAL UTILITIES
 
 
24,980,923
 
TOTAL COMMON STOCKS
 (Cost $1,099,695,254)
 
 
 
1,159,889,699
 
 
 
 
Money Market Funds - 7.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.87% (c)
 
29,553,673
29,559,584
Fidelity Securities Lending Cash Central Fund 4.87% (c)(d)
 
59,200,164
59,206,084
 
TOTAL MONEY MARKET FUNDS
 (Cost $88,765,668)
 
 
88,765,668
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 104.6%
 (Cost $1,188,460,922)
 
 
 
1,248,655,367
NET OTHER ASSETS (LIABILITIES) - (4.6)%  
(55,089,921)
NET ASSETS - 100.0%
1,193,565,446
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini Russell 2000 Index Contracts (United States)
168
Dec 2024
18,552,240
(90,963)
(90,963)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.6%

 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(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.
 
 
 
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 4.87%
6,372,606
301,610,471
278,423,470
529,970
(23)
-
29,559,584
0.1%
Fidelity Securities Lending Cash Central Fund 4.87%
11,092,250
136,025,819
87,911,985
79,707
-
-
59,206,084
0.2%
Total
17,464,856
437,636,290
366,335,455
609,677
(23)
-
88,765,668
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
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.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
29,187,000
29,187,000
-
-
Consumer Discretionary
112,289,903
112,289,903
-
-
Consumer Staples
33,294,004
33,294,004
-
-
Energy
60,219,998
60,219,998
-
-
Financials
238,884,322
238,884,322
-
-
Health Care
190,067,287
190,067,287
-
-
Industrials
197,102,797
197,102,797
-
-
Information Technology
148,553,681
148,553,681
-
-
Materials
44,833,273
44,833,273
-
-
Real Estate
80,476,511
80,476,511
-
-
Utilities
24,980,923
24,980,923
-
-
  Money Market Funds
88,765,668
88,765,668
-
-
 Total Investments in Securities:
1,248,655,367
1,248,655,367
-
-
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(90,963)
(90,963)
-
-
  Total Liabilities
(90,963)
(90,963)
-
-
 Total Derivative Instruments:
(90,963)
(90,963)
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
0
(90,963)
Total Equity Risk
0
(90,963)
Total Value of Derivatives
0
(90,963)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of October 31, 2024 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $59,508,394) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,099,695,254)
$
1,159,889,699
 
 
Fidelity Central Funds (cost $88,765,668)
88,765,668
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,188,460,922)
 
 
$
1,248,655,367
Segregated cash with brokers for derivative instruments
 
 
1,276,800
Cash
 
 
24,257
Receivable for investments sold
 
 
2,334,682
Receivable for fund shares sold
 
 
12,336,149
Dividends receivable
 
 
135,147
Distributions receivable from Fidelity Central Funds
 
 
154,022
Receivable from investment adviser for expense reductions
 
 
1,437
  Total assets
 
 
1,264,917,861
Liabilities
 
 
 
 
Payable for investments purchased
$
3,945,039
 
 
Payable for fund shares redeemed
7,862,883
 
 
Payable for daily variation margin on futures contracts
325,080
 
 
Other payables and accrued expenses
13,328
 
 
Collateral on securities loaned
59,206,085
 
 
  Total liabilities
 
 
 
71,352,415
Net Assets  
 
 
$
1,193,565,446
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,137,741,231
Total accumulated earnings (loss)
 
 
 
55,824,215
Net Assets
 
 
$
1,193,565,446
Net Asset Value, offering price and redemption price per share ($1,193,565,446 ÷ 98,193,954 shares)
 
 
$
12.16
Statement of Operations
Six months ended October 31, 2024 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
4,459,426
Interest  
 
 
13,833
Income from Fidelity Central Funds (including $79,707 from security lending)
 
 
609,677
 Total income
 
 
 
5,082,936
Expenses
 
 
 
 
Custodian fees and expenses
$
23,087
 
 
Independent trustees' fees and expenses
1,367
 
 
Proxy fee
6,102
 
 
 Total expenses before reductions
 
30,556
 
 
 Expense reductions
 
(17,689)
 
 
 Total expenses after reductions
 
 
 
12,867
Net Investment income (loss)
 
 
 
5,070,069
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(7,861,383)
 
 
   Fidelity Central Funds
 
(23)
 
 
 Futures contracts
 
197,829
 
 
Total net realized gain (loss)
 
 
 
(7,663,577)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
64,611,933
 
 
 Futures contracts
 
(90,963)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
64,520,970
Net gain (loss)
 
 
 
56,857,393
Net increase (decrease) in net assets resulting from operations
 
 
$
61,927,462
Statement of Changes in Net Assets
 
 
Six months ended
October 31, 2024
(Unaudited)
 
Year ended
April 30, 2024
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
5,070,069
$
1,564,836
Net realized gain (loss)
 
(7,663,577)
 
(260,395)
Change in net unrealized appreciation (depreciation)
 
64,520,970
 
(4,419,968)
Net increase (decrease) in net assets resulting from operations
 
61,927,462
 
(3,115,527)
Distributions to shareholders
 
(2,440,015)
 
(526,397)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
756,703,460
 
471,978,517
  Reinvestment of distributions
 
2,439,785
 
526,397
Cost of shares redeemed
 
(99,279,876)
 
(24,438,068)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
659,863,369
 
448,066,846
Total increase (decrease) in net assets
 
719,350,816
 
444,424,922
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
474,214,630
 
29,789,708
End of period
$
1,193,565,446
$
474,214,630
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
63,178,601
 
41,963,237
  Issued in reinvestment of distributions
 
216,870
 
50,432
Redeemed
 
(8,058,245)
 
(2,197,855)
Net increase (decrease)
 
55,337,226
 
39,815,814
 
 
 
 
 
Financial Highlights
 
Fidelity® Series Small Cap Core Fund
 
 
Six months ended
(Unaudited) October 31, 2024 
 
Years ended April 30, 2024 
 
2023 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.07
$
9.80
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.07
 
.14
 
.05
     Net realized and unrealized gain (loss)
 
1.08
 
1.30 D
 
(.22)
  Total from investment operations
 
1.15  
 
1.44  
 
(.17)  
  Distributions from net investment income
 
(.05)
 
(.12)
 
(.03)
  Distributions from net realized gain
 
(.01)
 
(.05)
 
-
     Total distributions
 
(.06)
 
(.17)
 
(.03)
  Net asset value, end of period
$
12.16
$
11.07
$
9.80
 Total Return E,F
 
10.38
%
 
14.81%
 
(1.67)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
    Expenses before reductions
 
.01% I
 
.02%
 
.20% I
    Expenses net of fee waivers, if any
 
-
% I,J
 
-% J
 
-% I,J
    Expenses net of all reductions
 
-% I,J
 
-% J
 
-% I,J
    Net investment income (loss)
 
1.15% I
 
1.30%
 
1.12% I
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,193,565
$
474,215
$
29,790
    Portfolio turnover rate K
 
47
% I
 
90%
 
12% L
 
AFor the period November 4, 2022 (commencement of operations) through April 30, 2023.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount represents less than .005%.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LAmount not annualized.
Notes to Financial Statements
 (Unaudited)
For the period ended October 31, 2024
 
1.Organization.
Fidelity Series Small Cap Core Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2.Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3.Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fund categorizes the inputs to valuation techniques used to value its investments 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 the Fund's 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 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.
 
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 open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of October 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to passive foreign investment companies (PFIC), and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$131,475,443
Gross unrealized depreciation
(72,562,381)
Net unrealized appreciation (depreciation)
$58,913,062
Tax cost
$1,189,651,342
 
New Accounting Pronouncement. In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis. The ASU allows for early adoption with updates applied retrospectively. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4.Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures 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.
 
Derivatives were used to increase returns and 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 objectives may not be achieved.
 
Derivatives were used to increase or decrease 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.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
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 and amounts recognized in the Statement of Assets and Liabilities. 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 fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5.Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Series Small Cap Core Fund
835,535,122
198,455,439
 
6.Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Series Small Cap Core Fund
 11,823
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss)($)
Fidelity Series Small Cap Core Fund
 80,857,208
 16,985,445
 (283,729)
7.Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8.Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income 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. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Series Small Cap Core Fund
8,669
 -
-
 
9.Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through August 31, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $16,017.
 
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,672.
10.Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10.Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Bettina Doulton
Affirmative
399,712,835,196.11
95.27
Withheld
19,861,567,939.07
4.73
TOTAL
419,574,403,135.19
100.00
Robert A. Lawrence
Affirmative
398,303,145,670.78
94.93
Withheld
21,271,257,464.41
5.07
TOTAL
419,574,403,135.19
100.00
Vijay C. Advani
Affirmative
398,848,644,763.97
95.06
Withheld
20,725,758,371.21
4.94
TOTAL
419,574,403,135.19
100.00
Thomas P. Bostick
Affirmative
399,084,917,382.24
95.12
Withheld
20,489,485,752.95
4.88
TOTAL
419,574,403,135.19
100.00
Donald F. Donahue
Affirmative
398,136,894,294.44
94.89
Withheld
21,437,508,840.75
5.11
TOTAL
419,574,403,135.19
100.00
Vicki L. Fuller
Affirmative
399,535,778,208.65
95.22
Withheld
20,038,624,926.54
4.78
TOTAL
419,574,403,135.19
100.00
Patricia L. Kampling
Affirmative
399,319,643,676.69
95.17
Withheld
20,254,759,458.50
4.83
TOTAL
419,574,403,135.19
100.00
Thomas A. Kennedy
Affirmative
398,612,509,964.82
95.00
Withheld
20,961,893,170.36
5.00
TOTAL
419,574,403,135.19
100.00
Oscar Munoz
Affirmative
397,517,256,424.15
94.74
Withheld
22,057,146,711.03
5.26
TOTAL
419,574,403,135.19
100.00
Karen B. Peetz
Affirmative
398,905,166,808.58
95.07
Withheld
20,669,236,326.60
4.93
TOTAL
419,574,403,135.19
100.00
David M. Thomas
Affirmative
398,279,523,899.44
94.92
Withheld
21,294,879,235.74
5.08
TOTAL
419,574,403,135.19
100.00
Susan Tomasky
Affirmative
398,393,822,853.60
94.95
Withheld
21,180,580,281.58
5.05
TOTAL
419,574,403,135.19
100.00
Michael E. Wiley
Affirmative
398,304,955,259.60
94.93
Withheld
21,269,447,875.58
5.07
TOTAL
419,574,403,135.19
100.00
 
 
 
Proposal 1 reflects trust-wide proposal and voting results.
 
 
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series Small Cap Core Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts.  The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
 
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through August 31, 2027.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
 
1.9906192.101
SCC-SANN-1224

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies


See Item 7.


Item 9.

Proxy Disclosures for Open-End Management Investment Companies


See Item 7.


Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies


See Item 7.


Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract


See Item 7.


Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 13.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 14.  

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 15.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Concord Street Trust’s Board of Trustees.


Item 16.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Concord Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.




(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.


Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies


Not applicable.


Item 18.

Recovery of Erroneously Awarded Compensation


(a)

Not applicable.


(b)

Not applicable.


Item 19.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Concord Street Trust



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer (Principal Executive Officer)



Date:

December 20, 2024


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer (Principal Executive Officer)



Date:

December 20, 2024



By:

/s/Stephanie Caron


Stephanie Caron


Chief Financial Officer (Principal Financial Officer)



Date:

December 20, 2024